ROYAL Bank of Scotland (RBS) is offering small business customers an accounting platform from a leading financial tech (Fintech) firm after reaching an agreement with Edinburgh-based FreeAgent.

The bank said the company’s platform would be offered to customers throughout the year and it could be linked to accounts to save small business owners valuable time when they need it most.

RBS is also stressing the benefits that linking accounts would bring, such as improving forecasting, saving time and simplifying the tax process by allowing them to attach photos of receipts to their transactions.

It is also working with FreeAgent to create a unique data sharing capability which will allow the bank to run data analytics on companies’ accounts. For those customers who are happy to do so, the data will help RBS have better discussions with them about how to plan for the future and how the bank can help them meet their goals.

It is hoped the FreeAgent platform will make life easier for small business owners, who in many cases have to do accounting themselves, and will allow them to concentrate on running their businesses.