Joe Ferretti
Joe Ferretti founded Decipher, a fractional CFO and FP&A firm. He spent nearly a decade running FP&A inside private equity backed enterprise software companies, building the models investors and buyers use to judge companies.
He has been on both sides of an acquisition, from diligence through integration, so he sets up a client’s finance the way an investor or acquirer will read it. Decipher is the strategic side of finance, not a bookkeeping shop.
At Decipher, clients work with Joe directly, from the first call through every deliverable.
Articles by Joe Ferretti
Due diligence checklist: the financials buyers want to see
A financial due diligence checklist for owners selling a company: the documents buyers request in each area, what they test with each one, a request tracker, and the gaps that slow a deal down.
Exit planning starts with the numbers, 12 to 24 months out
Exit planning on the financial side means getting the books, earnings, working capital and reporting into the shape a buyer will test, well before a sale. A month-by-month timeline, what buyers look at, how valuation approaches work, and the mistakes that cost sellers time and price.
Quality of earnings vs audit: what each one tests
A quality of earnings report and an audit both review a company's financials, but they answer different questions for different readers. What each one tests, who commissions it, what it produces, and which one a seller needs before a sale.
Selling a business: the financial steps from prep to close
Selling a business runs through a fixed sequence: get the numbers ready, set a price, market to buyers, sign a letter of intent, survive diligence, sign the purchase agreement and close. What the seller's finance side does at each stage, the deal terms that decide what the seller keeps, and a worked example from headline price to cash at closing.
What virtual CFO services cover, and how they work
A virtual CFO delivers CFO work remotely: cash, forecasting, reporting, board preparation and decision support, run through shared systems and a fixed meeting calendar. What the service covers, how a remote month runs, what access it needs, and when remote delivery does not fit.
Fractional CFO vs controller: which one a company needs
A controller makes the numbers right; a fractional CFO decides what to do with them. How to tell which gap to fill first, and how the two roles split the work when a company has both.
Interim CFO cost and hourly rates: how pricing works
What an interim CFO costs depends on the term, the time commitment and how the fee is structured. How day rates, term fees and hourly billing work, how to convert any quote to an effective hourly rate, and a full-time pay benchmark from government data.
Working capital peg: how it is set and how sellers prepare
What the working capital peg is in a business sale, how buyers and sellers set it from monthly history, how the closing true-up changes the price, and what sellers should prepare.
Burn multiple: formula, worked example and what moves it
How to calculate the burn multiple consistently, with a four quarter worked example built from an ARR waterfall, what moves it, and the distortions investors look for.
Outsourced CFO services: what's included and when they fit
Outsourced CFO services cover the forward-looking finance work: cash, planning, reporting, board materials and decisions. What a typical engagement includes and excludes, the two main delivery models, and how to scope one.
Part-time CFO: how the month is spent and what it covers
A part-time CFO runs cash, forecasting, reporting and board preparation on a set monthly calendar. How a typical month is structured, an illustrative hours table, what changes the time needed, and how to make limited hours count.
Data room checklist: the finance folder investors expect
A data room checklist for the finance folder of a venture raise: what goes in each subfolder, what investors check, how to keep the deck, model and data room consistent, and the gaps that slow diligence.
Investor update template: what to send investors monthly
A monthly investor update template founders can copy: the eight sections in order, a small metrics table, how long it should be, what to send in a bad month, and how investors actually read it.
Monthly cash flow forecast example, filled in line by line
A fully filled-in six month cash flow forecast for an illustrative services company, with every line explained: opening cash, collections by timing, payroll, taxes, debt service, capex, financing, the minimum cash check and a downside case.
Series A financial model: what investors expect to see
What a Series A financial model for a SaaS company should contain, how it ties to actuals and the deck, how to show what the raise buys, and the mistakes investors spot first.
What a fractional CFO for agencies fixes, client by client
A fractional CFO for agencies works on client and project profitability, retainer and project revenue mix, cash timing, hiring against the pipeline, pricing, owner pay and sale readiness. A worked client profitability example shows where the margin really goes.
