At ThinkOut, we prioritize understanding our clients’ needs above all else. From the very first interaction, we make it our mission to comprehend their challenges, goals, and how we can support their success. This sense of curiosity drives our approach long before any formal discovery calls or onboarding processes take place. Some clients rely on ThinkOut for day-to-day financial tracking, while others turn to us for budgeting and performance analysis. And then there are clients like Ventures’n’Law, who are seeking automation and strategic planning to bring clarity and control to their operations.
Our partnership with Tudor and Ventures’n’Law has evolved over the years, starting from the early days of ThinkOut when Tudor’s legal expertise was invaluable. It’s a testament to the strength of our collaboration that we have grown together, transitioning from legal consultations to providing financial management solutions to support Tudor’s business growth. We take great pride in reflecting on how far we’ve come and look forward to continuing this journey together.
Founded in 2017, Ventures’n’Law started as a network of freelancers offering legal advice to startups. Today, Ventures’n’Law has transformed into a dynamic legal duo specializing in supporting tech companies. Along the way, they discovered the importance of combining legal expertise with efficient financial management. We spoke with Tudor Stanciu, the founder of Ventures’n’Law, to gain insight into their financial management approach.
The challenge: the need for financial predictability
Financial predictability is crucial for businesses across all industries. Effective planning enables better resource management, a particularly vital aspect for small businesses aiming for long-term stability.
“Initially, we relied on an Excel spreadsheet to track project structures by income and expense categories. However, we soon encountered a lack of predictability. We struggled to estimate income and were often surprised by expenses. It wasn’t until we implemented budgeting and cash flow considerations that we could plan beyond the current month,” shared Tudor, founder of Ventures’n’Law.
As their network expanded, Ventures’n’Law recognized the need for a clear view of their cash flow. Their manual management approach became increasingly cumbersome and time-consuming as the business grew. “Although we were not a large firm, the necessity for automated income and expense tracking became apparent as our operations expanded,” added Tudor.
The solution: streamlining with ThinkOut
Tudor sought a simple yet effective solution that offered real-time expense visibility and the ability to make accurate financial forecasts.
After exploring various options, ThinkOut emerged as the natural choice. “Our existing collaboration on legal matters led us to discover that ThinkOut could provide the precise tools we needed: real-time expense visibility and financial forecasting capabilities. It was the missing piece of the puzzle that was right within reach,” noted Tudor.
Tudor emphasized that ThinkOut empowered them with clarity and control over their financials, enabling them to accurately allocate budget to each expense category and enhance their operational planning. “The user-friendly interface was a standout feature for us. Once we started using ThinkOut, we realized the significant time savings it offered,” he added.
In addition to automating bank transaction imports, expenses are now categorized into annual and monthly payments. Tudor conducts quarterly reviews based on ThinkOut’s predictions, making necessary adjustments to optimize costs and maintain strict control over expense categories.
The platform also facilitates the identification of redundant services and subscriptions, allowing for prompt cost-saving actions.
The outcomes: effective financial management
The results of implementing ThinkOut were swift. When asked about the improvements in cash flow management, Tudor remarked, “We likely save several hours each month – to be honest, we can’t even recall how things were before. It feels like ThinkOut has always been a part of our operations.” The enhanced efficiency in project closure and payment collection has contributed to the company’s improved financial well-being.
With cash flow forecasts in place, Ventures’n’Law now monitors recurring income and payments, ensuring the business remains on a sustainable trajectory. “By budgeting expenses and anticipating potential increases, we gain a clear understanding of the income required to support our objectives,” explained Tudor.
Embracing simplicity and real-time insights
For Ventures’n’Law, ThinkOut has emerged as a reliable ally in financial management. “Simplicity is the defining characteristic of ThinkOut,” reflected Tudor, highlighting how the platform has liberated them from the complexities of manual data handling, enabling them to focus on growth and innovation.
In conclusion, when asked for advice to entrepreneurs seeking financial control, Tudor humorously quipped, “Say goodbye to Excel!”
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Rewritten sentence: The cat lounged in the sunlight, its coat gleaming.