Boston-based fintech Monit has launched a mobile financial platform for small business owners, with Eastern Bank the first to offer Monit’s features to its customers.
Monit’s platform provides business owners with key financial numbers and uses predictive technologies to forecast cash flow. The mobile platform also has features for Paycheck Protection Program borrowers, including automatic monitoring of transactions and guidance to optimize PPP forgiveness.
“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,” Steve Dow, Monit’s co-founder and CEO, said in a statement. “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.”
Boston-based Eastern Bank is the first bank to provide Monit’s cash-flow forecasting and monitoring features. Eastern said on its website that the platform is free for small business customers to use.
For a limited time, other small businesses can access the app directly through Monit for free, the company said in the statement, citing the challenges businesses have been facing with the pandemic and PPP forgiveness.
The platform resulted from bankers and tech entrepreneurs working directly with small business owners to address pain points in predicting future cash flow, getting timely and actionable insights, and saving money, the company said. Monit is working with community and regional banks across the country to launch the app.
The platform allows business owners to connect the platform to existing accounting software, such as Quickbooks. The platform works in a browser on phone, tablet or desktop.
The app’s PPP feature monitors transactions in real-time and keeps track of where the company stands on forgiveness, including days left in the spending period, the amount spent in forgivable categories and the amount that qualifies for forgiveness.
“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,” Dave Batista, head of customer experience and a member of Monit’s founding team, said. “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.”