NewtekOne, Inc. Launches Newtek Accounting

Rhea-AI Summary

NewtekOne, Inc. (NASDAQ: NEWT) partners with 1-800Accountant to offer accounting services to independent business owners. The partnership aims to provide digital bookkeeping, personalized accounting solutions, and tax advisory services to NewtekOne's clients, enhancing their business and finance solutions. The integration with Newtek Bank's online banking, payment processing, and payroll functionalities will offer a complete, real-time dashboard to clients, setting Newtek Bank apart from traditional banks.

BOCA RATON, Fla., Nov. 29, 2023 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (the “Company” or “NewtekOne”) (NASDAQ: NEWT), announced today that it has partnered with 1-800Accountant (https://1800accountant.com/), America’s leading virtual accounting firm for small businesses, for NewtekOne to offer 1-800Accountant’s accounting services to NewtekOne’s independent business owner clients and referral partners via “Newtek Accounting” (newtekaccounting.com). Through Newtek Accounting, NewtekOne's clients will have access to 1-800Accountant’s suite of professional accounting services, which is powered by both a mix of technology and CPAs with an average of 17 years of experience. This product offering will enable NewtekOne to augment its already broad suite of business and finance solutions and offer its clients digital bookkeeping, personalized accounting solutions, and tax advisory services underscored by access to experts to assist them with their business’ accounting and tax needs, while simultaneously allowing them more time to focus on growing their business.

Barry Sloane, Chairman, President and Chief Executive Officer commented, “We are pleased to offer digital bookkeeping, accounting, and tax advisory services through Newtek Accounting. We have partnered with 1-800Accountant because we believe that over the last decade or more, 1-800Accountant has demonstrated an efficient and high-quality capability in providing accounting solutions to independent business owners across America. We believe the NewtekOne core client -- the independent business owner – has a need for these types of services. In the near future, we will look to integrate the Newtek Accounting offering with Newtek Bank’s online banking, as well as our payment processing and payroll functionalities, which will give our business clientele, going through the Newtek Advantage^®, a complete, real-time dashboard, and provide true value to our clients rather than what traditional banks provide. We view the product offerings of traditional banks for the independent business owner as primarily limited to the simple concept of taking deposits, with the client hoping they will be able to obtain a loan if they need additional capital. However, Newtek Bank is not a traditional bank. We believe that the Newtek Accounting offering is a great step to being able to deliver the ultimate banking solution that Newtek Bank currently has in full flight through the Newtek Advantage. We are excited about our new partnership and even more excited to make 1-800Accountant’s cost-effective accounting solutions and services available to our existing and new clientele via Newtek Accounting.”

According to Brendon Pack, CEO of 1-800Accountant, "This exciting partnership enables our team to help more businesses than ever before with services that move the needle. On average, we save small businesses, the backbone of America, annually between 20% and 50% on accounting services, and look forward to seeing what they do with more of their hard-earned money at their disposal."

About NewtekOne, Inc.

NewtekOne^®, Your Business Solutions Company^®, is a financial holding company, which along with its bank and non-bank consolidated subsidiaries (collectively, “NewtekOne”), provides a wide range of business and financial solutions under the Newtek^® brand to the small- and medium-sized business (“SMB”) market. Since 1999, NewtekOne has provided state-of-the-art, cost-efficient products and services and efficient business strategies to SMB relationships across all 50 states to help them grow their sales, control their expenses and reduce their risk.

All accounting services are to be provided by 1-800Accountant. 1-800Accountant is not an affiliate of NewtekOne. NewtekOne does not provide accounting or tax advice or service.

NewtekOne’s and its subsidiaries’ business and financial solutions include: banking (Newtek Bank, N.A.), Business Lending, SBA Lending Solutions, Electronic Payment Processing, Technology Solutions (Cloud Computing, Data Backup, Storage and Retrieval, IT Consulting), eCommerce, Accounts Receivable Financing & Inventory Financing, Insurance Solutions, Web Services, and Payroll and Benefits Solutions.

Newtek^®, NewtekOne^®, Newtek Bank, National Association^TM, Your Business Solutions Company^® and One Solution for All Your Business Needs^® are registered trademarks of NewtekOne, Inc.

About 1-800Accountant

1-800Accountant offers services for new and experienced small business owners, with advisory support from expert CPAs. Services are efficient, affordable, and can be used individually or bundled together for maximum impact, empowering owners to focus on growth throughout their business journey. Learn more at https://1800accountant.com/about.

Note Regarding Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of the rules and regulations of the Private Securities Litigation and Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial conditions may differ materially from those included in these statements due to a variety of factors. Factors that could cause NewtekOne, Inc’s actual results to differ materially from those described in the forward-looking statements can be found in NewtekOne, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission and are available on NewtekOne, Inc’s website (https://investor.newtekbusinessservices.com/sec-filings), and on the Securities and Exchange Commission’s website (www.sec.gov). Any forward-looking statements made by or on behalf of NewtekOne, Inc. speak only as to the date they are made, and NewtekOne, Inc. does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.

SOURCE: NewtekOne, Inc.

Investor Relations & Public Relations
Contact: Jayne Cavuoto
Telephone: (212) 273-8179 / jcavuoto@newtekone.com

FAQ

What is the partnership between NewtekOne and 1-800Accountant about?

The partnership aims to offer accounting services to NewtekOne's independent business owner clients, including digital bookkeeping, personalized accounting solutions, and tax advisory services.

What services will be available through Newtek Accounting?

NewtekOne's clients will have access to 1-800Accountant’s suite of professional accounting services, powered by a mix of technology and CPAs with an average of 17 years of experience.

How will the partnership benefit NewtekOne's clients?

The partnership will provide clients with experts to assist them with their business’ accounting and tax needs, allowing them more time to focus on growing their business.

What is the future plan for integrating Newtek Accounting with Newtek Bank's services?

In the near future, NewtekOne plans to integrate Newtek Accounting with Newtek Bank’s online banking, payment processing, and payroll functionalities to offer a complete, real-time dashboard to clients.

How does Newtek Bank differentiate itself from traditional banks?

Newtek Bank aims to deliver the ultimate banking solution through the Newtek Advantage, setting itself apart from traditional banks primarily limited to taking deposits and offering loans.