Using Open Banking to reconcile business accounts
Coconut is a cloud-based accounting solution designed for freelancers, self-employed people and small business owners across various industries. Features include expense tracking, tax estimates, receipt capture, automated bookkeeping, replacement cards and more.
Coconut helps users to categorize different expenses as per their business requirements, set up direct debits and generate tax reports for a specific assessment period. The solution also features a notification engine that enables users to keep track of payments made and received.
What's the Open Banking use case?
By integrating Open Banking, Coconut gives users total visibility of their business finances across multiple accounts – removing the need to manage and move between multiple spreadsheets, bank statements, accounts and apps. Additionally, credit cards and other accounts, such as personal current accounts, can be connected ensuring that every business expense is captured, including historical data.
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