Finance in Plain Language

Most entrepreneurs perceive financial management as a continuous, systematic process of data collection and processing. They assume that once set up, it will operate seamlessly without further adjustments. However, this is a misconception.

‍

Effective financial management is only possible when it aligns with current trends and the modern business landscape. Methods that were effective 3–5 years ago may now only complicate processes and consume additional time.

‍

Are you ready to discover what lies ahead for financial management in 2025? The trends shaping its efficiency could be the key to your business success. Don’t miss the opportunity to implement innovations in time and stay ahead of the competition.

‍

Cybersecurity

The advancement of digital technologies creates new opportunities for businesses but also makes them more vulnerable to cyber threats.

‍

Financial information is one of a company's most critical assets. Protecting data from leaks, attacks, and internal threats must be a top priority.

‍

The rise in cyberattacks worldwide is driven by increasing geopolitical instability and the digitalization of businesses. As a result, the cybersecurity market has expanded, boosting demand for automated solutions with built-in security systems.

‍
In financial management, this translates into the need for:

• Protecting data from unauthorized access.
• Secure storage of financial documents in cloud services.
• Minimizing the risks of data loss or theft of confidential information.
  ‍

‍

Given the growing cyber threats, companies must combine innovative management solutions with robust data protection mechanisms to mitigate risks and ensure the stability of financial processes.

Systematization

Systematizing financial processes is not just a trend but a strategic necessity.

‍

It involves structuring financial data, implementing clear standards, rules, and procedures that simplify analysis and reporting. This, in turn, enhances the speed and efficiency of managerial decision-making.

A system is what separates a successful business from chaos. — Ray Dalio, Founder of Bridgewater Associates

Systematizing financial management provides businesses with a range of strategic and tactical advantages, as it leads to:

• Increased accuracy of financial information.
• Transparency and control over cash flows.
• Cost optimization and improved profitability.
• Compliance with legal requirements and risk reduction.
• Strengthened financial discipline within the company.
• Readiness for scaling and attracting investors.

Companies that neglect financial systematization are playing financial roulette. Meanwhile, those that implement a structured approach gain control, predictability, and a competitive edge. In an era of rapid change, survival belongs not to the largest but to the most organized.

Process Automation

Financial Management Automation, along with systematization, becomes a key factor in effective financial management. It can be achieved by implementing the following functions:

Integration

Integrating management systems with banking and payment services (Stripe, PayPal, Fondy) enables real-time receipt, processing, and analysis of financial data, ensuring:

• significant time savings on transaction processing;
• minimization of risks associated with human error;
• transparency of financial flows;

Auto Rules

Modern financial management services allow for the creation of automatic payment distribution rules based on categories and other characteristics (for example, all payments with the comment “Payment for (product/service)” are automatically classified under income with the “Sales” category).

Automatic Financial Reporting

Instead of simply using templates or pre-made report formats, opt for programs that will automatically generate the main reports based on the entered data. Prioritize services that allow for the automatic generation of:

• Balance sheet
• Profit and loss statement
• Cash flow statement
• Debt report
  ‍

Electronic Document Management

‍The transition to e-document management minimizes paperwork, automates invoice issuance, contract signing, and document exchange with counterparties and tax authorities.

Delegation and Implementation of AI

‍Continuing the topic of automation, it is important to highlight the involvement of artificial intelligence in the financial management process. Currently, AI should be seen not as a threat to jobs, but as a way to free people from routine tasks.

‍

AI can be implemented in the following areas of management:

‍

1. Report Generation and Analysis
   Artificial intelligence can process financial transactions and generate reports with analytical conclusions in a structured format. This helps facilitate prompt management decision-making, reduces the workload on staff, and minimizes the risk of human error.
   ‍
2. Forecasting and Risk Management
   Algorithms can analyze historical data and market trends, predict future financial indicators, identify potential risks, and recommend strategies for risk mitigation.
   ‍
3. Security and Responsibility Control
   This tool can verify transactions for compliance with tax and financial regulations, detect suspicious transactions, and reduce the risks of fraud.

Forecasting

‍Oleksandr Kravchenko, Managing Partner at McKinsey in Ukraine, advised businesses at the "Ukraine Tomorrow" event to change their approach to activity planning and develop three scenarios: optimistic, pessimistic, and realistic.

‍

Finmap experts recommend creating financial forecasts based on last year's data while considering the aforementioned scenarios. This approach will provide you with a clear action plan and allow you to take informed steps in case of various challenges.

You can’t predict the future, but you can plan for it. — Peter Drucker, management consultant, "The man who invented corporate management"

Thus, financial management in 2025 requires not only accuracy but also adaptability to changes. Companies that implement modern tools for financial management and forecasting will not only optimize their operational processes but also enhance their competitiveness in the business environment.

‍

Are you looking for a solution that meets all the trends of modern financial management? Start working with Finmap — turn numbers into a tool for business scaling and make proactive decisions!

The beginning of the year is an opportunity to see the true picture of the business based on the results of the past period. What worked best? Where are the hidden reserves for growth? How can you prepare the financial foundation for a successful start to the new year?

‍

In this article, we will explore how to summarize the financial results of the year without missing any important details and how to prepare for planning the upcoming year.

‍

How to Prepare Your Annual Financial Statements Without Any Hassle

Effective financial planning and summarisation helps businesses make informed decisions and avoid mistakes. Follow these tips to make the annual reporting process more accurate and convenient.

• Summarize the annual results at the beginning of January, not at the end of the calendar year. This way, you can collect and systematize all the data related to the past period, even if payments were delayed.
• Implement regular monitoring of the financial situation to minimize the risk of unexpected results at the end of the reporting period.
• Use specialized financial tools throughout the year to collect and store data in a unified system.

Key Metrics for Assessing the Financial Health of a Business

Financial analysis is the foundation of effective business management. To make the right decisions, it is important not just to record income and expenses but also to evaluate key indicators, track their dynamics, and identify patterns.

‍

This will help uncover the strengths and weaknesses of the business, optimize costs, and improve financial results. Let’s explore which indicators should be analyzed and how understanding them can enhance profitability and financial stability of the company.

