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


(Splodf) #162

Is that French for Coconut?


(NM) #163

Actually its a city in Benin


(Mrs Timea Kristof) #164
  • What do you do? Are you a sole proprietor, contractor, limited company?
    Limited company with 2 directors

  • What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
    I am not yet operational but will be using Quickbooks, so it would be helpful to integrate easily and well.

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

  • What do you like / dislike about your current business bank account?
    I am still looking for a good one, hence I have found you guys. I have done so much research and they are all so old fashioned, expensive and ridiculous. I cannot believe the banks charge you for having an account in the first place, let alone charging you for electronic transfers. I have not even looked at other currency accounts but I imagine that would be even more expensive. Totally hopeless, so I am really hoping you guys will come out with something awesome soon. I am looking to start trading in May.

  • 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?

  • to be able to have a current account AND a savings account where you can put aside your VAT for example & earn some interest as well.
  • to be able to use multiple currencies for invoices - like the borderless account Transferwise uses for example
  • to have a debit and a credit card with it, with no fees abroad
  • and with no monthly fees, and not transfer fees etc…

Thanks guys, can’t wait to see your product soon.


(Richard Cook) split this topic #165

A post was merged into an existing topic: Removed Posts - 18/2/19


#166

Used HSBC now Starling. Ltd co, but I’m sole director/employee. I like the MONZO UI over Starling so keep that element, main requirement is to be able to export a CSV file for easy bank reconciliation with accounting software. Would also be nice to access both personal and business account from the same app. Thanks.


(Jay Ess) #167
  1. What do you do? Are you a sole proprietor, contractor, limited company?

I am a freelance contractor/recruiter.

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

Knowing how much Tax I owe and keeping track of expenses.

  1. What tools do you currently use to manage your business finances?
  1. Wave for accounting.
  2. Spreadsheet (Google) for finance management, planning & tracking expenses.
  1. What do you like / dislike about your current business bank account?

My biggest pain with the current services I use is lack of seeing a year overall budgeting summary, like the below:

Also another pain point is lack of having a web interface through which I can manage my finance using my laptop easily, because I’m always more productive and do meaningful work using my PC and try to use my phone as little as possible.

  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?

Seeing an overall year spending/income summary


(Jodi Humphreys) #168
  • What do you do? Are you a sole proprietor, contractor, limited company?
    Limited company
  • What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
    The big pain point is having to call HSBC every time something is wrong with their website or they put a hold on my account (or both)
  • What tools do you currently use to manage your business finances?
    Accounting software from my accountant
  • What do you like / dislike about your current business bank account?
    Having to pay HSBC 5.50 per month even though all they do is cause me stress.
  • 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?
    Don’t make me call you to get problems resolved. Don’t cause problems in the first place.

(Matt) #169

It would be nice if the account already had your personal bank details if you had a monzo account.


(Matt) #170

It would be better if the cards for business accounts were different colours. IMO of course :slight_smile:


(Matt) #171
  1. Is it possible to get a balance column added in for an export?
  2. Will there be an option to be able to export the exact columns you need, in the format you need?

When I upload statements to Crunch, I have to manually have to edit them so they have a balance column I also have to manually edit the date to dd/mm/yy.

Having an integration with them would be even better.


(William Roberts) #172

We are a Strategic Brand Agency that is a Limited Company.
The main thing i would be looking for from a BCA is finical analytics with fast payments. I think the Monzo platform is ideal for our business needs. we are currently small and just getting started so need to manage cash flow closely. Also for the future it would be ideal if Monzo had their own card machines or partners with a supplier


(Bruce Devlin) #173
  • What do you do? Are you a sole proprietor, contractor, limited company?
    Director of an International Media Consultancy

  • What are the big pain points in managing your business finances? (think about things like invoices, expenses, payroll, taxes, etc.)
    Foreign Invoicing, Automating payroll cheaply, Foreign exchange fees, reconciling bank data with Xero without duplications and errors and changing transaction dates after reconciliation

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

  • What do you like / dislike about your current business bank account?
    I like the fact it has a branch so that I can show up and complain. I would prefer not to have to complain.

