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


(Mark Kelso) #142

Big fan of Monzo, invested, have a current account and Joint account, for me the main thing from a business account is:

  • Live transaction information
  • No fees for foreign transactions
  • planning around salary payments
  • a separate business focused app.

Looking forward to hearing more.


Business account owners: let's get to know you
(Richard Saunders) #143

@kennygrant: If anything I would have thought small busineses like my own would be even more tied to their accounting software because they use an external accounting company rather than have their own accountants on the payroll.

My accounting company is called Orange Genie accounting. https://www.orangegenie.com/accountancy


(Al) #144

Hey Guys,

Q&A:

  1. What do you do? Are you a sole proprietor, contractor, limited company?
    We’re a marketing agency with a limited company operating for 10 years.

  2. What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
    Budgeting, forecasting, integrating finances into various different software or apps.

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

  4. What do you like / dislike about your current business bank account?
    The mobile app, the online app, the ability to have multiple accounts simply, managing credit cards.

  5. If you could request one key feature for your business current account, what would it be?
    Sorry, there’s two: Xero integration and immediate notifications like with Monzo personal.

Are there any other features you look for in a BCA?
The ability to have multiple accounts, or post, like with Monzo personal.
Simple access to my banking, again like with Monzo personal.

I’d be an early adopter of Monzo Business.

Al


(Sandra Alvarez) #145

Where do I sign up for an early adopter of business banking?


((╯°□°)╯︵ ┻━┻) #146

Here you go :slight_smile:


(Benjamin) #147

What do you do?
limited company with 13 in the team. Most of us use Monzo personally and love it.

What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
We use Xero for all our accounts which handles all the invoicing side perfectly. The biggest pain point for us is getting access for the director and other staff to banking facilities… new cards… adding someone from the account team to administrate our account is so painful. We want a modern bank for a modern business.

What tools do you currently use to manage your business finances?
Bank with RBS
Xero for accounts

What do you like / dislike about your current business bank account?
Hard getting everyone access who needs it
Hard to make any changes, order new cards etc

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 directors / multi access
Ensure it work as fluidly as Monzo personal for payment setup etc


(Benjamin) #148

I’d love Monzo to just nail the banking side first and leave accounting features to a dedicated tool. I’m not against the idea of you moving into the accounting space… but there is plenty to sort on the banking side first.

In regards to the accounting side, integrating with Xero/similar packages to pull out financial data and analyse along with banking data to provide features like forecasting could be cool, without the need for you to implement an entire accounting package.


(Mark Kelso) #149

I more meant a separate business banking app. As I have Monzo for Personal and Joint.


(Mark Kelso) #150
  1. What do you do? Are you a sole proprietor, contractor, limited company?

Run a limited company for the last 5 years

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

Payroll, Taxes and Foreign transactions

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

Xero & Futrli

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

**Complicated to pay people easily and it doesnt give us enough information in the app of who actually paid us.
**
5. If you could request one key feature for your business current account, what would it be?

Simple and easy to pay someone


(Kenny Grant) #151

I run a small business (probably like your own consulting ltd). I have no real need for xero/freeagent (I use desktop software but only to classify expenses) and my external accountancy practice doesn’t do much for me except reconcile transactions (which I classify) and calculate tax. Those are services an all-in-one business account could easily subsume which the accountant charges lots for (far more than any business account). The accounting requirements of a small company like this are minimal in my view and do not use most of the complex features of something like freeagent/xero (for example I don’t manage inventory/stock).

I’d quite like to see Monzo take this on and provide basic accounting services, because there is a huge market there, businesses happily pay a lot for it, and there’s really not much complexity in the tax affairs of most smaller companies. IMO there are a lot of people using accounting software who don’t really need much from it other than classifying transactions into buckets for expenses/income - that’s something a business bank account could/should easily provide IMO.

Clearly in larger companies (even some relatively small ones with external accountants) there’s no way a bank account could handle their accounting needs, but I think for many smaller ones it could.


(Melissa Franklin) #152
  1. What do you do? Are you a sole proprietor, contractor, limited company?

I’m a sole trader, massage therapist.

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

No breakdown of my expenses (I enjoy seeing how my money has been spent in the categories in my Monzo current account).
No separate pots for putting my income tax, national insurances, savings or money I need to hold (such as when people prepay for sessions).

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

An excel spreadsheet

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

I ended up giving up on a business account as i was paying £7 a month to have the account, but was not allowed to use the counter service to pay in my business cash as it was for personal account customers, yet they didn’t provide a business bank counter. You were expected to use the machines, which didnt accept coins and would often reject some of the notes. I got fed up with paying for an account I had less functionality with then a free personal one.

I’m looking for all the functionality of my current Monzo account for my business. I like the expected payments coming up.

  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 Monzo card machine that could take payments which paid into your account on the same day (not sure thats even possible)


(Chris Morris) #153

Hello!
New user
Just a couple of general points that I think would make Monzo business accounts successful:

  • ability to switch between business account(s) and personal accounts easily / view both at a glance. I have 2 business accounts with RBS and would ideally like to see these and my personal account simultaneously
  • ability to transfer money between business accounts and personal accounts easily.
  • great reporting, particularly summaries of income / expenditure for tax years.
  • low fees
  • everything that is great about your personal accounts duplicated for business accounts!

Good luck and keep up the amazing work!

Chris


(Richard Saunders) #154

Hi @kennygrant

Thanks for the reply.
You make a good case for replacing an accountant, so would Monzo provide a service that does the accountancy bits as well for £5 a month? E.g. check things are reconciled correctly, generate and submit company and personal tax returns, provide financial advice about the best ratios of salary and dividends etc…
Would there be a point of contact at Monzo l, someone assigned to me who I can speak to for all this?

If that is the case then I’m super excited by all that and would happily swap over. My accountancy firm is swapping from freeagent to some bespoke stuff and I’m looking to possibly ditch them because of it. This would be excellent timing. :grinning::+1:


(Splodf) #155

Doesn’t Coconut do this for free?


(Richard Saunders) #156

What’s coconut ?


(l8n.me) #157

Seriously though, as always google is your friend.


(Splodf) #158

(Richard Saunders) #159

@l8n.me: Thanks for the recommendation. Coconut does seem to do what I want, at least it will soon according to its website.

https://getcoconut.com/pricing/

@kennygrant: If Monzo is looking to offer this service then I want to get in on it (pretty please). I’d rather go Monzo with their actual bank status than jump into something I’ve only just heard of that isn’t a bank. But I will be checking out coconut closely as I have till the end of the financial year to ditch my accountant. Is the business banking trial likely to start by then?

:+1:


(Splodf) #160

This should allay your fears somewhat.

Iirc the two directors that started Coconut are accountants from PWC.


(NM) #161

That doesn’t mean they’re good :sweat_smile:. But in all seriousness I think Coconut does have some promise((Although I’m not a business owner so I have no idea if the features are actually useful))