• Sales Volume in Monetary Terms: This indicator should be analyzed by major product groups, services, and projects, comparing them with previous periods and analyzing the factors that influenced fluctuations.
  ‍
• Net Cash Flow, according to the Cash Flow report, shows the balance between the company's income and expenses on a monthly basis. Cash flow analysis helps identify periods with a negative balance and the sources to cover it, which is crucial for planning future financial flows.
  ‍
• Total Business Profit for the Year is a key performance indicator that reflects the overall financial outcome of operations and allows an assessment of the change in results compared to the previous year.
  ‍
• Profit Dynamics by Month serves as an indicator of business seasonality. If profit shows clear peaks or declines, it allows for adapting the financial strategy, optimizing costs, and adjusting marketing activity.
  ‍
• Profit by Business Areas – projects, locations, sales points, product/service groups, etc. – helps identify the most profitable products and services, enabling more effective resource allocation and focus on promising directions.
  ‍
• Margin by Key Areas and Projects reflects how much net profit each area or project generates after accounting for variable costs, which is critically important for strategic business management.
  ‍

‍

• Share of Key Expenses Relative to Sales allows you to assess the proportion of each expense item, determining their impact on the overall financial result and controlling the dynamics of changes. If the share of key expenses is constantly rising, it signals the need to review the cost strategy, especially if sales are growing more slowly.
  ‍
• Business Profitability for the Year is a relative profitability indicator used for comparison with market averages. When compared to last year’s data, it provides insight into whether operational efficiency is increasing.
  ‍
• Financial Position of the Business: Analyzing assets and equity, as well as the ratio of working capital to current liabilities. This is determined based on the management balance sheet and helps to identify changes in the structure of assets and liabilities, as well as assess the company’s ability to meet obligations and the effectiveness of profit utilization.
  ‍
• Additional key indicators for your business may include: ROI, LTV, MRR, Break-even Point, Unit Economics, etc.

Regularly assessing key indicators allows you to control the financial situation and identify hidden opportunities for growth. A strong business is built not on assumptions, but on accurate data.

‍

Therefore, it is important not just to look at the numbers, but to understand their meaning, learn to forecast risks, and act proactively. Those who systematically analyze their finances achieve stability and a competitive advantage, which ultimately determines the company’s future.

Benefits of Annual Analysis for the Financial Health of the Company

Annual analysis is not only an assessment of the company’s performance but also an important tool for strategic planning, allowing you to:

• ‍Adjust current business processes.‍

If throughout the year the company faced issues such as a lack of working capital, failure to account for seasonality, or a slowdown in sales, it signals the need for changes.‍

• ‍Conduct a deep analysis of the company's financial position.

‍It is important to focus on the ratio of working capital to current liabilities to avoid cash flow gaps. Profitability and margin indicators should be used to assess the effectiveness of resource utilization.

• Make decisions regarding key business areas.‍

Annual analysis helps identify the most profitable projects and assess the costs of supporting unprofitable ones, as well as their impact on overall financial performance. Based on the report, insights can be gained on alternative monetization strategies or the reformatting of unprofitable assets.

‍

Predefine the break-even point for each business area to keep track of the indicators throughout the year.

• Develop a growth strategy adapted to the real market conditions.‍

Use the data collected to compare with market averages and adjust the strategy to external changes. Market shifts may require adjustments to pricing policies or product assortments.

How Annual Analysis Helps in Making Strategic Decisions

Assess possible business development scenarios based on financial data and prepare flexible strategies for different economic conditions (growth, recession, changes in demand).

‍

Annual reporting is also one of the key foundations for building a financial model for the business, which in turn helps to find answers to questions such as:

• How to predictably and steadily earn more;
• How to keep the business above the break-even point;
• Is it profitable to open a new business direction;
• How to prevent crisis situations.

Thus, compiling annual reports helps analyze business performance and make informed management decisions regarding future development. It’s important to note that you can quickly obtain accurate annual results only with a well-established systematic accounting process.

‍

Finmap will help organize your finances and become your reliable support in the world of numbers. No more trouble with reporting!

Modern business faces numerous challenges that often require innovative solutions for success. When entrepreneurs launch new ventures or projects, financial management becomes critically important to ensure the stability and growth of the company.

‍

In this context, the experience of Anita Solovei and her financial director Bohdan Puzansky is particularly interesting. With the help of Finmap, they successfully implemented a systematic financial management process. In this case study, we will examine in detail how Finmap helped address the challenges posed by business expansion and how significant results in financial management were achieved.

Key Business Projects of Anita Solovei

Anita Solovei is an entrepreneur who manages several businesses across various fields:

‍

1. Instagram page Be My Guest, which specializes in short-term apartment rentals in Kyiv, allowing tourists and business people to stay in comfortable apartments for short periods.
   ‍
2. Instagram hotel Live.Here.Hotel offers guests comfortable rooms and an individual approach to each client, highlighting style and atmosphere.
   ‍
3. Online camp "The Path of the Orange Blogger" is a project offering educational courses for bloggers and those who want to develop their online presence.
   ‍
4. Instagram page Blog of Anita Solovei, a personal blog where Anita shares her experiences, ideas, and advice with her followers.

‍

Anita Solovei actively develops these projects, combining traditional and innovative approaches, which requires efficient financial management and precise accounting.

‍

Challenges faced by the business

As Anita's business grew and the number of directions increased, Bohdan Puzansky, the financial director, faced numerous difficulties. Initially, financial accounting was conducted using Excel. However, with the expansion of projects that cover both offline directions (real estate rentals, mini-hotel) and online activities (educational programs, Instagram blog), this approach became inefficient. Managing expenses was especially problematic, as funds were often withdrawn from personal cards, leading to data confusion and complicating financial analysis.

‍

Before the pandemic, the business was actively engaged in short-term property rentals, managing 60 apartments, which required daily accounting of large volumes of income and expenses. The pandemic forced a re-evaluation of priorities, with the focus shifting to the blog and info products, which increased the number of directions and complicated accounting for the 20-person team.

Project Specifics

Anita Solovei and her team manage several businesses, each with its own characteristics:

‍

1. Be My Guest Apartment Rentals
   Short-term apartment rentals require constant tracking of income and expenses, which change daily. The need for accurate accounting of each transaction is critically important to determine the profitability of each apartment.
   ‍
2. Live.Here.Hotel
   The hotel business requires not only financial management but also client service, which complicates accounting. Expenses may include staff wages, maintenance, and other operational costs.
   ‍
3. Online Courses
   Running online courses requires systematizing expenses for advertising, learning platforms, and other services related to the course.
   ‍
4. Anita Solovei's Blog
   The blog also has its own expenses: content creation, promotion, technical maintenance, etc.
   ‍

‍

With the appearance of several directions, there was a need to simplify the process, as managing Excel spreadsheets began to take up too much time. The large amount of data made it difficult to understand what was really happening in the business.

‍

Therefore, Finmap was tasked with the following:

• Systematize accounting to see the overall picture of the business and data for each direction separately.
• Simplify accounting and spend less time on it.
• Make the data visual, so that at any moment, the financial picture of the business could be quickly understood without spending time on analysis.

Establishing New Financial Principles

Bohdan immediately decided not to create several companies in the service but to manage accounting in one, dividing it into Projects. After all, the company is essentially one. There is a general bank account from which money is distributed across different directions.

Therefore, it was more convenient to create several projects within one company to see:

• how much money the business has overall;
• how financial flows are distributed;
• which direction is working well and which is not.

‍

‍

‍

At the first implementation of Finmap 1.0, each apartment in the short-term rental business was made a separate project. There ended up being 70 projects. On the one hand, this helped track the profitability of each apartment.

