FinTech firm Tide entered into a partnership with cloud business management solutions provider Sage with an aim to offer an integrated banking and accounting product for its members.
Tide’s partnership with Sage will offer a seamless accounting tool via its app that will provide members with compliant accounts, relevant, timely insight about their businesses so they can be more compliant as well as reduce the time spent and stress of traditional accounting.
The new product – which is scheduled to be trialled with Tide’s 340,000 members later this year – will integrate banking and accounting in a single digital environment. By connecting banking data and Tide’s existing finance and admin tools with Sage’s accounting and compliance services, the FinTech’s members will be able to streamline financial and compliance processes, such as self-assessment and year-end accounts.
With upcoming legislation like Making Tax Digital potentially impacting four million businesses in the UK, startups need tools for banking providers for support and advice, Tide noted. In fact. research by Tide found that financial constraints and worries are the most common barriers for startups and small business owners as they worry about getting their tax and accounting wrong, resulting in facing penalties for making mistakes.
As a result, having accounting and taxation built into Tide’s mobile and web platforms will enable startups to stay compliant and avoid any penalties.
Commenting on the partnership, Tide CEO Oliver Prill said, “Adding Tide accounting to the Tide platform is a huge step towards our mission to make life easier for people who work for themselves, saving them time and money on their financial admin.
Sharing the same sentiment Sage EVP of small business segment Neal Watkins said, “By partnering with Tide, we hope to encourage more people, who have so far only dreamt about being their own boss, to start a new business. Many entrepreneurs are held back from starting a new business by fears around getting their tax right, but with this new offering, accountancy and compliance will become a simple and seamless service, meaning that the business owner can sleep easy knowing that they’re getting their tax right.”
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