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

Monzo Chat Business Banking
288

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

I am a photographer running a partnership in London.

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

Doing tax returns, a lot of my work is abroad and I get reimbursed for a million little expenses, which I then of course have to charge the client for, supply receipts and stuff and then put it on the return.

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

Excell and Spendee. A lot of the transactions I have to add are paid in cash in countries where CC is not widely accepted. I love how you can customise all the categories to match the ones I use with my accountant for my tax return, but while that makes it easier for me to tag and then consolidate to get reimbursed for my clients, I need a feed from the bank for the return.

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

I hate Natwest, I feel it’s old and clunky. I started using Monzo for all my business expenses as soon as I got my account, but then now I have to separate all the transactions and this CSV in Monzo is simply appalling (sorry guys, it is!). Again, especially with all the travelling, with Natwest I hate that it takes days for the international transactions to show and that I feel I pay them monthly for so little, and that I never know how much I will end up paying in fees at the end of each month.

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 know it is in the works, but it doesn’t hurt reinforcing the importance of this for me:

***** Full customisation of categories so they match the way my accountant has set it up for me on my tax returns. For example:

  • Phone
  • Travel and subsistence
  • Research
  • Cost of sale

etc ****

  • I need to receive money from abroad often, so not be charged loads for that, nor to transfer money from the business to my current account.

  • It would also be great if there was a simple way to consolidate/create a folder for all the pictures of receipts

Other things already thought of by you guys sound like a dream too, such as Tax Pots (hallelujah!) and invoicing from Monzo. :slight_smile:

Keep up the good work, I can’t wait for this business account to arrive.

In the meantime, please, please, please, fix the csv!!!

Thanks!!!

289

Hi,

I am wanting to start a new business as a sole trader in arts and training. I need something dead simple so I can understand where I can see money coming in, out and connect to tax stuff as well as working out costs. If software can be linked for free to the account to help me manage and submit tax, then that would be great. I doubt I will be employing people, maybe some artists on one off basis, and for training, knowing who has paid and owes etc.

Hope this helps

David

1 Like
290

At the moment, I am looking at using zipbooks. Can Monzo link up to this please?

291

Hey @jrdn so a large number of our employees are Monzo users - we are looking at using Monzo not as the primary corporate account, but as a secondary spending account as it’s easier to track who has been spending what amongst those we want to give cards to.

We are using Xero for accounting.

Is this a use case that could be supported soon? As a relatively early Monzo user (#4,000) I remain a huge fan of the platform and would love to be able to get something working…

2 Likes
292

That’s exactly what we want to use a business account for as well!

293

Would Soldo do it in the meantime? Or have I not fully understood the use case?

294

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

Sole director of a limited company.

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

Managing tax, invoicing and payroll. Xero handles all of this pretty well, so I would be happy with Monzo linking directly up with that rather than building all those features again.

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

Currently use Revolut and export data to Xero by hand, but I believe they are launching a direct integration soon.

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

It’s not bad, no fees and not too bad to use. Lacks a lot of features.

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?

Low/no fees, international payments, xero connection

295

Something that doesn’t seem to have been added yet - IFTTT integration.

1 Like
296

Is there any update or timescale to when more business accounts will be offered and available ?

1 Like
297

As a business I would like to have ability to order multiple debit cards which I could then give to other directors or employees.

As a business I would also like to keep debit card and current account funds separated (for security reasons)

1 Like
298
  1. What do you do? Are you a sole proprietor, contractor, limited company?
    Sole trader. Just starting up a holiday let business, very small just 1 bedroom at the moment. If all goes well hope to expand.
  2. What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
    Expenses, taxes
  3. What tools do you currently use to manage your business finances?
    All done by hand
  4. What do you like / dislike about your current business bank account?
    Not got one yet
  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?
    Simplicity for beginners
299

Hi there,

  1. What do you do? Are you a sole proprietor, contractor, limited company?
    I’m a sole trader, photographer and designer

  2. What are the big pain points in managing
    your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
    I use quickbooks for invoicing and taxes, and use Starling for my business account, they integrate for transactions only but it would be much better to have my tax, invoices and account managed from one place.

  3. What tools do you currently use to manage your business finances?
    I use quickbooks and starling

  4. What do you like / dislike about your current business bank account?
    It’s fine, I can’t invoice Direct from it tho and it has no tax saving or calculating element so I have to use quickbooks as well, which again, is fine but then I have to get the 2 to integrate and fill in the blanks

  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 know you said 1 but; Invoicing, tax calculation/savings pot and a travel/journey tracker for calculating mileage claims, in that order :grin:

1 Like
300

Is there any update or estimate on the progress of releasing business accounts to more users?

1 Like
301

I got my invite about 10 days ago and card through shortly after so it looks like they are dripping them out slowly.

302

  1. What do you do? Are you a sole proprietor, contractor, limited company?
    Sole Director of a limited company. Film and Television Production work.

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

  3. What tools do you currently use to manage your business finances?
    Santander business. Very poor access and low incentives currently.

  4. What do you like / dislike about your current business bank account?
    Like - simplicity, straightforward, manageable.
    Dislike - clunky, dated, slow.

  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?
    Interest on savings. Good management. HMRC communication. Invoicing one day.

Thanks for running such a great product!!

1 Like