What accounting tools are available to Monzo customers?
Accounting tools for Monzo Business
Monzo has a few different integrations with third party platforms that help our business customers stay on top of their finances and accounting.
If you are using our Monzo Business Pro or Team plans, then you have access to several features for this:
- Accounting platform bank feed integrations with FreeAgent and Xero
We have worked with partners at FreeAgent and Xero to allow our customers to link their Monzo Business account with their accounting platform.
This feeds through any transactions that appear in the Monzo feed over to your preferred platform, which allows customers greater visibility and monitoring over their finances, as well as making it easier to complete the many financial admin jobs that every business faces such as:
Getting a full picture of incomings and outgoings
Manage their cashflow effectively
Ensure they remain compliant from an accounting point of view
Correctly and accurately file their taxes.
To connect to one of our bank feeds, on your home screen for your business account, scroll down and tap ‘Connect accounting tool’, then tap the relevant platform and follow the steps in-app.
If you have any questions, please come and chat to using the button below!
- Accounting integration via OpenBanking with Quickbooks
Third party expense management platform QuickBooks have also built a limited bank feed integration using OpenBanking with Monzo.
This feature automatically syncs your transactions to Quickbooks every 24 hours or when you tap the Sync button on the Quickbooks platform.
The feature must be set up from your Quickbooks platform, and you must have a Quickbooks account to use this feature with your Monzo account.
This feature is owned by Quickbooks, so if you need any help or have further questions, please reach out to Quickbooks directly for more information!
- Auto-export transactions, statements & invoices to a Google Drive or Microsoft OneDrive
Most of our business customers work with accountants/bookkeepers and often need to share financial data or files such as statements with them. Here at Monzo we do not offer a read-only access level on our business accounts, as auto-exports is our alternative to this.
Auto-exports with Monzo allows businesses to export relevant data (transactions, statements or invoices) directly into a Google Drive or a Microsoft One Drive.
The Admin of the storage drive can then share access to the drive with a 3rd party (like an accountant) so that they can access the financial information, without being added to the bank account.
To connect to one of our auto-export options, on your home screen for your business account, scroll down and tap ‘Auto-export documents’ or ‘Auto-export transactions’, then tap the relevant platform and follow the steps in-app.
If you have any questions, please come and chat to using the button below!
