Finance in Plain Language

How a small business can overcome a financial crisis and stabilize income in conditions where every hryvnia counts?

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‍How to optimize expenses and increase profit without using complex financial programs?Thehrdwood, a company that managed to turn challenges into opportunities, knows the answer to these questions.

Thehrdwood - Natural Products for Space Harmony

Artem Kornieiev founded Thehrdwood in 2013 in Kyiv, creating a company specializing in producing exquisite wooden products. The company's products, presented on marketplaces like Etsy, Amazon, and its own website, quickly gained popularity in the USA, Canada, the UK, and other countries.

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Before the war, the company focused primarily on customized engraved products. Kitchen boards with family recipes, which became true bestsellers, were particularly popular. The company was the first to offer such unique gifts, earning recognition and popularity.

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From 2020 to 2021, the business grew rapidly, gaining extensive reach and support from marketplaces.

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In 2022, the war significantly impacted the company's activities. Logistical problems made deliveries uncompetitive, and finding alternative routes took about four months.

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This led to a significant increase in delivery times and a threefold drop in sales of customized products. However, instead of halting operations, Thehrdwood shifted its focus to producing home workspace and decor items.

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Challenges on the Path to Success

‍Artem and his team faced a number of challenges that required quick and decisive actions:

• Profitability Analysis: The need to understand the company's actual financial situation and determine which business areas were most profitable, where to focus, and which areas to cut back.
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• Financial Instability: A large number of accounts, channels, and marketplace reports created confusion in financial reporting.
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• Financial Transparency: The need for a convenient and clear financial reporting system to help make the right decisions.

Meeting Finmap

After several attempts to use Western financial systems that did not meet expectations, Artem found Finmap. From the first demo video, he realized that this was exactly what was needed: a simple, convenient, and effective program.

Finmap - A Reliable Strategic Partner

Artem and his team discovered that Finmap was not just a financial program but a true strategic partner. Finmap also helps find financial experts and provides financial consulting and support.

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Results of the Collaboration:

• Revenue Growth: For the first time in three years, the company became profitable by implementing effective business development strategies and continuously analyzing the market. Regular online meetings with a financial expert became an integral part of the work: data analysis, identifying weak points, and finding ways to address them. An annual strategy and three development scenarios were developed.
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• Expense Optimization: The company not only reduced expenses but also ensured positive cash flow, laying the foundation for further growth.
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• Financial Stability: Thehrdwood managed to ensure business stability and growth using a simple and effective management reporting system.
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• Innovative Budgeting: Implementing a budgeting system for different expense items allowed for more efficient resource management.

Every week, Artem, along with a financial expert, checks if the company is on track and calculates the expected income at a certain sales pace. If deviations from the plan are found, they respond promptly and cut unnecessary expenses.

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Financial data is digitized and displayed on clear dashboards, allowing for quick responses to changes. The system made financial management easy and convenient, even from a smartphone.

• ‍Break-even Point: The company knows the stage at which sales cover all expenses. For the rest of the month, Thehrdwood operates at a profit.

Like many small businesses, Thehrdwood faced serious financial challenges. By timely seeking expert assistance, the company not only survived but also thrived, turning the crisis into an opportunity for growth.

Thehrdwood achieved new heights during difficult times, becoming a true example of a successful enterprise ready for future challenges. Artem and his team do not rest on their laurels and continue to collaborate with a financial expert from Finmap to achieve ambitious goals and bold plans.

Do you ever feel like your business is stuck in a cycle of constant financial difficulties? We know how difficult it can be to run a business in an uncertain environment. Especially when cash gaps and recurring losses hinder growth.

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However, there is a way to change the situation for the better. Find out how a publishing house and educational projects managed not only to overcome financial difficulties but also to achieve a 10% monthly profit growth.

Losses and uncertainty: what to do?

Our client, a well-known publishing house with educational projects, faced the following problems:

• Cash gaps
• Constant losses
• Inefficient reinvestment
• Ineffective investments in new projects
• It was difficult to determine which products were profitable and which were unprofitable.

These risks posed the threat of bankruptcy, poor management decisions, and investing resources in unprofitable products.

How Finmap's financiers changed the situation

We started with a detailed analysis of profitability to determine which areas of activity were profitable and which were unprofitable. Then we implemented a systematic control of financial indicators with Finmap, which allowed us to track the financial position in real time.

Impressive results of cooperation

Thanks to the cooperation, the client achieved the following results:

• Complete absence of cash gaps
• Effective financial management
• Financial modelling of new projects
• Competent management of investments and reinvestment of profits
• Profit growth by 10% per month from the second month of cooperation

New financial structure and investment policy

We helped to create a clear financial structure for the business, reduce staff costs and increase efficiency. An effective investment management policy was also implemented, which significantly increased the profitability of the projects.

What kind of entrepreneur do you want to be?

Are you ready to get rid of financial difficulties and reach a new level of business development? At Finmap, we are committed to helping you achieve this. Our team of financial experts is ready to provide the support you need to optimise your business:

• Analysing the profitability and profitability of projects
• Implementation of a financial performance control system
• Effective financial and investment management
• Development of an individual financial strategy

Take the first step towards the stability and growth of your business. Let's get your financial affairs in order together!

Are you familiar with the feeling of fear that comes with the arrival of payday tomorrow, and there are only a few hundred hryvnias left in your bank account? Do you panic when important suppliers demand payment, and you don't have enough funds?

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Every entrepreneur has faced such situations in the course of their activities. Why does a lack of funds occur at crucial, sometimes decisive moments, and how can this be prevented?

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This dreadful scenario is called a cash gap — a situation where there is not enough money to cover the current obligations of the business.

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Such a problem threatens bankruptcy and debts. Cash gaps can lead to unpleasant consequences beyond the company: decreased sales, damage to the company's reputation, conflicts with suppliers, tension within the team, staff changes, penalties from suppliers and banks, and production delays.

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This article aims to help entrepreneurs permanently eliminate cash gaps. We will consider five key tips that will help ensure your business's financial stability, avoid stress related to a lack of funds, and create a solid foundation for sustainable growth.

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By following these recommendations, you will be able to effectively plan cash flows, control expenses, optimize accounts payable, create financial reserves, and increase revenues.

