One of the tedious parts of being a freelancer is managing finances. Taxes, deductions and expenses are a boring but necessary part of freelancing. And if you don’t take care of your taxes properly, Uncle Sam won’t be happy.
Lili – Mobile Banking for Freelancers
But a new startup has come along recently and reinvented the banking ecosystem specifically for freelancers. Lili is “mobile banking for freelancers”. Founder Lilac Bar David noticed that the recent epidemic has thrown many workers into a situation of needing to do freelance work in order to make a living. So she decided to create Lili to help make the lives of freelancers a bit easier.
Until now, freelancers mostly had to manage finances on their own. Hiring an accountant would be too expensive. And using a 3rd party service like Mint would give you limited and not-very-useful information about your financial habits. The issue with those kind of platforms is that they’re mostly limited to monitoring your bank accounts. They can’t actually move your money around or help you beyond planning and budgeting.
Freelancer Banking Revolutionized
Since Lili provides you with a bank account which supports direct deposit, you can easily categorize your expenses and generate a tax report. You can have taxes automatically set aside so that you know what your “true” balance is on your account. Lili will send you your own Visa business card and surprisingly requires no account fees or minimum balance. Best of all, Lil also lets you to get paid via direct deposit up to 2 days earlier than traditional banks. All of these features mean that freelancers can focus more on delivering quality services and less on being an accountant.
This is a game-changer for freelancers. We’ve talked before about the pros and cons of freelancing vs being an employee. On the side of freelancing, one of the major disadvantages was that you’d need to track your payments and expenses to handle taxes, while an employee usually has taxes automatically deducted. Well now that Lili has revolutionized banking for freelancers, it makes it less cumbersome to consider the freelance path.
What do you think? Is Lili worth a shot? Let us know in the comments below.