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


(Lesley Sharp) #61

I’m a sole trader/freelancer. My business is so simple at the moment that I don’t need any fancy accounting software/invoicing platform. I’m still just using Excel!

And I did away with the separate business account I had because I wasn’t using any of the things HSBC were charging a monthly fee for.

I’d be delighted if you invented a free business bank account for us lone operators, preferably one which was integrated with my current account on the app and looked just like another pot… an earnings in-pot, so to speak.

I’d also like to be able to accept payments from abroad without fees decimating my earnings.

And, I think I said it on another thread elsewhere, I’d love to have that Coconut function that automatically works out how much tax I need to put aside from each incoming payment and moves it to a tax pot.


(Oly) #62
  • What do you do? Are you a sole proprietor, contractor, limited company?

Community group

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

Authorizing payments, and tracking receipts are the biggest annoyances.
I would like to see in app notification as soon as a payment is made asking for the secondary authorization.
Also the ability to attach a picture of a receipt to the transaction to prove whats been payed for.

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

Barclays banking app.

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

Its a pain to login and use, finding historic data and authorization always feels painful and requires a calculator style auth device to make any changes.

  • 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?

Multiple cards with authorization for trustees of the community group, taking it further perhaps member cards which then ask for authorization from 2 trustees so that a card could be made available to members for small purchases.

In general features for running local clubs would be excellent think sports or music clubs which are funded by members and run in trustees spare time to keep them going current banks don’t handle this setup very well, seems like a good place to test things out while filling a void.


#63

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

Limited company that sells clothing items globally.

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

Xero integration is the main one. Everything else runs pretty smoothly. As it’s a clothing business, cashflow is always an issue.

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

Xero, Expensify, Excel

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

Barclays:
Pros: I trust them. We get good interest on dollar accounts (reflects US dollar interest rates) that covers costs of actually having the account.
Cons: Clunky interface for FX accounts. Poor UX. Fees are high. Adding payees is a pain. Too much security.

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?

As our factory is in Europe and we’re paid in many currencies - Good FX support. So separate dollar and euro accounts with interbank rates, or at least virtual IBANs. Revolut’s model is really good in that area and currently serves our needs well i.e. we pay £300 a year to save £1000’s in FX fees. Don’t partner with Transferwise for this, it’s not competitive enough for business. https://www.currencycloud.com/ seems to the be partner of choice for Revolut (and now Starling)

Other features: One really important one is being able to set it up quickly. With other business ventures one of the biggest pain points has always been getting a business account running quickly.


#64

We wished we had a fully integrated banking / invoicing / tax application. Rather than having to log in and out of the bank to perform payments, then having to wait 24 hours (or more!) for those transactions to be imported into FreeAgent, where we then have to individually explain each transaction - and only then do we know what dividends we can allocate / what our tax position is.

That’s a great one, Tricky. A subtle, but very awesome feature. Once a transaction is made is could be added to a Xero account as a Bill or similar. Basically so you can do all your book keeping in real time.


(Andrew Halfacre) #65
  1. What do you do? Are you a sole proprietor, contractor, limited company?

Limited company, VAT registered, sole director

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

Not being able to add receipts, no instant notifications, not being able to categorise on Apple Watch, getting data out for analysis, linking to other tools like FreeAgent. And opaque charges on overseas transactions.

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

Lloyds bank account and business credit card. Freeagent for invoicing, cashbook and to give to my Accountant

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

Like:

  • Phone app
  • Solid and reliable
  • IBAN and other international numbers

Dislike

  • See 2 above
  • Having to use business credit card for all transactions to avoid bank charges
  • No interest on cash holdings
  • No easy way to set aside (pots) money for other uses

Wish it worked like my Monzo account so I could photograph receipts and extract them

  1. 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?
  • Has to be at least as good as traditional banks - i wouldn’t switch until everything was in place
  • Would prefer a fixed fee to all the fiddling with bits of charges I face at the moment
  • Much better integration with FreeAgent - it’s clunky at best at the moment
  • A way to deposit cheques by photograph
  • Ditto to many other things which others have already mentioned
  • And finally an easy way to earn interest on cash holdings like pots put aside for VAT

(Alejandro Mery) #66

considering the success of the crowdfunding campaign? what’s the current plan for business accounts?

I’m a limited company exporting software services finishing a hardware product. sole director, sole employee, dealing almost exclusively in USD, main account with starling and paying £25 per month to revolut for a multicurrency IBAN and “free” currency exchange.


#67

I think I’m right in saying the pace of business accounts will depend on whether Monzo is successful in bidding for the RBS Remedies Fund rather than the crowdfunding per se.

Basically, I think it’s a few years away, unless they win a slice of the RBS fund…


#68

I’d like for it to be automatically dormant when no transactions enter or leave the account in a month - in other words, to not pay when it’s not being used … even if there is a residual balance.


(James N) #69

Whilst I’m not a business owner or freelancer I do know many people who are and judging by things they say I reckon features to track and remind them to chase invoices and payment i.e. the app could give push notifications on the day the payment is due if the person hasn’t made the payment into the account before a certain date. Many of my friends find it a pain to remember to track payments made/to chase from their clients.

