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

  • What do you do? Are you a sole proprietor, contractor, limited company?
    Web / games designer, AI and AI ethics consultant, tech teacher. I am the sole proprietor and I have a limited company.

  • What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
    Saving for taxes and bank charges for EVERYTHING!!! So dumb.

  • What tools do you currently use to manage your business finances?
    QuickFile.co.uk for account filing.

  • What do you like / dislike about your current business bank account?
    I’m with Co-op, and I like the fact they say they invest in “good” things, thats why I went with them. But their tech is terrible! Online banking is bad, looks and works like something from 15 years ago. And they charge for every little thing. It’s also hard and time consuming to set up a new payment, so I can instantly pay anybody new every.

  • 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?
    Only having few chrages and making the UX great please.

answered in the quote

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We’re a SME operating in the Arts sector employing a mix of Freelance staff and permanent staff - as few as 40 as many as 150 depending on the workload.
We use Sage50, a plugin to that package called Construct and Webexpenses for expenses and cash advances.
Sage 50 is dreadful old junk software with lots of legacy overhead but it’s familiar to the auditors and most people in the finance department were familiar with the product when they joined. Construct is a plugin for project accounting - even worse than Sage but fills a function we haven’t found elsewhere.
WebExpenses has most of the features we want except current account integration so company card expense can’t be done at the time of purchase you have to allocate your reciepts to the card statement when it comes in. Webexpenses isn’t a world class piece of software in that they clearly didn’t design the user experience; as with Sage its written straight out of the features list by the backroom boys.
So give us the features you’re already proposing add a mature well thought through expenses package with the features of Webexpenses, design the user experience as well as you have your personnel banking app and we’ll transfer our banking to Monzo.

  • What do you do? Are you a sole proprietor, contractor, limited company?
    Limited company with 1 director/employee + partnership with 3 partners

  • What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
    My businesses are simple so there aren’t very many. The main difficulty is accounting. There are a lot of forms to fill in, a lot of payments to make. I really just want all this stuff to happen automatically. Integrate with my project management software (Harvest) so that I can do one click to pay contractors for tracked time and mark an invoice as paid when client pays it.

When I get a payment, do the reporting to HMRC and make the payment automatically. When I have an expense, record this, report to HMRC and claim it. (Bit of a fantasy this one, but hoping that MTD will eventually make all this possible!)

  • What tools do you currently use to manage your business finances?
    Tide. Just moved to a monzo business account.

  • What do you like / dislike about your current business bank account?
    They don’t allow me to have accounts for multiple businesses
    They don’t allow multiple director accounts
    They have a prepaid card so I can’t pay my tax bill.
    They don’t have instant notifications.
    They have no facility for international payments.

  • 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?
    Handle the tax admin

1. What do you do? Are you a sole proprietor, contractor, limited company?
Small interior and architectural design practice based in Birmingham UK. I am the sole director of the LTD company, I manage all the finances and accounts myself - I don’t use an accountant!

2. What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
Explaining transactions in FreeAgent is still taking up a lot of my time, even though it could be automatic. Scanning receipts and making sure the accounts are in order. It’s also a big faff to sign into the HSBC business account using the little code generator - if I’m away from the office and need to move money or pay someone it has to wait

3. What tools do you currently use to manage your business finances?
FreeAgent which I love (I only signed up for the Monzo business account because I saw they had introduced integration with the software). HSBC business banking.

4. What do you like / dislike about your current business bank account?
Charges! I understand interest charges on overdrafts, that’s a given. However, I was charged £43.75 just to set up a £2,500 overdraft in the first place, then I’m charged £5.50 a month just to have the account (which is about to increase). I don’t pay these fees on my personal account why should my business have to? HSBC also make it difficult to integrate with FreeAgent, although it is getting better I would prefer a live connection. Their customer service is OK, never really had a problem but it’s still a phone call and a long wait, or a trip into the branch.

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?
Automating saving money would be a real saviour for me - if every payment into the account would put a set amount into a tax pot (which I could set at say 25%), it would save me having to remember. We also pay 1% of our revenue to a charity so I could set a charity pot at 1% of all incomings. As I said before I also love FreeAgent, it works so well. However, the link with the bank account is only reading bank statements. My life would be complete if FreeAgent could instruct Monzo to make payments as well. Say I run payroll and FA asks me if I want to set up a payment to pay the employee that amount on payday. Same with HMRC payments, pensions, etc. :pray:
All of the features that come with Monzo personal accounts are also very helpful - to see how much I spent on a certain supplier, filter client payments etc.

As a final note, the only reason I didn’t go with Tide is because I don’t need the invoicing features etc. FreeAgent does all of this and much more, I don’t need my bank account also offering this and confusing things.

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Just noticed your post above mine - I can highly recommend FreeAgent to deal with accounting stuff. Pretty sure it integrates with Harvest as well.

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

  • What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
    *** keeping track of all finances for a smooth cashflow:**
    *** invoicing and payment clarity**
    *** .accounting integration (my accountant recommends Quickbooks**

** What tools do you currently use to manage your business finances?*
My accountant is recommending Quickbooks, but that doesn’t seem to be high on your list - I may need to look at that a bit more

** What do you like / dislike about your current business bank account?*
New ‘startup business’ so don’t have anything to say about this!

** If you could request one key feature for your business current account, what would it be?*
Free accounting software integration

Are there any other features you look for in a BCA?

