Podcast appearances and mentions of ben murray

Welcome to The SaaS CFO Podcast! In today's episode, Ben Murray sits down with Tony Petrilli, CEO of ViewTrade, to uncover the journey behind building a global fintech platform that's redefining cross-border financial services. From writing code on early PCs to leading innovation at major institutions like Morgan Stanley and Citibank, Tony Petrilli shares how ViewTrade evolved from a brokerage into a full-stack SaaS provider serving 300 firms worldwide. You'll hear candid insights about bootstrapping a complex product, the realities of scaling and global expansion, and the reasoning behind a customer-led, composable solution instead of a rigid, product-led approach. Plus, he reveals how ViewTrade balances profitability, growth, and innovation—including the strategic use of AI—and what's next on the horizon as they target nine-digit growth. Whether you're a SaaS founder, finance exec, or just curious about how technology is transforming financial services, this episode is packed with valuable lessons, operational metrics, and entrepreneurial wisdom. Let's dive in! Show Notes: 00:00 "Turnkey Cross-Border Financial Solutions" 03:57 "Modernizing Investment with Embedded Solutions" 07:07 Revolutionizing Financial Firms' Efficiency 12:15 "Customer-Led Solutions Drive Inbound" 15:15 "Fintech Sustainability and Responsibility" 18:35 "Starting Small, Scaling Strategically" 19:47 "CEO's Profit Margin Focus" 22:33 "Building Leaders and Expanding Globally" 25:38 Global Expansion and Wealth Ventures Links: Tony Petrilli's LinkedIn: https://www.linkedin.com/in/anthony-tony-petrilli-a2b59825/ ViewTrade's LinkedIn: https://www.linkedin.com/company/viewtrade-holding/ ViewTrade's Website: https://www.viewtrade.com/ To learn more about Ben check out the links below: Subscribe to Ben's daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join Ben's SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

On this episode of The SaaS CFO Podcast, Ben Murray welcomes Nick Holzherr, serial tech founder and the driving force behind GitLaw—an innovative AI-powered legal platform. Nick Holzherr shares his entrepreneurial journey, from exiting previous ventures like Whisk and Air HR, to launching GitLaw earlier this year with $3 million in backing. The conversation goes deep into the frustrations of traditional legal services, how GitLaw leverages trusted templates and advanced AI orchestration for SMBs, and what sets their product apart from simply using ChatGPT for contracts. You'll hear about go-to-market growth loops, the challenges of scaling in the rapidly evolving AI landscape, and Nick Holzherr's focus on building a product that customers love and trust. Whether you're interested in SaaS metrics, team dynamics, or the future of AI in legal tech, this episode is packed with insights from a founder who's in the thick of it. Show Notes: 00:00 "Revolutionizing Legal Services with AI" 04:09 "Contract Review and Market Standards" 09:10 "Building Success with Trusted Team" 11:45 AI-Powered Legal Document Collaboration 15:19 "Startup Uncertainty Amid Rapid Growth" 18:35 "Challenges in Marketing Metrics Transparency" 21:24 Retention and User Feedback Focus 22:51 "Balancing SaaS Margins and Costs" 26:33 "Making AI Trustworthy and Useful" 29:03 Git.law Service Overview Links: SaaS Fundraising Stories: https://www.thesaasnews.com/news/gitlaw-raises-3-million-in-funding Nick Holzherr's LinkedIn: https://www.linkedin.com/in/nickholzherr/ GitLaw's LinkedIn: https://www.linkedin.com/company/gitlawco/ GitLaw's Website: https://git.law/ To learn more about Ben check out the links below:Subscribe to Ben's daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join Ben's SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

In episode #348 of SaaS Metrics School, Ben Murray responds to a thoughtful LinkedIn comment that challenged a common assumption: that a well-structured SaaS P&L tells the whole story. While a properly built chart of accounts and SaaS P&L are foundational, Ben explains where hidden risks can still exist beneath clean financial statements. Using real-world examples from SaaS founders and finance teams, this episode explores how revenue commingling, misclassified expenses, role overlap, and customer concentration can quietly distort decision-making—despite an “immaculate” P&L. Resources Mentioned LinkedIn SaaS P&L Post: https://www.linkedin.com/posts/benrmurray_saas-activity-7418308514533552128-l2eG/ SaaS P&L Blog Post: SaaS Metrics Course: What You'll Learn Why a clean SaaS P&L can still hide structural business risk How revenue commingling and miscoding undermine financial clarity When and how to reclass employee costs across departments Why materiality matters more than perfection in early-stage accounting How customer concentration risk often surfaces late in due diligence Why It Matters A SaaS P&L is only as useful as the assumptions behind it Poor expense classification can distort margins and unit economics Misunderstanding departmental cost ownership leads to flawed decisions Customer concentration can materially impact valuation and investor confidence Strong financial systems require both structure and experienced oversight

Welcome back to The SaaS CFO Podcast! In this episode, we're excited to welcome Nicolas Christiaen, CEO and co-founder of Donna, the AI assistant revolutionizing the lives of field sales teams. Ben Murray sits down with Nicolas Christiaen (introduced as Nicolas in the episode) to dive into Donna's journey from inception in late 2023 to its rapid growth and latest $5 million seed round. You'll hear how Donna leverages AI to boost sales rep productivity, seamlessly integrates with CRMs, and is gaining traction across verticals like medical devices, CPG, manufacturing, and insurance. Nicolas Christiaen reveals their data-driven approach to finding ideal customer segments, lessons learned from fast-paced fundraising, and why partnerships with global consulting firms like Deloitte and PwC are fueling their go-to-market strategy. If you're keen to learn about what's driving growth for AI-powered SaaS, how to balance vertical focus, and why healthy SaaS margins are still possible with AI, this conversation is packed with insights you won't want to miss. Tune in to find out how Donna is scaling up in 2026 and what's next for this ambitious SaaS startup! Show Notes: 00:00 "Sales, Efficiency, and Acquisition" 05:05 "Adapting AI for Industry Needs" 06:45 "24/7 AI Assistant Support" 10:14 "Global Launch Leads to Growth" 14:59 "Early Success with Partners" 19:18 "Outbound Strategy with Multi-Channel Approach" 22:08 AI Costs Will Decrease Over Time 23:50 AI Companies Will Streamline Operations Links: Nicolas Christiaen's LinkedIn: https://www.linkedin.com/in/nicolaschristiaen/ Donna's LinkedIn: https://www.linkedin.com/company/donna-by-dealside Donna's Website: https://www.askdonna.com/ To learn more about Ben check out the links below: Subscribe to Ben's daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join Ben's SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

In episode #347 of SaaS Metrics School, Ben Murray explores the lesser-discussed nuances behind ARR (Annual Recurring Revenue) disclosures. Building on the prior two episodes on ARR definitions and common disclosure mistakes, this discussion dives into the assumptions and gray areas that often underlie headline ARR numbers. Drawing on extensive research across public tech company filings, Ben explains how assumptions about renewals, timing, and grace periods can materially affect how ARR is interpreted by boards, investors, and acquirers. Resources Mentioned Blog post: In-depth analysis of ARR definitions and disclosure practices: https://www.thesaascfo.com/cfos-guide-to-disclosing-headline-arr-numbers/ SaaS Metrics course: https://www.thesaasacademy.com/the-saas-metrics-foundation What You'll Learn Why most ARR definitions assume full renewal of existing contracts How ARR disclosures typically avoid assumptions around expansion, contraction, or churn Why ARR is almost always a point-in-time metric rather than a forecast Common disclaimers used to separate ARR from GAAP revenue and financial guidance How grace periods for contract renewals can materially affect reported ARR—and how some public companies quantify that risk Why It Matters ARR assumptions directly influence how investors assess revenue durability Poorly explained ARR nuances can create confusion during due diligence Grace periods can inflate perceived recurring revenue if not disclosed properly Transparent ARR disclosures strengthen credibility with boards and potential buyers A defensible ARR definition supports better financial strategy and valuation discussions

On this episode of The SaaS CFO Podcast, host Ben Murray sits down with Nitin Mahajan, founder of Quick Ads. With an impressive background spanning engineering, strategy, and consulting at firms like McKinsey and Accenture, Nitin Mahajan shares the story behind Quick Ads—a platform set to revolutionize advertising for small and medium businesses using AI and proprietary data. The conversation dives into the challenges these businesses face, the evolution of ad tech, and Quick Ads' unique approach of combining software and services with an outcome-based pricing model. Nitin Mahajan also opens up about the company's capital-efficient journey, fundraising, and their mission to create a visual system of record for marketing teams, all while keeping growth and profitability in sharp focus. Whether you're a SaaS founder or just fascinated by the future of digital marketing, this episode is packed with insights you won't want to miss. Show Notes: 00:00 Ad Inefficiency and Modern Challenges 06:12 "Choosing Your Business Growth Path" 07:56 "Data-Driven AI, Not Software" 11:10 "Future of Software in AI" 13:33 "Quick Ads Info and Insights" Links: SaaS Fundraising Stories: https://www.thesaasnews.com/news/quickads-raises-1-7-million-seed-round Nitin Mahajan's LinkedIn: https://www.linkedin.com/in/nitinmahajan2/ QuickAds' LinkedIn: https://www.linkedin.com/company/quickads-ai/ QuickAds' Website: https://www.quickads.ai/ To learn more about Ben check out the links below: Subscribe to Ben's daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join Ben's SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

