Revolut Business integrates with Clear Books for UK users
Revolut has added Clear Books, a UK cloud-based accounting software-as-a-service (SaaS) provider, to its ‘Revolut Business Connect’ ecosystem, which already includes Xero, FreeAgent and Zapier.
UK-based business customers of Revolut can integrate with Clear Books to view transaction records, track whether invoices are paid or outstanding, record bills and expenses, and automatically create financial reports.
Clear Books’ bank feeds will connect to businesses’ Revolut accounts and will update four times daily with most recent transactions.
UK business customers will also be able to set up smart rules for automatic allocation, allowing them to match repeating transactions.
The newest member of Revolut’s ecosystem currently serves 13,000 small businesses, contractors, freelancers and sole traders across the UK.
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Since its launch in July 2017, Revolut Business has accumulated 400,000 customers worldwide. It aims to attract the mass of UK and overseas businesses, which are still clinging to high street banks.
In March, the challenger bank released a survey based on responses from 602 UK, French, and Polish small and medium-sized enterprises (SMEs), which found 63% of SMEs still hadn’t switched financial providers in more than five years despite the push towards digital offerings.
It also found that 38% of SMEs in Poland and France, and 27% of SMEs in the UK, cited proximity to branches as a key factor in the selection of their current business account providers.
But the survey concluded that these SMEs are approaching a precipice of change, as just under half said they are looking to change business account providers in the next twelve months.
“Most SMEs have stuck with longstanding, traditional business account relationships, but this is set to change,” Revolut’s head of product, Vaidas Adomauskas states.
“Today’s global SMEs are embracing accounting or collaboration solutions such as Xero and Slack, that make running a business easier. They’re looking for features that make running their business finances faster, more flexible, and more friendly toward global growth”.