Monily - Financial Solutions for Small and Medium Businesses

BACKGROUND

Please describe your company and position.

I am the CEO of Fluent Forever

Describe what your company does in a single sentence.

Fluent Forever makes language learning products (app, pronunciation trainers, word lists, coaching, and bootcamps) rooted in neuroscience, that help users learn and become fluent in new languages.

OPPORTUNITY / CHALLENGE

What specific goals or objectives did you hire Monily - Financial solutions for small and medium businesses to accomplish?

• Accounting
• Tax Management
• Payroll
• General Financial Management

SOLUTION

How did you find Monily - Financial solutions for small and medium businesses?

Referral

Why did you select Monily - Financial solutions for small and medium businesses over others?

• Pricing fit our budget
• Great culture fit
• Good value for cost
• Referred to me

How many teammates from Monily - Financial solutions for small and medium businesses were assigned to this project?

2-5 Employees

Describe the scope of work in detail. Please include a summary of key deliverables.

We hired Monily to be responsible for our financial tasks -- everything ranging from running payroll to submitting our federal and state taxes to maintaining our financial accounts.

RESULTS & FEEDBACK

What were the measurable outcomes from the project that demonstrate progress or success?

Monily dealt with a number of state employee tax issues, which had been left unfinished by the previous firm. They put a lot of effort into this and solved many issues, which was highly appreciated. Monily identified which states we were required to be collecting and report sales tax on.

They led this initiative from start to "finish" and continue to maintain our state tax filing and payments. They also complete our federal taxes each year and support us through the R&D credit process. We regularly ask Monily for financial details relating to a specific period of time for investors, 409a valuations, etc. and they are always happy to provide these and within the timeline requested.

Monily meets with us on a fortnightly basis to go through any outstanding topics on either side and (once per month) to present our financials. This is done with a handy executive summary, which breaks all the values down and explains the differences from the previous month. Throughout the month I have access to both our overall financials (including budgeting) and cashflow planning.

Describe their project management. Did they deliver items on time? How did they respond to your needs?

Monily has always been very good at meeting our deadlines or if there will be a delay, letting us know and giving us a new date. They are very easy to reach and respond quickly.

What was your primary form of communication with Monily - Financial solutions for small and medium businesses?

• Virtual Meeting
• Email or Messaging App

What did you find most impressive or unique about this company?

The team is friendly, responds quickly, and is always open to answering questions. This is highly appreciated. As someone who enjoys other parts of business management more than the finance side, they have been a great help in understanding components that were new or different to me. This is also very different to our previous firm.

As our company was going through a lot of change, I think if we had not changed to Monily at the end of 2022, 2023 would have been very difficult. Their work, advice, support, and answers to questions was very valuable.

Are there any areas for improvement or something Monily - Financial solutions for small and medium businesses could have done differently?

More of a suggestion than an issue, I think they could be a little more pro-active/creative on the organisation side. For example, we were struggling to keep track of which states we were paying franchise and state taxes, which registered agent was being used, etc.

In the end we came up with a tracking table and we asked them to confirm/fill in any missing info. It was no problem for us to do this, but would have been extra nice if it was an initiative they had come up with to help keep everything clear, especially while we were still working through it all.

BACKGROUND

Please describe your company and position.

I am the Director of The Storx

Describe what your company does in a single sentence.

Delivering prompt, last-mile solutions for pharmacies and beyond, ensuring same-day satisfaction for every product.

OPPORTUNITY / CHALLENGE

What specific goals or objectives did you hire Monily to accomplish?

• Help us by creating a financial structure
• Book keeping
• Sending out invoices

SOLUTION

How did you find Monily?

• Referral

Why did you select Monily over others?

• Pricing fit our budget
• Great culture fit
• Referred to me

How many teammates from Monily were assigned to this project?

2-5 Employees

Describe the scope of work in detail. Please include a summary of key deliverables.

"Working with Monily has been an absolute game-changer for our business. Their expertise in accounting services has not only saved us time but also provided invaluable insights into our financial performance. From meticulous bookkeeping to strategic financial analysis, their team has consistently delivered top-notch results. Their professionalism, attention to detail, and proactive approach have made them an indispensable partner in our journey towards financial success.

We highly recommend Monily to any business seeking reliable and efficient accounting solutions."

RESULTS & FEEDBACK

What were the measurable outcomes from the project that demonstrate progress or success?

