Monzo Business vs Reckon One: Complete Comparison (2026)
An in-depth comparison of Monzo Business and Reckon One to help you choose the right tool for your business.
Last updated: November 2026
Monzo Business
6.5/10
Monzo Business is an app-based UK business bank account for sole traders and limited companies. It includes invoicing, Tax Pots, expense cards and accounting software bank feeds.
Reckon One
5.9/10
Reckon One is cloud accounting and payroll software for Australian small businesses, covering invoicing, GST/BAS, bank feeds, inventory and Single Touch Payroll.
Feature-by-Feature Comparison
| Feature | | |
|---|---|---|
| Scores | ||
| Overall Rating | 6.5/10 | 5.9/10 |
| Analytics | 4/10 | 5/10 |
| Compliance | 7/10 | 7/10 |
| Cost | 8/10 | 8/10 |
| Customization | 4/10 | 5/10 |
| Ease of Use | 9/10 | 7/10 |
| Integration | 6/10 | 4/10 |
| Scalability | 3/10 | 4/10 |
| Security | 7/10 | 5/10 |
| Support | 6/10 | 7/10 |
| Pricing | ||
| Free plan | Yes | No |
| Cheapest paid plan | £9/mo Pro | A$24/mo Accounting Plus |
| Estimated cost for 10 users | £25/mo Team | A$24/mo Accounting Plus |
| Features | ||
| Financial Reporting | ||
| General Ledger | ||
| Payroll | ||
| Expense Management | ||
| Invoicing | ||
| Online Payments | ||
| Tax Compliance | ||
| Accountant Access | Not listed | |
| Bank Reconciliation | Not listed | |
| Budgeting and Forecasting | Not listed | |
| Corporate Cards | Not listed | |
| Inventory Accounting | Not listed | |
| Multi-currency | Not listed | |
Monzo Business vs Reckon One cost by team size
| Team size | Monzo Business | Reckon One |
|---|---|---|
| 1 user | £9/moPro | A$24/moAccounting Plus |
| 5 users | £25/moTeam | A$24/moAccounting Plus |
| 10 users | £25/moTeam | A$24/moAccounting Plus |
| 25 users | FreeLite | A$24/moAccounting Plus |
| 50 users | FreeLite | A$24/moAccounting Plus |
The plan that fits each team size, billed monthly, before add-ons and usage charges. Each cost opens that tool's pricing calculator for the team size.
Which One Should You Choose?
Why choose Monzo Business
- Has a free plan (Reckon One does not)
- Higher Ease of Use score (9/10 vs 7/10)
- Higher Integration score (6/10 vs 4/10)
- Better fit for freelancers (9/10 vs 7/10)
Why choose Reckon One
- Higher Analytics score (5/10 vs 4/10)
- Higher Customization score (5/10 vs 4/10)
- Includes Financial Reporting, which Monzo Business lacks
- Includes General Ledger, which Monzo Business lacks
- Includes Payroll, which Monzo Business lacks
Pros & Cons
Monzo Business
Pros
- The Lite plan is free and includes Making Tax Digital software
- Pro adds invoicing, Tax Pots and live feeds to Xero, QuickBooks, FreeAgent and Sage for £9 a month
- The Team plan adds expense cards, payment approvals and bulk payments for up to 15 users
- 24/7 in-app support on every plan
- Licensed UK bank with FSCS deposit protection
Cons
- Holds GBP only, and incoming foreign currency is converted at a 1% fee
- No general ledger or financial statements, so you still need separate accounting software
- Partnerships, LLPs, charities and non-UK businesses cannot open an account
- Cash deposits cost £1 each and are capped
- Reviews report frozen accounts and slow resolution, and there is no dedicated account manager
Reckon One
Pros
- Every plan has a flat monthly price with unlimited users, so adding staff does not raise the bill.
- Reviewers often call it cheaper than Xero while covering the core invoicing and bookkeeping tasks.
- Payroll complies with Single Touch Payroll and Payday Super, and businesses can buy it on its own by headcount.
- Australian phone and chat support is open seven days a week.
- There is no minimum term, and a 30-day trial comes with a free onboarding session.
Cons
- Its app marketplace is much smaller than Xero's or MYOB's, and reviewers mention a lack of direct integrations.
- Reviewers find the help content confusing and say the newer payroll screens are not user friendly.
- There is no offline mode, which users have raised in Reckon's own community forum.
- Inventory is capped at 10 items unless you buy the Ultimate plan.
- It is built for Australian tax rules, so it is a poor fit for businesses elsewhere.
Not sold on either?
Frequently Asked Questions
Monzo Business scores higher on our Finance Software criteria: 6.5/10 against 5.9/10 for Reckon One. The largest gap is in Ease of Use: 9/10 for Monzo Business and 7/10 for Reckon One.
Monzo Business has a free plan; Reckon One does not list one.
Monzo Business is the better fit for freelancers: we rate it 9/10 for them, against 7/10 for Reckon One.
Reckon One has Financial Reporting, General Ledger and Payroll, which Monzo Business lacks.
