Finance in Plain Language

Do you run a business, but do you really manage its money? How much is currently in the accounts? How much will you earn in a month? Will you be able to pay salaries if a major client delays payment?

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If there is no answer — the business is already playing against you. Excel with twenty tabs shows only part of the picture, and accounting reports are more like a “snapshot of the past” than the real state of affairs. Forecasting? Usually it happens intuitively, not according to a plan.

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Almost every entrepreneur goes through this chaos in finances. The question is not whether there are mistakes, but how much they cost.

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Today you can choose different tools: from familiar Excel spreadsheets, to 1C accounting systems, and modern online solutions. And the right choice determines how confidently you will control your business.

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In this article, we will compare three of the most popular solutions:

• Excel — flexible, but manual;
  
• 1С — a solid system for accounting;
  
• Finmap — a modern alternative to Excel and a convenient online tool for financial management.
  

We will look at them based on key parameters that matter to a business owner:

• how much time financial management takes;
• how easy it is to work without an accountant;
• the level of automation in financial accounting and integration with banks/CRM;
• forecasting and planning capabilities;
• cost and value for the business.
  

After reading, you will be able to choose the best software for your business — the one that truly works for you.

Excel — a Flexible and Familiar Tool

Excel — the first step for most entrepreneurs into the world of financial accounting.Spreadsheets are simple, clear, and accessible to everyone.But as the business grows, Excel can turn from a helper into a headache.

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Excel specifications:

• creating any tables and reports;
• full flexibility in structures and formulas;
• availability on every computer;
• ability to work online through the cloud.
  

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Advantages:

• quick start without investments;
• full control over formulas and report appearance;
• flexible customization to your needs;
• free alternatives (Google Sheets).
  

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Disadvantages:‍

• 100% manual work that takes hours every week;
• risk of errors and broken formulas;
• no integrations with banks or CRM;
• difficulties with teamwork;
• no forecasts or warnings about cash gaps.

Risks: loss of files, outdated data, chaos as the business grows, hidden time costs.

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Best for: startups, freelancers, microbusiness. But if transactions start to pile up, it’s worth looking for an alternative to Excel.

1C — a Powerful Tool for Accounting

1C is a complete “combine” for accounting: from finances to inventory and payroll.It ensures compliance with legislation and automates a wide range of processes.

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1С specifications:

• handles accounting, tax reporting, and management accounting;
• can be local or cloud-based;
• flexibly customized for the business (but with the help of a programmer);
• regularly updated to meet tax authority requirements.
  

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Advantages:

• single database for data and documents;
• automation of financial accounting and reporting;
• powerful analytics and detailed expense tracking;
• built-in compliance with legislation.
  

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Disadvantages:

• complexity of use without an accountant;
• high cost of licenses and support;
• slow with changes and additional integrations;
• not always a convenient tool for an owner who wants quick answers.

Best for: medium and large businesses that have an accounting team and need official reporting and advanced analytics.

Finmap — a Modern Online Tool for Business Owners

Finmap is not just another financial management software, but a dashboard that shows what’s happening with your money right now. It’s true automation of financial accounting that gives you control without unnecessary routine.

Finmap specifications:

• 24/7 online access from any device;
• integrations with banks, CRM, and payment systems;
• convenient cash flow visualization;
• forecasting of cash movements and alerts about possible cash gaps;
• a simple interface for the entrepreneur.
  

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Advantages:

• transparency and speed in decision-making;
• automatic import of most transactions;
• teamwork without the risk of data loss;
• forecasting of future expenses and income.
  

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Disadvantages:

• requires internet access;
• has a subscription fee, but it quickly pays off through time savings and error prevention.
  

Best for: small and medium business owners who need daily control, quick answers, and the ability to manage finances online.

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Comparison: Excel vs 1C vs Finmap

What to Choose?

There is no universal solution — only the one that fits you right now:

• Excel — the basic option if you’re just starting out and want to simply track expenses.
• 1C — the choice for businesses with large transaction volumes and an accounting team.
• Finmap — the alternative to Excel for entrepreneurs who want transparent online financial management, automation, and confidence in tomorrow.
  

Choose a tool that not only sums up the past but also helps plan the future.
Because a business that sees its money ahead always wins.

Financial management in the construction business is a constant game with dozens of variables: you need to account for material costs, contractor payments, team salaries, taxes, purchases, advances, and completion certificates.

Any mistake in the numbers can cost the company its margin, missed deadlines, and the nerves of the entire team.

This is exactly what Viora Build faced when the number of projects and the volume of work began to grow rapidly. Financial management was done in Google Sheets, but the growing business demanded something more.

We tracked all expenses manually, and this constantly led to mistakes. We needed a system that gives a clear picture and helps plan growth. — Simon, Operations Manager at Viora Build

The solution was the implementation of Finmap and the involvement of a financial manager who took over accounting, reporting, and financial planning.
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In this article, you will learn:

• how the company completely changed its approach to finances and freed up 20 hours a week for the operations manager;
• how automation helped avoid cash gaps and clearly see the profitability of each project;
• what became the decisive factor for scaling the business and what insights the team gained from this process.

Read on — and you will see that finances can be simple, and business management — predictable.

About the Client: Who Is Viora Build

Viora Build is a construction company from Portugal that specializes in building premium and luxury villas, as well as multi-story residential buildings.

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The company works with private investors and developers who expect not only high construction quality but also transparency in financial processes.
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A key feature of Viora Build’s business is its project-based work format. This means that several projects with different budgets, contractors, payment schedules, and financial plans are managed simultaneously.

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In such a situation, it is very easy to lose control:

• each project has separate purchases, completion certificates, and payments;
• changes in material costs directly affect profitability;
• it is necessary to ensure that there is always enough money in the accounts to settle with suppliers and staff.

The main driver of change was Simon. As an operations manager, he is responsible not only for controlling construction processes but also for the financial side: from budget allocation to profitability analysis.

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However, despite having a professional team, before working with Finmap the company’s financial management was far from ideal.

Simon recalls that he felt the need for a system from the very first days at work, but changes could only be implemented once the company had grown.

When we grew, we had capital, we realized that we could afford it, and immediately hired a financial manager. Because without this person, there could be no talk of rapid business development at all. — Simon, Operations Manager at Viora Build

Thus, Viora Build reached the point where financial chaos began to hold back business growth — and it was time to act.

What Held Viora Build Back from Growing

When the company began to scale, it became clear: the old approach to finances no longer worked. Accounting in Google Sheets, manual data entry, and lack of systematization created chaos that slowed down growth.

We managed all expenses through Google Sheets… and none of it was automated, which naturally led to mistakes. — Simon, Operations Manager at Viora Build

Main Challenges

The situation was complicated by the fact that the company was managing several large projects at the same time, and any mistake in calculations could cost tens of thousands of euros.

We needed a person who could prepare proper P&L and Cash Flow reports, make breakdowns by months and quarters, handle financial planning, and prepare commercial proposals for investors. — Simon, Operations Manager at Viora Build

Why Change Became Inevitable

‍The company understood the need for automation from the very beginning, but as Simon says, everything came down to resources.

This moment became a turning point: financial chaos began to directly affect the speed of decision-making and the company’s growth.

How Viora Build Put Its Finances in Order

To get out of financial chaos, the company decided to act comprehensively. Hiring a financial manager, automating processes, and gradually shifting to more strategic management — these three steps became the key to transformation.

We always understood that this was necessary. It just always came down to resources. When we grew and had capital, we decided that the time had come. Because without this person, rapid business growth would have been impossible. — Simon, Operations Manager at Viora Build

Hiring a Financial Manager

‍The company hired a financial manager who took over management, preparation of P&L and Cash Flow reports, financial planning, and commercial proposals for investors.

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Over time, he became the financial director and began performing more strategic tasks.

At first, we worked in the format of a financial manager: he categorized all operations, built reports. And now we are working on a deeper level in the format of a financial director, when he executes strategic decisions and provides us with reporting. — Simon, Operations Manager at Viora Build

Automation with Finmap

‍All financial operations were transferred from Google Sheets to Finmap. The system made it possible to manage operations by categories, see account balances, and get P&L and Cash Flow at any moment.

Delegating financial management to the financial manager was the only expectation — and he handled it. Now even more — he took the initiative and is also setting up an ERP system for us. — Simon, Operations Manager at Viora Build

ERP System Launch

‍The next step is integrating finance, procurement, and cost estimation into a single ERP system.

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This will make it possible to fully synchronize purchase planning, cost control, and issuing completion certificates.

We started implementing ERP because without it the financial director finds it difficult to work. There must be coordination between the estimation department, procurement, and finance — otherwise it’s hard to develop the direction. — Simon, Operations Manager at Viora Build

What Viora Build Gained After Implementing Finmap

‍Already within the first two months of cooperation, the company felt significant changes. Financial management stopped being chaotic, and the management team received a clear picture across all projects.

‍Now we have an automated financial management system. We have a financial director who can answer any question at any moment. We control whether there will be a cash gap and can plan our finances without driving ourselves into a corner. — Simon, Operations Manager at Viora Build

Tangible Benefits for the Team

• ‍Time savings:
  

Working with the financial director freed up at least 20 hours a week for me in finance. — Simon, Operations Manager at Viora Build

• ‍Project transparency:‍

Now we can accurately calculate our project margins and, thanks to this, net profit. — Simon, Operations Manager at Viora Build

• ‍Control and predictability:

We have a payment calendar. We clearly understand what is happening with the projects and which completion certificates need to be issued. — Simon, Operations Manager at Viora Build

• ‍Department coordination:
  
  The procurement department, finance, and estimations now work in sync. This saves time not only for the manager but for the entire management team.

Readiness for Scaling

‍The company now has not only control but also the tools for growth.

The next step is the launch of an ERP system, which will allow even more accurate cost forecasting and improve profitability.

This frees up time both for our director and for me as a manager. Now I can focus more on developing the company rather than on routine. — Simon, Operations Manager at Viora Build

Insights and Advice for Other Businesses

Collaboration with Finmap and the financial director became a turning point for Viora Build. The team not only organized the numbers but also saw how finances can become a strategic tool for growth.

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Simon shares the key takeaways:

If there are any doubts about working with Finmap, I can say that communication is at a high level, the work is at a high level — so I can confidently recommend this company.

Insights from Viora Build

Advice for Entrepreneurs

• Don’t postpone financial systematization. If the business is growing, “manual” spreadsheets will sooner or later start slowing down development.
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• Delegate finances to professionals. This frees up the manager’s time and gives the team clear rules of the game.
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• Invest in analytics. P&L, Cash Flow, and the payment calendar are not just numbers — they are your growth plan.
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• Look ahead. An ERP system and a CFO will help not only count money but also forecast the future.

What’s Next for Viora Build

The company is finalizing the implementation of its ERP system and preparing to scale the business into new regions.

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Transparent finances and strategic management make it possible to take on larger projects without the fear of “getting lost” in the numbers.

Now we can plan our finances without driving ourselves into a corner. This gives confidence and freedom for growth. — Simon, Operations Manager at Viora Build

Frequently Asked Questions

1. How long does it take to see the first results?
   In the case of Viora Build, the first results came within the first month — the company received P&L, Cash Flow, balance control, and the ability to forecast payments.
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2. Is a financial director necessary if there is already an accountant?
   Yes. An accountant works with past data, while a financial director plans the future and helps make strategic decisions.
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3. Is it difficult to implement automation within the team?
   No. At Viora Build there was no resistance — everyone saw the benefits and quickly adapted to the new system.
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4. Does the investment in Finmap and a financial director pay off?
   Yes. Simply freeing up 20 hours a week for the manager already covers the costs, not to mention the accuracy of financial decisions and avoiding cash gaps.
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5. What are the next steps after implementing financial management?
   The next step is launching an ERP system to integrate finance, procurement, and estimations. This will further increase planning accuracy and project profitability.

A marketing agency can grow rapidly: new clients, campaigns, budgets. But when finances are chaotic — all this growth turns into risk.

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Fact: almost 50% of invoices in the marketing field are paid late. Add to this the dependence on a few large clients and the absence of P&L — and your agency becomes a hostage to others’ decisions.

