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HSBC UK has launched a new tool for the British SME sector, My Business Finances, leveraging solutions from accounting software fintech Ember.

The bank designed the tool with the goal of reducing financial management burdens for SMEs and to free up time for businesses. To create the tool, HSBC integrated Ember’s intuitive accounting and tax software within its own online banking platform.

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.”

My Business Finance produces real-time profit and loss, self-assessment tax and dividends reports, and categorises spending by tax code and generates invoices. 

HSBC developed the tool with invoicing regulations in mind, specifically the HMRC Making Tax Digital initiative. Businesses will be required to keep digital records and submit quarterly reports instead of yearly ones from 2026 onwards.

The launch of the tool comes just a few days after HSBC took another new solution to the market, ‘Saving Goals’. This is a consumer-facing feature on its mobile app that aims to help customers develop healthy saving habits.

Dan Hogan, Co-Founder and Co-CEO at Ember, said: “We are thrilled to collaborate with HSBC UK on this innovative venture. My Business Finances is designed to simplify the complexities of financial management, allowing business owners to focus more on their core activities while pushing the boundaries of what they can achieve.

“Together, we are setting the stage for a future where business growth is supported by smart, seamlessly integrated financial tools.”