Small business and sole traders are really suffering during the Corona outbreak and when things get back to normal, every penny will count. So if there’s a way to save time and money on accountants fees and bank charges, plus the time it takes to deal with HMRC, then so much the better. Good news then that Countingup, the UK’s leading banking and accounting app for SMEs, is the first business current account in the world that has both journals and financial reports built-in.
A journal is a tool that allows accountants to make manual adjustments to the ledger. Thus, enabling accountants to capture the transactions that impact a business’ accounts which are not already captured by bills, invoices or banking transactions. Examples include depreciation, accruals and prepayments.
Countingup CEO, Tim Fouracre, said, “Cloud accounting apps like Xero and Quickbooks have long talked up the single ledger where bank feeds from Barclays or RBS are imported into their cloud accounting software. However, the banking and accounting have always been separate. Countingup brings the two together in one source of truth and, using journals, accountants can now directly update the accounting records”.
With Countingup’s true single ledger, accounting records are accurate and the ability to journal directly onto the ledger finally creates one source of truth about a business’ accounting records. This can be viewed in real-time by the accountant through a cloud based Accountant Hub or by the business owner in the mobile app.
Tim Fouracre added, “With the majority of small businesses now working from home due to the threat of Covid-19, the ability for accountants to collaborate with their clients digitally has never been more important. The feature to create journals in our web based Accountant Hub gives accountants the tools they need to do their job remotely.”