cc:Monet FAQ

What is cc:Monet?

cc:Monet is an AI-driven financial management platform tailored for small to medium businesses worldwide. It combines an AI financial assistant with collaboration tools to simplify processes like data entry and invoice management. With intelligent analytics and customizable reports, it gives business leaders a clear view of their operations.cc:Monet also promotes transparent financial data sharing, improving team communication. Real-time updates and automated reminders help managers stay informed, reduce errors, and save time. By streamlining financial tasks, cc:Monet lets businesses focus on growth and innovation.

How many languages can cc:Monet’s AI scanning feature recognize?

cc:Monet supports 160+ languages.

How much does cc:Monet cost for my team?

Our pricing is designed to suit teams of all sizes:

• Essential Plan: $69/month per team. This plan is perfect for businesses and finance teams seeking to streamline bookkeeping with AI-driven automation. It includes processing up to 300 invoices per month, access for one admin, and unlimited team members for collaboration.
• Enterprise Plan: Custom pricing based on scope. Designed for larger organizations with complex workflows, it offers higher document processing capacity, advanced automation, and dedicated experts to assist your team with end-to-end implementation and management.

What benefits do I get from the plan?

• Essential Plan: With the Essential Plan, you can process up to 300 invoices and extract data from 40 sheets of bank statements monthly, all while enjoying unlimited team member collaboration. It includes advanced visual recognition for precise data extraction, support for multi-language and multi-currency transactions, and bank reconciliation without requiring account access. Additional features include duplicate detection to eliminate redundant entries, on-the-fly rule-based categorization for tailored workflows, and an AI-powered expense claim and approval system. You’ll also benefit from error detection for human mistakes, an expense claim copilot for streamlined management, seamless integration with tools like Xero and QuickBooks, and real-time assistance from our AI Copilot, “Just Ask Monet” (JAM).
• Enterprise Plan: The Enterprise Plan includes all the benefits of the Essential Plan, plus unlimited invoice processing and bank statement extractions for complete financial clarity. It also offers custom integrations tailored to your business needs and access to a dedicated customer success team for personalized support.

How does cc:Monet use AI?

cc:Monet leverages advanced AI technology to automate complex financial processes, delivering accurate and timely financial reporting in seconds. It uncovers patterns in financial data that might be overlooked by humans, offering deep insights while ensuring compliance with regulatory standards.

Key areas where our AI transforms bookkeeping include:

1. Automated Data Entry: Effortlessly extracts and records financial data from receipts, invoices, and bank statements with the highest accuracy and granularity, significantly reducing manual work and minimizing errors.
2. Transaction and Vendor Categorization: Uses intelligent algorithms to organize transactions and vendors based on their details, ensuring financial data is well-structured and easy to manage.
3. AI-Driven Journal Entries: Automatically generates and posts journal entries with precise categorization, real-time updates, and adherence to accounting standards.
4. Bank and Account Reconciliation: Matches transactions from bank accounts with those in accounting software to keep financial records accurate and up-to-date.
5. Predictive Analytics: Analyzes historical data trends to provide forecasts, helping businesses anticipate future financial conditions and make informed decisions.

How do I choose the right plan for my business?

Choosing the right plan depends on the size of your business, the complexity of your financial workflows, and the volume of documents you need to process.

• Essential Plan: This is ideal for small to medium-sized businesses or teams looking to streamline their bookkeeping with AI automation. If you process up to 300 invoices per month, need basic features like bank reconciliation, multi-currency support, and seamless integration with tools like Xero and QuickBooks, the Essential Plan will meet your needs. It’s perfect for businesses seeking cost-effective, self-service solutions to simplify daily bookkeeping tasks.
• Enterprise Plan: This plan is best suited for larger organizations or businesses managing complex workflows and high transaction volumes. If you require unlimited invoice processing, custom integrations to fit your unique requirements, or dedicated support from a customer success team, the Enterprise Plan is the right choice. It’s designed to handle large-scale operations with advanced automation and tailored solutions.

What accounting software do you sync with?

cc:Monet integrates seamlessly with leading accounting software, including QuickBooks, Xero, Odoo, MYOB, SAP, and Oracle NetSuite. We are continuously expanding our integrations to ensure you can effortlessly incorporate cc:Monet into your existing workflow, enhancing efficiency and streamlining your financial processes.

I have multiple businesses or one business with multiple locations. Will this cost extra?

cc:Monet supports multi-entity businesses. Each business or location would need its own subscription at whatever level is right for that business.

How does cc:Monet process the scanning of receipts or bills?

cc:Monet leverages advanced AI technology to process the scanning of receipts and bills with unparalleled accuracy and speed. You can easily upload your receipts or bills by taking a picture with your mobile device or uploading files directly, even if they are wrinkled, handwritten, or in non-English languages. Our AI-powered system extracts key details such as vendor information, dates, amounts, and line items with 10x higher accuracy compared to traditional tools. The data is then digitized, categorized, and prepared for seamless integration into your accounting software, reducing manual input by up to 95% and ensuring error-free financial records.

