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Ben Murray
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The SaaS CFO
Serial Founder Raises $2.5M to Find Leads in Your Inbox
Welcome to The SaaS CFO Podcast! In this episode, host Ben Murray sits down with Vadim Rogovskiy, CEO and co-founder of Eve, an AI-powered sales enablement tool designed specifically for founders and small business owners. Vadim Rogovskiy shares his unique journey as a serial entrepreneur—from selling and exiting previous startups to launching Eve after discovering the challenges small businesses face managing leads without traditional CRMs. Together, Ben Murray and Vadim Rogovskiy dive into Eve’s early days, its customer-first approach, the founding story, and how AI is transforming sales for SMBs. You’ll hear insights on fundraising in t...
2026-02-03
22 min
The SaaS CFO
Tony Petrilli Bootstraps ViewTrade to Serve Financial Services Firms Globally
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...
2026-01-29
26 min
The SaaS CFO
GitLaw Raises $3M to Bring Agentic AI Attorneys to SMBs
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 evolvi...
2026-01-27
29 min
SaaS Metrics School
Why a Perfect SaaS P&L Can Still Hide Serious Problems
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.linkedi...
2026-01-23
06 min
The SaaS CFO
AI for Field Sales Teams: Nicolas Christiaen’s Playbook for SaaS Success
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 ide...
2026-01-22
26 min
The SaaS CFO
QuickAds Raises $1.7M Seed to Use AI to Automate End-to-end Ad Creation
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-effi...
2026-01-20
14 min
SaaS Metrics School
The Hidden Complexity Behind ARR Disclosures
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/ S...
2026-01-20
05 min
SaaS Metrics School
Common ARR Disclosure Mistakes And How to Avoid Them
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. Re...
2026-01-18
03 min
SaaS Metrics School
Why ARR Is So Often Misstated: 5 Questions to Get It Right
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 A...
2026-01-16
07 min
The SaaS CFO
2nd Time Founder Building AI Quote-to-cash Platform for SLG Recurring Revenue Businesses
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...
2026-01-15
36 min
SaaS Metrics School
How Public Tech Companies Are Categorizing ARR
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...
2026-01-13
05 min
SaaS Metrics School
Demystifying SaaS Revenue: A Hierarchy for Predictability & Valuation
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...
2026-01-10
05 min
The SaaS CFO
Notch Raises $15M to Bring Support AI Agents to the Insurance Vertical
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 wh...
2026-01-08
30 min
SaaS Metrics School
The ROSE Metric is Your Key to Durable Growth in 2026
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.c...
2025-12-31
06 min
The SaaS CFO
2025 SaaS M&A Market Insights and Founder Takeaways
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...
2025-12-30
56 min
The SaaS CFO
Moonshot AI Raises $10M to Automate Conversion Optimization for Ecommerce
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 walk...
2025-12-23
18 min
The SaaS CFO
Solentrex Raises Strategic Funds to Bring a Modern ERP to the Solar Market
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...
2025-12-18
18 min
SaaS Metrics School
My Top 3 Go-to-market Efficiency Metrics You Should Track
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 proact...
2025-12-11
04 min
The SaaS CFO
Campfire Raises $100M+ to Bring Accounting a Modern ERP
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 stac...
2025-12-11
30 min
SaaS Metrics School
How Leading Public Tech Companies Report AI Value Creation
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 vi...
2025-12-04
04 min
The SaaS CFO
Try Tami Raises $400K to Upskill Software Engineering Teams
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 i...
2025-12-04
24 min
SaaS Metrics School
Why Your Low Margin AI Company Must Be 6x Larger Than SaaS Peers
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 comp...
2025-11-28
04 min
The SaaS CFO
Lunos Raises $5M Pre-seed to Collect Accounts Receivable Faster
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 y...
2025-11-28
22 min
The SaaS CFO
Alguna Raises $4M Seed Round to Tackle Revenue Management for Tech Companies
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 fundrais...
2025-11-20
26 min
SaaS Metrics School
Do You Know the Difference Between SaaS Math and AI Math?
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 econo...
2025-11-15
05 min
The SaaS CFO
Markup AI Raises $27M To Help Enterprises Put Guardrails on Their Content
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 Acro...
2025-11-13
19 min
SaaS Metrics School
When Should Founders Fire Themselves as the CFO?
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...
2025-11-13
04 min
SaaS Metrics School
The Dirty Secrets Behind SaaS Gross Margins
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 differen...
2025-11-11
04 min
SaaS Metrics School
Legal Readiness Can Make or Break Your SaaS Exit
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...
