Invoicing with Coconut just got even better
Invoicing with Coconut just got even better
Product updates
August 2019

Invoicing with Coconut just got even better

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Our goal is to drastically reduce the time you spend on accounting and tax admin, freeing you to focus on doing what you do best. In January 2019, we launched our invoicing tool to make it easier for self-employed business owners across the UK to reduce the amount of time they spent on getting paid (invoicing). Since then our customers have sent over 12k invoices.

Today I’m excited to announce a whole bunch of improvements we’re making to simplify invoicing even further.

Automatically marking invoices as paid

If you’ve ever used accounting software to match up your invoices with your payments, you’ll know how time consuming it can be. To make this easier to manage, last month we launched a feature that automatically marks an invoice as paid when the matching payment hits your Coconut account.

Just ask your client to put the invoice number in the payment reference and the app will do the rest 😉

VAT on invoicing

Last month we released our first step towards MTD-compliant software with the ability to recording VAT on your transactions. And we’ve now extended our VAT functionality to invoices.

If you’re a VAT-registered business, and you’ve enabled VAT within the app (you can find instructions on how to do this in our help centre), you’ll now be able to add VAT to the line items on your invoice.

Invoicing in the Coconut app

Your invoice will then show:

  • Your VAT number
  • VAT rate applied per line item
  • Total amount excluding & including VAT
  • Total amount of VAT

Making it a fully valid VAT invoice as per HMRC guidelines.

Editing an invoice you’ve already sent

You can now edit your invoices after you've sent them, allowing you to quickly make amendments and corrections to avoid any delays in getting paid. Just open an unpaid invoice and tap the ellipsis at the top to edit your invoice.

Edit and resend invoices

This was one of our most highly requested invoicing changes, so we are very excited to get this live!

Resending an invoice

Is your customer asking you to resend an invoice because they’ve lost it in a pile of other emails? We’ve now made this super easy to do. Just open any unpaid invoice and tap the ellipsis at the top to resend.

Duplicate an existing invoice

Our main aim with invoicing is to help you reduce the amount of admin involved in getting paid. When we spoke to some of our customers we found that in a lot of cases the details between invoices didn’t change too much.

So, we’ve now added the ability to duplicate a previous invoice so you don’t have to enter the same details time and time again. You can duplicate, change a few details and send it out with just a few taps.

A small visual enhancement

When creating an invoice you’ll now see the Next and Send buttons in the top right of the screen which is more consistent with other parts of the app. It’s one of many small improvements that we’re making to invoicing over the coming weeks and we hope it makes for a more cohesive experience.

What's next?

You can see what we’re working on next on our public roadmap.

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Coconut is the trading name of Coconut Platform Ltd, company number 09904418. Coconut is registered with the Financial Conduct Authority (FCA) as an Account Information Service Provider under the Payment Services Regulations 2017 (reference 931194).

Coconut provides some customers with a business current account, but is not a bank. The Coconut current account is an e-money account provided by Prepay Solutions (PPS), a trading name of Prepay Technologies Ltd, which is an electronic money institution authorised by the FCA under the Electronic Money Regulations 2011 (reference 900010) for the issuing of electronic money.

PPS holds all funds in a safeguarded account in accordance with the Electronic Money Regulations 2011 which protects customers against Coconut or PPS’s insolvency. The Coconut Mastercard is also issued by PPS pursuant to a licence by Mastercard International.
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