UPDATE 2023: The service has gone private. It is no longer publicly available for webmasters.
Recently at Kinza I met Ivan, who mentioned back then that they were planning to develop this product.
And now Ivan and Sergey have released it publicly, so any webmaster can get access to FinPL for a small fee.
- On the one hand, this saddens me, because if everyone starts keeping accounting like this, financial literacy will grow and webmasters will rely more heavily on hard numbers and less on their experience and assumptions.
- On the other hand, I don’t think the majority will switch to this tool, and overall everything will remain as it is—especially since there are plenty of niches, and I work mostly in the foreign market, so I’m not really afraid of competition.
While everyone in 2018 thought there were issues with content sites, Ivan and Sergey sold their company in August 2018 and exited the business. Back then, they assumed everything was great and would keep booming, but after seeing a 30% annual ROI, they realized they were mistaken. They exited the business right when many were just starting to realize that there were problems in the content site market.
When you have a company with a turnover of several million, you cannot afford to be careless with every single ruble. That’s my opinion. And whoever controls their money controls the entire business as a whole.
I started working in FinPL at the beginning of September and I really enjoy building reports and looking at project ROIs. Now it’s available to everyone for a low monthly fee.
Warning: I have the self-hosted version and haven’t switched to the online product yet, so the UI design might look slightly different.
Let’s move on to the functionality.
Cash Flow
The main tool where I enter all income and expenses. Here is how it all looks (fresh data right for you):
And now we come to an important point, which is the main feature of FinPL — splitting expenses across areas
Suppose I bought 1 PBN for $45 and will place a link on 3 sites. Each site is a separate area for me. This means the cost of the PBN is split equally among the three sites.
Nowhere else have I seen a feature that lets you accurately calculate expenses for each individual website.
For example, 1 PBN is split between 2 areas: an Amazon site and a supplement affiliate site.
You can split by individual sites, or even by groups of sites.
And in this case, the expense is calculated correctly. I used to use MoneyWiz 2 for Mac, and it didn’t offer such broad functionality. I could add an entry like «Domain Purchase», but I couldn’t split a transaction across 2 or more areas.
Go to FINPL and check it out yourselfEvery Site Pays for Its Own Expenses, Including Indirect Ones
Moving on. Every site brings in money for me, but every site also incurs expenses for itself.
If I bought a course, I can divide the cost of that course across all sites. As you can see, I spent very little on courses and conferences last month and this month.
This might be tricky to grasp at first, but it turns out that each site gives me money for the course.
It’s not me making money, but the site bringing me income and paying for my course 🙂
For example, I have 5 sites and the course cost 10k. I split it across each site, and it comes out to 2k that each site paid me for the course.
If that sounds confusing, no problem, I get it, but that’s the logic behind how it works.
P&L Report — Profit and Loss
My absolute favorite report, where I see all my site areas along with income and expenses. This is the main reason I set all this up and bought FinPL.
Now I have no regrets about money going to the wrong places. Every ruble is under control.
Before, I couldn’t see my ROI and estimated it by eye, thinking «well, money is coming in, okay.» But in reality, expenses might also be high without me noticing, making the ROI not nearly as bright. And if you look at the chart for the last 6 months, you can see a site’s stagnation and maybe it’s better to sell it before it’s too late…
All statistics across different business areas are visible. I can easily invest large sums of money and see everything clearly. In the next report, all expense categories are visible.
Cash Flow Statement
In this report, I see all expenses broken down by line item.
It shows exactly where I’m spending money.
Not to mention the other charts—there are so many of them, and everyone will find something to their liking. You’ll be able to examine your sites under a magnifying glass to see where every penny goes.
If you have a huge ROI like 1000% on your sites and expenses aren’t that high, you probably won’t need this tool—you’re doing great in life as it is. But for those who want to keep proper records of EVERYTHING and control their business from A to Z, I invite you to check out FinPL.
Thanks, Max, I’m going to register via your ref linkMy promo code is MAXAFFILIATE — it gives a discount.