SME business banking platform Tide is to introduce optical character recognition technology that will give customers the ability to auto-match receipts to transactions and perform bulk uploads to accounting software.
The new expense management feature comes following Tide user research which revealed that 28% of small business owners spend between one and four hours per week managing their expenses.
Other new expense functions released include the ability to edit and delete notes related to expenses, download attachments linked to transactions, and auto-upload to accountancy software.
Ali Travis, VP of business services at Tide says that in the coming months, customers will also be able to upload receipts in bulk, these will then be automatically matched to transactions made on their Tide account - removing the time taken to do this manually.
“We believe the updates released today and the features that will be available soon will make a big difference," he says. "Storing receipts electronically will eliminate a lot of the time spent and anxiety felt when submitting tax returns, and will mean people can manage their own and their teams’ expenses on the move.”