Monit, a predictive intelligence technology provider, launched a mobile financial platform designed to help small and midsize businesses (SMBs) manage and forecast cash flow. Using patent-pending predictive and mobile technologies, the platform can streamline finance. Among its benefits is simplified compliance for companies that have enrolled in the Payroll Protection Plan (PPP), company representatives stated.
"Managing PPP loan forgiveness can be a hard and confusing process," said Dave Batista, head of customer experience and founding member at Monit. "We've tried to make it as easy as possible. Monit recognizes whether your company has a PPP loan, then asks if you want help. It's the way technology should work to help you."
Steve Dow, Monit co-founder and CEO, agreed that the PPP forgiveness feature is an example of how Monit solves issues for business owners. "We created a way for small business owners to keep tabs on their current cash position and predict where it will be down the road, all easily available on their phone," he said. "With Monit, [SMBs] can focus on the work they're passionate about, but still know that when it comes to financials, they're on it."
Dow went on to say that business owners can obtain Monit through community banks and get started quickly by activating the app and linking it to their existing accounting software. Enrolled users do not need to enter accounts manually because Monit's web application works in the background on phones, tablets and desktops without requiring a download, he noted.
"The solution is not generic and it doesn't feel like a spreadsheet," Dow said. "It feels like something that you can interact with, that evolves over time into data models of your business." Following are additional application features and benefits mentioned by Monit:
Monit is a market-ready solution that combines predictive intelligence and banking expertise. Designed to address major pain points in the small business community, the solution helps business owners predict cash flow, derive actionable insights and save money, company representatives stated.
Monit currently partners with U.S. community and regional banks that provide Monit services to SMB customers. Monit pointed out that its timely, contextual engagement and advanced reporting capabilities can help participating banks forge deeper relationships with their business customers.
Batista noted that for a limited time, small businesses can obtain Monit's services and app at no charge. In addition to alleviating duress and simplifying PPP forgiveness and compliance, Monit can help them leverage technology to plan and achieve primary business objectives, he stated. "When was the last time your accounting software noticed something and asked you about it?" Batista said. "The PPP forgiveness feature is one of the best examples of how Monit is more than accounting software. It's an accounting expert in your pocket."
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