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Seven reasons to Go for Coconut

18th Apr 2024
Brought to you by
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Coconut’s simple bookkeeping and tax app is specifically designed for sole traders, helping them...
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So, as you’ve probably already heard, entry-level mobile accounting app Xero Go is being retired on 12 September 2024. According to Xero: “The current experience needs significant investment to meet the evolving expectations of customers,” investment it’s decided against.

Existing Xero Go users are being advised to start using another accounting solution as soon as possible, especially with the start of the new UK tax year on 6 April. They’ll certainly need to export their data from Xero Go long before it's retired. 

Already popular with many thousands of sole traders, freelancers, small private landlords and their accountants all over the UK, the Coconut accounting app could be the perfect ready-made Xero Go alternative. So, what makes Coconut such a good choice for you and your clients? 

7 good reasons to use Coconut

1. Users really love Coconut

A huge number of sole traders, freelancers, small private landlords and their accountants already use Coconut. It’s a proven accounting solution that is loved and trusted by many. It has an enviable 4.6-star rating on Trustpilot and many hundreds of glowing five-star reviews. Many users say they are delighted to have been introduced to Coconut by their accountant.  

2. Coconut offers great cost savings

Excellent offers are available to sole traders, freelancers and landlords. Accountants can create a free partner account, giving you real-time access to your clients’ accounting data whenever you need it. A monthly user subscription costs users just £9 (or less), but if you sign up five or more of your clients to to a fixed-term Coconut subscription, you can get significant discounts.

3. Coconut is dead easy to use

Coconut was created with the practical needs of sole traders, freelancers, landlords and accountants in mind. It really is easy to use, even for those who don’t have a head for figures or enjoy doing “financial stuff”. More than 30 UK bank and credit card accounts can be connected to Coconut, so that income and cost transactions are automatically entered, which is just one example of how Coconut makes life much easier for users and their accountants. 

4. Managing expenses is simpler with Coconut

As you will know, many sole traders, freelancers and landlords are pretty bad when it comes to managing their expenses, which can make your life much more difficult when you’re completing their Self Assessment tax returns. Coconut makes things much easier, because in addition to transactions being automatically entered, users can easily use their smartphone to snap and store their receipts, with their allowable expenses conveniently categorised, so they remember to claim all of their tax expenses (and have proof of purchase should HMRC request it).

5. Coconut supports sound cash flow management

Coconut really can enable your sole trader clients to better understand and control their costs, as well as keep track of their monthly income. This of course can help them to avoid over spending beyond their means and running out of cash. Coconut can also tell your clients how much to put away each month, so they don’t have to worry about tax bills they can’t afford to pay. 

6. Coconut has a free invoicing function

Coconut also comes with free built-in online invoicing software that’s customisable, simple and quick (duplicate monthly invoices can be generated almost instantly). Your clients can send invoices from anywhere at any time, and payments can be tracked, with automatic reminders telling users to chase payment when overdue. Getting paid on time is, of course, key to effective cash flow management. 

7. Coconut makes tax returns a doddle

Coconut will really make your life much easier when it’s time to complete your clients’ Self Assessment tax return. You’ll find the data you need in a fraction of the time, and if you also use Self Assessment filing software GoSimpleTax, which is integrated with Coconut (both are owned by the same people), completing tax returns really is much quicker and easier, freeing up your time and enabling you to get through far more tax returns in less time. This will no doubt be welcome news for you, making your Januarys much less stressful, while potentially boosting your firm’s bottom line significantly.  

Visit the Coconut accounting app website for more information or set up a call with a member of the Coconut Team.