March 21, 2021

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Why we invested in CountingUp

One of the many things we have in common here among the Framework team is entrepreneurialism, it runs deep among us. Some of us are currently or have been individually involved with small businesses.

These range from passions/pursuits all the way up to partnerships in operationally intensive businesses with multiple employees. The common fabric among all these businesses, besides entrepreneurial drive, is a need that is common for all business: accounting and taxes. Before the pandemic, early morning coffee conversations in the office among our team revealed the grumblings of time spent balancing the books, keeping us awake into the early morning hours. The end result and insights reveal pride of ownership but the time to get there can be described no better than painful.

To be fair, accounting software has certainly come a long way over the last decade, improving our lives tremendously.

It was not long ago that we had to install software on our desktop, convert Excel files into CSV, upload and categorize manually. The advance of cloud applications combined with data aggregation and the application of machine learning have made life easier. As with any evolution, imperfections linger, fester, and tend to grow in time.

Entrepreneurs wake up every day doing what they love, but none relish with the idea of any level of manual bookkeeping or taxes. Automation is key. The Framework team sought out to partner with a company that is solving these pain points and thereby continuing the evolution of bettering the lives of small business owners. Our team engaged and met with hundreds of neo banks and accounting software platforms around the world. We were looking for a special company, one who has the mission of freeing entrepreneurs from drudgery! Countingup knows the pain they are solving is immense for these business owners and understands this evolutionary journey.

Countingup is truly one of a kind globally. The team understood early on that banking and accounting must co-exist as one with a level of seamlessness that is pervasive in its product.

Small business owners can obtain a business current account instantly with Countingup’s very own debit credit card. Accounting entries are automatically categorized, profit and loss reports are instantly accessible in real-time and taxes will be filed digitally, more simply and faster with smart automation. Countingup has freed the lives of thousands of small business owners to have more freedom and happiness. At the same time, it enables their accountants to become true value added partners in the business.

Framework is thrilled to be partnering with the high calibre management team of Countingup, led by CEO Tim Fouracre. The team lives and breathes the concept of simplicity and ease for small business owners. To describe the team as passionate is an understatement; it is in everything they do. The team has set the bar high with more amazing things to come.