The new feature will allow small businesses to have a direct debit or standing order taken from money put into ‘Savings Spaces’ rather than from their main account. Payments automatically sync up with accounting tools Xero and FreeAgent, provided through the Starling Marketplace, as well as the bank’s bookkeeping Toolkit.
This will enable businesses to keep track of incomings, outgoings, and VAT all in one place. The tool was launched to personal current and joint account customers in October 2022, and is now available for free for all small businesses and sole traders.
Bills Manager operates within the Savings Space within the app, where customers can choose which direct debits or standing orders they want to pay from each ‘Space’. Starling Bank recently reached 3 million users and currently has more than 450,000 UK businesses.
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