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

Web site: https://sda.company

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

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

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

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

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

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

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

1️⃣ Get rid of the financial mess

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

2️⃣ Monitor your account balances and planned incomes
It is to see how much money is there right now and how much you can expect in the future.

3️⃣ To save time
Alex works 17-19 hours a day now. He doesn't have enough time to focus on managing the cash flow.

4️⃣ To keep track of your cash flow in a systematic yet simple way

Alex decided to implement Finmap to solve his business matters.

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

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

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

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

*The data is provided as an example

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

*The data is provided as an example

The synchronization:

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

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

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

*The data is provided as an example

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

*The data is provided as an example

*The data is provided as an example

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

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

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

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

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

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

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

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

✅ Alex plans to use a payment calendar within Finmap to monitor future incomes and expenses (e.g. to plan tax or loan payments). He also plans to test the soon to be released Finmap mobile app. Most importantly, with his finances under control, he can now monitor the growth of his business. After all, as Alex says:

Are you the owner of an IT company? Understand the finances of your business, clearly, see the profitability of each product/project, and accurately calculate your investments in new product development with Finmap. Test the features of the service for your business. 14 days free of charge.