‍

‍

‍

On the other hand, such a number of projects complicated accounting, as expenses were often shared. For example, the purchase of towels, bed linen, and cleaning supplies. There was one expense, but it had to be distributed across 70 projects. Therefore, the first use of Finmap was quite challenging.

‍

Evolution of Management Strategies

With the start of the pandemic, the demand for short-term rentals significantly decreased. Anita and Bohdan noticed that business efficiency had dropped, although time expenses remained high. The decision was made to rent most of the apartments for long-term leases and abandon part of the real estate. The main focus shifted to educational courses and the blog.

‍

‍

Now, Bohdan manages 7 projects in Finmap instead of 70. All apartments were combined into one project, as most of them are rented for the long term, and the data doesn’t change much from month to month. However, thanks to the ability to divide one payment across several projects, they can effectively manage the finances for each apartment individually. Tags are used for detailed accounting, which allows for a quick view of the information on each property.

Categories and Payment Calendar

Bohdan actively uses the Categories functionality in Finmap to clearly allocate expenses and income among different aspects of the business. This functionality allows him to easily structure financial flows, separating payments related to real estate management, educational projects, and the blog. Thanks to this, Bohdan can see not only the overall picture but also analyze each business direction in detail.

‍

Categories help him quickly identify where financial performance changes are occurring, enabling him to respond promptly and adjust strategies. This is particularly important as financial flows can vary greatly for each of his projects: real estate has stable long-term income, while educational courses and the blog may experience more dynamic changes due to seasonality or market demand. Thanks to such financial organization, Bohdan finds it easier to manage the business and make well-informed decisions quickly. He also uses the Payment Calendar to plan income and expenses, which helps track cash inflows and avoid liquidity gaps.

‍

‍

‍

‍

‍

It is very convenient to label them with categories and track how much money is being spent where. This also helps to notice when some variable expenses become fixed, so they can be planned in the Payment Calendar for future reference.

‍

‍

In the Payment Calendar of Finmap, you can plan Income and Expenses. Moreover, if you add future expenses or receipts, the Payment Calendar will show whether there will be enough money or if there’s a risk of a cash gap.

‍

How to Simplify Financial Accounting: Bohdan’s Lifehacks for Effective Financial Management‍

Financial accounting can seem like a daunting task, especially when projects and expenses accumulate. However, Bohdan shares practical lifehacks that can help streamline finances and avoid unnecessary stress:

• Enter information daily. But if that’s not possible, at least make notes; otherwise, things are forgotten even by the evening of the same day.
  ‍

‍

‍

• Connect accounts and cards in Finmap so that transactions are entered automatically.
  ‍

‍

• If you have several projects or directions, but the same employees work in them, it’s better to separate salaries from projects and make them a separate category of expenses. For example, if you have a hotel, a blog, and a course, but the same marketer handles social media for all of them.
  ‍
• If this is not done, it’s difficult to allocate each salary to all projects. And tying it to just one direction is wrong because one project would bear the costs for all.
  ‍
• Don’t hesitate to reach out to Finmap's support team.
  ‍

‍

Transparency and Control: The Results of Using Finmap in Anita Solovei's Business

The implementation of Finmap allowed Anita Solovei and her team to systematize their financial accounting, combining all the data in one place. Now, it is convenient to track both the overall financial status of the business and the indicators of individual projects. Thanks to automation and transparent reports, financial control has become much simpler, and expenses — more understandable.

‍

‍

• Financial accounting for all 7 projects of Anita Solovei has been systematized. Now all the data is in one place. It’s convenient to view both information about the financial state of the entire business and individually for each project.
  ‍
• At any moment, Bohdan can check how much money is in each account and on each card. He no longer needs to log into the personal accounts of each bank separately. Plus, it’s immediately clear how much money on the card belongs to the business. This is especially convenient when there are cards that are used for both business and personal needs.
  ‍
• Now, Bohdan and Anita know exactly what expenses the business can afford. Finmap has information about planned expenses and how much money is currently in the accounts. It’s easy to assess what will remain at the end of the month and whether they can spend on something extra.
  ‍
• Now, small expenses are accounted for, such as bank fees, which were previously not tracked because the amounts were insignificant. However, over a month or a year, they accumulate into large costs.
  ‍
• Reports no longer need to be made manually—the Finmap program performs the analysis on its own. Now anyone who needs to can access and view the entire picture of the company. And thanks to the clarity of the reports, even those who don’t understand much about finance can see what’s happening in the business.
  ‍
• Accounting has become simpler. Now, less time is spent entering information and analyzing it.
  ‍

‍

Bohdan Puzansky, the financial director, and entrepreneur Anita Solovei were able to successfully solve their financial management issues by implementing the Finmap system. This program allowed them to organize their accounting, simplify financial processes, and achieve significant results in controlling expenses and income. Finmap helped Anita Solovei and her team focus on business development and implementing new ideas, ensuring stability and transparency in financial processes.

‍

Thanks to the systematization of financial data and convenient tools for financial management, Anita Solovei's companies can now effectively plan and control their expenses, ensuring stable financial growth.

Is it possible to scale successfully while keeping all records in notebooks and homemade spreadsheets? “Definitely not!” confidently answers Oleksandra Kulykova, founder and CEO of Kukuruza Video Production.

‍

Scaling a business without process automation is like building without a foundation. This renowned video production studio proved it with their own example, implementing innovative solutions that not only save time but also optimize team operations.

How Kukuruza Video Production Combines Creativity and Efficiency in Their Work

Kukuruza Video Production is a Ukrainian company that creates animated content and videos for customers from all over the world. The company's clients include both big brands and local businesses. For example, they have worked with such well-known companies as Porsche, Lenovo, NEOLUX, Rozetka, and others.

‍

‍

In 2022, the team faced new challenges: large amounts of information required an integrated approach. Data on potential customers, active projects, budgets, milestones - all this needed to be structured for effective management.

‍

This solution was implemented by the Ukrainian integrator CRMiUM, which combined all workflows into a single, unique ERP system. The process of customer acquisition and order fulfilment is now tracked holistically in the CRM, Notion and Finmap applications.

‍

A logical question arises: if you already have CRM and project management, what is the need to use Finmap?

Integrations as an Effective Automation Tool

One of the key changes was the introduction of banking integrations, which allowed us to synchronise all payment systems in one programme. This has significantly reduced the time required to enter transactions manually, as now any movement of funds, especially receipts from customers, are immediately reflected in Finmap.

‍

This information is automatically transferred to the CRM system, and from there to Notion, signalling to managers that they are ready to launch new projects.

One of my rules for sustainable development is to have the courage to experiment, take risks, and try new approaches. Don't be afraid to go beyond the standards. — Oleksandra Kulykova, CEO of Kukuruza Video Production

In her work, Oleksandra strives for innovation, while in finance she takes a pragmatic approach. Even when it comes to risky financial decisions, Finmap tools, such as the Payment Calendar forecast, help her understand how justified such a decision will be.

