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LONDON–Clear Books, the UK based privately held online accounting application, announces a new financing deal from key strategic investors for an undisclosed sum. Clear Books provides an online alternative to more traditional desktop accounting software products provided by The Sage Group PLC and Intuit INC, and a more UK focused service than online international competitors Xero Limited. The deal will enable Clear Books to increase its development resources and accelerate growth plans in the UK.
Clear Books is a rapidly growing company with customer numbers increasing more than 20% per month. It is quickly establishing itself as a leader in the growing SaaS online accounting software market in the UK. Managing Director, Tim Fouracre, said, “Our cash flows continue to reflect impressive growth month on month, but this additional financing will help us accelerate our expansion plans. One of our key objectives is to add depth to our development team to ensure we continue to develop the very best application. Our aim is to make both maintaining company accounts and doing the bookkeeping as easy as possible for small businesses. We are already making great progress on this front with our online VAT filing direct to HMRC and our new payroll module”.
Clear Books is an online accounting application for small businesses. Clear Books was incorporated in July 2008 as a joint venture between Chartered Accountant and former KPMG employee Tim Fouracre, and online media company, Fubra Limited. The service was officially launced in July 2009 with a slogan “Online accounting to free your time” and costs from £5 per month. Upgrades and support are free and no installation or prior knowledge of accounting is required.