Mobile Finance App for Small Businesses Takes Prize for Its Innovative Cash Flow Prediction and PPP Loan Features
Monit, a mobile financial platform designed for small business owners, announced that it has won “Best of Show” for its demo at FinovateFall Digital 2020. Monit is a mobile finance app that keeps small business owners on top of their key financial numbers. Monit forecasts cash flow, monitors business vitals, and if the business has a PPP loan, automatically monitors transactions in real-time to keep track of where the company stands on its path to forgiveness. Monit is available free for a limited time.
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Finovate Best of Show Awards are given at each event to the companies with the best demos as voted by the Finovate audience on the basis of demo quality and potential impact of the innovation presented.
“Best of Show is a true honor, as it’s an award given by our peers in banking and fintech, including some of the most innovative companies in the industry,” said Steve Dow, CEO and co-founder of Monit. “Monit was created to help small business owners stay on top of their key numbers while on the go, so they can focus on their work and their customers. This recognition confirms that Monit’s innovative approach is perfect for today’s stretched small business owners, and we’re thrilled to make it available for free to hard-hit small businesses that can’t access it from their bank yet.”
Monit connects in just a few minutes to the business’s current accounting system, for example, QuickBooks. It keeps business owners on top of their finances in a way that accounting software cannot. Business owners can see vital financial information such as cash flow, and priority accounts receivable and payable, revenue and expense tracking, and key business insights and recommendations based on their data. Monit can also predict future cash flow based on business events such as new hires and capital investments. In response to the COVID crisis, Monit also developed features for PPP borrowers including automatically monitoring transactions and providing guidance to optimize PPP loan forgiveness prior to discussing with their bank.
“Monit is so impressive. It appeals to bankers and small business owners, as well as other professionals that work with small businesses, so the demo struck a chord with a wide audience,” said Greg Palmer, VP and host of Finovate. “Monit packs a ton of powerful features for small businesses in an elegant mobile package. Congratulations to Monit on their success.”
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