In episode #346 of SaaS Metrics School, Ben Murray breaks down the most common mistakes SaaS and AI companies make when disclosing their ARR (Annual Recurring Revenue). Building on the prior episode about the five questions every ARR definition must answer, this discussion focuses on where ARR disclosures go wrong—and why unclear definitions can damage credibility with investors, boards, and acquirers. Drawing from extensive research on public tech company filings and press releases, Ben explains how vague ARR definitions, hidden mechanics, and inconsistent methodologies create confusion and risk during fundraising, valuation discussions, and due diligence. Resources Mentioned Prior episode: The 5 Questions Your ARR Definition Must Answer SaaS Metrics Course: https://www.thesaasacademy.com/the-saas-metrics-foundation Blog post on ARR: https://www.thesaascfo.com/cfos-guide-to-disclosing-headline-arr-number What You'll Learn Why a company's pricing model does not always match its ARR model The importance of clearly defining which revenue streams are included in ARR Common issues with vague annualization periods (monthly vs. quarterly vs. trailing periods) How poor disclosure of usage-based or variable revenue creates misleading ARR numbers Why ARR definition changes and restatements require clear explanation and transparency Why It Matters Clear ARR disclosure builds trust with investors, boards, and business leaders Poorly defined ARR can undermine company valuation and fundraising conversations Inconsistent ARR definitions make benchmarking and financial modeling unreliable Transparent ARR mechanics reduce follow-up questions during due diligence Strong financial strategy starts with defensible, repeatable revenue metrics

Defining ARR is getting harder—not easier—as SaaS, AI, usage-based pricing, and hybrid business models evolve. In episode #345 of SaaS Metrics School, Ben Murray breaks down the five critical questions every ARR definition must answer to hold up with Boards, investors, and during due diligence. Drawing on extensive research into how public tech companies disclose ARR in press releases and SEC filings, Ben explains why ARR is not “dead” but why vague or inconsistent ARR definitions undermine credibility, comparability, and company valuation. This episode provides a practical framework to help SaaS leaders, CFOs, and founders clearly define ARR in a way that supports accurate metrics, financial modeling, and investor trust. Resources Mentioned Blog post on ARR definitions and disclosure best practices: https://www.thesaascfo.com/cfos-guide-to-disclosing-headline-arr-numbers/ Ben's SaaS Metrics training: https://www.thesaasacademy.com/the-saas-metrics-foundation You'll Learn The five questions every ARR definition must answer to be investor-ready Which revenue types belong in ARR—and which should be excluded The difference between revenue-based, contract-based, and hybrid ARR calculations How public SaaS and AI companies annualize subscription and usage-based revenue Common approaches for handling variable, consumption, and usage revenue in ARR Why vague ARR definitions create confusion in fundraising and due diligence Why It Matters Clear ARR definitions improve credibility with investors and business leaders Poorly defined ARR can negatively impact company valuation Consistent ARR logic enables better KPI tracking and benchmarking Transparent ARR disclosures reduce friction during fundraising and M&A Accurate ARR supports stronger financial strategy and forecasting Well-defined revenue categories improve accounting and financial systems

Welcome to this episode of The SaaS CFO Podcast! Today, Ben Murray sits down with Michael Babineau, co-founder of Turnstile, to unpack the journey from software engineer to successful second-time founder. Michael Babineau shares how his engineering background and the exit of his first company, Second Measure, to Bloomberg helped shape the vision for Turnstile—a next-gen, AI-native quote-to-cash platform designed to handle the complex challenges of sales-led, recurring revenue businesses. In this candid conversation, Michael Babineau dives into lessons learned from scaling and selling a company, the difficulties of automating revenue processes for custom deals, and why building a truly integrated, flexible system is crucial for SaaS companies looking to grow. You'll also hear insights into Turnstile's go-to-market strategy, their unique pricing approach, and what it's really like to raise capital as a second-time founder. Whether you're a SaaS operator, CFO, or founder plotting your next move, this episode is packed with operational tips, market observations, and behind-the-scenes stories that you won't want to miss! Show Notes: 00:00 "Founders Ready to Start Again" 03:05 "Turnstile: Unified Revenue Management Platform" 07:12 Turnstile: CRM-ERP Integration Simplified 11:38 "Finding True Revenue Ground Truth" 13:15 "Venture Growth Through Mid-Market" 17:29 "Scalable Growth for Enterprise Success" 22:09 "M&A Process: All-Consuming Commitment" 24:08 Flexible Dealmaking for Company Growth 27:47 "Shifting to Marketing-Led Growth" 31:35 "Self-Serve Enterprise Software Simplified" 33:00 "Driving Growth for B2B Startups" 36:34 "Turnstile AI Discussion" Links: Michael Babineau's LinkedIn: https://www.linkedin.com/in/mbabineau/ Turnstile's LinkedIn: https://www.linkedin.com/company/turnstile-co/ Turnstile's Website: https://turnstile.ai/ To learn more about Ben check out the links below: Subscribe to Ben's daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join Ben's SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

In episode #344 of SaaS Metrics School, Ben Murray shares insights from his research into how public tech companies define and disclose ARR in press releases and SEC filings. By analyzing U.S. and global public companies, Ben identifies common ARR “buckets” and explains how different revenue models influence what gets included in ARR. Rather than debating whether ARR is “dead,” this episode focuses on how companies are actually reporting ARR today—and what private SaaS and AI companies can learn from those disclosures. Resources Mentioned Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-pageVerint (example of detailed SaaS and AI ARR disclosures): https://www.thesaascfo.com/ai-arr-vs-saas-arr-how-to-define-and-calculate/ What You'll Learn The most common ARR buckets used by public SaaS and tech companies How pure subscription revenue is typically defined in ARR How companies handle variable revenue such as usage, transactions, and overages When managed services revenue is included in ARR—and when it isn't Why purely usage-based companies rarely report ARR How revenue models and pricing structures shape ARR definitions What ARR disclosures signal to investors and the public markets Why It Matters ARR definitions directly impact how investors interpret growth Clear ARR buckets improve transparency and credibility Mixed revenue models require thoughtful ARR construction Public company disclosures set expectations for private companies Poor ARR definitions can confuse metrics, forecasting, and valuation Understanding ARR structure helps align finance, accounting, and reporting

In episode #343 of SaaS Metrics School, Ben Murray demystifies SaaS revenue by breaking down the core revenue types that software, SaaS, and AI companies should be modeling on their P&L. Rather than focusing on labels, Ben explains why pricing models and revenue streams are the real drivers of financial clarity. He walks through the most common revenue categories—subscriptions, variable usage-based revenue, professional services, managed services, hardware, and other emerging models—and shows how proper revenue segmentation becomes the foundation for accurate retention metrics, forecasting, unit economics, and due diligence readiness. Resources Mentioned SaaS Metrics School framework: https://www.thesaascfo.com/scaling-with-confidence-the-ultimate-saas-metrics-playbook/ Concepts covered in Ben's SaaS Metrics course: https://www.thesaasacademy.com/the-saas-metrics-foundation MRR schedules & MRR waterfalls: https://www.thesaasacademy.com/offers/rJhZ6VdM/checkout What You'll Learn The core revenue categories every SaaS, software, and AI company should track How subscription and usage-based revenue differ financially Why overages must be separated from subscription revenue How revenue segmentation enables accurate MRR schedules and waterfalls Why retention should be calculated separately by revenue stream How revenue structure impacts forecasting accuracy How different revenue streams change CAC payback and LTV to CAC calculations Why clean revenue categorization simplifies due diligence Why It Matters Revenue segmentation is the foundation of accurate SaaS metrics MRR schedules and retention calculations depend on clean revenue data Forecasts are more reliable when built from revenue waterfalls Mixed revenue streams require adjusted CAC payback calculations Clear revenue structure improves investor and acquirer confidence Proper setup reduces friction during fundraising and exits

Welcome back to The SaaS CFO Podcast! In this episode, host Ben Murray sits down with Rafael Broshi, co-founder and CEO of Notch, to explore the journey from early startup ideas through pivotal transformations in the world of SaaS and AI. Rafael Broshi shares his unique career path—from years in the Israeli army to product management, hedge funds, and now leading a cutting-edge AI company revolutionizing customer experience in the insurance industry. You'll hear firsthand how Notch evolved from an insurance-focused MGA into a powerful AI agent platform for customer support, what drove their bold pivot, and why focusing on outcome-based pricing and measurable ROI is making waves for their global clients. Rafael Broshi offers invaluable insights on making hard decisions, raising capital, and what it takes to stand out in an ultra-competitive AI-driven SaaS market. If you're a SaaS founder, operator, or just fascinated by the future of AI in business, this episode is packed with lessons, metrics, and real-world advice you can't afford to miss. Show Notes: 00:00 Startup Challenges and Strategic Decisions 03:55 AI Platform for Customer Support Automation 09:05 AI Deployment in Insurance Industry 11:42 "Pivoting, Frugality, and Profitability" 15:17 "AI, Pivots, and New Beginnings" 17:26 "Strategic Focus on Market Verticals" 21:04 Outcome-Based Pricing Strategy 26:47 "Future of AI Pricing" 27:55 Automated Conversations Drive Growth Links: SaaS Fundraising Stories: https://www.thesaasnews.com/news/notch-cx-raises-7-million-in-seed-round Rafael Broshi's LinkedIn: https://www.linkedin.com/in/rafael-broshi-435a77105/ Notch's LinkedIn: https://www.linkedin.com/company/notchapp/ Notch's Website: https://www.notch.cx/ To learn more about Ben check out the links below: Subscribe to Ben's daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join Ben's SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

In episode #341 of SaaS Metrics School, Ben Murray explains why revenue per FTE is a misleading metric for modern SaaS and AI companies and introduces the ROSE metric (Return on SaaS Employees) as a more accurate way to measure durable scaling. Ben walks through how ROSE removes labor-cost bias, incorporates contractors and Agentic AI spend, and directly connects people investment to recurring revenue generation. He also shares practical benchmark ranges and explains how founders and finance teams should use ROSE when budgeting and forecasting for 2026. Resources Mentioned ROSE Metric Template: https://www.thesaascfo.com/saas-rose-metric/ ROSE Metric Bootcamp: https://www.thesaasacademy.com/offers/rJhZ6VdM What You'll Learn Why revenue per FTE breaks down in global and AI-driven teams How the ROSE metric improves capital allocation decisions What costs should be included in ROSE ROSE benchmark ranges and how they map to profitability and cash burn How to interpret ROSE differently based on growth stage and company goals How to forecast ROSE using trailing and forward-looking time periods Why It Matters People and AI spend are the largest investments on a SaaS or AI P&L ROSE removes wage and geography bias from efficiency analysis The metric directly ties recurring revenue to capital deployed ROSE highlights whether headcount and AI investment are creating leverage Improving ROSE over time is critical for durable, profitable scaling Boards and investors care about efficiency trends, not just growth rates

