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With Profit, But Without Money: 7 Financial Insights That Will Change an Entrepreneur's Mindset
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12 min
03.11.2025
With Profit, But Without Money: 7 Financial Insights That Will Change an Entrepreneur's Mindset
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Oleksandr Solovei
CEO & Co-founder Finmap
You work hard. The team is doing its best, sales are moving, customers are paying. But every month the situation is the same: the report shows a profit, but there is little money in the account. Everything seems to be fine, but there is no peace of mind.
This is not about failure. It's about managing at random. About a business that is growing but not under control. About numbers that seem to be "there" but don't speak to you.
Alyona Shpachenko, a business scaling consultant, founder of GxBar Madrid, an entrepreneur with 20 years of experience, and a guest on the podcast "If Only I Had Known Earlier," knows this story from the inside.
She has seen dozens of entrepreneurs who built strong companies — and still fell into the trap: there is profit, but no money. In this article, she will share her knowledge about where cash disappears, how to think in numbers rather than emotions, and what it means to be a financially sober owner.
This article is for you if you want to understand how money really works in your business. Not formally, not "on paper," but in essence. You will see why P&L figures differ from account balances, how to distinguish profit from the illusion of profit, and what it means to withdraw money without harming the company.
Read on and learn to see what most owners only notice when it's too late.
Insight 1. Habit №1 — Know Your Numbers by Heart
You may intuitively understand your business and know every customer and team member by heart, but if you don't know your numbers, you're playing in the dark. When an owner doesn't see the real numbers, they make decisions based on emotions rather than facts. And emotions are the worst analyst.
Business speaks only through numbers, through analytics. — Alyona Shpachenko, founder of GxBar Madrid, entrepreneur with 20 years of experience
Why It Matters
Until you see the numbers, the business seems "alive," but in reality, it is unstructured.
- You don't understand which months are really profitable and which ones are dragging the business down.
- You don't see that revenue growth can go hand in hand with a decrease in margins.
- You can't explain where the cash is going if sales are growing.
Most entrepreneurs rely on intuition: "This month seems good," "Expenses haven't changed." But the numbers often show the opposite. And it is they that give you peace of mind that money can't buy — when you know exactly what is happening in your company.
What You Need to Know by Heart
The minimum you need to keep in mind every week — not for reporting, but for decision-making:
How to Do It Systematically
Take the following steps:
- Define a set of key metrics (3–5 maximum). These are your constant benchmarks, not random numbers.
- Establish a "number ritual" — a day and time when you review the indicators (for example, every Friday at 10:00 a.m.).
- Do not delegate analytics completely. A financier can do the math, but you have to understand the numbers.
- Record trends, not random spikes. One month is not an indicator — look at the dynamics over 3–6 months.
- Talk to your team using numbers. Don't say, "We need to sell more," but rather, "We need to increase our margin by 3%."
Result
When you know your numbers:
- you make decisions faster and more calmly;
- you see problems before they become crises;
- you stop confusing profit with money;
- you control rather than guess.
If an entrepreneur makes decisions based on feelings, it's unconscious management. Numbers make it conscious. — Alyona Shpachenko, founder of GxBar Madrid, entrepreneur with 20 years of experience
Want stability, even when the market is in turmoil? Start with this habit. Not with programs or formulas — with simply "knowing your numbers by heart." This is the best insurance for your business.
Insight 2. P&L ≠ Money in the Bank
Profit in P&L is not equal to money in the account. — Alyona Shpachenko, founder of GxBar Madrid, entrepreneur with 20 years of experience
This is probably the most painful discovery for most entrepreneurs. The report shows a profit, everything looks good. But the account is empty. And then a logical question arises: how is this possible?
The reason is simple: P&L (profit and loss statement) shows accruals, not money.
That is, income and expenses are reflected not when you received or paid the money, but when they arose. This is accounting logic — convenient for analysis, but dangerous if you don't understand the difference.
What Is the Difference Between P&L and Cashflow Reports
That is why it happens that you have a profit of +200,000 UAH in P&L, but only 50,000 UAH in your account.
The profit is there because the income has already been accrued, but there is no cash because the clients have not paid yet, or you have gotten ahead of yourself by making large expenditures.
Typical Situations When Profit ≠ Money
- Large accounts receivable.
You sold, but you haven't received the money yet. In P&L — income, in Cashflow — zero.
Solution: monitor payments under contracts, introduce credit limits or an advance payment system.
- Prepayments to suppliers.
