Why Coconut?

With their unique accounting platform and transaction categorisation, we can finally offer a stress-free experience to our sole-traders: Automatically bring in transactions from your business bank accounts via so-called Open Banking and most of the time we can get on with our job without needing to bother you at all. Coconut also offers invoicing directly from the app. And since we pay your subscription, it's free to you, and saves the need to set up fully featured accounting software like Xero - though that's still our choice for limited companies, see our page on that here.

How does it work?

As soon as you sign up for a new Go package with us, we get Coconut to send an invitation for you to download and install their app. Link your business accounts in the app, via so-called Open Banking, 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. (If you need a business account to link to it, we'd be happy to offer our recommendations - not all business bank accounts are made equal...)

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 self-employed 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.

Learn more at the Coconut website

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