Lili - Small Business Finances

Lili App Inc.

About this app

Lili is a business finance platform that enables small businesses to manage all aspects of their finances in one place. With business banking, smart bookkeeping, unlimited invoices & payments, and tax preparation tools–you’ll always know where your business stands.


BUSINESS BANKING

- Business Checking Account
- Visa® Business debit card*
- Mobile Check Deposit
- Fee-free ATM withdrawals at 38K locations
- Cash Deposit at 90k participating retailers
- Get paid up to 2 days early
- No minimum balance or deposit required
- No hidden fees
- Automatic Savings
- Cash Back Rewards**
- Fee-free Overdraft up to $200**
- Savings Account with 4.15% APY****


ACCOUNTING SOFTWARE**

- Expense management tools and reports
- Income & expense insights***
- Attach receipts to expenses with a quick photo from your phone
- On-demand reporting including profit & loss and cash flow statements***


TAX PREPARATION**

- Automatic labeling of transactions into tax categories
- Write-off tracker
- Automated tax savings
- Pre-filled business tax forms (including Forms 1065, 1120, and Schedule C)***


INVOICING SOFTWARE***

- Create and send customized invoices
- Accept all payment methods
- Track unpaid invoices and send payment reminders


SUPPORT FOR YOUR BUSINESS

- Lili Academy: Videos and guides that cover all aspects of running a small business
- Free tools, downloadable resources, long-form guides and blog articles
- Discounts on relevant tools from our partners
- Curated newsletters and business-related content


ACCOUNT SECURITY YOU CAN RELY ON

All Lili accounts are insured up to $250,000 through our partner bank Choice Financial Group, Member FDIC. Lili business accounts and debit cards are protected by industry-leading encryption software and security protocols, including fraud monitoring and multi-factor authentication. Lili customers receive transaction alerts in real-time, can access their account from mobile or desktop anytime and instantly freeze their card if needed.


LEGAL DISCLOSURES

Lili is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC

*Issued by Choice Financial Group, Member FDIC, pursuant to a license from Visa.

**Available to Lili Pro, Lili Smart, and Lili Premium account holders only, applicable monthly account fee applies.

***Available to Lili Smart and Lili Premium account holders only, applicable monthly account fee applies.

****The Annual Percentage Yield (“APY”) for the Lili Savings Account is variable and may change at any time. The disclosed APY is effective as of September 1, 2023. Must have at least $0.01 in savings to earn interest. The APY applies to balances of up to and including $100,000. Any portions of a balance over $100,000 will not earn interest or have a yield. Available to Lili Pro, Lili Smart, and Lili Premium account holders only.

Ratings and reviews

How this app or bank has 4.4 stars ? Do Not Sign Up! Slowest banking I have seen in my life. This is not banking for business but for the cave man. There is no way to cancel once you choose a subscription. Be aware! I could not find a way to go to basic but only a more premium tier. All their transactions take forever to get completed even if you are paying an expensive monthly subscription. Their app does not have as many tools and perks as they claim to have.

I've used this account for a few months and up to this point, I've had no complaints. I've been super happy with the account. I even upgraded to the premium account that's $35/ month. And then, I had an issue with an online order I placed. Between the merchant and dealing with Lili's nonexistent customer service, I have no clue what's going on with money that should have been in my account. Some banking services are instant. Nothing is instant or even fast with Lili. Look elsewhere.

I'm enjoying the ease of Lili pro. It's super efficient. I do wish I had the tap and pay feature with my card though. Other con is it sucks when someone pays me in cash and I need to deposit it. I take it to Walgreens (fee) or I just deposit it into my personal and move it over (takes almost a week to transfer though). Other than that, no problem! I'm able to keep track of what I need as an LLC. This is solely my business account. UPDATE: wish it was balance visible after each transaction (math)

What's new

Big changes come with small improvements. 💪