Help us understand what features you'd like to see in a Monzo business account!


(Stefan Ferreira) #130
  1. What do you do? Are you a sole proprietor, contractor, limited company?
    Tech consultant - limited company

  2. What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)

  • Tools like Xero & FreeAgent do a good job of the accounting processes. Key would be good integration with those.
  1. What tools do you currently use to manage your business finances?
  • FreeAgent
  1. What do you like / dislike about your current business bank account?
  • I don’t like anything about my business bank account. But there are many things I dislike with a passion:

  • Non-functional: for ethical reasons I don’t want to be a customer of the high street banks because of their exploitative business models and lending practices.

  • Secondly business banking seems crazily and unnecessarily expensive, with made-up charges, “maintenance fees” and more.

  • And finally the available tools and processes: bureaucratic account opening processes; dated apps; archaic statement and balancing processes; no real-time updates; offshore call centres; having to phone up and stay on hold for ages just to change my address - only for them to still get it wrong(:rage:); restrictive business banking service hours; and in some banks’ cases, still an insistence on sending paper via snail mail no matter how many times you ask them that you’d prefer digital comms only.

  1. If you could request one key feature for your business current account, what would it be? Are there any other features you look for in a BCA?
  • In addition to the real-time, friendly, app-driven features of the Monzo personal account, maybe provide a decent and affordable card/online/(crypto?) payment solution that integrates directly?

(Robert Brownlee) #131

1. What do you do? Are you a sole proprietor, contractor, limited company?

Limited company (A Fish and Chip Shop)

2. What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)

Current business internet bank provides the clunkiest of interfaces for a bulk payment. Wish it supported uploading a batch file, that can’t be hard!

3. What tools do you currently use to manage your business finances?

Spreadsheets (+ bridging software for MTD VAT) and internet banking.

4. What do you like / dislike about your current business bank account?

Fees for paying in cash. The nature of my business means that a bulk of the turnover is cash. The fee to pay in cash always feels unfair and too high. I continually have to switch business bank accounts to jump to a deal with a better (introductory) cash rate. I just want to be charged a flat low fair rate for disposing of cash.

I like that my current BCA allows cash deposits and change giving through the Post Office network.

5. If you could request one key feature for your business current account, what would it be? Are there any other features you look for in a BCA?

The lowest cash deposit rate.


(Mike Wheatley) #132

1. What do you do? Are you a sole proprietor, contractor, limited company?

Bookkeeping practise registered as a sole trader.

2. What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)

Makings sure I keep enough money set by to make tax payments in Jan and Jul - so a pot with a date and target amount would be ideal with a simple graph to show I’m keeping it on taget.

3. What tools do you currently use to manage your business finances?

Xero and ReceiptBank

4. What do you like / dislike about your current business bank account?
I like that it has bank feeds for Xero, I dislike it isn’t associated with my personal bank account, can’t just switch between them.

5. If you could request one key feature for your business current account, what would it be? Are there any other features you look for in a BCA?

Bank feeds with Xero or other online accounting software is a must these days. The holy grail for business banking would be full payment integration with accounts software ( Xero, QuickBooks etc) So you can pay a bill in the accounts software and for the payment to go through to the banking app ready to be authorised without having to key in numbers again or download and upload csv files for bulk payments


(Matt) #133

I’d like to be able to export what I need.

E.g when reconciling with Crunch I need to have the data formatted like so: date,reference,in/out,balance

Being able to do this easily without manual steps would be great.


(Neil) #134

Integration with Freeagent. Ability to photograph a receipt in the Monzo app and categorise the expense, which gets automatically uploaded to Freeagent bank feed feature.


(Jason Artemis Winstanley) #135

Lots of good replies here already, but here’s mine:

  1. What do you do? Are you a sole proprietor, contractor, limited company?
    Limited company.

  2. What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
    Collating all the data into accounting software ready for reporting and analysis has always been my biggest problem. I’d also like to use just one thing for invoicing, keeping track of payments, accepting payments etc. ideally, and if everything was able to support that so everything was in sync, that would be amazing.

  3. What tools do you currently use to manage your business finances?
    Starling Bank account, combined with QuickFile website for accounting, invoices, VAT returns, etc.

  4. What do you like / dislike about your current business bank account?
    Well, it’s not Monzo. So I dislike that mostly. I also had to go through quite a few emails over the space of two months, as the Starling support team did not seem to understand what my business concept was all the way through, and kept requesting the same documents that I could not provide to them.

  5. If you could request one key feature for your business current account, what would it be? Are there any other features you look for in a BCA?
    I’d love everything under one roof. Invoicing, payments, accounting, reporting, analysis, and VAT-return through MTD to HMRC (pie in the sky dreaming, I know, however an all-in-one solution would be amazing, if it worked well!)


#136
  • What do you do?
  • Marketing consultant. Limited company.
  • What are the big pain points
  • Understanding cash flow with specific regard to tax liabilities. Eg, making sure I have enough put aside for VAT and corporation taxes
  • What tools do you currently use to manage your business finances?
  • Google docs for invoice creation. Google sheets for tracking income, payment etc.
  • What do you like / dislike about your current business bank account?
  • I can’t organise or separate my money.
  • If you could request one key feature
  • I would LOVE to have “pots” as on the Monzo regular app. I would label them “VAT provision”, “Corporation tax provision” etc.

(Kenny Grant) #137

For all those mentioning Xero, Freeagent etc, would you need Xero if your business bank account offered similar facilities?


(Richard Saunders) #138

Hi @kennygrant.