How does cc:Monet process reimbursements?

cc:Monet utilizes AI to automate the reimbursement process, reducing manual data entry and minimizing errors, with the ability to issue same-day ACH payouts.

I already have Quickbooks, why do I need cc:Monet?

While QuickBooks offers a wide range of features designed for businesses of all sizes and industries, cc:Monet is purpose-built to meet the unique needs of small to medium businesses (SMBs). Here's why cc:Monet complements or even enhances your QuickBooks experience:

1. Tailored for SMBs: Unlike QuickBooks' broad focus, cc:Monet is specifically designed for SMBs, offering features that directly address their pain points, such as handling vendor receipts, employee claims, and multi-currency transactions with ease.
2. Enhanced AI Scanning: cc:Monet's advanced AI scanning technology delivers 10x higher accuracy in processing complex invoices, bills, and bank statements. It transforms them into highly detailed, error-free data tables, drastically reducing manual effort and ensuring precision.
3. Intuitive and User-Friendly: With a reimagined interface and simplified workflows, cc:Monet is incredibly easy to use. It empowers anyone in your team to manage bookkeeping tasks without requiring professional finance expertise.
4. AI Assistant for Instant Insights: cc:Monet's AI assistant allows you to chat with your uploaded documents and get instant answers to any accounting or bookkeeping-related questions, making financial management smarter and more accessible.

In summary, cc:Monet is a thoughtfully redesigned solution for SMBs, capable of replacing QuickBooks for those seeking a more tailored and streamlined experience. Alternatively, if you prefer to keep using QuickBooks, cc:Monet acts as a powerful pre-processing tool, simplifying and optimizing your workflow before syncing seamlessly with QuickBooks to make your operations smoother and more efficient.

I already have a dedicated bookkeeper from a CPA firm, why do I need cc:Monet?

While having a professional bookkeeper from a CPA firm is valuable for addressing complex financial matters, cc:Monet can complement and transform your bookkeeping process in the following ways:

1. Reduce Workload and Costs: cc:Monet significantly reduces the manual workload for bookkeepers by automating time-consuming tasks like invoice and receipt processing. This can potentially lower the number of bookkeepers you need to hire, resulting in substantial cost savings.
2. Unmatched Accuracy: Powered by advanced AI, cc:Monet delivers higher accuracy than even experienced professionals, ensuring error-free financial records and minimizing costly mistakes.
3. Empower Your Team: cc:Monet enables anyone in your organization to handle basic bookkeeping tasks in real time, rather than waiting for bookkeepers to process everything at the end of the month or quarter. This ensures a more proactive and efficient approach to financial management.

In summary, cc:Monet can, in some cases, replace bookkeepers entirely by automating routine tasks with greater accuracy. In other cases, it serves as a powerful tool to empower bookkeepers, allowing them to achieve higher throughput and accuracy. By leveraging cc:Monet, your bookkeepers can transform into "superstar bookkeepers," delivering exceptional results while saving time and costs for your business.

What’s the difference between cc:Monet and Expensify?

While both cc:Monet and Expensify aim to simplify financial workflows, they cater to different needs and offer distinct capabilities. Here's how cc:Monet stands out:

1. Purpose-Built for SMBs: While Expensify primarily focuses on expense reporting and management, cc:Monet is designed to address the broader bookkeeping challenges faced by small to medium businesses (SMBs). It goes beyond expense tracking to handle complex tasks like invoice processing, vendor receipts, and employee claims with ease.
2. Superior AI Scanning Accuracy: cc:Monet's advanced AI scanning technology outperforms Expensify by delivering 10x higher accuracy in processing invoices, receipts, and even handwritten or non-English documents. This ensures error-free data entry and significantly reduces manual input time.
3. Bulk Processing Capability: Unlike Expensify, which is optimized for individual expense reports, cc:Monet excels at bulk processing large volumes of invoices and receipts in minutes. This makes it ideal for businesses dealing with high transaction volumes.
4. AI-Powered Insights and Chat: cc:Monet includes an AI assistant that not only processes data but also provides actionable business insights and answers finance-related questions. This empowers business owners to make informed decisions and better understand their financial health.

End-to-End Workflow Integration: cc:Monet seamlessly integrates with mainstream accounting tools like QuickBooks, Xero, MYOB, and more, acting as a smart layer to streamline bookkeeping from start to finish. Expensify, on the other hand, is more focused on expense reporting and reimbursement workflows.

In summary, while Expensify is a great tool for managing individual expense reports, cc:Monet is a comprehensive solution tailored for SMBs, offering unparalleled accuracy, bulk processing capabilities, and AI-powered insights to revolutionize bookkeeping and financial management.