Tide and Sage partner to bring accounting service to UK SMEs

Having captured seven per cent of all UK SMEs at the start of the year, Tide is now partnering with Sage to bring accounting services to its 400,000 members.

The banking service is introducing Tide Accounting for UK members which will offer an end-to-end accounting and tax solution for small businesses.

Embedded within users’ accounts, the service will enable small businesses to take control of their business accounting, staying compliant and avoiding penalties, Tide says.

The automated accounting and bookkeeping services will provide real-time insights for users and will connect banking data and Tide’s existing finance and admin tools with Sage’s accounting and compliance services.

“Most business owners find accounting a daunting task and struggle with being compliant, they need a solution that simplifies it for them,” Tide CEO Oliver Prill said.

“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.”

Tide’s new ‘simple and affordable accounting tool’ will combine banking and accounting to streamline financial and compliance processes including self-assessment and year-end accounts.

Developed using Sage’s new accounting and compliance as a service platform, the service should simplify business admin for SMEs, allowing them to focus on growing their business without compliance worries, Tide said.

“The convergence of banking and finance is a shift that transforms single transactions into frictionless business insight, EVP of Small Business at Sage Neal Watkins said.

“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.”