HSBC UK and Ember launch financial insights tool to unlock small business growth
An innovative financial insights tool providing small businesses with a greater understanding of their cashflow and estimated tax liabilities has been launched by HSBC UK.
My Business Finances has been created to reduce the burden of financial management and free up time for businesses to focus on their core activities.
It does so by embedding Ember’s intuitive accounting and tax software within HSBC UK’s online banking platform.
My Business Finances can produce real-time profit and loss, self-assessment tax and available dividends reports, enabling business owners to make smarter decisions.
In addition, it automatically categorises spending by tax code and generates invoices.
Tom Wood, Head of Global Payments Solutions at HSBC UK, said: “We are always looking for new ways to support our customers’ growth and through partnering with Ember we are now offering this innovative and integrated solution.
“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.
“It also makes completing annual tax returns easier and has been developed to help small businesses prepare for the Government’s future digital tax requirements.”
Under HMRC’s Making Tax Digital initiative, from 2026 businesses will be required to keep digital records and to submit quarterly reports rather than one each year.
My Business Finances will help businesses with this change by digitising accounts and giving reminders for important tax deadlines.
Dan Hogan, Co-Founder and Co-CEO at Ember, said: “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.”
Media enquiries to:
Robert Cox, Media Relations, HSBC UK, robert.cox@hsbc.com
Notes to editors:
- Ember is an FCA-registered accounting software provider.
- HSBC does not offer tax advice.
HSBC UK
HSBC UK serves over 14.7 million active customers across the UK, supported by 23,700 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates. HSBC UK is a ring fenced bank and wholly owned subsidiary of HSBC Holdings plc.
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories. With assets of US$3,001bn at 31 March 2024, HSBC is one of the world’s largest banking and financial services organisations.