‍

Delegation and Flexible Access: The Key to Process Optimisation

American motivational psychologist Brian Tracy notes in his book Delegation and Management:

If someone can do a task 70% as well as you can, delegate it to that person. Free yourself up to tackle the tasks that only you can do.

This advice is relevant for all areas of business, and is especially important for financial accounting. After all, business owners often spend too much time and energy on routine payment processing.

Oleksandra and her team avoided this problem by using a flexible access system for each of their employees.

We created an account for each manager and gave them access only to the projects they are involved in. This is very convenient, because employees do not have access to fundamental information and focus only on the workflow for which they are responsible. — Oleksandra Kulykova, CEO of Kukuruza Video Production

‍This approach allows you to:

• Protect confidential information.
• Quickly analyse accountable funds.
• Monitor the status of accounts in real time.
  

Even contractors have access to only the necessary part of the data to set up a CRM system, without diving into financial information.

How the Projects Report Helps to Quickly Analyse Profitability

Each payment, whether it is automatically integrated through banking systems or added manually by the manager, is immediately recorded in the Projects report.

‍

Thanks to the automatic calculation of project profitability, the company is able to analyse all orders in real time.

How does this help the business?

1. Transparency to customers.
   The company can reasonably explain how additional services or concessions affect the final profitability. This ensures trust and transparency in customer relations.
   ‍
2. Promptness of decisions.
   The team sees the financial status of each project in real time, which helps to make strategic decisions faster.
   ‍
3. Management of additional services.
   Changes that are not included in the contract are instantly reflected in the report, allowing you to respond and adjust your work in time.
   ‍

‍

Kukuruza Video Production's experience proves that each area of activity requires specialised tools that automate and simplify processes. Whether it's off-the-shelf ERP systems or customised solutions, it's up to you. But without a clear financial structure, success is impossible.

‍

Choose Finmap as your reliable partner and focus your resources on developing and scaling your business. Technologies work for you — use them to their fullest potential!

Proper financial management is a tool to not only make business transparent and efficient in the long term, but also to save resources. Why it is necessary to improve financial management even in a profitable company, read in this article.

LIBERT Is a Leader in Premium Transportation

LIBERT - company specializes in individual premium and business class transportation, offering a wide range of services to its customers. Their portfolio includes transportation of official delegations, mass transport events, as well as international transportation.

‍

The key advantage of LIBERT is the highest level of service, with attention to every detail and maximum consideration of the client's wishes. Key aspects that ensure a solid reputation include:‍

• ‍An individual approach to the route, taking into account all the client's requirements.‍
• Armored cars for maximum security.‍
• Speed and efficiency of transportation organization.‍
• High level of service and availability of English-speaking drivers.‍
• Full support of the trip with the organization of the necessary reservations and security.
  ‍

‍

The LIBERT company achieved success thanks to the scrupulous and responsible approach of its owner. Andriy Antonenko is attentive not only to customer service, but also to the organization of internal processes. A special emphasis on financial management helps the company to effectively manage finances, control costs and grow confidently.

‍

Spreadsheets vs. Business: Why Manual Accounting Doesn't Work Anymore

Andriy started his business in 2008. He refused to conduct affairs blindly, without a clear understanding of how much money was spent and what payments were made.

‍

For digitalization of business, the company used self-made spreadsheets all these years.‍

I studied financial literacy on my own. Order isimportant to me, especially in finance, so I immediately trained my subordinates to a clear reporting system. — Andriy Antonenko, owner of LIBERT

When financial management was kept on a monthly basis, the functionality of the tables seemed to be sufficient. But when at the end of the year more than twelve tables had to be compiled and a report issued, the time and nerves spent only burdened the owner. Over time, the tables multiplied, and although they provided a lot of information, it seemed impossible to qualitatively analyse and systematize them.

‍

The next challenge was that at some point the control of the reports and the validation of all the formulas changed for the daily business of the owner.

If in the evening you do not check everything against the tables and do not additionally list all the results, or you miss a mistake somewhere, then tomorrow it will be impossible to untangle this tangle of data! — Andriy Antonenko, owner of LIBERT

Such checks took not only time, but also the resources of the owner himself, who should have dealt with more global issues.

‍

Successful organization of financial management became impossible due to a number of reasons:

• Attempts to implement a CRM system did not give the desired results, because they did not cover even half of the company's business requests.
• Working in tables took too much time and didn't allow to quickly obtain complete information.
• The operations manager had a high workload, and reworked the norm of working hours.

How Finmap Changed the Approach to LIBERT Company Financial Management

Andriy learned about the Finmap service from a financial specialist who was putting his contractor's financial management in order. The financier organized the data using Finmap, and the speed of generating reports was impressive.

I decided to try Finmap as well. The system issimple and everything is clear. And the online meeting with the support consultant made it possible to customize the service exactly to my business format. — Andriy Antonenko, owner of LIBERT

Monitoring the Operation of Cars

In Finmap, it is convenient to track the results of the operation of the machines that Andrii started as projects. The system shows how much was spent on servicing each car and how much money was earned.

‍

You can analyse revenue by car class and determine the most profitable or least profitable cars. In the service, it is possible to detail data also by type of services and even by individual clients.

‍

Control of receivables

In the LIBERT business model, the main indicator is not the amount of funds received from the client, but the number of services provided. Payments are usually made after the fact, at the end of the month, and accounting for all services and related expenses must be online.

‍

The manager enters the issued invoices into the service in the form of Accounts Receivable, indicating the period when transport services were provided and the date when they are expected to be settled.

‍

The owner only has to open the Debtor report in Finmap and check:

• Who has already paid
• Who has delayed payment and needs additional reminders
• What new invoices were issued

The Profit report helps to analyse this information from a different angle. After all, even in the first graph, the amount and the term for which the funds have not been paid are immediately visible.

‍

‍

Such easy and at the same time detailed control of Receivables became possible only in Finmap, as self-made tables required constant expansion, modification and reconciliation of formulas.

How Finmap Replaced an Additional Operations Manager and Saved the Owner More Than $8,000 Per Year

Before the introduction of the service, the manager was engaged in cost accounting and entered them manually into the table. At the same time, when the drivers made expenses, they immediately wrote about it in the work chat, which was constantly filled with more and more new messages. 

‍

It was quite easy to lose important information in such a flow.

‍

The communication process regarding accountable funds was long and confusing:

‍

‍

Such a process was carried out with each driver, of whom there were about 20 at that time. The workload was increasing, and the owner had already started the search for an additional operations manager.

How Finmap Optimized the Process of Working With Management Money

For convenience, drivers have been added as Users. For each of them, a separate account was created and access was granted only to it. These accounts show the funds available to the driver.

1. ‍Drivers independently pay expenses, attach checks, specify details and choose a project.
   ‍
2. ‍Drivers independently add cash transactions to their accounts, with the corresponding settlement of the client.

Now the owner sees in real time:‍

• ‍how much money was spent;‍
• what needs were the funds used for;‍
• balance on the driver's balance;
• whether the settlement was in cash;
• whether expenses did not go beyond the budget.

