The Royal Bank of Scotland (RBS) has partnered with fintech specialist FreeAgent to simplify accounting for small business owners. The deal will enable NatWest and RBS to offer FreeAgent’s online accounting software on an integrated online platform to business customers who may otherwise have to spend more time concentrating on their tax returns. RBS claims the platform will improve forecasting, save time and simplify the tax process through features such as allowing users to upload photos of receipts. RFi Group data shows that only 23% of SMEs with 0-10 employees have accounting software, but 62% are comfortable (6+/10) with their main business bank accessing their accounting information, suggesting that there may be a large market for this type of service.
Marcelino Castrillo, Managing Director of Business and Private Banking at RBS, said: “The way customers want to bank with us is constantly changing, so it is important for us to innovate. By offering this platform, business owners will have everything in one place, giving them valuable time back to do what is most important – establish and grow their business.”
Source: RFi Group UKSBC 2016 H1