Finance · 10 April 2018

Countingup banking app to offer exclusive service to micro businesses

Countingup has been designed to help small businesses when dealing with financial admin.
Countingupis the UK’s first business current account and is set to integrate accounting and tax software into its banking service for small businesses.

According to the CEO of Countingup, Tim Fouracre, traditional high street banks tend to focus on bigger businesses and neglect the 4.3 million self-employed and micro businesses in the UK.

Countingup has been designed to help small businesses save time and money when dealing with financial admin. A current account can be opened on a smartphone in five minutes, with just a photo and passport or driving license.

Commenting on the launch, Fouracre, said: An accounting system reveals what’s going on behind bank transactions – but small business owners only tend to see this analysis when they find time to do the books.

this can be months later, or at the end of the tax year in a mad rush before the self-assessment deadline. Many opportunities to gain valuable and actionable insight in real time are lost. This could be the difference between success and failure for a small business.?

Sole traders, freelancers, and small limited companies can get a free account, which automatically does the bookkeeping at Countingup.com. Whilst the combined business and accounting product will be available from 9.95 per month.

Countingup customers who choose to use the banking service without the accounting features can do so for free if monthly deposits are below 750, with a small charge of 2.95 per month if they are above.

business bank accounts often come with lengthy and expensive application processes. Many small businesses and sole traders avoid this by using their personal current account instead, added Fouracre.

this creates a massive bookkeeping headache as business transactions have to be unpicked from personal ones. Were making the process as simple and as fast as possible so entrepreneurs can get back to doing what they love, running their business.

Instant, automated expense recording is designed to help clients to make the most beneficial decisions alongside real-time insights into the health of their business.

By ensuring all costs are accounted for, Fouracre believes the service can also reduce a small business? tax bill.


 
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ABOUT THE EXPERT

Carly Hacon is a reporter for Business Advice. She has a BA in journalism from Kingston University, and has previously worked as a features editor for a local newspaper.

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