1. What do you do? Are you a sole proprietor, contractor, limited company?
2. What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
Poor integration of Xero with accounts we need for various reasons (Lloyd’s corp for volume currency trades in the major currencies through Arena, a Revolut or Monzo account for each employee so they can travel and expense without crazy charges, credit cards for most employees so they can hire cars in the US etc, Barclays Online so we don’t have to deal with the awful Lloyd’s Corp interface so often)
3. What tools do you currently use to manage your business finances?
Xero, Float, Reciptbank, Google Sheets (those first three sadly fall short)
4. What do you like / dislike about your current business bank account?
There are too many required
Lloyd’s Corp doesn’t offer yodlee feeds and neither do Revolut or Monzo(?)
They expect you to go to the bank, post things, deal with 10 page paper forms.
Getting Letters of Credit sorted out is complicated (Lloyd’s) or expensive (Barclays)
Barclays business app links my personal CC into the same account on iPhone!?!
Barclays allows either convenience or security options: for multi-user auth for large transactions you lose most functionality. For functionality you lose security.
No interest in any of the above without fixed term accounts or bonds etc
Lloyd’s Arena for FX. It’s rapid, information rich and cheap
Yodlee feeds into Xero from Barclays
Barclays having an iPhone app
Barclays txt message alerts for movements over a threshold - it’s not Monzo, but it’s a start
Lloyd’s corp will deal with crazy one off things like letters requesting security from the President of India (he must have a lot of time on his hands to write all these), checks [sic] in silly currencies / paper formats.
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?
The key feature: A comprehensive app which doesn’t make you want to eat your phone.
Others: Remedies to the above whinging to summarise:
- Yodlee feeds
- Credit cards (for hire cars / hotels)
- Sensible rates abroad for cards for employees with limits
- An FX solution
- A decent interface on the phone (Easy to use, broad functionality, clever security/auth, multiuser auth)
- Ability to deal with exceptions using a human brain
Access to peer to peer or other funding directly in the marketplace? E.g. funding circle? Perhaps a savings account in funding circle / similar too? So lend to businesses and get lended to; you know, how banks should work!