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Being proactive is the most effective way to combat cash gaps.

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Where to start in combating cash gaps?

1. Plan Cash Flows

The Importance of Planning

Regular cash flow planning is critical for anticipating and preventing potential cash gaps. According to data from Minutes.co:

82% of small businesses fail due to cash flow problems.

Forecasting

‍Make forecasts of income and expenses for future periods. This helps you better understand when cash gaps may occur and prepare for them in advance. According to a study by JP Morgan Chase:

The average small business has only 27 days of cash reserves.

2. Control Expenses

Expense Analysis

‍Regular analysis of expenses helps identify areas where savings can be made. Evaluate if expensive supplies can be replaced with cheaper alternatives without losing quality. For example, using more economical materials or optimizing production processes can significantly reduce costs.

Prioritization

Prioritize expenses that directly impact your income. Investing in raw materials, research and development, marketing, and staff training can directly increase sales and improve product quality. Reduce spending on less critical aspects of the business, such as unnecessary administrative fees.

Implement Flexible Budgets

According to Harvard Business Review:

Companies that adopt a flexible budgeting approach in constantly changing business environments are more likely to avoid financial difficulties.

Use of Technology

‍Modern technologies can help track and optimize expenses. Use financial management software that automates processes and provides accurate expense reports. According to McKinsey:

Implementing digital solutions can reduce costs by up to 30%.

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3. Optimize Accounts Payable

Payment Terms

Negotiate longer payment terms with suppliers, if possible. This approach allows more funds to remain in your accounts to cover current expenses. Regularly review your cooperation terms with suppliers and look for better options.

Process Automation

‍Use financial software to automate the management of accounts payable. This helps avoid errors and ensures timely payments.

Setting Priorities

Prioritize debt repayment based on its importance to your business. Pay off those debts first that could cause the most significant problems if payments are delayed.

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Tracking Debt

Regularly monitor the status of accounts payable. This helps avoid unexpected expenses and allows you to respond promptly to potential issues. Consider using analytical tools to forecast future financial needs and plan payments.

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Experienced entrepreneurs use a payment calendar for this purpose. It acts like a "vaccine against cash gaps."

What is a payment calendar?

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A payment calendar is a tool for financial planning of cash flows in a business. It is usually created for a month with weekly breakdowns or for a longer period suitable for your business.

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It outlines expected income and expenses for a specific period, allowing the business owner to assess the company's ability to meet financial obligations on time.

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A payment calendar can be maintained in homemade Excel spreadsheets, which is quite inconvenient and time-consuming. An alternative option is automated financial programs.

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The convenience lies in the fact that all pre-scheduled payments are automatically included in the calendar, and it is possible to immediately see potential future cash gaps.

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There is no need to manually enter all account balances, income, and expenses every month. Thanks to integration with banks, all data is automatically pulled in.

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Working with the Finmap Calendar is done in just a few clicks:

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1. Enter all planned expenses into the service: rent, salaries, taxes, etc.
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2. Enter planned income: payments from clients, repayment of accounts receivable, etc.

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A short video will help you understand the useful functions of the payment Calendar.

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Now, in the payment calendar, you can clearly see during which periods you might experience a cash gap and preempt it by rescheduling or canceling payments, negotiating with clients for earlier payments, etc. This visibility allows proactive management of your cash flow to avoid financial strain.

4. Use Financial Reserves

Creating Reserves

‍Establish a reserve fund to cover unexpected expenses. This helps prevent cash gaps during sudden financial difficulties. Financial experts recommend having reserves sufficient to cover expenses for three to six months.

Investments

Consider investing a portion of your profits in liquid assets that can be quickly converted to cash if needed.

Diversification of Reserves

‍Spread your reserve funds across different accounts and assets to reduce risks. For example, keep some funds in savings accounts, some in bonds, and some in other liquid investments.

Regular Review of Reserves

Regularly review and update your financial reserves to ensure they meet your business's current needs. This helps you be prepared for any financial challenges and avoid cash gaps.

5. Increase Revenues

Marketing Strategies

Implement effective marketing strategies to attract new customers and increase sales. Utilize SEO, social media, and other channels to enhance brand visibility.

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Investing in quality content marketing can significantly boost website traffic. Additionally, retargeting ads can reclaim up to 26% of visitors who have previously visited your site, increasing conversion chances.

Diversification

Consider diversifying your product or service offerings to reduce risks associated with dependence on a single income source.

Partner Programs

Implement partner programs to acquire new customers through existing partners. This can expand your market significantly without substantial marketing costs. According to Forrester:

Companies using partner programs can generate up to 15% of their total revenue through these channels.

Customer Loyalty

Invest in loyalty programs to retain existing customers. Bain & Company reports that:

Increasing customer retention by 5% can lead to revenue growth of 25-95%.

Consider implementing discounts, bonuses, and special offers for loyal customers to encourage repeat purchases.

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Avoiding cash gaps is a key aspect for sustainable business development.

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Implementing these five strategies will help ensure financial stability and mitigate the stress associated with cash shortages.

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Plan cash flows, control expenses, optimize accounts payable, create financial reserves, and increase revenues.

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By utilizing these strategies, you can minimize financial risks and ensure the prosperity of your business, while Finmap simplifies the process with its user-friendly payment calendar.

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In addition to the payment calendar, Finmap allows you to:

• Monitor income and expenses through bank integrations.
• Aggregate data and operations across various projects, categories, contractors, and counterparties.
• Easily analyze finances and profits through intuitive graphs rather than complex reports.

Forget about the nerve-wracking tension caused by financial management. Discover what organization and transparency in business finances really mean!

Have you ever wondered where the money goes when it seems like your business is booming? Do you ever get lost in the numbers and can't figure out where the profit is?

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A lack of clear financial control can lead to a loss of funds and growth opportunities. That's why a profit and loss statement (P&L) is an indispensable tool for every entrepreneur. It helps you see hidden problems and find ways to solve them, ensuring the sustainable development of your business.

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Why is a profit and loss statement necessary for business?

Assessment of financial performance

A profit and loss statement allows you to assess the financial performance of your company in detail. You can see whether you have achieved your financial goals by comparing income and expenses.

