Business account integrations and features?


I’ll go with the Xero integration :slight_smile:

We use it to handle all of our supplier bills, expenses and the reconciliation.

Our company would love to have the ability to make outbound payments too - we collect money on behalf of our clients and need to make weekly payouts. Our system calculates all of this but it means that we have to login into our current bank and create the payments.

We have just had our Monzo business account opened and are happy to trial it but the bank feed/export is the killer function that will decide if we stay with it long term.

(Adam Ash) #22
  • 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.

Expense management
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.

Tax calculation
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.

(Chris C) #23

For me to switch to Monzo business banking it has to have freeagent integration. I am using this for filing my taxes.

(Pete ashworth) #24

Accounting software integration is the first priority for me as a freelancer. The rest is secondary.

Invoicing, expenses and tax calculation probably at the bottom of the list as Xero and Freeagent both work just fine once you have bank feed set up.

For me the appeal of Monzo business is business bank that works for my best interests and has a great, clear UI

(Daniel Gage) #25

Great to hear that Monzo are progressing their Business Banking options - I have been investigating this with other banks and platforms.

In order for me to migrate my business to Monzo I would like the following:

  • Accounting software integration
  • Invoicing and billing clients (including the potential to add VAT and add Discounts to a particular line)
  • Expense management (I assume this will follow a similar model to your current monzo where you receive a notification to your phone when an expense is charged and you can add a photograph of a receipt)
  • Budgeting categories
  • Cashflow management
  • Tax calculation
  • Payment reconciliation - an option to reconcile a payment with an invoice.
  • Similar POTS feature where you can assign money to different things without transferring it out of your account.

So basically, blurring some of those lines between a business bank and an accountant to streamline the invoicing / expenses workload.

Looking forward to hearing back about this.

(Mark Grigg) #26

For me as a one man sole trader is just the ability to get my statements over to my accountant. But you need to be able to go back to the beginning of the previous tax year.

January just gone I had to have my statements from April 2017.

(Paul McDonough) #27

100% needs to be Accounting Software integrations ( Xero in my case ) from Day one just to be able to function as a business account.

Then its a joint 2nd for the Corp TAX / VAT pots VS the idea of prepaid cards for employee expenses tied to limits / pots