Coconut is a useful financial app that helps self-employed individuals track their business finances.
It also provides a business current account, allowing you extra control over your company’s income.
This app will assist you with your tax returns and business accounts, saving you loads of time and allowing you to focus on more pressing issues.
It will also automate your bookkeeping, and help you keep track of business expenses and unpaid invoices.
But is it the best app of its kind?
This guide explores seven alternatives to Coconut and compares them.
Tide is another self-employed budgeting app, which provides an online-only business current account.
Just like with Coconut, this app will assist you with your invoices, taxes and business expenses. There’s a range of charts and graphs to help you get to grips with your financial position.
There are no extra charges applied when you use your Tide account overseas. However, you will face a 20p charge on all transfers in and out of your Tide account. Card transactions cost nothing. ATM withdrawals will cost you £1.
You can apply for a business loan of up to £1,500 through Tide.
ANNA is a similar budgeting app, which can be used for employees or self-employed individuals.
It comes with a business current account. You can also use the app to make use of invoice tracking, spending reports and budgeting.
On top of that, you can pull together your bank accounts, credit cards and investments and view them all in one place.
ANNA offers 1% cashback on a range of business expenses too.
For a premium ANNA account, you’ll either pay £4.90, £9.90 or £24.90 per month depending on your business income.
Amaiz is another digital-only current account for sole traders and company owners. It’s packed with useful features to help self-employed people manage their finances easier.
On top of that, you can connect your Amaiz account to professional accounting software.
If you upgrade to a premium version for £9.99 a month, you’ll be able to access advice from ACCA-certified accountants. There’s a one-month trial, so you can see for yourself whether this service is useful to you.
CashPlus might be a particularly attractive option for self-employed people with a poor credit history.
It doesn’t require a credit check to open a CashPlus mobile-only business current account. It also has a credit-builder feature, where it “lends” you your monthly account fee, then treats this fee as a loan repayment, helping you build your credit score.
There are three accounts available: Flexiplus (free), Activeplus (£5.95), Deluxe (£9.95). The main difference between the accounts is the fees charged on payments and ATM withdrawals. If you’re using the account a lot, you’ll get the most benefit from a premium account.
You can apply for an arranged overdraft on your account too.
QuickBooks is business accounting software available on desktop and mobile. It links with your existing business current account and will help you automate specific actions.
It helps you track expenses, create professional invoices, make payments and file your self-assessment tax return.
It’s one of the most complex business accounting apps available, trusted by thousands of self-employed workers. There’s no QuickBooks current account available with this app though.
It costs from £3 per month for a single user.
Revolut offers a mobile-only personal current account or a business current account.
It’s fantastic for businesses making a lot of international money transfers. There are some complex budgeting features within the app too.
There is a free account available, but you’ll pay for each money transfer you make on this.
There are three levels of paid account, which each give you a level of free international and domestic transfers.
Monzo is the main mobile-only competitor to Revolut. It began launching business accounts in 2020.
As well as offering an impressive level of budgeting tools, it assists you with invoicing, accounting and tax returns.
You can integrate Monzo with accounting software like Xero, QuickBooks and FreeAgent – and you’ll even get a free six-month subscription with Xero when you sign up to a Monzo Pro Business account.
The process is quick and simple. In fact, all of the work is done by the bank you’re switching to.
In this guide, you’ll learn the key differences between Tide and Starling business bank accounts and which is most likely to suit you.
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