Finance in Plain Language

You’re selling every day: website, Instagram, marketplaces. Money is coming in — but every day you’re asking yourself the same question: “How much is my business actually earning?”

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Sales are growing, turnover is increasing, yet finances remain unstable despite this growth. One day there’s not enough money for advertising, the next — not enough for inventory. Instead of a clear financial picture, there's chaos and confusion. Is your business actually making money or just staying afloat?

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In retail and e-commerce, mistakes are costly.

You offer a discount but forget to factor in logistics — and you’re operating at a loss.
You launch an ad campaign but overlook expenses — and your profit vanishes.

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Without a clear financial picture, decisions become guesses. And guesswork means a risk of bankruptcy.

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Common Financial Problems in Retail and E-commerce

You’re constantly making dozens of decisions: how much to invest in advertising, when to pay suppliers, which product to order. But without a clear financial system, these decisions are almost always made blindly.

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Here are 5 common problems that hold businesses back from scaling:

1. No Unified Financial System

Multiple business accounts, acquiring, marketplaces, cash on delivery, cash — your financial data is scattered across various dashboards and spreadsheets.

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If this data isn’t consolidated in one system, you have no real picture of how much money you actually have, what income is expected, what’s already spent, and what should still come in.

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Consequences:

• Every time you check your balances, it feels like a full audit, draining your time and nerves. Instead of managing the business, you’re searching through Excel files and online banking accounts.
• Your financial manager or accountant lacks up-to-date information. This can easily lead to exceeding turnover limits, additional taxes, or refunding clients.
• Calculation errors cause cash gaps, late payments, missed purchases — or funds get blocked on an account and can’t be used when needed.

The owner shouldn’t be spending time manually aggregating data — they should see the full financial picture in two clicks. That’s the foundation of effective management.

2. It’s Unclear What Actually Generates Profit

Most e-commerce and retail companies only know their revenue figures. But which product is actually profitable, which channel brings margin, and which one just burns resources — is usually not tracked.

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According to a PwC Strategy report:

Around 50% of products in a typical sales portfolio generate less than 5% of gross margin.

Consequences:

• You’re selling a product that seems profitable or popular but is actually killing your profitability.
• Scaling becomes hard — you don’t know which products are worth promoting.
• Advertising budgets go to campaigns that don’t deliver meaningful returns.

It doesn’t matter how much you sell. What matters is how much you earn from each item. Your decisions should be driven by the margin on products and channels.

3. Cash Gaps Due to Disorganized Settlements

In your business, you deal with dozens of contractors every day: suppliers, logistics companies, managers, freelancers. Each has their own payment terms: prepayments, partial payments, advances, 7/14/30-day delays.

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But without a systematic approach to tracking these settlements, you lose control: you don’t know who still owes you money and who you should have paid yesterday.

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Consequences:

• Cash gaps appear: you seem to have money in the account, but it can disappear the moment an angry supplier calls.
• You incur penalties, shipments get blocked, clients are lost.
• You have to “put out fires” with your own money — covering payments from your personal funds or on credit.

Financial relationships with partners must be under control. Every payment should be planned and transparent — otherwise, it’s not a business but a chain of chaotic reactions.

4. No Financial Planning

In most e-commerce businesses, money comes in only after the order is fulfilled.

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But most expenses are regular and often require prepayment: you need to buy inventory in advance, launch ads, pay advances, cover delivery costs, handle returns, and so on.

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Consequences:

• If you don’t plan when and how much money is coming in — sooner or later you’ll face a situation where there’s not enough cash on hand or in the account.
• Payments are made using credit or loan limits, which leads to extra costs.
• Profit becomes unpredictable — you’re never sure until the end of the month whether you’ll break even or not.

According to JPMorgan Chase, over 60% of businesses don’t even have a basic monthly cash flow model. How long do you think those businesses can survive?

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Without financial planning, you’re not managing money — you’re constantly fighting the consequences of not having it.

5. Money Frozen in Inventory

One of the most common financial mistakes in retail and e-commerce is buying inventory without a financial rationale. Decisions are often made emotionally: “It’s a good price,” “It’ll sell in season,” “It doesn’t spoil — let it sit.”

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But every batch of inventory is frozen money. And if you don’t know whether you can sell this volume, at what margin, and whether the profit will cover ads, shipping, packaging — it’s not an investment, it’s dead weight.

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Consequences:

• Without calculating full cost and margin, you can easily stock up on products that look profitable, but after shipping, packaging, and fees — you’re basically giving them away for free.
• You can’t pay for what’s truly necessary — because your money is frozen in inventory.
• You can’t grow sales because you don’t know which products actually make money.

Every purchase should be guided by analysis: can we sell it, how much will we earn, and is this better than spending the money on ads or growth?

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‍These aren’t all the financial problems e-commerce and retail businesses face. But these are the most dangerous ones.

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They eat into profits, block growth, and create ongoing instability.

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If left unresolved, scaling won’t bring growth — only more chaos.

Why Having a CRM Doesn’t Mean You’re in Control of Your Finances

Many entrepreneurs mistakenly believe that if they already use a CRM, their finances are under control. Yes, a CRM is important — but it’s designed for managing sales, not money.

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A CRM helps you sell — and that’s its core purpose. It:

• Tracks leads and customer inquiries;
• Shows sales stages and funnel progress;
• Helps manage your sales team;
• Calculates conversion rates, average check size, and KPI performance.

But it doesn’t answer the key financial question: is the business profitable?

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A CRM doesn’t track real expenses — for advertising, delivery, packaging, salaries. It doesn’t know when marketplace payouts are due or when you need to pay a supplier.

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It won’t show how much money you have, how much is blocked, how much you owe, or how much is needed to cover all obligations.

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CRM is about who bought. Financial management is about what you earned.

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And if you want to manage your money — not just record sales — you need a dedicated tool.

Finmap — Real-Time Financial Management

Finmap is an online tool for financial management that gives you a complete view of your finances.

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Finmap gathers everything in one place, automates routine tasks, and shows you where the profit is — and where the expenses are.
This is not “accounting for the tax office” — it’s a tool for making managerial decisions.

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For retail and e-commerce, this is critical: Cash flow is unstable, expenses are scattered, and data is stored in dozens of different sources.

No More Chaos: All Your Money — Under Control in One Dashboard

Finmap brings all your financial sources into one system: bank accounts, acquiring platforms, marketplace data, cash on delivery, and physical cash — everything in one place.

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It also offers an open API, letting you connect your CRM or other tools so the system captures not just payments but also sales data automatically.

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Result: At any moment, you see exactly how much money you have, where it came from, and where it's going.
This isn’t just convenient — it’s profit control.

Automate Your Finances — Manage the Business, Not Spreadsheets

Finmap helps you automate financial processes in just a few simple steps — without extra routines or constant manual control:

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Result: All your data updates automatically. No errors. No delays. You finally free up time for strategic decisions, growing your business, and increasing profits — instead of chasing numbers.

“Projects” Report — See Profitability by Business Line

Want to know what actually brings profit: Sales from Amazon or Instagram? Wholesale or retail? B2B or dropshipping?

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Finmap lets you break your business into separate “projects” — by sales channels, business lines, product lines, brands, or marketplaces.

And then see income, expenses, and profit by each one.

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‍Result: You make decisions based on margin and profitability. You scale what works — and cut what drags you down.

Payment Calendar — Your Financial Planner

Tired of putting out fires?

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With Finmap, you see all upcoming income and expenses day by day — and can spot potential cash gaps before they happen.

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‍Result: You plan cash flow ahead of time, meet your payment obligations on schedule, avoid shortfalls, and manage your business proactively — not in panic mode.

Inventory in Money Terms — See Profit, Not Just Stock

You bought the goods but haven’t sold them yet. The money’s already gone — but the profit hasn’t come in.

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Create a separate “Warehouse” account in Finmap, where you’ll track inventory movements in money terms, not just item counts.

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Result: You see exactly how much you earn from the products you’ve sold.
You don’t confuse spending with assets — especially critical for businesses with large inventory balances.

Control Payables and Receivables — Avoid Cash Gaps and Losses

Many businesses lose money not because of low sales, but because they don’t get paid on time — or fail to track their own obligations.

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Finmap lets you track every debt: who owes you, how much, and when it’s due.

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And vice versa — who you owe, payment dates, what’s already paid, and what’s still outstanding.

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‍Result: All your receivables and payables are under control. No more forgotten payments, lost clients, or damaged reputation. You can forecast cash gaps, manage working capital, and know exactly what you can count on.

