Business owners can create bank accounts for their companies to separate their personal finances from their business finances. It’s a critical step toward protecting your personal assets from any liabilities that your company incurs.

However, business banking goes beyond organizing your finances and giving yourself limited liability protection. Business banking apps can also help you create invoices, plan for the tax season, and perform other business activities. Lili Business Banking empowers thousands of business owners and can also help your company grow.

What is Lili Business Banking?

Lili Business Banking is a business banking platform that handles your invoices, accounting, tax preparation, and other financial responsibilities for your business. This tool makes it easier to focus on growing your business.

Lili Business Banking removes the need to have a personal banker. The platform has resources that can help business owners save money and become more productive. Business banking is popular among business owners, especially ones with corporate entities.

Lili Business Banking was founded in 2019 by Lilac Bar David and Liran Zelkha. The NYC company has received investments from Group 11, Foundation Capital, Primary Venture Partners, and other firms.

How Does Lili Business Banking Work?

Lili Business Banking helps business owners get set up with business checking accounts. When you create your account, you also get to access additional resources for your company. The bank account doesn’t have any minimum balance requirements and gives out a generous 4.15% APY. Business owners can also set up multi-user access to make the bank account more accessible for key decision-makers.

Who is Lili Best For?

Lili is best for business owners who want business tools under the same umbrella. You can do your accounting, financing reporting, and invoicing from the Lili Business Banking platform. Businesses with multiple founders can also benefit from the company’s multi-user access.

Unlike other business banking solutions, Lili does not have a minimum balance requirement. The lack of a requirement makes it easier for new businesses to get started on the platform. Lili isn’t exclusively for businesses that generate a high amount of annual revenue.

Lili also helps business owners avoid some of the most common banking fees. Lili has no hidden fees or overdraft fees. You won’t even have to worry about domestic wire transfer fees. Lili lets its account holders receive an unlimited number of domestic wire transfers. There’s also no limit to the amount someone can send to you via a domestic wire transfer.

Lili can also help you get closer to your retirement goals with a savings account that yields 4.15% APY. If you are a business owner, Lili can help you with your banking. However, you may want to consider other banking platforms if you are looking for a personal checking account.

Services offered by Lili

Lili offers several services that help companies run more efficiently. These are some of the highlights.

Business Banking

Lili’s business banking solutions help companies organize their finances and access key features. Lili has a tax savings feature that lets you automatically allocate a percentage of each payment into a tax bucket. Business owners will receive Lili Visa debit cards and earn cashback for qualifying purchases. Each business owner receives a Visa debit card from Lili.

Lili also has a vast ATM network, which is a common feature among online banks. Lili’s ATM network stretches across 38,000+ MoneyPass locations. These ATMs are located in convenient areas such as stores and public places. Many CVS, Walgreens, and Target retail stores have ATMs. You can use ATMs outside of the network, but transactions from out-of-network ATMs result in ATM fees.

Business owners can see their finances through the Lili website or mobile app. When making transactions, you won’t have to worry about any foreign transaction fees or ACH fees. These are extra fees many banks tack onto your account. Lili lets you save money while offering a top-tier experience for business owners.

Business Accounting

Accounting can be tedious, but Lili can help. The platform simplifies your bookkeeping by generating financial reports, tracking your income and expenses, and putting each of your transactions into categories. You can easily see expense items that match up with an individual category, such as utilities, travel, supplies, insurance, maintenance, vehicles, and other categories.

Smart Bookkeeping

Lili uses artificial intelligence to put your Visa debit card transactions into the correct places for your accounting documents. You can also connect external accounting platforms to Lili to avoid disruptions in your business operations.

Smart Bookkeeping saves Lili users many hours because they don’t have to dig through previous statements to find transactions. Lili records them for you and makes them easily accessible for your bookkeeping needs.

Tax Preparation

Want to have fewer tax headaches? Lili helps with the tax preparation process. The company can automatically put a percentage of every payment into a separate tax bucket. Enabling this option means you will have money left over for taxes instead of scrambling to raise enough cash with a few weeks to go. You can even put the funds into Lili’s high-yield savings account.

Lili also generates expense reports, which will make it easier to find tax deductions. The company even provides pre-filled IRS tax forms based on your transaction history.

