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This Is Why Accountants Love Lili

Because it saves them time and helps their clients save money.

By Lili • Jan 18, 2022

3 mins
Career Tips

As a certified accountant you probably have many self-employed clients in your roster. Hey, you might be a freelancer yourself! Over the past two years, the IRS has seen a dramatic increase in new business registrations (over 9M between 2020 and 2021 combined) more than ⅔ of them believed to be non-employers. So even if you didn’t have a lot of self-employed clients, chances are you will soon.

As a certified accountant, we don’t need to explain to you how important it is for independents and single-business owners to keep track of their business expenses, make sure their receipts stay organized and save a portion of their income for their taxes. 

We also don’t need to reiterate all of the reasons why your clients come to you unprepared, you’ve probably heard it all: “The dog ate my receipts” or “What do you mean I needed to save money for my taxes?!!”

What we can do is show you how you can help them save money and help you save time in the process. Because we have designed tools to do just that.

Lili is an all in one banking app designed specifically for sole proprietors and independent contractors. It combines a checking account with a series of tools that allows them to organize their finances and optimize their taxes.

Write-Off Tracker

Every time you use your Lili card (or make a payment with your Lili account) you receive a notification asking you to categorize the expense. All you have to do is swipe: left for personal, right for business and up for a-little-bit-of-both so you can split it. 

Receipt Scanner

In just a few clicks, Lili users can take a picture of their receipt, attach it to their transaction, and it will be saved in the Lili mobile banking app for their convenience.

Business Expense Report

Every quarter and every year, Lili users can download (and forward their accountants) an auto-generated business expense report summarizing all the expenses that were swiped right, sorted by IRS Schedule C’s categories.

Tax Bucket

When you set up your Lili account, you answer 3 questions (estimated income, estimated expense and state) and Lili will recommend what percentage you should set aside. This percentage will then automatically be set aside into a Tax Bucket every time you get paid, and cannot be spent until you manually move it back to your main balance – which only takes a few seconds.

Written by
Team Lili

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