Monzo Business, the digital bank serving over one million business customers, today publishes its first Money Moves Report, taking a pulse check on the SMEs at the heart of the UK economy. Despite rising costs and economic uncertainty, businesses are feeling positive about the year ahead, with more than half (56%) of SMEs confident about their growth prospects over the next year.Nearly two-thirds (62%) plan or hope to grow their teams over the coming year. But challenges remain: almost half (46%) naming rising costs as one of their biggest barriers to growth over the next year, followed by economic uncertainty (33%) and the tax burden (26%).Monzo Business customer data also shows shifts in business spending, with bills up 12% over the past year while transport has remained flat.The 53-minute a day admin burden It’s not just the economic environment that can get in the way of growth. Monzo’s research shows that the day-to-day complexity of running a business is creating another significant barrier to growth. UK SMEs currently spend an average of 53 minutes every working day on financial administration, including tasks such as processing invoices and expenses.Nearly half of businesses (49%) say financial admin takes too long, with 39% saying it actively holds their business back from growing. For some, that means missing opportunities to invest in tech, equipment or premises (21%), pursuing new markets (20%), and hiring staff (18%).Cutting admin could unlock the next wave of SME growthNearly two-thirds (63%) say simpler financial admin would free up time to focus on the things that matter most to their business, such as strategy, sales and building customer relationships. With extra time, one in three (33%) would pursue new customers or markets, 31% would invest in equipment, technology or premises and 26% would hire new staff.Small businesses want more from their financial toolsMonzo Business customer data also shows spending on software has increased 15% over the last year. Yet, despite businesses putting more money towards technology, more than a third (37%) of SMEs say they are spending more time on financial admin than they were a year ago.Just 24% agree that their bank actively helps them run their business rather than simply holding their money, as more than half (55%) say they often have to use other tools because their bank doesn’t offer everything they need to manage their finances. This points to growing demand for banking that makes running a business simpler. Jordan Shwide, General Manager at Monzo Business, said: “Small businesses are confident about the year ahead and thinking about how they can grow. However, running a business still comes with far too much financial admin, and our research shows that this isn’t simply an inconvenience - it can take time away from growth. “At Monzo Business, we want to be a partner in that growth, making business banking simpler and giving owners the tools to spend less time on admin and more time building their business.”Monzo Business supports 1 in 6 UK businesses with tools designed to make managing finances simpler, from expense cards and tax pots to invoicing and payment links, which help businesses get paid 11 days faster. Read the full Monzo Business Money Moves Report at https://monzo.com/blog to explore the findings.NoYesBanking24 Sep, 2026