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How to manage non-bank feed clients on Coconut

15th Nov 2022
Brought to you by
coconut logo
Coconut’s simple bookkeeping and tax app is specifically designed for sole traders, helping them...
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Bank feeds are a blessing for most clients, but how can you handle the resisters when MTD ITSA is on the horizon? Find out how Coconut can help you keep technology-averse clients compliant while still streamlining your workflows. 

Bank statement with a calculator
Canva

To say the arrival of bank feeds was revolutionary for accountants is an understatement – manually reconciling from a PDF is no one’s idea of a good time, or a worthwhile use of fees. While some issues remain with bank feeds, they generally work to streamline workflows and improve data quality. If only everyone used them.

Despite data sharing becoming an ever-more common part of our digital lives, some clients are still hesitant to connect their bank accounts to their accounting software. When building Coconut, we made sure to design with all clients in mind, which is why our software works for accountants even when their clients don't connect their bank feeds. With MTD ITSA inching ever closer, you’ll need to move all your clients onto a digital platform, so here’s how Coconut can streamline the process for even your most technophobic clients. 

Adding and managing transactions

The Coconut platform gives you and your clients the ability to add transactions quickly and easily from your dedicated portals. Normally, we recommend this for amending transactions or adding cash purchases that don’t show up on the bank feed, but the process is simple enough that it also enables the creation of digital transactions for non-bank-feed clients.

How to use Coconut with non-bank feed clients:

You can add manual transactions to their Coconut account from the accountant platform, including the necessary Category, Date, Description Amount and tax information, where applicable. This can also be done on the client-side via our app, which means the transactions are then available for you to review and edit as needed.

Collecting receipts

No bank feed doesn’t have to mean returning to the old days of shoeboxes and paper. Our new receipts library allows your client to take pictures of their receipts via the Coconut mobile app, ready for you to manage them within the Accountant Platform, where you can:

  • Create a new transaction from a receipt and link the two in seconds.
  • Manage all receipts, including those attached to transactions and those uploaded via your clients phone or in the web app.
  • Add new images or documents to your client's receipt library.
  • Edit existing receipts, including the transaction they're attached to.
  • Match transactions to a receipt, without needing to go via the bookkeeping tab.
Receipts Library on Coconut Web
Coconut

For particularly tech-resistant clients who still like to bring their paperwork to you in physical format, we've built in the ability to upload or scan documents and create associated transactions yourself, all within the platform, to minimise jumping between apps and data entry.

Making the jump to bank feeds

While it’s important to cater to your clients’ needs, the industry and legislators are unquestionably heading in an ever-more digital direction. Sooner or later the hard conversation will come – non-bank feed clients slow down your workflow and decrease your ability to add value in your work, meaning you’ll have to either increase your prices, or push them to change.

That’s why we’ve made it as easy as possible for clients to connect their bank accounts to the Coconut app. It only takes a few minutes and we can connect to over 25 bank and credit card accounts, covering 99% of customer accounts in the UK. 

Today, Open Banking is safe, widely-used (it's used by millions of people in the UK) and read-only, meaning there’s no risk of anyone accessing your clients’ funds. Our app can only see bank accounts the client chooses to connect to Coconut, with permission renewed every 90 days and can be revoked at any time. 

As the situation continues to evolve, it’s worth repeating the conversation as new incentives arrive. You may find that your clients are not as closed to the idea of connecting their bank accounts as you may think, as we've found that even tech-resistant clients find Coconut much easier to use than over-complicated cloud software on the market

Take control of your digitisation

To find out how Coconut can make it easier to digitise even your non-bank feed clients you can book a short demo with our team. We’ll show you how the platform and the app work, answer your specific questions around how it can connect with your existing workflows and habits, and advise you on the best ways to bring clients onboard. 

Book a Call