Monzo Announces Xero, FreeAgent Integration
Challenger bank Monzo has announced that its business customers will soon be able to integrate their accounts with Xero and FreeAgent.
The integration means that business transactions will automatically be imported into the accounting software each day, making it easier to track what’s coming in and what’s going out.
Combined with Xero and FreeAgent’s easy bank reconciliation systems, it will make financial processing quicker and easier than ever before.
A relatively new app-based bank, Monzo hasn’t actually launched its business bank account yet. But their current account, which provides real-time transaction notifications to your mobile phone and offers insights into spending, has proved very popular and their service topped a banking customer service poll.
Monzo recently announced their vision to become ‘the financial control centre for every business’. And they see connecting business accounts to financial tools like FreeAgent and Xero as a key part if this.
The Monzo app will make it easy to add and remove directors, accountants and employees from your limited company account. It also allows you to store money in different pots, you you can put tax money in one place and overheads in another.
Today, you can join the Monzo business account and connect FreeAgent and Xero to the Monzo app.
The Monzo announcement did say that, at first, transactions will only sync with FreeAgent and Xero once every 24 hours, adding that they were working on an instant syncing solution in line with Open Banking protocols.
Miles Grady, Director of Cloud Accountant, said: “In a lot of ways, Monzo is similar to FreeAgent and Xero. The cloud-based accounting software emerged as a technology-driven challenger to some of the more established bookkeeping solutions.
“We have already seen how popular the Monzo current account is and we expect big things from their business account as well.”
For more information about Xero and FreeAgent integrations, speak to a member of the team today. Call: 0808 281 0303.