Lili - Small Business Finances

Lili is a financial technology company that offers a variety of services to support small businesses. One of their main offerings is a business banking account, which includes features such as a checking account, a Lili Visa® Debit Card, and the ability to deposit cash at participating retailers. This account also allows for fee-free ATM withdrawals at over 38,000 locations and the option to get paid up to 2 days early. There are no minimum balance or deposit requirements, and no hidden fees to worry about. Additionally, the account comes with automatic savings and cashback awards. In addition to their banking services, Lili also offers accounting software to help businesses manage their expenses and track their income. This includes expense management tools and reports, as well as insights into income and expenses. Users can also attach receipts to expenses by taking a quick photo with their phone. On-demand reporting, including profit and loss and cash flow statements, is also available. For tax preparation, Lili offers features such as automatic labeling of transactions into tax categories, a write-off tracker, and automated tax savings. They also provide pre-filled business tax forms, including Forms 1065, 1120, and Schedule C, to make tax season easier for business owners. Lili also offers invoicing software, allowing users to create and send customized invoices and accept various payment methods. The software also helps track unpaid invoices and send payment reminders. To support small businesses, Lili has a variety of resources available, including Lili Academy, which offers videos and guides on running a business. They also provide free tools, downloadable resources, and long-form guides and blog articles. Lili customers can also receive discounts on relevant tools from their partners and curated newsletters and business-related content. Account security is a top priority for Lili, and all accounts are insured up to $250,000 through their partner banks. Their business accounts and debit cards are also protected by industry-leading encryption software and security protocols, including fraud monitoring and multi-factor authentication. Customers can receive real-time transaction alerts and have the ability to freeze their card instantly if needed. It's important to note that Lili is not a bank, but rather a financial technology company. Banking services are provided by their partner banks, Choice Financial Group and Sunrise Banks, both of which are members of the FDIC. The Lili Visa® Debit Card is issued by these banks and can be used wherever Visa debit cards are accepted. Some of the features mentioned, such as automatic savings and tax preparation, are only available to certain account holders and may require a monthly account fee. The Annual Percentage Yield (APY) for the Lili Savings Account is variable and may change at any time. However, it currently offers a competitive APY of 4.15% for balances up to $100,000. Overall, Lili offers a comprehensive suite of services to support small businesses and help them thrive.