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For example, a restaurant owner can use this report to determine which dishes bring the most profit and which ones should be removed from the menu.

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According to a study by the U.S. Bureau of Labor Statistics:

About 20 percent of small businesses close within the first year, 30 percent within two years, and 50 percent within five years, largely due to a lack of financial control.

Budgeting and strategic planning

With a regular profit and loss statement, you can plan your budget more effectively and develop development strategies.

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For example, a company may find that it spends too much on marketing and redirect these funds to innovation or staff training.

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According to a study by CB Insights:

One of the main reasons startups fail is a lack of proper financial planning and management, accounting for up to 39% of all failures.

Monitoring and controlling expenses

The income statement helps to identify excessive costs and find ways to optimise them. It provides an opportunity to respond to cost increases in a timely manner and take measures to reduce them, which helps maintain the company's financial stability.

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Thanks to cost analysis, Dmytro Sheremeta, owner of Chistota cleaning company, saved $12 500 a year.

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Dmytro's company has always strived to provide high-quality cleaning services, using the necessary equipment, such as vacuum cleaners and ladders, which had to be delivered to the place of service. The cost of this delivery was usually included in the total price of the service. To transport the equipment, the company often used taxis, which resulted in unpredictable logistics costs depending on weather conditions, days of the week, and current taxi demand.

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After analysing the costs using the profit and loss statement in Finmap, Dmitriy discovered that the company's logistics costs were higher than expected. Together with his team, he started looking for ways to reduce these costs. After careful analysis, it was decided to change the type of delivery and find a partner who transports goods using electric scooters.

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This approach not only reduced delivery times, but also eliminated the dependence on fuel prices, making the cost of transportation more stable.

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Before the cost optimisation, one round trip delivery cost the company $9, while after the implementation of the new logistics strategy, the cost dropped to $2.5. This has significantly reduced logistics costs and increased the company's efficiency.

Reporting to stakeholders

Investors and lenders pay attention to the income statement when assessing a company's financial position. This is especially important if you are planning to attract investments to scale your business. Reliable financial statements increase your attractiveness to investors.

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The income statement is an indispensable tool for every entrepreneur. It provides a clear picture of the company's financial position, helps to identify hidden costs and optimise resources. Using this report allows business owners to plan effective strategies, make informed decisions based on real data, and ensure business stability and growth in the long term.

How to create a high-quality Profit and Loss report?

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A well-crafted income statement is the foundation of your business' financial health. It not only helps you understand the current state of affairs, but also opens up new opportunities for growth. To make your report as useful as possible, follow these key steps:

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1. Select the reporting period. Determine the period for which the report will be prepared. It can be a month, quarter, or year, depending on the specifics of your business and industry standards.
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2. Gathering financial information. Gather all the necessary financial data: revenues, expenses, operating profit (or loss), interest, taxes, and other financial indicators. It is necessary to collect not only the movement of funds on official accounts, but also on cash desks, cards, wallets, etc.
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3. Classification of income and expenses. Carefully classify all income and expenses by their purpose and nature. The main income (from the sale of goods or services) and additional income (from investments, licences, etc.) should be separately identified. Expenses should be divided into categories, such as salaries, materials, marketing, administrative expenses, etc.
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4. Calculate the net profit (or loss). Subtract total expenses from total revenue to calculate net profit or loss. This indicator is critical for assessing the company's financial position.
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5. Comparison with previous periods. Compare the results of the reporting period with previous periods to identify trends and analyse the dynamics of financial indicators.
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6. Prepare an analytical report. After preparing the main income statement, prepare an additional analytical report that contains detailed information on individual components of income and expenses, as well as an explanation of the reasons for changes in financial indicators.
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7. Visualise the results. Use visualisation tools to improve understanding and ease of perception of financial information. Charts and dashboards help you quickly assess the company's financial position.
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Additional tips:

• Retrospective analysis. Compare results with previous periods to identify trends and predict future expenses and income.
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• Market analysis. Take into account changes in the economic environment and market trends that may affect the financial performance of your business.
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• Distribution of money. Separate your own funds from business funds. This will avoid the very common mistake of mixing finances.
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• Professional approach. Take the advice of a professional financier for qualified quick advice on setting up accounting. If you do not have the funds for ongoing support, the first consultation will set the owner on the right track.
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• Technological solutions. Use modern tools to automate financial accounting. For example, Finmap integrates with banks and payment systems, simplifying the process of data collection and analysis.

By following these steps and income statement standards, you will get a clear and objective view of your company's financial position. This will allow you to manage your business more effectively and make strategic decisions that will contribute to its growth and stability.

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For maximum convenience and efficiency, automate your accounting with Finmap and forget about complicated home-made spreadsheets. Finmap integrates with banks and payment systems, providing you with convenient graphs and dashboards that greatly simplify analysis and make informed business decisions.

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. — 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.

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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.

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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. — Dmytro Sheremeta, entrepreneur, owner of Сhystota.ua

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.

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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.

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

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The answer is obvious. But how to do it?

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

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

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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.

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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 enough money at the end of the month to pay salaries, rent and contractors.

How to solve it?

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!

User case card

Serious Development Agency IT company — development of mobile applications and sites for startups.

Web site: https://sda.company

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Alex Shubin — the founder of Serious Development Agency IT company.
Has 12 years of programming experience.
He started his cash flow management with Finmap 1,5 years ago.

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How can an owner of an IT company keep money in order in business if he works 17-19 hours per day and has literally no free time? And what if the company is located in Ukraine and, like most entrepreneurs today, he needs to take care of the team’s safety and continue to develop the business in conditions of total instability?

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You could postpone the task until better times. Or you could lay the foundations for systematic accounting now by understanding the numbers, seeing the current state of affairs clearly, and making confident decisions about the future based on the data. Alex, the owner of the IT company Serious Development Agency, chose this way.

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In this case, we will tell you how he managed to find the time and what results he achieved.

Given

The IT company, Serious Development Agency, has been developing mobile applications and websites since 2019. There are 16 people in the team, and they continue to grow. The number of projects and tasks from clients is also increasing.

