There was some good news from the Chancellor yesterday for small businesses, with business rates, SSP and a freeze on Insurance Premium Tax. On the downside, the rise in minimum wage rates will be hard for many 1-10 person business owners to bear – often they don’t pay themselves a wage of £17K a year, as the business cannot generate that cash.
But SMEs can probably agree on one thing; nothing eats up valuable time, like doing books, filing accounts and paying any tax due on the convoluted HMRC website.
There is some good news for entrepreneurs: Countingup, the UK’s leading banking and accounting app for SMEs, has expanded its business current account to include key accounting reports: trial balance, balance sheet and profit & loss.
These three reports are the financial statements that an accountant would expect to see in cloud accounting software such as Xero or Quickbooks. Countingup CEO Tim Fouracre said:
“Countingup is the first business current account in the world to have these reports built directly on top of the banking. The trial balance, balance sheet and profit & loss are reports you would more commonly see in cloud accounting software like Sage. What this means for Countingup is that in addition to our banking, we’re becoming increasingly recognisable as a feature rich cloud accounting software.”
The trial balance report is used to create the set of final accounts that limited companies are required to submit to Companies House each year. The profit and loss report helps businesses understand how their business is performing i.e. sales less costs. The balance sheet report helps businesses understand their financial position i.e. what assets they have and what liabilities they owe.
Fouracre added some additional insight: “We’re continuing to build out the accounting software tools built on top of our banking. Within the next month we aim to launch journals which help accountants make manual adjustments to the bookkeeping records. This will be followed by MTD VAT returns.”
Over 1% of all accounting practices in the UK use Countingup to collaborate with their clients. Accountants have access to the accounting system via a web based Accountant Hub.