Bullet, an Irish company that provides accounting, invoicing and business management software to SMEs, has announced a new partnership with Revolut.
Accounting software platform Bullet has announced a new partnership with fintech provider Revolut. The deal aims to help Revolut Business customers in Ireland to reduce their tax bills and automate their company accounts.
Headquartered in Dublin, Bullet was founded in 2010 to provide online accounting, invoicing and business management software to SMEs. Prior to the deal with Revolut, Bullet had around 6,000 clients.
Through its partnership with Revolut, the Irish firm said 20,000 businesses across Ireland are now expected to use the company’s AI technology to manage their finances.
A ‘disruptive’ year for SMEs
Bullet said that the partnership with Revolut will come as “welcome news” to Irish SMEs struggling to navigate the uncertain business landscape created by the Covid-19 pandemic.
“With coronavirus set to heavily impact auditing and financial statement review processes, it has never been more important for business owners to ensure their accounts for this year remain robust,” the company added.
It referenced a recent report from Ibec, which said that 35pc of Ireland’s small business owners with low to moderate expertise have received no financial training, while 51pc of business owners do not read their monetary accounts on a monthly basis.
In addition to its core accounting, invoice and business management functions, Bullet offers payroll, payments, reporting, bank reconciliation, receipt tracking, mileage tracking and support services.
The Irish start-up’s co-founder, Peter Connor, said: “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. A disruptive 2020 has meant that many smaller businesses can no longer afford, nor understand how to manage finances, which will cause many headaches.”
Connor added that Bullet’s goal is to help those businesses navigate their finance dealings by removing the need for an accountant and helping them identify ways to reduce tax payments.
Revolut Business subscribers will get Bullet’s automated accounting software for €1 a month for three months. In order for SMEs to avail of Bullet’s services through Revolut Business, users need to connect their Bullet account. Revolut published instructions on how to connect the accounts in a blogpost.