Sponsored by TallyMoney
Winning customers, paying staff, chasing invoices: running a business already comes with a substantial to-do list. Deciding what sits underneath the company’s cash balance is not usually near the top.
TallyMoney founder and CEO Cameron Parry thinks it deserves a closer look.
Speaking to Ross Kempsell from Guido Fawkes, Parry explained how Tally’s business accounts bring its gold-based money proposition to companies: an account in the business’s name, with a sort code and account number for bank transfers.
The difference is what the business holds. Rather than a balance denominated in pounds, Tally uses milligrams of gold.
Parry’s starting point is the money a business accumulates for something further down the road.
“Businesses are often running with surplus cash that they need to build up over time for capital purchases, or if they’re building up a dividend or a distribution to the business owners,” he said.
His argument is that businesses should think not just about the number on the statement, but about what that money will eventually buy.
Consider a company putting money aside for equipment or premises improvements. The purchase might be some way off, but the funds are already being accumulated. Parry sees that waiting period as an opportunity to consider an alternative to holding everything in sterling.
He also highlighted commercial property deposits.
A rental deposit may remain tied up for three or five years. In the interview, Parry suggested that a gold-based account could offer a different way to hold that money, subject to the arrangements agreed between landlord and tenant.
That is a proposed use case, not a promise that every lease deposit can simply be switched into Tally.
Nor is gold a guaranteed route to a larger balance. Its sterling value can fall as well as rise, meaning a business could have less available when a planned payment becomes due. Fees also need to be considered.
The appeal, then, is not a claim that every company should replace its banking arrangements. It is the possibility of choosing a different asset for some of the money it holds.
For business owners who spend their working lives questioning costs, suppliers and contracts, Parry is asking one more question: why leave the nature of your money unquestioned?
Explore Tally’s business accounts and current terms through the Business section
Tally gold balances are not covered by the Financial Services Compensation Scheme.
Krishnan Guru-Murthy asked John Healey: “Just finally, I mean Andy Burnham has been very clear he wants Britain back in the European Union in his lifetime. Do you?”
The Chancellor replied: “I’m older than Andy Burnham. I don’t expect to see that.”
