Countingup, a UK startup that combines a business current account with a built-in accounting package, has completed the beta phase.
In January the startup launched its mobile-based business current account for sole traders. Now, Countingup is aiming to expand its services by bringing in the accounting aspect as part of its SME bank account.
Tim Fouracre, CEO, Countingup, said: “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.”
Additional accounting and tax features will be added over the coming months.
According to Countinup, more than 1,000 small businesses have been working with company to review the service during the pilot phase, providing feedback and helping shape the product and its future roadmap.
The account is available for sole traders, freelancers and small limited companies. The account will automatically do the bookkeeping.
Countinup has also said that these new features will make it significantly easier for small businesses to open accounts. The in-app account opening process only asks for a photo and passport or driving licence.
Fouracre added: “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.”