September Product Update
September Product Update
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Product updates
13
September 2018

September Product Update

This product update features the news that Android is now live in the Google Play Store, invoicing is coming soon, and we're launching Limited Company accounts. Get in touch if you'd like to be the first to try it out.

Adam Goodall
Adam Goodall
Co-founder & Chief of Product at Coconut
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Android is here

Our Android app is now live in the Google Play Store. Thanks to everyone who has helped us during our private testing period. You guys are awesome.This month we'll be adding data exports, bank statements and Direct Debits into the Android app too.

Invoicing is coming

We started Coconut because we wanted to simplify the way people manage money when they work for themselves. We reimagined the way that self-employed people, freelancers and small business owners manage their money.Our aspiration is for Coconut to be one product you can use to managing your banking, accounting and tax all in one place. That’s why I’m pumped about the upcoming launch of our invoicing tool.

Invoices

Helping you get paid

We’ve designed our invoicing tool with a real focus on getting paid. This includes an invoices list that prioritises invoices based on which need your attention, with markers that show what's late and what's not.

Drafting invoices

We found in our research that invoicing often wasn’t something that would happen all in one sitting. So, we've made sure that invoices can be created as drafts easily - so you can come back to them later.

Processable

We’ve thought about the person receiving the invoice too. Often they’ll need to enter them into their own accounting system. The invoices sends as a PDF in an email so that they can be forwarded to invoice capture tools for processing without having to follow a web link to download it.

Automated matching

By having your invoicing tool and bank account side by side, you can automate the matching of invoice to payment in real-time. This also means we can provide automated invoice reminder functionality and you won’t accidentally send chasers to your clients when they’ve already paid you.

Want to try it out?

If you want to get involved in testing out invoicing, please get in touch.

Limited Company Launch

We made the decision early on to launch sole trader accounts first; allowing us to make a product that is really unique. It’s the only place you can get a full UK current account that automates your accounting right from payment through to your tax return.Limited companies are a little different to sole traders. They have a different legal structure, which has a knock on effect to the way your accounting works. They're more complex and a lot of small business owners enlist an accountant to help manage things like year end accounts and corporation tax returns.We’ll be rolling out our limited company accounts over the next few months. Here's what we’ll be doing at launch stage, and what we’ve got planned:On launch next month:

  • Single Director/Owner companies
  • Business current account
  • Automatic business expense categorisation
  • Attach your receipts to keep everything in one place
  • Export your data in a few taps

Planned:

  • Multiple owner companies
  • Multiple cards
  • Invoicing
  • Give access to your accountant
  • Corporation tax estimates

We’ll be starting our limited company testing next month, so stay tuned. If you’re interested in being one of the first to try it out, let us know.

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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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