A Flexible Tool for All Your Needs

Beyond core features, Finmap easily adapts to the way your business works. You can:

• Track salaries and bonuses paid to your team
• Delegate routine tasks to employees using flexible access rights
• Analyze profitability by client, marketplace, or ad campaign
• Monitor how much each team member earns and spends
• Send invoices and track client payments

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Result: You don’t just get accounting — you get a financial system tailored to your business. From day-to-day operations to strategic analytics — everything that affects your profits is under control in one workspace.

Finmap Client Case: From Financial Chaos to Strategic Management

Klebrig is a hypermarket of chemical products that repackages and sells chemical goods. They operate their own production of products for household and food industry use and deal with a large product catalog, regular procurement, and constant logistics costs.

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Before implementing Finmap, their financial management was limited to Excel sheets. The accountant handled taxes, but the owner didn’t trust the overall financial picture.

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It was only after the founder, Andriy, stepped out of daily operations and started tracking money himself that he discovered serious gaps: cash flow problems, no control over operating and working capital expenses, and inaccurate P&L analysis.

‍There were days when the money simply wasn’t there — but I knew it was supposed to come in. Managing money and actually seeing the big picture are two different things. — Andriy Femyak, founder of Klebrig

At first, they used Finmap just to track money and centralize all financial sources in one system.

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But once Andriy explored it further, he realized that Finmap is a comprehensive financial management tool showing the full picture: income, expenses, working capital, and liabilities.

Initially, Finmap was just a payment tracker. But over time, it became an analytical system — helping us assess profitability, plan investments, and avoid financial mistakes. — Andriy Femyak, founder of Klebrig

The company built its financial system around three core components:

• P&L reporting — to assess profitability monthly and identify unprofitable areas
• Cash flow forecasting — to plan working capital and see when actual funds would be available
• Expense control — to structure costs across operations, procurement, and growth

As a result, financial decisions in the company are no longer made at random.

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Financial decisions are no longer based on guesswork. The business sees not just what has happened — but what’s coming next: When the money will arrive, whether it’s enough for raw materials, and if there’s a reserve for investments.

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That allowed Klebrig not only to stabilize finances — but to shift toward strategic financial management.

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A word of advice from Andriy to other entrepreneurs:

‍Before you invest in anything, clearly separate what counts as operational expenses and what counts as working capital. Calculate full cost — including logistics, packaging, and fees. Without that, no investment will bring you profit.

Finmap: Financial Control for Retail and E-commerce

This isn’t just a convenient tool — it’s a mission-critical foundation for your business’s stability, growth, and profitability. Finmap:

• Brings together all income and expense sources into one system
• Automates financial management
• Shows profitability by product, sales channel, and business direction
• Helps forecast cash gaps
• Tracks business and product seasonality
• Controls receivables and payables
• Gives you the complete financial picture for confident decision-making

Finmap is your foundation for real profits and scalable growth.

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With Finmap, you don’t have to guess where your money is — you know.

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Launch your financial system today — and start earning, not just selling.

Frequently Asked Questions about Financial Management in Retail and E-commerce

1. We already have a CRM. Why do we need Finmap too?
A CRM manages orders — not your money. It doesn’t account for actual expenses, show cash gaps, or provide P&L reports.
Finmap answers the core question: Is your business profitable, not just selling?

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2. We use Excel for everything. Isn’t that also financial management?
Not really. Excel means manual work, constant errors, and outdated info.
Finmap automates it all, syncs with your banks, and gives you real-time financial visibility — not “after-the-fact” reconciliations.

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3. We’re a small business. Do we really need a system like this?
Small businesses often suffer the most from cash gaps and poor spending decisions.
Finmap isn’t about company size — it’s about control. Start small so you can grow with confidence.

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4. We’re already profitable. Why add another system?
Profit without transparency is luck, not strategy.
Without control over cash flow, margins, and obligations, you can’t scale safely.
Even profitable businesses can burn out from one cash gap if they’re not planning ahead.

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5. Can Finmap show which products and channels are profitable?
Absolutely. You’ll see profitability by product, channel, or marketplace — so you can double down on what works and cut what drains resources.

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6. I’m not a finance expert. Will I even understand it?
Finmap isn’t made for accountants — it’s made for business owners.
Clean dashboards, clear reports, no jargon.
Your financial picture is just a few clicks away — so you can make smart decisions without getting buried in spreadsheets.

As part of a new investment round, Finmap has secured a strategic partnership with the UK venture capital fund 1991 Ventures. The company raised funding within a deal totaling over $1 million. The fund specializes in early-stage investments with a focus on supporting businesses from Eastern Europe.

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1991 Ventures helps innovative companies scale internationally, offering not only capital but also strategic support in market expansion and product development.

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An investment from such a reputable partner is a powerful signal of trust from the market — reinforcing Finmap’s position as a leading financial management platform for small and medium-sized businesses. It validates the product, the team, and the strategic vision as meeting the highest global standards.

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Why Did 1991 Ventures Invest in Finmap?

Finmap is a user-friendly online platform for financial management that has already helped over 4,000 companies bring clarity to their finances.

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Entrepreneurs from more than 100 industries choose Finmap not only for its intuitive interface and powerful features but also for its high level of data security. The platform complies with international safety standards used by leading global companies and banks. All data is transmitted and stored on secure servers in Europe using 256-bit encryption — one of the most robust encryption methods in the world.

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Finmap is a leader among financial management tools for small and medium-sized businesses in Ukraine.

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The platform integrates with over 2,800 banks and financial services worldwide, supports more than 35 fiat currencies and over 80 cryptocurrencies. In addition, Finmap’s team of experienced financial experts is ready to assist with financial management, mentorship, and the development of custom financial models for businesses.

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70% of businesses fail due to financial issues. Not because of the idea, not because of the lack of demand — but due to lack of control over their finances.

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That’s exactly the problem Finmap solves.

We invest when we see both strong product potential and a team with the strategic vision and operational discipline to scale effectively. Finmap is a prime example — a technology startup tackling a clear, large-scale business challenge that demonstrates not only product-market fit, but also the traction and maturity needed for global growth. — a representative of 1991 Ventures on why they invested in Finmap

The investors also highlighted:

• Consistent traction across Ukraine, the European Union, and Latin America — clear proof of Finmap’s ability to operate globally.
• ‍A strong team that continuously improves the product.
• A strategic vision — Finmap is more than just a financial management tool. It’s a platform that brings clarity to business finances and supports well-informed decision-making.
  
• A systematic approach to entering new markets and rolling out new features.
  

This is more than just a deal — it’s a strategic partnership that creates new growth opportunities for Finmap and its users.

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We believe that Finmap is already synonymous with effective financial management for entrepreneurs who value growth with confidence and control.

What Does This Mean for Finmap Users?

The investment from 1991 Ventures opens up new opportunities that will directly enhance the experience of our users:

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1. AI-Driven Analytics: More Confidence in the Future

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We're introducing AI-powered analytical tools that will:

• Forecast cash flow based on historical data and seasonality.
  
• Identify potential cash gaps before they become a problem.
  
• Highlight which expenses to optimize and which projects drive the most profit.
  

What this means for users: Faster strategic decisions — powered by real-time business data and automated insights.

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2. Faster Market Expansion with Deep Localization

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We’re expanding our localization efforts to include:

• Support for local currencies, banks, and payment systems (e.g. Brazil, Turkey, Portugal, Asia).
  
• Region-specific pricing plans.
  
• Local payment methods and language options.
  

What this means for users: Finmap adapts to any market — so you can scale without barriers.

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3. Enhanced Mobile Experience

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We’re improving the Finmap mobile app with:

• A redesigned UX for faster onboarding and more intuitive navigation.
  
• Improved app stability in regions with technical limitations (e.g. Latin America).
  
• Timely notifications about key events and updates.
  

What this means for users: Effortless financial control — anytime, anywhere.

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4. More Powerful Analytics and Reporting

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We’re upgrading reports with:

• Advanced filters, category breakdowns, and account grouping.
  
• The ability to set base currencies for multi-currency businesses.
  

What this means for users: A deeper understanding of your business finances, even with complex structures.

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5. Integrations with Banks, Payment Systems, and CRMs

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We’re enabling tighter integration with:

• Banks for faster transaction tracking and reduced manual input.
  
• Crypto wallets.
  
• CRMs — to connect financial and customer data in one place.
  

What this means for users: Less manual work, fewer errors — and more time to grow your business.

In Summary, Finmap Users Will Get:

• Global reach — local banks, languages, and currencies.
  
• Routine automation — financial tracking that runs on autopilot.
  
• Powerful reporting — get clear answers to your financial questions.
  
• Reliable mobile app — control your finances on the go.

