In the fast-paced world of entrepreneurship, managing finances efficiently can be the difference between success and failure. Recognizing this, Shafeekh and Musthafa founded Finanshels, a company dedicated to simplifying financial management for startups and small businesses. Their journey is one of innovation, perseverance, and a dedication to authorizing entrepreneurs. In this success story, we delve into the inspiring story of Finanshels and its founders, shedding light on their mission, achievements, and future aspirations.
What is your company name and contacts?
Company Name: Finanshels
Contact Information: www.finanshels.com/ | shafeekh@finanshels.com | +971 504871229
Socials: @finanshels
Who are the founders and co-founders of the company?
Shafeekh and Musthafa embarked on this entrepreneurial journey, armed with a vision to simplify financial management for startups and SMEs. While Musthafa’s expertise lies in technology, Shafeekh brings a wealth of financial knowledge to the table. Together, they form a dynamic duo dedicated to the success of their venture.
A complete journey about the company? When you have started, how and where?
Finanshels began its journey with a clear mission: to automate financial processes for startups and SMEs, replacing cumbersome Excel sheets with real-time insights. Their platform offers a seamless way for entrepreneurs to manage finances faster than ever before, enabling them to focus on growing their businesses. From its inception, the company set out to empower business owners, offering the resources and support needed to thrive.
Finanshels’ Business Model and Services
Finanshels’ business model and services are technologically advanced and depend on a subscription model. They allow founders and CFOs to enhance their financial arrangements by handling their finance functions. Shafeekh acknowledges that in the next decade, 90% of accountants’ functions will be automated, and accountants will become business consultants instead of number crunchers.
Introducing Finanshels (video)
Who are your customers? And have you supplied it to anyone? What is the feedback?
Finanshels’ success is evident in the satisfaction of its customers. Countless startups and SMEs have benefited from their platform, streamlining their financial processes and making data-driven decisions. Finanshels have only been around for a little over a year and they’ve already garnered overwhelmingly positive feedback from users who have praised the platform’s efficiency and user-friendliness.
CEO Insights: The Hidden Challenges of Business Building
Shafeekh, founder and CFO, sheds light on the often-overlooked struggles entrepreneurs face while building a business. He particularly emphasises the financial burden that can lead to debt and crises, recounting a poignant story of a friend’s financial struggles. He comments, “There’s a darker side to entrepreneurship that isn’t often discussed. Many founders take significant risks, pouring their life into a business, and when it doesn’t succeed, the financial hit can be devastating. I’ve witnessed two founder suicides due to overwhelming debt.” This underscores the critical need for effective financial management and improved accounting practices, precisely what Finanshels strives to deliver. Shafeekh further elaborates, “The issue isn’t solely with founders; it’s a broader problem with financial operations. Traditional accounting practices, with Excel sheets flying around, leave many founders blind to their financial health when making critical decisions.”
Highlighting the Importance of Enhanced Accounting Practices
Shafeekh underscores the importance of upgraded accounting practices, especially in addressing the high SME failure rate in the Middle East. He states, “We’re witnessing numerous SME failures due to poor financial decisions. In the Middle East, statistics reveal that 50% of SMEs fail, with 82% of those failures attributed to inadequate financial management.” In response, Finanshels is developing a digital platform that provides real-time financial health monitoring through a user-friendly dashboard and an accessible chatbot for instant financial queries. Shafeekh acknowledges the evolving landscape of the accounting industry, with increasing automation, especially in operational and human-intensive processes. He envisions a future where most accounting operations will be automated, providing founders with real-time insights into their financial health.
The Role of Technology in Accounting
Regarding technology, Shafeekh discusses Finanshels’ approach, emphasizing the use of generative AI and Google Products rather than blockchain. While not a tech expert himself, he collaborates closely with technology professionals and understands the transformative potential of technology in accounting. However, he cautions against overreliance on technology, highlighting the importance of striking a balance. Finanshels’ strategy revolves around macroeconomic trends in the region and engaging with numerous founders daily to identify new growth opportunities.
Future Goals and Aspirations
Finanshels’ expansion strategy is focused on creating at least 100 sustainable companies in the Middle East and enabling them to grow and value feedback and suggestions to continually improve their platform and cater to evolving business needs.
Are you looking for investors? If yes then how much?
Finanshels welcome investors who share their vision. They are seeking funding to further enhance their platform and expand their reach. Details can be discussed upon contact.
Message to your customers and viewers
At Finanshels, our journey is defined by our commitment to simplifying your financial life. We believe in empowering entrepreneurs and small business owners to get their full possibility. Your success is our success, and we’re here to support you every step of the way. Together, we can make a future where financial management is seamless, efficient, and available to all.
Finanshels is not just a success story; it is a beacon of hope for startups and SMEs navigating the complex world of finance. With visionary founders, satisfied customers, and a clear mission, Finanshels is poised for a bright future, making financial management easier for entrepreneurs around the world.