Tide and Sage partner for SME accounting solution

Business banking platform Tide, and Sage, the accounting and enterprise software firm, are partnering to launch an end-to-end accounting and tax solution for small business customers.

Tide Accounting will be offered to Tide members for automated accounting and bookkeeping services integrated with their business bank account. The solution will help these businesses to stay compliant and avoid penalties.

Developed using Sage’s new accounting and compliance as a service platform, benefits envisaged for the Tide Accounting include updated reports whenever a new transaction is processed, real-time insights into business finances, automated accounting processes.

The solution will initially be offered to non-VAT registered sole traders Tide said the new product combines banking and accounting in a single digital environment.

Commenting on the partnership, Oliver Prill, chief executive of Tide said: “Most business owners find accounting a daunting task and struggle with being compliant, they need a solution that simplifies it for them.

“Sage's long and impressive record in accounting and compliance and their strategic alignment with Tide brings us a step closer towards our mission to make life easier for people who work for themselves, saving them time (and money) on their financial admin. Through Tide Accounting, small business owners will get access to a simple and more affordable accounting software tailored to their business.”

Tide said that most SMEs don't plan for self-assessment and tax liabilities often come as unplanned pressure on their cash flow.

Tide’s accounting and compliance solution is now available to its members in the UK, with additional features and support for businesses to be added over the coming months.

Commenting on the partnership, Neal Watkins, executive vice president of small business at Sage said: “The convergence of banking and finance is a shift that transforms single transactions into frictionless business insight.

"This partnership seamlessly links customers’ bank account and accounting software, making it easy for small businesses to digitalise and automate sales transactions straight into their ledger.

He added:“Combining the power of the Sage network, with Tide’s leading banking services, we are unlocking the silos financial data sits within – supporting customers to thrive through invisible accounting.”

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