AI analytics, automation, localization, flexible reporting, and integrations — this isn’t just a set of features. It’s a complete system for financial management that replaces chaos with clarity and control.

• You’ll see exactly where your business is losing money.
• You’ll predict cash gaps before they happen.
• You’ll know which costs fuel growth — and which ones drain resources.
• You’ll get a full financial picture — all in one place, with no noise.

Finmap is the only financial management tool your business needs.

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Forget the chaos and uncertainty — Finmap gives you complete clarity and control, in any currency, on any market.

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Fast decisions, accurate forecasts, automated routine — so you can focus on growth, not paperwork.

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This isn’t just financial tracking.
It’s your most powerful tool for scaling and profitability.

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We’re working hard to make Finmap the global financial standard for entrepreneurs.

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Support from a strategic partner like 1991 Ventures is proof that our product and team are ready for the next big leap.

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Ready to take control of your finances?  Book a free consultation with our expert and get demo access to see firsthand how Finmap can work for your business.

Money disappears unnoticed — in deadlines, in revisions, in “portfolio” projects. And without a financial system in place, it’s hard even to know where.

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This case is about an architecture studio that refused to work blindly, implemented financial management, and within a year achieved +173% in revenue and +286% in net margin. For more than six years, Finmap has been helping the team make data-driven decisions.

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Not myth, not luck — but systematic work with finances.

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Time to check: do your projects actually make profit, or do they just look good?

Bogdanova Bureau — Architecture, Design & Creative Solutions

Bogdanova Bureau doesn’t just create architectural designs — it builds holistic living spaces around the client. Their focus is on private and commercial properties, interior design, product design, and art direction.

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The team guides each client from idea to realization with confidence and attention to detail. For founder Olha Bogdanova, creating a space should be an exciting adventure, not a source of stress.

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How Finance Became Part of the Architectural Process

In 2018, after splitting off from a large architecture firm and starting her own business with a small team, Olga decided to take control of all processes into her own hands.

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Right from the start, she decided that finances must operate as precisely as technical drawings.

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In her previous company, they’d already used Finmap for financial management — but a dedicated accountant handled it. That experience proved to Olga that the program really works, so the choice was obvious.

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She signed up for a trial period, learned the workflows, and then engaged a Finmap financial consultant. Olga knew that for management to serve as a strategic tool — not just a formality — she needed outside expertise and a professional point of view.

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From her own experience, Olga understood that:

• Without financial management, even the most interesting projects can “eat up” profit.
• Creative freedom really means financial confidence.
• Making decisions blindfolded isn’t a strategy.

On short-term projects, it’s easy to allocate finances. On long-running ones it’s much harder: you have to track hours, reconcile balances and cash flows, and constantly log small expenses. — Olga Bogdanova, founder of the Bogdanova Bureau

When Basic Financial Management Isn’t Enough

By then, Olga had plenty of business experience — the chaotic “all incoming money is our profit” phase was long behind her.

Many people don’t like finance, but it’s fundamental. It’s vital to keep an eye on it. If you don’t learn to love finance, finance won’t love you. — Olga Bogdanova, founder of the Bogdanova Bureau

She clearly saw: if you want to scale, you must bring order to your finances — and not just implement management, but use the numbers as a decision-making tool.

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She faced concrete tasks:

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1. Calculate project cost. “Sometimes a project seems to go perfectly — especially if you have a great relationship with the client. But when you look at the numbers, it’s disappointing,” Olga says. She needed to know exactly where and why the business was losing profit so she could act in time.
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2. Systematize expenses.
   Identify unnecessary costs, recurring payments, and optimization opportunities — to reallocate resources and spend smarter.
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3. Implement proper managerial management. Not just logging cash movements, but to:
   • dive deep into Finmap’s capabilities;
   • configure the system for her specific needs;
   • test hypotheses and see results in numbers;
   • have an expert advisor on financial matters.

A New Level: Why Every Business Needs Its Own Financial Expert

Olga began using the program herself — uploading data, setting up integrations, exploring the analytics. But once she saw what insights Finmap could deliver, new questions emerged. She needed to dig deeper.

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That’s when she decided to bring in a Finmap financial expert.

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This wasn’t a “formal upgrade” — it was a logical step, perfectly aligned with the studio’s growth pace.

Once we started working with an expert, that became the real turning point and the beginning of our friendship with finance. Finmap alone is great. But when you have someone who helps you make sense of it all and systematize everything, you save money. — Olga Bogdanova, founder of the Bogdanova Bureau

From day one of that collaboration, Olga could:

• delegate routine tasks (data entry, reconciliations, categorization);
• focus on strategy — analysis, ideas, decisions;
• get answers to “what if I do this — how do we account for it?”;
• discuss hypotheses with a specialist who’s seen finances across many businesses and brings fresh ideas and approaches.

Which Financial Solutions Work at Bogdanova Bureau

Financial management at Bogdanova Bureau quickly grew from a mere control tool into part of strategic management. Each new measure responds directly to business needs. Every result is clearly measured in numbers.

1. Hourly Model: Clear Mathematics, Not Guesswork

To price orders fairly and ensure precise payment for work done, they decided to break projects down into tasks and hours. This approach lets them react swiftly when a client requests extra revisions — they already know how much time it will take and what it will cost.

2. Each Client as a Separate Project in Finmap

For a project-based business, this is a must-have: in Finmap, every client is set up as its own project. All income and expenses are recorded separately, and the analytics provide a full picture of profitability, ROI, and financial outcomes.

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3. Funds System: Financial Flexibility and Stability

When the studio switched to remote work, they temporarily stopped spending on the office. To prevent those savings from “dissolving” into ongoing costs, they decided to channel them into an internal fund.

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That created the first financial reserve — and later they added several targeted funds:‍

• ‍Rent Fund – allowed stress-free leasing of the perfect office when the team returned onsite.‍
• Contingency Fund – automatically sets aside 2% of every receipt for errors or emergencies.‍
• Development Fund – investments in training, professional trips, and new opportunities.‍
• Marketing Fund – ensures a systematic approach to promotion and new client acquisition.

Thanks to this, the team isn’t at the mercy of circumstances — they build their own reserves, control fund allocation, and make decisions from a position of stability, not stress.‍

4. Analytics & Experiments: Data-Driven Decisions

New ideas at Bogdanova Bureau aren’t rolled out at random — each is tested as a distinct financial experiment. This lets them evaluate not only the creative value but also the economic feasibility of every initiative.

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5. Tracking Even the Smallest Expenses‍

Recurring service fees, subscriptions, and software costs often stay “invisible” to the business. Individually they seem minor, but over a year they add up.

$7 per month becomes $90 per year. And it’s not just one tool. In Finmap this is tracked brilliantly — you see exactly where your budget goes. — Olga Bogdanova, founder of the Bogdanova Bureau

Finmap lets you plan your budget with precision and avoid hidden cash leaks.

How Finance Became a Source of Strength, Not Stress

Thanks to Finmap, the Bogdanova Bureau team began to manage money strategically: counting, planning, forecasting.‍

• ‍Systematic financial management. Finance at Bogdanova Bureau is no longer a standalone function but part of the company’s mindset. All cash flows, revenues, expenses, and projects are structured and under control.

For me, Finmap isn’t about forecasts; it’s about analysis. When you see the results in front of you, when you see where you shouldn’t spend more and where we’re losing. — Olga Bogdanova, founder of the Bogdanova Bureau

• ‍Financial modeling and analytics. Olga builds financial models, analyzes profitability, and makes decisions based on data rather than gut feeling.
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• Financial funds – reserve, development, marketing. Thanks to the fund system at Bogdanova Bureau, financial confidence emerged: money doesn’t just sit idle; it works toward specific goals.
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• Clear economics of every project. Costs are calculated, prices justified, profitability measured. No more situations where one project’s losses are covered by another’s income.

Previously, we often operated at the expense of loans from other projects, dragging projects into the red. Proper financial management helps us see all this, save, and generate income where we didn’t even expect it. — Olga Bogdanova, founder of the Bogdanova Bureau

• ‍Profit and dividends – without harming the business. Olga knows exactly when and how much can be withdrawn from the company without creating cash gaps or undermining operations.
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• Personal growth of the founder. With the support of a financial manager and continuous learning, Olga has grown significantly in financial competence — and now makes decisions from an expert standpoint.

Over this time I’ve grown tremendously in financial management because the financial manager helped me set everything up correctly and systematize everything. — Olga Bogdanova, founder of the Bogdanova Bureau

Financial Resilience and Expansion to the International Market with Finmap

Financial management isn’t just about spreadsheets — it’s about decisiveness, system, and confidence, even when everything around you changes.