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If you don’t keep organized cash flow management, it is easy to drown in the chaos of incomes, outgoings, regular payments and debts. That’s why Alex, the founder of the company, decided that it was necessary to implement systematic cash flow management.

I decided to get my business in order after all. Because I realized that I don’t understand what’s going on, how much money I could get out and so on. — Alex Shubin, founder of Serious Development Agency

Task

We always say, keeping track of the cash flow for the sake of keeping track is a mistake. Therefore, before you systematically put your money in order, you need to determine why you need to keep track of it and how cash flow management will help you grow your business. Alex has set himself these objectives:

• Get rid of the financial mess.

Clearly understand how much the company earns, how much dividends you can collect, and what is going on in your business.

• Monitor your account balances and planned incomes.

It is to see how much money is there right now and how much you can expect in the future.

• To save time.

Alex works 17-19 hours a day now. He doesn’t have enough time to focus on managing the cash flow.

In general, there is more work now, because we are constantly hiring more employees and have to pay attention to them. Plus, we must devote more time to customer service in order to reassure our clients that even in spite of the war we are able to meet their needs. — Alex Shubin, founder of Serious Development Agency

• To keep track of your cash flow in a systematic yet simple way

When I was entering everything into Google spreadsheets, I realized that there were some things I might overlook and not take into account. You need to spend some time setting it up, the same reports and so on. And since I understand that time is money, it’s easier for me to keep all the documentation in one place and have multiple options to run different reports, integrations… — Alex Shubin, founder of Serious Development Agency

Alex decided to implement Finmap to solve his business matters.

Solution

Alex first tried Finmap a year and a half ago. However, he did not manage to fully apply the features of the service to his business then and switched to another product. But Alex found many bugs that made his work more difficult. So he decided to go back to Finmap again

Why Finmap — because I was already a user. I had taken courses from both Ivan and Oleksandr*. — Alex Shubin, founder of Serious Development Agency

‍* Ivan Kaunov and Oleksandr Solovey are both co-founders of Finmap. Ivan led the course «Finance in plain language». Over time we expanded and supplemented the information, which resulted in Oleksandr Solovei’s «Business Money» course on how entrepreneurs can get from chaotic finances to a system in just 5 steps.

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With the service, Alex decided to use the help of a Finmap financial expert* straight away to save time on set-up and to see the focus points in cash flow management for his company.

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* Our users can request the help they need from Finmap’s financial experts and choose an assistant, manager or mentor. You can book free consultation and find out more about this service.

The first thing Alex did was to connect and add all the company’s accounts to Finmap, so he could see all the balances he have at the moment on one screen.

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The next step is to synchronize with Privatbank and the Wise money transfer system. So that all incomes and expenses are automatically uploaded to Finmap and displayed in the financial reports.

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The synchronization:

• saves time on manual data entry;
• makes keeping track of accounts easier;
• eliminates the risk of losing a particular payment.

Even small expenses that are often overlooked (such as transfer fees or payments for app and service subscriptions) will be taken into account automatically. As a result, users get a more accurate picture of the company’s financial situation.

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As one of Alex’s tasks was to understand how much the company earns, he paid particular attention to the Profit and Loss statement ( P&L)*.

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* The P&L statement shows a company’s profits and losses for a specific period, e.g. a month. It is generated automatically in Finmap based on the data entered by the user and fed into the service through integrations with banks and other services.

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Alex also plans to introduce regular maintenance of the payment Calendar* to control future income and to track upcoming expenses in advance.

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* By adding future expenses and incomes to Finmap, the user will see them in the Calendar and will be reminded to make the planned payment or collect client debt in a timely manner.

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Plus, the Calendar will show whether there is enough money to cover all expenses for a particular date or if there is a risk of a cash gap (a temporary situation where a business does not have enough money to cover all necessary expenses).

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However, the founder of Serious Development Agency also informed us of a feature of particular concern for his business.

I have this issue. I receive one payment, but this payment is allocated for several people at once. I have to split it up manually every time and calculate how much of this payment relates to one specific project and how much to another? It would be cool if we had a large payment coming in, and we could specify that a certain amount of money from that payment applies to a specific project. — Alex Shubin, founder of Serious Development Agency

Our development team is now actively working on implementing the functionality that Alex is missing. This feedback is vital to us as it helps us develop Finmap tools that our users can use to manage their specific financial needs more efficiently.

What’s the result

• Alex sorted out the mess in his finances and set up systematic cash flow management.

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With Finmap financial expert Karina, Alex was able to sort out what was going on in the company in January-February, including when the war in Ukraine began.

We set everything up, looked at what was happening between January and February and now there is an understanding of the numbers. — Alex Shubin, founder of Serious Development Agency

• Thanks to the connected integrations, the transfer of transaction data is automated; Alex doesn’t have to transfer it manually and spend time on it.

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• It is possible to see financial reports in a couple of clicks and understand what’s going on in the business. Reports are generated automatically in the form of easy to understand graphs and charts. There is no need to waste time putting tables together and then trying to make sense of dozens of columns of numbers.

Graphs are quite useful. You can even present the data in percentages in them. — Alex Shubin, founder of Serious Development Agency

The P&L report is also important to Alex because it allows him to easily track the company’s profits.

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• Alex plans to use a payment Сalendar within Finmap to monitor future incomes and expenses (e.g. to plan tax or loan payments).

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Most importantly, with his finances under control, he can now monitor the growth of his business. After all, as Alex says:

If we work in times of war, even from basements, what else can stop us?

Are you the owner of an IT company? Understand the finances of your business, clearly, see the profitability of each product/project, and accurately calculate your investments in new product development with Finmap.

User case card

Storypoint — IT recruitment company
🌐 Website: https://storypoint.team/

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Andrii Oleksiienko — Co-founder & CEO of Storypoint
Knows how to build cool teams in IT companies.
His goal is to improve the recruitment process in Ukraine.
Does not like to manually enter data into spreadsheets.
📱 Insragram: @alex__andrew

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Most entrepreneurs agree that scaling a business is always a challenge, accompanied by the possibility of chaos and failure. Yet, the hero of our today’s case study, Andrii Oleksiienko, the founder of Storypoint, does not agree at all. 😉

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He managed to scale his business in one year and increase his income almost tenfold while avoiding financial losses and mistakes. He did it with systematic cash flow management, of course (otherwise why would we be here, right?). In this case study, we tell you how cash flow management helped Storypoint and how you can adopt their experience for your business.

