Market Research Report on Counting Ltd (trading as Countingup)

Company Overview

• Name: Counting Ltd (trading as Countingup)

• Mission: To simplify bookkeeping and taxes for business people, saving them time and money. Countingup combines a business current account and accounting software into one app, making financial admin less of a burden for small businesses and sole traders.

• Founded: 2017

• Founder: Tim Fouracre, former CEO of Clearbooks

• Key People: No specific key people mentioned beyond the founder.

• Headquarters: 20-22 Wenlock Road, London, N1 7GU, UK

• Number of Employees: More than 50 employees

• Revenue: No information is available

• Known For: Countingup is known for its innovative two-in-one app that functions as both a business account and integrated accounting software.

Products

Business Account with Built-in Accounting Software

• Description: An electronic money business account designed with built-in features for accounting, invoicing, receipt capture, and financial insights. Tailored for sole traders and small limited companies.

• Key Features:

• Account Features: Contactless card, account number, and sort code with account opening in minutes.

• Invoicing: Create and send unlimited professional invoices directly from the app.

• Financial Insights: Real-time profit and loss reports, automated categorization of transactions, receipt capture, tax estimates.

• Accountant Integration: Seamless sharing of bookkeeping data with accountants.

• Pricing Tiers:

• £3/month for monthly deposits up to £750.

• £9/month for monthly deposits between £750 and £7,500.

• £18/month for unlimited monthly deposits.

Other Accounting and Financial Management

• Description: Services targeted at accountants, offering free accounting software with access to up-to-date transaction data and real-time financial insights for client management.

• Key Features:

• Instant Transaction Access: Direct connection to client business accounts.

• Easy Setup: Start managing client accounts with minimal setup time.

• Efficient Year-End: Facilitates an easy and streamlined year-end accounting process.

Recent Developments

• New Features:

• Planned Enhancements: Includes features such as tax pots and business loans, confirmation of payee, and the ability to include discounts in invoices.

• Ideas in Progress: Includes features like invoice item templates and 3D secure, among others, aimed at enhancing user experience.

• User Feedback Driven Improvements: Countingup actively incorporates user feedback for updates via its roadmap platform.

• Partnerships:

• Supported by prominent investors such as Framework Venture Partners, Gresham House Ventures, Sage, Frontline Ventures, Forward Partners, JamJar Investments, Triple Point, and ING.

• Insurance Collaboration: Partnered with Superscript to offer small business insurance options.

• Recognition and Regulation:

• Multi-award-winning platform, backed by industry leaders ING and Sage.

• Operates under the regulatory supervision of the Financial Conduct Authority for the issuance of electronic money through Prepay Technologies Ltd.

Conclusion

Counting Ltd (trading as Countingup) is a forward-thinking company leveraging technology to streamline financial administration for small businesses and sole traders in the UK. Although data on specific revenue or additional key personnel is unavailable, the company stands out for its innovative approach to integrating banking with accounting, making it a pivotal solution in the financial tech space. A strong investor backing and expanding product features signal a promising trajectory in its growth and market impact.