You paid in advance, but the goods/services are not yet included in your expenses.
Solution: record prepayments separately to see how much cash is "frozen."
- Taxes, salaries, bonuses "for later."
They have not been paid yet, so they do not reduce your current cash flow, but they will soon hit your account.
Solution: plan these payments in your payment calendar — even if it's not time to pay yet.
- Investments and large one-time expenses.
Buying equipment, renovating the office, upgrading the warehouse — these things don't affect P&L right away, but they eat up money instantly.
Solution: Separate investment expenses from operating expenses.
How to Link Profit to Cash
To understand why there is less in the account than in the P&L, you need to bridge the gap between profit and cash.
Steps:
- Take the net profit from the P&L.
- Subtract the increase in accounts receivable (what you are owed).
- Add the increase in accounts payable (what you owe).
- Take into account changes in inventory — if you bought more goods than you sold, the money went to the warehouse.
- Subtract taxes, dividends, investments, prepayments — anything that eats into your cash.
After that, you will see the real cash result for the month. And often it is very different from the profit.
What to Do Regularly
Result
When you see both sides — profit and cash — you stop confusing "earned" with "received."
- You understand where the money is going.
- You start planning payments instead of reacting to crises.
- You see how decisions about sales, payments, or expenses affect the flow of money.
A business can be profitable and bankrupt at the same time. If you don't control cash, the numbers in the report won't save you. — Alyona Shpachenko, founder of GxBar Madrid, entrepreneur with 20 years of experience
This is where true financial maturity begins: not rejoicing in profits in Excel, but managing what really moves — the money in your account.
Insight 3. How to Withdraw Money from Your Business Correctly
Your business is not equal to you. — Alyona Shpachenko, founder of GxBar Madrid, entrepreneur with 20 years of experience
This is the moment when even strong entrepreneurs "burn out." You create a business, invest your time, nerves, and energy in it — and logically believe that you have the right to take money from it whenever you want. But this is often what destroys the financial stability of a company.
If you withdraw everything that's left in the account after a month of work, you're not making a profit, you're burning through your working capital. The very money you'll need tomorrow for salaries, purchases, or taxes. And then — cash flow gaps, loans, panic, and the search for "where to find cash quickly."
The Main Rule
You cannot take more from the business than it has actually earned.
And even what you have earned cannot be taken immediately. First, you need to check whether you have enough money for operating expenses and a safety cushion.
Algorithm for Safe Withdrawal of Funds
After working for a month, we don't pocket everything that's left in the account. — Alyona Shpachenko, founder of GxBar Madrid, entrepreneur with 20 years of experience
How It Works in Practice
- Instead of "withdrawing everything," plan for "as much as possible."
You know in advance how much of the profit you will be able to withdraw at the end of the month. The rest remains in circulation. - Personal expenses ≠ business.
Personal budget — separately. Business — separately. If you need money, plan dividends or owner's salary, not "withdraw because you need to." - Instead of surprises — a financial rhythm.
Withdraw once a month after analyzing reports, not randomly. This creates predictability for you and your team.
Practical Example
- Monthly revenue: UAH 1,000,000
- Net profit according to P&L: UAH 150,000 (15%)
- Planned working capital (50% of monthly turnover): UAH 500,000
- Current account balance: $620,000
Safe amount for withdrawal = 620,000 – 500,000 = 120,000 UAH
But no more than net profit (150,000 UAH).
So, you can safely withdraw 120,000 UAH and still have a "cushion" for stability.
Result
When you start working according to this rule:
- your business stops "sinking" after each month;
- cash gaps disappear;
- you are not afraid of expenses or taxes because you know they are covered;
- money ceases to be a source of stress — it becomes a management tool.
Business should live its own life. If you constantly drain it, it simply won't be able to grow. — Alyona Shpachenko, founder of GxBar Madrid, entrepreneur with 20 years of experience
This is what financial maturity means for an owner: taking money from the business consciously, not emotionally. Because profit is not a signal to "cash out," it is a signal to "manage."
Insight 4. Excel vs. Software: Where to Calculate and Where to Manage
I loved Excel until I started working at Finmap. — Alyona Shpachenko, founder of GxBar Madrid, entrepreneur with 20 years of experience
Most entrepreneurs start their financial accounting with Excel. And that's normal: it's simple, familiar, and doesn't require additional expenses. But sooner or later, the spreadsheet turns into chaos — hundreds of rows, broken formulas, dozens of file versions, and the question: "Where is the current data?"
