Tide to introduce first payroll service via banking app
Tide, the UK’s leading business financial platform, has today announced it will roll-out the first payroll service available within a banking service in early 2021.
Tide Payroll will allow SMEs to conduct their payroll from within their Tide account with a simple, all-in-one payroll service that will allow users to get set up, run payroll and pay employees through Tide. Tide members will be able to process salary payments directly from the Tide account and do automatic pay runs, while feeling reassured that Tide payroll is fully HMRC compliant. This will dramatically reduce the time spent on previously confusing and costly manual processes.
Tide will partner with KeyPay, an award-winning, specialist, payroll platform to deliver Tide Payroll.
Tide Payroll will be rolled-out in early 2021 with a straight-forward tool for Tide members to seamlessly execute their payroll right from their account. The service will be iterated upon, with even greater automation coming later in the year.
Ali Travis, VP of Business Services at Tide said: “We know a large proportion of Tide members currently run payroll for their businesses, paying themselves, other directors, employees, freelancers and contractors. Payroll is a complex process for many businesses owners, with remembering to run payroll and ensuring HMRC compliance being the biggest challenges. Tide Payroll will help Tide members to keep on top of running payroll on time and make it easy to remain compliant by automating all relevant reporting to HMRC.”
Tide Payroll will also significantly lower the cost of running payroll by charging a small fee per payee. With many small businesses using the services of freelancers and contractors on an ad hoc basis, this saves them from paying high fees for accountants to run payroll, or for payroll software.
Oliver Prill, Tide CEO said: “Tide’s mission is to save small businesses time (and money) on their banking and admin. Tide Payroll is the ultimate manifestation of that mission. By adding a payroll service to the Tide platform we will streamline a time consuming task for our members, freeing them up to focus on growing their businesses. I’m excited to be the first to offer this service in the UK and to work with our members to deliver the best possible experience.”
Tide is not a bank, but a business financial platform and the leading digital challenger in business banking services. We believe that a platform approach is the future of business banking, allowing us to offer both financial and admin services to SMEs saving them time (and money) to allow them to focus on what they love: running their businesses.
