Countingup has officially launched following its beta phase.
The news comes after more than 1,000 small businesses worked with the business current account provider to review the service during the beta phase, offering feedback and helping to shape the product.
Countingup's business current account is now available to all sole traders, freelancers and small limited companies.
The company plans to roll out additional accounting and tax features over the coming months.
Tim Fouracre, founder and CEO at Countingup (pictured above), explained that its service will ensure that small businesses comply with HMRC's making tax digital project.
“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.”
The Countingup current account can be opened on a smartphone in five minutes and comes free with a UK account number and sort code as well as a Countingup Mastercard.
Customers can use the banking service without the accounting features for free if monthly deposits are below £750, with a small charge of £2.95 per month if they are above.
Tim added that business bank accounts often came 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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Crown Agents Bank appoints new NED
Crown Agents Bank has announced the appointment of Susanne Chishti (pictured above) to its board as a non-executive director...
Ex-RBS director joins Triodos Bank
Triodos Bank has appointed Rob Keegan (pictured above) to head up a team supporting UK SMEs...
UTB appoints new asset finance BDM
United Trust Bank (UTB) has appointed Paul Barter (pictured above) as a business development manager for asset finance to support brokers in central England and Wales...
Secure Trust Bank launches its cheapest ever mortgages
Secure Trust Bank (STB) has launched its cheapest ever mortgages, with rates starting at 2.04%...
Temenos to support Varo Money’s bank launch
Varo Money has signed up for Temenos’ T24 core banking as it prepares for the launch of its new bank in the United States...
Klarna to acquire Close Brothers Retail Finance
Close Brothers Group has announced the sale of its retail point of sale finance business to Klarna Bank AB...
Masthaven appoints Rob Barnard as sales director for long-term lending
Masthaven has appointed Rob Barnard at its new sales director for long-term lending...
Paysend introduces global account
International payments and money transfer company Paysend has announced the beta program for its new global account service, which allows people to hold, move and spend multiple currencies worldwide...
Masthaven introduces business savings account
Masthaven has announced the launch of its business savings account...
Monese secures £5.3m investment from Augmentum Fintech
Augmentum Fintech PLC has announced an investment of £5.3m in current account provider Monese...
Redwood Bank hires new BDM
Redwood Bank has appointed Mark Dolphin (pictured above) as its BDM for Yorkshire and the North East...