• Increased Accuracy: Implemented a robust bookkeeping system resulting in significantly reduced errors and improved accuracy in financial records.
• Enhanced Efficiency: Streamlined accounting processes led to a notable decrease in the time spent on financial management tasks, allowing for more focus on core business activities.
• Improved Financial Visibility: Established a structured accounting framework that provided clearer insights into the company's financial health, facilitating better decision-making and planning.
• Compliance Assurance: Ensured adherence to regulatory standards and compliance requirements, minimizing the risk of penalties or legal issues related to financial reporting.
• Timely Reporting: Implemented systems that enabled timely generation of financial reports, enabling us to access up-to-date financial information for informed decision-making.

Describe their project management. Did they deliver items on time? How did they respond to your needs?

The accounting firm exhibited exemplary project management throughout our engagement. They consistently delivered items on time, demonstrating their commitment to meeting deadlines and ensuring timely completion of tasks. Additionally, their accessibility and responsiveness were commendable. Whether through WhatsApp, Teams, or phone calls, they were always available to address our needs promptly and effectively.

Their proactive communication and willingness to accommodate our inquiries and requests significantly contributed to the smooth progress of the project. Overall, their project management approach, coupled with their accessibility and responsiveness, instilled confidence in their ability to deliver exceptional service.

What was your primary form of communication with Monily?

• Virtual Meeting
• Email or Messaging App

What did you find most impressive or unique about this company?

What I found most impressive and unique about this company was their unwavering accessibility. Regardless of the communication channel – whether it be WhatsApp, Teams, or phone calls – they were consistently reachable. This level of availability not only demonstrated their dedication to customer service but also provided reassurance that any urgent matters or inquiries would be promptly addressed.

Their commitment to being always reachable set them apart from other service providers and fostered a strong sense of trust and reliability in our partnership.

Are there any areas for improvement or something Monily could have done differently?

Nothing in perticualr

BACKGROUND

Please describe your company and position.

I am the Principal and Broker of Sperry Capstone

Describe what your company does in a single sentence.

Property Management

OPPORTUNITY / CHALLENGE

What specific goals or objectives did you hire Monily - Financial solutions for small and medium businesses to accomplish?

• Bookkeeping Services

SOLUTION

How did you find Monily - Financial solutions for small and medium businesses?

Online Search

Why did you select Monily - Financial solutions for small and medium businesses over others?

• Great culture fit
• Company values aligned

How many teammates from Monily - Financial solutions for small and medium businesses were assigned to this project?

2-5 Employees

Describe the scope of work in detail. Please include a summary of key deliverables.

Capstone Commercial hired Monily to handle bookkeeping services for a 96-unit apartment complex.  Monily used Yardi as the financial software for this project. 

RESULTS & FEEDBACK

What were the measurable outcomes from the project that demonstrate progress or success?

Monily did an amazing job!  From setup to execution they were top-notch and extremely professional.  I highly recommend Monily for your accounting and bookkeeping needs. 

Describe their project management. Did they deliver items on time? How did they respond to your needs?

• On time.  
• Professional.  
• Trustworthy.  
• Quick to respond.  

What was your primary form of communication with Monily - Financial solutions for small and medium businesses?

• Virtual Meeting
• Email or Messaging App

What did you find most impressive or unique about this company?

They had a full team of professional and experienced bookkeepers.  

Are there any areas for improvement or something Monily - Financial solutions for small and medium businesses could have done differently?

No.  They did everything great! 

BACKGROUND

Please describe your company and position.

I'm the former CEO of Ace

Describe what your company does in a single sentence.

Personal and small business taxes

OPPORTUNITY / CHALLENGE

What specific goals or objectives did you hire Monily to accomplish?

• Fill out taxes

SOLUTION

How did you find Monily?

Online Search

Why did you select Monily over others?

Good value for cost

How many teammates from Monily were assigned to this project?

1 Employee

Describe the scope of work in detail. Please include a summary of key deliverables.

relatively straightforward

RESULTS & FEEDBACK

What were the measurable outcomes from the project that demonstrate progress or success?

They got everything done on time and within budget.

Describe their project management. Did they deliver items on time? How did they respond to your needs?

yes, it worked fine

What was your primary form of communication with Monily?

Virtual Meeting

What did you find most impressive or unique about this company?

follow through

Are there any areas for improvement or something Monily could have done differently?

faster

BACKGROUND

Please describe your company and position.

I am the Office Manager of Joe Bolognas Restaurant & Pizzeria

Describe what your company does in a single sentence.

We are a Italian restaurant

OPPORTUNITY / CHALLENGE

What specific goals or objectives did you hire Monily to accomplish?

• Book keeping
• Lighten my work load

SOLUTION

How did you find Monily?

• Online Search

Why did you select Monily over others?

• Pricing fit our budget
• Good value for cost

How many teammates from Monily were assigned to this project?

2-5 Employees

Describe the scope of work in detail. Please include a summary of key deliverables.