This moment is inevitable. And that's when you need to understand: Excel is a great tool for analysis, but not for systematic money management.
What Is the Difference Between Excel and Financial Software
The program automatically calculated P&L and cash flow — and it's immediately clear that it doesn't add up. — Alyona Shpachenko, founder of GxBar Madrid, entrepreneur with 20 years of experience
When to Leave Excel
Excel is not the enemy. It is necessary when you need to:
- create a financial model or calculate business development options;
- model "what if" scenarios: raise prices, cut costs, launch a new line of business;
- analyze project details in depth when flexibility and manual configuration are required.
In other words, Excel is a laboratory. Here you play with numbers to understand how they behave. But a laboratory is no substitute for reality.
When to Switch to a Program
A financial program becomes a necessity when:
- You already have a volume of transactions that you cannot keep up with manually.
Errors in Excel are costly — especially when they are not immediately visible. - Your team is involved in finances.
Someone pays the bills, someone sends checks, someone generates reports — everyone needs one system. - Daily analytics are needed.
The program shows what is happening now, not after the file is updated at the end of the month. - You want to see the financial picture instantly.
P&L, cash flow, account balances, debts — all in one place, without formulas.
The Ideal Formula Is "Excel + Program"
I realized that Excel is good when you're planning. And the program is good when you're managing. — Alyona Shpachenko, founder of GxBar Madrid, entrepreneur with 20 years of experience
Result
When you separate these two roles:
- financial chaos disappears — the data is always up to date;
- you see the whole picture: not just the plan, but also the facts;
- the team works transparently, without "I didn't see that version of the file";
- you reduce the number of mistakes that cost money.
Your goal is not to count manually, but to understand what is happening with the money. Excel is a thinking tool. The program is a control tool. Together, they provide the best combination: strategic vision + operational accuracy.
Read more about how to choose a program for financial accounting.
Insight 5. Accountant ≠ Financier: Different Roles, Different Goals
Don't expect an accountant to be a financier. — Alyona Shpachenko, founder of GxBar Madrid, entrepreneur with 20 years of experience
One of the most common mistakes owners make is to delegate financial management to an accountant. It seems logical: "he works with numbers." But accountants and financiers speak different languages. One talks about reporting and the law, the other about efficiency and development. And if you confuse these roles, your business will be left without strategic money management.
What Is the Difference Between an Accountant and a Financier
An accountant will close the month, but won't tell you why there is no money. — Alyona Shpachenko, founder of GxBar Madrid, entrepreneur with 20 years of experience
Practical examples
- Accountant: reports that everything is fine — there is profit, taxes are paid.
- Financier: sees that the profit is "on paper," but cash has been lost due to accounts receivable.
- Owner: has to decide what to do next — raise prices, cut costs, change payment policies.
In the first case, you are simply "in good standing with the tax authorities."
In the second case, you are in order with your business.
Why Is This Important
- Accounting is about the past.
It shows what has already happened.
Reports, acts, accounts, and declarations are "after the event." - Financial accounting is about the present and the future.
It shows where the business is going and allows you to manage that movement.
It is the financier who analyzes margins, profitability, cash gaps, plan-actual, and the profitability of different areas. - Without the financial function, you cannot see the whole picture.
Even the best accountant cannot show what is happening with efficiency.
As a result, there is profit, but no money.
How to Distribute Roles Correctly
An accountant keeps records for the state. A financier keeps records for you. And these are completely different tasks. — Alyona Shpachenko, founder of GxBar Madrid, entrepreneur with 20 years of experience
What to Do if You Don't Have a Financier Yet
- Don't delegate financial management "on intuition."
Even without a financier, you need to know the basic reports: P&L, cash flow, accounts receivable. - Keep management accounts in the program.
This is your "financial dashboard" where everything is visible in real time. - Consult a financial advisor at least once a quarter.
They will help you understand the numbers, find weaknesses, and adjust your plan. - Gradually introduce a financial function into your team.
Even part-time employment of a financier often pays off in just a few months.
Result
When the accountant and the financial advisor each do their own thing:
- you have a legitimate and profitable business at the same time;
- you know not only how much to pay, but also why it is worth doing it this way;
- the numbers cease to be chaos — they become your management system.
Accounting keeps you on track. Finance gives you a boost. — Alyona Shpachenko, founder of GxBar Madrid, entrepreneur with 20 years of experience
This is what it means to be a mature owner: understanding that proper reporting is not a guarantee of a healthy business.
