Corporate finance platform Tide has joined forces with Sage to offer a new bank accounting product.
The partnership has developed a hitherto unnamed solution specifically for the self-employed in the UK and small business owners. The key benefit is that it operates in a single environment by combining banking data and Tide’s current financial and management tools with Sage’s latest accounting and compliance as a service platform or ACaaS.
Tide members can later streamline their workflow by integrating their financial and tax processes into a single system. The purpose of cooperation shall be to smooth out annual procedures, including returns for self – assessment and financial statements.
A study of the two companies shows that financial constraints and general concerns about success are seen as the main barriers to starting a new business. Many start-ups and small business owners are worried about getting their taxes accounting wrong numbers, the business seems topical. This is due in particular to enlargement Taking Tax Digital legislation that could affect up to 4 million businesses in the UK.
Tide plans to try the accounting and compliance solution through its 340,000 members later this year.
If the experiments are successful, Tide and Sage’s new partnership should help business owners reduce the time and effort of administrators through unified applications. The key complaint is probably the way bookkeeping by single entry and tax tools built-in for both tidal and web platforms. It should also help minor concerns ensure that they remain compliant, while avoiding possible penalties.
Seal’s small business manager, Neal Watkins, said: “Working with Tide, we hope to encourage more people who have so far only dreamed of being their own boss to start a new business.
Many entrepreneurs are reluctant to start a new business for fear of receiving their tax rights, but with this new offer, accounting and compliance will become a simple and seamless service, meaning the business owner can sleep easily knowing they will get tax rights and make well-informed decisions. “
“Adding an accounting offering to the Tide platform is a huge step toward our mission to make life easier for people who work for myself by saving time (and money) in their financial management,” said Oliver Prill, CEO of Tide.
“Tide is determined to work with Sage to deliver this product due to Sage’s long and impressive accounting and compliance and their strategic alignment with Tide. We have a similar customer base and combining our expertise will bring the right technology solutions to small business owners at the right time.”