So, Andriy can now quickly compensate the driver for the spent funds, decide whether additional finances are needed, and does not waste time on clarifying the payment.

‍

Such an innovation reduced the workload of the manager several times, and the need for additional personnel disappeared.

‍

 And now a little math (as of 09/20/2024):

‍

1. As the website Work.UA notes, the average salary of an operations manager in Ukraine is $750.
   ‍
2. So, in one year, Andriy had to pay $8 780.
   ‍
3. An annual subscription to Finmap costs $432.

Savings: 8 780 - 432 = 8 348

With the help of Finmap, drivers were also able to monitor the balance on their account at the fuel company, which allowed:

• To the owner —control the fuel consumption of each driver.
• To the drivers —promptly provide information on fuel limits.
• To the manager —manage general and individual fuel limits.

Finally, honest and transparent relationships are being built with my entire team, which is one of the keys to success for me. It is important that everything is enough for everyone, then the work of the drivers will be comfortable and the level of our service will only grow. — Andriy Antonenko, owner of LIBERT

Prospects for Further Cooperation Between Finmap and LIBERT

Easy implementation and use, coverage of most of the company's cases and optimization of business processes became the basis for strong and long-term cooperation with Finmap for Andrii.

I didn't even know if there were any similar programs or competitors to Finmap. And why, if this system completely satisfies me? It would be good for our business to be able not only to issue invoices in Finmap, but also to provide certificates of completed works. So we hope that we will wait for such innovations as well. — Andriy Antonenko, owner of LIBERT

Now, the reports generated automatically in the service provide the owner with comprehensive information about the state of his business. Finally, financial management became not a burden, but a convenient tool for the strategic and tactical development of the company.

‍

Introduce Finmap and learn all the details of the financial status of your business. Optimize, save and grow with Finmap!

Automation of business processes is critical for the competitiveness of companies today. Implementing optimisation systems can significantly reduce the time spent on data processing, reduce the likelihood of human errors, and enable employees to focus on strategic tasks.

‍

As the importance of this topic is constantly growing, we suggest you consider the main benefits of automation. In this article, we'll explain how platform integration ensures full automation of data transfer and share real-life examples of its use.

Benefits of Implementing Automation

Implementing automation in business processes has a number of important advantages. They have a direct impact on the efficiency, productivity, and development of an enterprise, regardless of its field of activity.

‍
The most tangible benefits:

• Saving time and resources. Automation reduces the amount of manual work, freeing up time for priority tasks. By delegating routine to software algorithms, employees can focus on strategic tasks.
  ‍
• Reduced errors. Manual data entry is always accompanied by the risk of errors. Automation reduces it, ensuring the accuracy and reliability of tasks.
  ‍
• Increased efficiency. Automation of processes helps to respond more quickly to changes and customer requests and complete tasks faster. All this increases business productivity.
  ‍
• Optimisation of workflows. Integration of different systems and platforms allows you to create more coherent workflows and effective interaction between departments and teams.
  ‍
• Improved customer service. Automated processes make it possible to process customer requests quickly and efficiently. This increases customer satisfaction and loyalty to your business.
  ‍
• Scalability. By implementing automation, you can easily scale your business processes without investing heavily in additional resources or staff. This is especially important for fast-growing companies.

Use of Online Connectors

Today, many different services are used to effectively automate business processes. Online connectors are one of the most advanced solutions.

‍

These tools are used to integrate different platforms in order to maximise the transfer of work processes to the ‘automatic’ mode. They provide a simple and efficient connection between services and constant data exchange 24/7.

‍

‍

Let us consider how an online connector works using the example of ApiX-Drive. First, the user defines the data source, which can be any online service: CRM system, email, advertising account, etc.

‍

After that, they select the receiver where the data will be transferred (for example, to a database, marketing platform, or other online tool). The ability to customise each integration in detail to meet the specific needs of the user makes ApiX-Drive stand out from other services. The final step is to specify the data update interval.

‍

Advantages of ApiX-Drive:

• Ease of use: no programming skills required; quick setup of integrations thanks to an intuitive interface.
• Versatility: a large catalogue of systems and services that allows you to find solutions for automating a wide range of work processes.
• Automation: the elimination of manual data entry and errors that occur due to inattention or haste.
• Customisation: the ability to use filters, IF/Else logic, the AI TOOLS module, and other functions to customise the integration for specific tasks.
• Support and scalability: ongoing technical support and flexibility to scale workflow automation to meet new needs.‍

Integration of Finmap and KeyCRM

‍

Integration of the KeyCRM platform with the Finmap helps automate business processes, improve cash management, and control over financial performance. Here are a few examples of use cases for this integration:

• Automation of financial reports. Every time a new order is added to KeyCRM or an existing order is updated, information about it is automatically transferred to Finmap. Thus, all orders are automatically reflected in financial reports. This simplifies the reporting process and allows you to get accurate revenue information faster.
  ‍
• Control over expenses and income. Whenever KeyCRM receives new payments from customers or data on project costs, this information is automatically transferred to Finmap, where records of income and expenses are created. This ensures operational monitoring of financial flows, which helps to better control costs, compare them with expected revenues, and avoid financial problems.
  ‍
• Analysis of the effectiveness of campaigns. Data on the revenue generated by each marketing campaign is automatically transferred from KeyCRM to Finmap. This allows you to analyse which campaigns are the most effective in terms of financial performance. This integration allows you to quickly assess the profitability of each campaign and optimise your marketing budget based on real financial data.

Integration of Finmap and Google Sheets

‍

The integration of Google Sheets and Finmap is useful for businesses that need to automate financial data and reporting. Google Sheets in such a tandem can serve as a flexible tool for collecting and storing data, and Finmap as a specialised tool for financial management.

‍

Here are some real-life case studies where this integration will bring significant benefits:

• Automatic tracking of receipts from clients. Example: A freelancer or small business uses Google Sheets to keep a list of clients and their income, and Finmap to manage their cash flow. Every time an entrepreneur receives a payment from a client, they enter the information into Google Sheets. Thanks to the integration, this information is automatically transferred to Finmap, where it is recorded as a receipt.
  ‍
• Recording transfers and expenses for marketing campaigns. Example: a marketing agency uses Google Sheets to keep track of advertising and marketing campaign expenses, and Finmap to process this financial data. It enters all the data on expenses (amount, date, supplier) in Google Sheets. The integration automatically transfers them to Finmap, where they are recorded as expenses.
  ‍
• Budget monitoring. Example: a family budget or the budget of a small organisation is kept in Google Sheets, and financial transactions are processed in Finmap. Data on monthly expenses, receipts, and transfers are entered into Google Sheets for storage purposes. The integration automatically exports this data to Finmap for further accounting and detailed analysis.

The results

Workflow automation is one of the most effective ways to optimise the modern business environment. It helps companies increase productivity, reduce costs, and scale their operations.