Welcome back to The SaaS CFO Podcast! In this special end-of-year episode, host Ben Murray is joined for the third time by Jim Williams, Managing Director at GLC Advisors, for an in-depth update on the state of the software M&A and capital markets. Ben Murray and Jim Williams dive into what's really happening in SaaS dealmaking, cutting through the social media noise to explore trends in deal volume, valuations, and what truly makes a quality asset in today's market. They discuss why 2025 felt “steady but not spectacular,” how founders can position their businesses for attractive outcomes, and the continued importance of the fundamentals—think retention, growth, and profitability. Jim Williams shares what buyers are looking for, why clean financials and clear revenue models are deal breakers, and what to expect if you're planning to sell in the near future. Plus, they touch on timely topics like the shifting impact of AI, earnouts, deal structures, and preparing for due diligence. Whether you're a SaaS founder, CFO, or simply want a no-nonsense perspective on the M&A environment, this episode is packed with actionable insights and predictions for 2026—straight from the front lines of the software dealmaking world. Let's jump in! Show Notes: 00:00 "2025: Steady Market Trends" 03:33 "Deferred Deals and Future Growth" 08:38 "Evaluating Business Revenue Models" 10:55 Evaluating Recurring Revenue Quality 15:55 "Contextualizing Seasonal Business Metrics" 19:10 Renewal Rate and Visibility Challenges 20:50 "Clarity in Business Value Proposition" 23:17 "Misaligned Business Metrics Unveiled" 28:33 "Platform vs. Add-On Trends" 32:46 "Fair Earnouts and Deal Terms" 35:55 Equity Rollover and Founder Involvement 39:19 "Deal Delays and Due Diligence" 41:53 "Preparing Financials for SaaS Market" 45:45 Strategic vs. Sponsor Buyer Perspectives 50:25 "Achieving Product-Market Fit Fundamentals" 51:41 "Early-Stage Funding Uncertainty" 55:25 "Open, Accessible, and Supportive" Links: Jim Williams LinkedIn: https://www.linkedin.com/in/james-williams-5754953/ To learn more about Ben check out the links below: Subscribe to Ben's daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join Ben's SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

Welcome to The SaaS CFO Podcast! In this episode, host Ben Murray sits down with Aviv Frenkel, Co-Founder and CEO of Moonshot AI, to explore the fascinating journey from Israeli media personality to leading an innovative SaaS startup. Aviv Frenkel shares how his background as a radio DJ and television journalist ultimately inspired him to dive into the world of tech entrepreneurship. You'll hear the inside story behind Moonshot AI—a generative AI platform that transforms e-commerce websites into self-optimizing “living organisms,” helping online brands boost their conversion rates without massive teams or endless guesswork. Aviv Frenkel walks us through the company's rapid trajectory, including their recent $10 million funding round, the importance of building with strong design partners, and what it takes to achieve real product-market fit in a crowded space. The conversation covers the realities of founder-led sales, why Moonshot AI chose a straightforward subscription model, and the key operational metrics driving their growth. If you're interested in SaaS metrics, startup fundraising, or the future of AI in e-commerce, this episode is full of actionable insights and candid startup wisdom. Tune in to learn more about Moonshot AI's global journey and discover opportunities to join their growing team! Show Notes: 00:00 "AI-Powered Ecommerce Optimization" 03:47 "Muncho: End-to-End Website Optimization" 07:53 "Scaling Fast from MVP to Funding" 12:21 Key Business Metrics Discussion 15:06 Evolving CEO Roles and Priorities 16:49 "Join Our AI-Driven Team" Links: Aviv Frenkel's LinkedIn: https://www.linkedin.com/in/aviv-frenkel/ Moonshot AI's Linkedin: https://www.linkedin.com/company/moon-shot-ai/ Moonshot AI's Website: https://moonshot-ai.com/ To learn more about Ben check out the links below: Subscribe to Ben's daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join Ben's SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

Welcome to The SaaS CFO Podcast! In this episode, Ben Murray sits down with Michael Salorio, founder and CEO of Solentrex, an ambitious new player in the solar industry bringing an all-in-one, AI-driven ERP platform to residential solar companies. Michael Salorio shares his journey from a finance and wealth management background to building a cutting-edge SaaS product and highlights how Solentrex is streamlining operations for both solar installers and sales teams. Tune in as we explore the evolving solar market, dive into Solentrex's product launch roadmap—including a soft launch and a major industry conference debut—and discuss the challenges and lessons learned from fundraising and onboarding early customers. If you're interested in vertical SaaS, ERP innovation, or the future of solar tech, this episode is packed with insights you won't want to miss! Show Notes: 00:00 "Philantrix: Team-Driven Success" 04:11 "Streamlining Solar Sales Workflow" 08:30 Delaying Launch for Accuracy 11:37 Solar Growth Through Relationships 13:50 Key Metrics for Growth Focus 17:24 "Streamlining Polar Industry Operations" Links: SaaS Fundraising Stories: https://www.thesaasnews.com/news/solentrex-secures-strategic-investment Michael Salorio's LinkedIn: https://www.linkedin.com/in/michael-salorio-a55204108/ Solentrex's LinkedIn: https://www.linkedin.com/company/solentrex/about/ Solentrex's Website: https://solentrex.com/ To learn more about Ben check out the links below: Subscribe to Ben's daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join Ben's SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

In episode #336, Ben Murray breaks down his top three go-to-market efficiency metrics that every SaaS and AI operator should master. He explains when each metric becomes meaningful, how they differ across go-to-market motions, why ACV-based benchmarking matters, and how these metrics become forward-looking tools through forecasting. Ben also highlights the importance of having fully burdened sales and marketing expenses in place so these efficiency metrics are accurate and defensible. What You'll Learn The three most important go-to-market efficiency metrics and why they matter How ACV—not ARR—should drive your benchmarking Why these metrics are proactive when used in forecasting, not just historical How revenue types (subscription vs. usage vs. platform/overage) influence metric design The foundational role of fully burdened sales and marketing expenses Why It Matters Enables operators to measure the true efficiency of sales and marketing investments Provides clarity on the health and scalability of the go-to-market motion Helps leadership benchmark realistically against peers using ACV-based expectations Allows finance teams to forecast forward-looking efficiency, not just track history Ensures efficiency metrics remain accurate as product pricing and revenue models evolve Prevents major errors caused by incomplete or misallocated CAC inputs Resources Mentioned Ben's SaaS Metrics Framework (Pillar 5: Go-to-Market Efficiency): https://www.thesaasacademy.com/the-saas-metrics-foundation Ray Rike's benchmarking data at benchmarkit.ai Blog posts on modifying metrics for subscription + usage revenue models: https://www.thesaascfo.com/how-to-calculate-cac-payback-period-with-variable-revenue/

Welcome to The SaaS CFO Podcast! In today's episode, host Ben Murray welcomes John Glasgow, founder and CEO of Campfire—a fast-growing, AI-powered ERP solution built for modern finance teams. John Glasgow shares his background, from early days in finance at Adobe to leading partnerships at Invoice2Go and the inspiration behind starting Campfire. Together, they explore the challenges of building a next-generation ERP, the role of AI in streamlining finance workflows, and Campfire's rapid rise—including raising $100 million and landing marquee customers in just two years. You'll hear insights on current trends in CFO tech stacks, best practices for disciplined growth, and why accounting is becoming more strategic than ever. Whether you're a SaaS founder, CFO, or just curious about the future of finance software, this episode is packed with honest lessons, actionable insights, and a look at what's next for Campfire and the industry at large. Show Notes: 00:00 "From Finance to Founding Campfire" 03:22 "Building the Modern ERP" 09:58 "Accelerating Growth in ERP Space" 11:44 "AI Growth and Rapid Funding" 14:37 "New Logo ARR Growth Focus" 17:21 "Building ERP: Focus and Conviction" 23:31 Capacity Planning and Growth Strategy 27:23 Finance Software Revolution Insights 28:54 "Ember AI: Agentic Workflows Evolution" Links: SaaS Fundraising Stories: https://www.thesaasnews.com/news/campfire-raises-3-5-million-in-seed-round https://www.thesaasnews.com/news/campfire-secures-35-million-in-series-a https://www.thesaasnews.com/news/campfire-raises-65-million-in-series-b John Glasgow's LinkedIn: https://www.linkedin.com/in/johnglasgow/ Campfire's LinkedIn: https://www.linkedin.com/company/meetcampfire/ Campfire's Website: https://campfire.ai/ To learn more about Ben check out the links below: Subscribe to Ben's daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join Ben's SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

In episode #334, Ben Murray breaks down how leading public SaaS and tech companies are reporting AI-driven value creation across their earnings calls. After analyzing more than 130 public tech earnings transcripts, Ben identifies five consistent themes in how incumbents communicate AI monetization, margin impact, revenue growth, and operational transformation to Wall Street. These insights are critical for private SaaS and AI founders who want to understand how to position their own AI value story for Boards, investors, and future fundraising. As AI moves beyond the hype cycle, companies must clearly demonstrate monetization, adoption, and financial impact—not just vision and roadmap. Why It Matters Understanding how public companies frame AI value creation helps private founders avoid vague positioning and instead adopt investor-grade communication. These themes influence: Board reporting Fundraising narratives ARR and revenue forecasting Financial modeling Unit economics and cost structure decisions Long-term valuation strategy As AI transitions from hype to monetization to full transformation, founders must adapt how they report AI's contribution to performance and financial outcomes. Resources Mentioned: Reporting AI ARR: https://www.thesaascfo.com/ai-arr-vs-saas-arr-how-to-define-and-calculate/ SaaS Metrics Course: https://www.thesaasacademy.com/the-saas-metrics-foundation