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In this article, you will find answers to three key questions without which it is impossible to reach a new level of financial management.

Why does an agency operate uncontrollably without cash flow forecasting?

In marketing agencies, the primary problem starts not even with clients, but internally. Incomplete or outdated reports, lack of discipline in financial management — and the owner sees the real picture only after the fact.

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At that moment, there may already be no money left for salaries or payments to contractors.
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Without up-to-date data, it is impossible to forecast cash flow. And without a forecast, the agency operates uncontrollably: spending more than it earns, delaying payments, and disrupting budgets.

Accurate financial management helps executives see trends and problems before they become a threat to the business. — Plymouth University

Quality data is not bureaucracy, but the key to profitability and peace of mind for the owner.

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That’s why we recommend creating or choosing a single system where all financial data will be collected. Ideally, this tool should be as automated as possible: it will save time and reduce routine.

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With such a system, you will be able not only to react after the fact, but also to forecast revenues and cash flow, which will open the way to stability and growth.

What a Forecasted Cash Flow Provides

1. Early detection of cash gaps.
   You can see when there won’t be enough money in the account to pay salaries, taxes, or contractors.
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2. Ability to make informed decisions.
   Expanding the team, increasing advertising budgets, or entering new markets becomes safer because it’s clear whether the cash flow can handle it.
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3. Scenario analysis.
   You can model what will happen if a client delays payment by 30 days, or how a new contract will affect overall liquidity.
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4. Transparent communication with the team and investors.
   When clear forecasts exist, the owner can confidently justify decisions to the team and partners.
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5. Reduced stress for the owner.
   Instead of chaotic account checks — a clear understanding of the company’s financial state tomorrow, in a month, or in a quarter.
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Take a short checklist — and in a few minutes, you’ll understand whether control over cash flow in your agency is really in your hands:

If you recognized your agency in this checklist, it means the problem with cash flow planning is already affecting the profitability and stability of your business.

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The next step is to understand how exactly you can bring order to your finances and get the tools for forecasting.

Key Finmap Tools for Financial Planning

‍If you chose Finmap as the foundation for financial management, you received more than just a convenient register of transactions. It’s a tool with bank integrations, the ability to import statements, automation through auto-rules, and delegation of responsibilities.

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But most importantly — Finmap allows not only to see cash flow in real time but also to forecast it. For this, the system provides several key tools.

1. Upcoming Payments

In Finmap, you can add transactions with a future income or expense date. This turns regular record-keeping into planning: you can see in advance how account balances will change on a specific day.

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This approach allows you to control liquidity and avoid situations where expenses overlap with delayed client payments.

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2. Payment Calendar

In Finmap, the calendar is generated automatically based on upcoming transactions. It shows when the company may face a cash gap and which specific payments are causing it.

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Thanks to this, the owner can negotiate a prepayment with the client in advance, postpone internal expenses, or plan a reserve fund.

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3. Toggle “Include Future / Exclude Future”

This tool allows you to view finances from two perspectives with a single click. In the “with future” mode, you see a forecast: whether there will be enough funds for salaries, contractors, and taxes if all planned transactions are executed. In the “without future” mode, you see the actual situation as of today.

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It is the comparison of these two views that gives the manager key information: how far the company is deviating from the plan and where risks arise.

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Together, these tools transform financial management from a reactive process into proactive control.
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This gives a marketing agency a number of tangible advantages:

• Systematic approach instead of chaotic spreadsheets and messengers
• A single source of truth about the company’s money
• Predictability of finances weeks and months ahead
• Optimal use of team resources and time
• Clear benchmarks for financial decisions

Why is the business at risk without control over receivables and payables?

In marketing agencies, financial risks often arise not from the lack of clients, but from payment delays. The work is done, invoices are issued — but incoming funds have to be waited for weeks.

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The British publication Financial IT states:

For the marketing and advertising industry, the level of overdue invoices is about 49% — that is, almost half of invoices are paid later than the established deadline.

An additional risk factor for marketing agencies is the concentration of income on a few key clients.

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Studies in recent years indicate that about 15% of agencies receive more than a quarter of their income from a single client, and this is already considered a critical signal for financial stability.
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Now ask yourself:

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1. Can you clearly name the TOP-3 clients who bring the most profit?
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2. Do you know which client most often delays invoice payments?
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3. Can you currently see the amount of debt for each client?
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4. Do you know which client owes your agency the most?
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5. Do you analyze what share of total revenue is generated by your TOP clients, and how safe this is for the business?

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If you cannot answer these simple questions — it means that mutual settlements in the agency are running out of control.

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And until there is a system that shows this picture in real time, your business depends on chance, discipline, and the goodwill of clients.

How Finmap Restores Control over Mutual Settlements

‍To ensure that mutual settlements no longer remain a “blind spot,” Finmap offers two key reports that give the agency owner transparency and real-time control.

• The Accounts Receivable report shows which clients owe money right now, how much, and which payments are still pending. This allows timely response to debts, control over client discipline, and avoidance of unexpected cash gaps.
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• The Accounts Payable report helps track obligations to contractors, freelancers, or services. Thanks to this, the owner understands which payments need to be prioritized and can plan expenses without the risk of disruption.
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Additionally, Finmap offers analytical reports that allow you to assess profitability for each client. This makes it possible to determine which customers generate the main share of income and how dependent the business is on them. In this way, the owner can timely identify the risk of dangerous concentration and make decisions about portfolio diversification.

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Bonus: Invoicing in Finmap

‍In addition to controlling receivables and payables, Finmap has another useful tool — creating invoices for clients. You can generate an invoice for your services directly in the system and, if necessary, immediately send it to the client by email.

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This is not the core function of financial management, but a pleasant bonus: invoices are generated quickly, in a unified style, and always remain under control within your financial system.

Why is it impossible to assess the real state of the business without P&L?

Financial management will not be complete as long as the agency owner only sees the movement of money in the accounts. The main question is not how much money came in, but how and when exactly this money was earned and what result it brought.

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To move from operational control to strategic vision, a P&L — Profit and Loss statement — is needed.

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It shows:

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1. The origin of income. Which projects, clients, or channels generated revenue, and in which period.
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2. The real financial result. Net profit (overall and by projects) after accounting for all expenses, not just account balances.
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3. The efficiency of the operating model. Whether the business generates profit or is limited to simply moving funds between accounts.
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4. The structure of expenses. Where the company’s main costs are concentrated — staff, contractors, marketing, or administrative expenses.
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5. The dynamics of development. How profitability changes month by month and whether the company is truly moving toward growth.

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Cash Flow and P&L do not compete with each other — they complement one another. In the table below are practical questions that concern every agency owner and the report where you will find the answers.

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Where to Find the Answers: Cash Flow or P&L?

Cash Flow shows whether there is enough money for daily obligations. P&L answers whether the business is profitable and in which direction it is developing. Only together do these two reports provide you with control in the present moment and a strategic vision for the future.

How Finmap Helps Build a Complete P&L

In Finmap, the Profit (P&L) report is generated automatically based on the company’s data. It works on the accrual method: income and expenses are attributed to the period when the contract was signed or obligations were fulfilled.

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The report is flexible and multi-level. With filters, you can analyze not only the overall picture but also profitability by clients, projects, directions, or even individual campaigns.

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It is also important that Profit in Finmap has several visualization formats: charts, tables, and diagrams. This allows you to look at the same figures from different perspectives — from overall dynamics to a detailed structure of expenses and income.

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This approach reduces the errors inherent in simple cash-based accounting and provides managers with a tool for strategic decisions.

Why P&L Matters for a Marketing Agency

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1. Understanding true margin. In an industry with retainers and project-based payments, it becomes clear where the business earns and where resources are being spent.
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2. Transparency for investors and partners. It is easy to show the real financial result, not just reconcile balances.
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3. Scenario comparison. You can evaluate how profitability will change with a budget increase or the launch of a new client.
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4. Identifying hidden unprofitable clients. If payments come in regularly but expenses exceed income — this is immediately visible in the P&L.
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5. A basis for strategic decisions. Expanding the team, entering new markets, or optimizing expenses is based on facts and forecasts.

From Chaotic Spreadsheets to Transparent Finances: The Case of MURAHA Marketing Agency

MURAHA Marketing Agency helps businesses grow by developing marketing strategies and conducting audits. The team also manages targeted and contextual advertising, and when needed, takes on website development or involves trusted partners.

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Such a flexible model makes it possible to work with clients of different scales and collaborate with external contractors, which generates a significant volume of financial operations. At the same time, each area has its own specifics: regular monthly payments for marketing and one-time payments for website development.

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Learn more about how financial management makes project-based businesses profitable.

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All this creates a constant cash flow and requires a clear system of financial control.

Starting Point: Chaotic Excel

When COO Artem Tsokov joined the company and took over financial management, he inherited an Excel file where financial data was kept.
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The spreadsheet turned out to be chaotic and created more problems than benefits:

• dozens of tabs without logic;
• broken formulas that distorted data;
• no systematization of expenses and income;
• delayed transaction entries;
• constant risk of losing part of the operations.

Artem quickly realized that it was impossible to manage finances this way and started looking for a tool to systematize all the data. That solution was Finmap.

A New Approach with Finmap

For Artem, switching to Finmap was not just about replacing Excel but about finding his own ideal model of financial management.
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He went through several simple stages:
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1. ‍Experiments with data visualization
   Artem tried different ways of structuring finances multiple times — since Finmap allows you to customize accounting for specific business needs. Eventually, he defined the key financial indicators and built the system around them.
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2. Support from Finmap experts
   Customer support played a big role: specialists helped him choose the optimal data entry model, explained how to properly work with categories, tags, and projects. This helped avoid mistakes at the very start.
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3. Testing different scenarios
   By using the option to create several test companies, Artem was able to try out different approaches and choose the one that best suited the needs of his agency.

Transparency and Planning as a Result

The implementation of Finmap became a turning point for MURAHA Agency. If previously financial data was chaotic and unreliable, now the company has gained a transparent picture of cash flow and the ability to plan for the future.
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1. ‍Automatic integrations. Thanks to integrations with banks, the risk of losing transactions or failing to record expenses on time disappeared. All payments are automatically pulled into the system, and the team can immediately check who is responsible for what.
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2. Systematized accounting. A convenient structure with tags, categories, and projects appeared. This made it possible to separate different areas of activity, understand which ones generate the most revenue, and which need optimization.
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3. P&L and Cash Flow reporting. These reports gave the agency the ability to see both actual and planned performance on a daily basis: how much money is in the accounts, which expenses and incomes are planned, and where there is a risk of a cash gap.
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In addition, the company started using the payment calendar. Thanks to it, it became easier to forecast financial workloads and prepare for strategic sessions with a clear budget for the coming months.

Every day I see how much money we have now and which payments need to be made. If I see that expenses are higher than income — I can react in advance. —  Artem Tsokov, COO of the agency.

As a result, the team gained not just a tool for accounting but a real foundation for growth:

• reduced risks;
• optimized time;
• tactical and strategic planning;
• confidence in financial decisions.

Advice for Other Agencies

Artem Tsokov, COO of MURAHA Marketing Agency, advises other founders and managers of marketing agencies not to waste time on chaotic Excel spreadsheets:

There’s no point in even starting to manage finances in Excel, because that’s a path to chaos. It’s better to immediately define which expenses, income, and tags you want to track, and set it up in Finmap. This way you’ll save time, avoid rework, and get a transparent picture for analysis.

His main message is simple: prepare the structure in advance and implement a modern tool right away to get results faster and avoid unnecessary mistakes.

A Financial System as the Key to Agency Growth

The key to stability and development is not the number of clients or projects, but a financial system that shows reality.
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Forecasted cash flow, control over mutual settlements, and P&L — three pillars without which no agency can confidently build a strategy.

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Finmap helps bring everything together:

• see the real state of finances at any moment;
• forecast future payments and avoid cash gaps;
• control client debts and payment discipline;
• analyze business profitability by clients, projects, or directions;

No more chaotic decisions — only strategic development based on facts.
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Try Finmap — and see how your agency can reach a new level of financial order!

