May Product Update
With this app release, we’ve primarily focused on adapting and tweaking existing features so they work better for you.
With 1,200 customers now using their Coconut current accounts, we’ve been able to take on board a lot of feedback to ensure every update provides something valuable.
It’s been really useful to hear what categories you think are missing. On the back of those conversations, we’ve enhanced our categorisation to include more comprehensive guidance about tax rules and more categories, including:
- Equipment Hire
- Venue Hire
- Web hosting
Plus some added bonus categories to help you keep track of your finances:
- PAYE Income (if you want to record employment income through Coconut too)
- Reimbursements (if your client repays you for expenses)
- Loan repayment
Your personal payments
We’ve also updated the way you can pay to and from your personal account.
Previously, we had 3 categories that you could use for these sorts of payments:
- Your Wages
We’ve found that some of you are already familiar with the accounting terminology for these kinds of payments (“Capital Introduced” and “Drawings”). So we’re updating these categories as follows:
- Paying In (aka Capital Introduced): If you pay in from your personal account eg to cover your expenses
- Your Wages (aka Drawings): If you pay out to your personal account
- Personal: For any activity on your account that isn’t for business
We’ve removed the “Transfers” category, as most customers found this too broad. We’ve grouped these new categories in a section called “Your Personal Payments”.
Keep track of your receipts
You can now see which transactions you’ve added receipts to with a little paperclip indicator in your transactions list, handy for remembering which ones you still need to add.
How we handle your data
We’ve made some updates that bring us in-line with the new European data protection rules (GDPR) that came into force on Friday 25th May:
- You can change whether you receive monthly insider news from us in your settings
- We’ve summarised our terms to make them easier to read. You can find these in the settings area in the app
The small things
We’ve updated the design of the More tab, cleaned up some of our icons and increased the minimum text size.
We’ve also moved things around within the tax tab. The Tax Profile is now broken into its own row, which we hope will make this more obvious when you’re exploring the app. And if you’re new to Coconut, you’ll also notice a prompt to fill it out when you first arrive on the tax tab.
We’re working hard on new features, here’s a couple of the things we’re working on.
Soon we’ll be introducing this nifty feature, whereby you can split individual expenses and transactions between categories.
This is especially helpful for splitting personal and business expenses or differentiating between income and expenses.
New Accounts tab
We want to pack a lot into the Coconut app, including an invoicing tool. We’re currently using all 5 tabs in the app though, so we’re going to combine the Activity and Card tabs into an Accounts tab.
This will let you get access to your Card functions through a drawer, and also lay the groundwork for an accounts switcher for when you can have multiple accounts.
You can check out these along with our other plans on our interactive product roadmap, and we’d love to hear your feedback.