Imagine if your business current account was your accounting software. Sounds obvious, right? In October 2017 fintech startup Countingup raised $750,000, led by Frontline Ventures with participation from Will Neale (Founder of Fonix & Grabyo), Ben Grol (Partner at Atomico), Ben Heald (Chair of Sift, Edo, eFiling & Bristol Pound), Andy Chung (AngelList) and other private investors, to build an accounting bank for 1m entrepreneurs.
Using Countingup, small businesses will be able to open a current account on their smartphone in just 5 minutes. The account comes with a UK sort code & account number and a contactless Mastercard. The banking app will also do your accounting. It will submit VAT returns, generate a profit and loss report and create invoices. Using machine learning it will automate your bookkeeping.
Today, you can download Countingup from Google Play or the App Store and join the wait-list. The first 100 entrepreneurs to register will get a free account until 2019.
Tim Fouracre, the founder and CEO of Countingup, commented, “Combining accounting and banking into one single product is going to simplify running your business. It will save stress and give back time to entrepreneurs that could be better spent on their business. Sole traders and freelancers can do their day to day banking and not have to worry about the book-keeping, which will be automated.”
Few entrepreneurs enjoy doing their accounts. The jargon is confusing and the admin is a chore. However, it is a legal requirement for HMRC which is soon to get more onerous. HMRC’s digital transformation of tax, Making Tax Digital, will require small businesses to do new quarterly filings for VAT, income tax and corporation tax.
Tim Fouracre added, “Countingup is a simple solution that will solve a big MTD headache that is on the horizon. Accounting and banking have become more integrated in recent years. Think of us as Revolut and Xero in one single product. This will help drive productivity for the 4.2m businesses in the UK who have one employee or less”.
Notes to editors:
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Making Tax Digital (MTD) becomes the law for quarterly online VAT filings in April 2019. HMRC intends income tax and corporation tax to be filed online through MTD thereafter.
Countingup is on a mission to simplify running your business.
Started in September 2017 by CEO, Tim Fouracre, Countingup is a VC backed startup building an accounting bank for 1m entrepreneurs.
Tim Fouracre qualified as a Chartered Accountant at KPMG in 2007. He founded cloud accounting software company Clear Books plc in 2008 and was its CEO for nine years.
About Frontline Ventures:
Frontline Ventures is a B2B and enterprise software focused venture capital fund based in the UK and Ireland.