I’m not really interested in swapping freeagent for Monzo because first, I like freeagent, secondly and most importantly my accountancy firm I use makes me and all their clients use it, so they wouldn’t switch to Monzo. They have their own business after all.

That means no matter how good the services Monzo offer for accounting, I can’t use them unless I switch accountant or do my accountancy myself.

I imagine I’m not the only contractor with a limited company in this situation.

I’m probably ruling myself out of the trials by saying this but just want a business bank account that I can use Google pay with (so I don’t have to carry a card with me all the time) and can send my transactions to freeagent for reconciliation and to make my accountant happy. My Barclays business account does freeagent but doesn’t work with Google pay :-1:

PS: I’d be happy to pay the £5 a month just for that.

Kind regards
Richard


(Stephen Early) #139

Obviously not, but I don’t think it’s a good use of Monzo’s time to try to reimplement a full accounting package like Xero with a chart of accounts, general ledger, asset and inventory management, payroll system, and reporting system. (Did I miss anything out? Probably! And Xero isn’t the most fully-featured accounting system out there.)

Changing accounting system is a major pain. We’ve only done it once so far when we switched from gnucash to Xero; we’re in no rush to do it again! We’re reasonably happy with the way that Xero works, and now we just want a bank account that will let us make the most of Xero’s features.

Examples of things we currently can’t do with our Xero+Barclays setup that we would like to be able to do with Xero+Monzo:

  • Create a batch payment file in Xero and upload it to Monzo to pay multiple people at once. Would make the 60+ payments we need to send for a payroll run a lot easier!

  • Issue debit cards to staff so they can spend from our current account, with different daily limits set per card. (Barclays set the limits per account, not per card, so we need a separate account per staff member which is fiddly and expensive.)

If Monzo could do those, and feed transactions to Xero the same way Barclays do, they’d be 90% of the way to being the perfect business current account for us.


(Kenny Grant) #140

I suspect because there are many different businesses out there (some with very simple needs, some with complex needs), the accounting requirements vary dramatically as well. For example if you have large payroll, invoices coming in/going out multiple times a day or inventory to manage then you’ll start to use all the features of Xero and your bank is probably never going to replace that.

Many small businesses probably use very few of those features though and only use Xero/Freeagent etc because their accountant requires it, and in those cases Xero etc could perhaps just be replaced by the bank account with proper business expensing. Coconut is an interesting attempt at doing this (set up by accountants), and I think indicates an interesting direction for Monzo to explore, but they’ll probably need to try integrating with the most popular accounting software as well as they can’t replace it for all customers.


(Richard Saunders) #141

@kennygrant: I don’t understand your logic because I wouldn’t have thought it matters how big or small your company is, the accountant isn’t going to change their way of working to suit us. They require us to reconcile our transactions in whichever system they require you to use. In my case FreeAgent.


(Mark Kelso) #142

Big fan of Monzo, invested, have a current account and Joint account, for me the main thing from a business account is:

  • Live transaction information
  • No fees for foreign transactions
  • planning around salary payments
  • a separate business focused app.

Looking forward to hearing more.


Business account owners: let's get to know you
(Richard Saunders) #143

@kennygrant: If anything I would have thought small busineses like my own would be even more tied to their accounting software because they use an external accounting company rather than have their own accountants on the payroll.

My accounting company is called Orange Genie accounting. https://www.orangegenie.com/accountancy


(Al) #144

Hey Guys,

Q&A:

  1. What do you do? Are you a sole proprietor, contractor, limited company?
    We’re a marketing agency with a limited company operating for 10 years.

  2. What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
    Budgeting, forecasting, integrating finances into various different software or apps.

  3. What tools do you currently use to manage your business finances?
    Xero, Monday,

  4. What do you like / dislike about your current business bank account?
    The mobile app, the online app, the ability to have multiple accounts simply, managing credit cards.

  5. If you could request one key feature for your business current account, what would it be?
    Sorry, there’s two: Xero integration and immediate notifications like with Monzo personal.

Are there any other features you look for in a BCA?
The ability to have multiple accounts, or post, like with Monzo personal.
Simple access to my banking, again like with Monzo personal.

I’d be an early adopter of Monzo Business.

Al


(Sandra Alvarez) #145

Where do I sign up for an early adopter of business banking?


((╯°□°)╯︵ ┻━┻) #146

Here you go :slight_smile:


(Benjamin) #147

What do you do?
limited company with 13 in the team. Most of us use Monzo personally and love it.

What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
We use Xero for all our accounts which handles all the invoicing side perfectly. The biggest pain point for us is getting access for the director and other staff to banking facilities… new cards… adding someone from the account team to administrate our account is so painful. We want a modern bank for a modern business.

What tools do you currently use to manage your business finances?
Bank with RBS
Xero for accounts

What do you like / dislike about your current business bank account?
Hard getting everyone access who needs it
Hard to make any changes, order new cards etc

If you could request one key feature for your business current account, what would it be? Are there any other features you look for in a BCA?
Multiple directors / multi access
Ensure it work as fluidly as Monzo personal for payment setup etc


(Benjamin) #148

I’d love Monzo to just nail the banking side first and leave accounting features to a dedicated tool. I’m not against the idea of you moving into the accounting space… but there is plenty to sort on the banking side first.

In regards to the accounting side, integrating with Xero/similar packages to pull out financial data and analyse along with banking data to provide features like forecasting could be cool, without the need for you to implement an entire accounting package.


(Mark Kelso) #149

I more meant a separate business banking app. As I have Monzo for Personal and Joint.