Running a small business is hard enough without getting bogged down in financial management. That’s why I’ve been such a fan of Lili Business Banking. For years, Lili has simplified banking for small-business owners like me, and recently, it’s gone to the next level by integrating banking, bookkeeping, invoicing, payments, and even taxes into one seamless platform.
I’ve used Lili for a while now, so I’m excited to walk you through what it offers and how it can radically improve how you manage your business finances. If you’re a small business owner and overwhelmed with juggling different financial tools, stick around. I’ll show you why Lili could save you time, hassle, and money, plus which of their plan options might be right for you.
Who Is Lili For?
Lili isn’t just for one type of business. Whether you’re running a salon, restaurant, online store, or freelance consulting gig, this platform scales up with you. It’s designed to work for any small business owner who wants to streamline financial management. The cool thing is, it doesn’t matter if you’re just starting or already established Lili can grow with you.
Lili is especially useful if one of your goals is to stop mixing personal and business transactions. From keeping immaculate books to saving time on tax prep, it’s built to take a lot of admin work off your plate while helping you focus more on running and growing your business.
Banking Features That Simplify Your Life
One of the main reasons why I love Lili is the absence of those sneaky little fees that traditional banks love to tack on. With a Lili account, you’re not worrying about:
- Minimum balance requirements.
- Hidden fees.
- Charges on your Lili Visa debit card.
And honestly, who needs the headache of overdraft fees? Lili eliminates that with its BalanceUp feature, which covers overdrafts up to $200. That gives you some much-needed peace of mind if you’re juggling receipts in between client payments or payday.
If you often deal with cash transactions, Lili’s got you covered too. You can deposit up to $1,500 per day through their partnership with Green Dot at supported locations. Sure, there’s a $5 fee for cash deposits, but in my experience, that’s a small price to pay for having the option in emergencies.
Multiple Payment Options
As for payments, Lili makes it super easy. You can issue mailed checks, use next-day or same-day ACH, and even send domestic or international wire transfers. This gives business owners a lot of flexibility no matter who you’re paying or how.
But what really sets Lili apart from other small business accounts is the savings account rate. Lili’s Pro accounts (and higher) earn 3.65% APY on balances up to $100,000, which beats out many other business banking platforms that offer zero interest on savings.
Obviously, APY (Annual Percentage Yield) can fluctuate like a personal savings account does, but the fact that any business account has decent interest is pretty rare.
The Built-In Bookkeeping You’ve Wished For
Bookkeeping used to be my least favorite part of running a business. Running transactions through a separate accounting software, attaching receipts, categorizing expenses then doing it all over again for every transaction. It felt like a never-ending chore.
With Lili, that whole process is now automatic. Transactions that hit your account are automatically categorized using Lili’s AI system, saving hours of administrative time. Plus, it cuts down on human error, which means my books look cleaner and more accurate.
If you’ve been paying for separate bookkeeping software or hiring someone to do basic accounting tasks, you know how quickly costs pile up. With Lili, I no longer need to spend money on unnecessary software just to keep the books straight.
Tax Season? No Problem
We all dread tax season, right? Another standout feature of Lili is their tax tools. The platform makes tax prep a lot easier by helping you track write-offs, pre-fill tax forms, and even create automated tax buckets.
Here’s how that works: Lili smartly sets aside a portion of your earnings for taxes as soon as you get paid. You decide what percentage of income needs to go into the tax bucket, and it’s done automatically. For instance, if you receive $1,000, you could have $250 or 25% automatically allocated for taxes.
This handy function ensures I’m never blindsided by a giant tax bill when filing season rolls around. Not only does this save you from surprise tax bills, but it cuts down costs associated with tax preparation services. In short, you’re more prepared and spending less.
Get Paid Faster with Lili’s Invoicing Tools
What good is a service if it can’t help you get paid faster? Lili has an integrated invoicing tool that lets you generate professional-looking invoices quickly. You can send these invoices right from the mobile app, track the payment status, and even nudge your clients with a push notification if their payment is overdue.
