By Oliver Smith on Thursday 26 March 2020
Business current account Countingup has deepened its accounting chops with the launch today of ledgers within its app.
The feature is said to be a boon for accountants who have long had to reconcile bank statements with accounting ledgers that capture non-banking transactions like depreciation, accruals and prepayments.
As CEO Tim Fouracre explains: “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”.
By launching ledgers Fouracre believes Countingup will better be able to display a single source of truth on a business’s accounting, which can be seen and edited in real time by accountants and business owners alike.
“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,” added Fouracre.
Countingup this year launched a web-based version of its banking and accounting app for the first time, and now has over 20,000 business customers as it approaches its second anniversary of launching in April.