Capital Employed Sole Trader How To Get People To Like Capital Employed Sole Trader
Countingup, a new fintech startup from Tim Fouracre, who ahead founded billow accounting software Clear Books, wants to abridge the activity of sole traders by reinventing the business coffer account. Specifically, Fouracre’s eyes is that for one-person enterprises, business cyberbanking and accounting software should be alloyed so that accounting and filing accounts can be automated.
To accomplish this a reality, the adolescent aggregation has best up €750,000 in founding led by Frontline Ventures. Others accommodating in the annular accommodate Will Neale (Founder of Fonix & Grabyo), Ben Grol (Partner at Atomico), Ben Heald (Chair of Sift, Edo, eFiling & Bristol Pound), and Andy Chung (AngelList).
The basic will be acclimated to barrage the Countingup cyberbanking annual in the U.K. after this year, with the accumulated accounting functionality to chase aboriginal abutting year.
“I aboriginal had the abstraction for accumulation accounting and cyberbanking about three years ago,” Fouracre tells me. “Earlier this year I began to realise the abstraction was a absolute achievability and in September I clearly got to assignment on the activity abounding time”.
After downloading the Countingup for iOS or Andriod, you’ll be able to open a current account on your smartphone in around 5 minutes. The annual will come with a U.K. sort code/account number and a contactless Mastercard.
So far, so neobank, such as the offerings of Revolut or Tide, or alike Starling and Monzo.
However, already formed out, the Countingup app will also automate your accounting, including adaptation of expenses. It will submit VAT returns, accomplish a profit and loss report and create invoices.
“If you are active a business again accounting is a chore, wastes your time and is boring,” adds Fouracre. “Your coffer surprises you with hidden fees and you’ve apparently absent acceptance in their chump service. Countingup is authoritative starting and active a business absolutely simple for sole traders. We’re accomplishing that by accumulation accounting and cyberbanking into one simple smarthphone app”.
The Countingup architect says there are as abounding as 4.2 actor sole traders in the UK i.e. businesses with no added than one agent in the business, and that this is the bazaar the fintech startup is alive adamantine on serving. “This includes anybody from your architecture sub architect to your IT freelancer, whether they are cocky active or operating as a bound company,” he says.
In accession to the banks, Countingup counts authentic accounting software plays as competitors, such as Sage and Xero, who are more amalgam with coffer annual products. As an example, Curve, the London fintech startup that lets you consolidate all your coffer cards into a distinct agenda and clue your spending, afresh partnered with accounting software Xero to automate the filing of business expenses.
Meanwhile, addition absolute adversary is soon-to-launch Coconut. The Techstars alumni is additionally targeting freelancers and self-employed bodies with a cyberbanking app that includes accounting features.
Capital Employed Sole Trader How To Get People To Like Capital Employed Sole Trader – capital employed sole trader
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