What is Monit?
Monit is mobile-friendly financial assistant, built for (and by) business owners like you. Monit can help business owners project their cash flow and improve financial performance, all accessible using your mobile device.
How much does Monit cost?
Monit is free, compliments for being an Eastern Bank business customer.
What technology requirements are needed to use Monit?
Users are only required to have an Internet connection and a modern web browser. The app has been developed targeting the latest versions of Chrome, Safari, Firefox, and Edge for desktop, and Safari/Chrome on iOS and Android.
How do I install Monit to my device?
If you are using this from your phone (which is recommended), make sure to click 'Add to Home Screen' when you are prompted from within your browser. This will install our application to your device. You can still access Monit from any browser even after it is added to your home screen, but it's a handy way to access the application.
What data do you use for Monit?
Monit connects and leverages data from your accounting package. Monit does not connect to data from your Eastern Bank accounts.
What accounting packages are compatible with Monit?
Monit can connect to Quickbooks Online and Xero today. We are in the process of adding additional packages. To inquire about a particular package or be notified when Monit will be able to integrate to other packages, email easternlabs@easternbank.com
How often does Monit update my data?
Monit updates your data once a day after we see anything new from QuickBooks Online. It may take 24 hours to reflect updated values if they have changed within the past day.
Can I log into Monit through my Eastern Bank account?
No, at this time you will need to log into Monit outside of your Eastern Bank account.
Monit provides a cash flow number. What does this represent? How is it calculated?
The historical cash number is derived from your bank account balances we see in QuickBooks along with any transactions in the past. Forecasted cash is a combination of the cash balances we see along with our recurring forecast and events that you may have added. High and low projections of cash indicate the variation that may have been implied by your QuickBooks transactions.
How do I use the cash flow chart?
If you are using Monit on a phone or tablet, you can move the cash flow scrubber to move past or ahead in time. You can also pinch and spread the chart to zero in on more detail, or zoom out for the bigger picture. At any point in the timeline, you can scroll down to see other financial details for that point in time, and also see other time periods by unhiding those as noted. If you are using Monit on a laptop or desktop computer, you can use your mouse or trackpad to move the scrubber back and forth and highlight parts of the screen you want to zoom in or out from. Monit was designed primarily for touchscreens like phones or tablets, but a desktop version is in our development plans.
Can I edit and make changes to Monit?
Monit uses the data in your accounting software. It’s a one-way flow currently, so correcting things in your accounting software would be the way to modify what Monit is showing about the past.
Can I use Monit to plan future business scenarios?
Monit has a feature called Events that lets you plan for the future to see impacts on your cash flow and financial metrics. Those future Events are remembered by Monit and you can edit or change those at any time, including how likely something might be as things change.
My numbers do not look right; what should I do?
First check to see if your QuickBooks data is up to date. If something still looks wrong, please contact support@signalft.com.
How does Monit protect my information?
Monit’s system utilizes technology and software best practices. Monit continues to test and re-test its architecture to ensure it meets the high level of security our customers expect, including penetration tests and in-process SOC compliance. Please review Monit’s privacy policy for more information.
Can I export this information?
No, unfortunately this functionality is not available at this time. Please submit this this or other features requests to support@signalft.com.
How should I interpret the data presented in Monit?
Monit includes definitions and guides for financial terms used in the app. Monit also posts helpful links and content in their blog which is accessible in the app. You should use Monit by seeing what’s important to focus on today, and also by keeping Monit informed of upcoming decisions through our Events function, and seeing the impact of those decisions, so that you can better manage cash flow. Monit isn’t meant to replace your accountant or bookkeeper but to complement the guidance they provide to you.
How can I share my feedback?
Please share your feedback at support@signalft.com.
I keep seeing “Signal.” What is the difference between Signal and Monit?
Signal Financial Technologies LLC is the company that created Monit. Signal is an independent company that has provided its technology product to Eastern Bank. Eastern Bank is providing Monit for free to its business banking customers. This is why you will see Signal in our privacy policy and use “signalft.com” email address handles.
What happens if I decide to close my Monit account?
Do I lose my Eastern Bank accounts? No, you will not lose your Eastern Bank accounts.
If I close my accounts at Eastern Bank, can I keep my Monit account?
You may keep Monit, but you may be incur a fee to continue using the technology.
I need help, who should I contact?
For issues related to using the application, please contact support@signalft.com.