Frequently Asked Questions

1. How often should financial data be updated in an agency?
   It is recommended to manage finances in a mode as close to real time as possible. Even a delay of a few days in recording transactions reduces forecast accuracy and increases the risk of cash gaps.
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2. What is the difference between Cash Flow and P&L?
   Cash Flow shows the movement of money — when and how much actually entered or left the account. P&L reflects the financial result — income and expenses in the period, regardless of the payment date.
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3. How to assess dependence on a single client?
   You analyze the share of revenue generated by individual clients. If one client provides more than 25–30% of revenue, this creates a risk of financial instability in case the contract is lost.
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4. Which expenses are most often overlooked?
   “Invisible” expenses include freelancers, contractors, regular subscriptions to services, and unpaid client hours of the team. They often reduce real margin, even when revenue is growing.
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5. How to avoid cash gaps in a marketing agency?
   The basis is planning. It is necessary to forecast future inflows and outflows, use the Payment Calendar, and control accounts receivable. If cash gaps occur frequently, it is recommended to have a reserve fund to cover at least 1–2 months of operating expenses.

Imagine: in six months, your business grows from $17,500 to $65,000 in projected revenue — everything looks great. You have a team, experience, and a model that works. 

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But in a year and a half, you lose everything: investments, prepayments, trust — and the amount of losses reaches more than $1.3 million. More than a million dollars disappears before your eyes, even though it seemed that everything was under control.

It wasn't just a business — it was a blow to my pride and the realization that even the best skills won't save you if you don't see the real picture of the business. — Valeriy Chalyi, entrepreneur, guest on the podcast "If Only I Had Known Earlier"

This story is not about failure, but about a lesson that can save your business and your money. It's about how the scale of a business without the owner's big-picture thinking is a step into the abyss. How the lack of transparent financial control and wrong decisions lead to significant losses.

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Valeriy lifts the veil on real entrepreneurship: mistakes that are not usually talked about, important conclusions, practical tools, and tips that will help you:

• Save money, even if your business is growing rapidly.
• See the real state of your finances, not illusions.
• Make decisions that won't kill your project.
• Develop as an entrepreneur, because you are the main driver of the business.

Red flags: Do you recognize yourself?

• You only look at your bank account, not your financial statements.
• You make plans based on accounts receivable ("they'll pay soon").
• You don't have a reserve for at least two months of fixed expenses.
• You confuse markup and margin.
• Business no longer excites you; you see it only as a source of income.

If you've checked at least two of these points, this article is definitely for you.

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Read on if you are ready to see your business without rose-colored glasses and start real growth.

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Insight 1. Three reports without which a business is doomed to chaos

Many entrepreneurs are used to looking only at their bank account. If there is money, then everything is fine. But this is an illusion. Only three financial reports give an honest picture of what is really happening.

These three reports are the foundation: cash flow, balance sheet, and P&L. If you don't see where the money is going, how much is actually left, and what the profit is, you are not managing your business. — Valeriy Chalyi, entrepreneur

Even if a business looks profitable, a cash flow gap can occur at any moment. Without transparent reports, an entrepreneur cannot see:

• whether there is money to pay salaries and taxes;
• how much is actually left after loans and debts;
• which products or areas are eating into the margin.

The result is wrong decisions, lost opportunities, and the risk of bankruptcy even at the peak of growth.

How the three reports work in practice

Imagine a company that sold $50,000 worth of goods in a month. At first glance, this seems like a great result. But what do the reports show?

How to avoid financial chaos

1. Keep track of your cash flow every day. This will tell you whether you will have enough money tomorrow.
   
   
2. Review your balance sheet every month. You will see how resilient your company is to debts and liabilities.
   
   
3. Analyze your P&L weekly or monthly. This will give you an honest answer: is the business making money, or is it just circulating money without profit?
   
   
4. Combine the three reports. Only together do they show the truth: the money in the account, the structure of assets, and the real profit.

Finance is monitoring your business. Without reports, you are running in the dark. With them, you can see where the real money is and where the illusion is. — Valeriy Chalyi, entrepreneur

Insight 2. Cash is king: count only the money in your account

In the financial world, there is a simple but uncompromising truth: cash is king. The money that is actually in your account is the only thing you can count on today. Everything else — accounts receivable, customer promises, signed contracts — is just numbers on paper.

Use only the money you have in your account and count only on that money. All your accounts receivable, all the "he promised to pay me" — will not cover your bills right now. Cash is king. — Valeriy Chalyi, entrepreneur

What is the problem?

• The illusion of money. An entrepreneur looks at accounts receivable and considers them an asset. But this is not yet money.
• The "almost paid" trap. The business spends money, counting on payment that may not come on time.
• Double planning. The same money is already "earmarked" for taxes, salaries, and purchases — but in fact, it is not there.

Why is this dangerous?

When you make decisions based on expectations rather than facts:

• the risk of a cash gap increases;
• the company may be left without money for critical payments (salaries, rent, taxes);
• the business quickly becomes dependent on loans.

How to avoid this

1. Keep track of actual balances. Record how much money is in the cash register and in accounts every day.
   
   
2. Separate reserves. Taxes, salaries, and mandatory payments are no longer "your" money.
   
   
3. Be skeptical. Until the customer has paid, assume that you don't have the money.
   
   
4. Make decisions based only on facts. Look at the balance sheet and cash flow, not Excel spreadsheets with forecasts.
   
   
5. Do a weekly liquidity analysis. How much money is actually available today, tomorrow, in a week?

Table: "Money on paper" vs. "Money in business"

You can't put your business on hold and wait for others to pay you. Money in business is like blood in the body: if there isn't enough of it right now, the body dies. — Valeriy Chalyi, entrepreneur

5 rules for managing money in your account

1. Check your balance every morning.
   
   
2. Divide your money into categories: yours, others' (taxes, obligations), and reserves.
   
   
3. Don't spend future money — plan only with actual money.
   
   
4. Enter all expenses and receipts into the management accounting system.
   
   
5. Look at cash flow more often than turnover and P&L.

Insight 3. Reserves and liquidity: business resilience

Most businesses close not because they have no customers or profits. They close when they run out of money here and now. 

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The only protection against this is reserves and liquidity. This is the financial cushion that makes a company resilient: it withstands shocks and even becomes stronger after crises.

A company must have insurance capital — the most liquid thing possible. That is, money that you can take and put into the business as quickly as possible. A must-have — at least two or three break-even points should always be in the account. — Valeriy Chalyi, entrepreneur

What is the problem?

• Entrepreneurs spend everything "to zero," believing that money will always come in on time.
• No reserves are formed while the business is growing — and at the worst moment, there is no cushion.
• Without liquid reserves, even a temporary cash flow gap can kill a company.

Why is this dangerous?

• One unforeseen month (customer delay, tax surprise, equipment breakdown) can put the business on the verge of bankruptcy.
• The owner is forced to take out loans at 24–60% per annum, which "eat away" at the margin.
• Control is lost: the business begins to be driven by debt rather than strategy.

How to avoid this

1. Build up insurance capital. The minimum is 2-3 months of fixed costs (rent, salaries, taxes).
   
   
2. Maintain liquidity. Some of the money should be available "here and now," not in the form of goods or accounts receivable.
   
   
3. Separate reserves. Insurance (for force majeure) ≠ reserve (for development).
   
   
4. Use the "other people's money" rule. You can raise capital at interest, but only if you have a clear plan for repayment.
   
   
5. Be disciplined. Do not touch your reserves. They exist for crisis situations.

What does anti-fragility look like in finance?

I know of at least three businesses that went bankrupt not because they were unprofitable. They simply did not manage to find money at the right moment. A reserve is not a luxury, but a condition for survival. — Valeriy Chalyi, entrepreneur

5 practical steps for creating a financial cushion

1. Calculate your monthly burn rate (minimum living expenses).
   
   
2. Multiply it by 2–3 and put that amount into a separate account.
   
   
3. Automate reserve deductions — as soon as money comes in, set aside a portion immediately.
   
   
4. Keep your reserve in currency or highly liquid instruments.
   
   
5. Enter your reserve into a financial system (such as Finmap) to see the real picture, not the "illusion of money."
   
   

Reserves and liquidity are your insurance policy against bankruptcy. 

Insight 4. Distinguish between markup and margin and calculate the price of money

Many entrepreneurs confuse markup and margin. As a result, the business appears to be profitable, but in reality, money is disappearing. And when expensive credit is added to the mix, the business may be operating at zero or even at a loss.

The markup must be 300-400% for the business to survive. And the margin is what remains after all expenses. For example, if you sell a product for $30 with a cost price of $10, it seems that the margin is 200%. But after advertising, salaries, and operating expenses, only 16.6% may remain. And if the loan is expensive, the profit is completely eaten up. — Valeriy Chalyi, entrepreneur

What is the problem?

• Markups are often perceived as profit, and money that does not actually exist is spent.
• Loans at 24–60% per annum can eat away at even a good business.
• The owner does not see the real profitability because they do not keep management P&L.

Why is this dangerous?

• The business may grow in terms of turnover, but decline in terms of profit.
• If the margin is calculated incorrectly, entrepreneurs can easily find themselves in a cash flow crisis.
• Credit obligations turn growth into a trap: the company becomes a hostage to debt.

How to avoid this

1. Separate the markup and the margin. The markup shows how much you have added on top, while the margin shows what is actually left after all expenses.
   
   
2. Keep a P&L report. Without it, it is impossible to understand true profitability.
   
   
3. Calculate the cost of money. Before taking out a loan, see how much of your margin it will eat into.
   
   
4. Assess the transaction cycle. If you are returning the money in a month, a high percentage is still bearable. If it is a year, it is fatal.
   
   
5. Be honest with yourself. Consider only what remains "net" after everything as profit.

Table: Markup vs. Margin + Impact of Credit

Financial literacy is not about Excel. It's about survival. If you confuse markup and margin, or don't count the cost of money, your business may be killed not by the market and competitors, but by your own mistakes in calculations. — Valeriy Chalyi, entrepreneur

5 practical steps

1. For each product, calculate the cost price, markup, and margin.
   
   
2. Include all costs in the price: advertising, logistics, salaries, taxes.
   
   
3. Before taking out a new loan, check whether the margin is enough to cover the interest.
   
   
4. Use P&L in Finmap or another system to see the truth in the numbers.
   
   
5. Teach your team to distinguish between markup and margin — this is basic financial literacy.
   
   

Properly understanding the difference between markup, margin, and the price of money is like having a map and compass on a hike. Without them, you can walk for a long time, but you are likely to end up in a dead end.

Insight 5. Market Fit: why it is the entrepreneur, not the product, that determines the fate of the business

In business, it is customary to look for Product Market Fit — when the product and the market coincide. But Valeriy Chalyi's experience shows that this is not enough. A business can grow by hundreds of percent and then collapse in a year and a half, even with a strong team and a proven model.

I realized that there is such a thing as entrepreneur market fit — the relationship between you as an entrepreneur and the market you are entering. In Ukraine, I could launch anything because I had the contacts, understanding, and culture. In Portugal, however, that same knowledge did not work. — Valeriy Chalyi, entrepreneur

What is the danger?

Focusing solely on the product creates an illusion of control. You can:

• Find a niche with demand.
• Launch a strong product.
• Assemble a team and set up processes.

...and still lose hundreds of thousands of dollars. Why? Because the entrepreneur himself did not "fit" into the market, since he does not understand local rules, does not have the necessary partnerships, and does not see cultural barriers.

This is exactly what caused Valeriy to lose $1.3 million:

• From $17,500 in projected revenue → to $65,000 in 6 months.
• And after a year and a half — complete loss of business and money.

How can this be avoided?

You need to think beyond "will people buy my product?" You need to honestly assess yourself in the context of the market.

Product Market Fit vs. Entrepreneur Market Fit

Practical steps for entrepreneurs

1. Audit the market and yourself. Before you start, ask yourself: do I have the resources, network, and knowledge for this environment?
   
