- Invoicing and billing clients
- Expense management
- Tax calculation
For me, a contractor operating through a limited company, these are key.
Invoicing and billing clients
I would love to be able to submit invoices electronically to my clients, and for Monzo to reconcile these when they’re paid. I manually do this through Excel right now. I have to check my Lloyds bank statement and verify that I’ve billed for x and received x in my account. I have to manually chase if payments are not made, which is a bit frustrating.
I would love to be able to tag items I’ve paid for from my personal account, with a photo of the receipt, as a business expense. I can then view this in an expense list on my Monzo business account. Then monthly, I can press ‘pay expenses’ which will transfer the expense total to my personal account. An added bonus here would be the ability to send these expenses in a report to my accountant.
Right now, I pay for item with my personal account and keep a receipt. I then store these and at the end of the month, pay the total into my personal account from my business account. I then print the latest statement from my business account and attach my receipts and post the to my accountant. This is a crap process. I’d love to:
- Pay for item with Monzo personal account, tag as business expense and take a photo of the receipt.
- Log these in my Monzo business account as expenses pending and at the end of the month, for example, have the money paid into my personal account. Logging things like mileage etc. would also be good.
- Have the ability to then export/send my monthly business account statement, along with all receipts I’ve snapped to my accountant.
If you could do that, I’d pay a lot for this account.
One thing I need to get better at is calculating my estimated corporation tax, VAT due, and also my personal tax liability. If Monzo could calculate an estimated corporation tax and VAT bill and move this into a pot for me, e.g., I invoice for £10k, and Monzo takes of £2k for corporation tax and the 16.5% for VAT and keeps these in pots so when I come to pay dividends etc. I don’t need to do a manual calculation each time.
I also pay myself a monthly salary and quarterly dividends. I pay my personal tax through self-assessment bi-annually, so a running estimate of my tax liability would be an added bonus.
If I think of anything else I’ll add to this.