Welcome back to The SaaS CFO Podcast! In this episode, Ben Murray sits down with Kelby Zorgdrager, CEO and founder of Tritami, and Dave Murphy, go-to-market expert, to dive into the rapidly evolving world of corporate and technical training. With decades of experience in EdTech and a track record of building and exiting successful businesses, Kelby Zorgdrager shares his journey from leading Develop Intelligence to reimagining instructor-led training with Tritami. Dave Murphy brings his expertise in enterprise sales and AI marketplaces to the conversation, highlighting the industry's shift towards live, customizable, expert-led experiences. Together, they discuss how Tritami is leveraging AI and automation to streamline training logistics, empower engineering teams, and connect organizations directly with top-tier instructors—moving away from outdated, fragmented models. The conversation covers everything from their fundraising journey and building the initial MVP, to the importance of user-driven development, transparent pricing, and the growing demand for personalized learning in fast-paced tech environments. Whether you're a SaaS leader, an engineering manager, or simply curious about the future of EdTech, this episode offers an insightful look behind the scenes at an innovative startup working to redefine corporate training. Show Notes: 00:00 Disrupting Corporate Training Market 06:03 AI Tools Adoption Challenges 09:38 Rapid Feedback-Driven Product Iteration 13:06 "AI-Driven Training Automation Platform" 17:24 Flexible AI Training Models 21:11 Focus on User-Driven Development 22:16 "Testing Ads for January Launch" Links: SaaS Fundraising Stories: https://www.thesaasnews.com/news/tami-software-raises-400k-in-pre-seed-round Kelby Zorgdrager's LinkedIn: https://www.linkedin.com/in/kelbyzorgdrager/ Dave Murphy's LinkedIn: https://www.linkedin.com/in/davemurf/ TryTami's LinkedIn: https://www.linkedin.com/company/try-tami/ TryTami's Website: https://www.trytami.com/ To learn more about Ben check out the links below: Subscribe to Ben's daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join Ben's SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

In episode #332, Ben Murray explains why AI companies with high inference costs and lower gross profit margins must scale dramatically faster—up to 6x larger—to match the financial performance of a comparable SaaS business. Using simple financial modeling and the core principles of SaaS economics, Ben breaks down how AI margins, variable COGS, and TAM expansion interact to shape the financial trajectory of AI-native companies. This episode builds on a recent blog post and downloadable Excel model, both linked in the show notes. Key Topics Covered Why SaaS metrics still apply to AI companies, but with different economic inputs The impact of AI inference costs on gross margin and scalability Comparing a SaaS company at 80 percent gross margin vs. an AI company at 55 percent Why an AI company needs 6x the revenue to generate the same EBITDA How lower gross profit changes cash flow, EBITDA, and company valuation Why larger TAM and higher ACV potential in AI may offset lower margins How attacking labor budgets expands revenue opportunity for AI products The myth that SaaS metrics are “broken” for AI companies Understanding how COGS scale in SaaS vs. AI and why the math still works Evaluating OPEX profiles when modeling scale scenarios How to use the downloadable template to test scenarios for your own AI or SaaS business Why This Matters This episode is critical for: AI founders modeling their unit economics SaaS founders embedding AI and needing to understand margin changes CFOs, controllers, FP&A leaders, and finance teams navigating AI cost structures Investors assessing the scalability and valuation profile of AI companies Operators planning cash runway, revenue forecasts, and growth investment Understanding these financial dynamics early ensures you can forecast accurately, raise capital more effectively, and prepare for due diligence with confidence. Resources Mentioned Full blog post on AI vs. SaaS economics: https://www.thesaascfo.com/the-real-economics-of-saas-versus-ai-companies/ SaaS Metrics Course: https://www.thesaasacademy.com/the-saas-metrics-foundation

In this episode of The SaaS CFO Podcast, Ben Murray welcomes Duncan Barrigan, founder and CEO of Lunos, to share his story and expertise. Drawing on a decade of fintech experience—including scaling GoCardless into a multi-billion dollar company—Duncan Barrigan discusses his journey from consulting to launching his own venture. Tune in to hear how Lunos is tackling the longstanding challenges of B2B payments and receivables. Duncan Barrigan explains how AI workers are reshaping the manual processes of accounts receivable, making it easier for businesses to get paid with less effort and greater speed. Whether you're a SaaS CFO, finance professional, or startup founder, you'll gain practical insights into fundraising, go-to-market strategy, and lessons learned from the trenches of building a fintech startup. Don't miss this energizing conversation packed with actionable advice and real-world experience! Show Notes: 00:00 GoCardless Growth Journey 06:09 "Swinging Big with Venture Capital" 10:06 "Similar Questions, Divergent Answers" 13:07 "Direct Motion and SaaS Solutions" 15:56 "Two-Model Service Approach" 17:12 "Optimizing Onboarding and Efficiency" 20:20 Instant Value via AR Scanning Links: SaaS Fundraising Stories: https://www.thesaasnews.com/news/lunos-ai-secures-5-million-pre-seed-round Duncan Barrigan's LinkedIn: https://www.linkedin.com/in/duncanbarrigan/ Lunos AI's LinkedIn: https://www.linkedin.com/company/lunos-ai/ Lunos AI's Website: https://www.lunos.ai/ To learn more about Ben check out the links below: Subscribe to Ben's daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join Ben's SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

Welcome to The SaaS CFO Podcast! In today's episode, host Ben Murray sits down with Aleks Đekić, CEO and co-founder of Alguna, a startup that's reimagining revenue management for modern SaaS and fintech businesses. With a background deeply rooted in product, engineering, and commercial roles across leading fintech and accounting startups, Aleks Đekić dives into the pain points that inspired Alguna's creation and why flexible, end-to-end revenue automation is becoming essential for scaling tech companies. Together, they explore Alguna's journey from early frustrations with billing and quoting tools, through their acceptance into Y Combinator, to fundraising and building a team distributed across the US and Europe. Aleks Đekić shares insights on when SaaS companies should upgrade their revenue management stack, how Alguna's hybrid pricing and billing platform addresses the needs of subscription and usage-based businesses, and why net revenue retention is his north star metric. Plus, they weigh in on industry trends, from the rise of AI and new software categories to the evolving landscape of revenue management and automation. Tune in for an engaging conversation about the future of SaaS finances, product-led growth, and lessons learned in building and scaling a next-generation SaaS infrastructure company. Show Notes: 00:00 Founding Frustrations Spark AI Tool 03:34 "Modern CPQ and Billing Solution" 06:55 Scaling Challenges for Post-Series A Startups 11:11 Raising $4M for Infrastructure Startup 16:06 Focused Sales and Purposeful Growth 17:42 Pricing Strategy and Customer Metrics 20:48 AI Pricing and Monetization Challenges 24:57 "Adapting Quickly to Market Needs" Links: SaaS Fundraising Stories: https://www.thesaasnews.com/news/alguna-raises-4-million-in-seed-round Alek's Jekic LinkedIn: https://www.linkedin.com/in/aleksdjekic/ Alguna's LinkedIn: https://www.linkedin.com/company/algunahq/ Alguna's Website: https://alguna.com/ To learn more about Ben check out the links below: Subscribe to Ben's daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join Ben's SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

In episode #329, Ben Murray, The SaaS CFO, breaks down the growing debate around SaaS economics versus AI economics. A recent post claimed that “SaaS metrics are broken” and that traditional KPIs no longer apply to AI companies. Ben challenges this idea and walks through why recurring revenue metrics still matter, how revenue models differ across SaaS and AI, and what CFOs need to understand about gross margin, unit economics, and total addressable market. Key Topics Covered Why claims that SaaS metrics are “broken” are inaccurate The difference between SaaS economics and AI economics Why recurring revenue metrics still apply to AI companies How subscription versus usage revenue impacts KPI calculation Gross margin expectations for SaaS vs. AI companies Whether AI companies truly generate more profit per customer The role of absolute profit versus per-customer economics How AI may expand TAM by targeting labor budgets, not just software budgets How Agentic AI affects financial modeling and cost structures Using ROSE (Return on Software Employees) to evaluate AI-driven ROI What You'll Learn Why SaaS metrics still matter for both SaaS and AI companies How CFOs should evaluate margins, ARR, and revenue quality in AI models The difference between rate-based economics (ARPA, ACV) and volume-based economics (absolute profit) How to think about financial strategy when transitioning from a pure SaaS model to an AI-embedded product model How to assess realistic AI unit economics instead of relying on hype Who This Episode Is For SaaS CFOs and finance leaders evaluating AI investments Founders embedding AI into their product and adjusting their financial models Operators who want a grounded understanding of real AI economics Investors assessing how AI shifts revenue models and margins Related Resources Ben's upcoming deep-dive blog post on SaaS vs. AI economics: TheSaaSCFO.com SaaS Metrics Foundation course for mastering KPI's, ARR, MRR, and unit economics: https://www.thesaasacademy.com/the-saas-metrics-foundation ROSE metric framework for analyzing AI-driven productivity and financial systems: https://www.thesaascfo.com/saas-rose-metric/

At what point should a founder stop running finance and accounting and hand the numbers to an expert? In episode #328, Ben Murray walks through the inflection points when SaaS founders should consider hiring a bookkeeper and/or fractional CFO to protect data accuracy, improve forecasting, and strengthen company valuation. You'll learn the warning signs that your financial systems and reporting are holding back growth—and how to build a finance function that scales with your business. What You'll Learn When to hire help by ARR stage Monthly close discipline: Why closing your books every month—accurately—is critical for investor trust. Accrual vs. cash accounting: How switching methods reveals true business performance. COGS clarity: Setting up a SaaS P&L that separates revenue streams, COGS, and OPEX for real gross-margin insight. Retention readiness: Why your MRR schedule (revenue by customer by month) is worth its weight in gold. Cash-flow forecasting: How to move beyond the bank-balance mentality to proactive cash planning. Investor presentation: Ensuring your metrics, slide deck, and financial statements tie together cleanly. Why It Matters For Founders: Delegating finance isn't failure—it's a strategic step toward sustainable scaling and higher valuation. For CFOs and Advisors: Knowing these trigger points helps you coach founders on financial readiness. For Investors: A disciplined monthly close and clean P&L build confidence in revenue quality and forecasting accuracy. Key Takeaways Growth dictates urgency: the faster you scale, the earlier you need finance expertise. A bookkeeper should close the books by mid-month to avoid costly cleanup later. Move to accrual accounting to show economic performance and support fundraising. Create an accurate MRR schedule to prove retention and ARR health to investors. Build a basic forecast to manage cash runway and hiring decisions with confidence. Resources Mentioned SaaS Metrics Foundation Course: https://www.thesaasacademy.com/the-saas-metrics-foundation Finance 101 for Founders: https://www.thesaasacademy.com/finance-101-for-saas-founders Quote from Ben “Just like I couldn't go in and code your product, most founders can't scale as CFO. At some point, finance needs a specialist so the business can keep growing on solid data.”

