Coconut Accounting Services, starting from just £25 / month
One of our clients just received an email from Coconut offering Accounting Services at fixed prices that undercut our own published pries and more importantly undercut the fees we are currently charging this client.
So at least we know where we stand now, which is a shame after all the effort we had put into partnering with Coconut, but nevertheless an important lesson for us to learn. If we want to include in our plans the services offered by a third party, we had better be sure we understand that third party’s future business model BEFORE we plaster their name and links to their service all over our website!
There were clues in the funding information (obviously not aimed at accounting partners) so we hadn’t placed any new business with Coconut and we only have a couple of clients it will effect.
For those end users on here who wish to avail themselves of the new Coconut Accounting Service its good deal, and I am sure they will be well served. I would be surprised it if does actually include accountants outside Coconut employment, as we certainly weren’t approached as existing accounting partners before the launch.
To market to our clients directly is of course underhand and sneaky, thank goodness we have a loyal customer base and the only client who noticed let us know. Fortunately we did have a plan, identical to the plan the client noticed Coconut offering him, and so we were able to offer this as an alternative that would reduce his existing fee - he didn’t choose to accept our offer as he felt the extra services we have provided on a personal one to one basis were more than worth the £20 saving.
So thank you to that client for helping lift our morale and goodbye Coconut as a business partner (and hello Tide, Starling and any number of other FinTech banks who already help us categorise trading data in a way we can best use to advise our clients on tax savings and prepare their statutory accounts and tax return.)