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


(Richard Saunders) #101

The times website ran an article saying that business banking is being trialled from tomorrow. How do I get in on that action?


(Kieran) #102

(Jordan) #103

Hi Richard, look out for a blog post with more information tomorrow morning! :slight_smile: I’ll post the link here as soon as it’s up.


(Chris Middleton) #104

I see the article refers to a fee. Before a bunch of people weigh in and complain, let me say I’d be happy to pay a fee comparable to my existing business bank, for Monzo levels of functionality and service.


(Alejandro Mery) #105

I don’t mind paying a fee for a great bank account


(Jack) #106

(Alex Barrett) #108

Some of the most exciting news I’ve read in a while. Would really love to be part of the trial - Monzo is everything I’ve ever wanted from a bank and to be able to bring this to my business would be so refreshing.


(Matt Navarra) #109
  1. What do you do? Are you a sole proprietor, contractor, limited company?
  • A social media consultancy. Limited Company.
  1. What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
  • Creating, chasing, reconciling invoices
  • Completing tax return
  • Generating expense claims with receipts
  • Creating work contracts for new projects
  • Predicting / managing cashflow as an independent freelancer
  1. What tools do you currently use to manage your business finances?
  • Xero
  1. What do you like / dislike about your current business bank account?
  • Lacks ability to receive payments in multiple currencies with low or no fees (only accepts £ or €)
  • No ability to have a linked business account to save / separate my tax liability funds across the year
  • Like that it connects to Xero for quick and easy accounting reconciliation
  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?
  • Xero integration
  • Ability to receive payments in $, £, € with low or no fees
  • Ability to separate funds saved to cover tax liability across the year.
  • Ability to create, send, manage invoices all in one place alongside banking
  • Ability to create, manage expenses with receipts in one app/one place next to banking setup
  • Useful tools to predict upcoming cash shortfalls or to advise on cashflow linked to invoices still unpaid vs. account balance vs tax liability vs expenses vs. bills due … to help me better understand my financial position.
  • Smart ways to integrate how i manage my Monzo current account with my Monzo Business account.

(Chris Middleton) #110

Signed up and volunteered for the trial!


#111

What do you do? Are you a sole proprietor, contractor, limited company?
Sole director of 1-person limited company.

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

  • International bank features (most of my purchases are online in USD)
  • poor/non-existent budgeting options, meaning I need to set up a separate biz savings account for taxes. This is cumbersome and can’t be connected to direct debits so I need to schedule transfers ahead of when VAT/corp tax direct debits are due to come out.

What tools do you currently use to manage your business finances?
Xero for all invoicing, payroll and book-keeping.

What do you like / dislike about your current business bank account?
International fees, poor online banking experience. Like that it connects to Xero, albeit the next day rather than in real time.

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?
Automatically push transactions into Xero immediately.
Separate pots for VAT and corp tax would be nice too.
Probably out of scope for this thread (as it’s not a current account feature) but the biggest win for my business would be a Monzo business credit card for the extra payment protection and 1 month’s cashflow security it gives, integrating into Xero.


(David Seward) #112
  1. What do you do? Are you a sole proprietor, contractor, limited company?
    LTD company, 1 director

  2. What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
    Expenses, VAT and interface with accounting software (currently sage cloud due to my accountant’s preferences)

  3. What tools do you currently use to manage your business finances?
    HSBC Business Banking app, Sage, Excel, Expensify

  4. What do you like / dislike about your current business bank account?
    Slow, lack of history & tagging facilities as for my Monzo personal account. No expense tracking facility. On the positive side, it allows me to do all day to day banking, uses biometric security now, has an interface to accounting platforms for current account.

  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 core features of my Monzo personal account plus interface to accounting platforms. Direct link to Expensify or equivalent features built-in.


(Jason Artemis Winstanley) #113

I signed up to the waiting list, but I imagine I’m probably not one of the first few to do it. :frowning: Really, really want to be able to drop all challengers, and truly to #FullMonzo! XD


(Jack Cully) #114

Hi, everyone! :wave:

I’m Jack - I’m working on Business Banking alongside Jordan and the rest of the Business Banking Team :blush:

I just wanted to drop in on this thread and say a huge thank you to everyone who’s contributed so far! Your responses are hugely useful, and we’re reading every single one!