Fractional CFO vs full-time CFO: cost, scope and timing
The choice between a fractional CFO and a full-time CFO comes down to how much CFO work the company has and whether a finance team needs daily leadership. How the two compare, how to size the workload, and how the handover works.
Startup board deck: what to include for a board meeting
What goes in a startup board deck for a regular board meeting: the section order, how long it should be, when to send it, how to keep metric definitions stable, and how a board member actually reads it.
When to hire a CFO: the signals and which kind of help fits
The milestones that mean a company needs CFO-level help, and how to decide between a bookkeeper or controller, a fractional CFO and a full-time CFO.
SaaS metrics investors ask for and how to define them
The SaaS metrics investors ask for, from ARR and net revenue retention to burn multiple and CAC payback, with a definitions table, a worked example and how an investor checks each one.
Cash flow forecasting: methods, templates and an example
What a cash flow forecast is, how it differs from a budget and a cash flow statement, which horizon to use when, direct vs indirect methods, a step-by-step build, a worked example, what to look for in a template, and how investors and lenders read the result.
FP&A software: when you need it and how to choose it
A vendor-neutral buyer's guide to FP&A software: what planning tools do, spreadsheets vs FP&A software, the signs a company has outgrown spreadsheets, an evaluation checklist, and a phased rollout that avoids a wasted year.
How to build a 13-week cash flow forecast, step by step
A step-by-step guide to building a 13 week cash flow model from open invoices, pay dates and bills, running a downside case, and keeping it current every Monday. Includes a free 13 week cash flow template.
Budget vs actual analysis: how to run a variance review
How to build a budget vs actual report, calculate and explain variances, set materiality thresholds, and run a monthly review that ends with owners and actions, plus how a board reads the result.
Burn rate and cash runway: how to calculate them properly
How to calculate gross burn, net burn, cash runway and burn multiple from cash rather than the income statement, with a worked example, a downside case, and how investors read the numbers.
Fractional CFO for startups: when to hire, the work by stage
When a seed to Series B startup needs a fractional CFO, what the work looks like at each stage, and the SaaS metrics, cash view and fundraising materials investors expect to see.
Headcount planning: a hiring plan your cash can survive
How to build a startup hiring plan that ties to the cash forecast: fully loaded cost, start dates and ramp time, hiring triggers, base, accelerated and hold scenarios, and how an investor reads the plan.
How much does a fractional CFO cost? Pricing explained
What a fractional CFO costs depends on scope and stage. How fractional CFOs price their work, what drives the number up or down, how it compares with a full-time hire, and how to tell whether a proposal is worth it.
How to choose a fractional CFO: questions and red flags
Fractional CFO firms, independent fractional CFOs and staffing marketplaces sell very different things under the same title. How to compare them, what to ask on the first call, which red flags matter, and how to line proposals up side by side.
Net revenue retention (NRR): how to calculate and read it
How to calculate net revenue retention (NRR) and gross revenue retention (GRR) from an ARR waterfall, the mistakes that distort them, and what investors check before they trust the number.
Quality of earnings and EBITDA adjustments before a sale
What a quality of earnings report examines, which EBITDA adjustments hold up in diligence and which ones buyers push back on, how the working capital peg works, and how to prepare in the 6 to 12 months before a sale.
Rolling forecast vs annual budget: how to run each one
The annual budget is the commitment; the rolling forecast is the best current view. How the two work together, how to choose a horizon and cadence, how driver-based forecasting works, and a step-by-step monthly process with a worked example.
Venture debt for startups: how it works and when it fits
What venture debt is, how the common structures and covenants work, how it compares with equity, when it helps and when it hurts, and how to model debt service and covenant headroom before signing.
What is a fractional CFO? Role, work and when to hire one
A fractional CFO is a senior finance leader who works with a company part time. What the role covers, how it differs from an interim CFO, a full-time CFO or a controller, what it costs, and the signs it is time to bring one in.
What is FP&A? Financial planning and analysis explained
FP&A (financial planning and analysis) is the finance work that looks forward: budgets, forecasts, variance analysis and decision support. What an FP&A function produces, how it runs each month, and when a company needs one.