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9 min
10.09.2025
How Finmap Helps IT Companies Bring Order to Their Financial Management
An IT company is more than just code, clients, and products. It’s also a complex financial system: payments in dollars, expenses in pounds, salaries in euros. Freelancers from around the world, subscriptions, servers, services, marketing. And on top of that — taxes, cash flow, payroll, and financial management reports.
As the company grows, the problems grow with it:
- clients pay in dollars, but the team gets paid in crypto;
- one project is profitable, another one is dragging the business down;
- there’s money in the account today — and a cash gap tomorrow. And no one understands why.
Financial management is your only tool for control, confidence, and growth.
It’s the only thing that answers the key questions:
- where the money goes;
- which direction is dragging the business down;
- when it’s time to scale — and when it’s better to hold the cash.
Let’s explore the real pain points IT companies face that drain their budgets — and the solutions that turn financial chaos into business growth.
Project-Based Financial Management Is the Foundation of Control in IT
We work on a dozen projects at once. Some are client-based, others internal. The same developers might be involved in different projects — at different rates. Expenses are tracked manually or not at all. As a result, it’s impossible to tell what generates profit and what simply consumes team time and money.
Sounds familiar? In IT, this isn’t the exception — it’s the norm. For IT companies, project-based financial management shouldn’t be just a convenience — it must be the foundation of financial literacy.
IT businesses often operate across multiple streams: web development, mobile apps, design, support, in-house products. And each of them is a separate project — or even dozens of smaller sub-projects.
When financial management is done only at the company level — not per project — you simply can’t see which of them are actually profitable, and which are dragging you down.
Without clear project analytics, you:
- can’t see which area generates 80% of your profit;
- can’t track where exactly the money goes — freelancers, contractors, or ads;
- can’t identify which projects are unprofitable and only drain your resources.
And most importantly — you make decisions without an objective financial picture.
Project-based financial management gives you visibility into spending, control over budgets, and insight into profitability for each project or sub-project.
It’s the key to timely and informed financial decisions.
McKinsey research highlights the cost of poor project control:
Only 0.5% of IT projects are completed on time, within budget, and with the expected financial return.
The same report presents striking numbers that show the consequences of lacking financial control:
- 59% of IT projects go over budget;
- 53% miss their deadlines;
- 56% deliver less profit than expected.
On average, if a project fails to meet even one of these parameters, costs increase by 75%, while profit drops by 39%.
Can you quickly spot such projects in your business? And are you confident you can cover the losses with reserves or more profitable streams?
That’s why project-based financial management shouldn’t live in a finance manager’s head or in spreadsheets — it must be part of a system that lets you see, analyze, and forecast everything in one place.
Project-Based Financial Management — the Finmap Way
In Finmap, projects are a dedicated layer of analytics for income, expenses, profit, and cash flow. You can:
- Create any number of projects and sub-projects (e.g. “CRM Development” → “Frontend”, “Backend”, “UI/UX”).
- See in real time how much each project earns, what it spends, and what its actual and planned profitability is.
- Compare performance across business streams and cut off unprofitable initiatives.
- Forecast results — just add potential future expenses, and you’ll instantly see how they affect the project’s profit.
- Delegate financial control of a project to a responsible manager by giving them access to only that project — without exposing the rest of the company’s data.
This means you’re not just looking at numbers — you see the real financial picture of each project. And you can make decisions not based on intuition, but backed by real data.
Profit in One Currency, Losses in Another: Why Multicurrency Financial Management Is Critical
Income in dollars, expenses in euros, salaries in USDT, and reserves stored in crypto or pounds. This isn’t a hypothetical scenario — it’s the daily reality for most IT companies working with clients and teams across the globe.
The result? Multiple parallel financial realities:
- everything looks fine in the UAH report, but the USD version shows losses;
- a profitable contract gets eaten up by exchange rate fluctuations;
- plans collapse due to a single miscalculated transfer or a delayed payment.
Without multicurrency financial management, a company can’t see the true state of its finances.
This is especially critical for businesses that:
- Work with clients in different countries (payments in USD, EUR, PLN, GBP);
- Pay teams and contractors in their local currencies;
- Hold accounts in several countries or use multi-currency cards and wallets.
When there’s no multicurrency financial management — profit becomes relative and forecasts lose meaning:
- What looks profitable may be just an illusion — it all depends on which currency you’re calculating in.
- Exchange rate fluctuations can wipe out the margin you thought was stable.
- It’s hard to plan cash flow when every transaction requires conversion and cross-checking against the central bank or interbank exchange rates.
Practical Solutions for Multicurrency Financial Management in an IT Company
Error-Free Multicurrency Management: How It Works in Finmap
If you’re managing multicurrency operations in spreadsheets — that means constant manual work, a high risk of errors, and distorted analytics. We recommend choosing a system that automatically pulls in exchange rates, matches transactions, and generates up-to-date financial reports on its own.
In Finmap, for example, multicurrency isn’t a standalone feature — it’s built into the core logic of the entire system.
You сan:
- Manage finances in any currency — across accounts, projects, transactions, and reports.
- Set a base currency to view the full financial picture — for example, see everything in USD, even if some expenses are in EUR or PLN.
- Enter exchange rates manually, pull them automatically from the central bank, or use the actual rate from the transaction.
- Track exchange rate differences in operations — and calculate their impact on profit or reserves.
- Manage not only fiat accounts, but also crypto wallets — for example, keep reserves in USDT, BTC, or ETH and see them reflected in your overall financial picture.
When your business operates across multiple countries and currencies, precision in financial management becomes critical. And it’s accurate multicurrency tracking that allows you to analyze cash flow in a complete and meaningful way.
