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


(William Brown) #33

The problem I have is I only have a AIB business account in Ireland look to the UK forget it no one will give me one and only transferwise for business is all I have and that gets a debit card in December so I need a business account that works like monzo personal accounts work so I can pay money out direct debits and standing orders and debit card transactions. Apple Pay too Pay cash in is a big issue with businesses that take cash but to not be blocked from having an account just cause of credit score being low as that doesn’t say much about how the account is run. I’m a sole trader I get frequently told just use personal account you don’t need a business account


(Craig A Rodway) #34

:raised_hands:

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

Web/software development on a freelance/side hustle basis, as a sole trader, alongside my day job.

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

Not coming from a business or finance background, everything to do with business finances and tax is an extra ‘thing’ to have to learn and get a grip of, which is often overwhelming and distracting. Especially as I’m just one person, and this is in addition to my day job with limited time. Material to supposedly help in this area assumes a certain level of knowledge which I just don’t have yet.

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

Tide/Starling Bank, and Pandle. CSV imports once a month.

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

I like Tide’s transaction handling - search, filtering, and custom categorisation. Custom categories are very useful. I don’t like how payments take forever to arrive and that they’re not a proper bank.

I like how Starling’s an actual bank and will cost less, and am planning to start using them more instead of Tide.

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?

Low cost. Doesn’t have to be free, but low cost is important. I can go for months without receiving any payments so I would begrude a monthly fee.


#35

If I could request one feature it’d be an excellent API.

If I could request another it’d be excellent analytics and reporting. :slightly_smiling_face:


(William Brown) #36

I’m same my Irish aib account starts with two free years then raft of charges though limited use can cost more in long run as quarterly charges etc add up business pay more to subsidise the other customers who get free or lower cost banking that’s always been banks way charge businesses higher than consumers but consumers get hit with hidden fees like unpaid direct debits etc etc and overdraft fees that eye watering so we need a bank that turns banking on it’s head for consumers and businesses and saves us money and that means more money for business to invest


(William Brown) #37

Monzo should say yes to all business and personal customers no barrier to banking no word credit etc go against you when you get a mobile the phone network can’t say no to you using their SIM card but contact service they can deny so it should be same with bank account for personal use and bank account for business use regardless of legal status or financial history or events you went through in life


(benjaminlbowles) #38

Great news, and potentially more complicated than a regular consumer account, but in my world I see the following…

Necessary features for Full Monzo:

  • Support for single-owner Ltd, multi-owner/multi-director Ltd, Ltd owned by Ltd (subsidiary), sole trader, LLP etc
  • Multiple businesses for one Monzo user (like me I’m a Sole Trader, and a director of four Ltd’s - all with separate banking)
  • Annoyingly, a better way to deposit cheques - Post Office
  • A better way to deposit cash - much much higher limit (i.e none), but prepared to pay
  • High faster payment limits - up to £100k in one transaction, and high daily limits
  • Standing Order management (Tide!)
  • Direct Debit management
  • CSV/QIF export
  • Bank statements as PDF (monthly)
  • Option for printed bank statement - I know, I know, but some lenders won’t accept online PDFs as originals
  • A simple/quick AML & KYC process
  • Current Account Switch Service
  • UK account number and IBAN/BIC numbers for GBP payments
  • No dongles/card readers/legacy 2FA stuff

All of the above is everything a legacy business bank does, albeit poorly or in a badly designed manner.

Ideal world features to convince me to switch:

  • Support for plugging into lenders, credit cards and open banking
  • Overdrafts
  • Pots
  • Multiple monzo users (& debit cards) to access the same business account
  • Apple Pay
  • No silly invoicing in the banking app nonsense (Tide etc), or any attempts to try and do a rubbish job at accounting in the app (leave this to your accounting app/platform - i.e Xero/QuickBooks/Sage etc).
  • Payee management - i.e multiple accounts per payee (USD/GBP)
  • Multiple currency payments/international payments
  • Xero bank feeds API connection, or at worst case Yodlee support

General thoughts

In my opinion, I would say a separate “Monzo Business” app would be preferable, and please, a different colour debit card - look at Starling for a reference on this.

I think all of that would be a good starting point, and basically would make my businesses eligible for #fullmonzo.

