Most small business owners start their company because they are pursuing a passion, not because they are savvy at accounting or finance.  Cash flow problems cause 82% of small businesses to fail, according to SCORE. Intuit’s State of Small Business report found that 69% of small business owners said concerns about cash flow keep them up at night.

To help small business customers make informed financial decisions, TD Bank partnered with Monit to launch the dashboard. It has been piloted with TD customers since the Spring and is now slated to fully launch in October. The TD Small Business Dashboard enables business owners to connect their accounting system (like Quickbooks) to access a suite of “digital CFO” tools at no-cost to TD’s customers. Once connected, the dashboard will provide automated cash flow forecasts, financial benchmarking against industry competitors on metrics like profitability and revenue, and guidance to help SMB owners run their business more effectively.

Additionally, Monit’s banker-facing dashboard will provide TD Bank representatives with data-driven insights about the SMBs in their portfolio. These include aggregate financial trends and product-level share of wallet. The dashboard helps bankers proactively engage customers with timely and relevant guidance. For example, the banker-facing dashboard might be used to identify customers with potential cash flow shortfalls.  

We are proud and humbled that TD Bank has entrusted us with this implementation, and we are confident that together, we can help small business owners run profitable and durable businesses – and maybe even get more sleep.

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