Coconut
Coconut offers a range of features to help self-employed individuals manage their finances effectively. Here are some key features of Coconut:1. Automatic Expense Management: Coconut automatically categorizes and tracks expenses, making it easy for users to keep track of their business expenses. Users can easily see how much they are spending on different categories such as travel, office supplies, or marketing.2. Receipt Capture: Coconut allows users to capture receipts by simply taking a photo with their phone. The app then extracts the relevant information from the receipt and attaches it to the corresponding expense, eliminating the need for manual data entry.3. Invoicing: Coconut enables users to create and send professional invoices to their clients directly from the app. Users can customize their invoices with their logo and branding, and track payment status to ensure timely payments.4. Tax Calculation: Coconut calculates users’ tax liabilities in real-time, based on their income and expenses. This helps users stay on top of their tax obligations and avoid any surprises at the end of the tax year.5. Bank Account Integration: Coconut securely connects to users’ bank accounts, allowing them to view their transactions and balances in real-time. This integration also enables Coconut to automatically categorize expenses and provide accurate financial insights.6. Financial Insights: Coconut provides users with a clear overview of their finances, including income, expenses, and profit. Users can easily see how their business is performing and make informed decisions about their finances.7. Pay Yourself: Coconut helps users determine how much they can afford to pay themselves each month, taking into account their income, expenses, and tax obligations. This feature helps users manage their cash flow and ensure they are paying themselves a fair salary.8. Business Health Check: Coconut offers a business health check feature that provides users with personalized recommendations to improve their financial health. This includes suggestions for reducing expenses, increasing income, and optimizing tax efficiency.Overall, Coconut aims to simplify financial management for self-employed individuals, providing them with the tools and insights they need to run their business effectively and make informed financial decisions.