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Tide simplifies accounting for SMEs with new upgrade

By Gloria Methri

August 01, 2023

  • Accounting Software Platform
  • Bookkeeping Solutions
  • Business Expense Management
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Tide, FinTech, accounting tool, UKTide, the digital business financial platform, has launched its improved Tide Accounting tool, powered by Sage, to help more small businesses meet their accounting needs directly from one place – their bank account.

At present SMEs have to connect multiple solutions to their accounting software – their bank account, payments providers, payroll, and more. Managing these systems is complex, time-consuming, and costly.

To address this, Tide Accounting streamlined the process into one user-friendly experience. Members can get paid, manage their bills, track their business performance, and file their taxes – all via an embedded accounting service directly from their accounts.

The simple tool, launched last year for cash accounting, has now been upgraded to introduce standard accrual-based accounting. It’s the first solution of its kind embedded in a bank account.

Today’s launch strengthens the company’s mission to save SMEs time and money when running 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. In addition, businesses using Tide Accounting can utilise their records to access credit opportunities via the Tide Partner Credit marketplace.

New members opening a bank account through the Company Formation service will benefit from free six-month access to Tide Accounting.

Vinay Ramani, Chief Product Officer at Tide, said, “The new tool introduces accrual-based accounting embedded in a bank account – unlocking real convenience and ease of use without the stress and hassle. And once their accounting is done well – those businesses become more attractive for credit opportunities via the Tide Partner Credit marketplace. In this way, our strategy to help a small business with their overall banking, finance, and admin needs comes to life.”

Neil Watkins, EVP Product at Sage, said, “We are pleased Tide chose Sage Accounting and Compliance as a Service (ACaaS) as a key component of their Accounting offering, enabling small businesses to do their business banking, bookkeeping, and accounting in one seamless experience. Today’s newest development will help even more small businesses simplify their money admin, to radically simplify their essential bookkeeping and accounting tasks.”

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