Invoicing Software

Lili makes it easy to create professional invoices and get them to customers. You can customize the invoices and track unpaid invoices. Business owners can send automatic reminders to customers who have not yet paid their invoices. Lili accepts several payment methods, such as debit cards, credit cards, ACH, Venmo, Cash App, PayPal, and Checks.

Business owners can duplicate previous invoices through the Lili app to save time. Lili does not have any limits for invoices. You can send as many invoices as you desire and see all of them in the Lili app or website. Lili lets you download any invoice you create within the platform and save it as a PDF.

Lili Academy and Other Business Resources

The best business owners continue to learn more about their industries and how to manage their finances. Acquiring new skills allows business owners to make better decisions and achieve their objectives. Lili Academy can get you closer to your goals.

Lili offers educational videos to help business owners master their finances and reach new customers. It’s a guide for small business owners that covers the entire scope of your responsibilities and ways to save money. Business owners can also read Lili’s blog, LLC guide, and other resources to gain additional skills. The Tax Hub has everything you need to know as you prepare your taxes.

Lili Business Banking Account Plans Features and Pricing

Lili has four business banking accounts with varying features and price points.

Lili Basic

This free account gives you a business checking account, a Visa debit card, and access to the ATM network. Business owners also get the automatic savings feature, an early payday (up to two days in advance), and the ability to receive domestic wire transfers. You don’t need to make a minimum deposit to open any Lili account, including a basic plan.

Lili Pro

The Lili Pro account offers advanced checking accounts and Visa debit cards. You get all of the benefits of the basic plan, but you also receive fee-free overdrafts of up to $200, along with a high-yield savings account. This account has a 4.15% APY. The Lili Pro account costs $9/mo. If you put $2,602.41 into your Lili Pro savings account, you can use the interest to pay off your Lili Pro subscription.

Lili Smart

Lili Smart contains the same features as the pro version but also includes many of the accounting features. The Lili Smart Plan includes smart bookkeeping, auto-generated financial reports, and unlimited invoices and payments. The plan costs $20/mo and has a 30-day free trial (all paid plans have a 30-day free trial). You even get pre-filled tax forms.

Most business owners seeking the accounting and invoicing features can stick with the Smart Plan. If you put $5,783.12 into your Lili high-yield savings account, you can use the interest payments to pay for the Lili Smart Plan.

Lili Premium

Lili Premium is the business banking platform’s top plan. It has all of the features of a Lili Smart Plan, but it also includes priority customer support and a dedicated account specialist. You can still contact customer support without a Lili Premium plan and get your questions answered. The plan comes to $35/mo, but most people can get what they need from Lili Smart. If you put $10,120.48 into the Lili savings account, yielding 4.15% APY, you can use the interest to pay off your premium plan.

What Are the Benefits of Using Lili to Manage Your Business Banking?

Are you on the fence about opening a Lili business bank account? These are some of the top perks of using Lili to manage your business banking:

• Smart Bookkeeping: Transactions automatically get recorded into your accounting. You can easily track expenses and capitalize on write-offs.
• Fewer fees: Lili removes many of the fees that are a common presence among many financial institutions.
• Financial reports: Receive auto-generated financial reports that offer breakdowns of your income and expenses.
• Invoices: Customize your invoices to make them professional, send them to customers, and track their progress.
• High-yield savings account: Capitalize on a 4.15% APY and grow your savings over time. You can also store a percentage of every payment in a tax bucket account that grows over time.
• Business resources: Access blog posts, educational courses, and a Tax Hub that can help you increase your company’s revenue and profits.
• Tax preparation: Receive pre-filled tax forms, track write-offs, and use tax buckets to prepare for the tax season.

Is Lili Business Banking Right for Your Business?

A Lili business bank account is optimal for business owners who want to do their accounting, invoicing, and other important activities under one umbrella. Lili offers a streamlined process that saves its users a lot of time. The best perks come from a Lili Smart Plan, with the premium plan not being as necessary for most business owners. Lili has an enticing 4.15% APY for its savings accounts and resources to make the tax season much easier.

How to Get Started with Lili Business Banking

You can get started by visiting Lili’s website and clicking on the “Get Started” button. You will then be directed to provide your email address and password to create an account. Lili will guide you through additional steps to open your business checking account and access the platform’s resources.