Source: PrePay Solutions
PrePay Solutions (PPS), Europe’s leading prepaid and digital banking services provider, has partnered with challenger bank Countingup to provide business accounting and banking together in one place.
Countingup is committed to providing every small business with easy accounting and business banking together in one place, offering automated, hassle-free financial services to simplify business operations. The financial services start-up gives businesses a UK sort code and account number, complete with Mastercard, to enable them to begin operations immediately. It offers dedicated packages designed specifically for start-ups, freelancers, contractors, self-employed sole traders and limited companies to meet their particular banking needs.
Users can download the smartphone app, designed to give business owners an overall look at the financial health of their business at a glance. For instance, the app automatically categorises transactions so they don’t have to worry about doing the bookkeeping. Moreover, the app will automatically provide running tax estimates, create invoices and generate profit and loss reports.
PPS is providing Countingup with the banking infrastructure needed to offer this complete service. PPS has a proven track record in providing such services to challenger banks, and in giving them reliable services to support their customers’ day-to-day financial needs. As a result, Countingup’s customers will now benefit from a cost- and time-effective banking solution.
Ray Brash, CEO of PrePay Solutions, said:
“Countingup is brand new to the market and offers a truly innovative service to small businesses, which is why we are so pleased to support it in launching in just 12 weeks. Working together, we’ve been able to provide a mobile banking system tailored to meet the specific needs of the UK’s large and fast-growing SME sector.
“We are focused on continuing to support Countingup in providing businesses with the services they need to achieve success, whatever market they are in. We’ve no doubt that the alliance will develop with the implementation of additional, high-performance banking products, as we find new solutions to meet businesses’ changing needs.”
Tim Fouracre, Founder & CEO, Countingup, said:
“The UK tax regime is changing, as a result of HMRC’s Making Tax Digital initiative. This will transform the UK tax filing system for small businesses, requiring them to file quarterly tax returns for VAT and, eventually, for self-assessment and corporation tax. This will bring with it challenges for business owners, requiring them to spend extra time and resource on their accounting that they may not be able to afford.”
“With PPS’s support, we are able to provide small business owners with access to banking services designed to streamline the tax return process and minimise their operating costs. We had a host of requirements for our partnership, but PPS understood our needs straight away, enabling us to deliver on our commitment to offer our customers accounting and banking in one place, giving them a simple way to run their businesses.”