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.

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.