Systematic Approach That Delivered +173% Income

After deploying Finmap and a comprehensive finance system that covered every project, expense line, and forecast, Bogdanova Bureau achieved remarkable results.

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The team analyzed profitability across divisions, dropped low-margin projects, and focused on those that truly generate income.

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This not only boosted revenue by 173% but tripled net margin.

Now we can see profitability before a project even kicks off. We make proactive decisions based on calculation, not intuition. — Olga Bogdanova, founder of the Bogdanova Bureau

A Safety Cushion That Withstood the Toughest Crisis

The onset of full-scale war paused the entire economy. But thanks to pre-built reserve funds and flexible management, the company adapted by:

• optimizing expenses;
• reshaping the team;
• reallocating budgets;
• keeping projects in progress.

Bogdanova Bureau stayed afloat not by chance but by design. Their financial cushion bought them the time and space for measured decisions at the hardest moment.

A Bold Entry onto the Global Stage

The crisis became both a challenge and a catalyst. Leveraging analytics, forecasts, and clarity about their strengths, Bogdanova Bureau stepped onto the international arena.

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Today they boast successful projects outside Ukraine, stable work with foreign clients, and a steadily strengthening position in a competitive new market.

Our focus now is fewer projects but bigger, more complex, and more profitable ones — backed by financial control that holds firm even in crisis. — Olga Bogdanova, founder of the Bogdanova Bureau

Changes Begin with Decisions

Olga journeyed from chaos to a clear system — and she did it not by hiring a large finance team, but by using the right tool, expert support, and recognizing the value of financial management.

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Finmap became not just an management service but a true financial partner in growth.

You can too:

• systematize your financial management,
• uncover real profit and leak points,
• stop making decisions based on gut feel.

And most importantly — don’t face it alone.

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Want to bring the same order to your business finances? Submit your request, and our expert will show you how to tailor it exactly to your processes.

In business, there’s no such thing as a perfect moment for change. But there are the right decisions — and they’re what separates those who grow from those who stay stuck.

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Want this year to be a real breakthrough for your business? Then don’t wait for the perfect moment — act now.

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This article gives you 5 proven steps to bring order, increase efficiency, and make a leap forward — without burnout or chaos.

1. Lay a Solid Foundation for a New Strategy

Before setting new goals, analyze what worked before. What parts of the previous plan were successfully implemented? What results actually impacted your business? And where were the losses, mistakes, or just illusions?

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To do this properly — summarize the year: financially, operationally, strategically. We’ve put together a step-by-step guide on how to prepare and analyze reports — with examples and a detailed video.

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Next step — involve your team. Run a brainstorming session: let everyone share their vision, problems, and ideas. This isn’t just “gathering opinions” — it’s a chance to see the business from different angles and get your people engaged in the shared result.

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Don’t hold back on creativity — sometimes an unconventional idea becomes a breakthrough. The outcome will be an updated business plan based on data and your team’s real experience.

2. Free Your Business from Routine — Automate Processes

Daily repetitive tasks drain not just time, but energy. As a result, your team works on the edge while strategic goals keep getting postponed. Sound familiar?

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Automation helps you regain control. What used to take hours can now be handled in a few clicks — or without your involvement at all. For example:

• Do clients often ask the same questions? Set up an AI bot.
• Struggling with complex payment and expense tracking? Enable automatic imports and reporting.
• Sending the same invoices every month? Turn on auto-generated invoicing.

Repetitive tasks are the first thing to delegate to a system.

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This not only saves you time, but reduces the risk of errors. Most importantly, it creates space for business growth.

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3. Make Marketing an Asset, Not an Expense

What worked a year ago might not deliver results today. Marketing changes faster than you can update your banners. That’s why it’s essential not to get stuck in the past — test new approaches, experiment, and stay alert.

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Here are a few directions worth considering right now:

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1. ‍AI in Action
   Chatbots? Sure. But not just that. AI helps write content, tailor ads to user behavior, and even predict what will work. The sooner you adopt it — the bigger your advantage.
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2. Interactivity is the New Standard
   Simple videos aren’t enough anymore. Engage your customer: quizzes, polls, calculators, gamification. This isn’t entertainment — it’s experience-driven selling.
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3. Being Honest = Being Strong
   Brands that speak about their values attract people. Supporting volunteers, planting trees, helping the Armed Forces? Don’t stay silent. Just make sure your actions are real — not for show.
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4. User-Generated Content (UGC)
   Photos with your product, social media stories, honest reviews — these signals are stronger than any marketing slogan. Create the conditions for people to want to share their experience.
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5. Brand Voice = Your Advantage
   Tone, language, and style of communication are part of your competitive edge. If your brand sounds sincere and human — it’ll be remembered.
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6. Micro-Influencers + Local Thought Leaders
   You don’t always need to go after big names. Local bloggers and micro-influencers have deeper engagement with their audience. Work with those who truly earn trust in your niche or region — you’ll be surprised by the results.

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Don’t chase every trend — pick the ones that work for your business. But whatever you do, don’t ignore change. Marketing that doesn’t evolve quickly becomes just another sunk cost.

4. Expand Your Service Line Strategically

Adding new products or services is one of the most effective ways to scale a business. If done at the right time and with market needs in mind, it brings several benefits:

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1. Attracting new clients — a broader offer opens doors to a new audience.
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2. Increasing the average check — existing clients buy more when they have options.
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3. Boosting loyalty — when your business grows alongside the client and offers them new value, it builds trust.
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4. Gaining a competitive edge — you stand out not just with price, but with a comprehensive approach.
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5. Diversifying risk — less reliance on a single revenue stream = greater stability.

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But expansion only makes sense if it’s thoughtful.

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Start with analysis: which needs remain unmet? Is there demand? What’s the potential margin?

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Write out a strategy: who the service is for, how it fits into the business model, what team and resources it requires. Only then — move to implementation.

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Strategic scaling is not about quantity of services but the quality of decisions behind them.

5. Money Doesn’t Like Guesswork — Implement Systematic Financial Management

A business can’t grow sustainably without transparent accounting. If you’re still making financial decisions by instinct or just checking your account balance — that’s not management, that’s guessing. And in the long run, it’s always risky.

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Regular financial management helps identify weaknesses, avoid cash gaps, and make informed leadership decisions. Here’s how to start:

Step 1. Master the Basics of Managerial Accounting

Even if you have a bookkeeper or CFO, as a business owner you must understand the basics. This is crucial for strategic control:

• how managerial accounting is structured;
• what P&L, Cash Flow, and Balance Sheet are — and how to analyze them;
• how the cash method differs from accrual — and which is relevant for your business;
• how to plan expenses and revenue for the next month or quarter.

A common mistake is trying to manage finances manually in Excel. Formula errors, lack of a single responsible person, loss of data — all this leads to inaccuracies and losses.

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Step 2. Automate Financial Processes

To save time, prevent errors, and get timely, accurate financial data — automate your accounting.

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Finmap allows you to integrate bank accounts, so all incoming and outgoing transactions are synced automatically. But automation doesn’t stop there.

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The next level is automatic processing rules (autorules): The system analyzes transaction comments and categorizes them by project, counterparty, direction, and so on.

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This in turn generates up-to-date reports automatically — available to you anytime, anywhere.

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Finmap AI Copilot: Smart Financial Management Support

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At the final link of this automation chain is Finmap AI Copilot — an AI tool that not only shows numbers but turns them into decisions.

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Finmap AI Copilot automatically generates a detailed report based on your financial data. In it, you get:

• key metrics in a convenient format;
• warnings about potential risks: from reduced profitability to cash gap danger;
• personalized recommendations: how to optimize expenses, improve cash flow, or adjust your financial model.

It’s your personal financial analyst that never takes a day off — and works based on your actual business data, not assumptions.

Step 3. Plan, Don’t Just Record

Your account balance isn’t your profit — and without factoring in upcoming obligations, it can give a false sense of stability.

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To see the full picture — financial planning is essential.

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This is where Finmap’s Payment Calendar helps — a tool that shifts your finances from reaction mode to proactive management.

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Thanks to the payment calendar, you’ll be able to:

• forecast upcoming expenses and income;
• anticipate cash gaps in advance;
• build reserves for critical costs;
• understand how much you can realistically invest or withdraw;
• plan profit based on data, not just gut feeling;
• finally stop living “from transaction to transaction.”

The calendar bridges the gap between current balances and future obligations — giving you real control over your finances.

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‍Efficiency isn’t a one-time leap — it’s systematic work on yourself, your team, and your processes.

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The 5 steps you’ve just read can change your business’s financial resilience. But to turn these changes into reality — you need a tool that lets you manage your finances without chaos.

