What is Monit?
Monit is a secure financial navigator for leaders who want to take advantage of potentially meaningful financial insights and tips around their company’s financials, the competition, and more. It works by connecting to your accounting system to give you additional features and insights that may help you better navigate business opportunities and challenges, including:
Cash flow projections
On-the go, actionable key metrics (e.g., revenue, expenses, invoices, etc.)
Benchmarking, which shows how your business compares against your peers across key metrics (e.g., key ratios, key expenses, profit, employee count, etc.)
Valuations, estimates the value of your business based on information in your accounting system and using the Discounted Cash Flow model.
Interactive decisions / events tool: shows the impact of different decisions / events on financials
Personalized insights and recommendations based on your specific company, seasonality, and trends
How much does Monit cost?
Eastern Bank business customers receive access to Monit at no cost as an included benefit of banking with us.
With comparable tools costing an average of about $1000 per year (according to research conducted by Signal Financial Technologies, Inc.), you can consider it an exclusive benefit of “Joining Us for Good”!
Does Monit connect to my accounts at Eastern Bank?
What if I already have an accountant, bookkeeper, CFO, or accounting system that I like? Is Monit useful for me?
Monit is not designed to replace the financial advisors or accounting systems you may already work with. In fact, we recommend using Monit to help improve the relationship you already have with your finance resources.
Can I use Monit if I have more than one business?
Yes! Simply create a new Monit account for each business.
What do I need to use Monit?
If you have all the following, you’ll be able to use Monit:
- Internet access
- A web browser
- A compatible accounting package (QuickBooks Online, QuickBooks Desktop, Xero) with at least 6 months’ worth of data.
What accounting systems are compatible with Monit?
QuickBooks Online™, QuickBooks Desktop, and Xero. Monit is working on adding support for additional accounting packages, be sure to check back soon if yours is not yet supported.
How does Monit keep my accounting data safe and secure?
Data security is one of Monit’s top priorities. Monit encrypts all data, including your accounting data, to protect against unauthorized access or tampering. Furthermore, Monit is SOC II Type 2 certified, meaning that its information security practices are as robust as those found at financial institutions across the United States, and its systems and procedures for information security are reviewed, tested, and audited by third-party experts regularly. By default, Eastern Bank does not have access to your financial information through Monit. However, you may be prompted within Monit to share certain financial information about your business with your banker to discuss lending options. You have the option to decline. You also can always disconnect your accounting data from Monit at any time.
How do I log on to Monit?
Go to https://app.monitapp.io/login. For mobile device or tablet users, we recommend adding the Monit app to your home screen. For web users, we recommend saving the login link to your bookmarks or favorites.
Monit is not yet available through Eastern Mobile & Online Banking.
How can I use Monit to plan future business scenarios?
Monit has a feature called Events that lets you plan by seeing how different decisions can impact your future cashflow and financial metrics. Events in Monit will also appear in the forecasted portion of the cashflow graph until you choose to remove them.
What if I want to make changes to the numbers I see in Monit?
The data that appears in Monit is synced from your accounting system. If you encounter numbers or values in Monit that appear incorrect, double-check your accounting system, and make any necessary changes there. Then, you can manually sync data in Monit through the main menu or let Monit automatically update over the next 24 hours. If no changes appear after 24 hours, please contact [email protected].
What is the difference between Signal Financial Technologies and Monit?
Can I close my Monit account? What happens if I decide to close my Monit account?
Yes. Closing your Monit account will not impact any other account you may have with Eastern Bank.
I need help, who should I contact?
For support with Monit, please contact sup[email protected] or click on the Chat icon in the lower-right corner of any screen.
For all questions related to your Eastern Bank business accounts and all other business products and services from Eastern Bank, please call Eastern’s Business Services team at 1-800-333-8000 or contact your relationship manager directly.