Monit FAQs

About Monit

What is Monit? 

Monit is a secure digital assistant for business leaders who aren’t necessarily finance experts, with powerful features designed to help you do more with your accounting system. It is valuable for any type of business – small or large, with or without a CFO. Monit’s award-winning technology automatically generates cashflow forecasts and personalized financial insights based on the data in your accounting system, including: 

  • On-the-go, actionable key metrics and cash flow projections 

  • Future projections that show the impact of different decisions / events on your business financials 

  • Personalized recommendations based on your specific company 

  • Benchmarking information that shows how your business compares against others in key areas 

  

How much does Monit cost? 

All Eastern Bank business customers receive complimentary access to Monit 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 (and thank you for) “Joining Us for Good”! 

 
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 accounting systems are compatible with Monit? 

Monit is currently compatible with 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. 

 

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. 

 

Does Monit connect to my accounts at Eastern Bank? 

Monit never accesses any data from your Eastern Bank accounts. 

 

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. 

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