   
2. Adaptation. Invest in local connections, study the culture, work with local partners.
   
   
3. Combine the two fits. The product is in demand, and you, as the owner, have trust and authority in this market.
   
   
4. Check your finances regularly. Management accounting will show whether your Market Fit really works or whether the business is only profitable "on paper."

The scale of a business always equals the scale of the owner's thinking. If you don't fit the market, it will simply "eat you alive." — Valeriy Chalyi, entrepreneur

Insight 6. A business survives only when you love what you do

For most entrepreneurs, business starts with energy — the idea drives them, a team appears, and each new deal energizes them. But over time, this can turn into a "routine money farm." The entrepreneur begins to see the company only as a "money button." And that's the beginning of the end.

As soon as you start treating your business like a "money button," everyone feels it. The team feels it, and the business itself starts to fall apart. — Valeriy Chalyi, entrepreneur

What is the problem?

• The owner's burnout. The business loses its meaning, and energy is spent only on putting out fires.
• Team demotivation. People feel that the owner is working "without enthusiasm."
• Loss of strategic vision. Decisions are made solely to make money here and now.

Why is this dangerous?

A business without ideas and meaning cannot withstand a crisis. When problems arise (cash flow gaps, falling sales, competitors), the owner does not have the strength to fight. The result is rapid stagnation and loss of the company.

How can this be prevented?

1. Formulate the "why." Write down why your business exists (besides money). This is a benchmark for you and your team.
   
   
2. Set "game goals." Business is a game with levels. Set steps for 3-6 months: a new market, a new product line, increased margins.
   
   
3. Be present in the process. Don't just take profits, but also develop the product, team, and service.
   
   
4. Measure the energy of the business. Hold regular meetings with the team, listen to customers, and look at the quality of decisions.

"Passion for business" vs. "Money button"

The entrepreneur sets the energy. If he loves his business, the company grows. If he sees only money in it, the business dies. — Valeriy Chalyi, entrepreneur

Insight 7. Rapid growth can destroy a business

Rapid growth is every entrepreneur's dream. But in reality, it can be the biggest threat. When the numbers are flying high, it seems like everything is under control. However, rapid growth often hides weaknesses that explode a year later.

We took an account that brought in $17,500 and made $65,000 in six months. And then it seemed that we could do anything. A year and a half later, we lost both our business and our money — over $1.3 million. — Valeriy Chalyi, entrepreneur

What is the problem?

• The euphoria of growth. The owner feels an "omnipotence effect" and starts taking risks without analysis.
• Financial trap. More sales mean more inventory, expenses, and liabilities. If there is no reserve, growth will devour the business.
• Loss of focus. The entrepreneur launches new directions instead of stabilizing the main one.
• The team cannot keep up. Scaling overloads people and the management system.

Why is this dangerous?

Uncontrolled growth is not success, but a fast track to bankruptcy. When a company grows too fast:

• accounts payable and cash flow pressure increase;
• the owner starts counting "paper profits" instead of real money;
• any crisis (returns, supply disruptions, falling sales) becomes fatal.

How to prevent collapse during growth

1. Count, don't feel. Instead of "we are growing," measure real cash flow, liquidity, and liabilities.
   
   
2. Build up reserves. At least 2-3 months of fixed costs should remain untouched.
   
   
3. Stay focused. Don't open new areas until you have worked out and consolidated the previous one.
   
   
4. Control your margin. High turnover with low margins = the illusion of growth.
   
   
5. Regularly check your financial health. Cash flow, balance, and P&L should show the same picture.

Table: "Healthy Growth" vs. "Dangerous Growth"

We believed we were immortal. And that belief destroyed us. — Valeriy Chalyi, entrepreneur

5 steps to counteract dangerous growth

1. Every week, look at cash flow, not turnover.
   
   
2. Divide the money in your account: what is yours and what are your obligations.
   
   
3. Set aside at least 10-15% of your income as a reserve.
   
   
4. Before investing in a new direction, check it on P&L.
   
   
5. Regularly ask yourself, "What if sales drop by half tomorrow?"

Financial transparency is an entrepreneur's main superpower

Valeriy Chalyi's story is not about losing $1.3 million. It's about how even an experienced entrepreneur can make mistakes if they don't see the real financial picture. And most importantly, these mistakes can be corrected if the right conclusions are drawn.

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What does this case show?

• Business is not just about money. When the owner loses his love for the business and sees it only as a "money machine," the team and the business begin to fall apart.
  
  
• Rapid growth is more dangerous than stagnation. Without a financial control system, even explosive growth can lead to disaster.
  
  
• Cash is king. Only money in the account can be considered real. Everything else is an illusion.
  
  
• Reserves make a business resilient. A cushion of 2-3 months' expenses can save a company in a crisis.
  
  
• Financial literacy is a must. Understanding the difference between markup and margin, knowing how to calculate the cost of money and evaluate loans determines whether a business will survive or not.

Management accounting is not bureaucracy. It is a navigator that allows an entrepreneur to see the way forward rather than moving blindly. It allows you to see how much money you really have, how much you need to reserve, where cash is "leaking," which projects are profitable, and which ones only create the illusion of profitability.

Finance is insight. It is the ability to run a business with your eyes open. Without it, you are simply driving in the dark and hoping you don't crash. — Valeriy Chalyi, entrepreneur

If an entrepreneur makes finance the center of their attention, they gain three key advantages:

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1. Resilience — the business does not collapse at the first crisis or cash flow gap.
   
   
2. Speed — decisions are made based on numbers, not intuition.
   
   
3. Control — you understand where every hryvnia goes and how it affects your profits.
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Therefore, the main lesson is simple: you cannot leave control over your money to chance. You can rebuild your business, but you cannot get back lost time, nerves, and reputation.

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Financial accounting is about the future of your business, your freedom as an entrepreneur, and your confidence in tomorrow.

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Frequently asked questions

1. If my business is growing, why is there less money in my account?

Because growth requires investment: in warehousing, production, marketing, and your team. Sales are increasing, but funds are "stuck" in inventory or accounts receivable. If you don't take this into account in advance, it's easy to end up with a cash flow gap.

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2. How much reserve capital should an entrepreneur have?

The minimum is a reserve equal to 2-3 months of the business's fixed costs. If your break-even point is $30,000, your reserve should be at least $60,000-90,000. This makes the business resilient and allows it to survive a crisis.

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3. Why is it important to distinguish between markup and margin?

Because margin shows real profit. Markup is simply an increase in price above cost. For example, a product costs $10 and sells for $30. Markup = 200%. But after expenses, only $5 may remain — that is, the margin is only 16.6%. Without proper calculation, it is easy to break even or operate at a loss.

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4. What reports are essential for a business?

Three basic reports:

• Cash flow — shows where the money is going.
• Balance sheet — shows what the business has at a given moment.
• P&L (profit and loss) — shows how profitable the company is.

Together, they provide a 360° picture and allow you to make decisions based on facts.

The money flow in gyms is usually intense: memberships, drop-in visits, personal training sessions, space rentals, sports nutrition sales — dozens of transactions every day.
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Now add trainer salaries, equipment costs, utilities, taxes, and repairs — and you’ve got a financial whirlpool where it’s easy to lose control.

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That’s exactly the kind of reality Smartass, a Kharkiv-based gym serving hundreds of clients daily, was operating in. But behind the scenes of this dynamic business, chaos was running the show:‍

‍There were gaps between the reports and reality. Cash was tracked separately. And that didn’t work for me at all — because I had zero visibility into the cash flow.
— Maksym, owner of Smartass Kharkiv

While the financial chaos was draining time and energy, the business couldn’t grow strategically. But everything changed when Maksym decided to systematize financial management, connected Finmap, and — together with a financial director — brought order to the numbers.

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In this article, you’ll learn:

• how a gym owner went from reporting chaos to complete financial transparency;
• how automation helped plan dividends and staff bonuses;
• which insights reshaped the financial approach — and what’s next for the business.

Keep reading — and you’ll see how a real-life case proves: finance can be simple, and running a business can be calm and predictable.

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Why Manual Financial Tracking Was Holding Smartass Back

Every day, Smartass generated dozens of financial transactions — but the owner only saw fragments of the full picture. Cash operated on its own terms: administrators reported inconsistently, sometimes with delays, sometimes with mistakes. Maksym received scattered numbers, tried to reconcile them manually, and often found discrepancies between reports and reality.

‍Some things were accounted for, some were duplicated, some weren’t tracked at all. Cash was calculated separately.
— Maksym, owner of Smartass Kharkiv

To find out how much cash was in the register, Maksym had to message administrators, wait for their replies, and manually calculate everything on a calculator. Instead of a clear system — endless clarifications and manual math. It consumed time, created constant stress, and made it impossible to plan the business’s growth.

‍I had to calculate everything manually once a week or month, trying to figure it all out somehow. It was extremely inconvenient. Especially considering we already had a tool for this — and just weren’t using it.
— Maksym, owner of Smartass Kharkiv

As a result, he couldn’t forecast dividends or plan major expenses in advance. The business was operating reactively — responding to situations instead of proactively managing them.

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Common Financial Challenges the Business Faced

What Triggered the Implementation of Finmap

Maksym admits that he had been unhappy with the financial situation for a long time — he just didn’t know who could fix it. The team was busy with their own tasks, and he didn’t have time to dive into the numbers himself. So the chaos dragged on for months — until the opportunity finally came to change everything.‍

‍When you offered to help fix it, I realized that in just a few months, we could turn it all around.
— Maksym, owner of Smartass Kharkiv

The key turning point was realizing that there was no need to search for someone responsible within the team or try to implement a system alone. There was a ready-to-use tool — and people who took over the process. This allowed the business to keep running while implementing changes in parallel, without placing extra burden on the owner or the team.

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The first step was introducing a structured approach to cash tracking. Now all transactions — from received payments to cash deposits — are recorded in the system automatically, instead of being manually collected through messages from administrators.

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Next, the team set up regular weekly reporting calls. Once a week, Maksym gets a complete overview: what’s been done, what’s in progress, and which payments are scheduled. This eliminated the need for him to check numbers daily or micromanage the staff.

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Finmap began to be used to its full potential — not just for viewing balances, but also for forecasting expenses and income. Maksym received access rights to independently analyze the data and make changes when needed.

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Another important improvement was the proper distribution of large expenses. Now, when the club purchases expensive equipment or plans technical maintenance, those costs are spread out over several months. This helps avoid sudden financial “dips” in reporting and allows for more accurate planning of cash gaps.

‍We started allocating expenses properly. Now we can plan technical maintenance for the whole year — instead of taking a hit in one specific month.
— Maksym, owner of Smartass Kharkiv

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Triggers that Prompted Action

From Manual Calculations to a Structured System

Today, financial management at Smartass runs like a well-oiled machine. Maksym no longer spends evenings doing calculations or messaging administrators to find out how much cash is left at the front desk. All the information is in the system and updates in real time.

‍Now everything’s finally in order when it comes to managing cash. I see everything clearly in the system.
— Maksym, owner of Smartass Kharkiv

The process has become easy and predictable. Once a week, there’s a call to discuss what’s been done, which payments have been made, and what’s still planned. After that, the owner can calmly focus on growing the business — without worrying about daily control.

‍It’s really convenient for me because once a week we go over everything that needs to be discussed. I don’t have to remind anyone about anything.
— Maksym, owner of Smartass Kharkiv

Another major shift is the ability to forecast. Now Maksym can plan dividends, staff bonuses, salary increases, and large expenses in advance. The club stopped operating “after the fact” and started looking several months ahead.

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In addition, the owner became more engaged in the financials: he analyzes statistics, reviews performance metrics, and adjusts data himself. This helps him make informed decisions — and feel in control of the business.

How Finmap Transformed the Club’s Financial Processes

Insights for Entrepreneurs

Maksym’s experience revealed several key lessons that can benefit any business owner.

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First, he realized that the biggest problem isn’t the lack of money — it’s the lack of understanding where the money is going. When data is incomplete or chaotic, every decision becomes guesswork instead of a controlled process.

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Secondly, he became convinced that automation relieves the lion’s share of operational burden. Now, instead of constant clarifications and manual calculations, the team follows a clear process — and Maksym receives all the summary information in a convenient format.

