RBS to provide accounting platform for small business customers

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.

“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.