Given

Storypoint was created by Andrii and his partner Diana in 2021. It helps to recruit and hire talented people for technology companies, as well as facilitates outsourcing and outstaffing in Ukraine and abroad.

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Prior to launching his business, Andrii worked in IT-companies and built teams from within. Therefore, he knows well what problems both business leaders and employees face.

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For the first 2-3 months of work, the company used spreadsheets to manage finances. However, as the business grew, so did the expenses. They had to dedicate extra effort to enter each transaction into the spreadsheet, and eventually the task became too time consuming. Andrii started looking for ways to automate the processes.

The problem was that all transactions had to be entered manually into our Spreadsheet, where the entire budget was stored. It took a lot of time, so we decided to automate the process and that’s why we chose Finmap. — Andrii Oleksiienko, Co-founder & CEO of Storypoint

Task

When choosing a solution for automation of cash flow management, the following was important to Andrii:

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1. Financial management should not be time consuming. Business owners and finance managers have enough operational tasks every day. He didn’t want to spend more hours on entering all the transactions manually.
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2. It must be possible to connect bank accounts into the cash flow management tool, in order to save time on entering transactions, as well as to avoid losing costs. It was especially important for Andrii to be able to connect the tool with Monobank, because the company’s account was with this bank.
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3. Clear analytics for systematic understanding of the company’s expenses and incomes.

Finmap solution

Andrii learned about Finmap from friends. At that time the tool was still in beta testing, but the businessman was not intimidated and decided to give it a try. The crucial factor for Andrii was the possibility to link Finmap with the bank so he would not have to enter all the transactions manually.

One of the reasons was that we have Monobank, and Finmap works with Monobank. It was perfect. Because such an integration between a bank account and Finmap is exactly what we use it for, it’s a major feature for us. — Andrii Oleksiienko, Co-founder & CEO of Storypoint

Implementing Finmap: Was it difficult?

It was not difficult at all. The implementation of the service did not take long. All that was needed was to register, create a company and connect the bank accounts*.

Finmap has the coolest onboarding. I signed up for the service, linked the company’s Monobank account, and imported all our transactions. — Andrii Oleksiienko, Co-founder & CEO of Storypoint

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* This is what the features of connecting integrations with banks and services inside Finmap look like. Integrations with 2000+ banks around the world are now available in Finmap.

Setting up finance management: Maybe this was difficult?

At the time Storypoint connected to Finmap, the service was still in beta. That’s why Andrii did face some difficulties with the currency conversion*. Payments in USD and EUR that came to the company were not always displayed at the correct exchange rate.

There was only a few cents difference, but because of that discrepancy the debit and credit didn’t add up. — Andrii Oleksiienko, Co-founder & CEO of Storypoint

* Now, Finmap pulls current exchange rates from national banks of different countries. For example, for Ukraine from the National Bank of Ukraine, for the Czech Republic from Czech National Bank, as well as from Mastercard.

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This means that for users who have transactions in different currencies, information about exchange rates is always accurate. In addition, it is possible to set your own exchange rate if needed. This, for example, is how the exchange rate is displayed when you enter Income in USD into a UAH account.

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To solve it, Finmap offered Andrii the advice of our financial expert*.

The finance expert showed our accountant how to properly structure income and expenses in Finmap. After that, all the statements added up perfectly. Plus, they helped us correctly organize everything, add categories, subcategories, tags. Since then, we are able to analyze our expenses and income in different categories: per employee, per project. That, in turn, helped optimize costs and drop unprofitable projects. — Andrii Oleksiienko, Co-founder & CEO of Storypoint

* If you prefer, our users can get help from Finmap’s financial experts and choose an assistant, manager or mentor for themselves. You can book free consultation and find out more about this service.

User case card

Company «AIRT» — Turkish Association of Independent Realtors, sells and rents property in Turkey.
Website: https://airt1.com

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Ilgiz Yusupov — founder of the company «AIRT»
Instagram: @ilgizyusupov
For 7 years he has been involved in real estate in Turkey.

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Has been using Finmap in his business for about a year.

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For him, cash flow management with Finmap is an opportunity to reflect on his company’s financial health and plan for the future, while quietly enjoying a cup of coffee.

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Best price, caring service, high quality… What other advantages can a business use to get ahead of the competition?

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One Finmap user, the founder of a real estate company in Turkey, realized that orderly business finances could also help him get ahead. Why and how? We tell you in this user case study.

Given

AIRT deals with real estate in 4 cities in Turkey (Istanbul, Antalya, Alanya, Ankara). AIRT’s core business is the sale of flats in new buildings. However, they also deal with rentals, commercial properties and secondary housing.

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There are now 12 employees in the team. But as Ilgiz, the company’s founder, says:

All of our brokers are independent individuals with their own life stories. They are not employees, but partners. — Ilgiz Yusupov, founder of the AIRT

The company has a turnover of about $1 million a month. Ilgiz has ambitious plans for the business:

• To develop the company in other cities in Turkey and around the world.
• To make the property market more professional and reduce the level of fraud.

Among other things, the Association of Independent Realtors was set up for this purpose.

Our aim is for the Association to be at a national level. We hold broker conventions and create workable rules in the market, so people can understand what is effective and what is not. — Ilgiz Yusupov, founder of the AIRT

In order to work systematically towards these goals, Ilgiz, as the founder and manager of the company, needs to understand exactly what is happening in the business and make informed decisions. So, he decided to introduce financial management.

Task

Ilgiz was immediately looking specifically for a financial management tool. He already knew that just accounting was not enough.

I was purposefully looking for a financial tool. Because in Turkey an accountant deals with many things,  but not with finances. He does some invoicing, some tax calculations, but he doesn’t keep the finances. As a result,  there is no way to understand where there are  expenses and where there is  income, even by using Excel. — Ilgiz Yusupov, founder of the AIRT

It was important for him to:

• Clearly understand what the company’s expenses are and how much revenue the business generates.
• Keep track of this data regularly and, preferably, have it all in one place.

