With their unique accounting platform and transaction categorisation, we can finally offer a stress-free experience: Most of the time we can get on with our job without needing to bother you at all. Coconut also offers instant notifications when you send or receive payments and invoicing directly from the app. You can even automatically bring in transactions from your other bank accounts via so-called Open Banking - this means you could carry on using an existing business account if you have one and you'd rather not switch, and we'll still get what we need. It's free, or you can upgrade to their paid plan for free foreign currency exchange, free replacement cards and to send more than 3 invoices a month.
How does it work?
As soon as you sign up for a new package with us, we get Coconut to send an invitation for you to apply for a new account, with a discount offer if you want to take their paid plan. Use the account and debit card for all your business transactions (or link the app to your existing business account via Open Banking if you'd rather not switch) and we monitor it, along with the other taxable events that you tell The Bean Counter about, and keep your tax-estimation up to date.
How does The Bean Counter and Coconut work together?
Your business current account is only part of your tax story. Tell The Bean Counter about business transactions in any accounts not linked to Coconut, cash transactions and any business mileage you incur, and we get a full 360-degree view of your tax affairs. You can also tell us about any PAYE income you receive from employment and any one-off events. This combination is perfect for both self-employed and limited company setups, and it means we can provide an accurate-as-possible ongoing estimate of what you’ll owe in taxes and when you’ll need to pay.
Ready to get started?
Need something more bespoke?
Already have a business bank account?
Using your own bookkeeping software or bookkeeper?
Landlord or only need a single tax return?