Future updates will also include improvements to how your business bank statements are downloaded or exported, currently managed from your account menu.
Each time money moves in or out of your bank account, we send you a real-time notification. We want to keep you in the loop - thank a client as soon as they’ve paid or take a supplier for coffee and send the business expense over to your online accounting provider while you wait to collect your lattes.
We’ll also send you an instant notification when you deposit cash at the Post Office to let you know that it’s been processed. For business account cash deposits up to £1,000 there’s a £3 charge, and for anything over £1,000 there’s a 0.3% charge on the deposit value. The Post Office network is made up of 11,500 branches; 99.7% of the UK population live within 3 miles of a Post Office branch. More than 70% of our business customers are based outside London and our Post Office partnership is a key part of how we are supporting the entrepreneurs around the country who are the lifeblood of the UK’s economy.
When you deposit cash at the Post Office, it’s recorded in the app and you can add a note to the transaction to remind yourself of where or who it was from. Your Starling for Business account also helps you to organise money for bills and taxes through Goals. Many business customers create a Goal to set aside money for VAT so that it is kept separate from their everyday balance, ready to be paid.
All of your incomings and outgoings can be integrated into Xero, our first accounting software partner for our business Marketplace, currently being tested in beta mode and being rolled out to everyone shortly. This integration is designed to seamlessly connect you to the software that helps you keep track of your business finances so that invoices can be paid on time. Unlike high street banks, we’ve built our own technology integration which means updates will be every few minutes, not once every few hours. FreeAgent will be the next online accounting software provider to join the Marketplace, with many more to come.
Online accounting software, such as Xero and FreeAgent, allows users to submit their VAT returns directly to HMRC. This makes it much easier for businesses to comply with the new regulations for Making Tax Digital set for April 2019, just one of the many benefits of using technology to help with your accounting.