Monzo Integrates with Freeagent and Xero
Monzo has announced that they can now integrate with Xero and Freeagent. Monzo Integrating with Freeagent and Xero shows how seriously Monzo are taking their move into the business market, it is key to make sure business banks now integrates with cloud accounting software. Monzo have been disrupting the banking sector with their super user friendly app, instant notifications and ease of use. For a few months now Monzo have been beta testing their business bank offering which aims to build on the success of their retail banking offering. Only a limited number of people can get a Monzo business account at the moment, but it could be a real rival to the high street banks but also Tide who has focused on using a great app to attract new business.
The downside of using Monzo for a business account has been the lack of integration with the large cloud accounting systems (Quickbooks, Freeagent, Xero and Sage Business Cloud). This is all about to change, Monzo has announced integration with Xero and Freeagent. Now before you go and rush to connect your bank feeds to Monzo, this is only working on their business account and is all part of their preparations to launch into the business sector. So if you have the retail Monzo don’t expect to be able to sync.
What is Monzo Business account?
While we haven’t had a hands on with the business accounts yet because they are in the testing phase, we can expect the Monzo banking app to be really slick. What they are offering:
- Add people to your business account – Directors, accountants, employees – give key people access to your limited company account
- Connect accountancy tools –Link Xero and FreeAgent direct to the Monzo app (we expect others to follow soon)
- 24/7 Human Support
- Set money aside in Pots – Put your tax money in one place and your overheads in another.
- Instant notifications –Whenever you spend, and whenever you’re paid.
- Instant bank transfers and direct debits –Make payments straight from your Monzo app, and easily manage direct debits.
What a lot of our clients are excited about is the ability to put money aside in pots, this is great for those dividend taxes, VAT & Corporation Tax. How many times do you get to the end of the quarter or year and think I forgot to put money aside for these things? Combine this with the ease of use of their app and instant notifications, Monzo could be on to a great product, one which actually adds value.
How much will Monzo Business cost?
All the retail customers will know that Monzo is free. If you look at the business account market, there are almost no free accounts and we don’t expect Monzo to be giving their business accounts away for free. At this moment in time we have no idea what their pricing model will be and how this matches up against the competition.
We will keep you updated in the future.
When will Monzo launch their business account?
At the moment they are performing a closed beta, you can apply to be on the waiting list here. As for a proper launch to the UK market, it is looking like they will release their business accounts at the end of 2019.
At Your Cloud Accountant we are really excited about Monzo entering the market, the current offering in the business bank account market at the moment is quite weak on ease of use and excellent apps. We hope this will be the start of a change.