To simplify business admin for SMEs, Tide, in partnership with Sage, announced the launch of Tide Accounting, which enables Tide members to benefit from integrated, automated accounting and bookkeeping services from within their bank account. Having accounting and taxation built into Tide’s platform will reportedly enable small businesses to take control of their business accounting – all within their bank account – as well as staying compliant and avoiding penalties.

Developed using Sage’s new accounting and compliance as a service (ACaaS) platform, the solution delivers simplified accounting – automating tasks and ensuring tax compliance for Tide members in the UK. Being offered to non-VAT registered sole traders, in the beginning, this new product combines banking and accounting in a single digital environment. By connecting banking data and Tide's existing finance and admin tools to Sage's accounting and compliance services, Tide members will be able to improve financial and compliance processes, such as self-assessment and year-end accounts. 

For many small businesses who don’t have an accountant, the introduction of Making Tax Digital on 1 April 2022 has left them looking to their banking providers for support and advice. Tide's partnership with Sage will offer an accounting tool from the Tide app, that will provide members with compliant accounts and insights about their businesses to reduce the time spent and stress of traditional accounting. This will allow them to focus on growing their business without spending time on unnecessary admin, according to the official press release.