Announcing the 2024 winners of Tearsheet’s SMB Finance Awards

Tearsheet is announcing the winners of our SMB Finance Awards — an awards program that acknowledges and honors the best financial services companies, products, and players serving SMBs.

The SMB Finance Awards are an opportunity to showcase product excellence in SMB finance, recognizing the companies and individuals who are driving innovation and growth in this vital sector of the economy.

Applicable to traditional financial institutions and fintech firms, service providers to industry thought leaders, this awards program is open to all those who have made significant contributions to the SMB finance space.

2024 Winners of the SMB Finance Awards

Best Bank for SMBs: Lili

Lili is the winner of Tearsheet’s Best Bank for SMBs award for its all-in-one platform that integrates banking, accounting, invoicing, and tax management — a game-changer for small businesses. Unlike traditional banks, Lili simplifies financial management, offering fee-free banking, no minimum balances, and BalanceUp, which covers overdrafts up to $200. Business owners can open an account in minutes, bypassing the tedious paperwork of legacy banking. This unified approach saves time, reduces errors, and empowers SMBs to focus on growth, not financial admin.

Lili’s platform goes beyond banking with powerful tools that streamline key business functions. Automatic transaction categorization keeps books up to date, while the invoicing tool speeds up payments and improves cash flow. The launch of Accountant AI provides SMBs with instant, personalized financial guidance, helping them make better business decisions. Paired with free educational resources through Lili Academy, Lili is more than a bank — it’s a financial partner for SMBs. By tackling the pain points of banking, accounting, and taxes, Lili enables small business success, making it a clear choice for Tearsheet’s Best Bank for SMBs award.

Best Payments for SMBs: Intuit Quickbooks

With over $165 billion in annual payments volume and powering more than half of U.S. small businesses, QuickBooks stands out as a force in SMB payments. The platform’s comprehensive approach creates an intelligent ecosystem that directly addresses critical cash flow challenges through innovative features like AI-powered Intuit Assist, which helps businesses get paid up to 45% faster, and strategic additions like SMS invoicing capabilities.

QuickBooks’ commitment to building a true end-to-end financial platform is evident in its robust suite of solutions, from its Bill Pay system processing over $1 trillion annually to flexible Line of Credit offerings and next-day contractor payments. By combining these powerful tools with data-driven insights from its vast network, QuickBooks isn’t just facilitating payments – it’s empowering small businesses to make informed financial decisions that drive sustainable growth.

Best Service Provider for SMBs: U.S. Bank

U.S. Bank is the 2024 winner of Tearsheet’s Best Service Provider for SMBs award for its all-in-one support at every stage of the business journey. From launching to growing and transitioning, U.S. Bank empowers small business owners with tools for payments, payroll, and cash flow management. Its online dashboard lets users send invoices, track payments, and manage payroll in one place, while QuickBooks® and partner app integrations offer seamless connectivity. By simplifying essential processes, U.S. Bank allows SMBs to focus on growth instead of admin.

Beyond financial management, U.S. Bank provides expert advice, lending solutions, and business coaching tailored to SMB needs. From access to business credit to long-term growth support, the bank acts as a true partner in small business success. This approach drove a 5% increase in small business clients and a 6% rise in digital account openings in 2024, showcasing the real-world value of its solutions. With a blend of practical tools and personalized support, U.S. Bank leads the way in helping small businesses succeed.

Best Embedded Finance Product for SMBs: Vagaro

Vagaro’s win of Tearsheet’s Best Embedded Finance Product for SMBs award showcases their transformation of payroll processing for the beauty, spa, and fitness industries. By embedding Gusto’s payroll capabilities directly into their platform, Vagaro created a seamless one-stop solution that cut customers’ payroll time in half while elegantly handling complex compensation models – from percentage-based pay to class attendance bonuses and tiered commissions.

The success is evident in their metrics – within 12 months of launch, they achieved four times more customer signups compared to their previous Gusto integration model. By unifying payroll, appointment scheduling, time-off requests, and calendar management into a single interface, Vagaro demonstrated how thoughtfully implemented embedded finance can transform industry-specific software platforms into indispensable business tools for over 220,000 professionals across four countries.

Best App For SMBs: Lili

Lili’s win of Tearsheet’s Best App for SMBs Award recognizes its innovative solution to the fragmented financial services landscape. By combining banking, accounting, and tax services in one platform with no minimum balance and zero hidden fees, Lili eliminates the need for multiple subscriptions while making financial services more accessible and affordable than traditional banks.

The platform’s automatic transaction categorization and tax savings features, combined with efficient invoicing and reporting tools, significantly reduce administrative work for small business owners. This comprehensive yet streamlined approach to financial management, accessible through a single platform that can be set up in minutes, makes Lili a standout solution for modern entrepreneurs.

Best Card for SMBs: BILL

BILL has won Tearsheet’s Best Card for SMBs award for redefining expense management and payments for small businesses. Powered by Divvy, the BILL Spend & Expense card provides businesses with an integrated solution that goes beyond traditional payment tools. This powerful combination offers real-time visibility into spending, automated receipt capture, and customizable employee spending limits — all within the BILL platform. By centralizing payments, approvals, and expense tracking, BILL empowers SMBs to streamline financial management and reduce administrative burdens.

What makes BILL’s card offering stand out is its ability to unify essential financial workflows in one place. While many businesses rely on disconnected systems for payments and expense tracking, BILL, with Divvy, delivers a seamless, all-in-one experience. With automatic syncing to accounting software, instant transaction notifications, and robust reporting features, businesses can operate with greater transparency and control.