On this episode of The SaaS CFO Podcast, Ben Murray welcomes Matt Blumberg, CEO of Markup AI, to discuss his remarkable journey through the tech startup world. With over two decades of leadership experience—including building moviefone.com, scaling Return Path to $100 million in revenue, and leading executive search disruptor Bolster—Matt Blumberg brings a wealth of insight into startup growth, business transformation, and adapting to evolving technology. In this conversation, Matt Blumberg shares the story behind Markup AI, a company redefining how businesses safeguard their content using AI-powered “content guardian agents.” He discusses the recent rebranding from Acrolinx, the impact of large language models on both product and customers, and their transition into a new API-first, consumption-based business model. Listeners will hear lessons about navigating private equity ownership, fundraising for transformative pivots, and crafting multi-pronged go-to-market strategies—from enterprise sales to developer-driven adoption. Tune in for an honest look at leadership, innovation, and what's next for Markup AI in the dynamic world of SaaS and AI content management. Show Notes: 00:00 "AI Guardian for Perfect Content" 03:51 Acrolinx's AI Evolution 09:33 "Defining AI Content Guardians" 11:18 Private Equity Risks in Mid-Market 13:57 AI Adoption Strategies in Enterprises 18:44 "AI Growth and Rebrand Focus" Links: SaaS Fundraising Stories: https://www.thesaasnews.com/news/markup-ai-raises-27-5-million-in-funding Matt Blumberg's LinkedIn: https://www.linkedin.com/in/blumbergmatt/ Markup AI's LinkedIn: https://www.linkedin.com/company/markupai/ Markup AI's Website: https://markup.ai/ To learn more about Ben check out the links below: Subscribe to Ben's daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join Ben's SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

Your gross margin might not be telling the truth. In episode #327, Ben Murray exposes the seven “dirty secrets” that distort SaaS gross margins — from incorrect COGS coding to missing allocations for shared resources and misclassified expenses. Whether you're a CFO, finance lead, or operator, you'll learn how to clean up your P&L and get accurate unit economics that reflect your true performance and valuation. What You'll Learn The 7 big offenders that make SaaS gross margins misleading. How to correctly code payment processing fees (Stripe, ACH, wire) under DevOps in COGS. The difference between internal-use software and third-party apps embedded in your product. How to classify customer success — adoption-focused vs. account management. Why demo and test environments must be allocated properly between departments. How to ensure fully burdened expenses (wages, taxes, benefits, bonuses) are coded correctly. The impact of co-mingled headcount on margins by revenue stream. Why department leaders belong in the departments they manage. Why It Matters For Founders: Clean accounting drives higher (or preserved) company valuation and investor confidence. For Finance Teams: Accurate COGS and gross profit ensure your SaaS metrics are reliable. For Operators: Clear expense allocation helps identify efficiency opportunities in support, services, and DevOps. For Investors: Properly structured financial systems and accounting practices make due diligence faster and cleaner. Key Takeaways Misclassified expenses can make your gross margin appear stronger or weaker than it really is. Always differentiate between OpEx and COGS — the foundation of credible financial modeling. Track margins by revenue stream (subscription, usage, services) for true business insight. Ensure your P&L reflects fully burdened costs per department — including contractors. Clean financial data = higher trust from investors and buyers. Resources Mentioned SaaS Metrics Foundation Course: https://www.thesaasacademy.com/the-saas-metrics-foundation Quote from Ben “Your P&L doesn't lie — but bad coding does. If your COGS and OpEx aren't clean, your gross margin isn't either.”

Thinking about raising capital or selling your SaaS company? Your legal readiness can make or break the deal. In episode #326, Ben Murray breaks down what investors and acquirers look for during due diligence — and why preparing your cap table, contracts, IP, and financial systems at least six months in advance is essential to protect your company's valuation and ensure a smooth process. What You'll Learn Cap Table Management: Why tracking every issued share, option, and agreement matters — and how to avoid “email equity surprises.” IP Protection: The critical role of signed IP assignment agreements for employees, contractors, and vendors. Customer & Vendor Contracts: Why detailed MSAs, renewal clauses, and change-of-control provisions are required for investor confidence. Accounting Readiness: How clean, timely accounting — especially a complete MRR schedule (revenue by customer by month) — helps prove the health of your recurring revenue and ARR growth. Sales Tax Compliance: Why sales tax exposure can derail your exit process. Due Diligence Prep: How to build your data room, organize key documents, and present your SaaS business model with clarity. Why It Matters For Founders: Legal gaps can reduce your valuation multiple and slow down the exit timeline. For CFOs: Solid financial systems and clean documentation protect your cash flow and reputation with investors. For Investors: A well-prepared company signals operational maturity and reduces transaction risk. For Operators: Legal readiness supports strategic growth and prevents “deal fatigue” during M&A or fundraising. Resources Mentioned Ben's Blog Post: “SaaS Legal Readiness Checklist” : https://www.thesaascfo.com/why-legal-readiness-can-make-or-break-your-saas-exit/ SaaS Metrics Foundation Course – Learn how to align your financial reporting and recurring revenue metrics for due diligence success. Upcoming Webinar: “Legal Readiness for SaaS Founders — How to Prepare for an Exit or Raise” (details via newsletter)

Welcome to another episode of The SaaS CFO Podcast! This week, Ben Murray sits down with Albert Gozzi, the co-founder and CEO of Aleph, an innovative AI-driven FP&A platform transforming how finance teams operate. Originally from Argentina, Albert Gozzi shares his journey from Procter & Gamble to Bain, and later as a startup CFO, where he experienced firsthand the frustrations of spreadsheet-heavy workflows in finance. Together, they dive into the founding story of Aleph, its mission to streamline financial data and workflows, and how the company's AI-powered solutions are empowering finance and FP&A teams to work smarter and faster. In this episode, you'll get insider insights on Aleph's rapid fundraising journey—having recently closed a $30 million Series B and totaling $47 million to date. Albert Gozzi candidly discusses what investors look for at each funding round, the nuances of scaling go-to-market efforts, lessons learned from dozens of investor rejections, and why finding product-market fit is just the beginning. Plus, they uncover how Aleph's unique approach to implementation and pricing is winning fans among CFOs in mid-market and private-equity-backed businesses. If you want a behind-the-scenes look at building and scaling a modern SaaS finance platform, this is the episode for you. Tune in to hear the latest on Aleph's roadmap, practical advice for SaaS founders, and where the future of FP&A is headed. Show Notes: 00:00 "AI-Powered Financial Data Management" 03:59 "Flexible Platform for Mid-Market" 08:18 "Road to Series C" 11:01 "Importance of Market Repeatability" 16:19 "Fast Implementation Drives Success" 20:24 "CAC Payback: A Cautious Metric" 22:14 "Doubling Down on AI Advancements" Links: SaaS Fundraising Stories: https://www.thesaasnews.com/news/aleph-raises-29-million-in-series-b Albert Gozzi's LinkedIn: https://www.linkedin.com/in/albertgozzi/ Aleph's LinkedIn: https://www.linkedin.com/company/getaleph/ Aleph's Website: https://www.getaleph.com/ To learn more about Ben check out the links below: Subscribe to Ben's daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join Ben's SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

“SaaS metrics are dead.” You've probably seen that post on LinkedIn or X lately. In episode #325, Ben Murray cuts through the noise to explain why SaaS metrics aren't broken — they're just evolving to match modern recurring revenue business models. Whether you're running a SaaS, AI, software, or managed services company, the same financial principles apply. The key is understanding your revenue types — subscription, usage, consumption, or transaction — and applying the right metrics framework for each. What You'll Learn Why SaaS metrics still work — and why the confusion exists. The difference between SaaS as a delivery model and recurring revenue as a financial model. Why the most important question isn't “Are you SaaS?” but “What are your revenue types?” How financial systems and P&L design should reflect these revenue categories for accurate unit economics and valuation. Why It Matters For Operators: The framework for recurring revenue metrics applies whether you sell software, data, or AI services. For Finance Teams: You can't manage what you don't measure — ensure your financial modeling captures all recurring components. For Investors: Strong recurring revenue visibility (ARR, NRR, margins) still drives valuation multiples — regardless of your label. For Founders: Stop worrying about the buzz — focus on measuring what matters for your business model. Key Takeaways SaaS metrics = recurring revenue metrics. Focus on revenue types, not just labels like “SaaS” or “AI.” A clear chart of accounts and a well-designed financial system enable accurate SaaS metrics. The fundamentals of finance, accounting, and valuation haven't changed — only the packaging has. Resources Mentioned

Your implementation and professional services teams could be quietly eroding your gross profit margin — and most SaaS leaders don't even realize it. In episode #324, Ben Murray explains how unclear COGS structure, mispriced services, and untracked internal resources can distort your unit economics and lower your overall SaaS valuation. If your service margins are negative or your gross profit doesn't match expectations, this episode shows you exactly where to look — and how to fix it. What You'll Learn Why implementation teams often kill gross profit without you noticing. How to calculate services margins by setting up clean revenue streams and COGS cost centers. The right services gross margin target. Why doing “free” onboarding work can destroy your unit economics. How underpricing services or blending resources (support, CS, services) skews your financial reporting. The balance between protecting ARR and monetizing implementation revenue. How to fix your SaaS P&L for visibility into margins by revenue stream. Why It Matters For CFOs & Founders: Misclassified or underpriced services directly lower gross profit, cash flow, and company valuation. For Finance Teams: Clean COGS and OPEX separation creates accurate financial modeling, ARR margins, and retention-linked profitability. For Investors: Understanding margins by revenue stream signals financial discipline and scalability. For Operators: Properly scoped and priced services keep customer onboarding efficient and profitable. Key Takeaways Every SaaS company should know gross margin by revenue stream (subscription, usage, services). Services losing 20–30% gross margin dilute your financial performance and cash flow forecasting. Accurate classification drives better SaaS metrics, including CAC payback, Cost of ARR, and LTV:CAC. A well-structured financial system is your best defense against margin erosion. Resources Mentioned Episode 323: Should Professional Services Be COGS or OPEX? SaaS Metrics Foundation Course: https://www.thesaasacademy.com/the-saas-metrics-foundation Quote from Ben “If you don't know your margins by revenue stream, you can't manage them — and services might be the silent killer of your gross profit.”

