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.”
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