The deal will enable NatWest and RBS to offer FreeAgent’s online accounting software 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.
Marcelino Castrillo, managing director of business and private at RBS, said: “The way customers want to bank with us is constantly changing, so it is important for us to innovate.
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“When you are a small business you want to concentrate on establishing and growing, not on tracking expenses and invoicing.
“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.”
RBS is also working with FreeAgent to create a unique data-sharing capability which would allow the bank to run analytics on participating companies’ accounts.
Ed Molyneux, chief executive officer of FreeAgent Holdings, added: “We are delighted to have been chosen from over 30 vendors to help and support NatWest and Royal Bank of Scotland business bank customers by making life and accounting much easier for them.”
Edinburgh-based FreeAgent is currently used by over 50,000 businesses.
1 Comments
John Spinola
There’s a lot of contractor accounting software these days that provides an ‘easy’ way for contractors and freelancers to manage their books, log their expenses and prepare their own accounts. In many cases, however, the fact is that contractor accounting software does not provide the same value or level of service that a contractor accountant can. You may be able to save a bit of money by using contractor accounting software that costs as little as £35 per month, but if you make an error using the software it could end up costing you hundreds or thousands of pounds. Let’s face it, everyone would like to think that the latest high-tech software makes it easy to complete your own accounting, but if you’re not an accountant there’s still a risk of making an error.