The introduction of online connectors such as ApiX-Drive greatly facilitates the integration of applications used in work and, consequently, process automation. This allows businesses to respond to changes faster and improve the quality and efficiency of their operations.

‍

The positive effect is observed in both internal (interaction between employees) and external (interaction with customers) processes. As a result, businesses can quickly adapt to changing market conditions and strengthen their competitiveness.

‍

And if you are interested in learning how to organise your business finances and see all the money and profit in clear graphs on one screen, Finmap specialists will be happy to help you.

Launching and developing online schools and online courses is a complex process, especially when it comes to working with several projects at the same time. Dmytro Frolov, the founder of a production center and co-owner of an English language school, faced the need not only to launch new courses efficiently but also to maintain control over finances in the face of rapid business development.

‍

Find out how he managed to put his finances in order and ensure the stability of his projects with the help of Finmap in this article.

Meet: Dmytro Frolov and His Production Center

Dmytro Frolov is an entrepreneur who runs a production center specializing in launching and driving cold traffic to online schools and online courses. He also co-owns an English language school for Ukrainians founded by Kirill Makashov. These business lines pose many financial challenges for Dmytro, which must be addressed for the sustainable development of the projects.

‍

Financial Traps: How Cash Gaps Almost Destroyed Business

Prior to founding the production center, Dmytro ran a marketing agency, but faced two serious cash gaps that negatively impacted his experience and reputation. Previous financial strategies based on manual calculations in Google Spreadsheets and working with old-school accountants were not effective, and Dmitry was tired of continuously trying to control the chaos in his finances.

‍

One of the main mistakes was the perception of the account balance as a financial result of the business, which led to a misunderstanding of the company's real performance.

‍

‍

Thanks to these lessons, the entrepreneur began to study financial literacy and learn how to structure his finances correctly. This experience confirms the importance of proper financial accounting for any business, regardless of its scale. After all, 70% of businesses close due to cash gaps, which can be avoided if you manage your finances properly.

Finmap: From Chaos to Clear Financial Management

Since the launch of the production center, Dmytro and his team have been working with several clients at the same time (from 3 to 5 schools), creating an internal management system. When the English language school appeared, there was a need to build a financial system from scratch.

‍

The growth of the business led to an increase in sales flow, the emergence of accounts receivable and the opening of accounts in different countries, which made it difficult to manage. Then, on the recommendation of a friend, Dmytro decided to turn to Finmap.

‍

Immediately after connecting Finmap, he managed to combine all the accounts into one system and get a complete picture of the business's finances. On the very first day of using the tool, Dmytro saw how much money the company had, which was a real eye-opener.

‍

Finmap made it possible:

• Quick access to financial information. At any time, Dmytro can use his smartphone to view the full picture of his finances, which has greatly simplified his control over the business.
  ‍
• Automation of complex processes.Thanks to Finmap, salaries and payments to partners are now distributed without any problems.
  ‍
• ‍Systematizing expenses by categorizing them in a few clicks helps to avoid mistakes in payments.
  ‍
• Integration of financial instruments. Previously, due to the large number of accounts, there was often a lack of funds to pay for certain services or salaries, as some expenses might not have been taken into account and automatic debits from linked cards or accounts went unnoticed. Thanks to Finmap, Dmytro can now quickly integrate all his accounts and systematize cash flows, which helps him avoid such situations and keep his finances under control.
  ‍
• Preventing cash gaps. With Finmap, Dmytro can now track account balances and forecast cash flows, which allows him to identify possible cash gaps in advance and take the necessary steps to avoid them.

Why Does an Entrepreneur Need Financial Management from Day One?

Often, entrepreneurs rely on accountants alone, believing that this is enough to manage their finances effectively. However, this is a misconception, as controlling finances is a key responsibility of a business owner.

It's important not only to develop a product or marketing, but also to keep your finger on the pulse of cash flow. — Dmytro Frolov, entrepreneur

Finmap helps to avoid the difficulties associated with manual accounting in Google Spreadsheets. With this system, you can easily control financial flows, including expenses for salaries, taxes, and advertising. This is especially useful for those who have many accounts and currencies.

‍

Initially, the production center had a chaotic financial situation and could not clearly track expenses and income.

As we started to grow, our expenses increased every month, and the number of accounts grew with them. However, it was thanks to Finmap that we were able to integrate all financial flows into one system and get a clear picture of the state of our finances. — Dmytro Frolov, entrepreneur

This allowed him to avoid cash gaps and plan expenses effectively. Financial transparency helped the entrepreneur to control every aspect of the business and make informed decisions.

Why is it Important to Start with the Financial System at the Start of the Project?

Creating a financial system at the start is much easier than trying to implement it when the business has already scaled up. With Finmap, you can track all expenses and income in real time, avoid mistakes, and keep control of your finances.

The biggest mistake that entrepreneurs make is to postpone the implementation of the financial system until later. — Dmytro Frolov, entrepreneur

Advice for Entrepreneurs from Dmytro Frolov

Dmytro recommends creating a reserve fund of 10-20% of revenue to cover salaries, advertising, and contractors during crisis periods. He emphasizes that businesses that had a financial cushion were able to better adapt in times of crisis (pandemic, war), quickly restart their projects or start new ones.

‍

During the COVID-19 pandemic, his business grew by 300% in one month. Then the war created new difficulties, but thanks to migration processes, in particular the increased demand for online education among Ukrainians who went abroad, the business experienced an explosion of growth again. People were looking for opportunities to develop and learn, which led to an increase in the customer base.

‍

Dmytro shared his experience in financial management, highlighting the key mistakes he faced before implementing Finmap.

Top mistakes in financial management:

1. Cash gap. Unforeseen expenses or improper cash flow management.
   ‍
2. Chaos in the accounts. A large number of accounts in different systems can lead to a lack of funds for payments or services.
   ‍
3. Unaccounted for costs. Entrepreneurs often forget about small expenses, which can create liquidity problems. In Finmap, all expenses are integrated automatically, allowing you to better control your finances.
   ‍
4. Create chaos in spreadsheets instead of integrating the system in a week. In Finmap, all finances are automatically accounted for and systematized, allowing you to effectively manage cash flow.

Finmap as a Solution for Business Scaling

With the help of Finmap, Dmitry Frolov's production center was able to significantly optimize its finances, avoiding chaos in accounts and cash gaps. Automated processes have allowed the business to focus on scaling and growth, particularly during the pandemic and military challenges.

‍

Finmap has become an indispensable tool for transparent financial management and a reliable partner for businesses seeking to grow without financial barriers.

Google has always supported Ukrainian business, and this year it took another step in this direction. In spring, the company launched the global programme "Google for Startups Ukraine Support Fund", which provides financial assistance to Ukrainian startups.

‍

In the second round, the fund totalled $10,000,000 in equity funding. In addition to financial support, Finmap and 23 other startups and tech companies receive mentorship and product support from leading experts of a global IT giant.

