What Finilly does, how the Schedule C summary works, and where its limits are.
Finilly is a bookkeeping tool built for small LLCs: track income and expenses, import receipts and bank history, and export clean books for your accountant.
No. It's a bookkeeping aid that maps your logged expense categories to the corresponding line on IRS Form 1040 Schedule C, based on common categorization practice. Finilly is not a substitute for a licensed accountant or tax preparer. Always have a qualified professional review your return before filing.
Tax law changes. IRS forms, line numbers, and deduction rules (like the 50% meals limit) can be updated in future years. Finilly reflects the rules and form structure as of the current tax year, and we update the mapping when the IRS changes it, but you should always verify current-year rules with your accountant or the official IRS instructions before filing.
No. Finilly helps you organize and categorize your books consistently, and gives you a starting point for Schedule C, but it doesn't review your return, doesn't know your full tax situation, and can't guarantee accuracy or compliance. You're responsible for your own filing. We recommend a licensed accountant for anything beyond basic bookkeeping.
Each expense category you log (e.g. "Software & Subscriptions", "Meals & Entertainment") maps to a specific Schedule C line behind the scenes. Your day-to-day category names don't change. The Schedule C summary just groups your existing entries by their mapped line, and shows the IRS-allowed deductible amount (like the 50% meals limit) alongside the full amount you logged in your books.
Each company's books are isolated at the data layer, and every entry carries a record of who logged it and when. Only logins you've added to your company can see your books.
Free during beta, no card required. See Pricing for what's included.
Finilly is built by Lilly Tech Systems.