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Thirdly, he saw that financial management isn’t a luxury for large companies — it’s a basic necessity for any business with daily operations. Forecasting brings confidence and allows for strategic decisions, rather than constant firefighting.

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“The most valuable result is that I see the result,” — says Maksym, emphasizing that the true value of financial management lies in witnessing real changes, not just pretending to have control.

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What Financial Order Brings to Your Business

Business Planning and Scaling

For Maksym, implementing financial management was not the end point, but just a starting platform. Now that all the basic processes are in place, he is moving to the next stage — deep financial planning.

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What lies ahead is creating detailed budgets several months in advance, to forecast expenses and income, identify potential cash gaps, and avoid unpleasant surprises.

Now I can forecast the bonus system, pay rates, and salary increases with more confidence.
— Maksym, owner of Smartass Kharkiv

The club plans to optimize its bonus programs for staff, making them fairer and more transparent. This will not only help retain top trainers but also motivate the entire team to deliver results.

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Future plans also include scenario analysis: what happens if rent or equipment costs increase, how the situation changes with more clients. This will enable the business to be managed not just at the moment but with a clear long-term strategy.

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Action Plan for Further Business Growth

The implementation of systematic financial management became a true turning point for Smartass.

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The business no longer lives from one report to the next — it plans, forecasts, and looks confidently into the future.

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Maksym got rid of chaos, manual calculations, and endless clarifications within the team. Instead, he now has a transparent system that shows the real state of affairs, tells him when and how much can be spent or taken as dividends, and enables him to run the business — not just react to it.

Yes, of course I can recommend Finmap!
— Maksym, owner of Smartass Kharkiv

This case proves: financial management is not unnecessary bureaucracy, but the key to growth and business stability. It gives the owner a chance to free their mind from small details, focus on development, and finally feel in control of their business.

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If you recognized your own business in this story — it’s time to bring order to your finances. The sooner you see the full picture, the faster you’ll be able to make decisions that lead to profit and scaling.

Frequently Asked Questions

1. How do I know if my business needs financial management?
If you can’t see the full picture of your cash flow, reports don’t match reality, and you have to count the cash manually — it’s already a signal that it’s time to systematize your finances.

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2. How long does it take to implement financial management like in Smartass?
In Maksym’s case, the first results appeared within a few weeks, and full reporting order was established in a few months.‍

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3. Does the business owner have to manage Finmap personally?
No, the owner gets a transparent system and access rights to see the big picture. Routine tasks are handled by a financial manager or administrators.‍

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4. What if the business has a lot of cash transactions?
These businesses benefit the most: cash is automatically tracked in the system, and there’s no need to message employees or do manual calculations daily.‍

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5. Does financial management help with planning and forecasting?
Yes, that’s one of its main benefits. At Smartass, they now forecast expenses, plan dividends, and even structure the team’s bonus system months in advance.

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.

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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.

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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.

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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.

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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.

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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.

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Project-based financial management gives you visibility into spending, control over budgets, and insight into profitability for each project or sub-project.
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It’s the key to timely and informed financial decisions.

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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.

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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%.

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Can you quickly spot such projects in your business? And are you confident you can cover the losses with reserves or more profitable streams?

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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:
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1. Create any number of projects and sub-projects (e.g. “CRM Development” → “Frontend”, “Backend”, “UI/UX”).
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2. See in real time how much each project earns, what it spends, and what its actual and planned profitability is.
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3. Compare performance across business streams and cut off unprofitable initiatives.
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4. Forecast results — just add potential future expenses, and you’ll instantly see how they affect the project’s profit.
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5. 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.

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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.

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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.

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Without multicurrency financial management, a company can’t see the true state of its finances.
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This is especially critical for businesses that:
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1. Work with clients in different countries (payments in USD, EUR, PLN, GBP);
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2. Pay teams and contractors in their local currencies;
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3. Hold accounts in several countries or use multi-currency cards and wallets.
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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.

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In Finmap, for example, multicurrency isn’t a standalone feature — it’s built into the core logic of the entire system.

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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.

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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.

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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.”

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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.

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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?

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To avoid losing profit on the little things, it’s worth checking the main risk areas.
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Use this checklist with control questions to uncover what usually remains hidden.

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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.
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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.

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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.

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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.

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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.

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SITNIKS CRM had no problem shaping a clear vision for growth, setting strategic goals, and building a product roadmap.
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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.

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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.

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Based on this data, the company built a financial model that became the foundation of its investor presentation.

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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?

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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.

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‍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.

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Want to see how this would look for your company?

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Try Finmap in action — and see the finances of your IT business in a whole new way.

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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.

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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.

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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.

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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.

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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.

What do you rely on when it’s time to make a financial decision?
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For the accountant, it’s tax regulations. For the workshop manager — technical cards, the production schedule, the manufacturing plan. But what about you, the owner? An Excel file with no update date? A message from a supplier in your messenger? A negative bank balance?

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In manufacturing, money moves daily: prepayments to suppliers, employee advances, countless small expenses, payments to contractors, raw material purchases, rent, loans… And without a system, all of this turns into financial chaos.

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Let’s break down the key financial problems manufacturing companies face — and show how Finmap helps bring order to the numbers, reduce chaos, and make confident decisions.

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How to Bring Manufacturing Finances Into a Single System

In manufacturing, financial data accumulates across dozens of sources: bank accounts, CRMs with orders, Excel sheets with production line plans, inventory management, accounting. Often this is topped off by the personal cards of owners or managers.

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As a result, the picture is fragmented: to understand the real state of affairs, you have to manually reconcile inventory balances, supplier orders, client payments, and production costs.

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Why this is risky for the business:

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1. Loss of control over working capital — at any moment, you may discover that there's less money in the account than expected.
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2. Risk of cash gaps — raw material purchases and overhead costs are paid before payments from clients come in.
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3. Cost calculation errors — due to incomplete data, it's hard to assess the real profitability of orders or production lines.
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4. Financial chaos between departments — procurement, sales, and production all keep separate records, so the owner sees no single source of financial truth.
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5. Lost time for the owner — instead of growing the business, you’re stuck reconciling spreadsheets and checking balances manually.

All Accounts Under Control — From Bank to Warehouse

The first step toward financial transparency is consolidating all company accounts into a single system. In Finmap, you can add:

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1. ‍Bank accounts, sole proprietorships, cash registers, and cards — and see their balances in real time. Use integrations with banks and payment systems to automate data collection, and import statements to streamline work with banks that don’t integrate.
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2. Petty cash and advance payments — to account for money temporarily held by employees. Add subordinates to the system and set flexible access rights to understand how each department or workshop is handling funds.
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3. Virtual warehouse account — which shows the value of goods or raw materials on hand in monetary terms. Track the movement of goods by value and deduct the cost of materials that were actually consumed.

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Thanks to this, you immediately see how much money is available right now, where it’s stored, and how much is “frozen” in inventory. Balances update automatically and regularly, and you can reconcile all figures in seconds — from any device, anywhere in the world.

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Connect Systems That Influence Your Money — and Gain Full Transparency

To get a complete financial picture, it’s not enough to just see account balances — you also need to understand what financial processes are happening across the business. In Finmap, this can be done through the open API.

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You can connect the following to Finmap:

• ‍CRM system — so deals automatically sync with your financial records.
• ‍Inventory management system — to track purchases, raw material write-offs, and see their impact on cash flow.
• ‍Accounting, document management, or other services — if you need visibility into additional business processes.

You can set up the integration yourself or use Finmap’s in-house integration specialist, who will adapt the system to your business structure.

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As a result, you get a unified system that brings together everything that affects your finances: sales, expenses, warehouse balances, settlements. At the center — Finmap, as the single source of financial truth.

Control Over Settlements With Clients and Suppliers

In manufacturing, money rarely moves in sync. You've already paid for raw materials, logistics, salaries — and the client will pay in 15–30 days, or even later. All of this creates cash gaps: money seems to be in circulation, but your accounts are empty.

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At the same time, managing settlements is difficult. Some clients delay payment, others ask for deferments. Suppliers demand prepayment and enforce strict deadlines.

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Without systematic tracking, it's easy to miss a debt, confuse payment dates, or lose credibility with partners. ‍

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Here’s what that leads to:

• You don’t know who owes you and how much — instead of a clear debtor list, you search through messages or spreadsheets.
• You might miss a payment deadline and lose a supplier — because obligations fall out of sight without a unified payment calendar.
• Contractors call before you remember the invoice — damaging your reputation and complicating future cooperation.
• You can’t see when to expect incoming payments or how to plan outgoing ones — it’s all based on guesswork instead of numbers.
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To avoid falling into the trap of cash gaps and losing control over settlements, you should focus on three essential steps. Here’s what to implement — and how it’s done in Finmap:

Why Should You Calculate DSO?

DSO answers a simple but critical question: How many days after a sale do you actually receive the money in your account?

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The higher your DSO, the greater the pressure on liquidity and working capital.

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According to Kaplan Group research:

42% of companies have a DSO over 46 days — and among large manufacturing firms, that number is as high as 70%.

When this indicator stretches out, it's not just “paper debt” — it’s real money you can’t use for buying raw materials, paying salaries, or growing the business.

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DSO benchmarks for different types of production:

If you control your DSO — you control your liquidity. If not — you’re operating in debt, even if you show a profit on paper.

What Actually Drives Profit in Manufacturing

In manufacturing companies, it’s often difficult to determine which specific products, orders, or business lines are truly profitable.

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The reason — lack of detailed tracking by financial responsibility centers or projects.

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Frequently, both direct and indirect costs (purchases, wages, logistics, rent) are accumulated in a general production account without being allocated to specific product types or customer orders.

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As a result:‍

• Loss-making products are “hidden” among profitable ones, distorting the financial picture.
• Budget is spent on unprofitable areas that don’t generate margin.
• Management decisions are made based on intuition, not analytics.

This is a systemic issue that erodes profitability — even when the company is growing in production or sales volume.

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According to McKinsey:‍

About 40% of executives reduce their product portfolios to lower complexity and increase overall profitability.

Such decisions cannot be made based on gut feeling — they require solid data.

How Finmap Helps Organize Effective Project-Based Management

That’s exactly what the Projects report in Finmap provides. You see each direction — along with its components (subprojects) — as a separate financial unit: income, expenses, cost of goods sold, operating profit, and profitability.

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A “project” doesn’t have to be just a business line. In your company, it could be:

• ‍A specific type of product — for example, production of kitchen furniture, children’s beds, or metal structures.
• ‍A batch for a specific client — a custom order with its own budget, timeline, and expenses.
• ‍Pilot production of a new product — to assess the economic feasibility of scaling it into mass production.
• ‍A contract or tender — such as supplying products to a government buyer.
• ‍Outsourced production — when your company manufactures goods for other brands.
• ‍A specific workshop or production line — to evaluate the efficiency of different departments.
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The importance of project-based management isn’t just a theory. Research from ScienceDirect confirms how unevenly different products contribute to a company’s profitability:

On average, only about 20% of a manufacturing company’s products generate more than 150% of its total profit. This means the remaining 80% either barely break even — or are actually loss-making.

Can you confidently name which of your products generate the most profit?

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Financially strong manufacturing isn’t about total revenue — it’s about analytics that clarify what should be scaled and what should be cut.

From Chaos in Excel to Structured Management: The Case of Practik

PRACTIK is a Ukrainian producer of innovative food for dogs and cats, positioning its product as a complete meal — not just pet feed. To ensure high-quality standards, the company built two factories from scratch in Ukraine — allowing full control over every stage of production.

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The company manufactures products in two main directions: food for cats and food for dogs. Each direction has its own product lines, which are constantly updated and improved.

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Before implementing Finmap, the company tried to manage its finances in Excel. But as the business grew and revenue sources multiplied, the spreadsheets could no longer keep up — automation became impossible, and gaining a full financial picture was out of reach.

