UK-Based FinTech Tide has added an accrual-based accounting tool to its digital business finance platform.
The addition to the Tide Accounting service is set to assist small to medium-sized businesses as they look to simplify their accounting.
The app was launched last year with a particular focus on assisting small businesses with cash accounting, eliminating the need for these company’s to connect their bank accounts and payment providers with their accounting software, making it a more streamlined approach.
Tide Chief Product Officer Vinay Ramani said: “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.”
The Tide Accounting tool is embedded into the consumer’s Tide account, and it gives members the ability to get paid, manage their bills, track their business performance and file their taxes in one place.
In other mobile banking news, Weave also recently debuted their own mobile Tap to Pay app.
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