Finance, decoded.
Fractional CFO for SaaS startups, from seed to Series B
Decipher is a fractional CFO for SaaS startups from seed to Series B: a senior finance leader on a monthly retainer who owns cash and runway, sets up SaaS metrics the way investors read them, and prepares the board and the next raise.
Who Decipher's fractional CFO for startups is for
SaaS founders who have outgrown founder-led finance
Most have a bookkeeper closing the books and a CPA handling taxes, but no one who owns the plan, the metrics or the runway number. That gap is what a fractional CFO does.
- Seed to Series B SaaS and software companies that need a finance leader before a full-time CFO makes sense.
- Founders spending evenings in spreadsheets to answer board and investor questions.
- Companies with a raise, a first board or a hiring plan that now depends on the numbers.
- Want the full picture first? Read fractional CFO for startups, from seed to Series B.
The moments that usually trigger the call
A raise is coming
Investors will ask for a model, clean metrics and a data room that holds up to scrutiny.
A new board
Board meetings now need a deck built from the same model every quarter.
Hiring is about to speed up
Each hire needs to be tested against burn and runway before the offer goes out.
Metrics nobody trusts
ARR, churn and retention are pulled together by hand and defined differently each time.
Runway is getting short
The cash-out date needs a base case, a downside case and a plan.
What Decipher does at each stage, seed to Series B
The scope grows with the company. The goal stays the same: numbers that answer the questions the next investor will ask. The stage-by-stage playbook covers each stage in depth.
Seed
Structure: a monthly close on a predictable date, a simple driver-based model, a 13-week cash view, runway under two cases, and ARR and churn definitions written down before the first board meeting.
Series A
Accountability: an annual budget and monthly budget vs actual, a board deck built from the model, a headcount plan tied to runway, and the full SaaS metrics set on consistent definitions.
Series B
Efficiency: cohort views of retention and expansion, scenario planning for the raise, a data room that ties to the model and the books, and venture debt weighed alongside equity where it fits.
SaaS metrics set up the way investors read them
Each metric gets a written definition, comes from data that ties to the books, and is reported the same way every month, so the trend means something in a board meeting and in diligence.
ARR and the ARR waterfall
ARR by customer by month, and a waterfall from beginning to ending ARR through new, expansion, contraction and churn that reconciles to contracts and the books.
Net and gross revenue retention
NRR and GRR for the starting cohort, reported together, with the method stated and cohort tables ready for the questions that follow.
Burn and burn multiple
Net burn measured in cash, not net loss, and burn multiple as net burn divided by net new ARR over the same period.
CAC payback
Months of gross profit from new customers needed to recover the sales and marketing spend that won them, on a definition that does not change between board meetings.
Runway under two cases
Usable cash against forward net burn, in a base case and a downside case, with the date a raise or a plan change would need to start.
A metric definitions page
One page that states how every metric is calculated, ready for the board pack and the data room before an investor asks.
Go deeper: SaaS metrics investors ask for, net revenue retention and GRR and burn rate, burn multiple and runway.
Fundraising and board support
Preparation starts months before the first pitch meeting, because a data room and a clean metric history take time to build.
The investor model
A driver-based operating model with the ARR waterfall, hiring plan and cash forecast, showing how much capital the plan needs and how long it lasts under a downside case.
The data room
Financial statements, the customer-level ARR data behind the metrics, the metric definitions page and the model, all tied to each other and to the books.
The board deck
The same structure every quarter: results against plan, the metrics, cash and runway, and the decisions the board needs to weigh in on.
Investor updates
A short, regular update with the same metrics every month, so investors know the trend before the raise begins.
Capital strategy
When to raise, how much and from whom, and whether venture debt belongs alongside the equity round.
How a fractional CFO compares for a startup
A full-time CFO
Makes sense once there is a finance team to run, multiple entities, or investor and lender work that fills a full week. Before that, a fractional CFO delivers the same planning, metrics and fundraising work for the share of the week a startup needs.
A bookkeeper
Records transactions and closes the books, which every forecast depends on. A bookkeeper answers what happened; a fractional CFO answers what happens next. Decipher works alongside the bookkeeper, not instead of one.
