Monit FAQs

About Monit

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?

Not today.

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. Information may be shared with Eastern Bank to help Eastern better service and facilitate business with you. However, you may disconnect your accounting package from Monit by logging into your accounting package and following their specific instructions for disconnecting from external applications.

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