HSBC UK unveils financial insights tool for small businesses

HSBC UK has introduced a new financial insights tool, ‘My Business Finances’, aimed at providing small businesses with a better understanding of their cashflow and estimated tax liabilities.

The new tool, which has been developed in partnership with Ember, integrates Ember’s Open Banking-enabled accounting and tax software into HSBC UK’s online banking platform.

My Business Finances offers real-time profit and loss, self-assessment tax, and available dividend reports.

It also automatically categorises spending by tax code and generates invoices, reducing the burden of financial management.

Tom Wood, head of global payments solutions at HSBC UK, said that the tool aims to support customers’ growth by automating accounting tasks and providing greater visibility and control over finances.

“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,” Wood added.

From 2026, businesses will be required to maintain digital records and to submit quarterly reports, rather than one a year, under HMRC’s ‘Making Tax Digital’ initiative.

Dan Hogan, co-founder and co-chief executive officer of Ember, called ‘My Business Finances’ a gamechanger for small businesses.

“It not only enhances their financial understanding but also equips them with the necessary tools to manage their finances more efficiently,” said Hogan.

“We are excited about the potential this holds for empowering businesses and look forward to driving further innovations together.”