Digital banking services pioneer, APS financial, has joined forces with TaxAssist Accountants, the UK’s largest network of tax and accountancy advisors for small companies to offer instantly approved, online business accounts.
Thanks to the real-time APS technology platform and its award winning1Cashplus business account, TaxAssist Accountants franchisees will be able to register companies and get instant approval for online business current accounts, all during the first customer contact. They will also have the ability to simplify reconciliation and reporting for customers through data feeds, helping businesses to keep on top of their bookkeeping.
Сustomers will be provided with their account number and sort code within six minutes2 of starting their application, helping to get their business trading faster.
This news will be well-received by the SME community as research commissioned by APS financial reveals that over 15% of UK SMEs waited more than 26 days before they were granted access to their business bank account, with just 6% granted access on the day they applied.3
The partnership will come to the aid of the many small businesses which still face challenges opening business accounts from traditional banks and for whom professional advice on complex tax issues often falls by the wayside during the early years of starting up.
Rich Wagner, CEO of APS financial, said: “SMEs are the backbone of the economy, yet are not offered superior banking and tax advice services. APS financial and TaxAssist Accountants will address two major pain points for SMEs - time and convenience, - ultimately helping to save money. APS has been in operation for over a decade so we truly understand that by working with TaxAssist Accountants we’re taking another step in the right direction in making small business owners’ lives that much easier.”
Phil Sullivan, Group Finance Director at TaxAssist Accountants agrees: “Time is money when you are an entrepreneur setting up a new company. Working with APS financial offers our franchisees the ability to streamline and simplify the whole start-up process for clients, thereby maximising revenues so they are geared up to trade even faster.”
1.Cashplus Business Account won ‘Best Business Card Programme’ at the 2014 Card and Payments Awards and have been recently nominated as a finalist for Best Business Account for 2017 by Business Moneyfacts Awards
2.The average time it takes to set up a Cashplus Business Account subject to verification of identity and address information.
3.Survey conducted by onepoll.com in August 2015. Total number of respondents – 500 UK adults, either self-employed/sole traders or intermediate/higher managers in businesses with 1-250 employees.