UK’s Tide, an established business financial platform, and Sage, a provider of Cloud business management software, revealed on Wednesday (May 12, 2021) that they’ve teamed up to offer integrated banking and accounting solutions to Tide members.
Developed specifically for users taking their initial steps towards making their business goals a reality, the partnership between Tide and Sage will aim to offer a new banking and accounting product to the the UK’s self-employed workers and business owners .
By linking up banking data and Tide‘s finance and administration software to Sage’s accounting and compliance solutions, Tide users can seamlessly carry out financial and compliance processes, like self-assessment and year-end accounts.
Research indicates that financial constraints and stress are the most commonly cited challenges preventing individuals from launching their own business. Many startups and small businesses constantly worry about not being able to get their accounting and tax filing work just right. This leads to business owners facing heavy penalties for making mistakes while completing their paperwork.
With new legislation such as Making Tax Digital potentially affecting many small businesses in the United Kingdom, people are faced with challenges such as not having an accountant. They’re now trying to get assistance from their banking service providers.
Tide is one of the UK’s leading business financial platforms, assisting businesses with this type of paperwork so they can save time and money.
Tide’s partnership with Sage will aim to provide improved accounting software via the Tide app. These tools will offer compliant accounts and insights to people regarding their businesses in order to reduce the time spent on these tasks while reducing the stress that comes when working with traditional accounting tools.
Oliver Prill, CEO at Tide, stated:
“Adding Tide Accounting to the Tide platform is a huge step towards our mission to make life easier for people who work for themselves, saving them time (and money) on their financial admin. Tide has chosen to work with Sage to deliver this product due to Sage’s long and impressive record in accounting and compliance and their strategic alignment with Tide. We share a similar customer base, and combining our expertise will bring the right technology solutions to small business owners at the right time.”
Neal Watkins, EVP of Small Business Segment at Sage, remarked:
“By partnering with Tide, we hope to encourage more people, who have so far only dreamed about being their own boss, to start a new business. Many entrepreneurs are held back from starting a new business by fears around getting their tax right, but with this new offering, accountancy and compliance will become a simple and seamless service, meaning that the business owner can sleep easy knowing that they’re getting their tax right.”
Tide confirmed that it would be testing its accounting and compliance software with its 340,000 members at some point this year.
In January 2021, Sage UK had commissioned research through Edelman Intelligence (involving 2,500 individuals). The research study mainly focused on getting an understanding of aspiring business owners and small company managers’ attitudes towards launching a business, their motivations for opening up their company, and the challenges they may come across while working on their business ideas.