Alberto Caballero
Senior VP of Global Product Strategy & Innovation, HSBC
Banking and accounting, like many other industries, are becoming increasingly digitised. By adopting accounting software, more SMEs can save time and make better decisions.
Thanks to your computer or smartphone, banking is just a click away, making it easy to manage your accounts, pay bills and transfer money. It should be as easy for small businesses to check their profit and potential tax bill, so they can make accounting and tax processes more efficient, states Alberto Caballero, HSBC’s Senior VP of Global Product Strategy and Innovation.
Why small businesses need accounting software like My Business Finances
“Business owners know that accounting is an essential part of business,” says Caballero. “But it’s not necessarily top of their priority list, and they may rather spend time on other things, such as growing their business.”
Yet, there are ways for small business owners to run their accounting and tax operations less stressfully. For example, HSBC UK — in partnership with accounting software fintech Ember — has rolled out an innovative accounting and tax tool aimed at small businesses.
This integrated solution, ‘My Business Finances,’ is available via the bank’s Business Internet Banking platform free to eligible customers and primary users, such as sole traders and limited companies. It offers a real-time view of profit, estimated tax liabilities and available dividends. It also automates tasks like invoicing and gives reminders for tax deadlines.
Majority of business owners missing out on digital accounting
Small business owners may regard accounting as a last-minute chore — or they might leave it to an accountant who will charge for the service. Nevertheless, when it comes to digitisation, owners can’t afford to stick their heads in the sand. Digitisation is transforming all industries, including the world of accounting — with big implications for small businesses.
In 2026, the UK Government’s Making Tax Digital rules are being extended and will require more businesses to keep digital records and file quarterly reports instead of current annual ones electronically. HSBC research, based on data as of June 2022, shows that almost 70% of SMEs do not use digital accounting software. “Or they are paying for accounting software and hiring an accountant to do it for them,” says Caballero. “Either way, they may not always be on top of their accounts — or their likely tax liability — causing concern to the business owner.
Running a business can be hard. If
technology can make it easier, then
that’s a powerful reason to use it.
Accounting and tax tool designed for small business owners
It’s important that tech is intuitive and that everything is explained in language that demystifies the process.” All terms and tools within My Business Finances offer helpful explainers in easy-to-understand language that help business owners cut through the world of jargon by breaking down what they should be paying and why.
The idea is to take accounting, an activity that some business owners may think of as a chore, and turn it into an ‘asset’ for their business — one that saves them time and helps them make better decisions.
Using accounting tech to improve your business finances
“For business owners, changing their existing practices might seem like a daunting task,” says Caballero. “But embracing this type of technology could bring great benefits. Among other things, having real-time access to estimated profitability and estimated tax liabilities could help business owners make efficient decisions. It could be the difference between making an investment or not — between increasing your savings or not. This is really impactful.
“No more tax surprises once per year. Embracing change now will make business owners feel more empowered about the future,” Caballero adds. “A partnership like the one we have with Ember takes in a new era of cooperation between technology firms and large organisations such as banks. More importantly, it’s beneficial to business owners’ lives because running a business can be hard. If technology can make it easier, then that’s a powerful reason to use it. HSBC customers can rest assured knowing we’ll continue to bring these innovations closer to them so that they can focus on what matters.”
Disclaimer: HSBC UK does not provide tax advice.