Help prepare Financial Statements for Italian Restaurant that employs 50 + employees that has been in business for 51 years in March 2024!

RESULTS & FEEDBACK

What were the measurable outcomes from the project that demonstrate progress or success?

They never disappoint very punctual & great communication

Describe their project management. Did they deliver items on time? How did they respond to your needs?

They always deliver on time and responded great to our company needs

What was your primary form of communication with Monily?

• Virtual Meeting
• Email or Messaging App

What did you find most impressive or unique about this company?

I love that everything we do is online, and we still get the job done!

Are there any areas for improvement or something Monily could have done differently?

The only thing I can think of that Monily could do different is to once or twice a year set up face to face meetings with their clients in person.

BACKGROUND

Please describe your company and position.

I am the CEO of Folk Revival, LLC

Describe what your company does in a single sentence.

Folk Revival delivers functional nutrition by reviving heirloom and heritage foods. You can learn more about our high protein hot cereal at folkrevival.com

OPPORTUNITY / CHALLENGE

What specific goals or objectives did you hire Monily to accomplish?

• Set up monthly financial reporting
• monthly financial reconciliation

SOLUTION

How did you find Monily?

Online Search

Why did you select Monily over others?

• Close to my geographic location
• Pricing fit our budget
• Great culture fit
• Good value for cost

How many teammates from Monily were assigned to this project?

2-5 Employees

Describe the scope of work in detail. Please include a summary of key deliverables.

Monily was hired to help our start up business, develop starndardized monthly accounting. They developed the process and have helped us truly get up and running on Quick Books. They provide monthly P&Ls and Balance Sheet statements.

RESULTS & FEEDBACK

What were the measurable outcomes from the project that demonstrate progress or success?

Thanks to Monily, our company Folk Revival, is set up with a quality accounting partner. Our monthly reports that they generate are useful, and we have improved visibility into our business.

Describe their project management. Did they deliver items on time? How did they respond to your needs?

Their project management skill have been excellent. They have executed everything they said they would do, on time all for a reasonable monthly retainer.

What was your primary form of communication with Monily?

Email or Messaging App

What did you find most impressive or unique about this company?

Quality work, reasonably priced. It's a communicative and responsive team as well.

Are there any areas for improvement or something Monily could have done differently?

Not really. Monily has met our expectations.

BACKGROUND

Please describe your company and position.

I am the Director of Client Services of One Digital

Describe what your company does in a single sentence.

We are a dynamic Digital Agency specializing in Web Development, Graphic Design, and Social Media Services.

OPPORTUNITY / CHALLENGE

What specific goals or objectives did you hire Monily to accomplish?

• Catchup Bookkeeping
• Tax Preparation
• Regular Bookkeeping

SOLUTION

How did you find Monily?

Online Search

Why did you select Monily over others?

• Pricing fit our budget
• Good value for cost
• Company values aligned

How many teammates from Monily were assigned to this project?

2-5 Employees

Describe the scope of work in detail. Please include a summary of key deliverables.

The services of Monily were enlisted to address various financial needs for our business. Specifically, we engaged them to perform catch-up bookkeeping, ensuring that our financial records were brought up to date accurately and efficiently. Additionally, Monily was tasked with preparing our taxes for the fiscal year 2023, ensuring compliance with all relevant regulations and optimizing our financial standing.

Moreover, Monily was instrumental in providing ongoing bookkeeping support for our business. This involved maintaining and organizing financial records on a regular basis, contributing to the overall financial health and stability of our operations.

By entrusting Monily with these critical financial tasks, we aimed to streamline our financial processes, enhance accuracy in reporting, and ensure compliance with tax obligations. Their expertise and commitment to delivering comprehensive financial services played a pivotal role in supporting the financial management and success of our business.

RESULTS & FEEDBACK

What were the measurable outcomes from the project that demonstrate progress or success?

• Completion of catch-up bookkeeping with a quantifiable reduction in the backlog of financial records, measured by the number of months or transactions successfully processed.
• Timely and accurate submission of tax documents, potentially measured by the successful filing within legal deadlines and the absence of errors leading to penalties.
• Confirmation of compliance with relevant tax regulations, possibly evidenced by an audit trail, adherence to tax code requirements, and absence of compliance-related issues.
• Regular maintenance and organization of financial records, possibly quantified by the frequency of updates, the accuracy of financial reports, and a reduction in the occurrence of errors.
• Efficiency gains in financial processes, potentially measured by a reduction in the time required for bookkeeping tasks and improved workflow effectiveness.
• Improvement in the accuracy of financial reports, possibly demonstrated through a comparison of before-and-after data quality metrics.
• Successful fulfillment of tax obligations without issues or penalties, providing evidence of Monily's effective tax planning and compliance strategies.
• Improvement in overall financial health and stability, potentially assessed through key financial indicators, such as liquidity ratios, debt levels, and profitability.

