UK based Digital Bank Monzo Explains How Clients Can Save Time with Business Invoicing

UK-based digital bank Monzo notes that getting paid can be fun, but quite often, what “goes on behind the scenes isn’t.”

According to Monzo’s blog post, if anything, getting paid may “take the fun out of business fundamentals.” Monzo, which is currently the subject of a money laundering investigation and appears to be struggling to maintain business operations, writes that it’s challenging to “manually format invoices, track stacks of paper receipts, and reconcile payments.”

The company added:

“We’ve built invoices for Monzo Business Pro to save you the hassle of manually managing and creating invoices – so you can get back to what matters.”

You may share invoices however (and wherever) you “usually speak to your customers,” the Monzo team noted. They also mentioned that if you stay in touch with clients via text, they you should not have to “switch to email to ask for payment.”

As noted by the digital banking platform, Monzo Business Pro lets you “get a PDF as soon as you’ve created your invoice.” You are able to  share it “however you (and your customers) like – whether that’s a text message, email or your favorite messaging app.”

While sharing details on their in-app share functionality for invoices, Monzo explained that you may create and share them “on the go in a few taps, with professional invoices ready to send.”

Monzo also mentioned that if you don’t have access to a desktop on the road, then still there’s “no problem.” You are still able to create and share an invoice “from your phone if you’re on the road or in between jobs” and you “get your evenings back, and your customers get a slick invoice soon after the job’s done.”

Notably, you may use your desktop “to access your account too, if that’s what you like best.” Users may also customize and add extra detail “that works for your business – like PO numbers or Terms & Conditions.”

As noted by Monzo, no customer or business is the same – “and no invoice should be either.” You can easily “add your logo, business terms or other important information to the invoice.” It’ll “likely mean less back and forth, plus your customer will have everything they need in one place.” the company added.

Monzo also noted that you can view outstanding and paid invoices “all in one place – your account.”

As explained by Monzo:

“Seeing your invoices in one place means you’ve got an overview of what’s outstanding and what’s already been paid. So there’s no need to manually update a spreadsheet or document yourself.”

You can also get in your accountant’s “good books” with auto-reconciling.

As noted by Monzo:

“If your customers use the same reference number you’ve got on your invoice, we’ll automatically mark it as paid. Because time saved on admin is definitely well spent in other ways.”