I needed one programme where I could go in and clearly see the main indicators I needed in dashboard form, especially income and expenses. In general, any entrepreneur needs to understand income and expenses at least once a week. This helps to make decisions in terms of saving or, hopefully, expanding. — Ilgiz Yusupov, founder of the AIRT

He found out about Finmap by chance: I came across an advertisement, looked at the information about the service and immediately began to implement it.

Finmap solution

Ilgiz manages cash flow in his business on Finmap by himself, without delegating to the staff.

Finmap is an enjoyable activity for me. I try to set aside an hour or two a week, brew some fresh coffee, sit down and enjoy doing it. — Ilgiz Yusupov, founder of the AIRT

So far, all the data is entered manually, including the company’s expenses and income. There are only 3 buttons in the service for entering transaction data: Income, Expense and Transfer. It is therefore easy to understand at a glance.

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To make the analytics clearer and more accurate, user can specify not only the amount, when entering transactions, but also:

• Category — the type of income and expenditure, e.g. targeted advertising expenditure, income from renting commercial real estate.
• Counterparty, i.e. from whom income is received or to whom the company has made the payment — expense.
• Tags — further option to specify the data on the transaction. For example, you can add tags with brokers’ names so that Finmap can then filter out all revenues that came from a particular broker in its reports.
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Since Ilgiz started using Finmap, we have added integration with Turkish banks, including Akbank Direkt, DenizBank, Garanti, Ziraat Bank and Yapi ve Kredi to Finmap.

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This will help our users from Turkey and those with Turkish bank accounts save time. Thanks to the integration, all bank account transactions (receipts and expenses) will go into the service automatically and manual entry of transactions will not be necessary.

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The most important report for Ilgiz now is Money (Cash Flow)*. It shows cash flow and allows us to systematize what amounts are received and what amounts are spent by the company.

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Ilgiz can now clearly see on one screen all revenues and expenditures of the business comprehensively or by specific parameters. For example, he can filter income by Category, «Sales in new buildings».

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It’s so convenient and easy to read. Before I would get dizzy trying to understand endless columns on spreadsheets.  When deals go through and you start increasing your staff or buying some additional software without checking your financial records, there are consequences. In this respect Finmap is a wakeup call, alerting me to my business’ finances. — Ilgiz Yusupov, founder of the AIRT

Ilgiz is still exploring how Finmap’s other reports can help his company (Profit (P&L), Projects, Accounts Receivable, Accounts Payable).

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His plan for the future is to get additional training in order to gain a deeper understanding of finance to make the most of financial management.

What is the result

Finmap is absolutely the right thing to do. — Ilgiz Yusupov, founder of the AIRT

• All company income and expenses are now organized. They can be analyzed at any time without wasting a lot of time and without waiting for reports from the accountant/finance director.

It literally takes  five minutes. I go into Finmap, look at my expenses and my income. That’s it. It really helps. — Ilgiz Yusupov, founder of the AIRT

• It has become easy to make decisions based on numbers, not to inflate costs where they are unnecessary, but also not to save too much.

It’s just the kind of time when I can reflect a little bit on the numbers, see what’s going on. Because in the hustle and bustle of everyday life, you don’t see what’s going on. But when you sit down and look at the numbers, and they are in a convenient format, everything is clear. — Ilgiz Yusupov, founder of the AIRT

• Ilgiz realized that he could increase his advertising budget without falling into a cash gap (a situation where a business temporarily lacks money to cover expenses).

• ‍Systematic cash flow management has become a competitive advantage for the company.

Of course, this is a competitive advantage. Because if 50% of the market does not use cash flow management, they will get into financial holes, recruiting a large number of employees or increasing money for advertising when they can’t afford it.  In the meantime, I can  pull ahead by making sound financial decisions. — Ilgiz Yusupov, founder of the AIRT

It is now much easier for the Association of Independent Realtors to move towards the goal.

The plans for the future are for the Association to become a place where every foreigner can come, not just to buy a property, but to find one specifically tailored to their needs and objectives. — Ilgiz Yusupov, founder of the AIRT

We are sure that with such a systematic money order everything will surely work out.

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If you too are setting ambitious goals for your business, you need a well-thought-out plan and a clear picture of your company’s financial situation.

User case card

Mykola Mostovoy – 16 years entrepreneurial experience, 3 years doing business in Poland.
He is engaged in construction, retail and provision of services.
Certified financier.
Loves to help other entrepreneurs become more efficient and orderly with money.

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Intelligent System, Warsaw – Mykola's consultancy company that helps entrepreneurs with strategic planning, creation of financial models, pricing, marketing and everything else a business needs to grow. They also help companies from Ukraine to enter the Polish market.

Website: https://intelligentsystem.com.pl

Given

Before setting up a consultancy company, Mykola was in the construction business. His projects were growing, with 10 crews plus managers who ran the sites.

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Each of them had separate budgets for the purchase of materials and consumables. It all had to somehow come together in one place in order for Mykola to understand:

• how much money was taken from the customer;
• how much was spent on procurement and salaries;
• whether each project was paying for itself;
• if his inventory was accounted for.

Plus, Mykola wanted to see his daily cash flow, track profits, and identify areas of loss.

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In other words, there was a need for systematic management accounting in Mykola's business, so he began looking for solutions.

Task

Can such important information be entrusted simply to an accountant? In Poland, outsourced accounting companies only do bookkeeping and tax reporting. But the main disadvantage is they submit the previous month’s data until the following month. In other words, you have to wait 2-3 weeks for a report in order to understand the situation in the business.

We required a more timely management accounting tool that would show us where we are earning profit, where we are losing money, and where we could operate more efficiently. — Mykola Mostovyi, founder of the Intelligent System

Another option was to hire a financial director. However, in Warsaw, the salary of such a specialist starts at 8,000 PLN (about 2,000 €) a month.

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Finmap could implement management accounting at a much lower cost. Mykola identified the following objectives:

• Find a simple solution so that even someone without an accounting or economics background could use the system, and project managers, foremen, or drivers could deal with procurements.
• Keep all the management accounting in one place.