Looking forward to Monzo for co-operative and other companies that are mutual societies (FCA not Companies House) as there are many of use nationally, and we’re stuck with Co-operative Bank (terrible business banking facilities from the dark ages), Santander or Lloyds only.

I am the treasurer of a local community Sport club, working full time and we need a simple, multi user accessible current account and saving account. The sports club is not a charity. The club currently have 2 current accounts and a savings accounts.

The club uses online bank payments to pay for various items.

The club would also need to be able to have a bank account that has the facility to take card payments, as we have just set this up and is working very well.

The club needs to be able to pay cash in (no fee) somewhere Post Office as we do deal with cash also (paying in up to £5000 per transaction)

The club needs to be able to have at least 3 signatories on the account & for the process to be simple - it has been painful previously.

The club needs to have proper downloadable bank statements not transaction downloads

The club currently has & needs to have the ability to use a debit card & for 2 cards to be issued

  1. What do you do?
    Limited Company - Software Developer contractor

  2. What are the big pain points in managing your business finances?
    Reconcilation

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

  4. What do you like / dislike about your current business bank account?
    Previously with Barclays, TSB, Yorkshire (leaving when the free period ended). All had automatic bank feeds
    Currently with Starling, no bank feed

  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
  • No monthly fee
  • Notification on Incoming payment

I know Batch payments are in the plans for 2019. So I’m just wondering would it be possible to extend this functionality beyond basic batch payments and integrate it with FreeAgent/Xero payroll module which would then enable workflow like the following:

  • Customer runs payroll in Freeagent/Xero
  • Customer opens Monzo BCA Web portal, click on some kind of a button like “Pay my staff”
  • This will create a batch payment with all the values pre-filled based on recent payroll data received from FreeAgent via the API
  • Customer checks the figures and clicks “Approve & pay” or makes adjustments if needed.
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Have I understood correctly that if I need integration with Xero, I need the £7/month plan? That would be pointless for me as I currently have free (if boring) banking.

What is the plan for business account overdrafts?

We don’t have business overdrafts - but, it’s on our longer term plans. Until then, we’re working with Funding Xchange to help our businesses find the best finance that meets their needs. :slight_smile:

Lending is great. But I bet most SME’s like me have greater need for an arranged overdraft that we only pay for when we need it - to deal with very short-term cash flow issues. For my business, I’d be perfectly happy with the same overdraft feature that Monzo gives me on my personal current account.

I want very little from my business account!

  • I want everything to work , without bugs. Looking at you, starling! If something is broken , I want it fixed (also unlike starling !)
  • I want to be able to download/ share transaction history for any period, in CSV format
  • I might occasionally need an official-looking statement in pdf, but, really, " statements" are Dickensian
  • tbh, the monzo personal current account does everything I need in a business account (adding receipts eg)
  • some people will need true multi currency

But , basically, I’ll switch to you the day it’s available

Hi.
I am a sole trader.
I currently run my business through my peersonal Monzo current account.
It is very simple.
All I need is an account that my taxable income comes into and expenses go out of so it is easy to present relevant information to accountant without all my personal spending.
I would transfer money monthly to my personal account as a wage.

I’m a sole trader and I’ve just opened my Monzo Business account. I was looking forward to having VAT and Corporation tax taken out from payments automatically, but it seems I’m only allowed one “tax pot” at a time, which seems to me not granular enough. Assuming I want to take out an average of say 20% for corporation tax / overheads and want to also save the VAT I need to pay (going backwards from gross this amounts to about 17%) - it would be annoying to have just one pot for all, but I could at least do it by charging 37%. Unfortunately at the moment I can only choose round numbers (e.g. 10,20,30,40). So as of right now, one of the main things I was looking forward to on Monzo business is coming up short of my expectations.

Hi, I have a few LTD companies under a holdings company. I’ve just had to make an appointment with Barclays to open a bank account as one of the sub companies is owned by a corporation, even though that company is owned by me! If I could open a business account online with the features of a Monzo personal account I’d swap straight away.

I like a lot of the features others have mentioned such as pots and receipt tracking.

I also currently have company credit cards which offers protection when ordering stock from overseas so this would be a great bonus!

I travel internationally too so have to leave a credit card at hotels etc. I like
Monzo because I don’t pay transaction fees for foreign travel but if I could have this in a credit card too that would definitely be an advantage, even if it was a requirement to pay it off in full each month so it was a quasi credit quasi debit card!

I have to say that right now, the Business account as absolutely awful. Why?

  1. As a sole trader, the main reason I wanted a Monzo account is to make paying myself easier. But paying myself from my Monzo Business to Monzo personal is no different to any other account, so it’s pointless. There should be simpler integration.
  2. When I do make a payment, the choices for what that payment was are the same as a personal account. Which is plain daft. There should be choices for things like wages, tax payments, etc.
  3. No international account facilities, which for me are a deal breaker. I’ve seen Monzo talk about them a lot over the past year, but there is still nothing. Using Transferwise as a proxy isn’t good enough.
  4. The invoicing is plain and boring compared to all the competitors.
  5. It’s about as basic an account as you can get. I mean, it has nothing to go for it. And it lacks so much its competitors have.

Seriously, this has been in development months, countless suggestions have been made, and promises given but it’s just rubbish and basic. I may have to go back to Revolut unless they improve things, quickly.

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