Monit, a mobile financial platform designed for small business owners, will launch with a demo at Finovate Fall 2020. Monit keeps business owners on top of their key financial numbers and forecasts cash flow using advanced, patent-pending predictive technologies packaged in an intuitive, mobile experience. Responding to the COVID crisis, Monit includes features every PPP borrower can use, including automatically monitoring transactions and providing guidance to optimize PPP forgiveness. Monit is distributed through banks for their small business clients. For a limited time, small businesses under duress or challenged by PPP forgiveness will also have access, at no charge, directly at monitapp.io/free.
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According to a study commissioned by a U.S. bank, more than 80 percent of small business failures are due to poor cash flow management. Monit puts visibility into current and future business vitals in the palm of the small business owner’s hand. The platform helps business owners clearly see and continuously improve their current and future financial vitals. Combining the business’s historical accounting data with the SMB owner’s expectations, goals, and future-facing events, Monit empowers a business owner to “time travel” with cutting-edge cash flow forecasting, always-on monitoring of critical business vitals, and data-driven, tailored recommendations including automatic PPP forgiveness optimization – all while never touching a spreadsheet or buying expensive and hard-to-use financial planning software.
“Cash is king, especially for small businesses, so 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,” said Steve Dow, co-founder and CEO of Monit. “Business owners today are having to make incredibly tough decisions. Monit was designed to help them predict how those changes will affect their business and give them a better sense of control. With Monit, they can focus on the work they’re passionate about, but still know that when it comes to financials, they’re on it.”
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