A SOFTWARE firm has unveiled fresh expansion plans after launching a new product.

Sage Group says its 50c accounting platform will help small and medium-sized businesses control their finances.

Bosses at the Newcastle-headquartered firm say the apparatus includes software that allows users to store data more securely, record expenses and invoices on the go, and gain instant access to bank accounts.

The company, which employs more than 1,000 workers at its Newcastle headquarters, is already known for its Sage One marque, which helps smaller operators look after accounts and payrolls, and Sage X3, which is known for supporting larger firms’ affairs.

Jacqueline de Rojas, Sage’s managing director for UK and Ireland, said: “We believe small and medium business owners can use our technology to create enough competitive advantage to put them on the same playing field as their enterprise rivals.”

According to Sage’s latest results, revealed late last year, increasing customer loyalty had helped it complete the first part of a turnaround plan.

Officials said its products’ reliability pushed contract renewal rates higher to 86 per cent in the year to September 30, with subscription numbers 46 per cent better off at more than one million.

Stephen Kelly, chief executive, added: “2016 has been a pivotal year in our transformation programme (and) we are building higher-quality relationships with customers through subscription.”