Countingup imagines a future where accounting & banking are combined
by Startacus Admin
Countingup is on a mission to simplify running your business. But how you cry?!
Countingup aims to offer small businesses the chance to open a current account on their smartphone in just 5 minutes (tick). But whilst this is not 
perhaps unique in an era of Fintech / banking disruption, the fab feature here is that the banking app will also do your accounting. (double tick).
It will submit VAT returns, generate a profit and loss report and create invoices. (tick, tick, tick) Using machine learning it will automate your bookkeeping. (stop this talk!)
Only started last month, September (2017) by CEO, Tim Fouracre (you might have heard of Tim) Countingup is a newly 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.
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”.
This month (Oct 2017), 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 - not a bad investor list to be fair!
Today, you can download Countingup from Google Play or the App Store and join the waiting-list. The first 100 entrepreneurs to register will get a free account until 2019 - nice.
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Atoa announces pre-seed funding for its solution to empower and improve cash flow for independent, small and mid-sized UK retail merchants.
 Tong Gu, Reem Mobassaleh Wyndham and Monik Pham.jpg)
Pact launches its first £30M fund to back early-stage European tech startups using technology for economic inclusion, well-being and climate solutions.
Paris-based startup Immortal Game uses blockchain technology to add a new dimension to the most played board game in the world.
Co-Founders seeking people with innovative ideas and desire to create startups that could change the world for its 2023 programme.
Marketers - want to turn shoppers into customers this Black Friday? Marietta Chatzidiakou, Senior Content Consultant at Digital Ethos shares some tips on how to do just that.
Data from more than 500 companies reveals the core health of SaaS startups and assesses how European companies have performed relative to American counterparts.
The lowdown on Symphony, the startup that'll give you a front row seat to enjoy the finest live performances by some of the most famous orchestras in the world...
.png)
SeedLegals, the leading legal automation platform for startup funding steps into backing blockchain marketplace in carbon-neutral deal.
The lowdown on Boxlist, the AI-powered social network aiming to be your new go-to place for discovering TV and film recommendations across all streaming services.
Goodera secures major investment to support its mission of helping employees find meaningful volunteering experiences.
Published on: 22nd October 2017
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- UK fintech Atoa secures $2.2M pre-seed round as it kills Visa and Mastercard fees for businesses 24th Nov 2022 Atoa announces pre-seed funding for its solution to empower and improve cash flow for independent, small and mid-sized UK retail merchants.
- Female-led Pact Launches £30m Seed Fund 24th Nov 2022 Pact launches its first £30M fund to back early-stage European tech startups using technology for economic inclusion, well-being and climate solutions.
- Catalyst's Co-Founders programme opens for applications 23rd Nov 2022 Co-Founders seeking people with innovative ideas and desire to create startups that could change the world for its 2023 programme.
- Capchase “Pulse of SaaS” Report Shows SaaS Startups Remain Resilient During Economic Uncertainty 21st Nov 2022 Data from more than 500 companies reveals the core health of SaaS startups and assesses how European companies have performed relative to American counterparts.
