Online challenger bank Countingup has expanded the accounting side of its app to let customers raise and send invoices from their smartphones.
As part of its hybrid banking-accounting business model, Countingup has been building up the underlying accounting engine.
“Other banking apps might let you raise a PDF invoice, but we’ve gone further so that we can match the invoice to the transaction in the back end,” said Andrew Garvey.
When it was launched in 2018, Countingup was able to handle Mastercard and other electronic payments and automatically categorise transactions into a basic profit and loss report.
As a fast-moving startup, Countingup has added further capabilities since then to handle direct debits and capture expense from receipts as well as the new invoicing feature. Next up will be an MTD for VAT reporting mechanism and then the development roadmap will focus on accounting, Garvey said.
“Initially the P&L report was based around the basic self assessment categories for sole traders, but we now have a chart of accounts for limited companies,” he said.
Having built up a pool of 12,000 customers, Countingup is aiming to cement its position as a credible alternative to traditional banking and accounting as one of the organisations competing for one of the banking competition remedies grants to support challenger banks.
As the company explained in an announcement on AccountingWEB: “Small business owners will no longer have to juggle with three or four different pieces of software to run their business. It also means that sending information to their accountant also became a whole lot easier.”