‍

Finmap is a easy-to-use cash flow management tool that has helped more than 3,500 companies from more than 100 different industries to get their finances in order.

‍

Entrepreneurs from 54 countries choose Finmap not only because of its convenient and intuitive functionality, but also because of the high level of data protection that meets the security standards of international companies and banks. The information is transmitted and stored on secure servers in Europe and encrypted using the highest 256-bit encryption standard.

‍

Finmap is a leader in Ukraine in the niche of financial management for small and medium-sized business owners.

‍

Finmap has connections to more than 2800 banks and financial services worldwide, support for 35+ currencies and 80+ cryptocurrencies. It also has a team of professional financiers who can help with financial management, mentoring, and the development of individual financial models for businesses.

‍

Google's Support for Finmap: Recognised on a Global Scale

The competition for the programme was intense with many selection criteria.

‍
Google chose Finmap because of its product innovation and ability to solve real business problems. This selection confirms the company's potential for growth and international scaling.

‍

‍

Receiving funding and mentorship is not only a confirmation of the company's right course, but also new opportunities for international development, job creation and the use of technology to solve unique challenges, collaborate and attract customers.

New Opportunities for Finmap with the Support of Google: What Does It Mean for You as an Entrepreneur?

The funds received from Google will be used to improve Finmap tools. The main focus is on the integration of new features to automate financial management and analytics.

‍

This will not only expand Finmap's capabilities and improve the user experience, but will also provide a real opportunity for existing users to get more accurate and detailed data needed to make important business decisions. For new customers, this will mean easier access to effective tools that simplify financial management and help their companies grow.

‍

New AI assistant Functions to Optimise Financial Management

Google gave preference to those who actively integrate AI into their products. One of Finmap's key advantages in the selection process was the use of an AI assistant that helps entrepreneurs quickly receive recommendations and advice and easily optimise financial management.

‍

Google's support and experience will significantly expand the functionality and capabilities of the AI assistant, adding the ability to conduct in-depth analysis, analyse data, and provide valuable recommendations for business development. Users of the service will be able to receive insights on how to improve business processes based on their real data.

‍

The new features will also reduce routine operations, find cost bottlenecks, and help avoid financial crises. Finmap users can now focus on scaling their business, and Finmap will help them to organise their money.

Business-Changing Financial Solutions: Supporting Local Businesses and Global Ambitions

The mission of Finmap is to help small and medium-sized businesses systematize financial processes and improve resource management. The founders of Finmap initiated a project to support Ukrainian entrepreneurs, assisting them in implementing effective financial management. This contributes to financial stability and business growth, even during challenging times.

‍

The company's funders and financial experts have repeatedly participated as speakers and mentors in economic and social events: Defence builder, Vector of Reconstruction, Ukrainian Humanitarian Front, Star for life and others.

‍

Support from Google opens the door to international markets. Finmap has an ambitious goal to become a key tool for financial management of small and medium-sized companies around the world. And you, as a Finmap user, have the opportunity to be at the forefront of this expansion.

‍

The service helps entrepreneurs better understand their finances and make informed decisions. This not only facilitates the work of individual companies, but also actively contributes to the development of the Ukrainian economy.

‍
The real-life cases of Finmap users are impressive:

• found $9,000 of avoidable expenses;
• have never fallen into a cash gap thanks to Finmap management;
• increased net profit by 10% per month;
• created a successful financial model for entering the international market;
• reduced the time spent working with finances by 50 times;
• for the first time in three years, we made a profit instead of constant losses and ‘falling into the red’.

These achievements were made possible by the implementation of the Finmap and with the help of a team of professional financiers who provide advice, financial management services, mentoring and the development of individual financial models for businesses.

With Finmap, you get not just tools for financial management, but a reliable partner on the way to development and scaling.

‍

If you want to:

• take the first step towards sustainable business development and transparent financial management,
• get advice on financial planning and business scaling.

Book a free expert diagnostic consultation and start turning your business goals into reality today!

It's a mistake to think that financial management is a tool only for the owner or manager of a company. In fact, it is a red thread that runs through all departments, uniting them into a single system and ensuring effective and coordinated interaction.

‍

In this article, we will find out why it is important for companies to have well-established financial management in terms of marketing and marketing strategies. The example will be one of Finmap's partners, the Ukrainian digital company "Marketing Office", which provides comprehensive marketing services.

Financial Accounting From Day One: Marketing Office's Experience

"Marketing Office" was founded several years ago. The founder, Alina Kashapova, took a responsible approach not only to the selection of the team, but also to financial management from the very first days of the agency's existence. She had to work with companies that had not implemented financial accounting for decades, which caused constant problems in business and marketing.

‍

Why Effective Marketing Requires Financial Management?

Financial accounting helps to make management decisions based on the real business situation. Without a clear financial record of income and expenses, it may seem that there is an opportunity to invest more in marketing to attract new customers. But a one-time injection of funds into marketing is not enough for stable and ongoing growth.

‍
It must be a constant, systematic process that is adjusted and updated. For example, a comprehensive website development and promotion can take 3-4 months. The client will receive the results of this marketing move in the future, and the funds for implementation should be spent throughout the process.

‍
"Marketing Office" emphasises:

‍Throwing money in and not drawing conclusions is a disservice to your business. Management of income, expenses, and financial results correlates with marketing processes.

So where do you get the money to reinvest in marketing on a regular basis?

‍
Without a clear understanding of the company's state, a shortage of resources is unavoidable.

Only financial management can assess the state of the business and find the answer to this question. Financial accounting analytics shows:

• How much money is currently invested in marketing.
• What is the share of marketing costs in the overall structure.
• Which costs are subject to optimisation and reduction.
• Which costs are subject to optimisation and reduction.
• Whether marketing campaigns bring the desired result.

Therefore, marketing is impossible without a clear financial strategy, since it is finance that determines the opportunities for attracting customers, developing the brand and implementing strategic plans.

P&L Report: The Key to Informed Marketing Decisions

In order to avoid intuitive decisions and rely solely on numbers and facts, Marketing Office first of all refers to the client's financial statements, and directly to the P&L. If it is properly maintained and filled in, the marketing department can focus on the following issues:

‍

1. Effectiveness of activities. The ratio of marketing expenses to company income will allow you to understand whether marketing provides an increase in new customers, whether sales volumes are growing, etc.  

‍

‍

2. Work with the assortment. The information from the report can give an understanding of which product or service needs additional promotion or replacement; which product/service is currently relevant to the client, etc.

‍

‍

3. Marketing strategy. Planning the financial part of marketing allows you to predict future revenues and avoid losses. Adjustments to the marketing strategy are always based on financial results.

‍

‍

Of course, in addition to these three issues, the P&L report can provide information on the trend and composition of marketing expenses, the type of customers (new or regular), the impact of sales department expenses, and much more.

Successful Business Control Through Finmap Reporting

"Marketing Office" Uses Finmap Not Only for P&L Reports. The company also actively uses the Projects report to keep track of work projects and various business lines.

