Saturday 29th June 2024 | No. 83
XU Biweekly
The independent user news source for accounting apps and their ecosystems
Tide appoints Anna Fromme-Schoen GoCardless works with Federation as Managing Director, Germany of Small Businesses to help its
members tackle late payments
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OCARDLESS, THE BANK PAYMENT COMPANY, ANNOUNCES A NEW PARTNERSHIP WITH THE FEDERATION OF SMALL BUSINESSES (FSB) TO OFFER ITS MEMBERS PRACTICAL TIPS AND ADVICE TO HELP ADDRESS LATE PAYMENTS.
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IDE, THE UK’S LEADING BUSINESS FINANCIAL PLATFORM, HAS APPOINTED ANNA FROMME-SCHOEN AS MANAGING DIRECTOR, GERMANY. BASED IN BERLIN, SHE WILL WORK WITH A GROWING TEAM TO ESTABLISH AND EXPAND TIDE’S PRESENCE IN GERMANY. TIDE LAUNCHED A PRODUCT INTO THE GERMAN MARKET IN MAY. Anna joins Tide from PayPal Germany where she has worked in leadership roles since 2016. Most recently, she managed PayPal’s SMB Lending in non-US markets as Director Merchant Lending International Markets. Anna began her career at management consultancy Boston Consulting Group. Anna will report to Tide UK/Europe CEO, George Schmidt. The appointment of a dedicated Managing Director for Germany underlines Tide’s growth ambitions in Germany, Europe´s largest Saturday 29th June 2024
economy, where its product offers a free current account designed specifically for small businesses. Tide will gradually introduce a full range of other products and services to its German members (customers), including invoicing, accounting features, and credit solutions. The rollout of products, services and features in Germany will follow Tide in the UK, where it already serves 600,000 SMEs or more than 10% of the market share. Tide has grown its member base to more than 275,000 micro and small and medium entrepreneurs in India, where it launched its product in December 2022. George Schmidt, CEO UK/Europe, Tide, said: “We are delighted to have Anna bring her formidable experience in financial services to Tide. Alongside Tide’s Executive, Anna will play a key role in driving forward growth plans in Germany and continental Europe.
Anna’s rich knowledge of how to successfully scale a digital business in different markets, and her deep networks in the country, will be invaluable to our ambitions in Germany.” Anna Fromme-Schoen, MD Germany, Tide, added: “This is a great new opportunity and I look forward to working with George and Tide’s teams to provide seamless financial solutions. Small businesses in Germany in particular still lack such a comprehensive offering, and we at Tide are going to change that.” Tide’s long-term ambition is to be the leading business financial platform globally. Tide employs around 1,800 people in its headquarters in the UK, as well as in India and Bulgaria, with offices in all three countries. Tide already has a number of employees working in Berlin. The company plans to further expand its presence in Germany this year.
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As headline sponsor of the newly launched FSB GoCardless Late Payments Hub, GoCardless will provide information and guidance to help FSB members take control over when and how they get paid. FSB members will also benefit from cost savings and support when signing up to GoCardless,
subject to eligibility criteria.
FSB campaigns for measures to curb poor payment practices by large companies to small businesses. Research released last year by FSB revealed that over half of the 5.5 million small businesses operating in the UK suffered from late payments in 2022, with a quarter reporting an increase in late payments. Not only did the study find wide-ranging business impacts, with 37% of small businesses saying they took on credit to manage their cash flow, it also highlighted how the uncertainty and
stress of securing financing could also have a negative impact on well-being and quality of life. Nicola Hamilton, VP Marketing, Brand & Communications at GoCardless said: “Small business owners are waiting too long to get paid, and the cost of receiving what they’re owed is simply too high. Hours spent chasing payments quickly add up, and small business owners often opt to let a late payment go rather than having that awkward conversation with a customer. This needs to change.”
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Bright acquires MyWorkpapers to further support customers in delivering exceptional accounting services
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RIGHT, A LEADING TAX, ACCOUNTING, FINANCE AND PAYROLL SOFTWARE COMPANY, HAS FURTHER EXPANDED ITS PRODUCT PORTFOLIO WITH THE ACQUISITION OF MYWORKPAPERS, A TRUSTED, DIGITAL WORKING PAPERS SOLUTION FOR ACCOUNTANTS AND AUDITORS IN THE UK, IRELAND AND AUSTRALIA. MyWorkpapers initially launched in 2009 as a flagship auditing application and has evolved into a full suite of specialised workpaper packs for all types of engagements undertaken by accountancy firms.
Their award-winning software is designed to improve work efficiency and collaboration on engagements, while ensuring compliance and workflow production. Rich Neal, Chief Executive Officer of MyWorkpapers, said: “We are delighted to be joining Bright to support our mutual clients with further practice efficiency in the cloud." "After initially exploring an integration with Bright products, we saw the opportunity for an even deeper relationship to provide a true, end-to-end, cloud solution.
By bringing together the expertise of our teams, we will expand upon the integrated, cloud-native accounting suite for all types of engagements. The formation of this new relationship further builds on our strength – enhancing the daily operations and capabilities of accounting firms in the UK and Ireland." "We believe this combination, together with our continued collaboration with other solution providers, will offer customers more choice in their software solutions and how they deliver value to their clients.”
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