Previously, Mykola used a Polish accounting service. However, they could only cover a single task. For example, drawing up estimates, reporting cash inflows and outflows, or profit and loss (P&L report). Everything was in Excel, which was difficult to use and took too much time. In addition, there was not enough capacity to solve all the tasks.

• It was imperative that the service had a payment calendar.

Mykola wanted to plan finances for the month ahead and beyond, and also anticipate cash gaps in order to avoid them.

• Select a multilingual solution.

The team includes people from Ukraine, Moldova, Georgia, Belarus and Poland. So, Polish services alone were not suitable, since not all employees know Polish. Therefore, he needed a service where he could choose from a variety of languages.

Finmap solution

Looking for a suitable option, Mykola came across the Finmap website and registered to give it a try.

First step

To begin with, as a certified financier, he turned to his financial model. He organized his income and cost structure. He systematized the information about where his business money was, which departments and team members had it, and which clients owed it. Than he transferred all the information to Finmap.

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Mykola gave access to project managers, foremen and the drivers who make the purchases, because Finmap has the ability to restrict access and select which information an employee can add, which can only be viewed, and which is available only to the company owner.

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After that, all transactions were added through 3 simple buttons: Income, Expense and Transfer. System accounting had started.

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Stop losing money

It was not uncommon in Mykola's construction business for employees to lose receipts after purchasing materials or consumables. As a result, customers would not reimburse these costs and the company had to bear them. Thousands of euros were lost in this way.

There was a situation in September when an employee lost an invoice for 4,500 PLN (about 1,000 €) and simply forgot it. When we submitted the documents to the accountants for settlement, it turned out that the invoice was missing. Consequently, we wouldn’t have calculated the 4500 and we would have lost the money. It’s a good thing he ran it all by Finmap. — Mykola Mostovyi, founder of the Intelligent System

Seeing on the report that there has been such an expense, you can simply go to the shop and recover the receipt to provide to the customer. Mykola points out that they would have lost more than the cost of their Finmap subscription with these situations alone.

Important reports

As one of Mykola’s tasks was to control cash flow on a daily basis, he regularly analyzes the Cash flow report*.

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* The Cash Flow report in Finmap shows cash flow and allows you to see which amounts are being received and which are being spent by the company.

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The Payment Calendar* has also proven to be very useful. Thanks to it, the risk of a cash gap is now visible in advance and there is time to correct the situation. In general, it is very convenient to plan all payments in advance. It helps to budget for the next month and beyond to predict the future of the business.

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* In the Finmap Payment Calendar, you can see balances and money movements for any date. This includes payments planned for the future. If you add future expenses or receipts, the Payment Calendar will show whether there is enough money or if there is a risk of a cash gap.

Force majeure

From time to time, there have been some force majeure, or unforeseeable situations. Someone with ownership status* accidentally deleted the company’s Finmap profile. A huge amount of data seemed to have been lost. Mykola quickly contacted the customer support service and our managers pulled the archive with the vital information from the cloud. Everything except the transactions from the last 2-3 days before the deletion was saved there. These were retrieved and the records were restored.

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* No one on the Finmap team has access to our users’ data. Therefore, there is no risk that any of the managers could delete the company or any of the data.

The result is

• Mykola now has systematic financial accounting for several companies.
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• It is easy to keep track of cash turnover. Thanks to Finmap’s simplicity, Mykola has quietly delegated this task to project managers and a driver who handles purchasing and delivery of goods. The employees enter all the transactions themselves and thus save a lot of time for the owner and managers.
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• The payment Сalendar helps to avoid cash gaps. The service warns of the possibility of a shortage of money and Mykola can plan in advance how to raise additional funds.

The payment calendar helped us to plan our income and expenditure so that we knew whether we had a cash gap or where it might occur. We had time to react and avoid such a situation. — Mykola Mostovyi, founder of the Intelligent System

• In addition, thanks to the payment Сalendar, the owner always knows to whom, when and how much his or her business owes, and who owes how much to them. It helps to plan the budget for the month ahead and beyond.
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• Mykola’s business does not now lose money due to mishandled receipts. Even if a receipt is lost after purchasing materials for a client’s site, the amount spent has already been entered into Finmap. This means it will not be forgotten and can be easily confirmed to the customer by simply restoring the receipt.

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In addition, customers like this kind of systematic accounting. They can see how much was spent on their project and where exactly the money went. This adds credibility to the company.

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• Businesses save money on the services of a CFO:

At the level where we operate, we should have hired someone to handle the finances a long time ago. But with the Finmap service there is no need for that yet. — Mykola Mostovyi, founder of the Intelligent System

• One of Mykola’s companies, which has implemented Finmap for fintech, has grown by 400% in one year. And last year, even despite the pandemic, there was ~150% growth.

In particular it is a credit to Finmap, because even in difficult times we understood how much money we had, what we could count on, what we could buy and so on.

P.S.
– Why did you decide to implement Finmap in your business?
– Because it is cool! — Mykola Mostovyi, founder of the Intelligent System

And to find out more about Intelligent System’s consultancy services, click here: https://intelligentsystem.com.pl

User case card

Present Perfect Agency is a language services agency that helps businesses with translations, support, business documentation and everything related to languages.

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Website: https://presentperfect.agency/
Facebook: @present.perfect.translations

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Olena Mironik is the founder and head of Present Perfect Agency.

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She first used Finmap while working for an IT recruiting agency.
In her business she has been keeping track of finances in Finmap since the first day.
Olena likes to keep track of money, especially when it comes in.

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In your opinion, when does a business need to implement cash flow management?

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1. After the cash gap, so as not to repeat the experience.
2. When profits fall, to find the cause.
3. When the business gets big enough.
4. Before the cash gap occurs in order to avoid it.

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Of course, it is never too late to implement cash flow management, but ideally a smart entrepreneur will have a system for accounting for money from the first day of business. Olena, the founder of the language services agency Present Perfect Agency, agrees with this.

From the very first transaction, I started keeping all the records in Finmap. — Olena Myronyk, founder of the Present Perfect Agency

In this case study, we explain why even though she runs a small business, Olena decided to keep system accounting right away and how Finmap helps her.