Every month, we manage about 10-12 projects for clients. The more projects you have, the easier it is to get confused, so the expense accounting software makes life much easier. — Alina Kashapova, founder of "Marketing Office"

‍Alina Kashapova, as a business owner, constantly analyses key financial indicators to plan her business properly. The main ones are generated automatically in the Analytics section of Finmap, while the in-depth ones are calculated separately based on data from reports:

• Profit dynamics - whether the total profit is increasing according to the plan.
• KPI calculation - which performance indicators are realistic in the current period.
• Margin level - whether the margin meets the planned goals.
• Availability of free funds - whether there are funds for new expenses and investments.
• Analysis of future income and expenses - to avoid cash gaps.

Marketing and finance must work in tandem to achieve results, and regular financial management allows businesses to grow steadily and without unnecessary risks.

‍

‍

Financial management is not accounting, but a key element of a successful business. The use of modern tools such as Finmap helps entrepreneurs stay afloat, effectively manage financial flows, and grow.

‍

Set up financial management with Finmap and start building a successful business strategy today!

How can an online school build an effective business model and ensure financial stability? This was the question facing Mathema, an online school specializing in teaching math to schoolchildren. Low repeat sales and insufficient control over cash flow were hindering its growth.

‍

How to make financial accounting a tool for strategic decision-making? How to increase the transparency of financial processes and stabilize profits? The answers to these questions were found in the Finmap program, which changed Mathema's approach to financial management. In this article, we'll look at how Finmap implementation helped the school achieve financial sustainability.

‍‍Mathema - Personalized Learning to Improve Math Skills

Mathema is an online math school founded in 2021 that specializes in one-on-one tutoring for students in grades 1-11. The school provides personalized learning that helps students improve their knowledge and fill in gaps. As of today, Mathema serves more than 2,000 students and conducts more than 20,000 lessons every month.

‍

Key Tasks and Challenges on the Way to Success

At the beginning of his journey, the company's co-founder Vitaliy Shkil aimed to create a systematic, predictable and stablebusiness. The idea was to find a business model that would ensure repeatability of processes and transparency of results. Working in the field of education has always been interesting, but there was often a problem with adults dropping out of training even after paying for it in full. This created certain difficulties for the business due to the low level of repeat sales and short-term interaction with customers.

‍
The turning point was the realization that education for children is a completely different market. Children cannot stop learning because it is an obligatory part of life for them, just as work is for adults. This creates an opportunity to build long-term relationships with clients, as the learning process lasts for years.

‍

The Requests of the Online Math School Mathema that Needed to be Solved:

• Business scaling. Aiming to expand an online math school by attracting more students, increasing the number of classes and teachers. To do this, it is important to have a clear vision of cash flows while scaling to avoid financial risks, loss of funds, or inefficient use of resources.
  ‍
• Increase in sales. The need to increase sales, which requires an accurate understanding of how to invest in attracting new customers in a cost-effective manner.
  ‍
• Transparent financial management. The need for proper accounting of all financial transactions to ensure transparency and control over the business. This includes accounting for student revenue, teacher expenses, marketing, course platform, etc.

I was lucky with my finances, I always listened to smart people, and they all said: control your finances. — Vitalii Shkil, co-founder of Mathema

‍

‍

In his previous online course business, Vitaliy tried to keep financial records, but it was more "reporting for reporting's sake," without a real understanding of its usefulness. It did not help in business management and did not influence important decisions.

‍

Case study When he started Mathema, his approach to finance changed. Vitaliy already had basic knowledge and understood the difference between cash flow and profit and loss (P&L) statements and why it was important. Thanks to this experience, he was able to build a financially stable foundation for the business, which helped in the development and scaling of Mathema.
‍‍

I was already applying my knowledge of financial accounting to a new business, making it financially healthy from the start. Because I realized that for me, finance is one of the areas from which I can diagnose something in business. — Vitalii Shkil, co-founder of Mathema

‍

‍

The main challenges for the company in the future were scaling and sales growth. As the business became bigger and more complex, there was a need for effective financial management, which became one of the key conditions for further successful development.

‍

To do this, it was decided to use the Finmap financial accounting system , which helps to maintain control over cash flows and ensures stability in the face of business growth.

Why Switched from Excel to Finmap

Initially, Mathema used Excel to keep track of funds. It seemed like a simple and convenient solution, but over time, it became clear that Excel was no longer suitable for a growing business. It only helped to count money, but did not give a complete picture of finances, which made it difficult to work.

5 Reasons to Switch from Excel to Finmap:

• A complete picture of finances. Owners can see all the company's financial flows on one screen, which allows them to better control income and expenses.
  ‍
• Different levels of access. In Finmap, you can customize roles for employees. For example, managers can see only what is relevant to their work, without having access to company expenses.
  ‍
• Integration with banks. Finmap synchronizes with bank accounts, so all payments automatically appear in the system. This reduces the risk of mistakes that used to happen with manual accounting. For example, once $250 were lost in Excel and the team spent two hours looking for the error. With Finmap, this no longer happens.
  ‍
• Transparency of all operations. All transactions are immediately displayed in the system, which makes it easy to track payments and not lose information.
  ‍
• Reports for analysis.Finmap allows you to see monthly financial dynamics, which helps you make decisions about business development.

I also want to support cool Ukrainian products like Finmap. — Vitalii Shkil, co-founder of Mathema

‍

Results of Cooperation - What Has Changed in Mathema with Finmap

Since March 2021, Mathema has been actively using Finmap for financial management.

Key Results of Cooperation with Finmap:‍

• Control of the key metric. For an online school, an important indicator is the number of payments for the first lessons. This is the entry point for new students, and further income depends on its stability. With Finmap, owners can quickly track these payments and respond quickly to declines to avoid losing potential sales.
  ‍‍
• Monthly analysis of P&L and Cash Flow. Once a month, the owners check the profit and loss (P&L) and cash flow statements in Finmap. This helps to draw conclusions about the state of the business and make plans for the future.
  ‍‍
• Daily monitoring of cash flows. Every day, the owners monitor what is happening with the finances. Thanks to this, the company has never fallen into a cash gap. For example, Mathema has a fund to pay teachers, which is formed from subscription fees, and Finmap helps to keep track of these funds, preventing them from being spent on other needs.
  ‍‍
• Cost optimization. Finmap allowed us to see the cost structure in detail and compare them. For example, it turned out that the company was paying too high a commission, which was optimized, freeing up additional funds for the budget.
  ‍

‍

Thanks to Finmap Mathema not only improved its financial management, but also received a tool for strategic planning. This allowed the company to avoid financial difficulties and use resources more efficiently.

‍

The Finmap program has become an integral part of financial management, giving owners full control and confidence in the stable development of their business.

‍

You can get this result for your business too! Try Finmap today and experience how easy it is to manage your finances, optimize costs, and plan for the future with confidence!