Balanced SSFP is an SNR-efficient sequence with unique T2/T1 contrast, but suffers from banding artifacts due to B0 sensitivity. These artifacts can be mitigated through RF phase-cycling at a cost of significant increase in scan time. Here, we propose Joint L1-SPIRiT to jointly reconstruct highly accelerated/undersampled phase-cycled images and convert the different banding artifacts of these images into additional spatial encoding. This enables highly accelerated 2D and Simultaneous Multi-Slice imaging, thus mitigating scan time burden of phase-cycled bSSFP while producing banding-free images. In particular, Joint L1-SPIRiT provides around 2-fold decrease in both the average g-factor and RMSE relative to GRAPPA.