Countingup launches business account for sole traders

Countingup was born out of the idea that accounting and banking should be more joined up for sole traders. Running a cloud accounting software company for nine years it was apparent to me that:

The bank statement is the “What” i.e. the actual transactions happening in real time.

Accounting software is the “Why” i.e. the interpretation of those bank transactions.

It didn’t make any sense to me that you only found out the “Why” two weeks or a month later, when you got around to doing the bookkeeping.

In many cases, sole traders leave the bookkeeping to the last minute. Nothing is done all year and then there is a mad rush in January to file a self-assessment tax return on time.

This is happening right now for millions of sole traders as we approach the 31 January tax filing deadline.

Today, Countingup is announcing the beta launch of our business current account for sole traders. Our mission is to bring the “What” and the “Why” together so that your accounting records are created automatically, at the source, as you make purchases and receive income, rather than months down the line when you manually do the bookkeeping.

The launch of our beta business current account is the first major step towards our goal of automating the bookkeeping to save you time.

You can get started with our business current account for free. When monthly deposits exceed £750 Countingup business account costs just £2.95 per month. Full pricing is set out here.

We are making account numbers, sort codes and Countingup Mastercards available over the next few weeks in small groups to those at the top of our wait-list app.

To be one of the first to get an account, either let us know your email address here so we can contact you when accounts are available.

Or to speed things up, download the app now from the App Store or Google Play. This will bump you up the queue.

Although we’re launching in beta with payment services, the roots of accounting are in place from the beginning:

• Categorise transactions at source when a payment is made
• Mastercard purchases are categorised automatically for you
• View a profit and loss report

This is just the start. Soon you will be able to easily:

• Submit a tax return
• Create an invoice
• Scan your receipts

… and much more

Countingup — automate your accounting. Sign up today.