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Benefits of Using a Business Debit Card for Expenses

By Lili • Sep 21, 2022

3 mins

As a freelancer, you are not only offering services, but you are also your own small business owner. That means, you are in charge of all the important budgeting for your business, including managing cash flow, tracking expenses, and planning for taxes. Managing all these things can get overwhelming, but Lili is here to help. Lili’s Business Debit Card has so many advantages to simplify and automate your business banking.

Spend Only the Money You Have

One of the most important parts of running a small business is making sure that your cash flow stays in the black. While business credit cards allow you to borrow money ahead of time from the card issuer, it also means you run the risk of fees, interest payments, a credit card balance that can quickly get out of control, and even a hit to your credit score.

Unlike credit cards, debit cards only allow you to spend the money you have, and no more. You can rest easy with a clear understanding of where your budget is, an accurate record of every business expense, and by not being tempted to spend more than you have. 

In addition, Lili’s Business Debit Card has the incredible advantage of free cash-back rewards. So, as you spend money for your business, you are also making money for your business. That’s a sweet deal!

Keep Track of Your Business Taxes

As an independent freelancer, you have access to tax deductions for business spending that many other workers do not. These tax deductions are a huge support for your business when it comes to tax season. However, it can be challenging to keep track of all those tax rules and receipts. Thankfully, one of the key benefits of Lili’s Business Debit Card is that it keeps track of your taxable expenses in real-time.

Each time you use your Lili’s Business Debit Card, you can categorize expenses right in the app to maximize your tax savings. Then, when you need a tax report, just download it! Since freelancers sometimes pay their taxes quarterly, or want to keep track of how much they have saved for year-end taxes, you can automatically set a portion of your paycheck aside into your Tax Bucket, so you always know what your true balance is, and how much Uncle Sam is collecting later. Watch this video for a quick tutorial on how Lili’s Business Debit Card can make your tax tracking easy.

Your Money is Yours, Get it Quick & Keep it Fee Free

One of the best advantages of using a business debit card is that you are free of the fees that often come with credit cards. With Lili’s Business Debit Card, there is no minimum balance, no fees, no transaction fees, and access to a wide network of ATMs. Additionally, with direct deposit, you can even get paid up to two days earlier!

You work hard for your money and it should stay in your pocket, unless you want to spend it on those things that are important to you. Sign up for a free Lili’s Business Debit Card today to start using and keeping track of your money your way.

Written by
Team Lili