Lili vs Found Business Checking: Which Is Best?

Lili: 4 out of 5

You can deposit checks into your Lili account through mobile check deposit. The feature is available to the following business types:

• Single-member LLCs
• Multimember LLCs
• General partnerships
• Limited liability partnerships
• S Corporations

If you’re a sole proprietor, you are only eligible for Lili’s check deposit feature if you meet both of the following criteria:

• Your account has been open for at least 30 days
• You receive $200 or more in ACH direct deposits from a nongovernmental source per calendar month

Found: 3 out of 5

Found also offers mobile check deposits. However, it is only available to eligible users. The provider has not published the eligibility criteria, but you can check your eligibility and view the listed requirements within your account. If you meet them, you must complete the identity and business verification. Upon approval, you can deposit checks through the app.

Lili: 3 out of 5

Lili lets you deposit cash at over 90,000 Green Dot retail locations. Deposit fees can be charged up to $4.95 per transaction.

Found: 4 out of 5

You can deposit cash into your Found account through more than $80,000 retail establishments, which you can locate on the Found app. There is a flat fee of $2 per deposit, which makes Found slightly cheaper than Lili.

Lili: 5 out of 5

Lili lets you send payments via ACH. You have two transfer time options:

• Standard ACH, which has no fee but takes longer
• Express ACH, which costs 1.5% of the transaction amount (for a minimum of 50 cents and a maximum of $20) and sends the payment within the same- or next-day timeframe.

Found: 4 out of 5

Found lets you send unlimited ACH transfers.

Lili: 4 out of 5

You will receive a free Visa debit card with your Lili business checking account, regardless of your plan type. If you have a paid plan, you will also receive cash back rewards on qualifying debit card purchases with partner retailers.

Lili charges no fees for MoneyPass ATM transactions. Out-of-network transactions cost $2.50 plus third-party operator fees (if applicable).

Found: 5 out of 5

Your Found business checking account will come with a complimentary Mastercard debit card. Similar to Lili, you can earn cash back rewards when you’ve made eligible purchases using your Found business card.

Found does not charge fees when you transact at any ATM, although third-party operator fees can apply.

Lili: 0 out of 5

You only get one debit card per Lili account.

Found: 4 out of 5

With Found, you can create up to 20 additional virtual debit cards. Each card gets its own customizable spending limit, which is useful if you plan on issuing employee cards.

Lili: 5 out of 5

All of Lili’s plans provide access to direct deposit, which lets you receive client payments faster.

Found: 5 out of 5

Found also offers direct deposit with no fees.

Lili: 4 out of 5

Lili savings accounts earn 3.65% APY on balances up to $100,000. However, as mentioned above, these are only available for paid plans.

Found: 3 out of 5

Upgrading to Found Plus gives you access to 1.5% APY on balances up to $20,000.

Lili: 3 out of 5

If you’re enrolled in one of Lili’s paid plans, you gain access to Lili’s bookkeeping features. Lili Pro lets you manually categorize your expenses and comes with a receipt scanner, which lets you attach receipts to transactions. Lili uses this information to generate monthly expense reports.

Meanwhile, Lili Smart and Lili Premium automatically organize debit card transactions into different tax categories. Lili will then use the data to generate financial reports, such as cash flow statements and profit and loss reports.

Found: 5 out of 5

You can access most of Found’s bookkeeping features without subscribing to Found’s paid plan. Like Lili, Found records and categorizes your expenses automatically and then uses the data to generate income, expense, and profit and loss (P&L) reports. The platform comes with a receipt capture function, which lets you attach photos of physical receipts to transactions.

If you upgrade to Found Plus, you can import transaction data from third-party sources, such as your bank, credit card, Venmo, and PayPal accounts. You can also use receipt capture to automatically pull expense data from receipt photos.

Lili: 3 out of 5

Paid Lili plans let you open a dedicated tax bucket. Whenever you earn money, Lili sweeps a percentage of your income into that tax bucket. Although the process is automatic, it’s upto you to determine how much money you want to set aside.

Lili also uses its expense categorization feature to help you track tax write-offs. If you upgrade to Lili Smart or Lili Premium, you get access to prefilled tax forms, such as Form 1065, Form 1120S, and Schedule C.

Found: 5 out of 5

Compared to Lili, Found’s tax preparation tools are more affordable and comprehensive. Not only does it use its expense tracking feature to identify tax write-offs, but it also pulls real-time tax estimates from your banking data.

Like Lili, the Found account also comes with a tax savings account. Whenever you mark a deposit as income, Found automatically sweeps a percentage of your earnings into this account. Rather than leaving you to choose this percentage on your own, Found uses your tax profile to calculate how much it needs to save.

If you upgrade to Found Plus, you can pay quarterly federal taxes directly through the app.

Lili: 3 out of 5

Lili Smart and Lili Premium Plans provide access to many useful invoicing tools. You can create, customize, and send unlimited invoices and accept payments via the following:

• Debit or credit card (Amex, Mastercard, and Visa)
• Checks
• ACH
• Venmo
• Cash App
• PayPal

The platform lets you track unpaid invoices and send automatic payment reminders to clients. You can also reuse invoices for recurring payments.

Found: 5 out of 5

Found comes with free invoicing features. You can create, customize, and send (instant or scheduled) invoices and accept payments from the following channels:

• Found to Found transfers
• ACH transfers
• Domestic wire transfers
• Credit or debit card (processed through Stripe)
• Cash App
• Venmo
• PayPal

Note that Found uses Stripe to process credit card and debit card invoice payments, which means you need to create a new Stripe account or link your existing Stripe account to accept card payments. You also need to pay a 2.9% plus 30 cents fee per processed transaction.

The feature notifies you when your invoices have been viewed or paid. Found also sends payment reminders to your clients.

Lili: 0 out of 5

Lili does not offer contractor management software.

Found: 5 out of 5

Found provides access to contractor management tools. These tools let you send unlimited contractor payments. It also helps your contractors report their taxes by collecting W-9s and generating their 1099 forms automatically.

Lili: 3 out of 5

Paid Lili plans provide up to $200 worth of fee-free overdraft protection. Note that this only applies to debit card transactions.

Found: 0 out of 5

You are not allowed to overdraw your Found account.

Lili: 5 out of 5

Lili provides chat-based AI-assisted accounting (Accountant AI), which is designed to benefit small businesses. You can instantly access personalized answers to your accounting questions to help you make fast and informed business decisions.

Found: 0 out of 5

Found does not offer accounting assistance using AI.

Yes. Lili provides several outstanding business checking accounts with overdraft protection, no opening deposit, and minimum balances. In addition, it offers tax preparation tools, automated bookkeeping, and unlimited invoicing, including a unique feature like Accountant AI to help small business owners make informed business decisions.

No, Found is a fintech company, not a bank. Its banking services are provided by Piermont Bank, a member of FDIC. It offers business checking accounts with no hidden fees, opening deposits, and required minimum balances. Similar to Lili, it features tax preparation, bookkeeping, and unlimited invoicing.