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

Meet: Dmytro Frolov and His Production Center

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

Financial Traps: How Cash Gaps Almost Destroyed Business

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

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

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

Finmap: From Chaos to Clear Financial Management

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

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

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

Finmap made it possible:

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

Why Does an Entrepreneur Need Financial Management from Day One?

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

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

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

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

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

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

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

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

The biggest mistake that entrepreneurs make is to postpone the implementation of the financial system until later.

‍Advice for Entrepreneurs from Dmitry Frolov

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

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

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

Top mistakes in financial management:

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

Finmap as a Solution for Business Scaling

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

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