And perhaps some sort of email confirmation from Monzo to the payee just generically saying something like "This email confirms that X has received the payment due which they referenced as (whatever reference put into the notes section). If you have any further questions regarding this transactions and reciepts/invoices please contact the account holder.


(Jenny) #70

I am a sole director of a limited liability company.
I am a consultant and receive most of my fees from clients in the US. I travel internationally and use my card to pay travel expenses and to withdraw cash. I pay about 5 expenses a month locally. My business has no need of cash deposits.


#71

I’d switch for a free current account with free agent integration with multiple directors / cards.

Value add would be offering accountant integration and filings the same way accounting products like free agent do.

Web wouldn’t be needed unless you were trying to tackle replacing our accounting software.


(David) #72

I’d love a business about from Monzo…

As far as a MVP goes a duplicate of exactly what you have now would be perfect.

Wishlist:

  • No fees (maybe if paying in a large / regular sums of cash)
  • Able to earn interest via pots
  • intergration with free agent software
  • ability to make large payments without having to call you a day in advance (if only to hmrc to start with).

Thanks


#73

I’d love to move my business accounts across.

Currently with HSBC and they have done nothing wrong, but their app and online banking just suck.

I have a few businesses, so would need to be able to have multiple business accounts on Monzo. I’m sure I can’t be the only entrepreneur that has a few businesses, so I’m sure I’m not alone needing this.

One account has a small overdraft (more of a cash flow safety net), so would need option for business overdraft.

I’m happy to pay for all this, I wouldn’t expect business banking to be completely free. I currently pay £5.50 per account each month with all electronic transactions free. I wouldn’t really want to pay more than this, but if monzo could provide what I need at about this price, I’d be straight over!


(Morty) #74

What do you do? Are you a sole proprietor, contractor, limited company?
One of four directors in a Limited Company working in Ad-Tech/Data consultancy. We work at a global level, although billings generally occur in four currencies (GBP, EUR, USD and AUD)

What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
Getting access to the account. As others have mentioned, currently only one director can access the account and if he gets hit by a bus tomorrow, I really don’t know what we do.

That’s only the tip of the iceberg though. The sole access we have to the account is through a card and card reader, and that causes all sorts of problems. I don’t think exaggerating to say that in the two years we’ve been running, we’ve probably had access to our account for less than half of that. Security protocols get changed, new card readers have to be sent out, but they need to be sent out separately to new pin codes. And PIN codes/card machines either get sent out at times where they don’t overlap or they get sent to different addresses. Either way, it’s just a complete mess and there have been a few months where we’ve had to pay salaries on debit card because we can’t get access to our account. Needless to say that if you can get this up and running, I am VERY interested.

What tools do you currently use to manage your business finances?
Quickbooks
What do you like / dislike about your current business bank account?
I’ve said most of it above - it’s dreadful. It’s inflexible, customer service is terrible and we have very little access to our accounts.
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?
Ability to handle multiple currencies centrally, multiple user access, real time notifications when cash hits the account
P.S. Would love to chat about this more if there is the option to talk over the phone.


#75

Hi All.

I’m looking for a business account now so it’s a shame monzo doesn’t have one yet. Hopefully this is helpful to the monzo developers as its not for a standard business.

Yesterday, myself and the three other flat owners in my block completed purchase of our freehold through collective enfranchisement.

We now need an account that we can pay into as a sink fund, out of for insurance etc…

So the company is made of 4 directors who don’t really know each other in a business that makes no profit and no loss.

It would be great for any of us to be able to pay into the account and for anyone to be able to pay or transfer out of the account with pin code authorisation from the 1 or 2 or 3 others (as we choose).

It would also be great to have some way to have a “fly on the wall” option so that the accountant could be invited to view the account for a time period without having any access to the money, of course. This might make their life easier in other ways that a traditional statement doesn’t… hash tags etc. (thinking out loud now)

Last thought. If I sell my flat, I sell my share of the freehold and thus, the business, so the ability to remove old people and add new people to the account would be essential.

Good luck, Monzo! I’m sure the business account will be awesome, whatever you come up with!


(Jordan) #76

Hey both! We’re working as fast as we can at the moment, and trying to gather as much information as possible form users like you to understand your needs, and think of potential solutions. Peter’s right on point - we are applying for the RBS Alternative Remedies Package, and if we win - we’ll be able to speed up that work! if we don’t, we still have a team on the ground working hard at this, so hopefully we can have something out next year! :crossed_fingers:


(Tom) #77

Thanks for the update! Looking forward to seeing what you guys come up with :+1:


(Orkun) #78

Hi Jordan, Monzo user here and very happy so far!

I’d love to see how Monzo can revolutionize the business accounts, too. Here are my replies:

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

  2. What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
    Not being able to access my currency account withoutpaying £50/mo with Lloyds! I have to call them or go to branch (which are slowly disappearing) just to see my balance. Transferring payments overseas? Takes at least 30 min. At the branch.

  3. What tools do you currently use to manage your business finances?
    Business acct with Lloyds and Wave as software

  4. What do you like / dislike about your current business bank account?
    Online banking is limited in functionality. We do international trade and need quick access to currency qccount to receive payments from our customers and pay our vendors in USD

  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?
    Decent online banking, currency account, being able to earn interest on balance, definitely desktop interface, smartphone will not cut it for BCA.