For this I’d pay a flat rate of £10-20 per account, per month with 2 debit cards/users for each account, but no transaction costs for card payments, faster payments or direct debits - a flat rate really makes sense for this product.

Then interest/arrangement fees for debt (overdrafts/small loans etc) on top.
Also cheque deposits I’d pay a £1 per cheque and cash deposits I’d happily pay 0.25-0.5%.


We’re planning to launch a business current account
(James) #39
  • What do you do? Are you a sole proprietor, contractor, limited company?
    Limited

**What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
Expenses and Identifying money being paid in
We are an online retailer and one of the directors has to identify money coming in that has been paid by bacs and can easily get missed, yes we could open a separate account but don’t want that
Expenses, would be great to have each dept to have an account to identify spends but under the umbrella of the main account- yes this could be done via credit cards but again we just want it all under one account for ease and to for data to come out of it for us to learn

  • What tools do you currently use to manage your business finances?
    Xero & reciept bank

  • What do you like / dislike about your current business bank account?
    App and security that barclays offer - dont like that the basic data it offers

  • 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?
    Found this thread as I was looking for an alternative to high street bank which could mainly solve our lost invoices and who spent what on what … very simple and shocked there isnt much out there apart from prepaid credit cards for business which kind of solve it ( soldo)


#40

Having a Monzo business account would be great.

  1. What do you do? Are you a sole proprietor, contractor, limited company? Limited company, providing Human Resources consultancy.

  2. What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.) I do this all through FreeAgent which is excellent.

  3. What tools do you currently use to manage your business finances? It would be nice to automate the setup reminders in my Google Calendar for the payments for EE NICs, VAT, Corp Tax etc.

  4. What do you like/dislike about your current business bank account? It’s Barclays, so charges for moving money from one account - my equivalent of pots - to another, the security to get into my account, it’s secure but like Fort Knox to get into your own account online.

  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? Ease of use and some way of printing a monthly statement, suitable for ID/vetting purposes. As I’m vetted for the assignments I do, I need to provide hard copy proof of the address of my business.(I know, old school ;))


(Adam Brown) #41

I also use Crunch and I don’t currently use a bank that works with BankBolt - I wish it did though! At the moment I have to reconcile manually by downloading a CSV file of transactions, editing the format, upload it and reconcile. It’s probably the worst and most frustrating thing I have to do with my bank.

If Monzo Business had BankBolt with Crunch I would definitely use it.


(Adam Brown) #42

1. What do you do? Are you a sole proprietor, contractor, limited company?
Limited Company - Software Consultancy specialising in Software Testing and Test Automation.

2. What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
a. Ease of access to the account. I can view my account from my phone but the app is terrible. It doesn’t let me pay new contacts from the app so I have to use the website. The website needs you to use a “Bib” which is a code generator. I don’t want to carry this around with me at all times. I want to be able to check my account and pay people on the move.
b. My bank doesn’t work with Crunch (my Accountants) via BankBolt so I have to download my transactions and import them. The trouble is the list of transactions is in two different formats depending on what view you use therefore I have to do a lot of editing before uploading.
c. I have to check my account every day to see if there are any new transactions. I’d like to be notified when a payment is made so I can action it. This would save me around 10 minutes a day.

3. What tools do you currently use to manage your business finances?
Crunch - Accounting Software

4. What do you like / dislike about your current business bank account?
Dislike - Mobile is an afterthought. It often feels like the mobile app is a selling feature but not something they actually value. It doesn’t allow me to do business on the move. I need to be able to bank from anywhere. I’ve had times where I’ve needed to pay a client but didn’t have my Bib with me so had to get my partner to read a code out over the phone.

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?
Integration with other accounting platforms like Crunch so I’m able to reconcile without faffing with Excel.

Hope this helps.


(Siggi) #43

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

Co-director limited company.

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

Integration with Kashflow and/or Xero

3. What tools do you currently use to manage your business finances?
Kashflow and migrating to Xero.

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

My income is mainly USD, wired from the US, and Barclays is reasonably quick in processing incoming international payments and charges 2% spread, which is not too bad. They also offer USD accounts.

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?

