UK FinTech Tide Adds Accrual-Based Accounting to Platform

Tide, a United Kingdom FinTech, has added accrual-based accounting to its digital business finance platform for small- to medium-sized businesses (SMBs).

This addition to the Tide Accounting tool helps more SMBs simplify their accounting, the company said in a Tuesday (Aug. 1) press release.

“Standard accrual-based accounting recognizes revenue when it’s earned and expenses when they’re incurred,” Tide said in the release. “Most businesses in the U.K. use this method. Adding this service to the platform means Tide solutions are available to many more [SMBs].”

The Tide Accounting tool, which was launched last year for cash accounting, helps SMBs meet their accounting needs from their bank account, according to the release. By bringing the accounting tool to the bank account, this solution eliminates the need for SMBs to connect their bank account, payments providers, payroll and other solutions to their accounting software.

Because Tide Accounting is embedded in their Tide account, members can get paid, manage their bills, track their business performance and file their taxes in one place, the release said. The platform’s solutions also include invoice generation, payment and payroll services, and expense cards.

“Tide Accounting introduces accrual-based accounting embedded in a bank account — unlocking real convenience and ease of use without the stress and hassle,” Tide Chief Product Officer Vinay Ramani said in the release. “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.”

In related news, Bluevine said Monday (July 31) that it has launched an accounts payable (AP) offering for SMBs.

The solution is built to simplify payments management from within Bluevine Business Checking accounts and give SMB owners access to features that will help them save time and money, the company said.

Smart spend management platform EnKash announced July 17 that it has launched a 360-degree full-stack payable, receivable and reconciliation platform designed for SMBs.

The new Olympus platform is a plug-and-play solution that seamlessly interconnects accounting and banking software, the company said.

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