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Finmap is managerial accounting, automation, planning, and AI analytics — all in one solution.

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Start now — take control of your finances. Because that’s where stability and growth begin.

Do you want to start a business or double your growth? You probably have a hundred questions swirling in your head: how much money do you really need? When will you break even? And will you even break even at all? What if everything goes wrong — how much will you lose?

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If you don't want your idea to drown in chaos, it needs structure and a clear financial justification.

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A successful launch and scaling aren't about intuition. They're about a financial model that, even before launch, tells you: “yes,” “no,” or “not now.” Want to know how exactly? Let’s dive in.

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What Is a Financial Model?

A financial model is a working tool that helps you forecast your future financial results based on key operational, marketing, and financial indicators.

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This model allows you not just to “calculate expenses,” but to see the full picture: from revenue sources to cash flow, from margin to break-even point. And most importantly — it enables you to make informed decisions before you spend a single dollar.

Your Profit Model: Key Components

A financial model covers all key business processes in terms of numbers. Here are the main components:

• ‍Basic parameters‍

These are the data points the entire model is built on: prices, sales volumes, salaries, taxes, advertising costs, etc. If you change these numbers — the whole model changes.

• ‍Revenue forecast‍

This block shows where the money should come from: number of clients, conversion rate, average check, repeat purchases, and how revenue changes over time.

• ‍Operating expenses‍

A clear expense structure helps calculate cost price more accurately, identify reserves, and define the break-even point. The financial model takes into account:
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1. ‍Fixed costs — do not change with increased or decreased volume (e.g. rent);
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2. Variable costs — depend on production or sales volume (e.g. packaging, delivery);
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3. Direct costs — directly linked to production or service delivery;
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4. Indirect costs — support the business indirectly (administrative costs, marketing).

• ‍Investments and depreciation‍

If the business buys something “serious” (equipment, machinery, large projects), these expenses are recorded separately and depreciated gradually.

• ‍Taxes‍

Calculation of tax obligations depending on the taxation model, profit, and type of activity.

• ‍Cash flow‍

The real money coming into and going out of the business. Even if you’re profitable — it doesn’t mean there’s money in your account. This block shows whether there’s enough cash to cover everything needed.

• ‍Balance sheet‍

Assets, debts, inventory, capital — everything the business owns at a given moment. It provides insight into the company’s financial stability.

• ‍Profit and loss statement‍

Shows how much the company earned (or lost) over a period. This is the main report for evaluating performance.

• ‍Financial indicators‍

Break-even point, EBITDA, margins, liquidity ratios — everything that helps assess business efficiency.

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Together, this isn’t just a “spreadsheet of numbers,” but a model that allows you to test ideas, see the consequences of decisions, and confidently plan the future.

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Real Reasons to Have a Financial Model Before You Launch

A financial model is not just a “file for investors.” It’s your working tool for strategic thinking and real control over your situation. Here’s what it gives you:

• ‍Strategic vision
  The model helps you see not only where you are now, but also where you're headed. It helps anticipate potential threats, identify growth points, and adjust your course before it’s too late.
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• Risk forecasting
  With the model, you can evaluate multiple development scenarios: what happens if sales drop by 20%, whether there’s enough working capital during tough months, and how to respond to price changes.
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• Efficiency and optimization
  The financial model helps identify where costs can be reduced, which areas offer the highest profitability, and how to allocate resources more effectively.
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• Competitive advantage
  While competitors act blindly, you make decisions based on data. This gives you a tangible edge in speed, flexibility, and accuracy.
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• Connection between all processes
  The financial model shows how every decision affects the business as a whole: how price changes affect revenue, revenue affects taxes, and taxes impact cash flow. It reveals interconnections that are hard to track intuitively.

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A Financial Model Isn’t Theory — It’s a Tool That Works in Practice

But how exactly does it help you make decisions, avoid mistakes, and plan a profitable launch?

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To see it in action, it's worth looking at real examples. One such case is the EMMER company, which launched a new physical product to the U.S. market via Kickstarter.

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It was a complex project involving international logistics, marketing, manufacturing, taxes, and influencer partnerships.

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The financial model helped the entrepreneur:

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1. assess the realism of the fundraising goal;
2. build several scenarios (optimistic, pessimistic, break-even);
3. identify risks before the campaign even began;
4. gather the data needed to make confident decisions.

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Read the full Emmer case here → How Finmap creates financial models that ensure a successful launch

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But this is just one scenario. A financial model allows for much more:

• Test hypotheses — for example, whether it makes sense to raise prices or launch additional services;
• Understand key impact points — which metrics affect profit the most and what actions truly make a difference;
• Avoid cash gaps — see when funds will fall short and adjust your plan in advance;
• Set realistic goals — instead of “I want a million,” understand how many clients and resources are truly needed to reach it;
• Calculate launch scenarios for a new direction or business — optimistic, realistic, and pessimistic, accounting for risks and resources;
• Determine if current resources are enough to achieve the goal — without relying solely on intuition;
• Accurately calculate how much you need to earn to recoup your investment — and whether it’s achievable at all;
• Evaluate whether your model allows you to earn as much as you want — before launching or scaling.

More real-life cases can be found in the carousel below.

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Strong Model = Strong Decision

A financial model is not just a section in a business plan — it’s your key tool for growth, decision-making, and maintaining control over your finances.

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It gives you not just forecasts, but confidence in where you’re heading — and what to do if things go off track.

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But building a solid model is more than just filling out an Excel sheet. It requires expertise, realistic assumptions, and experience working with different scenarios.

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That’s why at Finmap, we help entrepreneurs:

• build a financial model tailored to their actual business — not just a “template”;
• calculate key scenarios, including risks and the break-even point;
• identify bottlenecks and growth opportunities;
• create a clear picture for themselves, partners, or investors.

Book a consultation with a Finmap expert — and we’ll create a financial model that works for you, not just for reporting.

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Start managing your business by the numbers — not by guesswork!

Business is driven not only by numbers, but by the right decisions.

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Getting a financial report is not the finish line.

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The real challenge starts when you need to understand what those numbers actually mean for your business.

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Cash flow increased this month? Is that really a good sign — or just an illusion of profitability hiding unpaid obligations or one-time income?

Keeping Up with Change — or Losing Everything: How AI is Transforming Financial Management

Today, technology doesn’t just store and structure your financial data — it helps you use it wisely.

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Artificial intelligence can do in minutes what used to take hours of analysis and brainstorming: detect anomalies, uncover the true reasons behind financial shifts, and identify weak spots.

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Imagine getting instant answers instead of spending hours crunching numbers:

• Why is profit down this month despite higher sales?
• Which client brings in the most money (and are they truly profitable)?
• Which department is draining the budget without delivering results?
• Will the company have enough cash for the next 3 months without additional funding?

This isn’t fiction — these are real scenarios Finmap AI Copilot handles daily.

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If you’re tired of staring at numbers and still not getting answers — now’s the time to bring AI into your business.

Finmap AI Copilot: A New Era of Financial Management in Finmap

A new tool from Finmap, powered by OpenAI API. It’s a smart financial assistant that analyzes your reports, highlights key insights, and recommends solutions.

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Designed for small and medium-sized businesses to:

• Quickly interpret financial metrics;
• See a clear picture of cash flow;
• Make decisions based on facts, not guesses.

Unlike basic chatbots, Finmap AI Copilot is a fully autonomous analyst that processes reports independently and delivers not just general advice — but specific, personalized analysis.

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Security First: How We Protect Your Data

Finmap AI Copilot was built with strict data protection in mind. We use the OpenAI API in a way that ensures your financial data stays private. What does that mean?

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1. Your data is not used to train AI models. We don’t give OpenAI permission to store or analyze your reports beyond the current task.
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2. Every request is handled individually. Once the answer is delivered, the data is deleted—no memory is retained between sessions.
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3. Your data is never shared with others or added to a “common database.”

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In short: each time Finmap AI Copilot analyzes your report, it’s only for you, only now, and leaves no trace afterward.

Finmap AI Copilot — The Algorithm That Knows Your Finances Better Than You Do

Currently, Finmap AI Copilot structures its report in four main sections:

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1. General financial health overview: assessing the business’s condition and highlighting risks;
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2. Revenue and expense analysis: what drives profit and what drains resources;
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3. Benchmarking: showing how you stack up against market averages;
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4. Conclusions and recommendations: helping you move from analysis to action.

