1. What do you do? Are you a sole proprietor, contractor, limited company?
Software Development Company trading as Limited Company
2. What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
We currently us Barclays for our business banking, payroll, expenses, etc. Payroll does not work great for us and we want to be able to automate the process better. Currently this is done all manual, not great for us.
Expenses can be a pain and I cannot tell you how many times I have had my card declined due to blocks being placed on the business credit card leaving having to use my personal card and then claim back. We also pay a fee for our credit cards however we feel we do not get anything to justify the fee. We also have to share a pot of credit between all users of the accounts and have been on occasion left without the use of the cards as they kept changing the credit limit.
3. What tools do you currently use to manage your business finances?
We use receipt bank to scan all our expense receipts that works really well and that connects to our accounting software Xero. In our Irish company the guys are trialling the Revolut business account and that seems to be working ok for them.
4. What do you like / dislike about your current business bank account?
I mentioned a number of frustrations in point 2. Overall I feel the business accounts are not very well thought-out and created for companies in the 21st century. A lot of legacy and difficult to manage.
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?
One key feature for me is to be able to give our team prepaid cards to be able to use them for expenses as we offer free lunches for them. This means we can load them automatically when a balance drops below a certain amount each month so they can use their cards with the budget. Then the ability to submit their receipts and it all links to accounting systems like Xero.
Ability to easily manage transactions especially declined transactions and blocks on card from the app without the need to call as it is the case with out Barclaycard business credit cards.
Easy to automate payroll system that we set and not have to worry about knowing every month on pay day our employees get paid.
Happy to have a 30 min call if you want to know more. I would love to be able to use Monzo for business as I use it for personal accounts instead of using Revolut, which is something we are looking at potentially.