Welcome back to The SaaS CFO Podcast! In this episode, host Ben Murray sits down with Nathan Gwilliam, the founder and CEO of PodUp, for an in-depth look at building and scaling a SaaS business in the ever-evolving world of podcasting. Nathan shares his journey as a serial entrepreneur, from launching his first business at BYU to building and selling three successful companies—including Adoption.com, the world's most-used adoption platform. Nathan takes us behind the scenes of PodUp, a platform designed to streamline every aspect of podcast creation, growth, and monetization through a suite of over 60 integrated tools—including sophisticated AI features. He opens up about the inspiration behind PodUp, the challenges of integrating dozens of technologies for content creators, and how a focus on both software and done-for-you services (through Pod Allies) is redefining the podcasting ecosystem. Together, Ben and Nathan discuss PodUp's fundraising journey, the nuances of working with angel investors versus VCs, and key metrics that drive sustainable SaaS growth. Nathan also offers practical advice for founders on raising capital, finding the right investors, and why bootstrapping a functional MVP can dramatically improve your fundraising odds. Whether you're a creator, entrepreneur, or SaaS enthusiast, this episode is packed with firsthand insight and actionable takeaways for anyone looking to win big in the creator economy. Show Notes: 00:00 "Integrated Platform Solving Time Constraints" 06:23 "Comprehensive Content & Monetization Tools" 07:40 Podcast Monetization Strategy Explained 12:56 "Board Accountability and Updates" 14:11 Bootstrap Before Raising Money 18:13 DIY Software Market Challenges 22:13 Key Metrics for SaaS Survival 26:39 "Choosing SaaS Use Cases Wisely" 27:26 "SaaS vs Service Business Valuations" 30:37 "Start & Grow Your Podcast" Links: SaaS Fundraising Stories: https://www.thesaasnews.com/news/podup-raises-5-8-million-in-funding Nathan Gwilliam's LinkedIn: https://www.linkedin.com/in/nathangwilliam/ PodUp's LinkedIn: https://www.linkedin.com/company/poduppodcasting/ PodUp's Website: https://podup.com/ To learn more about Ben check out the links below: Subscribe to Ben's daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join Ben's SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

Welcome to The SaaS CFO Podcast! In this episode, host Ben Murray sits down with Ali Hussain, CEO and co-founder of Tabs, for an insightful conversation about the evolving landscape of finance technology. Ali shares his journey as an entrepreneur and operator, discusses the genesis and growth of Tabs, and dives deep into the world of revenue automation for B2B companies. Tune in as Ali explains how Tabs leverages AI and automation to streamline everything from order-to-cash and revenue recognition to forecasting and metrics reporting. You'll hear about the company's impressive growth since its founding in 2023, the state of AI adoption among CFOs and finance teams, and Ali's perspective on the dynamic ERP space. Ben and Ali also talk shop about fundraising milestones, go-to-market strategies, and key financial metrics for SaaS companies scaling from Series A to Series B. Whether you're interested in the future of AI-driven finance operations, the rise of best-of-breed finance tech stacks, or practical insights on team building and product innovation, this episode is packed with actionable advice for finance leaders and SaaS founders alike. Show Notes: 00:00 AI-Driven Finance Automation Platform 04:36 B2B Growth Focused on Sales 08:13 CFOs Embracing AI Adoption Shift 12:18 "Modern ERP Collaboration Overlegacy" 15:23 "Sales-Finance Integration via AI" 19:30 Finance Expansion and Accountant Channels 21:58 "ERP Market Ripe for Disruption" 25:53 "AI Business Fundamentals & Metrics" 27:45 Automation, Margins, and Customer Focus 31:48 Cash Forecasting Insights for CEOs 34:20 "Finance Innovation & Future Outlook" 37:23 "Making Systems Transparent" Links: SaaS Fundraising Stories: https://www.thesaasnews.com/news/tabs-raises-7-million-in-seed-round https://www.thesaasnews.com/news/tabs-secures-25-million-in-series-a-funding https://www.thesaasnews.com/news/tabs-raises-55-million-in-series-b Ali Hussain's LinkedIn: https://www.linkedin.com/in/ali-hussain786/ Tabs' LinkedIn: https://www.linkedin.com/company/teamtabs/ Tabs' Website: https://tabs.inc/ To learn more about Ben check out the links below: Subscribe to Ben's daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join Ben's SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

Is the traditional LTV formula giving you misleading results when you have multi-year SaaS contracts? In episode #321, Ben Murray unpacks a listener's question about how Lifetime Value (LTV) should be calculated when customers sign multi-year agreements. Using real-world finance and accounting logic, he breaks down how multi-year contracts can inflate your aggregate revenue retention (GRR) and distort LTV:CAC ratios — and how to fix it. You'll learn when to adjust your LTV calculation to use cohort retention, renewal rate, or aggregate GRR, depending on your business model and contract structure. The Retention Triangle! What You'll Learn: The correct LTV formula for SaaS Why multi-year contracts can artificially boost retention and lifetime value. When to use aggregate GRR, renewal rate, or cohort retention in your LTV calculation. How to interpret the “triangle of retention”: aggregate, renewal, and cohort retention. Why LTV is a point-in-time metric, not a cumulative one. How to explain your retention assumptions clearly during due diligence or a fundraising process. Why It Matters: For SaaS CFOs & Finance Teams: Using the wrong retention assumption can lead to overestimated LTV:CAC ratios, poor financial modeling, and investor skepticism. For Founders & Operators: Understanding how contract length impacts SaaS economics helps you make better pricing and renewal decisions. For Investors & Buyers: Accurate LTV and retention analysis provide confidence in the predictability of future revenue. For Accounting Leaders: Aligning your LTV calculation with your revenue recognition and retention tracking ensures accurate SaaS reporting. Resources Mentioned: No Fluff Series – The SaaS Academy: https://www.thesaasacademy.com/pl/2148384654 Quote from Ben: “Multi-year contracts can make your LTV look great — until investors realize it's inflated by locked-in customers. That's why understanding retention dynamics is critical.”

On this episode of The SaaS CFO Podcast, host Ben Murray sits down with Ari Bleemer, co-founder and CEO of One Crew, to dive into the world of construction tech and SaaS for so-called "less sexy" industries. Ari shares the story of how his background in computer engineering and management consulting at Bain led him to uncover a massive technology gap in the construction sector—specifically among paving contractors. You'll hear how One Crew is carving out its place as an all-in-one operational platform for contractors, streamlining every step from leads to invoicing, and eliminating the patchwork of spreadsheets and mismatched software solutions that have long plagued the industry. Ari opens about the challenges and wins of fundraising, going from a tough seed round to a preempted Series A, and offers valuable insights for founders facing similar hurdles. We also talked about One Crew's go-to-market strategy, pricing decisions, favorite metrics, and exciting upcoming launches—including their move into enterprise and new features like a subcontractor portal and AI-powered insights. Whether you're a SaaS founder, investor, or just curious about digital transformation in traditional industries, this episode is packed with practical lessons and inspiration. Let's jump into the conversation with Ari Bleemer. Show Notes: 00:00 Bridging Construction Tech Platform Gap 03:22 Demand for Effective Industry Technology 07:19 Scalable Business Solutions Guidance 10:40 Scaling to Serve Larger Enterprises 12:45 Venture Funding Challenges and Successes 17:06 Optimizing Go-To-Market Strategy 19:59 "Seasonal Growth Challenges and Metrics" 23:26 Enterprise Platform & AI Integration Launch Links: SaaS Fundraising Stories: https://www.thesaasnews.com/news/onecrew-raises-3-25-million-in-seed-round https://www.thesaasnews.com/news/onecrew-raises-7-5-million-in-series-a Ari Bleemer's LinkedIn: https://www.linkedin.com/in/aribleemer/ OneCrew's LinkedIn: https://www.linkedin.com/company/getonecrew/ OneCrew's Website: https://www.getonecrew.com/ To learn more about Ben check out the links below: Subscribe to Ben's daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join Ben's SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

At what stage should SaaS companies start segmenting their metrics? In episode #320, Ben Murray breaks down when and how to segment your SaaS metrics — from revenue segmentation to go-to-market efficiency metrics — so your data actually reflects how your business operates. Ben explains how segmentation becomes essential as you scale past $10M ARR or diversify product lines (for example, enterprise vs. SMB or PLG vs. sales-led models). He also shares how finance and ops teams can collaborate to align their chart of accounts, cost centers, and customer metadata to get meaningful insights that improve valuation and decision-making. What You'll Learn When to start segmenting SaaS metrics (typically around $10M ARR, but earlier for multi-product businesses). The difference between revenue segmentation and financial metric segmentation. How to align your chart of accounts and cost centers for accurate CAC, CAC payback, and LTV:CAC by segment. Why aggregate CAC or payback metrics are misleading without segmentation. The importance of metadata consistency between systems (HubSpot, CRM, accounting, billing). How clean segmentation improves your company valuation and investor confidence during fundraising or exit. Why It Matters For CFOs & Finance Teams: Segmentation reveals where efficiency and retention differ by product line or customer cohort. For Founders & Operators: Understanding metrics by segment helps you scale profitably and target the right growth motion. For Investors: Segmented financial reporting and SaaS metrics reduce uncertainty and strengthen valuation models. For Accounting Leaders: Accurate cost allocation enables better financial modeling and Board reporting. Resources Mentioned The SaaS Metrics Foundation Course: https://www.thesaasacademy.com/#section-1744932157830 Quote from Ben “You can't say your CAC payback is 12 months when it combines enterprise and SMB customers — that data is worthless.”