The guarantee is when you manage money, not just report on it.
Read more about the difference between accounting and management accounting.
Insight 6. Common Financial Mistakes — and How to Fix Them
Financial problems rarely appear suddenly. Most often, they are the result of habitual but misguided actions that seem "logical" at the moment.
Unnecessary expenses, impulsive decisions, mixing personal and business money — all of this gradually undermines stability. Alyona calls this "financial self-deception," which needs to be fixed — that is, changing the owner's very logic of thinking.
The Most Common Financial Traps for Entrepreneurs
I always advocate for analytics because it reveals what intuition conceals. — Alyona Shpachenko, founder of GxBar Madrid, entrepreneur with 20 years of experience
Why These Mistakes Seem Logical
You act with good intentions: you want to keep your business afloat, save money, invest for growth. But the problem is not in your desires, but in your blind spots. Without numbers, you cannot see what actually works and what only seems right.
For example:
- You cut costs, and with them, your income falls.
- You increase sales, but the margin is eaten up by promotions.
- You think you're making a profit, but the money is stuck in accounts receivable.
Without analytics, these connections are invisible. That's why Alyona insists: financial sobriety is not just about counting money, but about being able to see cause-and-effect relationships.
How to Reprogram an Owner's Thinking
- Introduce the rule "numbers first, decisions later."
No "I think." Even small decisions should be based on data. - Separate personal and business finances.
This is not a formality, but a way to protect your business from emotional decisions. - Keep management reports on an ongoing basis.
Not when there's a fire, but every month. P&L and Cashflow are your foundation. - Conduct a "debriefing" after each month.
Compare the plan with the actual results, find the reasons for the deviations, and note what needs to be changed. - Celebrate successes.
Each month with positive dynamics is proof that control is working. This is important for motivation.
Result
When you reprogram your financial thinking:
- decisions become calm, without panic;
- cash flow swings disappear — you consistently have enough money;
- you understand where your profits are "flowing" and how to stop it;
- analytics becomes not a "scary table" but your management language.
As soon as you start talking to your business in the language of numbers, it starts responding to you. — Alyona Shpachenko, founder of GxBar Madrid, entrepreneur with 20 years of experience
Financial sobriety is not about rigidity, but about clarity. Because only when you see reality without illusions can you build a business that really makes money — and brings peace of mind.
Insight 7. Profitability and Marginality — in Simple Terms
Profitability is the percentage you earn from revenue. — Alyona Shpachenko, founder of GxBar Madrid, entrepreneur with 20 years of experience
Most entrepreneurs say, "We earn well." But if you ask, "What is your profitability?" the answer often sounds like a guess. And this is where financial illusions begin: income is growing, but there is no more money. The problem is not that the business is "bad," but that you are not measuring efficiency in percentages.
Profitability and marginality are your main financial compasses. Without them, you cannot see where your business is really making money and where it is simply turning money over.
What's the Difference
When you see profitability in percentages, you begin to really understand how the business works. — Alyona Shpachenko, founder of GxBar Madrid, entrepreneur with 20 years of experience
How It Works in Practice
Example:
- Revenue — UAH 1,000,000
- Cost — 600,000 UAH
- Fixed costs — UAH 300,000
- Net profit — 100,000 UAH
- Marginality: (1,000,000 – 600,000) / 1,000,000 = 40%
- Profitability: 100,000 / 1,000,000 = 10%
- Break-even point: 300,000 ÷ (1 – 0.6) = 750,000 UAH
This means:
- The business only starts to make a profit after 750,000 UAH in revenue.
- Each hryvnia above this level brings 40 kopecks of margin, but after all expenses, 10 kopecks of net profit remain.
How to use these indicators in management:
- Determine the margin of each product or direction.
Not all sales are equally useful. There are those that "generate turnover" but not profit.
Focus on high-margin products and optimize the rest. - Calculate profitability regularly.
Once a month, analyze what percentage of net profit the business brings in.
If it falls, it is not always necessary to "sell more" — often you need to reduce costs or fixed expenses. - Work with a break-even point.
Knowing it, you understand how much you need to earn to survive — and everything above that is growth.
This relieves panic: you see the real limits of security. - Calculate the profitability of projects.
One client may seem large, but in reality, they take more resources than they bring in.
Financial analytics will show you who to scale up and who to let go.
Common Misconceptions
Result
When you start thinking in percentages rather than just dollars:
- you see which sales are truly profitable and which are just an illusion of growth;
- you understand where to optimize in order to increase profits without increasing turnover;
- you make decisions based on facts, not intuition;
- you can clearly explain to your team: "We don't just work to sell, we work to earn."
