Small businesses and sole traders can now use Starling’s Bills Manager feature to budget, forecast, and control running costs
Finextra reported that Starling Bank released a new budgeting tool to assist over 460,000 small business customers in budget management. The new feature is already accessible to users on their personal, sole trader and business accounts.
Customers can pay direct debits and standing orders straight from a separate Saving Space. The money is set aside for specific payments and therefore not deducted from their balance. Therefore, business owners can get an accurate picture of what’s available to spend. Besides, the scheduled payments clear automatically, so you don’t have to worry about missing the due day.
The tool has handy notifications of direct debit due a day before. It also warns the account owners if they don’t possess sufficient funds to make the payment. The Top-Up feature gives the option to automatically move to Saving Space only the money needed to cover regular bills. There’s no need to calculate anything or transfer the fixed sum every time.
Accounting software Xero, FreeAgent, and Starling’s ToolKit are already integrated into Bills Manager. Therefore, businesses’ incoming transactions, outgoing transactions, and VAT are all in one location. If account owners also subscribe to Toolkit, any tax, invoices or expenses paid from Spaces will be automatically categorised and recorded.