What I found even more valuable is the diverse payment options available to clients. They can pay with debit/credit cards, ACH, or even use modern methods like Venmo, CashApp, and PayPal. This means less waiting around for payments and more control over your cash flow an absolute must when you’re running a small business.
Whether I’m on the road or at my desk, I can manage invoices through the app. It’s amazing how fast Lili has improved my client payments and simplified the entire process.
Cash Flow and Financial Management
Another great benefit of Lili is the ease with which I can manage my overall cash flow. I can generate cash flow statements, profit and loss reports, and other financial summaries with just a few clicks. There’s no backtracking and entering data into a separate software system it’s all integrated.
And when payments come rolling into my business account, a portion is already scooped into the tax bucket to save for future taxes. This way, I can focus on day-to-day business without stressing over whether I’ve set enough money aside for my taxes.
Meet Accountant AI: The Future of Business Decisions
While automatic bookkeeping is already a massive help, Lili has gone a step further with Accountant AI, one of its most impressive features. It offers data-driven advice to help make informed business decisions. Say you’re thinking about investing in a new marketing campaign or equipment, but aren’t sure if now’s the right time.
Accountant AI looks at your current financial status and up-to-date tax laws to provide tailored recommendations. Not only does this help you make smarter decisions, but it ensures you’re maximizing deductions and increasing profitability something QuickBooks, for example, doesn’t offer on this level.
Lili Plan Breakdown: Which One Is Right for You?
Choosing the right plan comes down to your business needs. Lili offers four different tiers, each with its own unique features. Here’s a quick overview of the plans and what they offer.
Lili Basic Plan
If you’re just starting out, or simply need basic banking without the bells and whistles, the Lili Basic Plan is perfect. It covers banking essentials but doesn’t include advanced bookkeeping or tax tools. You’ll get no hidden fees, and overdraft protection through BalanceUp is still available.
Lili Pro Plan
The Lili Pro Plan is where things start getting interesting. For $15 a month, you unlock advanced expense management tools. You’ll also earn 3.65% APY on your savings, which can almost negate the monthly cost if you’re carrying a decent balance (about $5,000 in savings would cover the $15 fee).
Oh, and don’t overlook that the monthly fee is tax-deductible! You can test it out with a 30-day free trial, and there’s even an option to get 40% off for the first three months.
Lili Smart Plan
For those ready to bring everything bookkeeping, tax prep, and financial intelligence together in one platform, the Lili Smart Plan is ideal. At $35 per month, you also gain access to Accountant AI while automating all your tax preparation tasks.
If you’re already paying for third-party accounting software like QuickBooks, this plan could actually save you money by consolidating everything into one system.
Lili Premium Plan
Finally, the Lili Premium Plan is for those who want dedicated support with a personal account specialist. You’ll also get a sleek metal debit card, which I’ll admit is more of a luxury than a necessity.
Whether or not this is worth $55 a month depends on how much hands-on support you feel your business needs. But for many, Lili Smart offers the best value in flexibility and features.
Should You Pick Lili Over the Competition?
Hands down, the biggest advantage of Lili is having everything banking, bookkeeping, invoicing, and taxes under one roof. Instead of juggling three or four different services and logging into separate platforms, Lili simplifies the entire financial management process.
Competitors like QuickBooks might offer great bookkeeping, but they don’t include the banking features that set Lili apart. If you’re already using a separate accounting tool like QuickBooks, the Lili Smart plan alone might save you money and provide more convenience. I haven’t found another platform that brings all of these features into one place with a simple, clean interface.
Final Thoughts
While Lili’s premium services come with a monthly fee, for many small-business owners, these plans pay for themselves. Not only do you save on separate costs for bookkeeping and tax prep software, but you make your financial management a whole lot easier.
If you’re looking for all-in-one business banking that integrates your accounting, invoicing, and taxes, I highly recommend giving Lili a shot. Whether you go for the Basic, Pro, Smart, or Premium plan depends on how deep you want to go with additional support and features.
Small business owners like me can’t afford to waste time, and with Lili, you’ll find yourself saving hours that can be spent growing your actual business. Let me know in the comments if you’ve tried Lili or if you’re considering making the switch.
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