Grow Finance's CFO Ingvar Pruul talks about his role as CFO and product development in the financial management service. He opens the door for Grow and our clients to a future where data-driven management, real-time reporting, and automation make financial management more accurate and smarter.
In his role as CFO at Grow Finance, Ingvar most enjoys the diversity, which ranges from traditional financial management to business development and product development.
Ingvar describes his role this way: “My job is not just about analyzing numbers – I like that I can also participate in the development of products and services. This adds dynamism to the work and offers many opportunities for creativity.”
Ingvar has recently focused and invested a lot of energy in developing reporting at Grow Finance to ensure that clients have real-time access to their financial data. Our clients' expectations are growing over time - they expect smarter and more modern solutions from us. Finance people can focus more and more on client advice and analytics and deal with less and less data entry.
A good CFO is self-aware and willing to involve experts in areas where they are not strong. A clear vision and the ability to communicate with both management and employees are essential to turn complex data into clear and practical guidance.
Ingvar points out that one of the most inspiring aspects of his work has been developing new products for Grow Finance. We had to start product development from scratch, combined internal resources and help from partners, and today we have products that customers use and praise.
Automation is changing financial management
Data-driven management and automated reporting have transformed the role of the CFO at Grow Finance. Ingvar, in collaboration with partners, has built an analytical platform in-house that provides a real-time overview of cash flows, income and expenses across both clients and employees. This allows for more accurate and strategic decisions to be made. Economic instability has affected the company's debt portfolio, as clients are late with their payments. This in turn requires greater attention to cash flow management.
In addition to developing technology, it is crucial for Grow that our employees know how to use these new solutions and explain their value to customers.
Ingvar's current focus is on raising awareness among customers and optimizing company solutions. We see that one of the biggest challenges is explaining why companies should invest in automated reporting and smart data management solutions. Customers have very different needs, but we cannot offer a fully customized solution for every customer. We need to find a balance between universal solutions and flexibility. This is a difficult but indispensable part of our daily work.
Financial management service – why does a company need it?
The Grow Group's turnover in 2024 has increased by approximately 20% compared to 2023 and amounts to almost 3.3 million euros. This growth is partly due to organic development and partly to the acquisition of other accounting firms. Margins have decreased somewhat, mainly due to employee salary pressure, but despite the reduced margins, we are satisfied with the growth in sales revenue and the expansion of services.
As the company name suggests, Grow Finance is focused on continued growth and innovation. Our goal is to expand the range of services and improve the satisfaction of existing customers. In addition to traditional accounting, Grow Finance has developed a financial management service that is ideal for startups and other businesses.
Financial management services have helped fill a significant gap in the market by offering a flexible solution where companies pay exactly for the service they use. Often, startups do not understand the need for financial management in the early stages, and we have to do a lot of educating and explaining why it is important to monitor and plan cash flows in a structured way.
Grow Finance's service differs from traditional financial management in that the client gets access to a whole team of specialists, not just one person, which adds value and depth to the analysis and management of the company's financial situation. Client feedback shows that the service helps them make better strategic decisions and focus on their core business.
The competition among accounting firms is one of the fiercest in the Estonian business landscape, and Grow Finance has been growing there for 25 years. This has been achieved in part by our wide range of services and our focus on innovation. We were one of the first paperless accounting companies in Estonia and we continue to implement automated solutions.
Although Estonia is considered a benchmark for digital government, Ingvar sees that many companies still rely on Excel-based accounting. The number of errors and time spent on this is significant. Grow Finance is actively working to educate companies about the need for digital solutions and provide support in their implementation.