Multicurrency, with an UK-based IBAN which can BOTH be used for incoming EUR payments and USD payments from the US. Good forex rates with a spread of 0-1%, rather than the 2% at Barclays and even higher elsewhere.


#44

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

Director of two limited companies providing publishing and fashion photography services.

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

Xero takes care of all that quite efficiently.

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

Xero, Bank website/app, TransferWise, Excel.

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

Very slow and expensive in handling multiple currencies (cut of times, bank fees, hidden FX charges). Their banking app sucks so does their security scheme (password token :face_vomiting:)

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?

Multicurrency and a Monzo-level banking app please. FSCS protection and integration with Xero are essential.


(Adam Ash) #45

Hey, I would be up for a phone call or DM conversation. I’m a Business Analyst contractor running via a limited company.


#46

Hi Jordan,

  1. limited company
  2. Expenses classification
  3. Quickbooks
  4. I like that Santander pay interest over the money in my current account I dislike their internet bank.
  5. As commented above interest paid on money hold in the account and expenses classification.

(NM) #47

Whilst I’m not going to use a business account as I don’t have a business. I could imagine dedicated business support in terms of COps etc would probably help.

EDIT: Have this in-place before you launch and have suitable scaling capabilities


(TWM) #48

Can you guys not just hook up with the guys over at coconut.

Simples… :slight_smile:


(Sam) #49

Would need to integrate/provide banking feed with FreeAgent and be able to make very large transactions without limit both in the UK and overseas.


(AE) #50

Some amount of scalability seems like it could be essential – the needs of a Sole Trader/Freelancer will be quite different to those of someone trying to run a larger company’s finances through a Monzo account.

Both obviously important, but it seems that the Sole Trader end of the market is that which could most benefit from a Monzo approach to business banking, on a personal level, as it can be a complex and intimidating process, so anything which can serve to simplify and streamline the process for those who are not financially/technologically savvy would be wonderful.

Points which are likely to have put smaller traders off business banking are things such as:
• high fees (if my business is on the side of a day-job, I’d likely balk at a sizeable monthly fee if my next invoice might not be until the next half of the year. If I had that cash to spare, I’d rather spend it on an accountant to do everything for me).
• Complexity (what may put users off current solutions in this sector are the depth of advanced features there which aren’t relevant to their business, but serve to muddy the water. The ability to tailor the app to different kinds of business (sole trader, multiple director, managing employees) would be useful. If I see fields and features in business software that I’m not using/don’t understand, I get worried I’ve missed something important and the tax man will hunt me down.

Things like real-time cashflow management – automatically sweeping X% of an invoice into a ‘tax-payment’ pot, deducting transactions tagged as expenses, integration of receipt-capturing and OCR of the contents etc. Straightforward and low-cost international transactions. Full FSCS protection etc of course.

Very excited to hear you’re looking at this – current solutions haven’t appealed to me for one reason or another (though I had not heard of Coconut before, which looks interesting).


#51

Jordan, I am a Monzo investor and own a very small Ltd company, happy to chat with you on the phone to discuss this great topic!


(Richard) #52
  1. What do you do? Are you a sole proprietor, contractor, limited company?

We are a startup limited company called The RANt Group based in Guildford, Surrey. We specialise in managed Cybersecurity services for small-medium companies.

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

Biggest pain points for us is staying on top of managing and responding to our accounts needs. I.e. they need us to constantly be on top of our expenses, payroll, VAT, CT, etc, etc! Which is fine, but it can sometimes get in the way of actually conducting the business of business!

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

We use FreeAgent (recently acquired by Nat West), to manage finances online via a mobile app and a browser-based application. We use Metro Bank (who have no mobile for our type of account!??!). They think their ‘unique’ approach of having to go into a branch to conduct any non-‘standard’ type of banking is a plus-point. It isn’t!

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

There’s no mobile App - in this day and age, we find this ridiculous! And pretty much any change to any element of the account is still conducted by filling out ‘paper’ forms… crazy.

  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?

We wished we had a fully integrated banking / invoicing / tax application. Rather than having to log in and out of the bank to perform payments, then having to wait 24 hours (or more!) for those transactions to be imported into FreeAgent, where we then have to individually explain each transaction - and only then do we know what dividends we can allocate / what our tax position is.