Hidden Costs — A Test of Your Company’s Financial Maturity
In the IT business, the team is the biggest expense — and at the same time one of the least transparent.
Core team, freelancers, agencies, support staff, plus temporary tech consultants, designers, or managers. They may all be working on different projects — but in your records, it’s just a line called “Payroll expenses.”
The result? A project might appear profitable — until you realize the team spent 120 hours on it, paid by three different contractors in three different currencies.
And then there are the costs that completely fall off the radar:
- subscriptions to services no one uses anymore (but are still billed monthly);
- one-time bonuses, branded merch, gifts, informal team expenses;
- corporate parties, celebrations, spontaneous business trips, coffee machines, certificates, and more.
WIRED reports:
Around 50% of software licenses in IT companies remain unused, and another 8% are used less than once a month. This creates hidden costs and reduces overall profitability.
Now imagine — how many other overlooked details are silently eating away at your profit?
To avoid losing profit on the little things, it’s worth checking the main risk areas.
Use this checklist with control questions to uncover what usually remains hidden.
Checklist: How to Detect Hidden Costs in an IT Company
If, after going through the checklist, you’ve spotted potential “leakage points” — don’t ignore them.
Solving most of these issues starts with reliable financial management.
How to Bring Order to Your Finances with Finmap
Finmap was built exactly for situations like these — when expenses are scattered, some are hidden, and financial decisions are made on intuition.
Instead of chaos in Excel or banking apps, you get a single system that consolidates all your data: transactions, contractors, subscriptions, compensations, fines, cash flow, budgets, and analytics.
How to Organize Your Company’s Finances in 7 Steps
What an IT company gains by following these recommendations:
- Clear understanding of the current financial state — how much money is available right now, in which currencies, and in which accounts.
- Full control over all expenses — even those that previously “slipped through” (subscriptions, cash, services without integrations, bonuses, etc.).
- Transparency across projects and clients — see which areas are profitable and which are just draining resources.
- Automation of routine processes — less manual input, more time for analysis.
- Team involvement in financial management — expenses are recorded quickly and on time, not “recalled at the end of the month.”
- Ability to react quickly to financial risks — thanks to reports and analytics, the company spots trends before a cash gap occurs.
- Readiness for scaling — financial management adapts to team growth, the number of projects, and currency complexity.
Try going through these steps yourself — and you’ll see how quickly “leakage points” show up, even in a well-organized business.
Finmap Client Case: SITNIKS CRM
SITNIKS CRM is a Ukrainian SaaS company that develops CRM solutions for online stores and marketplaces.
The team was growing rapidly, expanding into new markets, and building out a product line. But scaling required resources — and without external investment, it became impossible.
SITNIKS CRM had no problem shaping a clear vision for growth, setting strategic goals, and building a product roadmap.
But financial management remained unresolved: Excel spreadsheets didn’t provide a complete picture, and a manually compiled P&L didn’t meet investor requirements. That’s why financial order and strategy became a critical part of preparing for fundraising.
Research shows that:
75% of investors don’t consider business plans without a clear financial forecast. Companies with structured financial management and strategy gain a significant advantage when applying for investment.
— Data from Investopedia
How SITNIKS moved from Excel and chaotic spreadsheets to a transparent financial system that helped attract investment — read in the full case study.
Results of Implementing Finmap
After adopting Finmap, the SITNIKS CRM team for the first time gained a clear financial view of the business broken down by products, teams, and periods.
Based on this data, the company built a financial model that became the foundation of its investor presentation.
For the first time, they had clear answers to key questions: What the real profitability is? How much funding is needed for growth? How long the business can operate without additional capital injections?
And it was this preparation that helped secure the first round of investment.
Survival or Scaling — Financial Management Decides
The faster your IT business grows, the more expensive financial mistakes become. A missed subscription, an unprofitable project, a sudden cash gap — none of these are about luck, they’re about management.
Finmap helps bring order to your money, build systematic financial management, and make decisions based on real numbers. That’s how those who plan not just to survive, but to scale, operate.
Want to see how this would look for your company?
Try Finmap in action — and see the finances of your IT business in a whole new way.
No confusion, just numbers, clarity, and a solid financial foundation for action.
Frequently Asked Questions
1. How can I tell which project is profitable and which one is dragging the business down?
Implement project-based financial management: allocate expenses (salaries, freelancers, marketing) to each project or client. Analyze profit by stream, not just overall revenue. This allows you to focus on efficient projects and cut the unprofitable ones.
2. How do I manage cash flow when income and expenses are in different currencies?
You need a centralized system that records all transactions both in their original currency and in the company’s base currency (e.g., USD or EUR). The exchange rate must be fixed at the time of the transaction — this way you can realistically assess profitability.
3. How do I track project financial results and the impact of changes on profitability?
Record not only actual but also planned income and expenses for each project. This allows you to create a budget, track variances, and model scenarios — for example, how increased costs or delayed payments would affect results. Such an approach lets you make decisions before losses even appear.
4. How can I identify where the business is silently losing money?
Conduct an audit of hidden costs: auto-payments from old subscriptions, unapproved team expenses, forgotten freelancers, fines, discounts, staff turnover. Even isolated cases can add up and eat away at profits. Regular expense reviews are a simple way to return money to the business.
5. How do I build management reporting if I don’t have a CFO?
Start with the basics: P&L (profit and loss), Cash Flow (money movement), and account balances. Update them regularly — weekly or monthly. Even a simple Excel file or automated template will help you make informed decisions instead of relying on intuition.
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