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Tide helps more SMEs simplify accounting with a product upgrade

Tuesday 1 August 2023 14:53 CET | News

Tide, a UK- based digital business financial platform, has launched its improved Tide Accounting tool to help more SMEs meet their accounting needs directly from their bank account.

At present, small and medium-sized enterprises (SMEs) face the challenge of having to connect different solutions to their accounting software, such as their bank account, payments providers, and payroll systems. Managing these multiple systems presents to be a complex, time-consuming, and costly process. 

To combat this issue, Tide Accounting has provided a solution that streamlines the entire accounting process into one user-friendly experience. Tide members can now efficiently receive payments, manage bill payments, track their business performance, as well as file taxes, all via an integrated accounting service directly accessible from their Tide account. 

In 2022, the first version of this tool was launched for cash accounting, but it has now been upgraded to encompass standard accrual-based accounting. It’s, at the moment, 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, which is a method widely used by businesses in the UK. Integrating this service means that Tide's solutions will now be available to a broader range of SMEs.

By launching these features, Tide is able to continue helping SMEs save time and money when managing 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. Additionally, businesses using Tide Accounting can use their records to access credit opportunities through the Tide Partner Credit marketplace. 

Tide, a UK- based digital business financial platform, has launched its improved Tide Accounting tool to help more SMEs meet their accounting needs directly from their bank account.

Tide Accounting’s features

   
Get Paid: members can invoice their customers to get paid on time and spot unpaid invoices. They can also automate invoice matching and payment reminders using Invoice Assistant. 

Manage Bills: members can pay their bills at the right time to manage cash flow efficiently. 

Track Business Performance: members can track their financials to grow the business by reconciling accounts and balancing the books directly from the Tide app. They can also categorise transactions, adding VAT rates and receipts.

File Taxes: members can submit tax returns accurately and securely. This feature includes automatically generated estimates for sole traders, making it easier to fill in self-assessment tax forms. Additionally, members can also submit their VAT return through Making Tax Digital with HMRC-compliant software, directly from their Tide account.

New members opening a bank account through Tide's Company Formation service will have the opportunity to utilise a free six-month access to Tide Accounting.

Recent developments from Tide 


In June 2023, Tide had announced its decision to offer its services to female-led businesses starting out by the end of 2027, and launching the Women in Business content series. Tide will focus on promoting gender equality by offering its array of services to female entrepreneurs. Members would benefit from free access to training and targeted advice to overcome business challenges as well as develop a personalised company and business action plan. According to their press release, Tide had already onboarded 100,000 female-led businesses in just ten months, making them ahead of their 2023 end-of-year target.

Source: Link


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Keywords: online banking, payments , product upgrade, online payments, financial services
Categories: Banking & Fintech
Companies: Tide
Countries: United Kingdom
This article is part of category

Banking & Fintech

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