AI TOOL PROFILE
Countingup: Business Banking and Accounting Software
- Finance and Accounting
- Business Banking
- Sole traders
- Freelancers
- Self-employed individuals
- Small business owners
Pricing
Monthly plans start at £3 for deposits up to £750, £9 for deposits between £750 and £7,500, and £18 for unlimited deposits. A 3-month free trial is available.
At a glance
- Best for
- Sole traders, Freelancers, Self-employed individuals, Small business owners
- Key use cases
- Daily Bookkeeping, Tax Planning, Client Billing, VAT Management
- Integrations
- HMRC, Companies House, Stripe
- Official website
- Visit countingup official website
How AI is used
Countingup is a business current account for the UK market, designed for sole traders, freelancers, and small businesses. It combines banking services with accounting and tax tools to help users manage their finances within a single application.
The platform supports bookkeeping tasks, such as transaction categorisation via SmartTax AI and tax estimates. It also includes tools for invoicing and receipt capture via a mobile device.
Buyers should note that this is an e-money account regulated by the FCA. While funds are protected through safeguarding, they are not covered by the Financial Services Compensation Scheme (FSCS), which differs from traditional banks.
For those working with a professional accountant, the tool provides an Accountant Hub that allows secure data sharing to support year-end submissions.
Key Features
Built-in Accounting
Integrates banking with bookkeeping to match invoices to incoming payments and track expenses.
SmartTax AI
Automatically assigns transactions to tax categories and identifies potential tax allowances.
Tax Estimates
Provides automatic updates on estimated tax obligations based on current income and expenses.
VAT Filing
Supports MTD-ready VAT returns that can be filed directly to HMRC from the app.
Invoicing and Payment Links
Allows users to create personalised invoices and share payment links to receive funds.
Receipt Capture
Enables users to photograph and store receipts digitally for tax records.
Accountant Hub
Provides accountants with secure access to client transaction data and financial reports.
Use Cases
Daily Bookkeeping
Using the app to capture receipts and categorise expenses as they occur.
Tax Planning
Monitoring tax estimates and using tax pots to set aside a percentage of income.
Client Billing
Generating and sending invoices or payment links to customers.
VAT Management
Preparing and filing VAT returns directly to HMRC using built-in MTD tools.
Integrations
- HMRC
- Companies House
- Stripe
FAQ
How does Countingup pricing work?
- Pricing is based on total monthly deposits: £3/month for £0–£750, £9/month for £750–£7,500, and £18/month for unlimited deposits.
Is the money in a Countingup account protected?
- Funds are protected through safeguarding, meaning they are kept separate from the company's money. However, they are not protected by the Financial Services Compensation Scheme (FSCS).
Can I use Countingup if I have an external accountant?
- Yes, the platform includes an Accountant Hub that allows you to share transaction data and reports securely with your professional accountant.
Source category: Finance & Accounting
Source subcategory: Business Banking
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