I’ve been using Monzo business banking since February. In fact, short of closing down our old business accounts to retain credit facilities, we’re now using Monzo for all transactions.
I do however have one big frustration and that’s the bank statements! I would request Monzo consider the following:
- Display Credits and Debits in separate columns. It makes it so much easier to review transactions. For example, we print statements for our accountants, board meetings etc and we like to be able to browse through them quickly.
- Do not display pot transfers in the statements. For business we just need to see what’s coming in and out. Since we’re utilizing numerous pots for a variety of reasons it just makes the statements look messy.
- Statements do not seem to display correct descriptions. For example, our old HSBC bank statements shows our Office365 payments as ‘Microsoft’. However, Monzo displays a seemingly random number, which I assume is a transaction number. It’s the same for LinkedIn and others. It means we have to match payment values to invoices, which is not ideal, especially when our HSBC bank account was able to display company names, so I assume it’s doable.
- Set up an email schedule so we don’t have to download the statements each month. May seem unnecessary, but we have to email our bank statements to numerous people and it’s a pain downloading to my phone, sending to back-office, then sending out again. If on the first of each month the previous month’s statement was emailed directly to me as a .pdf I could store and distribute it much more efficiently.
Just some thoughts, but they would make a big difference to us.