ITMAGINATION Finances – a journey from 19 million PLN loan in 2018 to 24 million PLN profit and 0 PLN debt in 2022

Have you ever wondered what it takes to turn a humble 19 million promissory note into a staggering 24 million PLN net profit with zero debt in just four years? It’s no magic formula! Let's “Imagine IT done!”.

The Power of the Right People

1. Check your candidate

Taught by experience (good and bad), we started vetting our employees even further. Picking the right people for the job is crucial, so we checked their experience and went back to two past employers – why did the employee leave? What did their managers say about them? This ensures the candidate is competent and trustworthy.?

2. Value true experience?

Ever considered how experience can be a silent game-changer in a business? For ITMAGINATION , it's everything. We saw potential in candidates seasoned by publicly traded companies because they went through quarterly reports and bi-annual audits with ease, bringing a high level of expertise.

3. It’s about results, not a facade?

Have you ever been influenced by an impressive resume, only to discover it’s all show and no substance? Remember, it's not about the glitz and glamour of words, but about tangible, meaningful contributions to the organization's growth.?

Organizational Mastery

1. Organize your company well

Imagine a company that's finely tuned, like a well-rehearsed orchestra. It doesn’t happen overnight, but creating and managing the processes, calendar, planning, and routine should be at the centre of your organization from the beginning. Remember the saying: Rome wasn’t built in a day? That rings true for big corporations as well.

2. Keep your accountancy in-house

As our Head of Accounting Monika Skwierczyńska tends to say: Accountancy is the heart of the company – it’s where your strategic resources are hidden. If you can keep your accountancy in-house for better results, especially if you work with the US.

3. Controlling is so worth it!

An independent controlling agent can seem like an unnecessary cost, but is it really? Imagine if they discover a shy discrepancy of 20k PLN – possibly a game changer! Controlling led by Head of Controlling Urszula Nowakowska ensures fairness and represents the interests of owners and stakeholders.

4. Treasury management: playing the long game

In 2021, we made a bold move and repaid all our debts. We’d rather take things into our own hands than leave it in the hands of fluctuating interest rates. Debt-free, we can now prioritize profit and ensure the sustainability of our financials by investing 90% of cash in short-and long term investments.

5. Independent auditor for small and big companies?

Why would you need an auditor in a small business? A good independent auditor makes sure that the report reflects the actual state of the company and does not distort reality. It’s a win-win because you’ll know what actually happens in your business and you’ll be able to make better informed decisions.

Use The Right Tools

The integration of the right tools can be the backbone of success. Our strategic integration of Dynamics 365, Business Intelligence, and banking system is a prime example that the tools work wonders. We use key reports such as the Profit and Loss (P&L), Balance Sheet (BS), and Cash Flow (CF) statements daily, checking the company’s financial well-being. This approach helps us not only monitor but to actively steer our financials into profit-based goals.

Right people and Mutual Partnerships

1. Banking

When it comes to financial partners, Citibank has proven to be the best on the market (and we worked with many other banks before!). Citi's commitment to reliability and client-centric solutions has played an important role in ITMAGINATION 's financial success.?

2. Taxes and law

Navigating the complexities of the Polish tax system can be a daunting task for any business. This is where GWW emerges as a reliable partner – we know, we checked.?

In just four years, ITMAGINATION 's financial journey transformed a 19 million PLN loan into an impressive 24 million PLN net profit with zero debt. This journey is a testament to the power of strategic decisions and partnerships in achieving financial prosperity.

I’m thankful to all the people who made this happen!

I am proud that our finances have been led for more than a year by Mateusz G?usiec , CFO who joined us a few years ago: he helped us a lot and brought great management with even better leadership and amazing kindness.