Following this partnership, Starling’s 40,000 business banking customers will have direct access to cloud-based FreeAgent using the ‘Marketplace’ feature of Starling’s app.
Small businesses spend an average of 70 hours per month on administrative tasks, according to industry research. The time spent on accounting is most costly, totalling a huge 15 hours every month. FreeAgent has a range of tools to help with this, helping buisesses spend less time on admin and allowing more energy for everything else. FreeAgent can help with everything from processing invoices and tax returns to keeping an updated cash flow dashboard.
For Starling customers who register with FreeAgent they ca have all their transaction data shared between the two services in real time. This will allow customers to make better, better-informed decisions about their business.
Anne Boden, CEO and founder of Starling Bank, said: “We’re building a unique and modern business bank that removes much of the stress and financial complexity typically associated with running your own company. FreeAgent will play an essential role in this by helping our business customers spend less time on administrative tasks and more on what counts, growing their business.”
Ed Molyneux, CEO and co-founder of FreeAgent, said: “It’s important for small businesses to have a secure, direct flow of data from their bank into their business accounts – not just to help them manage their finances better but to also make more informed decisions about their businesses.
“At FreeAgent we want to ensure small business owners have the best overview of their financial information. Many of our customers have been asking for FreeAgent to have a direct data feed with their Starling bank accounts over the past year, so we’re delighted that this feature is now live.”