UK challenger bank Monzo announced on Monday it has formed a new integration with Xero and FreeAgent for its business accounts. Monzo revealed in a blog post:
“We’ve heard that other accounting tools, are important to you too, which we’d love to work on in the future. In the meantime, you can still export a CSV file from your app, and upload it directly to your preferred accounting tool. And, we’re working on integrating other tools soon, including tools for payroll or for point of sale.”
Here is how to connect the business account with Xero or FreeAgent:
- From the Monzo Business Account, tap on the Account tab
- Scroll down to Accounting Integrations and tap Add Integration
- Choose Xero or FreeAgent
- Confirm to share transaction data with Xero or FreeAgent. Then, the user will be directed to a webpage where they will need to log in
Monzo went on to add:
“That’s it! Your transactions will begin to sync within 24 hours. Just so you know, transactions won’t sync in real time for now – they’ll only sync once a day. But, we’re working hard to bring instant syncing really soon.”