HSBC UK and Ember launch financial tool to boost small business growth

SME Banking
11/06/2024 News

HSBC UK, in partnership with Ember, has introduced My Business Finances, an innovative tool designed to help small businesses better understand their cash flow and tax liabilities.

My Business Finances integrates Ember’s accounting and tax software with HSBC UK's online banking platform. This tool simplifies financial management, allowing business owners to focus more on their core activities. It offers real-time profit and loss reports, self-assessment tax calculations, and available dividends reports. Additionally, it categorizes spending by tax code and generates invoices automatically.

Tom Wood, Head of Global Payments Solutions at HSBC UK, highlighted the bank's commitment to supporting customer growth through innovative solutions. "Small business owners spend huge amounts of time on laborious accounting tasks when they would much rather be seeking new opportunities, delivering on orders, and expanding. My Business Finances not only automates accounting tasks but also offers greater visibility and control over finances, allowing owners to make decisions which are right for them."

This tool also prepares small businesses for the UK Government’s upcoming digital tax requirements. Under HMRC’s Making Tax Digital initiative, starting in 2026, businesses will need to maintain digital records and submit quarterly reports. My Business Finances helps businesses adapt to this change by digitizing accounts and providing reminders for important tax deadlines.

Dan Hogan, Co-Founder and Co-CEO at Ember, emphasized the tool's potential. "The introduction of My Business Finances through our partnership with HSBC UK is a game-changer for small businesses. It not only enhances their financial understanding but also equips them with the necessary tools to manage their finances more efficiently. We are excited about the potential this holds for empowering businesses and look forward to driving further innovations together."

HSBC UK and Ember aim to ease financial management complexities for small businesses, helping them thrive in a digital economy.

Related news & insights

Digital Reinvention
14/06/2024 Interview

NewTech Friday: Vespia – Helping businesses stay compliant with regulations

Julia Ront, Founder and CEO of Vespia, tells Qorus’ Boris Plantier about the story behind her pioneering AI business verification...

SME Banking
14/06/2024 News

UOB launches SAGE programme to support SME sustainability

This initiative simplifies sustainability-linked financing for SMEs by offering preferential loan rates from UOB for those meeting pre-agreed sustainability performance...

Digital Reinvention
13/06/2024 Article

Financial Innovation Spotlight: June 2024 edition

We've handpicked five new and intriguing projects that caught our attention.

12/06/2024 Video

Setle + KBC: Empowering sustainable home renovations

Thibaut Nivelles, Founder of Setle, and Peter van Hees, Innovation Manager of the Ecosystems team at KBC, discuss their successful...

12/06/2024 News

Discovery wins twice at the Qorus Innovation in Insurance Awards 2024

Discovery has claimed two top accolades at this year’s Qorus Innovation in Insurance Awards, at a ceremony in Lisbon showcasing...

SME Banking
10/06/2024 News

DBS launches Bridging Business Horizons programme to support business expansion

This initiative leverages DBS' extensive network and expertise, supported by the Singapore Business Federation (SBF) and Enterprise Singapore (EnterpriseSG).

SME Banking
08/06/2024 News

BPI and NOS launch free app to facilitate small business management

Pulsoo provides an aggregated view of a company's financial position and transactions, while streamlining regulatory and tax compliance.

SME Banking
08/06/2024 News

HSBC UK launches carbon calculator for SMEs

HSBC UK has introduced a carbon calculator to help small and medium-sized enterprises (SMEs) measure and manage their carbon emissions....