The founder doing it
Works until a raise, a board or a hiring plan depends on the numbers. Then the founder needs that time back, and investors need numbers on stable definitions.
An FP&A Lead under an existing CFO
If a CFO or controller is already in place and needs planning capacity underneath them, see Decipher's FP&A services instead.
How an engagement works
From first call to a working finance function in about 90 days. The exact deliverables are set out in the proposal.
- 01
Intro call
30 minutesWhere finance stands, what decisions and raises are coming, and a straight answer on whether Decipher is the right fit.
- 02
Written proposal
Within 48 hoursScope, deliverables, timeline, cadence and price, built around the company's stage and priorities.
- 03
Diagnosis
Month 1A review of the books, existing models and metric definitions, and a monthly finance calendar agreed with the founders.
- 04
Build
Month 2The operating model, SaaS metrics reporting, a cash flow forecast and the first monthly reporting package.
- 05
Running
Month 3 onwardA monthly forecast, actuals against plan, and board and investor reporting on a set cadence.
- Pricing
- Retainers are sized to the company and its stage, and the price is in the proposal before work starts. How firms price this work: fractional CFO cost.
- Commitment
- A three-month minimum, then month to month with 30 days' notice.
- One-time needs
- Preparing for a raise or building an investor model can be scoped as a fixed-fee project instead.
Start with the 13-week cash flow template
Not ready for a call? Decipher's free Excel template is the weekly cash view a CFO checks every Monday, with an illustrative software company built in.
Why Decipher
Decipher was founded by Joe Ferretti, who spent nearly a decade running FP&A inside private equity backed enterprise software companies and has built the models investors and buyers use to judge a company.
That shapes how Decipher sets up a startup's finance: the way an investor will read it in diligence. Clear metric definitions, a model that ties to the books, and a board deck that answers the questions investors ask first.
Founders work with Joe directly, from the first call through every deliverable.
What Decipher does not do
Decipher is the strategic side of finance, not a bookkeeping shop. Bookkeeping, tax, audit and controllership are not included.
Decipher works alongside the bookkeeper, controller and CPA a startup already has, and builds on the numbers they produce.
Fractional CFO for SaaS startups: common questions
What does a fractional CFO do for a SaaS startup?
At Decipher, the fractional CFO owns the forward-looking side of finance: a 13-week cash view and runway under a base and a downside case, an operating model, SaaS metrics on written definitions, the monthly reporting package and board deck, and preparation for the next raise. The bookkeeper keeps the books; the fractional CFO uses them to plan.
Which SaaS metrics does Decipher set up?
The set investors ask for: ARR and an ARR waterfall that ties to the books, net and gross revenue retention, burn and burn multiple, CAC payback and runway under more than one case. Each metric gets a written definition that stays the same from one board meeting to the next, so the trend can be trusted.
Can a fractional CFO run fundraising preparation?
Yes. Decipher builds the investor model, the metric history and the data room, and keeps all three tied to each other and to the books. It also helps weigh how much to raise and when, and whether venture debt fits alongside equity. Preparation is best started months before the first investor meeting.
How much do fractional CFO services for startups cost?
It depends on stage and scope. Decipher sizes retainers to the company and prices one-time work, such as preparing for a raise, as a fixed-fee project. After a 30-minute intro call, a written proposal with scope, deliverables and price follows within 48 hours.
Is a fractional CFO enough for a Series A or Series B company?
Often, yes. A board, a budget and investor reporting are CFO work, but at seed through Series B they rarely fill a full week. When the company grows into a full-time CFO, with a finance team to run or heavy investor and lender work, Decipher can help scope the role and hand the model and reporting over.
Does Decipher replace our bookkeeper or CPA?
No. Decipher does not do bookkeeping, tax, audit or controllership. A bookkeeper or controller keeps the books accurate and a CPA handles tax. Decipher works alongside both and builds the forecast, metrics and board materials on the numbers they produce.
Further reading
Decipher's fractional CFO services
Not a SaaS company? The same fractional CFO service covers owner-led businesses with recurring revenue and companies buying or selling a business.
See where a fractional CFO fits your startup
A 30-minute call covers where finance stands today, what the next raise or board meeting needs, and whether Decipher is the right fit. A written proposal follows within 48 hours.
Or email contact@decipherhq.com