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However, it wasn’t just about automation. The company had deeper reasons to move toward systematic financial management:

• ‍Cash flow couldn’t be tracked manually — income from different directions merged into a single flow without breakdowns.
• ‍No centralized analytics for decision-making — expenses weren’t recorded in one system.
• ‍Uncertainty about balances and investment funds — forecasting available resources was difficult.
• ‍Multiple business lines, but no unified system — real estate rental, investments, and B2C sales all needed a single financial interface.
• ‍Need for delegation — finances were handled solely by a co-owner, which limited growth

Once the company decided to implement structured financial management, they turned to Finmap’s financial manager. He helped build the right structure and configure key processes — tailored to the specific needs of their business.

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An outsourced CFO will help you set up effective financial management and make informed business decisions

Control and financial management were then delegated to an internal specialist, Natalia, who is now responsible for the company’s finances and shares her experience working with Finmap:

Once we started seeing all income and expenses in one place, it became much easier to make decisions. Now we understand how much money is available, where overspending occurs, and how prices change month to month.

What Changed After Switching to Finmap

After switching to Finmap, the company gained not just a convenient tool — but a complete financial management system. ‍

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Here’s what changed in practice:

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1. Practik gained full control over its finances. All income and expenses are now in one system, with transparent analytics and clear balances.
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2. Management can now see how much money is available for investment, where overspending happens, and how purchase prices are changing — enabling decisions based on numbers, not guesses.
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3. Financial processes became structured: the team reviews reports monthly, analyzes expenses, and plans the budget based on real-time trends.
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4. Cash gaps are no longer a surprise — only expected and prepared for. Delegating financial management allowed the owners to focus on scaling the business.

With Finmap, we’re putting order not only into our numbers, but into the entire business. It gives us confidence, stability, and the ability to move forward. —  the Practik team summarizes

Finmap — A Tool for Control, Confidence, and Growth

Financial management is the answer to daily questions: Can we make this purchase today? Will we have enough cash for payroll? Which product line should we scale, and which one should we shut down?

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In manufacturing, these decisions are costly. And mistakes don’t happen due to lack of experience — but due to lack of data.

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Finmap helps consolidate all your financial information into one system, see the real-time picture, build forecasts, and avoid critical errors. That’s why it’s chosen by manufacturers who want to grow — not blindly, but systematically.

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Book a free consultation with a Finmap expert — and see how it works for your business.

Frequently Asked Questions

1. Why switch from Excel if it works?
Excel doesn’t provide a current picture — data gets outdated quickly, it’s hard to consolidate reports from different sources, and there’s no automation. It works up to a certain scale, but then starts slowing growth.
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2. How do I know how much money can be invested vs. kept for operational costs?
You need a system that shows available balances and upcoming obligations. This allows you to make informed investment decisions without risking missed payments.
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3. Our raw material prices are constantly changing. How can we track when and why costs are rising?
Regularly recording expenses in a structured format lets you see purchasing trends and respond to changes in time.
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4. How do I identify where money is being lost if sales are stable but profit isn’t growing?
You need records that show expenses by category and business line. This will help identify overspending, hidden costs, or inefficient processes.
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5. Can financial management be delegated if we don’t have a CFO?
Yes — the key is setting up a proper accounting structure. From there, it can be managed by a responsible person: an accountant, office manager, or administrator. The business owner will receive reports in a clear and convenient format.

When your business operates in three countries, completes 1,500 shipments every month, has a team of 70 people, and simultaneously launches an AI-powered EdTech product — it seems like success and everything under control. Until suddenly, the account balance hits zero, there's a cash gap in the company, and you have no idea where the money went.

We had turnover, active sales, new contracts. But one day I opened the account and saw: there was no money. And this while the business was running at full capacity. — Oleksandr Stupakivskyi, entrepreneur, guest on the podcast ‘Wish I’d Known This Earlier’

Oleksandr is the co-founder of a logistics company operating in the markets of Ukraine, the USA, and Europe. His business was growing dynamically: thousands of shipments every month, team expansion, entry into new markets.

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But alongside the growth came a cash gap, $175,000 lost due to an unsuccessful partnership, and constant stress from not understanding the business's finances.

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In this article, Oleksandr shares insights and lessons he learned firsthand:

• how a single cash gap can put a large-scale business on pause,
• why the feeling of “we're doing fine” doesn't work without numbers,
• how financial management with Finmap helped systematize operations and reveal the actual situation,
• and why partnerships are a zone of increased financial turbulence.

This isn't a finance textbook. It's an honest story with mistakes, failures, and real tools that help you avoid losing control of your business when everything seems fine.

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Read on if you're also ready to look at your business without illusions.

Insight 1. Even a Large-Scale Business Can Operate in the Red

Growing revenue ≠ more profit. This realization comes painfully. It was exactly this insight that led Oleksandr to face a cash gap during a period of active growth.

We were growing very fast. But because of that, we started to sink. We simply didn’t have time to understand what was really happening with the money. — Oleksandr Stupakivskyi, entrepreneur

What happened:
More shipments meant more expenses for prepayments, fuel, salaries, and administrative costs. Meanwhile, client payments often came with delays. This created a financial chasm.

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A cash gap is the most dangerous financial trap for small and medium-sized businesses. It means that your current expenses aren’t covered by incoming payments. And if you don’t control this process, you risk going into debt, losing partners, or even shutting down the business.

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Why is it important to track potential cash gaps daily?

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Many entrepreneurs manage finances “after the fact” — looking at reports, balances, and profits at the end of the month or quarter. But financial control must be preventive, not reactive.

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1. Real-time financial management helps predict when the money will run out and make urgent decisions.
2. Cash flow forecasting allows you to prepare for seasonal fluctuations or payment delays.
3. Financial reserves are your safety net against cash gaps and unforeseen expenses.

When we first encountered a cash gap, it was a shock. We couldn’t understand how, with such sales volumes, there was no money. Now we know — without systematic financial management, a business is doomed to chaos. — Oleksandr Stupakivskyi, entrepreneur

How to Prevent a Cash Gap — Key Actions

Read more on how to avoid cash gaps and prevent bankruptcy.

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Before using Finmap, Oleksandr’s company:

• had no clear understanding of the balance between income and expenses,
• didn’t track accounts receivable,
• didn’t build a cash flow forecast.

After implementing financial management:

• there was a clear picture of expenses and profits for each business direction,
• it became obvious which projects were draining money and which were generating it,
• the financial plan made it possible to anticipate a cash gap and prepare a cushion.

Remember: a cash gap is not just a temporary problem but a signal to change your business’s financial strategy. If you ignore it, you risk losing everything you’ve built.

Insight 2. A Partnership Without a Contract — A Costly Mistake

A successful business in one country often creates the illusion that everything will follow the same scenario in another. But when it comes to partnerships, intuition is a poor advisor if it’s not backed by clear agreements on paper.

I had a positive experience with a partner in Ukraine and thought it would be the same in the US. But it cost me $175,000 and a year of lost time. — Oleksandr Stupakivskyi, entrepreneur.

When launching a business in the US, Oleksandr chose a partnership model without a clear contract, defined roles, or financial guarantees. The result — mismatched expectations, damaged relationships, lost time, reputational risks, and major financial losses.

Why is a partnership without a contract risky?

Many entrepreneurs neglect legal formalization at the start: saying things like “we’re friends,” “we’ll figure it out as we go,” or “we don’t want legal hassle.”

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But business without a clear contract leads to:

• No clarity on who is responsible for key areas (finance, team, marketing).
• No conflict resolution mechanism.
• No record of investment contributions or ownership shares.
• No understanding of what happens if one partner exits.

All of this lays the groundwork for financial losses, legal disputes, and toxic relationships.

What should be documented in a partnership agreement?

How to Protect Yourself and Your Business in a Partnership

1. Document everything from the start. Don’t avoid difficult conversations. An agreement without written confirmation is just an illusion.
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2. Involve lawyers. Even if it’s a shoestring startup — a written contract = peace of mind.
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3. Agree on exit mechanisms. Because every partnership either works or ends.
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4. Maintain separate financial management for each partnership-based business. So you can see the real numbers and react in time.

After that failed experience, I never take a single step without a clear contract. Even if everything starts with a handshake — it ends on paper. — Oleksandr Stupakivskyi, entrepreneur

Partnership is not just a shared dream. It’s legal, financial, and reputational responsibility. And if you don’t agree on terms upfront, you risk losing much more than money.

Insight 3. Money in the Account ≠ Profit

Many entrepreneurs fall into the trap: they see money in the account and think the company is profitable. But having funds doesn’t mean it’s your income. Often, it’s someone else’s money, reserves for obligations, or simply an illusion of financial stability.

‍I thought we were in the black because there was something in the account. But in reality, half of that money wasn’t ours. — Oleksandr Stupakivskyi, entrepreneur

Even an experienced entrepreneur can end up in a situation where the money in the account isn’t enough to cover taxes or pay salaries. You need to clearly plan what each amount is for — so you don’t discover that the same funds are expected to cover different needs.

Why the account balance is not an indicator of financial health

Oleksandr went through this firsthand. Only after implementing Finmap did he see the full picture: actual balances, upcoming expenses, who was delaying payments, and — most importantly — how much of the money in the account actually belonged to the business.

Here’s what you DON’T see without financial management:‍

1. The total accounts receivable — who owes you and how much.
2. Future mandatory expenses — taxes, rent, salaries.
3. Reserved payouts — amounts already promised but not yet debited.
4. Real cash flow — how much money is actually free to use right now.

How to Tell the Difference Between an Account "Plus" and Real Profit

What Oleksandr Did — and What You Can Do Too:

1. Moved from “gut feeling” to numbers — implemented daily monitoring of actual and planned balances.
2. Tracks overdue payments — so accounts receivable don’t pile up.
3. Started setting aside reserves for taxes and mandatory expenses as soon as money comes in.
4. Analyzes cash flow and project profitability weekly — instead of just looking at the bank account.

‍Financial management finally helped me see how much of ‘my’ money is actually mine. And that transparency changed not just the numbers, but also the way I manage the company. — Oleksandr Stupakivskyi, entrepreneur

Having money is no guarantee of profitability. Profit is what remains after all obligations are covered. And if you’re still making financial decisions based on “gut feeling” — it’s time to switch to numbers.

Get Finmap for free!

Try 7 days of financial clarity

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Insight 4. If You Don’t See the P&L — You’re Not Running the Business

Many entrepreneurs rely only on the account balance at the end of the month or the number of sales. But that doesn’t show business profitability at all. Without a clear understanding of what generates profit and what “eats up” resources, you can’t make effective management decisions.

We used to look only at the result — what was left in the account. Now we see what we actually earned and what we spent. — Oleksandr Stupakivskyi, entrepreneur

The key report that gives you this picture is the P&L (Profit and Loss), or income statement. It’s not a formality — it’s your main navigator in financial management.

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Before implementing financial management in Oleksandr’s company:

• There was no separation of expenses by direction and project.
• EdTech, logistics, and trading expenses were all counted together.
• No one knew which area was dragging the business down and which one was profitable.
• Decisions were made based on intuition, not data.

After implementing Finmap:

• A clear P&L report for each business line appeared.
• It became clear that trading was profitable, while EdTech was still only generating expenses.
• The team was able to reallocate resources, optimize spending and marketing.
• There was now an opportunity to scale what’s effective — instead of sustaining what’s unprofitable.

What a P&L Report Gives Your Business — In Simple Terms

The P&L showed me something I hadn’t seen before: we were spending resources on a direction that wasn’t generating income. And once that became obvious — the dilemma of where to go next disappeared. — Oleksandr Stupakivskyi, entrepreneur

How to Implement P&L in Your Business:

1. Create a financial system — separate income and expenses by direction.
2. Define key expense categories and break them down into subcategories.
3. Choose a convenient tool (Finmap, Google Sheets, ERP).
4. Analyze your P&L monthly — it’s your main tool as a business leader.

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As long as you don’t see the P&L, you’re not managing — you’re guessing. Once the numbers are clear, clarity, logic, and calm emerge in your financial decisions.

Insight 5. Finance Is Not About Reports. It’s About Strategy

Most entrepreneurs start with passion, a product, and the desire to change the world. Then — they hire people, invest in marketing, launch new directions without a clear answer to the question, “can we afford this?”

