Tide works with Sage to add accounting to the business banking app
Tide, the UK’s leading business finance platform and Sage, the leader in accounting, finance, HR and payroll technology for small and medium-sized businesses, today announced the launch of a complete, end-to-end accounting and tax solution for small businesses.
In an effort to simplify business administration for SMBs, Tide, in partnership with Sage, announced the launch of Tide Accounting, which provides Tide members with tightly integrated and automated accounting and bookkeeping services. from their bank account. Having simple accounting and tax built into Tide’s platform will allow small businesses to take control of their business accounting – all in their bank account – while staying compliant and avoiding penalties.
The main benefits that Tide Accounting will offer to members are:
● Reports updated every time a new transaction is processed
● Real-time information about your business
● Simple-to-use, automated, jargon-free accounting
Developed using Sage’s new Accounting and Compliance Platform as a Service (ACaaS), the solution offers simplified accounting – automates tasks and ensures tax compliance for Tide members in the UK. Originally offered to individual businesses not subject to VAT, this new product combines banking and accounting, all in a single digital environment. By connecting Tide’s existing banking data and financial and administrative tools to Sage’s world-class accounting and compliance services, Tide members will be able to streamline financial and compliance processes, such as self-assessment and year-end accounts. Since the solution aims to meet the most acute accounting needs of business owners, they will have access to a simple and affordable accounting tool that meets their needs.
For many small businesses that do not have an accountant, the introduction of Making Tax Digital since April 1, 2022 has forced them to turn to their banking providers for help and advice. Tide’s partnership with Sage will offer a seamless accounting tool from within the Tide app, which will provide members with compliant accounts and information about their businesses to reduce the time and stress of traditional accounting. This will allow them to focus on growing their business (doing what they love) without wasting time on unnecessary administration.
Commenting on the partnership, Oliver Prill, CEO of Tide, said: “Most business owners find bookkeeping daunting and find it difficult to comply, they need a solution that makes it simple for them. Sage’s long and impressive track record in accounting and compliance and its strategic alignment with Tide brings us one step closer to our mission to make life easier for people who work for themselves, saving them time ( and money) on their financial administration.With Tide Accounting, small business owners will have access to simple and more affordable accounting software tailored to their business.
Since most SMEs do not provide for self-assessment, tax obligations often constitute an unforeseen pressure on their cash flow; Tide Accounting will give them access to first-hand information that will help them plan better.
Neal Watkins, Executive Vice President of Small Business at Sage, said, “The convergence of banking and finance is a shift that transforms one-time transactions into seamless business insights. This partnership seamlessly links customers’ bank accounts and accounting software, allowing small businesses to easily digitize and automate sales transactions directly in their ledger. By combining the power of the Sage network with cutting-edge banking services from Tide, we’re unlocking the silos that hold financial data – helping customers thrive through invisible accounting.
Tide’s accounting and compliance solution is now available to its members in the UK, with additional business features and support to be added over the coming months.