PrePay Solutions (PPS), Europe's leading digital banking and payments provider, has enabled functionality for current account service providers, Coconut, to launch a limited company accounting and invoicing product.
The powerful tool automates taxation and bookkeeping calculations, as well as providing invoicing services. The product supports those that are self-employed, freelancers, or operate an owner-managed business to gain visibility and control over their company finances.
The new PPS powered product is 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, VAT filings, and managing cash-flow.
The move comes as Coconut identified the demand from its existing customers to be able to manage all business finances from one app. Coconut has seen 5,000 limited companies pre-register for the new product, highlighting the demand for faster, mobile accountancy solutions in even the smallest businesses.
Ray Brash, CEO of PrePay Solutions, said of the launch: “PrePay Solutions has worked with Coconut since its inception, providing the infrastructure to its core service which first launched in January 2018. It is testament to both our fantastic relationship with the Coconut team and its continued success that we have been able to power its innovative accountancy and invoicing tools.
“It has long been the frustration of sole traders and freelancers sifting through documents and receipts to keep on top of their business finances, and Coconut’s solution simplifies this, providing a fast and easy-to-use mobile solution to users.”
Sam O’Connor, Co-Founder and CEO of Coconut: “Our goal is to provide sole traders and small limited companies with everything they need to run their business in one place. We've had a great first year, with 4,500 sole traders signing up for an account. Our relationship with PPS and their team has been critical in delivering a great service for customers and we're excited about plans for continued development of the PPS platform in 2019.”