Countingup is a UK bank account and accounting app in one, aimed at UK entrepreneurs running micro-businesses.
The app is the brainchild of fintech start-up Countingup, founded by Tim Fouracre, formerly the ceo of ClearBooks. Using Countingup, small businesses will be able to open a business current account on their smartphone in a matter of minutes. The account comes with a UK sort code and account number and a contactless Mastercard.
The new app also offers accounting tools - it will submit tax returns, generate a profit and loss report and create invoices. Using machine learning it promises to automate book-keeping.
This month, Countingup has raised $750,000 in angel funding to bring its launch a step closer. From this week, entrepreneurs and business owners will be able to 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, founder and ceo of Countingup, said: "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."
From 2019, the Government's Making Tax Digital (MTD) scheme will require businesses to do filings for VAT, income tax and corporation tax on a quarterly basis.
"Countingup is a simple solution that will solve a big MTD headache that is on the horizon," said Fouracre. "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."