Before, we were just working. Now — we’re managing. Finance has become our coordinate system. — Oleksandr Stupakivskyi, entrepreneur

Finance isn’t about bookkeeping and end-of-month calculations. It’s about making management decisions that affect your business’s growth, profitability, and resilience.

What Strategic Questions Does Financial Management Help Answer

What Changed in Oleksandr’s Company After Implementing Systematic Financial Management:

• Weekly financial meetings were introduced — the whole team sees real numbers and takes part in decision-making.
• Development scenarios are created: realistic, optimistic, and pessimistic.
• It's now clear where spending doesn’t bring results — in marketing, EdTech, and certain projects.
• The company stays ahead of crises instead of reacting to them after the fact.

‍Before, decisions were made based on gut feeling — now, based on models. This saves not only money, but nerves as well. — Oleksandr Stupakivskyi, entrepreneur

Financial management isn’t just files for the accountant. It’s your strategic weapon that:

• unlocks new opportunities for scaling,
• reveals weak spots in the business model,
• allows you to build anti-crisis scenarios before something goes wrong.

If you want to grow — first understand where you stand. And that’s only possible through finance.

Insight 6. Don’t Ignore Financial Signals

I saw something wasn’t right. But I didn’t want to dive into the numbers. Now I regret it. — Oleksandr Stupakivskyi, entrepreneur

Every business goes through tough times. But financial problems don’t come out of nowhere. They build up gradually — and always give signals. Most entrepreneurs just ignore them.

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An entrepreneur keeps working at full speed, ignoring the first cracks — until it all collapses. And it’s financial management that allows you to spot the warning signs before it’s too late.

Typical Signals That a Business Is Losing Financial Stability

Finmap became an early warning system for Oleksandr’s team. Instead of gut feeling — daily analytics. Instead of hope — concrete numbers.

What changed after launching financial control:

• Gained understanding of actual cash flow — when the dips and peaks will occur.
• Became clear which clients were causing cash gaps.
• Alerts and reports were implemented: weekly analysis of receivables, expenses, and financial results.
• The team started responding to problems before they became critical.

The numbers started working for us. Now we’re not putting out fires — we’re managing the situation in advance. — Oleksandr Stupakivskyi, entrepreneur

Ignoring financial signals is like ignoring pain in the body. It doesn’t go away — it turns into a crisis.

Insight 7. A Financial Expert Is Not a “Luxury,” but a Strategic Asset That Saves Thousands

Many entrepreneurs postpone hiring a financial expert, thinking: “I’ll figure it out myself” or “It’s too expensive.” But in reality — delay costs much more. It’s the financial expert who helps uncover where the business is losing money every single day.

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After working with a financial expert from Finmap, Oleksandr doesn’t just keep records — he manages the business.

What a Financial Expert Does in a Modern Business — Not Excel, but Strategy

Outsourced CFO + Finmap = the ideal formula for effective financial management

How Oleksandr’s Work Changed After Bringing in a Financial Expert:

• A clear financial model was built for all business areas.
• Regular reports became available to both the owner and the team.
• Every decision is now based on numbers, not intuition.
• The business strategy is no longer chaos — it’s a calculated plan.

The financial expert gave me peace of mind. Now I know what’s happening with the money — and what to do next. — Oleksandr Stupakivskyi, entrepreneur

A financial expert isn’t just “about numbers.” It’s about control, clarity, and profitability. If you want to scale, optimize expenses, or enter a new market — having a financial expert on your team will shorten the path by months and save tens of thousands.

Book a free consultation!

An outsourced CFO will help you set up effective financial management and make informed business decisions

Finance Isn’t Scary. What’s Scary Is Not Understanding It

Oleksandr went through a cash gap, lost $175,000, experienced financial chaos — and came out stronger.

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Now, finance is his main management tool — not a terrifying unknown.

Bonus: Checklist “Where to Start with Financial Management”

1. Count all expenses and income for at least the past 3 months.
2. Look at balances with planned expenses in mind.
3. Create a P&L — Profit and Loss report.
4. Identify the least profitable direction.
5. Start financial management in Finmap.
6. If you don’t have time to do it yourself — bring in a financial expert.

Don’t wait for a cash gap to start managing your finances

Try Finmap for your business — and take control of your money today.

Frequently Asked Questions

1. What is a cash gap and why is it dangerous for business?
A cash gap is a situation where current business expenses exceed incoming cash flow. This results in not having enough money to cover salaries, payments to suppliers, and other operating costs. If not controlled, the business risks accumulating debt, losing partners, or even shutting down.

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2. Why shouldn’t you rely only on the bank account balance?
Money in the account isn’t always the company’s actual profit. Some of the funds may be reserved for taxes, salaries, or debts. That’s why it’s important to maintain financial management and regularly analyze financial reports.

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3. How can a partnership without a written agreement affect the business?
Lack of a clear contract leads to misunderstanding of roles, financial responsibilities, and conflict resolution mechanisms. This can result in financial losses, damaged relationships, and even legal disputes. A written agreement protects the business and helps avoid misunderstandings.

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4. Why is it important to maintain financial management and have a P&L report?
The Profit and Loss (P&L) report gives a clear picture of which areas of the business generate profit and which generate losses. It enables informed decisions about investments, cost optimization, and scaling — rather than relying solely on intuition or the bank balance.

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5. When should you bring a financial expert onto your team?
You should bring in a financial expert at the scaling stage or when launching new products. They help build a transparent financial model, forecast cash flow, control expenses, and improve business efficiency. Timely involvement of a financial expert helps avoid financial losses and chaos.

Cash gaps, delayed payments to cosmetics distributors, not enough money to pay stylists, chaotic use of cash from the register — this isn’t the exception, it’s the daily reality for many salons where financial management isn’t a priority.

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There’s no point in finding comfort in the fact that “everyone’s like that.” Successful salons prove the opposite: when finances are managed properly, profit, growth, and peace of mind appear.

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Together with leading beauty industry experts Alina Tymoshenko and Nataliia Honcharenko, we identified three of the most common problems — and their solutions will help you regain control over money, avoid typical mistakes, and finally see your real profit.

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Read to the end if you want to:

• see the full financial picture of your salon;
• anticipate cash gaps instead of constantly plugging them;
• delegate financial management without losing control;
• and start scaling — from a place of order.

Problem #1: You Don’t Know How Much Money Your Business Actually Has

As a business owner, can you answer this: how much money does your salon have at its disposal right now?

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If instead of a clear number you start scrambling — checking banking apps, counting the cash in the register, messaging your team, trying to remember what was supposed to go through the POS — then this issue is already deeply rooted in your business processes.

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The reason is simple: your money is scattered. Some is on business accounts in different banks, some on personal cards, some in the cash register, and some in the hands of your stylists.

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How mixing personal and business money destroys your financial system.

This kind of setup leads to an even bigger problem: mixing personal and business finances.

The first — and most painful — mistake is mixing personal and business money. When one cash register is used to buy everything from studio supplies to groceries, or the day’s earnings are instantly spent on personal needs. As a result, by the end of the month, there’s no way to see a real picture of your income and expenses. — Alina Tymoshenko, mentor and author of educational programs for beauty entrepreneurs

Without a clear financial system, the owner uses any available account — whether it’s the company account or a personal card. It may feel flexible, but in reality, this approach undermines control and stability.

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What this leads to:

• You can’t accurately assess the profitability of the business — injecting personal funds masks real losses.
• The business becomes dependent on the owner's personal finances — instead of evaluating financial efficiency.
• Expense tracking becomes messy — personal purchases can be misclassified in reports, skewing analytics and complicating tax reporting.
• You can’t build a financial cushion or plan investments — because there’s no clearly separated company cash flow.
• It increases financial anxiety and burnout — you don’t feel stable, even when revenue is coming in.

How to Bring All Your Finances into One System

To run your business based on numbers, you need to start with the basics — a complete list of all the accounts your salon uses. Without this, any kind of financial tracking is guesswork, not reality.

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That’s why the first step to financial management in Finmap is to create a clear account structure and get the full picture: how much money you have, where it is, and what part of it is actually available for business use.

Separate business accounts are not a formality — they reshape your mindset as an owner.

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Make it a rule: separate your personal and business accounts — and use them accordingly. For example, dedicate one bank or card for personal spending only, and another exclusively for business operations. Don’t mix them. Even if it’s “just convenient to transfer quickly from your personal one.”

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This simple habit:

• creates a clear boundary between your life and your salon’s finances;
• reveals the true profitability of your business — without distortions;
• reduces stress by stopping you from constantly covering business costs out of your own pocket;
• enables data-based financial analysis, not intuition-based decisions.

Without clear separation between personal and business accounts, there is no real financial control — only the illusion of it. Finmap helps turn chaos into a manageable system from day one.

Problem #2: Unpredictable Cash Flow

You might be tracking daily revenue and have a rough idea of your expenses. But if you’re not planning and forecasting your cash flow ahead of time, you’re heading straight into a cash gap.

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The core issue is this: income is always uneven, while expenses are constant. Without a structured financial system, the money you need simply might not be there when it’s time to pay.

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What it means in practice:

• You have no clear idea how much money will be available in a week or two.
• Salary and rent payments are at risk, because decisions are made without analysis.
• Purchases happen randomly, without accounting for high and low activity periods.

Salon owners often overspend on inventory — ordering too many supplies in advance or buying things that aren’t critically necessary, without analyzing stock levels. These expenses add up and eat into the profits. — Alina Tymoshenko, mentor and creator of educational programs for beauty entrepreneurs

Cash Flow Is More Than Turnover — It’s the Key to Seasonality

Yes, beauty businesses also experience seasonality. For some, it’s a spring peak. For others — autumn. For many — the holiday rush in December. But if you don’t track and analyze your income and expenses over time, you simply won’t see the pattern.

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In Finmap, it’s visible from the very first chart in the Money report — the monthly business dynamics help you quickly identify which months are the busiest.

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This allows you to:

• Plan your team’s schedule in advance.
• Purchase supplies ahead of time.
• Balance workload and prioritize tasks for your team.
• Forecast potential cash gaps and avoid last-minute emergencies.
• Build a system of promotions or gift certificates to boost revenue during low seasons.

A plan isn’t just a formality — it’s confidence. It’s the confidence that at the most critical moment, you have everything under control — not running out of hair dye or supplies during the busiest booking season.

A Financial Safety Cushion Is the Foundation of a Stable Business

Another key benefit of tracking your cash flow is the ability to build a reserve fund.

‍The most common issue? A lack of financial safety cushion. Many studios operate month to month, and even after years in business, they remain vulnerable: any unexpected expense (equipment breakdown, sudden rent hike, or force majeure) can throw everything off track. — Alina Tymoshenko, mentor and author of educational programs for beauty entrepreneurs

When you clearly see cash surpluses in certain periods, you can intentionally set some of that money aside. Because the difference between running a business with a financial cushion and without one is massive:

Download the Checklist “Is Your Business Financially Secure?”

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Money Management: How Finmap Helps You Control Your Cash Flow

So, after gathering all your accounts into a single system, the next step toward financial order is managing your cash flow — tracking the actual movement of money both daily and in a projected mode.

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How to do this in Finmap:

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1. Sync your accounts: transactions will be automatically pulled in from integrated banks, or you can import them or enter them manually if you work with cash.
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2. Tag categories for each transaction or create auto-rules so expenses and income are automatically assigned to the right line items.
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3. Add all planned payments and expected income — rent, salaries, subscriptions, gift certificates, etc.
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4. Use the payment calendar to see exactly when money is needed and whether you’ll have enough to cover expenses.
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5. Review your cash flow reports weekly — analyze actual balances, seasonality, and business dynamics to make timely decisions.

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Finmap turns chaotic money flows into a clear system. Now you can see what’s coming — and act ahead of time. This isn’t just reacting to financial issues; it’s systematic business management.

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But even if you spot seasonality and plan your finances — that’s still not a guarantee of order. Because as long as all decisions, payments, and records are on your shoulders — you are the system.

