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


(Terry) #81
  1. What do you do? Are you a sole proprietor, contractor, limited company?
    One of two directors in what is, in effect, a one-man Limited Company.
  2. What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
    I have quite a lot of international transactions and I really resent being ripped off with absurd exchange rates and/or fees.
  3. What tools do you currently use to manage your business finances?
    Invoicely and Expensify.
  4. What do you like / dislike about your current business bank account?
    High foreign exchange fees or rates is a big dislike. Good app and quick response with no fees. Customer service isn’t great.
  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?
    Easy and fair foreign exchange transactions. Pots for tax etc. Integration with accounting packages.

(Kate Arnott) #82

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

Single Director Ltd company at the moment but looking to move to co-director (Contractor)

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

No real pain points - currently with TSB and not happy with service - can’t open savings account - can’t get an answer as to why not - can’t even download of CVS copy of a full months transactions.

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

None - cashflow very small so don’t need anything.

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

Like - honestly not much!
Dislike - lack of customer service, not being able to open a savings account, cvs downloads not downloading the full 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 think I’m an easy potential customer - I’d like easy access to my account, to be able to download CVS statements that include ALL my transactions, I’d like to be able to open a savings acc easily, I’d like something that calculates how much I should put in savings for tax/VAT

I have an Monzo account currently and have managed to persuade all my family to now open accounts!! I would 100% recommend Monzo to anyone asking re a new account!!

Good luck guys,
K


(John) #83

What do you do? Are you a sole proprietor, contractor, limited company?
Contractor / Ltd. company.

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

What tools do you currently use to manage your business finances?
Quickbooks, Starling Business Bank

What do you like / dislike about your current business bank account?
Starling
Likes:
- offer “Spaces”, similar to Monzo pots. This is useful for earmarking money for certain future expenses.
- allow me to group different recipients within a single contact, in other words, I can have ‘HMRC VAT’ and ‘HMRC Corporation Tax’ within the ‘HMRC’ contact
- Good UX, easy to do anything

Dislikes:
- Poor customer support (slow to respond, poor in-app chat support interface)
- My Starling business account is tied to my Starling personal account under the same Starling account & phone number. This isn’t right from an organisational perspective as my Ltd. company has nothing to do with personal banking. I’m not sure how Monzo can solve this, but the ability to easily separate the two would be vital.

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?
A similar ‘marketplace’ feature like Starling Bank have, they are now integrating with Xero. I’d love something like this for Quickbooks!

Very excited to hear more about this!


(William Brown) #84

Is there a plan to credit score people for a business account cause that doesn’t help people who have low credit scores.

I think offering an account to all businesses with no restrictions in place would help with sole traders included as these people are the back bone of the economy not everyone has a limited company to own and are just self employed as it’s easiest form to deal with and I feel there should be accounts for sole traders other banks starting business account tie you in to being limited company and not all businesses are registered with companies house


(Max Darby) #85

Integration with SAP and Concur for quick expense reporting


(Lex Nichol) #86

Run a ltd. company that pretty much looks after just myself as a freelance television producer.

Mostly invoicing, and expenses, some more complicated assets such as equipment that depreciates.

Quickbooks. It took a while to get my head around, but now that I know it, I’d be reticent to learn something else. It’s essential that whatever you do can be accessed through quickbooks.

Fees. I totally get fees for when you have huge payroll and thousands of expenses, but I shouldn’t be paying £5 a month for them sitting on all my cash and earning interest on it.
It’d also be great to have a pot (similar to the current account) where I can put cash and earn interest on it for a month or two.

Can I suggest you get moving on launching a product asap. Your competitors are already out there, up and running. As an investor in Monzo, I’d very much like to see you at the forefront on this. You can refine it further once it’s up and running!! There are folks like me coming to the end of a fee-free period with a major bank. I need to move in the next few weeks and if I can’t switch to a fee-free Monzo account, it’ll be to a competitor.


(Sandra Alvarez) #87

Same. Small company, in digital publishing, with two of us running it.

Pain point: More than one cards for a business account
I need to be able to give my Managing Director a card to use and access to the business account. Nobody will offer more than one card, not TransferWise, not Starling (I checked this morning) which quite frankly, is ridiculous, when you both make financial decisions and purchases for the business. We jointly need to be able to use the account.

Pain point: Direct Debits
We use TransferWise Borderless because we pay writers in the EU and US, but it’s kind of useless because they don’t allow direct debits. So we can pay one-offs, but not, for example, have a repeat payment to Adobe for our monthly bill. Given that most companies expect you to put in card details and be able to pull out the monthly amount automatically, it renders Borderless useless. We have all our vendor payments on direct debit, but because of this, I have to run those out of my old Lloyd’s account. I spoke to Starling and they allow direct debit but they don’t allow you to receive direct debits! So that is useless too. Please allow direct debit BOTH ways. It’s a basic, BASIC requirement. Money in, money out.


(Abigail Johnston) #88

It would be great to have a monzo business account, currently waiting with switching from my usual business account as although I’m Not happy with them the alternatives don’t seem great right now :confused:

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

Sole trader - I run a small fitness studio and also work online

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

Dealing with multiple currencies and accounting/end of year tax

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

Business account & PayPal, paper & pen for accouts

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

Monthly charges, fees for anything other than basic online transfers. No great functionality to their app

  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?

Ability to accept multiple currencies or for people to transfer in from non uk accounts without huge fees