Accounts Assistant, Monzo
12 Month Fixed Term Contract
£27.4-37k
More information about location
Digital-only bank platform and marketplace
Be an early applicant
Digital-only bank platform and marketplace
1001+ employees
Be an early applicant
£27.4-37k
More information about location
1001+ employees
Company mission
To build a new kind of bank that makes money work for everyone.
Role
Who you are
- You have experience in Accounts Payable & Receivable functions, with tax or treasury experience a bonus
- You can adapt to new systems easily (e.g. SAP and G-suite functionality)
- You love the challenge of learning new things and getting stuck in
- You have a great eye for detail and delight in investigating and solving issues for people
- You thrive in a dynamic and constantly evolving environment
- You’re a self-starter and are hands-on
What the job involves
- Our team sits within Monzo’s Finance collective, our job is to ensure we pay our suppliers & employees on time, ensuring invoices are posted correctly in the ledger
- We work closely with the Financial Control team to ensure the figures are correct for month end, as well as supporting Tax with their reporting
- We’re currently a team of 8 based in our Cardiff & London offices
- You’ll be working on all aspects of Accounts Payable & Accounts Receivable, ensuring our invoices & employee expenses are processed & approved in line with policy, ensuring day-to-day process runs smoothly and accurately, stakeholder queries are resolved within our SLAs, assisting with reporting
- Timely preparation of month end tasks to ensure a smooth month end close
- We have some really exciting challenges coming up like a new expenses system Concur implementation, the introduction of Purchase Orders across the Business, expanding into Europe, pushing forward with our automation plans, continuing to grow our customer base, growing our lending business and adding to our marketplace
- You’ll work on scaling Monzo in a controlled way, while helping us optimise our financial control processes with the help of technology
- You’ll report to our Financial Operations Team Lead
- Processing multi-currency invoices for UK, EU & US subsidiaries
- Reviewing employee expenses and approving them for payment
- Monitoring emails and Slack channels and responding to suppliers and colleagues queries
- Creating new suppliers in the system and ensuring that supplier onboarding process has been completed
- Preparing weekly payment runs, making sure invoices have been approved in line with our policy and suppliers being paid on time
- Helping with our VAT reporting and processes & corporation tax
- Run ad-hoc reports for our stakeholders across Finance
- Preparing aged creditor & debtor reports, identifying any issues
- Reconciling supplier statements, identifying discrepancies and resolving them
- Supporting our Accounts Receivable function, raising new invoices and chasing for payments
- Preparing weekly & monthly Bank reconciliations
- Month end responsibilities such as preparation of accruals
- Helping the Finance team with delivery of a timely month end
- Keeping our process documentation up to date and documenting from scratch new processes and controls
- Supporting the team in the automation of processes & new system implementations
- Helping to resolve team inquiries, and picking up ad-hoc tasks as they come in (e.g reports on spend for particular suppliers etc.)
- Maintain company pre-paid cards in line with expense policy
Application process
- The application journey has 3 key steps:
- Recruiter Call
- Role Specific Interview
- Behavioural Interview
Our take
Monzo is a challenger bank that fully operates online and offers a full range of current, savings, business accounts, and more. The speed of the challenger banks to provide a great experience has been impressive, and the number of competitors appearing has proven the consumer desire for innovation.
Monzo remains one of the popular online banks, with more than 6 million active users. The company faces competition from more traditional banks, such as Goldman Sachs and JP Morgan, which have launched their own digital banks. However, the new technologies that the company is built on enable it to expand quickly (with fewer issues) than the incumbent players' offerings.
With an increasing amount of people switching banks, the company's ever-expanding suite of banking and financial services (such as its buy-now-pay-later offering) has resulted in Monzo receiving the second-highest net switching gains among digital challenger banks (just behind Starling).
After setting U.S. expansion plans aside in 2020, the company launched in the U.S. market in early 2022, partnering with Sutton Bank to provide its U.S. accounts. After several years focused on narrowing its losses, Monzo hit profitability in the first two months of 2023. In the same year, 2 million new customers joined, tallying its customer base at 9 million in 2024.
Kirsty
Company Specialist at Welcome to the Jungle
Insights
Company
Funding (last 2 of 18 rounds)
May 2024
$190m
LATE VC
Mar 2024
$459.6m
LATE VC
Total funding: $1.9bn
Company benefits
- Yearly Salary Review + Proactive pay increases to reflect growing responsibilities + Share options
- Flexible working hours
- Work From Home Opportunities + we'll pay for any equipment you need to do your job
- 24 days holiday a year, plus bank holidays
- Paid sick leave for both physical & mental health + Health insurance via AXA or Vitality + Additional health insurance through Medicash
- Employee Assistance Programme
- Learning budget of £1,000 a year
- Aviva Pension Scheme + 4% Employer Contribution
- Paid maternity, paternity, adoption or shared parental leave (after 13 weeks of employment)
- 52 weeks of primary caregiver leave (6 months at 100% pay, 13 weeks at Statutory Maternity Pay, 13 weeks unpaid)
- 3 months of secondary caregiver leave at 100% pay
- Unum Life Insurance
- Access to fertility and family-forming health benefits via Fertifa
- Abellio Season Travel Tickets + Cycle-to-Work Scheme
Company HQ
City of London, London, UK
Leadership
TS Anil
(CEO)Also a Board Member at Accion. Previously Board Member at UK Finance, Global Head of Payments, Products & Platforms at Visa and was the Global Head of Retail Products at Standard Chartered Bank.
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