How did a service business owner save $12 500?

Lack of control over finances and unforeseen expenses can be a real Achilles' heel for every entrepreneur, undermining financial stability and reducing profitability.

Finance has always been key for me. Excel, while useful, does not always meet modern business requirements. But when we started working with more professional money accounting tools for business, everything changed.
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Dmytro Sheremeta, entrepreneur, owner of Сhystota.ua.

How to save $12 500 on cost optimisation

Dmytro's company delivers equipment in the form of a vacuum cleaner or a ladder for each cleaning, if necessary, which is included in the service price. They used to use taxi services, which did not provide a consistent price for the transportation of equipment: it varied depending on the weather, days of the week, and the demand for taxis at that particular time.

After analysing the costs in Finmap, Dmytro saw that they were spending an unpleasantly high price on logistics. Together with the team, they started looking for ways to reduce these costs. Eventually, they decided to completely change the type of delivery. They found a partner who delivers on electric scooters. This improved the logistics time, removed the fuel variable, and made the price stable.

One round-trip delivery cost $9 for the company, and after cost optimisation, it was $2.5.

Thanks to Finmap, we saved $9 000 on optimising the cost of equipment delivery alone. In total, we optimised costs by more than $12 000 over the year.

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What Finmap features help you save money?

Dmytro uses Cashflow and P&L most often. He needs Cashflow on a monthly basis to analyse the company's expenses, to quickly assess what costs they incur and to make optimisation decisions easier.

Dmytro reviews the P&L regularly, comparing it to the previous two months to identify changes in different cost categories. If he notices an increase in expenses in a certain category, the team immediately analyses the reasons for this growth and considers optimisation opportunities.

Save $12 500 or lose money? What will you choose?

The answer is obvious. But how to do it?

In the Finmap service, you can allocate all your expenses and income to separate categories, contractors, and projects.

Let's look at how it works using the example of categories.

You have fixed costs that recur every month, such as rent, logistics, advertising, etc. In the Analytics section of the Profit report, you can use filters to analyse your expenses for each period and each category.

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This way, you will see which expenses eat up a lot of your money every month. Understanding where exactly this weakness is in your budget, you can look for ways to optimise your expenses: change suppliers, give up a part of the office that is not used, etc. Thus, just by saving on expenses, you will already significantly improve the financial health of your business.

But uncontrolled expenses are not the only problem in the accounting of money for a modern entrepreneur.

What do entrepreneurs face every day?

A large number of business owners face the following problems:

• they do not see the real state of the business
• they do not understand how much money is currently on each account and in the company as a whole, the data is available, but in a bunch of home-made tables that  are difficult to analyse and almost impossible to bring together
• they do not understand how much dividends they can withdraw without harming their business
• whether there will be money at the end of the month to pay salaries, rent and contractors

How to solve it?

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Thanks to Finmap, you can easily put your business's money in order and keep your finger on the pulse, because from now on:

• All your invoices are on one screen, clearly
• All data gets into the service automatically, thanks to integration with banks and payment systems
• Easy to analyse money (Cashflow), profit (P&L), projects, bills, debts: not in complex chaotic reports, but in visual charts
• Thanks to the payment calendar, you can easily plan cash flow and prevent cash gaps
• Delegate routines to employees, deciding who can see what and who can edit what
• Also, you no longer need to search for invoice templates on the Internet: from now on, issue branded invoices directly in Finmap.

Don't wait until you start losing money. Try Finmap for free right now!