Does Net Revenue Retention (NRR) really move your company's valuation multiple? Absolutely — and the difference can be worth tens of millions of dollars. In episode #319, Ben Murray breaks down new data from Meritech Capital and Benchmarkit.ai to show exactly how changes in your NRR directly impact your revenue multiple and SaaS valuation. You'll also learn why ACV segmentation matters when benchmarking NRR and Gross Revenue Retention (GRR), and how top-performing SaaS companies are using retention metrics to drive investor confidence and higher valuations. What You'll Learn The link between NRR and valuation multiples — a 7-point jump in NRR can double your multiple. How a $5M ARR company can see a $25M valuation swing from retention improvements. The latest SaaS benchmarks from Ray Rike (Benchmarkit.ai) for NRR and GRR. Why you must benchmark NRR by ACV, not company size or industry averages Why investors prioritize retention when evaluating durability, efficiency, and predictability of revenue. Why It Matters For SaaS Founders: NRR improvements can directly increase your exit or fundraising valuation. For CFOs & Finance Leaders: Retention trends reveal the sustainability of your revenue model and influence your ARR growth forecast. For Investors: High NRR signals strong customer economics, pricing power, and efficient growth. For Operators: Knowing your NRR by ACV cohort allows smarter resource allocation and customer success planning. Resources Mentioned The SaaS CFO Academy: https://www.thesaasacademy.com/#section-1744932157830 Quote from Ben “A 5X difference in valuation multiple can come down to just a few points in your net revenue retention. That's the power of strong SaaS metrics.”

Even small errors in your MRR schedule can have a massive impact on your retention metrics, and in due diligence, that can destroy investor confidence. In episode #318, Ben Murray explains why gaps in your monthly recurring revenue (MRR) schedule create inaccurate gross revenue retention (GRR) and net revenue retention (NRR) results — and how poor invoicing and renewal practices are often the root cause. You'll learn how to identify, fix, and prevent these gaps so your SaaS financial reporting and valuation metrics remain accurate and investor-ready. What You'll Learn ✅ What causes gaps in your MRR schedule (and how to spot them). ✅ How MRR gaps distort your retention, expansion, and churn calculations. ✅ Why these data issues raise red flags in due diligence. ✅ How to align renewal dates, contracts, and invoicing to eliminate data breaks. ✅ What a clean, accurate MRR waterfall should look like for SaaS and AI companies. ✅ Why you need at least three years of clean retention data before a fundraise or exit. Why It Matters For CFOs & Finance Teams: Gaps cause misleading GRR/NRR trends that erode trust in your data. For Founders & CEOs: Bad MRR data can hurt company valuation and slow down fundraising or acquisition. For Investors: Clean MRR schedules provide transparency into predictable revenue and retention strength. For Accountants: Accurate MRR waterfalls enable stronger financial modeling and forecasting. Resources Mentioned SaaS Metrics Foundation Course: https://www.thesaasacademy.com/the-saas-metrics-foundation Quote from Ben “If there are gaps in your MRR schedule, your retention story falls apart — and investors will notice.”

On this episode of The SaaS CFO Podcast, host Ben Murray welcomes Brett Carlson, co-founder and CEO of ServiceUp, to share his entrepreneurial journey and the story behind his latest venture. Brett's background spans over 25 years in tech, with experience founding and scaling startups on the business side. With ServiceUp, Brett turned his focus to the vehicle repair industry, spotting a massive, underserved $250 billion market ready for modernization and disruption. Brett dives into how ServiceUp started by offering digital car repair solutions directly to consumers before pivoting to serve fleet operators and insurance companies. He explains the pain points that large fleet owners—think Amazon, UPS, and major rental car companies—face with outdated repair processes, and how ServiceUp's platform streamlines transactions and increases efficiency for both fleets and repair shops. Brett also shares how thoughtful use of technology and automation, including AI-powered voice agents, has accelerated their reach and operational effectiveness. Throughout the conversation, Brett offers an inside look at ServiceUp's rapid growth and successful fundraising journey, including securing a $55 million Series B. He discusses the evolving expectations of investors, the importance of backing up metrics at each funding stage, and key lessons learned from navigating both the highs and lows of startup life. Whether you're an aspiring SaaS founder or just curious about the intersection of technology and traditional industries, Brett's insights into building ServiceUp are sure to inspire. Show Notes: 00:00 Switching Focus to Fleet Services 04:20 Major Retailer Faces $175M Collision Costs 08:43 Frugal Growth and Investment Strategy 12:30 "Investor Monetization Contradictions" 15:21 DoorDash's Missed Market Opportunity 20:30 Advanced AI in Voice & Shop Tech 21:16 Automated Market Entry Strategy Links: SaaS Fundraising Stories: https://www.thesaasnews.com/news/serviceup-secures-55-million-in-series-b Brett Carlson's LinkedIn: https://www.linkedin.com/in/brettcarlson418/ ServiceUp's LinkedIn: https://www.linkedin.com/company/serviceupio/ ServiceUp's Website: https://www.serviceup.com/ To learn more about Ben check out the links below: Subscribe to Ben's daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join Ben's SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

To build a world-class FP&A process in a SaaS or AI business, you need more than great dashboards—you need clean, reliable data from the right sources. In episode #317, Ben Murray shares the four foundational SaaS finance data sources that power accurate forecasts, meaningful metrics, and board-ready financial models. Drawing on his experience in FP&A across airlines and software, Ben explains how to integrate data from accounting, CRM, subscription management, and HR systems to create a trustworthy SaaS P&L and streamline financial reporting. This is the go-to framework for any finance leader, CFO, or operator seeking to enhance their financial systems and forecasting accuracy. What You'll Learn The four essential SaaS finance data sources for great FP&A. How each data source powers financial forecasting, SaaS metrics, and Board reporting. Why poor accounting structure creates “data debt” that hurts accuracy and slows decision-making. How to link bookings data to go-to-market efficiency metrics like CAC, LTV/CAC, and CAC payback. Why accurate HR data improves unit economics and organizational efficiency analysis. Why It Matters For FP&A Leaders: Build forecasts grounded in data integrity. For SaaS Founders: Understand Which Data Sources Drive Investor-Ready Reporting. For Investors: Confidence in a company's data architecture improves valuation and diligence outcomes. For CFOs: A solid finance foundation enables better strategic planning, cash flow forecasting, and profitability tracking.

Is renewal rate just another way of saying retention? Not exactly. In episode #316, Ben Murray breaks down the difference between renewal rate and the classic retention metrics—gross revenue retention (GRR), net revenue retention (NRR), and customer/logo retention. Ben explains why the renewal rate is the leading indicator of retention, especially when running annual or multi-year contracts, and why investors, private equity buyers, and your board will want to see this number alongside your standard SaaS metrics. If you're a SaaS or AI operator looking to better understand your unit economics and improve your company's valuation, this episode will help you put renewal rate into context as part of your financial metrics toolkit.

On this episode of The SaaS CFO Podcast, host Ben Murray is joined by Ricardo Ghekiere, co-founder of BetterPic. Ricardo takes us through his unconventional entrepreneurial journey, starting with running a coffee bar, dabbling in a variety of ventures, and eventually making his way into the tech space. He shares the fascinating story of how he acquired BetterPic for just one dollar, rebuilt the company from the ground up, and scaled it into a thriving AI-powered business that transforms selfies into professional headshots. Ricardo talks about navigating the challenges of transitioning from a B2C to a B2B go-to-market strategy, lessons learned from his first fundraising efforts, and his approach to metrics and profitability. We also get a sneak peek into BetterPic's expansion into the fashion industry, their recent $2.5 million seed round, and Ricardo's candid insights on scaling, pricing, and international growth. Stick around for actionable advice, behind-the-scenes stories, and a look at what's next for BetterPic and its new ventures. Show Notes: 00:00 Difficulty Attracts Talent 03:25 "Consumer-First, Expand to B2B" 08:53 Startup Secures $2.5M Funding 12:38 "Finding the Right Investors" 15:22 "B2B CRM Essential for Upselling" 17:49 Pricing Experiment Insights 20:09 Monthly Business Metrics Overview 23:52 Business Acquisition in San Francisco Links: SaaS Fundraising Stories: https://www.thesaasnews.com/news/betterpic-raises-2-5-million-in-seed-round Ricardo Ghekiere's LinkedIn: https://www.linkedin.com/in/ricardo-ghekiere/ BetterPic's LinkedIn: https://www.linkedin.com/company/betterpic/ BetterPic's Website: https://www.betterpic.io/ To learn more about Ben check out the links below: Subscribe to Ben's daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join Ben's SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

On this episode of The SaaS CFO Podcast, host Ben Murray welcomes Forest Flager, CEO and co-founder of Parspec, for an insightful conversation at the crossroads of technology and the construction industry. Forest shares his compelling journey from growing up in a construction family and working internationally as an architect and engineer, to leading a research group at Stanford and ultimately making the leap into SaaS startups. His winding path led him to co-found Parspec, a platform dedicated to modernizing procurement in construction through AI-driven solutions. Forest dives into how Parspec is tackling the unique challenges faced by wholesale distributors—those crucial intermediaries who connect designers' technical demands with what's available in the market. By leveraging AI, Parspec streamlines the process of parsing project specifications, identifying suitable products, and managing the procurement lifecycle, serving customers across residential, commercial, and industrial construction. Forest also opens up about Parspec's growth strategy, from landing and expanding with major distributors to scaling up their product offering, which has driven significant revenue increases and attracted $31 million in capital. Listeners will gain valuable insights as Forest discusses lessons learned around product-market fit, nurturing referenceable customers, and managing investor relationships through effective signaling. He also teases exciting new developments on Parspec's roadmap, aimed at supporting both distributors and contractors with even more automation and transparency. If you're interested in SaaS growth, usage-based pricing, or the ways AI is reshaping traditional industries, this episode offers a front-row seat to real-world innovations and strategies for scaling a successful startup. Show Notes: 00:00 AI-Enhanced Construction Procurement Platform 05:07 "Automated Product Documentation Launch" 09:52 Validating Product Roadmap with Customers 11:59 Preemptive Fundraising and Investor Relations 14:33 Delayed Marketing Strategy Adjustment 17:15 Usage-Based Pricing Model Explanation 22:35 HQ & Engineering Team Locations 23:53 "Full-Cycle Procurement Solution Platform" Links: SaaS Fundraising Stories: https://www.thesaasnews.com/news/parspec-raises-11-5-million-in-seed-round https://www.thesaasnews.com/news/parspec-raises-20-million-in-series-a Forest Flager's LinkedIn: https://www.linkedin.com/in/forestflager/ Parspec's LinkedIn: linkedin.com/company/parspec Parspec's Website: https://www.parspec.io/ To learn more about Ben check out the links below: Subscribe to Ben's daily metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben's SaaS newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join Ben's SaaS community here: https://www.thesaasacademy.com/offers/ivNjwYDx/checkout Follow Ben on LinkedIn: https://www.linkedin.com/in/benrmurray