  • 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?
    simple, secure, economic dollar account that avoids Bank of America Fees


#174
  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.)
  3. What tools do you currently use to manage your business finances?
  4. What do you like / dislike about your current business bank 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?
  1. Sole trader. Soon to become a Ltd Co.
  2. Book keeping, putting cost reimbursement aside as soon as payment is received from client.
  3. Spreadsheet. Which is practically archaic.
  4. Haven’t got one yet but deffo know what I DON’T want: slow and complex set up, suspending without reasonable explanation, difficult to contact support.
  5. Good integration with Crunch so I won’t have to be stuck with either Barclays or Metro. And completely transparent fees so I don’t have to regret if my business grows bigger.

(CRISTIAN VALERIO) #175

Hello, dear. I’m an aircraft builder. Director of my company LTD. I have the Tide business bank account. The tide is free. Only small fees for transfers. But the payments are very slow! The card is not good. It’s not a debit card. It’s a prepaid card, a difficult card for shopping on the internet!
I expect from my Monzo business account the same speed and free as the personal account…/
Regards


(Jordan) #176

Thanks, matt! This is something that’s come up with our first 100 users too. We’re currently working on improving our CSV exports so that they work better for you no matter what tools you use. And eventually, integrate with them directly so you don’t have to worry about it at all. :slight_smile:


(Matt) #177

Cool! Sounds great :slight_smile:


(Ceri Clark) #178

Hi, I’m a sole trader whose income comes from the USA so I would need to be able to take international payments from there. I don’t make much money yet but I’m hoping to get an accountant in the next few months so the ability for them to view the business account only would be really helpful. I also use a debit card to pay for advertising in the USA so a card issued by the business account that doesn’t cost the earth would be great too. At the moment I just use Excel to work out my tax. I don’t have a complicated setup so it’s easy. Contact me by email if you want more info.


(Robin) #179

We are a successful publishing and communications company.

Apart from the obvious - that is to be treated as a client - all we need from our bank is user-friendly online banking, quick respectful and knowledgeable telephone banking, regular bank statements and occasional help with overseas banking.


#180
  1. What do you do? Are you a sole proprietor, contractor, limited company?

I run two Limited Companies. I’m the sole Director of one and one of two Directors of the other.

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

Managing taxes and expenses.

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

Crunch for one business. FreeAgent for the other.

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

I’ve recently switched to Starling.

Likes: instant notifications, nicer interface than my previous legacy bank (although not as nice as Monzo’s), no currency transaction fees.

Dislikes: No integration with accounting platforms, exported CSV uses the ‘settled’ date not the payment date (a seemingly minor point but it makes reconciliation in Crunch much more difficult).

  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?

I’d love separate pots for VAT and Corporation Tax which get automatically added to when I receive a payment. I should be able to configure the account so that 20% of an incoming payment goes to the VAT pot and X? goes to the Corporation Tax pot. Then any direct debits from HMRC should automatically deduct from the VAT pot.

Allow me to make payments via an API, even if that requires some sort of authentication similar to 3D Secure.

Simple fees. I don’t mind paying for the account but the fees should be straightforward. No currency conversion fees. Ideally, some sort of interest on the money.

Per project categories. I should be able to easily see how much I’ve spent on travel both overall and for a particular project/client.

Personally, I don’t want Monzo to be an accounting platform. There are dedicated systems for that which have been around for years and work well for a lot of people. To me, Monzo should focus on being a great business bank, with reasonable fees and the best integration with existing platforms.


(2x Crowdfunding Investor) #181

The first thing which would absolutely make the business bank account brilliant would be the ability to create your own categories. Mine would be things like Advertising, Colocation, AWS Fees, Subscription Revenue etc. To be able to quickly see my colocation or AWS spend would be incredible :slight_smile:

I’m happy for now that I have my business banking with the one bank that actually has the will and the capability to make an amazing banking experience. And unlike my good but not great former home Tide, it won’t take four hours to transfer money from one account to another. Was a bit embarrassing when transferring money to clients.