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Tide, a UK-based neobank that services small- and medium-sized businesses , has debuted a new expense management tool that enables users to upload an image of a receipt and automatically have the expense matched to a transaction made through their Tide account in real time, according to a press release sent to Business Insider Intelligence. A machine learning model matches the receipts to the transactions and gets more accurate each time the client uses it.
All of these businesses will benefit from a more intuitive way to handle their bookkeeping, though the smallest among them will benefit the most: These companies are the least likely to have staff on hand who can be dedicated to administrative or accounting tasks. The new tool can help Tide enhance its value proposition as it grapples with fellow UK challengers for SMB customers: has been going all out to enhance the business marketplace it offers — which functions more or less like an app store for business-oriented financial products — by expanding the tools available
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