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Based on your actual data, Finmap AI Copilot:

• Breaks down your cash flow: explains balance changes and what influenced transactions;
• Tracks profitability trends by month, category, and client;
• Identifies inefficient spending: recurring payments that don’t pay off;
• Highlights which products or services generate the most income—and which need reevaluation;
• Assesses risks and issues warnings;
• Advises on product mix and structure;
• Performs advanced P&L analysis automatically;
• Suggests concrete actions: what to cut, where to optimize, how to balance cash;
• Generates a top 10 actions list to improve financial performance.

Can Your Business Keep Up with the Competition? Find Out in Just 2 Clicks

Finmap AI Copilot doesn’t just analyze your data — it benchmarks it against the market average. This gives you the context to:

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1. Know whether you’re on the right track;
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2. See where and why you lag behind competitors;
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3. Understand whether market trends are affecting everyone — or just you.

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For a small or medium business owner, it’s like having your own financial analytics team — but without the extra costs.

The Value of Finmap AI Copilot for Your Business

A structured solution that helps business owners react quickly, make informed decisions, and focus on strategy. Here's what you actually get:

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Finance Automation in Action
Saves time and effort by auto-generating reports, highlighting what matters, and explaining the essence.

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Works as a 24/7 Financial Assistant
Always available — no days off, no emotions, no human error. Ask a question, get an answer.

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Brings Confidence to Decisions
Instead of guessing “Am I doing the right thing?”, you get facts, analysis, and actionable insights — right now.

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Keeps You Focused on What Matters
Instead of drowning in reports, Finmap AI Copilot highlights critical issues so you can focus on solutions.

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Breaks the Illusion of Profitability
Things may look good — but that might be deceiving. Finmap AI Copilot reveals the true picture.

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Brings Order to Small Business Finances
Helps structure data, connect spending and income patterns across time — and build stability, not just survival.

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New Features Just Around the Corner

Finmap AI Copilot is already up and running — and constantly evolving. In fact, while you're reading this, new features may already be live, such as the ability to ask questions via text or voice, for example:

• Why did profit drop in July?
• Which expenses increased in Q2?
• Will I have enough cash for payroll through the end of the month?

It’s not just convenient — it’s the next level of financial management for small businesses. And savvy entrepreneurs are already using it.

Time to Act

Finmap AI Copilot isn’t just a feature — it’s a strategic advantage.

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Where analytics and cash flow tracking once took time, energy, and experience, now all you need is your financial data — Finmap AI Copilot does the rest.

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Already using Finmap? Test Finmap AI Copilot today.

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New user? Sign up, add at least one quarter of data — and see it in action.

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Business won’t wait. Start now!

Do you really know what's going on with your finances? "I have an accountant, so everything is fine with my finances" — this sounds logical, but only at first glance. The real question is: what kind of data do you use to make decisions about pricing, investments, business growth, or cutting certain areas?

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Figures from official accounting reports prepared under NAS (National Accounting Standards) or IFRS are often not timely or detailed enough for day-to-day management tasks. Relying solely on them is like managing your business with your hands tied.

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In this article, we’ll break down the real difference between accounting and financial management, why the latter is absolutely essential for any business — and how it helps entrepreneurs gain clarity, control, and confidence in their finances.

Accounting Is Done Mainly for the Government

Accounting is about formality and compliance. Its main purpose is to prove that your business plays by the rules: pays taxes properly, keeps records, submits reports to the tax authorities and other regulators.

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What does accounting show?

• What your company owns (assets).
• How much it earns and spends (income and expenses).
• What it owes and to whom (liabilities).

This is the language of the state. That’s why everything here must strictly follow regulations: formats, deadlines, and legal terminology. For you as the owner, this data often holds only technical value.

How Financial Management Works for Your Profit

Financial management is the language of business. It’s created not for the government but for you, and it shows only the numbers that help you manage effectively, increase profits, and avoid financial losses.

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What does financial management show?

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Want to know which projects are profitable and which are draining resources? Which markup actually works? Which department generates revenue, and which burns the budget? All of this is shown through financial management.

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Key distinction:

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Accounting answers the question: Is everything correct?

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Financial management answers: Is everything profitable?

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And if you rely solely on accounting — you’re not getting analytics, you’re just getting a report.

Why Your Accountant Shouldn’t Be the Only One “Responsible for the Numbers”

One of the most common business scenarios is when all financial responsibilities are given to the accountant. Formally, they’re in charge of record keeping and reporting, but in practice they’re also expected to calculate profits, analyze expenses, advise on investments, and prepare budgets.

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Business owners get used to having all the numbers in one person's hands, and that’s convenient — but this model has serious limitations.

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Accounting and financial management are different processes, requiring different logic, skill sets, and approaches.

Key Tasks of an Accountant

These functions ensure the company's financial transparency to the state:

• Maintain records according to NAS or IFRS.
• Prepare mandatory reports for tax and regulatory authorities.
• Control primary documentation.
• Calculate payroll, taxes, depreciation, and reserves.
• Handle audits, inspections, and work with regulatory bodies.
• Ensure compliance with tax and legal requirements.

Key Tasks of a Financial Management Specialist (CFO, Analyst or Financial Analyst):

These tasks form the basis for effective management of money, profits and the financial future of the business

• Financial planning, budgeting, variance analysis.
• Profitability, cost-effectiveness, and margin analysis.
• Create financial management reports (P&L, Cash Flow, Balance Sheet in internal format).
• Forecast cash flows.
• Build financial models and assess project viability.
• Provide analytics for decision-making.
• Oversee financial strategy implementation.

In companies where only the accountant handles finances — it works only up to a certain level. But this doesn’t diminish the accountant’s role: they do complex, vital, and technical work.

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It’s just that their job is about accuracy and compliance, not profitability and strategy.

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If you want a true financial picture to manage your business — you need a separate function or expert focused specifically on financial management.

Compliance ≠ Cash Flow Control

Accounting is not designed for owners or for daily business management. Its goal is to ensure legal compliance. That’s why it doesn’t answer key questions owners ask:

• Which business line is the most profitable?
• Where are we losing money?
• What is our breakeven point?
• Which projects should be shut down, and which ones scaled?
• Will we have enough cash for payroll in two weeks?

Why Accounting Doesn’t Give You the Answers You Need

Even if the data in your accounting system is technically correct — it’s often not structured in a way that helps you manage the business. Here are the main issues:

• Reports are delayed — real data may come weeks or months after the fact.
• Data is aggregated, with no breakdown by product line, client, or sales channel.
• Expenses are recorded by accounting logic, not where they actually occurred (e.g., to the warehouse or into the cost of goods sold for the whole business).
• Financial management-specific details (like conditional costs, allocated budgets, internal transfers) are not considered.

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As a result, owners receive correct but useless information. Everything looks fine on paper, but in reality — cash gaps, unprofitable units, and chaos in decision-making.

See. Calculate. Act: Why Owners Need Financial Management

Financial management is not about formality — it’s the core operational tool for owners and executives. When set up properly, it shows you what’s really happening in your business and helps you make fact-based decisions.

The key problems financial management solves:

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1. Profitability analysis by product, project, business line
   You can see exactly what’s profitable and what’s wasting resources.
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2. Budgeting and financial planning
   Plan income, expenses, profits, and cash flows. Analyze deviations between plan and actuals.
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3. Liquidity forecasting and cash gap prevention
   Financial reports help you know how much cash you’ll have in the future.
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4. Expense control and business model efficiency
   View costs by direction, channel, or product — and cut the waste without touching profits.
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5. Financial reports for owners or investors
   A transparent, structured financial model is the foundation for growth, funding, or selling the business.
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6. Timely information for decision-making
   Reports are prepared weekly or monthly — not quarterly, when it’s too late to change anything.

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And although financial management is a conscious leadership choice, some countries legally require entrepreneurs to implement it alongside accounting.

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To grow — you must delegate: finances should work for you

If your business is still small, you can start on your own: spreadsheets with income and expenses, manual cost allocations, a simple budget. That’s already better than nothing.

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But sooner or later, you’ll hit a wall:

• Your numbers don’t match
• Reports lag behind reality
• You start doubting the data
• It becomes hard to make decisions — because you don’t trust the numbers

Financial management isn’t just a set of files. It’s a system that must be implemented, supported, and scalable.

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That’s where experts come in. An experienced financial specialist can:

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1. Build the right analytical structure
2. Set up logic for cost allocation
3. Create reports that actually work
4. Prepare you for growth or investment
5. Help you avoid costly mistakes

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Your job is to make decisions. The financial expert’s job is to give you the right numbers. Regularly. Accurately. Without doubt.

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So yes, both accounting and financial management matter — because they answer different questions: one ensures legal compliance, the other drives business performance.

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It’s your choice: settle for what’s required by law, or implement financial management and finally start running your business based on real numbers!

