Can I Use Monarch Money for My Business? A Financial Coach’s Honest Take
Can I Use Monarch Money for My Business? A Financial Coach’s Honest Take
Many entrepreneurs are asking, “Can I use Monarch Money for my business?” The short answer is yes — but with some important limitations.
At Lionhood Financial Coaching, we help individuals and small business owners separate personal and business finances to create clarity, accountability, and growth. Monarch Money is a fantastic tool, but it’s not built for every financial need. Let’s explore what it can (and can’t) do for your business — and how to set up your systems the right way.
What Monarch Money Does Best
Monarch Money was designed as a personal finance platform, not a business accounting tool. Still, it offers several features that many business owners find helpful:
- Cash flow tracking across multiple accounts
- Budget creation for personal or small business spending
- Goal setting and visual dashboards for progress tracking
- Collaboration tools (you can share with a partner, coach, or advisor)
- Mobile and desktop syncing to view finances anywhere
If you’re a freelancer, solopreneur, or coach with simple transactions, Monarch Money can give you an overview of your business finances — especially if you don’t need full accounting reports.
What Monarch Money Can’t Do
Before you decide to use Monarch for your business, understand its limits.
- It does not provide full accounting reports such as a profit and loss statement, balance sheet, or general ledger.
- You can’t manage invoices, payroll, or tax filings inside the platform.
- Its terms of service specify that it’s for personal use, not corporate bookkeeping.
- It lacks the chart of accounts and reconciliation tools that professional bookkeepers rely on.
For businesses that are growing, hiring, or filing taxes quarterly, Monarch alone won’t give you the documentation your CPA or IRS expects.
The Smarter Approach: Use Monarch and QuickBooks
Here’s how we coach our clients at Lionhood Financial to manage both sides of their financial life:
- Use Monarch Money for personal finances — track your spending, savings goals, and overall net worth.
- Use QuickBooks for your business finances — handle bookkeeping, client invoicing, tax prep, and financial reporting.
This “two-system setup” creates clean separation between your personal and business money. It helps you avoid the most common mistakes that get entrepreneurs in trouble — mixing funds, missing write-offs, or losing visibility into cash flow.
👉 Start with QuickBooks here: QuickBooks Partner Link
How Financial Coaching Makes It Work Together
Software alone won’t fix your financial confusion. You need a plan and accountability. That’s where Lionhood Financial Coaching comes in.
We help you:
- Design a clear financial structure for business and home
- Set up your Monarch Money and QuickBooks accounts correctly
- Build habits that keep your finances clean and consistent
- Create a roadmap toward financial freedom and scalability
When your financial systems are aligned, you don’t just “track” money — you take ownership of it.
Ready to Build Financial Clarity?
If you’re ready to separate your business and personal finances once and for all, connect with us today. We’ll help you set up both Monarch and QuickBooks so your systems actually support your goals.
Final Thoughts
Monarch Money is a powerful personal finance tool. But your business deserves more than an app — it deserves structure, stewardship, and strategy.
At Lionhood Financial Coaching, we help you master both. Because financial freedom doesn’t come from tracking every dollar — it comes from knowing what each dollar is meant to do.