The SME accounting software platform Bullet has signed a partnership with fintech giant Revolut.
Bullet offers SMEs numerous services, including accounting, invoicing, payroll, payments, reporting, bank reconciliation, receipt tracking, mileage tracking and support. The deal means that Revolut Business customers now have access to the Bullet platform.
Bullet, co-founded in 2010 by Peter Connor (above), allows SMEs to take control of their finances and reduce their tax bills without having to hire accountants.
“This partnership with Revolut Business comes at a welcome time when many SMEs have had to cut back on some of their most vital services, including accounting,” says O’Connor.
“A disruptive 2020 has meant many smaller businesses can no longer afford, nor understand how to manage finances, which will cause many headaches. Bullet aims to help those businesses navigate the murkiest areas of finance through removing the need for an accountant and also helping them identify ways of reducing their tax bill.”
Bullet, which currently has over 6,000 companies on its books, can now be used by over 20,000 Revolut Business customers across Ireland, many of whom can automate their accounts and tax commitments.
No financial training
According to a recent report on financial literacy from IBEC, 35% of Ireland’s small business owners with low to moderate expertise have received no financial training. Also, the study found that 51% of business owners do not read their monetary accounts every month.
“With coronavirus set to profoundly impact auditing and financial statement reviews, it has never been more critical for business owners to ensure their accounts for this year remain robust,” says O’Connor.