Every Board, investor, and potential acquirer is asking the same question: How are AI initiatives driving revenue? In episode #315, Ben Murray shares insights from his research into public tech companies and how they're defining and disclosing AI ARR (Annual Recurring Revenue). Using Verint as a case study, Ben explains how companies are leveraging AI-driven ARR, tying it to measurable outcomes, and communicating adoption in a way that resonates with both Wall Street and buyers. You'll also hear how these disclosures may have supported Verint's recent multibillion-dollar acquisition by Thoma Bravo. If you're a SaaS or AI operator, this episode will help you define AI ARR, communicate adoption signals, and position your business model for higher valuation. What You'll Learn What AI ARR is and how to calculate it. Why public companies like Verint are breaking out AI ARR from total ARR. The mechanics: how finance teams identify AI-influenced products and SKUs. Quantitative + qualitative adoption signals (e.g., number of users leveraging AI features). Why AI ARR disclosures matter for investor metrics and exit valuations. How Thoma Bravo's acquisition of Verint shows the value of communicating AI initiatives. Why It Matters For SaaS & AI Leaders: Properly defining AI ARR helps show investors where new growth is coming from. For Finance Teams: Accurate reporting requires collaboration across accounting, product, and FP&A. For Investors: AI ARR signals measurable adoption and future revenue growth. For Valuation: Tying AI initiatives to financial outcomes increases credibility in fundraising and exit scenarios. Resources Mentioned Blog Post: How to Define AI ARR: https://www.thesaascfo.com/ai-arr-vs-saas-arr-how-to-define-and-calculate/ The SaaS Metrics Academy: https://www.thesaasacademy.com/ Quote from Ben “Don't just say you're building AI into your product — show investors how much ARR it's driving and what outcomes it's creating.”

Many usage-based companies like Twilio don't disclose ARR as their North Star metric. So, what do they track instead to communicate growth and efficiency to investors? In episode #314, Ben Murray shares his research from 10-Q filings, press releases, and earnings calls to uncover the seven most common financial metrics that usage-based companies highlight. From revenue growth and gross margin improvements to AI adoption and RPO (Remaining Performance Obligations), you'll learn what matters most to analysts, investors, and acquirers when ARR isn't the headline. This is a must-listen if you're building a usage-based business model and want to understand how to position your company for valuation and fundraising success. What You'll Learn Why many usage-based companies don't lead with ARR or MRR. The 7 key metrics How AI adoption is becoming a narrative driver in earnings calls. Why RPO is gaining importance as a measure of forward visibility and future revenue. Why It Matters For Investors: These metrics provide confidence in growth and scalability, even without ARR disclosures. For Founders: Tracking and segmenting these numbers helps communicate the right story to Boards and potential buyers. For Valuation: Metrics like RPO and NRR are increasingly driving company valuations in usage-based models. For Finance Leaders: Understanding which financial systems and SaaS metrics to track ensures more effective reporting and better alignment with investors. Resources Mentioned The SaaS Metrics Academy: https://www.thesaasacademy.com/ Quote from Ben “If usage-based companies aren't tracking ARR, what are they tracking? The answer is seven key metrics that investors want to see — from gross margin to RPO.”

There are hundreds of SaaS metrics, but which ones truly matter for SaaS leaders who want to scale, raise capital, and maximize company valuation? In episode #313, Ben Murray breaks down the five essential metrics every SaaS executive must understand — whether you're a founder, CFO, or operator. From bookings to retention, gross profit, OpEx, and the ROSE efficiency metric, you'll learn how to read your SaaS P&L like a top operator, and why these metrics are critical to driving durable growth, improving investor metrics, and strengthening your business model. What You'll Learn Bookings – Signed contracts for ARR commitments, the fuel of your revenue engine. Retention – Gross revenue retention, net revenue retention, and customer retention are the ultimate health checks for recurring revenue. Margins (Gross Profit) – Why accurate COGS vs. OpEx separation matters for forecasting, profitability, and valuation. OpEx Profile – How much you should invest in R&D, sales, marketing, and G&A as a percentage of revenue. ROSE Metric (Return on SaaS Employees) – A powerful measure of organizational efficiency and path to profitability, stronger than revenue per FTE. Why These Metrics Matter Finance & Accounting: They form the backbone of your SaaS P&L and cash flow forecasting. Investor Metrics: Investors use these to evaluate efficiency, scalability, and risk. Valuation: Strong retention, margins, and efficiency drive higher SaaS valuations. Business Leaders: Understanding these numbers enables smarter decisions at both the departmental and company levels. Resources Mentioned Free Webinar – Deep dive into these five metrics, plus tips, frameworks, and pro insights: https://www.thesaasacademy.com/pl/2148701264 Quote from Ben “Every SaaS leader doesn't need to calculate these metrics themselves — but they must understand them. These numbers tell the story of your business.”

Oracle's stock recently jumped 37% — and the driver wasn't just revenue growth or earnings per share. The market reacted to one SaaS metric: RPO (Remaining Performance Obligations), which surged 359% year-over-year. In episode #312, Ben Murray explains the RPO metric, how it's calculated, and why investors are paying close attention to it. From Oracle's $455B backlog to Snowflake's disclosure practices, you'll learn why this metric is becoming more important for both public and private SaaS companies. If you want to improve your investor metrics and maximize your company valuation, RPO should be on your radar. What You'll Learn What RPO is (Remaining Performance Obligations) and how it's calculated. Why RPO is a leading indicator of future revenue and business model stickiness. How Oracle's massive RPO growth drove its stock surge. How public companies like Snowflake define and disclose RPO. Why private SaaS companies should start tracking RPO alongside ARR, MRR, and retention. How RPO supports investor confidence in fundraising and exit conversations. Why It Matters for SaaS Operators & Investors Investor metrics such as RPO create visibility into future revenue streams. RPO growth signals stronger customer commitment and drives higher valuations. Private SaaS companies can use RPO as a complement to retention metrics when preparing for fundraising. Resources Mentioned

Your SaaS COGS (Cost of Goods Sold) is one of the most important foundations in your SaaS P&L — and getting it wrong can distort your gross profit margins, forecasts, SaaS metrics, investor metrics, and ultimately your valuation. In this episode, Ben Murray breaks down exactly what belongs in SaaS COGS, how to handle multi-hat employees, and why clean financial reporting is critical for scaling. If you're a SaaS founder, CFO, or operator, episode #311 will help you properly structure your business model for accurate financial reporting and investor-ready transparency. What You'll Learn Departments to include in COGS: Tech support, professional services, managed services, customer success (non-sales), DevOps, hardware, and transactional costs. Why COGS must be fully burdened (wages, taxes, benefits, bonuses, travel, etc.). How to handle allocations when employees wear multiple hats (without overcomplicating your accounting). The role of transactional cost centers for usage-based or variable revenue models. Why accurate COGS = accurate gross profit, margins by revenue stream, and valuation metrics. The importance of following the matching principle under accrual accounting. Why It Matters Finance & Accounting: Accurate COGS sets the foundation for reliable P&Ls and forecasts. Investor Metrics: Clean COGS helps investors and acquirers trust your financial systems and data. Valuation: Strong, transparent gross profit reporting increases confidence during fundraising or exit planning. Business Leaders: Knowing your true COGS drives better decision-making across your revenue streams. Resources Mentioned Blog Post: How to Structure Your SaaS P&L Correctly: https://www.thesaascfo.com/what-should-be-included-in-saas-cogs/ Academy Content: Deep dive into SaaS COGS, OPEX, and financial modeling for SaaS and AI companies: https://www.thesaasacademy.com/the-saas-metrics-foundation Quote from Ben “Your SaaS COGS must be fully burdened — labor, taxes, benefits, even pizza parties. That's how you get accurate gross profit and investor-ready financials.”

The SaaS Magic Number is one of the most Googled SaaS metric posts — but it's also one of the most misunderstood. In episode #310, Ben Murray explains what the SaaS Magic Number really measures, why investors care about it, and the benchmarks you should use to evaluate your own business model. From the formula (revenue growth vs. sales & marketing spend) to the nuances (why churn and expansion impact the metric), Ben shows SaaS operators how to avoid common pitfalls. You'll also hear the latest benchmark data from Ray Rike at Benchmarkit.ai, giving you investor-ready context for your next fundraising or valuation conversation. What You'll Learn: What the SaaS Magic Number is and how to calculate it. Why it's more than just a sales and marketing efficiency metric. The nuance: contraction, churn, and customer success also affect the number. Why ARR size and ACV segmentation are critical for accurate benchmarking. When the metric is most useful (short sales cycles, PLG) vs. when to be cautious (enterprise sales cycles). Why It Matters for SaaS Operators & Investors: The Magic Number is a widely used investor metric to gauge efficiency. Clean reporting builds confidence with investors and supports higher company valuations. Benchmarks by ARR and ACV provide a realistic picture of growth efficiency. Using the wrong interpretation can lead to bad decisions in finance strategy and fundraising. Resources Mentioned: Blog Post: https://www.thesaascfo.com/calculate-saas-magic-number/ Five-Pillar SaaS Metrics Framework: https://www.thesaasacademy.com/the-saas-metrics-foundation