Say you’ve just started your own business and have relatively little experience, or want a way to make your job easier.
As someone who runs a business, your life is busy and you’re always on the go, chances are you need a mobile-based service to suit your needs. If you do a quick Google search, plenty of apps that provide business banking services present themselves immediately. But then you run into another problem, which app do you choose?
All of them have features that distinguish them, and many of them offer plans both free and paid. We’ve compiled a short list for you of the most popular apps, but kept in mind how much they cost and the value for that cost.
Amaiz aims to improve banking and accountancy for small business owners. If you operate as a sole trader or sole director of a limited company, you can open a business banking account that allows you to track expenditures, create and send out invoices, and link your account to FreeAgent accounting software for easy bookkeeping. Once you sign up for an account you can deposit money into it from any UK bank, or with cash at your local post office, and you’ll also be sent a card that you can use to make withdrawals from any ATM with no extra fees. They also offer a separate ‘jar’ account where you can save up money for either taxes or any other reason. All of this and more is included in the Starter plan for free, but if you pay £9.99 per month, you also get the added benefit of their accountancy experts, who you have access to 24/7 and can ask for help regarding any accounting questions you have.
ANNA is an app that claims to be your admin for you. You open a business account and you get a debit card, and you’ll get tax reminders and invoicing too. You can deposit money into your account from any UK bank account, but they don’t have any option to top up your account with cash. ANNA’s main draws are that they create, send, and chase invoices for you, and also complete some other admin-like tasks. The first 3 months are free and then there are three different monthly plans based on how much money your business makes in a month. The lowest tier is £5/month, then £11/month, and lastly £49/month. The more you make per month, the more you pay, and the more money you can keep in the account.
Coconut is another all-in-one app that puts their emphasis on accounting. You can open a current account and connect cards and accounts from 20 different banks. The more you use your account, a “how much tax you owe” section will be updated. Again, this app also has invoicing options and they calm to be built with accountants in mind, but there is no accounting help if you should need it. They offer two plans, one that is free and one that is £5/month. The paid account allows you unlimited invoicing per month, whereas the free plan only allows 3 per month.
Counting Up positions itself as a counter to high street banks as it takes very little time to open a business account and get a card. With your account you get account overviews, invoicing, and automated bookkeeping. A downside is that each ATM withdrawal cost £1 as does adding cash to your account at the post office, and you only get 3 bank transfers a month. There a three monthly plans, the first one is free, the second one is £4.95, and the third is £9.95. Like ANNA, which plan you pay for depends on your monthly income.
Monese boasts a more international approach to their app with it being available in 10 different languages. They offer accounts denominated in pounds as well as euros and they claim to offer good currency exchange rates for international transfers. When you sign up, you will get a contactless card to use with your account. Like the other apps we’ve mentioned so far, this service also offers account overviews, but they do not have any invoicing options. They also don’t have a free option like some of the other apps. The monthly fee is £9.95 and you can get a UK business account as well as a Plus personal account.
Starling attributes itself as being something that was built from what business owners wanted. Their main offer is no hidden fees and integration with accounting software. Like most of the other apps, you can view your accounts in detail. But unlike some of the other accounts, there is not invoicing option. They also have what’s called the Starling Marketplace where different products to help you grow your business are offered. With Starling, it is free to send money from the Starling business or sold trader account within the UK in the following ways: – Faster Payments; – Direct Debits; and – Standing Orders. Also they will not charge a fee for withdrawing £ Sterling from ATMs in the UK (including Post Office ATMs).
Tide focuses on managing all of your business accounts. Create and pay invoices, schedule payments, and track your spending. You can also integrate the app with accounting software or export your data to CSV to send to your accountant if necessary. Like Starling, they don’t offer monthly plans, rather they charge for moving money. ATM withdrawals are £1 as are cash deposits at a post office. If you deposit cash at a PayPoint, it’s a 3% fee. Transfers between non-Tide accounts are £0.20. These are just some of the apps available out there for business banking and as you can see, a lot of them have similar fetures but they each come with their own advantageous features. Further research is obviously necessary but we’re glad to help introduce you to the apps you could use to help grow your business. Hopefully this list inspires you to download something that could help make your life as a small business owner easier.