The mobile financial platform designed for small business owners, Monit, recently announced that it would offer its service free of charge to businesses affected by COVID-19
Monit launched with a demo at Finovate Fall 2020. Responding to the COVID crisis, the app includes features every PPP borrower can use, including automatically monitoring transactions and providing guidance to optimize loan forgiveness.
According to a study commissioned by a U.S. bank, more than 80 percent of small business failures are due to poor cash flow management. Monit puts visibility into current and future business vitals in the palm of the small business owner’s hand. The platform helps business owners clearly see and continuously improve their current and future financial vitals. Combining the business’s historical accounting data with the SMB owner’s expectations, goals, and future-facing events, Monit empowers a business owner to “time travel” with cutting-edge cash flow forecasting, always-on monitoring of critical business vitals, and data-driven, tailored recommendations including automatic PPP forgiveness optimization – all while never touching a spreadsheet or buying expensive and hard-to-use financial planning software.
“Cash is king, especially for small businesses, so we created a way for small business owners to keep tabs on their current cash position, and predict where it will be down the road, all easily available on their phone,” says Steve Dow, co-founder and CEO of Monit. “Business owners today are having to make incredibly tough decisions. Monit was designed to help them predict how those changes will affect their business and give them a better sense of control. With Monit, they can focus on the work they’re passionate about, but still know that when it comes to financials, they’re on it.”
Monit worked closely with business owners, bankers, and accountants to develop a mobile application that identifies just the actionable numbers that matter out of a sea of data. Small business owners can get started quickly in a few simple steps. Just create an account, then connect the company’s existing accounting software, like Quickbooks, and Monit does the rest in the background. Owners do not need to enter accounts manually. Monit is a web application that works in a browser on a phone, tablet, or desktop, and does not require a download. Monit’s features include:
“If your business has a PPP loan, you likely have a lot on your plate and worrying about whether your current spending activities qualify for PPP loan forgiveness is not your top priority,” says Dave Batista, head of Customer Experience and a Member of Monit’s founding team. “Managing PPP loan forgiveness is a hard and confusing process. We’ve tried to make it as easy as possible. Monit recognizes whether your company has a PPP loan, then asks if you want help. It’s the way technology should work to help you. When was the last time your accounting software noticed something and asked you about it? The PPP forgiveness feature is one of the best examples of how Monit is more than accounting software. It’s an accounting expert in your pocket.”
Monit is the result of bankers and tech entrepreneurs working directly with small business owners to address big pain points in predicting future cash flow, getting timely and actionable insights, and saving money. It is currently working with community and regional banks across the country to help small business customers thrive. Banks who offer Monit forge deeper relationships with business customers through timely, contextual engagement as well as advanced reporting to better serve their customer base.