Finance doesn’t forgive assumptions. If you’re keeping records with a “I’ll write it down later in my notebook” or “I’ll just remember it” approach, get ready for financial chaos.

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One account, multiple directions and clients — and suddenly you no longer understand what’s bringing in profit and what’s just draining resources.

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How can you detect in time that one direction is consuming all your profits? Without a clear management system, you risk not noticing how the money is simply disappearing and the business is heading toward financial disaster. Let’s figure out how to spot the problem early and take control of your finances before it’s too late.

Multiple Directions — One Answer: Calculate Profitability

If you have several business directions, you’re no longer just an entrepreneur — you’re the owner of a portfolio of mini-businesses. And each one has its own economy. The only question is whether you can see it.

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To understand what’s truly working, you need to calculate the profitability of each direction separately.

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Profitability isn’t just a percentage in a report. It’s an efficiency indicator that shows how productively a business uses its resources to generate profit.

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The most important type is usually considered to be sales profitability, and the higher the figure — the better the company controls its expenses:

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Profitability = (Profit / Revenue) × 100%

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For example, if you earned $80,000 in revenue from a certain project, and the net profit from this direction was $20,000, then profitability is calculated as follows:

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(20,000 / 80,000) × 100% = 25%

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This means that each dollar earned brings in $0.25 in net profit.

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If you understand profitability and know how to “read” it, the question “where to find money?” solves itself.

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Because if one direction brings only 5% profitability, while another brings 28% — that’s a clear signal where to invest more time and resources, and what to stop before it’s too late.

When There’s a Business but No Money — the Problem Is Not the Market, It’s the Financial Management

Management by profit centers is not a whim, but a survival tool. If you don’t see profitability separately, it means you’re not managing the business — you’re just reacting to problems after they arise.

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With this understanding, the owner of a construction company offering several types of services turned to Finmap.

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The company is involved in construction, performs renovation work, and sells building materials. Each of these directions has its own clients, contracts, and payments.

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However, there was no talk of financial order. The owner complained that in some months, his foremen were earning higher salaries than he could take out as dividends.

Sometimes at night I’d lie in bed and spend half the night trying to piece together the full picture in my head, to understand what I was doing wrong. Maybe someone else would have already shut everything down and gone back to doing regular renovations. But I couldn’t just give up! — Owner of a construction company

To move forward, it was necessary to optimize processes and clearly define key financial indicators. The company owner identified several mandatory points he wanted to track:

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1. Profit and profitability of each direction. It’s important to be able to open a report, for example, for “Construction,” and clearly understand the revenue, expenses, margin, and profitability of that direction. This helps assess whether it’s worth continuing to operate in that area.
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2. Results by each client and project. It’s essential to see which orders don’t bring profit and whether it’s necessary to adjust pricing for construction and renovation services to avoid loss-making contracts.
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3. Overall results for the entire company. The ability to determine how much profit can be directed to dividends and how much should be reinvested in business development.
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4. Optimization of petty cash processes. Foremen constantly handle cash, and tracking expenses that occur multiple times a day without a proper system is extremely difficult. It was necessary to implement a mechanism that allows easy control of these expenses and ensures transparency.

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Due to lack of time for developing and creating complex Excel spreadsheets, Finmap’s automated solutions became the optimal choice for effective financial management.

How Finmap Helps Structure Finances and Make Strategic Decisions

The experience of the construction company proves that when a business develops in multiple directions, financial management without a system can easily turn into chaos. Below is a brief overview of key solutions that transformed internal financial management within the company.

Three Directions — Three Separate Financial Realities

Finmap’s financial management system includes a dedicated feature for separating business directions — Projects. This entity can be used to tag not only types of activity but also the cities or countries where the business operates, locations, sites, orders, etc.

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The company divided its activity into three main directions:

• Construction
• Renovation work
• Sale of materials

Each payment was tagged with a project — manually or using auto-rules. After a few weeks, the system gathered a full picture — profit and automatically calculated profitability for each direction are now tracked in real time.

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How to Ensure Full Analytics by Client

In addition to Projects, payment records also include tags — names of the sites and locations where the crews are working. This allows the company to, within seconds:

• filter all expenses and income by a specific client or site;
• see how much each object generated;
• generate a report with the desired level of detail.

A pleasant bonus was the ability to plan all inflows and outflows by project and not only see the current budget status but also forecast the future result.

The “Profit” Report: Strategic Decisions, Not Gut Feeling

Once financial management was implemented, the P&L report became the main source of answers for the owner:

• What is the company’s real profit?
• How much in dividends can be withdrawn now — without harming future periods?
• Which project is worth scaling?
• Where are we losing margin, even though it seems like “everything’s fine”?

Custom reports were also created based on saved filters. This detailed the financial results of each project. Now the owner has well-founded information on the profitability indicators of each of them.

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Petty Cash Without Chaos: Mobile Apps

The issue of petty cash was resolved in a very sustainable way. A separate account was created for each foreman. No access to the company’s general budget — only to their own accountable funds.

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Employees no longer struggle with reporting, as they can now enter the expense right away in the mobile app, attach or take a photo of the receipt, and not worry that a purchase might be forgotten.

Result:

• less stress for employees;
• a complete financial picture for the manager;
• zero losses and confusion.

This solution not only improved financial management but also reduced tension within the company. The foremen don’t spend time after work or on weekends — they enter the data immediately while on-site, which is convenient for both staff and management.

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This case is not an exception — it's an example of how proper financial analytics transforms business management.

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Finmap didn’t just gather numbers in one place — it gave the owner a clear understanding of what’s working and what’s dragging the business down.

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While others rely on gut feeling, this company makes decisions based on facts. Because business is not a game of chance. It’s about control, structure, and confidence in tomorrow.

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Want to make well-grounded decisions instead of relying on luck? Work with numbers — work with Finmap.

Investors do not hand out money just for a good idea. They invest in a vision supported by real financial arguments. An ambitious project, a strong team, and scalability prospects are important, but without a clear financial strategy, there will be no deal.

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Can you convincingly explain how the invested funds will turn into profit? If not, the chances of securing investment are nearly zero. Strong financial indicators are not only proof of a business’s viability, but also a demonstration of its readiness to compete in a large market.

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How to properly prepare for attracting investments and what really convinces investors – we break it down in this article.

Why Excel Is a Trap for Business and How to Escape It

Every entrepreneur has faced this: chaos in financial management, wasted time, and endless corrections of broken formulas in Excel.

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This was also the case for Artem Sitnikov, the founder of SITNIKS CRM – a customer relationship management system designed for small and medium-sized businesses.

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He quickly realized that without a clear financial management system, a business cannot survive.

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Where to Start? Ordering custom Excel spreadsheets. The idea seemed logical, but reality quickly made things clear:

• Constant updates – a waste of time, which is always in short supply.
• Formulas break – one mistake, and reports lose their meaning.
• Inconvenient access – employees could see everything or nothing at all.
• No change control – it was nearly impossible to track who made what changes to the files.

Managing finances in this way was frustrating, time-consuming, and did not bring the expected results.

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Artem did not stop there and continued to search for the ideal financial management solution that would meet the following key requirements:

• Reduce and optimize the time spent on financial management.
• Eliminate the need to manually enter data.
• Automate report creation and avoid errors.
• Maintain transparent and efficient reporting for investors.
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Automation Without Fear: How Finmap Makes Financial Management Simple and Secure

Before fully switching to Finmap, Artem Sitnikov faced common business concerns:

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Should all company accounts be connected? How safe is it?

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Transferring financial data is a serious step, and any mistake can be costly. The transition took quite some time, but now Artem strongly advises against being afraid. In reality, there is no risk at all.

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Finmap is an aggregator of all transactions.

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All operations remain in your banks – Wise, Santander or any other. The service simply collects data from bank statements into a single system to automate calculations and generate accurate reports.

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The key factor in choosing Finmap was the P&L report, which Artyom called “Finmap gold”. But let's go through everything in order.

P&L, Cash Flow, and Automation: What Makes a Business Attractive to Investors

Financial routine slows down business growth. Thanks to Finmap, Artem's company eliminated financial gaps, gained a clear financial picture, and created attractive conditions for investors. Here’s how it works in practice:

• The issue of time optimization was resolved through banking and individual integrations, as well as automation rules. With these tools, data entry and processing require only minimal intervention from managers and the owner.

