Running a small business means wearing many hats. Small business owners aren’t just CEOs—they’re also accountants, marketers, HR professionals, product managers, and more, juggling numerous time-consuming tasks just to keep their businesses functioning. Yet, they are often underserved by a fragmented financial system that complicates their work rather than supports it.
The Financial Challenges of SMBs
A recent survey by Lili revealed that 80% of small business owners manage their own accounting and finances. Many of these entrepreneurs navigate a complex financial landscape without the right tools to simplify their operations, which can make managing their businesses even more challenging. In fact, 77% of small business owners are adopting or planning to adopt technology to boost operational efficiency, and 81% plan to increase their use of technology platforms. This growing trend represents an opportunity for companies to offer integrated digital solutions that cater to the evolving financial needs of small businesses.
What is Connected Banking?
Connected banking refers to the integration of various banking services and financial tools—such as accounting, payment processing, invoicing, and more—into a single platform. The goal is to create a unified financial experience that streamlines financial management for small businesses. By connecting these services, business owners can reduce the number of platforms they need to manage, saving time and reducing errors caused by manual data entry.
How Lili’s Connected Banking Streamlines Financial Management
Lili simplifies financial management for small businesses by integrating essential tasks like banking, bookkeeping, invoicing, payments, and taxes all in one platform. Lili’s connected banking features enable users to pull data into their Lili dashboard, giving them real-time visibility of business activities such as payroll, payments, and expenses.
Lili’s App Integration creates a seamless, unified interface within the Lili dashboard, enabling users to manage business activities like payments and payroll in one place. For example, payroll information from Gusto is automatically pulled into the platform, helping business owners track upcoming payments and verify if they have the funds to cover them.
Lili also syncs data from external business credit cards, consolidating transactions into the dashboard for easy categorization and analysis. These transactions are then incorporated into the business owner’s financial and tax reports, giving insights into spending patterns and cash flow, ensuring that every deductible is tracked.
Seeing The Bigger Financial Picture
By managing everything from one platform, business owners save time and avoid the hassle of jumping between multiple apps, reducing subscription costs and gaining the tools they need to manage their finances more efficiently. This unified approach empowers entrepreneurs to focus on what really matters: growing their business and achieving their goals.
As we look ahead, connected banking is just the beginning. Lili is committed to growing and enhancing the tools small business owners need to simplify financial management. With the evolving landscape, we’ll continue developing features that further unify and streamline operations, empowering entrepreneurs to stay ahead.
For more information, visit Lili’s website.