Profitability is like the body temperature of a business. If you don't measure it, you don't know if it's healthy or not. — Alyona Shpachenko, founder of GxBar Madrid, entrepreneur with 20 years of experience
A Simple Rule from Alyona
You need to grow not in terms of revenue, but in terms of profitability. Because growth without profit is just approaching the limit.
If you control your margin and profitability, you see not only the volume of your business, but also its quality.
And it is quality that determines whether you can safely withdraw money from your account without risking the stability of the company.
Financial Sobriety: When Your Business Finally Starts Talking to You
The money is there. You just need to know how to find it. — Alyona Shpachenko, founder of GxBar Madrid, entrepreneur with 20 years of experience
These seven insights are not about formulas. They are about the mindset that distinguishes a stressed-out owner from a confident leader. Everything Alyona Shpachenko talks about boils down to one thing: business does not hide money from you — it just wants you to learn to see it.
What Unites All Insights
- Know your numbers by heart — so you don't confuse intuition with reality.
- Distinguish between profit and cash — so you don't wonder why there is no money.
- Withdraw money wisely — so you don't kill your business in a moment of emotion.
- Use software, not just Excel — so that data works for you, rather than sitting in files.
- Separate roles — so that the accountant reports to the state and the financier helps you earn money.
- Notice financial self-deception — so you don't have to put out fires that you start yourself.
- Think in percentages, not feelings — so you can see where the real profit is and where it's just turnover.
What Will Change When You Start Taking Action
- Money will stop disappearing "between the lines."
You will understand every hryvnia, where it goes and where it comes from. - Your decisions will become calm.
There will be no panic about "where to get money tomorrow" — there will be a plan for "how to work steadily." - Business will start to feel like control, not a struggle.
You will see that profitability is not a coincidence, but the result of a system.
This Week, Take a Step Toward Controlling Your Finances
Financial sobriety is not austerity, but freedom. It's when you're not chasing money, but money is working under your control. When every number makes sense, and every decision is based on facts, not "seems like."
I want people to be interested in numbers. And then the numbers will start talking to them. — Alyona Shpachenko, founder of GxBar Madrid, entrepreneur with 20 years of experience
If business is a conversation between you and money, then financial sobriety is the moment when you finally begin to understand each other.
Frequently Asked Questions
1. If the business is profitable, why is there no money in the account?
Because profit ≠ money. In the P&L report, you see income even if the customer has not yet paid. And money only appears when the payment has actually been credited to the account.
Between these two moments, there are accounts receivable, prepayments to suppliers, taxes, salaries, and investments.
Therefore, always look not only at profit, but also at cash flow — a report on the movement of money.
Tip: check your profit against your actual cash every month. If there is a difference between them, look for where the money is "stuck."
2. How can you figure out how much money you can safely withdraw from your business?
The formula is simple:
- See how much you actually have in your accounts.
- Subtract mandatory future expenses (salaries, taxes, rent).
- Leave a safety cushion — at least 50% of monthly turnover.
- Only the remainder can be taken as dividends.
Alyona Shpachenko's rule: "The business must still have money even after you have withdrawn it."
3. Why can't an accountant be a financier?
Because they solve different problems:
- An accountant ensures that the state has no questions for you.
- A financier — to ensure that the business has profits and cash.
An accountant sees the past, a financier sees the future.
The former says "how it is," the latter says "how to do it better."
If you mix these roles, you will end up with accounting without management.
Tip: even if you don't have a financial specialist yet, you can think like one — through numbers, dynamics, and analytics.
4. When should you switch from Excel to a program?
If:
- there are more transactions than you can update manually;
- a team is involved in finance (payments, invoices, reports);
- you want to see P&L and cash flow daily, not just once a month.
Excel is great for modeling and forecasting, but not for day-to-day management.
The program is your financial coordinate system, where you can see everything in real time.
The optimal solution is to use Excel for analytics and Finmap or a similar platform for daily accounting.
5. How to increase business profitability without increasing sales?
Profitability is not about "selling more," but about earning more efficiently.
Check:
- whether the cost price is eating into your margin;
- which products or customers bring the highest profitability;
- whether fixed costs are too high;
- whether net profit is growing in percentage terms, not just in dollars.
Tip: set a goal of "+5% profitability" rather than "+20% revenue." This has a greater effect and leads to more stable growth.
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