Newcastle based Sage teams up with London's Tide to save SMEs time and money

Tide, a London based digital business financial platform, has today launched its improved Tide Accounting tool, powered by Newcastle based Sage, to help more small businesses meet their accounting needs directly from one place, their bank account.

At present SMEs have to connect multiple solutions to their accounting software; their bank account, payments providers, payroll and more. Managing these systems is said to be “complex, time-consuming and costly”.

To address this, Tide Accounting has streamlined the process into one user-friendly experience. Tide members can get paid, manage their bills, track their business performance and file their taxes, all via an embedded accounting service directly from their Tide account.

The simple tool, launched last year for cash accounting, has now been upgraded to introduce standard accrual-based accounting. It’s the first solution of its kind embedded in a bank account.

Standard accrual-based accounting recognises revenue when it’s earned and expenses when they’re incurred. Most businesses in the UK use this method. Adding this service to the platform means Tide solutions are available to many more SMEs.

Today’s launch strengthens Tide’s mission to save SMEs time and money when running their businesses by adding to the platform’s banking, finance and admin solutions. These already include invoice generation, payment and payroll services and expense cards.

In addition, businesses using Tide Accounting can utilise their records to access credit opportunities via the Tide Partner Credit marketplace.

Vinay Ramani, chief product officer at Tide, commented: “For small business owners, accounting can be very time-consuming and intimidating as they have to move transactions from their bank account to their accounting tools.

“Tide Accounting introduces accrual-based accounting embedded in a bank account - unlocking real convenience and ease of use without the stress and hassle. And once their accounting is done well - those businesses become more attractive for credit opportunities via the Tide Partner Credit marketplace.”

Neil Watkins, EVP Product at Sage, added: “We know that technology is vital to the creation, survival, and growth of SMEs across all sectors and like Sage, Tide is on a mission to help small business owners get their work done more efficiently by streamlining and simplifying processes.

“Today’s newest development to support accrual based accounting will help even more small businesses simplify their money admin, to radically simplify their essential bookkeeping and accounting tasks.”

By Matthew Neville – Senior Correspondent, Bdaily

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