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

LIBERT Is a Leader in Premium Transportation

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

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

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

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

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

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

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

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

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

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

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

Such checks took not only time, but also the resources of the owner himself, who should have dealt with more global issues. Successful organization of financial management became impossible due to a number of reasons:

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

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

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

Monitoring the Operation of Cars

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

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

Control of receivables

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

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

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

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

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

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

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

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

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

The communication process regarding accountable funds was long and confusing:

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

How Finmap Optimized the Process of Working With Management Money

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

— Drivers independently pay expenses, attach checks, specify details and choose a project.

— Drivers independently add cash transactions to their accounts, with the corresponding settlement of the client.

Now the owner sees in real time:‍

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

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

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

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

1. As the website Work.UA notes, the average salary of an operations manager in Ukraine is UAH 30,000.
2. So, in one year, Andriy had to pay UAH 360,000 to a new employee, which is about $8,780
3. An annual subscription to Finmap costs UAH 17,700, which is equal to $432

 Savings: 360,000 - 17,700 = 342,300 UAH, which is equivalent to $8,348

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

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

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

Prospects for Further Cooperation Between Finmap and LIBERT

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

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

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

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