• Using flexible access settings, financial management was easily delegated to employees. As a result, Artem no longer has to dive into daily routines and can instead focus on scaling the business and attracting investments.
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• Potential and existing investors gain full visibility into the company’s financial flows. They can assess its stability, expenses, and future financial obligations at any time. This not only builds trust but also makes the business more attractive for new capital investments.
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• By setting up the process of collecting and processing transactions, the Cash Flow report in the company is now generated automatically.
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• The Profit and Loss (P&L) report consolidates all data and provides real financial results by category, contractor, and project. A detailed filtering system helps analyze data not only on the overall state of the business but also by individual metrics. At the same time, the report’s interface and content remain simple and easy to understand.
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• After solving the key financial issues, Artem focused on another critical aspect: managing accounts receivable – a hidden profit reserve. Using a specialized report in Finmap, the company quickly identified clients who delayed payments in certain months. ‍

The result: Now, funds arrive on time, which positively impacts cash flow and helps avoid cash gaps.

How to Improve Financial Reporting: Tips from Artem

Financial reporting clearly shows where money is going, how stable income is, and whether a business can attract investments. Artem Sitnikov shares key recommendations from his own experience:

• Start using a financial service as early as possible. Time is a resource that should not be wasted. The sooner you start financial management, the faster you can optimize expenses and increase profitability.
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• Make financial reporting clear. Investors and partners must clearly see how your business operates and how you plan to use their funds. Transparent finances build trust and simplify capital attraction.
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• Analyze financial flows. Using modern tools like Finmap helps maintain organized records, quickly identify problem areas, and make informed decisions.

Artem’s experience proves that adopting modern financial management solutions can turn a startup into a profitable company.

How Finmap Opens the Way to New Heights

The biggest breakthrough after implementing Finmap was that attracting investments became easier, and negotiations with investors became more convincing. Now, financial analytics are more accurate than ever, and potential partners have full access to key business indicators in real time.

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Instead of endless spreadsheet exchanges and manual data consolidation – automation and transparent reporting. This is not just saved time and money, but a foundation for growth. Thanks to Finmap, the company has not only optimized processes but also become more attractive for new capital investments.

After implementing Finmap, we attracted our first investment. — Artem Sitnikov, CEO & Co-founder of SITNIKS CRM company

Tools for Your Financial Success

Regardless of your goal – attracting investments, taming financial chaos, forecasting and avoiding cash gaps – all Finmap tools work for you:

• Centralized data storage – all financial data in one system for easy analysis and management.
• Automatic calculations – calculates key financial metrics automatically, reducing time spent on manual calculations and minimizing errors.

• ‍Integration with banks and payment systems – seamless interaction with financial institutions.‍
• Payment Calendar – ensures forecasting and cash flow planning.‍
• Cloud storage – guarantees data security and accessibility.‍
• Automation rules – streamlines routine processes and improves efficiency.‍
• Flexible access system – custom access levels for different users.

Finmap is not just a financial management tool, but a strategic partner that helps not only organize finances but also unlock new opportunities for investment.

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Ready for a financial revolution in your company? Start using Finmap today!

You work tirelessly, your team gives 100%, revenue flows in, yet by the end of the month, there’s barely any profit left. If this sounds familiar, you probably suspect that the issue isn’t low sales but rather a lack of clear financial visibility. This is where financial accounting comes to the rescue.

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It’s not just numbers in Excel or reports for tax authorities. It’s a financial analytics system that reveals where your business is losing money and how you can preserve and multiply it.

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Why Financial Management Matters More Than a Business Owner’s Intuition

Let’s look at a real case involving one of our clients — entrepreneur Yevhen, who successfully transformed his business and doubled his profit. He owns a law firm operating in multiple areas but, for confidentiality reasons, has requested not to disclose its name.

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Like many business owners, Yevhen saw the overall profitability of his company but lacked a clear understanding of the financial performance of each individual segment. This became a critical issue when he considered scaling and expanding into new markets.

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A thorough analysis uncovered an unexpected reality: out of five business areas, only two were profitable, one was breaking even, and two were operating at a loss. This raised an important question: how could he adjust his current strategies to reduce losses and improve business efficiency?

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The solution was drastic:

• Eliminate the break-even segment and redirect the team’s resources toward developing profitable services, enhancing their effectiveness.
• Shut down one unprofitable segment since it showed no growth potential.
• Retain the second unprofitable segment because it played a strategic role in attracting clients to profitable services. However, to stop it from generating losses, Yevhen had to optimize expenses and rethink operational processes.

The results were immediate: after the reorganization, only three segments remained, yet the company’s profit doubled the very next month. And all this — without hiring more staff, making additional investments, or acquiring new clients.

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This story once again proves that without financial management, it’s difficult to identify a business’s weak points. Accurate financial data enables informed decision-making rather than relying on intuition, which can gradually lead a company to bankruptcy.

Key Elements of Effective Financial Management

For financial management to truly help increase profits, it’s not enough to simply collect data — you must also interpret it correctly. A clear financial structure allows you to quickly identify problem areas, make well-informed decisions, and grow your business without unnecessary financial risks.

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What are the foundations of effective financial management? Let’s break down the essential elements that make it work.

1. Unified Data System

Settlement and card accounts, cash in any currency, even cryptocurrency — all financial flows should be consolidated into a single system. This ensures that records reflect not only legal entities but also real cash flows and company wallets.

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As a business owner, you shouldn’t have to guess how much money is in the business — you need to see it clearly and instantly. How much cash is available right now? What is the actual profit? Where is the money going? These answers should be accessible in one click — without chaotic bank statements and endless spreadsheets.

2. Standardized Data

Without a unified system for collecting and analyzing financial data, there’s always a risk of losing control over finances, which can lead to inefficient resource management.

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What does data standardization include?

• Clearly defined responsibilities. Each team member should understand their role in financial management and be accountable for their segment.
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• Strict reporting deadlines. Timely data collection and reporting are not just good habits — they are the foundation for making informed and timely decisions.
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• Structured income and expenses. Without clear categorization, it’s nearly impossible to assess the company’s true financial standing.
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• Defined business segments and projects. If revenue-generating areas aren’t distinguished, measuring their profitability becomes impossible.
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• Consistent profit and cost calculation rules. Without clear criteria for cost allocation, depreciation, and other expenses, financial reports become vague and unreliable.

3. Clear and User-Friendly Analytics

To make effective management decisions, a business needs a clear financial picture spanning several months or even years.

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It’s crucial to present this data in a convenient format — charts, dashboards, and visual summaries all on one screen, rather than scattered across chaotic, manually compiled spreadsheets.

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This approach eliminates time wasted on endless number crunching and allows leaders to focus on strategic decisions that drive business growth. Without such a system, a business is essentially operating blindly.

4. Segmented Profit Calculation

Profit shouldn’t be calculated only at the company-wide level—it must be broken down by projects, business lines, product groups, and sales channels. Additionally, tracking margin and profitability for each segment is essential.

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Only a segmented approach enables entrepreneurs to clearly understand why profits are declining and what needs to be adjusted to reverse the trend. Without detailed insights, businesses risk overlooking critical shifts in specific areas and expenses that could significantly impact overall results.

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5. Calculated Break-Even Point

How much do you need to sell — daily, monthly — to reach break-even? Where is the fine line between profit and loss, and how many sales are required for your business to become self-sustaining?

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These figures must be precisely calculated. Continuously monitoring them allows for timely strategy adjustments and swift responses to market changes.

6. A Fixed Income and Expense Plan

Imagine this scenario: tomorrow, you need to pay a contractor, but your account balance is just enough to buy some cookies for tea. In a week, you’ll receive a large payment, but in the meantime, the contractor bombards you with frustrated messages and threats to terminate the partnership.

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This doesn’t mean your business is unprofitable — it’s a classic cash flow gap, where incoming and outgoing funds are out of sync, leading to a temporary shortage for covering operational expenses.

Why endure unnecessary stress and waste time on apologies?

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To avoid these situations and prevent every payment from becoming a crisis, you need a reliable tool — a Payment Calendar.

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This will be your trusted ally in managing cash flow and planning expenses to avoid financial pitfalls. You can track all income and expenses in a simple Excel spreadsheet or use an automated solution. This way, you’ll not only know how much money is coming in and when but also plan your spending regardless of circumstances.

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Business isn’t just about taking risks — it’s also about anticipating them.‍

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In essence, financial management is a navigator that helps design and optimize long-term business strategies, set realistic goals, achieve them, and build a stable, profitable company.

Simplify the Process with Finmap

A simple online financial management tool like Finmap can make this process effortless and transparent.

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With Finmap, you can:

• See all your business finances on one screen.
• Generate automated financial reports in just two clicks.
• Plan income and expenses effectively.
• Delegate routine financial tasks to employees.
• Maximize your business profits.

Start building a successful future for your company today!