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


(Paul) #202
  • What do you do? Are you a sole proprietor, contractor, limited company?

Building Contractor - Limited

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

We don’t have too many pain points but I would say keeping track of monthly spending with different suppliers and tax prediction are the main issues. We did try tracking expenses with an app but it got to complicated with materials returned and credits. Most of our monthly spending is through supplier credit accounts.

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

Currently we use Starling for banking and an app called Joist for estimates and invoices which has been a game changer for us. I still have a Barclays account but only because I have a long trading history with them which is useful for account applications.

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

Starling is good and there isn’t really anything I would change. A additional feature would be custom categories so that we can categorise tools, materials, labour etc so that I have an ongoing breakdown of what’s being spent within each area.

  • 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?

As I mentioned before custom categories would be great and real time profit and loss and basic tax prediction so that we would could put by a percentage into a pot. I’m not fussed about invoicing within the app but maybe a link to Joist for example could be beneficial.


#203

FOR THE LOVE OF GOD:

Off the bat add multiple account holders and cards.

Please also allow for receipt of international payments.


(Ben Warrington) #204

Sole Trader, as a freelance graphic designer

Currently, my main issue is invoicing, and chasing of clients, an automated set up to nudge clients who haven’t paid, and options to add late payment fees would be perfect.

Then expenses and digital tax tie ins would be fantastic too.

ANNA Money Beta, and spreadsheets

Extremely limited features, no options for regular payments (direct debits etc) is a huge issue for me.

A great invoicing system that saves me some time would be top priority. HMRC digital tax tie in and full expensing would be great as well.

Can’t wait for Monzo business, would also be okay for a phone call if that would help at all!


(Paul McDonough) #205

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

Co-Founder of a IT Consultancy Startup; limited company ( x2 Shareholders )

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

Splitting the Bank finances to support pre-pooling our VAT & TAX bills, separating off payroll and integration with Xero for finances , expensify for Expenses , etc

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

Xero for main finances, Expensify for Expenses & currently testing out Pleo instead of Credit Cards to separate out expense banking & avoid risks of using main company account for this

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

fee’s aren’t the best - pain to have multiple equal account holders, no way of limiting spends and Payroll via the website causes fraud flags every month and problems with the faster pay limits we can pay per day mean we have to stagger pay day!

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’m gonna ask for more than one sorry!

  • Pots capability for TAX, VAT, Payroll to be separated out with relevant payments and charges levied directly against each pot!
  • PrePaid or ‘limited’ cards we can issue to each employee linked to an employee POT for expenses usage etc
  • Good Integration with Xero / Expensify
  • Batch Payments for Payroll
  • A special Monzo card JUST for Business banking - maybe blue on one side and the coral on the other?

#206

You absolutely hit the nail on the head with the web platform Chris. The current model with a mobile only platform is great, until you lose your phone, or it breaks the you are lose access to your account. The one thing I can say about high street banks, they do give access to your account in many ways, no single point of failure (to borrow a term from internet networking).