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

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

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

Key Tasks and Challenges on the Way to Success

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

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

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

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

I was lucky with my finances, I always listened to smart people, and they all said: control your finances.

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

Case study When he started Mathema, his approach to finance changed. Vitaliy already had basic knowledge and understood the difference between cash flow and profit and loss (P&L) statements and why it was important. Thanks to this experience, he was able to build a financially stable foundation for the business, which helped in the development and scaling of Mathema.
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I was already applying my knowledge of financial accounting to a new business, making it financially healthy from the start. Because I realized that for me, finance is one of the areas from which I can diagnose something in business.

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

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

Why Switched from Excel to Finmap

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

5 Reasons to Switch from Excel to Finmap:‍

• A complete picture of finances. Owners can see all the company's financial flows on one screen, which allows them to better control income and expenses.
• Different levels of access. In Finmap, you can customize roles for employees. For example, managers can see only what is relevant to their work, without having access to company expenses.
• Integration with banks. Finmap synchronizes with bank accounts, so all payments automatically appear in the system. This reduces the risk of mistakes that used to happen with manual accounting. For example, once 10,000 UAH were lost in Excel and the team spent two hours looking for the error. With Finmap, this no longer happens.
• Transparency of all operations. All transactions are immediately displayed in the system, which makes it easy to track payments and not lose information.
• Reports for analysis.Finmap allows you to see monthly financial dynamics, which helps you make decisions about business development.

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Results of Cooperation - What Has Changed in Mathema with Finmap‍

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

Key Results of Cooperation with Finmap:‍

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

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

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

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