Problem

Originally, Olena worked at an IT recruiting agency, but at the end of 2020 she decided to strike out on her own and founded the Present Perfect Agency. Both then and now she trusted Finmap to account for business money. Why?

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The deciding factor to try Finmap was its simplicity.

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Olena learned about the service from Alexander Solovei (co-founder of Finmap), whom she had known for a long time. She saw on social networks that he was developing a solution for cash flow management. Therefore, when the IT recruiting agency had the task of accounting, Olena immediately decided to try the product.

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Before that, she had analyzed services to automate processes. However, she found only solutions suitable for large businesses, which were too complicated and expensive for a small company. Finmap, on the other hand, was simple, straightforward, and accessible.

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When Olena decided to start her own business she knew from experience that she wanted to use Finmap to keep records.

Task

Olena had no difficulty in keeping a financial account. But there were three key tasks:

• Accounting shouldn’t take a lot of time. Olena knew that she was already going to be spending a great deal of time getting her business off the ground and didn’t have extra time to spare manually maintaining spreadsheets.

The lack of scalability, the manual operations, and the limitations in the amount of data make the whole process around an Excel spreadsheet quite time-consuming. — Olena Myronyk, founder of the Present Perfect Agency

• She wanted simple to use and easy to understand data:

Both Excel and Google spreadsheets require a certain amount of expertise. Every time I needed to calculate new values I had to reopen Excel, perform manual operations and recalculate. I didn’t start my business to become a spreadsheet expert. — Olena Myronyk, founder of the Present Perfect Agency

• Keeping records in one place. At her job at an IT recruiting agency, Olena encountered situations where she had to give someone access to a spreadsheet. But at the same time she didn’t want to open all the data. As a result, she had to create copies of the tables. Of course, afterward they got mixed up, and the meaning and logic of their maintenance was forgotten. It was easier to burn everything and start all over again, than to figure out what was what.

The Decision to go with Finmap

I’m glad I don’t have to use some big-business solution and try to bolt it onto the smaller projects I’ve had to work with. — Olena Myronyk, founder of the Present Perfect Agency

After analyzing the financial accounting at her former places of work, Olena noticed that many important indicators were not taken into account. In Finmap, she started entering absolutely all data, including hosting and email costs. She categorized expenses and incomes*. In this way a system appeared and payments stopped getting lost.

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* Categories in Finmap allow you to designate types of income and expenses. This helps you keep track of income and expenses in each specific type. For example, how much a company spends on Facebook ads, how much it earns on one particular project.

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When she started her business, Olena also set up accounting by categories right away. Present Perfect Agency has a small number of fixed costs (e.g. software for translators), as well as variable costs for paying translators depending on the projects.

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All expenses can be planned in advance and tracked in the Payment Calendar* to avoid cash gaps.

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* The Payment Calendar in Finmap displays all scheduled receipts and expenses by date. For example, you specify that you pay $500 in office rent each month on the 17th. The payment calendar will note each month on the 17th that you have $500 to spend.

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Olena also finds the account panel very helpful. Present Perfect Agency clients pay to accounts in Ukraine, foreign banks, personal cards, cash, and can even do it in cryptocurrency.

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All actual information about the amount of money in the accounts is displayed in Finmap. Olena doesn’t have to go to each bank and wallet separately. She can see at any time how much money is on hand and where it is exactly in the company right now.

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It is also important for Olena to keep track of the movement of funds, to understand where they are coming from, and where they are going. The company has accounts in different currencies, not only in Ukraine but also abroad. The “Money (Cash Flow)”* report helps her in this.

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* The “Money” report in Finmap shows your cash flow. It allows you to see how much money is coming into the company and how much is being spent.

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Another key report at Present Perfect Agency is the “P&L “* report. With its help Olena can identify profit for a certain period, which departments are generating profit, and where she is incurring loss.

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* P&L report is a profit and loss statement. Shows the company’s profit and loss for a certain period, for example, a month. To do this, all expenses for the same period are subtracted from all income for that period.

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It is also important to Olena that she can enter all the data in just a few minutes, not only from her computer, but also through a Telegram bot. Therefore, the information is not lost and is always as up-to-date as possible.

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Because business has been going well, Olena recently hired an assistant. As a result she is now able to delegate some of the record keeping. With Finmap it is easy to set restrictions and choose what information the employee can add, what information can be viewed, and what information is reserved for Elana’s eyes only. This means she doesn’t have to make copies and create chaos in accounting for the sake of confidentiality.

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As a result

It’s that headache you take off yourself and you don’t have to think about it along with the other issues in the OP that come up every day. — Olena Myronyk, founder of the Present Perfect Agency

• When Olena worked for an IT recruiting agency, she learned that Finmap was an efficient, easy-to-use system for recording money. She saw that with Finmap not only was incoming money from clients and expenses for recruiters’ bonuses recorded, but also many fixed costs, such as hosting fees, corporate e-mail, etc. were organized and easily accessible. This past experience was the reason she chose Finmap when she opened her own company.
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• It is convenient for Olena to create useful reports. Finmap itself generates them on the basis of the data entered in the form of clear charts and graphs. Reports can be exported to PDF or Excel.

In our last job (at an IT recruiting agency), we had a tradition of managers also reporting to employees. And, of course, it’s convenient when you can just upload a PDF and that’s it. — Olena Myronyk, founder of the Present Perfect Agency

• A systematic accounting of finances is also set up at the agency. Olena sees at any time how much money is in each account, which payments from clients have been received and which are pending, how much has been spent, and what payments are planned.
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• Accounting takes minimal time. This is especially important in a small business when the owner has many tasks on a daily basis and no large team to delegate to.

Everything is in front of your eyes, you press 2-3 buttons, and you can enter/receive all the information. — Olena Myronyk, founder of the Present Perfect Agency

• To enter data, all you have to do is use a Telegram bot. That is why nothing is lost, because you can add incoming or outgoing data even when standing in traffic or drinking coffee.
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• And most importantly, Olena notes, thanks to Finmap there is:

An understanding of where we are going, how we are developing, whether we are scaling and what is worth paying attention to.

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Connect Finmap to implement systematic cash flow management and see the full picture of your business at any time.

You can learn more about the Present Perfect Agency at: https://presentperfect.agency/