Please let me know if you’ve got any questions about our trial, or business banking in general. Happy to chat :tada:


(William Brown) #115

I’d love to go monzo now for business though I use transferwise business account when transferring to the Irish business account I have with aib but that’s an old bank which was bailed out by the Irish government and charges heavily in fees for everything on personal accounts and business accounts not any better except two years free upfront on first account then downhill from there though having a monzo business account would make life so much easier for me when no bank in UK will give a business account I’m still finding life harder than it should be. I’m not big not got best credit score I ain’t going to pay in mega bucks to the account to generate massive profit for the bank I might have low balances etc but rbs said I used the account I had there like a personal account and they closed it was not happy one bit it’s time I was treated as a real person and not what a computer tells you as that’s not the real me the person behind the business and the one who will use the account.


(Stu S) #116

Contractor via Ltd Company

Accounting. Mainly trying to get statements to send to the accountant, they wouldn’t accept just a CSV, HAS to be headed etc…

Just my accountants app

Easy to pop in and talk to someone when it’s urgent. The online 2FA is a joke. Their password ISNT case sensitive, so I can’t have a secure password. Srsly.

Ease. Easily to navigate, get my data and get back to my :coffee:

Oh and identifiable different card. I can’t be making personal spending on my BS account and having to undo the mess.


(Richard Saunders) #117

Hi Jack. Nice to meet you. So is the trial underway, did my application make the first 100 on the waitlist? I haven’t received an email so I am guessing no. Do you know how much the business banking will cost? Good luck with the trial and hope you create something really useful :+1:


(Jack) #118

You’ll find some of the details you’re looking for in this thread


(Johnny Luu) #119
  1. What do you do? Are you a sole proprietor, contractor, limited company?

I’m a freelance animator and motion graphics artist registered as sole trader.

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

Keep track of expenses and filing my self assessment.

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

Self-created Apple Numbers spreadsheet.

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

Dislike - HSBC still use that stupid mini calculator security key-fob thing. iOS App is functional, but nothing more.

Don’t particularly like anything about it.

  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?

Having a customisable expenses logging that matched up to the HMRC self assessment form.

Also perhaps having tax and national insurance deduction transferred immediately into an expenses pot when any payments come in, that would be great!


(Josh Carson) #120

I should caveat this post by saying, that i’m one of the directors in the business and i’m not personally responsible for managing the accounts side of the business but these are my takeaways from our pain points.

Limited Company

Cashflow management & forecasting

Quick File, Excel, our accountants

We’re only 11 employees at the minute, so the pay run isn’t too cumbersome, but we would love bulk upload. Their app isn’t the worst of the business banks, but it also isn’t the best. I find their communication to be slow and quite cumbersome. Managing account details is still a trip to the bank, and I don’t really feel any connection to them, either as a company or as an individual using their service

Forecasting tools. I know this is moving into accounts management software territory, but really my bank has all the data already, why can’t I just produce and manage my forecasts there?!


(Paul) #121

One man limited company that I contract under.

I really want to automate stuff. Things like salary, Corp tax, VAT. Remembering to make the transfer is what keeps tripping me up. Maybe alerts if nothing is scheduled would be good.

My accountant currently has access to my statements, allowing them to reconcile transactions on my behalf. I think they have agreements in place with Metro and Cater Allen to do this.

Bad -> Good:

  • All transactions take 24 hours from the next working day if after 4pm. It’s maddening!
  • £10,000 limit on transactions per day, unless I call up.
  • Free for fewer than X number of transactions a month. Was good when I started, but don’t really care now.
  • Workable web interface. Nothing special, but gets the job done.
  • Good phone support when I’ve needed it.

Automation. Automation. Automation.
API if possible.

I don’t really need a lot from my BCA, but I need the fundamentals to be clean and fast. Everything else is gravy.