Barclays and Sage partner to simplify financial admin for SMEs

Barclays and accounting software provider Sage have announced a strategic partnership aimed at helping UK small businesses reduce the time spent on financial administration and manage their finances more effectively.

The collaboration will combine Barclays’ business banking services with Sage’s accounting technology, with the aim of bringing banking and accounting tools closer together for small firms.

According to research by Sage, small business owners spend an average of 24 working days each year on financial administration – the equivalent of working 13 months in a 12-month year. The companies say the partnership will provide digital tools designed to streamline everyday financial tasks and improve oversight of business finances.

The initiative also comes as businesses prepare for the expansion of Making Tax Digital for Income Tax, which will require more frequent digital record keeping and reporting to HMRC.

Abdul Qureshi, head of business banking at Barclays, said many business owners were seeking ways to reduce the time spent on administrative tasks.

“Small business owners consistently tell us that they are spending too much time on administration and not enough time growing their businesses,” he said.

“By partnering with Sage, we are bringing trusted banking and accounting tools closer together to simplify day-to-day financial management and unlock capacity. As Making Tax Digital expands, this partnership will help our customers stay on top of their obligations whilst focusing on what matters most – running and growing their business.”

Gordon Stuart, senior vice president of fintech and embedded services at Sage, said the partnership aimed to simplify the way businesses manage their finances.

“Small businesses want technology that makes running their business simpler, not more complicated,” he said.

“Working with Barclays, we are taking steps to bring banking and accounting closer together to reduce that burden and give owners a clearer picture of their finances. This will help small businesses get hold of the tools they actually need.”

The companies said the partnership will focus on providing digital solutions that help small businesses manage finances more efficiently while keeping pace with evolving regulatory requirements.