Countingup, a UK startup that combines a business current account with a built-in accounting package, has emerged from beta.
While the UK's major banks concentrate on providing data exchange services to connect customers to third party bookeeping services like Xero, Countingup is aiming to remove the heavy lifting by baking in the accounting aspect as part of its SME bank account.
Launching ahead of new requirement from Her Majesty's Revenue and Customs for small business such as sole traders and freelancers to file quarterly returns online, Countingup's banking app will automatically submit VAT returns, generate a profit and loss report and create invoices.
Businesses can get started with a current account for free while the combined business current account and accounting product will be available to the self-employed for £9.95 per month.
Tim Fouracre, CEO, Countingup, says: "While HMRC’s Making Tax Digital project will give better visibility of the tax liability a business is facing it also requires more regular reporting. Countingup will ensure small businesses comply with HMRC’s MTD requirements simply and efficiently.”
Fouracre also claims that his firm will make it far easier for small firms to open accounts, with the in-app process requiring just five minutes, a photo and passport or driving licence.
"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. This creates a massive bookkeeping headache as business transactions have to be unpicked from personal ones. We’re making the process as simple and as fast as possible so entrepreneurs can get back to doing what they love, running their business," he says.