How Artem Mashkov, CFO of SwagUp, is building a modern finance team

Editor's note: On our podcast recently, Artem Mashkov shared how he helped SwagUp grow to $22 million in annual revenue with just two people in finance. In this guest post, he dives further into how he runs finance at SwagUp and his organizing principles.

Most finance leaders obsess over accounting and FP&A—but a healthy finance team needs a third function: FinOps. For any startup looking to scale their business—and their finance team—it’s important to have clearly defined roles for each function. That’s particularly important in today’s evolving landscape of finance automation and operations, which has revolutionized the way that we do business. Here’s how I describe the framework we use at SwagUp:

“Accounting is the past. FinOps is the present. FP&A is the future.”

Let’s unpack the core focus of each function, why their respective roles become more important with scale, and what you can do to grow these functions.

The 3 pillars of finance

Accounting, by its nature, is a backward-looking function. Its role is to audit and double check transactions that have already occurred, whether they took place yesterday or a month ago. Even when looking at future transactions (i.e. accruals), accounting still uses the past as a basis for projections.

Accounting essentially guards the gate. It keeps people honest and reconciles the past. Companies need a strong accounting function because they need to understand why losses occurred in order to drive profitability going forward.

Financial operations (FinOps), on the other hand, focuses on transactions occurring in real time. It makes sure that bills get paid, invoices are collected on time, and payroll works properly. FinOps also helps streamline processes via automation and ensures compliance to rules. For example, FinOps can help prevent employees from going over their spending limits.

Your FinOps team is responsible for ensuring on-time payments and compliance

Financial planning and analysis (FP&A) allows organizations to look ahead and make the financial plans necessary to achieve future goals. The goal of FP&A is to make sure that every initiative ultimately results in cash flow, whether those returns come in after three months or in 10 years. But you want to make sure that the numbers are based on strong data, since you don’t want to miss your projections.

How accounting, FinOps, and FP&A are interconnected

I'm a CFO who spends a lot of time thinking about operations and how different functions work together. While these three functions all play different roles in an organization, they’re also all interconnected. I think of them as a circle, where each one enables the performance of the other two. For example, FP&A will create a plan, FinOps will ensure its execution, and accounting will double check to make sure that the numbers are aligned with the goal.

While the roles of accounting and FP&A are crucial to an organization’s success, it’s hard to overstate the importance of FinOps. That’s because FinOps is the function that allows you to pay your vendors and your employees. Without that capability, you have no business.

As an organization grows, the distinct roles of accounting, FinOps, and FP&A become even more important because the impact of errors becomes more obvious. Making a 2% mistake when a business is generating $100,000 in revenue results in a loss of just $2,000. That can be a far less painful mistake than a $100 million business that loses $200,000 due to a mistake of a similar scope. The marginal impact really matters as a business scales and that’s where FP&A matters most.

How to scale up these financial functions

Hiring more finance people as your business grows will help you keep up with operational work, but it’s important to scale the team strategically. This is something I have personal experience with. Before building out the FinOps function at SwagUp, we only had two people on our finance team. We were able to grow to nearly $22 million in annual revenue with just that team, but we needed to streamline our operations and improve efficiency within finance to sustain our growth.

Today, my finance team includes three people and a director in accounting, one person in FP&A, and six people plus a director in FinOps. While I see FP&A as the least important finance function for us at this point, I still believe it’s more important to a company’s success than sales or product.

We still run very lean. I’ve learned that the key to avoiding growing pains as a finance team scales is making sure that accounting and cost attributions (both fixed and marginal) are properly labeled and as accurate as possible. Particularly amid today’s market volatility, cash has become even more important to growing businesses. An important question businesses must consider is whether they have enough cash to reach their goals. This requires positive unit economics and modeling for actual cash versus profit, because the former often matters more than the latter.

How Ramp eliminates manual busywork so finance teams can focus on strategic growth

Growing finance teams face a frustrating paradox: as your company scales, manual processes multiply exponentially, forcing you to hire more people just to keep up with basic tasks like expense report reviews, receipt matching, and invoice processing. Instead of building a team focused on strategic financial planning, you're stuck managing an ever-growing pile of administrative work.

A smart expense management system transforms this dynamic entirely. Rather than having team members manually review every receipt and expense report, Ramp automatically captures and categorizes expenses in real time, flagging only the transactions that actually need human review based on your custom policies. When employees make purchases, Ramp's AI-powered receipt matching instantly links documentation to transactions, eliminating hours of manual reconciliation work. This means your finance team can manage 10x the transaction volume without adding headcount, freeing them to focus on analysis and strategy rather than data entry.

The platform's automated approval workflows further streamline operations by routing requests based on predetermined rules you set. Need manager approval for expenses over $500? Ramp handles it automatically. Want department heads to approve their team's software subscriptions? The system routes accordingly without any manual intervention. This structured approach ensures compliance while removing bottlenecks that typically slow down growing teams.

Ramp's real-time reporting and analytics give finance teams instant visibility into spending patterns without building complex spreadsheets or waiting for month-end closes. You can identify cost-saving opportunities, track budget variances, and make data-driven decisions immediately. By automating the mundane and structuring the complex, Ramp enables finance teams to scale their impact without scaling their headcount, turning what was once a cost center into a strategic growth driver.

The role of automation

Smart automation isn't just about doing things faster—it's about choosing what to automate. You want to focus on high-frequency, low-value transactions that eat up time without adding strategic value. Think about those $1 purchases that happen 100 times daily. They add up to real money, but manually reviewing each one wastes precious hours your team could spend analyzing bigger opportunities.

The real power of automation comes from what it reveals. When you automate routine processes, you suddenly see patterns and gaps you missed before. One Ramp customer discovered control gaps in their expense policies only after automation made spending patterns visible. They tightened their policies and watched their spend grow 10x while maintaining better control than ever.

Ramp insights help you focus on the transactions that matter

For growing companies, automation connects the dots between FinOps, accounting, and FP&A. It creates a unified system where each function strengthens the others, building a more profitable business through better visibility and control.