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And a system that depends on one person is always vulnerable.

Problem #3: You’re Not Delegating the Tasks That Drain Your Energy

Expectation: you have your dream business, successful and running on its own.

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Reality: you’re its main engine, its core process, and the only guarantee of order.

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Beauty salons are often born from talent and vision. From the desire to create something beautiful, something special. But as soon as clients, a team, and expenses appear — that dream turns into responsibility.

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The owner quickly shifts from a creative role into:

• the lead stylist (because no one else does it better),
• the receptionist (because someone canceled, and the schedule still needs to be filled),
• the marketer (because reels need to be posted daily),
• the buyer (because supplies need to be found, ordered, and received),
• the decorator and logistics manager (because that new shelf has to be bought and installed),
• the HR manager (because it’s up to you to choose who joins your team),
• and even the cleaner (because you can’t walk past a messy workspace without fixing it).

It’s not the finances that cause problems — it’s ignoring them.

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Finances don’t call, don’t message you on Viber, and don’t wait at your door with complaints. So among your daily tasks, they’re always postponed. First, the client, the post, the order, the schedule, the team... And the finances stay in your head, in scattered notes, in empty spreadsheets.

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But that’s exactly how chaos begins. That “later” turns into a cash gap, missed salaries, and uncertainty about tomorrow.

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A business doesn’t grow from intuition. It grows from structure. And the first step toward growth is freeing up your time and attention. Start with what matters most — delegating financial management.

How to Delegate Financial Management in Finmap

In Finmap, you can delegate parts of your financial processes to others without losing control. There’s a Users section where you can add everyone involved and set flexible access rights — from full access to limited roles (such as access to a single account or permission to enter data without seeing analytics).

Book a free consultation!

An outsourced CFO will help you set up effective financial management and make informed business decisions

And if you don’t yet have a financial specialist on your team — use Finmap AI Copilot. It will generate a clear report, highlight weak points, suggest what to do next, and even warn you about risks you might not notice on your own.

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Remember: financial management isn’t just another task — it’s the foundation of a stable business. To grow, you need to delegate, and Finmap gives you the ability to offload part of the routine without losing control.

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Because your role isn’t to carry everything yourself — it’s to manage a system that works for you.

How to Avoid Financial Mistakes in a Beauty Salon: Advice from Nataliia Honcharenko

Nataliia Goncharenko is a bestselling author for beauty entrepreneurs and founder of The Concepts Beauty Business School. She firmly believes that financial management is not just an Excel spreadsheet — it’s a full-fledged business culture.

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Without knowledge, discipline, and the right focus, even a profitable salon can end up just breaking even.

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We asked Nataliia to share key tips that will help you take control of your finances.

1. Start with discipline

Debt, cash gaps, lack of funds for salaries — these aren’t the root causes of problems, but their symptoms. The real issue is that the salon lacks even basic financial management. And deeper than that — it’s the lack of discipline.

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In the beauty industry, it’s often entrepreneurial discipline that’s missing. When an owner regularly takes money from the cash register for personal needs, it’s not a mistake — it’s a conscious decision. They choose a cash gap over stability, delayed salaries over team loyalty, and debt over growth.

Discipline is not a talent or education. It’s a personal choice you have to make every day if you want your business to survive and grow. — Nataliia Honcharenko, founder of the international business school The Concepts Beauty Business School

2. Separate the payroll fund as its own category

One of the biggest mistakes in salon financial planning is ignoring the payroll fund (PF) as a separate expense. If you pay your team a fixed percentage of revenue, the PF grows along with your income. And if the percentage is flexible — increased revenue doesn’t guarantee profit at all.

The payroll fund shouldn’t scale directly with revenue. It’s a strategic expense category that needs separate control. — Nataliia Honcharenko, founder of the international business school The Concepts Beauty Business School

Start treating the payroll fund as an independent expense category. This will allow you to realistically assess the profitability of your services, manage profits, and see where the money is going.

3. Focus on marginal profit first

Average ticket size is a metric that doesn’t give a full picture of your salon’s financial health. What does give a true picture is marginal profit — the amount left after subtracting variable costs from each service or product. This is what covers your fixed costs and generates profit.
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Why marginal profit matters:

• You can see how much money each service or product actually contributes to covering the salon’s expenses;
• You get data to manage variable costs;
• You can apply dynamic pricing and build well-balanced promotional offers;
• You stop setting prices blindly and start factoring in profitability and market realities;
• You can answer the key question: what must the service be like so we can sell it at this price?

‍Please don’t include a made-up portion of fixed costs in your variable cost calculations. And don’t multiply consumables by 2–3–5 — that’s a myth that’s spread across the industry. If you want to learn how to calculate things correctly — consult professionals, not social media advice. — Nataliia Honcharenko, founder of the international business school The Concepts Beauty Business School

Financial stability in a salon starts with simple steps.
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You don’t need to become an accounting pro overnight — it’s enough to take responsibility and be open to learning. Because it’s the systematic approach to money that separates the salon that just survives from the one that grows and becomes truly profitable.

Money under control — business grows

If you recognized your own problems in this article — that’s already the first step toward change. Next comes systematizing your finances, organizing cash flow, and finally seeing your actual profit.

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Because having the best stylists, a line of clients, and a stylish interior — that all matters. But it’s accurate financial management that gives a salon stability, profit, and confidence in the future.

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Finmap is your control system that:

• unites all accounts, cash registers, and expenses in one place;
• shows how much profit each service and specialist brings;
• warns you about cash gaps — before they happen;
• helps form a payroll fund and plan out payments;
• reveals where the money is disappearing — and what to do about it;
• lets you delegate accounting while keeping full control in your hands.

If you want your salon not just to function — but to generate profit — start with financial management.
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Try Finmap and bring beauty to your finances!

Frequently Asked Questions:

1. Why do I need financial management if everything in the salon seems stable right now?
Because “stable” is not the same as “profitable.” Without systematic management, you don’t see where money is leaking, which service is truly profitable, or whether you’ll have enough for next month’s payroll.

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2. How can I tell which services or specialists generate profit, and which ones only create expenses?
You should track each area separately: record income and expenses for each service or specialist individually. This will help you see what’s working efficiently and what needs adjustment or optimization.

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3. What happens if I still mix personal and business money?
You won’t be able to accurately assess the profitability of your business. Personal spending, cash withdrawals, and impulsive purchases distort the picture. Separate accounts and clear division help you see how much the salon actually earns and where the money goes.

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4. Who should manage the salon’s finances? Does it have to be a financial specialist?
Not necessarily. At first, you can manage it yourself or delegate to an administrator, financial assistant, or accountant. The main thing is a clear system, consistency, and understandable rules for everyone involved in the process.

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5. What if I don’t want administrators or specialists to see all financial information?
That’s totally fine. You should configure access rights so that each person sees and handles only what’s within their responsibility — for example, recording petty cash expenses or working only with their own account. This allows you to delegate some tasks while keeping control in your hands.

“We were working at a profit. But our account balance is zero. Where did the money go?” This question stumps many LLC owners. Everything is working: the team, the product, sales — but at some point, there is simply not enough money. Not enough for salaries. Not enough for taxes. Not enough for purchases. A cash gap arises, and the business finds itself on the brink.

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The pain is that you don't even see where exactly you are losing.

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The accountant says the reports will be ready next month. The Excel spreadsheets haven't been updated in weeks. Money is scattered across accounts, contractors, employee cards — and it's difficult to piece it all together into a single picture.

Why Is This Critical for LLCs?

Businesses operating as LLCs are often complex structures: multiple accounts, departments, and directions.This is not “self-employment” — this is a system. And a system requires precision.

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86% of LLC owners have these problems:

• No single system — they have to track cash, expenses, orders, and inventory in different places.Chaos in accounting — it’s impossible to consolidate all financial data in one place.
• It’s unclear which directions are profitable and which are dragging the business down.
• Excel can’t handle it anymore — routine tasks, exports, copy-pasting, mistakes.
• No clarity on whether the business is profitable or if dividends can be paid.
• Financial accounting is not automated.It’s hard to estimate the costs of opening a new location — everything is done “by feel.
• ”There’s no strong finance expert, or they are overloaded / not familiar with the business.
• A turnkey solution is needed — not just another finance course.

And instead of running the business, you turn into a financial analyst — or just close your eyes to the numbers.

How It Works in Practice

Financial accounting for LLCs is not about reports for the sake of reports, but about decisions that change business. Below are examples of companies that saw real figures and were able to make effective decisions thanks to Finmap.

Construction Company: “They Ate Themselves”

The company had six areas of focus: residential construction projects, commercial construction, and repair crews. Thanks to Finmap, they discovered that one area was eating into the profits of two others. Abandoning the unprofitable model resulted in a gain of 410,000 UAH over three months.

E-Commerce With Its Own Warehouse

The owner of a retail business that sells through Rozetka, Prom, and its own website has consolidated all expenses, orders, balances, and payments in one place. This saves over 40 hours per month, as previously all of this was managed in Google Sheets.

Education Business: Emigration School

The Finmap financial model revealed that lead acquisition costs exceed average revenue per customer. Sales department optimization resulted in a 22% increase in quarterly margins.

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The statistics speak for themselves:

• 82% of LLC entrepreneurs in the small and medium business segment experience a lack of quality management accounting tools (according to a Finmap survey, 2024).
• Finance automation allows reducing time spent on routine tasks to 10 hours per month.
• Businesses that implement bank integrations with accounting systems increase financial transparency and make decisions twice as fast.

Finmap Integration With Monobank LLC — An Example of Automation Without Headaches

The new partnership between Finmap and Monobank for LLCs is a perfect example of effective business automation. This means that now all transactions appear in Finmap automatically. No exports. No errors. In real time.

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The pain of manual data entry is in the past. Now LLC owners using Monobank can connect their accounts to Finmap, and the data will be updated automatically, without any extra actions on your part.

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Previously, LLC owners with Monobank accounts couldn’t automatically pull statements into Finmap. Now, everything works simply and intuitively, just like it does with personal accounts.

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How it works:

• In Finmap, click “Add integration”.
• Select Monobank LLC.
• If you are abroad, select Ukraine as the country, then Monobank LLC.
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• Select an account, choose the period from which to pull data, and follow the instructions.

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Bank integrations with Finmap solve a number of problems for LLC owners:

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1. Finmap collects all income, expenses, accounts, cash, debts, and investments in one system. The data is updated automatically. Excel is in the past.
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2. When you have a project-based business, you need to see what is profitable and what is dragging you down. In Finmap, you can break down accounting by legal entities, departments, or directions.
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3. Previously, LLC owners using Monobank had to export statements manually. Now — they don’t. Data is pulled automatically, just like for sole proprietors. No errors. No extra steps.
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4. The financial manager has access to all the necessary data for their work, the department head sees only the information related to their unit, and the partner sees only the data related to their share. Full control over access rights.
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5. You don’t need a CFO or to understand budgeting. Finmap provides outsourced CFO services who will set up accounting tailored to your business.

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Who is this solution for:

• For owners of small and medium-sized businesses who manage LLC accounts in Monobank.
• For those who want to see up-to-date financial data without extra effort.
• For entrepreneurs who need to react quickly to changes in cash flow.

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What else does a business get with Finmap:

• Over 2,800 bank integrations worldwide
• Support for 114 currencies and 138 cryptocurrencies
• ‍Bank-level security — 256-bit encryption, data stored on European servers
• Automatic analysis of cash flow, P&L, balance sheet, receivables and payables
  

Now for the Main Point: Why Integration With Monobank LLC Is a Must-Have

• Statement automation — no CSVs or copy-pasting
• Time savings — on average up to 10 hours per month
• Real-time data — you see problems before they become critical
• Less human factor — fewer mistakes

Time to face the truth:

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Do your projects generate profit — or just look good in presentations?Do you know how much it costs to open a new location — or is it “we’ll see” again?

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How much more time will you spend on manual routine?

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Ready to see what financial order looks like?

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Finmap integrates with Monobank not only for LLCs but also for sole proprietors, and it supports many other bank integrations — choose comfort and automation for your business. Try the Monobank integration now!