Tide rolls out receipt importer product

Tide rolls out receipt importer product

Business banking platform Tide is introducing a new expense management feature which enables users to upload an image of a receipt and automatically match the expense to a transaction made through a Tide account in real time.

Tide is using a machine learning model to match receipts to transactions, with accuracy improving with greater use.

The 'receipt importer' product is being rolled out for free to all 140,000 Tide members, following research revealing that SMEs spend 30% of their time on admin tasks that do not contribute to their bottomline, and that 54% store and manage physical receipts to hand over to their accountants.

Ali Travis, VP of business services at Tide says: “UK businesses are required by HMRC to keep detailed financial records of all business spending for up to five years. These records are crucial when filing VAT, corporation tax and self assessments. However, there is now no need to keep hard copies of receipts, and we have now made it as easy as possible for SMEs to go digital.

He says Tide intends to introduce new functionality later this year that will allow SMEs to keep track of their VAT liability within the app, and automatically filing their tax return to HMRC. The platform will also introduce controls on team cards and the ability to manage expenses on team cards.

Comments: (4)

David Gyori
David Gyori - BANKING REPORTS, LONDON - London 04 February, 2020, 09:45Be the first to give this comment the thumbs up 0 likes

This is super duper GREAT. Well done Tide. Kudos!!!!!!!!!!!!!!!!!!!!!!!!!!

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 05 February, 2020, 14:01Be the first to give this comment the thumbs up 0 likes

Great feature, no doubt, but I'm curious how it works. If the expense is made with credit card, how can it be traced back to a Tide transaction? Multiple receipts for multiple payments made with the same credit card can be traced back to the credit card payment entry on Tide but how will a single receipt be traceable?

Andrew Smith
Andrew Smith - RTGS & ClearBank - London 07 February, 2020, 14:241 like 1 like

Great bit of innovative thinking and yet again, a service that solves a customer problem. Customer centric design in operation right here...

David Gyori
David Gyori - BANKING REPORTS, LONDON - London 07 February, 2020, 14:54Be the first to give this comment the thumbs up 0 likes

Agree

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