The product helps freelancers, self-employed people and owner managed businesses by automating bookkeeping and tax tasks using rich payments data.
4,500 sole traders opened accounts following Coconut’s first current account product launch in January 2017. Following the response, 5,000 limited companies pre-registered for the new, limited company product, highlighting the need for a faster and more mobile solution to accounting for the smallest businesses.
The new product will be a welcome addition to Coconut’s product roster. It benefits not only new limited company customers but also those transitioning from sole trader to limited companies, helping them comply with more stringent reporting requirements such as year-end accounts and VAT filings and managing cash-flow.
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