For an arbitrary finite monoid $M$ and subgroup $K$ of the unit group of $M$, we prove that there is a bijection between irreducible representations of $M$ with nontrivial $K$-fixed space and irreducible representations of $\mathcal{H}_K$, the convolution algebra of $K\times K$-invariant functions from $M$ to $F$, where $F$ is a field of characteristic not dividing $|K|$. When $M$ is reductive and $K = B$ is a Borel subgroup of the group of units, this indirectly provides a connection between irreducible representations of $M$ and those of $F[R]$, where $R$ is the Renner monoid of $M$. We conclude with a quick proof of Frobenius Reciprocity for monoids for reference in future papers.