Cashflow 2014: MonaPink
Name: MonaPink
Based: London
Website: www.monapink.com
MonaPink was set up by an accountant with a creative bug and focuses on silver jewellery, offering simple and wearable pieces to modern women who want a change. Admittedly, being a qualified finance professional by trade helps implement controls and ensure they work correctly once in place. This does not mean, however, that there are no challenges to face.
Choosing the right finance package is key for many reasons and cashflow management is one of them. Finding a package that ticked all the boxes took time, but once on a suitable platform MonaPink saw its positive impact quickly. Based in the cloud, all the financial data is accessible from anywhere. It also allows the business to record expenses on the go via a mobile app.
As a result the expenditure level is always up to date, which is very important for a small business. Being able to see the current cashflow position in one click helps in making informed business decisions. Since any issues can be identified instantly, it prevents MonaPink from making costly mistakes.
The software also allows MonaPink to accept card payments. Once this functionality is enabled, a handy card payment section appears on the face of the invoice. This proved to be a great idea as MonaPink saw their customers paying on average a week faster.
Overall, time spent on finding a suitable finance package proved to be a worthwhile investment. MonaPink benefits from enhanced cashflow management and better insight into financials – and all of that for a very reasonable price.
Monika Kamycka is the founder of MonaPink.