Digital business banking platform Tide has announced key updates to its expense management feature, with new market-leading features to be released in the coming months.

These include using OCR (Optical Character Recognition) technology with a game-changing ability to match receipts to transactions, using Tide’s algorithm.

The decision to upgrade and launch new expense features comes as research has revealed that 28% of small business owners spend between one and four hours per week managing their expenses, with 54% store and manage physical receipts to hand over to their accountants.

Other new expense functions for Tide members include the ability to edit and delete notes related to their expenses, download attachments linked to their transactions, to upload to accountancy software, and being able to see more information on their expenditure at a glance.

In the coming months, Tide members will also be able to upload receipts in bulk, these will then be automatically matched to transactions made on their Tide account – removing the time  taken to do this manually.

Ali Travis, VP of Business Services at Tide said: “We are always looking at the biggest drain on small business owners’ time and coming up with ways to help them to be more efficient. Our research has revealed that expense management is an area where huge improvements can be made, and through which we can make a big difference to business owners efficiency.

“We believe the updates released today and the features that will be available soon will make a big difference. Storing receipts electronically will eliminate a lot of the time spent and anxiety felt when submitting tax returns, and will mean people can manage their own and their teams’ expenses on the move.”

Oliver Prill, CEO at Tide said: “Tide is all about creating smart, integrated tools to help people run their businesses more smoothly. The developments announced today represent an evolution in our connected platform, allowing members to integrate their payments, expenses and accountancy software.

“This connectivity helps members to keep on top of their admin without having to think about it, and without having to dedicate time that could be better spent building their  businesses.”