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.