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.
.png)
WeWALK, RNIB, and ICL consortium secures UKRI funding to improve mobility for visually impaired and elderly.
The impact of standards, ethics and conduct on business success and profits - Work.Life has some interesting insights...
.png)
The lowdown on Space32 - the startup that wants to help hybrid-working businesses find the working space and solution that's right for them.
.png)
Global Tech for Good initiative seeks innovative startups and scaleups that are creating positive social impact and enhancing people's lives through tech.
The lowdown on Bidnamic, the startup that's combining advance machine learning with human expertise to help retailers to maximise revenue and profitability from Google Shopping.
Innovative Czech fintech startup 4Trans raises investment to expand first of its type AI driven factoring services across Europe.
Edinburgh-based life science company Cytomos secures funding to support further development of its innovative cell analysis tech.
Ethical Equity and Streets Consulting join forces to deliver Founder Workshop to help close the inequality gap in startup to scaleup funding.
Fancy being featured in this year’s SmallBiz100, which showcases the best of Britain’s vibrant small business community? There's just a couple of days left to do just that!
Screenloop secures major investment to support further development of its AI-driven recruitment platform that helps companies build the best teams and removes unconscious bias.
Published on: 22nd October 2017
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Assistive technology innovators and partners awarded £1.7m project funding 1st Jul 2022 WeWALK, RNIB, and ICL consortium secures UKRI funding to improve mobility for visually impaired and elderly.
- How the pandemic affected each industry 27th Jun 2022 New research from School of Marketing reveals the impact that Covid-19 has had on key business sectors in the UK.
- The Finalists of DBACE 2022 are revealed 21st Jun 2022 The lowdown on the innovative young visionaries that are in the running for this year's Deutsche Bank Awards for Creative Entrepreneurs.
- OKAPI: Orbits raises €5.5m for Breakthrough Space Traffic Management Software 13th Jun 2022 Innovative German SaaS startup OKAPI:Orbits secures investment to support its mission of securing efficient and safe operations in space.
