Monit FAQs

HOW IT WORKS

What is Monit?

Think of Monit as a digital financial assistant maximizing the power and insights of your accounting software right from your fingertips. Monit was built for, by and with business owners like you to help project cash flow and provide insights that may help improve decision-making abilities, all from a mobile phone (or any device of choice).

 

How much does Monit cost?

Monit is free, complimentary for being an Eastern Bank business customer and free for 3 months to non-customers. Continued free use beyond this point would require having a business account with Eastern Bank.

 

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, but is not compatible with Internet Explorer.

 

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 the 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 about the security of my accounting data? Will Eastern Bank have access to my data?

The security of your business financial information is important! You selected Monit, as your ‘mobile-friendly financial assistant’ which connects to your business data to learn and give you insights that can help your company grow. Insights are protected using secure technology practices. As a Monit user, Eastern Bank does not have access to your business financial information. However, Monit may ask if you want to share certain financial information about your business with your banker to discuss lending options. 

 

What types of businesses is Monit helpful for?

Today, a range of business customers use Monit’s tools and insights – from very small, new businesses with as little as 6 months of accounting data, to companies generating up to $10 million in revenue.

 

I know Monit is free (complimentary) for Eastern Bank customers specifically, but what is the value?

Monit’s tools are complimentary to Eastern Bank business customers. Similar tools considered comparable to Monit tend to cost business owners an average of more or less than $1000 per year. Eastern is happy to offer Monit’s tools as a perk to help owners see their cash flow projections at any time and use tools that help see the potential impact of different events or decisions on key financial metrics. We're happy to offer a tool that may potentially help owners / leaders make better decisions and use insights to drive growth.

 

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 OnlineTM, QuickBooks Desktop and Xero today.

If you have questions or need help, click the Monit Chat bubble for immediate assistance or email us at easternlabs@easternbank.com. We are in the process of making Monit compatible with more accounting packages based on customer demand. 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 it sees anything new from your accounting package. 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?

Monit is not yet available through Eastern Mobile & Online Banking. You may leverage it as a stand alone app on your device of choice through a mobile or desktop browser.

 

What is special about Monit? Who is it built for?

This financial companion was built so busy business owners and leaders like you can understand how your business is doing and where it's going, all from the palm of your hand. Monit empowers you with metrics, projections and personalized insights that can help you make more informed business decisions. It can also be used to keep non-financial partners and other leaders on the same page in real-time.


I already have an accountant or CFO. Is Monit useful for me?

Existing users say Yes! Monit is intended to make the lives of business owners easier, regardless of whether there is a CFO or accountant involved. Monit users have even said that it helps streamline and power the accountant relationship.


If I own multiple entities, how could I use Monit to get views on my businesses? Could I create one profile or multiple if I want to?

Businesses who own multiple entities should create a Monit profile for each one of those entities. They currently cannot be aggregated, though there are plans to allow for this in the future. Right now, they must connect each business to a single Monit account.

 

What are some ways customers use Monit today?


• To stay on top of cashflow and key metrics and numbers that matter most, with near real-time 24/7 clear views of cash on hand, gains and losses, accounts payable, receivable, etc. (Please note: Monit may take 24 hours to sync and update your accounting information).
• To model the impact of potential decisions, trends or events - for example, new hires, big purchases, changes in revenue and more.
• To make more informed decisions based on personalized insights for your specific business, including line of credit or investment timing, revenue or expense optimization and ongoing projections, warnings, and alerts.


Can Monit project Paycheck Protection Program (PPP) forgiveness too?

It includes a real-time PPP calculator to help project and optimize forgiveness.

 

Most accounting platforms are unwieldy – how is this different?

As business owners themselves, Monit’s founders understand. They built Monit to get you out of spreadsheets and empower you with key metrics and cashflow forecasting information right at your fingertips. Owners like you tend to want personalized tools and insights that can help you grow. Monit aims to deliver these (along with warnings, alerts) in as close to real-time as possible. Please note: Monit may take 24 hours to sync and update with your QuickBooks or Xero information.


I see value in using Monit to ensure that my business leaders are all on the same page with understanding our financials. What is the guidance around security and sharing log-ins?


Small business leaders who use Monit as a team should contact Monit (support@monitapp.io) in order to connect their group. We have the ability to connect one business to multiple users, but this must be done as an administrator. One team member must be them designated ‘owner’ and they can revoke access when needed and manage the other users on the team.


Can I export reports from Monit? How can I share Monit data / info with accountants?

    
Exporting is not currently supported, but will be soon. Let us know if you have feedback on this as we build out this capability by messaging easternlabs@easternbank.com. 
 

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