Fundraising and board reporting
These guides cover the finance work around raising capital and reporting to a board: preparing the model and data room, venture debt, board decks and investor updates. They are written for founders getting ready for a round and for teams that want board reporting investors trust. For hands-on help before and during a raise, see Decipher's fractional CFO services.
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.
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.
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.
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.
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.
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.
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.
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.