Starling Bank has released their Bills Manager feature to assist over 460,000 small businesses manage their budgets.
The feature is accessible to users on their personal account and is currently available to small businesses and sole trader customers.
Titled ‘Bills Manager’, the tool is designed to place money that will go to outstanding payments (such as subscriptions and leases) in a separate section called ‘Saving Spaces’. This money is set aside for specific payments, and therefore not deducted from their main balance. The feature will help small businesses budget, forecast, and control running costs.
The tool will notify users when they have a payment or Direct Debit due a day before, and also if they possess sufficient funds to make the payment.
Accounting softwares Xero, FreeAgent, and Starling’s ToolKit are integrated into Bills Manager. These tools place business’ incoming transactions, outgoing transactions, and VAT in one location.
Helen Bierton, chief banking officer at Starling Bank commented: “Our small business customers requested this feature, so we’ve delivered. Uptake of Bills Manager has been strong among our personal current account customers and we’re confident it will help hundreds of thousands of small businesses better manage their money too.”
Starling also recently passed a milestone in reaching over 3 million current accounts.