Describe their project management. Did they deliver items on time? How did they respond to your needs?

The project management employed by the team was effective, characterized by a commendable response to challenges. Initially, there were hiccups, but the team demonstrated adept problem-solving skills, resolving issues seamlessly. Following this resolution, a notable improvement was observed, and subsequent stages proceeded without encountering significant problems. The provision of weekly meetings and timely updates played a crucial role in maintaining client satisfaction.

This proactive communication approach reassured the client that their investment was progressing in the right direction. The commitment to regular communication likely contributed to transparency and alignment between the client's expectations and the project's status.

While the specifics of item delivery are not explicitly mentioned, the emphasis on smooth issue resolution and client satisfaction through consistent communication implies that the team managed to deliver on their commitments. The overall project management approach seems to have been client-centric, responsive, and adaptable, contributing to a positive experience for the client.

What was your primary form of communication with Monily?

• Virtual Meeting
• Email or Messaging App

What did you find most impressive or unique about this company?

The most impressive and unique aspect of this company is their adept project management and commitment to client satisfaction. Despite encountering initial hiccups, the team showcased remarkable problem-solving skills, ensuring a smooth resolution. This ability to address challenges efficiently speaks to their resilience and adaptability.

Moreover, the company's dedication to maintaining open lines of communication through weekly meetings and timely updates is noteworthy. This proactive approach not only demonstrates transparency but also serves as a reassuring factor for the client, instilling confidence that their investment is progressing in the right direction.

The combination of effective issue resolution, commitment to communication, and the ability to keep the client satisfied highlights a client-centric approach. These qualities contribute to a positive client experience and showcase the company's dedication to delivering quality service beyond the mere completion of tasks.

Are there any areas for improvement or something {provider_name} could have done differently?

Monily could consider enhancing its proactive issue prevention strategies, ensuring a thorough analysis of initial hiccups to prevent similar challenges in the future. Establishing a structured client feedback mechanism and fine-tuning project processes, such as communication channels and workflows, could further optimize client satisfaction. Regular reviews of project management processes and a continued commitment to transparency in communication may contribute to ongoing improvements.

BACKGROUND

Please describe your company and position.

I am the Sr. BA of (a/an) eCommerce

Describe what your company does in a single sentence.

The ITR was filed for me as an individual

OPPORTUNITY / CHALLENGE

What specific goals or objectives did you hire Monily to accomplish?

• To file state ITR

SOLUTION

How did you find Monily?

Online Search

Why did you select Monily over others?

Other

Describe the scope of work in detail. Please include a summary of key deliverables.

NA

RESULTS & FEEDBACK

What were the measurable outcomes from the project that demonstrate progress or success?

• NA

Describe their project management. Did they deliver items on time? How did they respond to your needs?

They were pathetic. They sent me incomplete document once and then they sent me the wrong address to send my Income Tax Return (ITR) by mail. The also wanted to give me 0 refund and were trying to pin a part of the blame on me. The team is hopeless.

What was your primary form of communication with Monily?

Email or Messaging App

What did you find most impressive or unique about this company?

Its a pathetic company.

Are there any areas for improvement or something Monily could have done differently?

They need to be more cognizant of customers' needs and look out for them rather than just being negligent and unapologetic.

BACKGROUND

Please describe your company and your position there.

My company deals with marketing and promotions and I am senior executive there.

OPPORTUNITY / CHALLENGE

For what projects/services did your company hire Monily, and what were your goals?

We hire Monily for accounting and bookkeeping our goal was to focus more on our business.

SOLUTION

How did you select this firm and what were the deciding factors?

We selected Monily accounting and bookkeeping services based on our partners review.

Describe the engagement and overall scope of work in detail, including the stages of the partnership and any software or documents used.

The engagement with Monily was very systematic. Initially we share relevant data and things moves smoothly.

Describe their billing or cost structure.

Monthly Invoice

How many resources from the firm's team worked with you, and what were their positions?

One resource worked with us and his position was accountant.

RESULTS & FEEDBACK

Can you share any measurable outcomes of the engagement or general feedback about the services?

Our business increased by 20% because we were more focused on growing our business rather than tackling accounting and bookkeeping issues.

Describe their project management style, including communication tools and timeliness.

Their project management style is very systematic and for communication emails and zoom meetings are used and all timelines are met religiously.

What did you find most impressive or unique about this company?

They follow timelines very strictly and all commitments are fulfilled.

Are there any areas for improvement or something they could have done differently?

So far we have nothing to say on this.