2025-11-08
05 min
The SaaS CFO
Aleph Raises $47M to Raise the Stakes in FP&A Software
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 an...
2025-11-06
23 min
SaaS Metrics School
Are SaaS Metrics Really Dead?
“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 Saa...
2025-11-04
02 min
SaaS Metrics School
Your Implementation Team Could Be Killing Your Gross Profit Margin
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...
2025-11-01
04 min
The SaaS CFO
PodUP Raises $5.8M in Angel Funding to Dominate the Podcast Production Space
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...
2025-10-30
31 min
The SaaS CFO
Tabs Raises a $55M Series B to Bring Next-gen Revenue Automation
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, t...
2025-10-23
38 min
SaaS Metrics School
Is LTV Flawed with Multi-year Contracts?
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! ...
2025-10-21
05 min
The SaaS CFO
OneCrew Raises $12M to Be the Operating System for Paving Contractors
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 an...
2025-10-16
24 min
SaaS Metrics School
Aggregate Metrics Are Dangerous to Your SaaS Health
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. Wh...
2025-10-14
03 min
SaaS Metrics School
How Does Net Revenue Retention Impact Your Valuation?
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...
2025-10-12
03 min
SaaS Metrics School
Gaps in Your MRR Schedule Wreak Havoc on Retention
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 g...
2025-10-09
05 min
The SaaS CFO
ServiceUp Raises $70M to Grab $250B TAM in Fleet Operator Repairs
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...
2025-10-09
22 min
SaaS Metrics School
Great SaaS FP&A Requires These 4 Data Sources
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, CF...
2025-10-07
04 min
SaaS Metrics School
Renewal Rate vs. Retention: What SaaS Leaders Must Know
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...
2025-10-03
02 min
The SaaS CFO
BetterPic Raises $2.5M to Produce Better Headshots for Consumers and Companies
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 B...
2025-10-02
25 min
The SaaS CFO
Parspec Raises $31 to Revolutionize the Materials Supply Chain
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 b...
2025-09-25
26 min
SaaS Metrics School
Defining AI ARR to Your Board and Investors
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 Saa...
2025-09-21
04 min
SaaS Metrics School
Top Financial Metrics Tracked by Usage-based Companies
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-ba...
2025-09-18
04 min
SaaS Metrics School
5 Metrics Every SaaS Leader Must Master
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 Booki...
2025-09-16
04 min
The SaaS CFO
Sequence Building The Leading AI Native B2B Billing and Revenue Platform
On this episode of The SaaS CFO Podcast, host Ben Murray sits down with Riya Grover, co-founder and CEO of Sequence. Riya shares her journey from investment banking to entrepreneurship, including the story behind her first SaaS company in the restaurant industry and its eventual acquisition. She dives into the inspiration for Sequence—a modern billing and quote-to-cash platform designed to tackle the challenges of custom contracts and complex pricing models for scaling SaaS and B2B companies. Riya opens up about the company’s pivotal shift from payments to revenue management, navigating tough conversations with investors, and b...
2025-09-16
30 min
The SaaS CFO
Resolvd Raises $1.6M to Improve Hospital Supply Chains and Quality of Care
In this episode of The SaaS CFO Podcast, host Ben Murray welcomes Ananth Manivannan, founder of Resolvd, for an insightful conversation about building a SaaS solution that’s shaking up healthcare operations. Ananth shares how his journey from supply chain management at PepsiCo to software engineering at Capital One laid the groundwork for Resolvd, a company dedicated to automating complicated, manual workflows in hospital systems. The discussion highlights how personal experiences—including his own family’s encounter with the complexities of hospital supply chains—inspired Ananth to solve real-world problems with technology. He opens up about the realities...
2025-09-11
24 min
SaaS Metrics School
Oracle Stock Jumps Over 30% Based On This One Metric
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...
2025-09-11
03 min
SaaS Metrics School
SaaS COGS Explained: Get Gross Profit Right
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 Departm...
2025-09-07
04 min
The SaaS CFO
Heka Raises $16M to Open Source Finance Data for Global Financial Institutions
On this episode of The SaaS CFO Podcast, host Ben Murray sits down with Idan Bar-Dov, co-founder and CEO of Heka. Idan shares his unique journey from working in finance and law—starting out at an international law firm advising fintech companies—through the challenges of founding a startup during the pandemic, to leading a fast-growing SaaS company transforming how financial institutions use open source data. Together, they dive into Heka’s evolution from its early focus on reconnecting consumers with their assets amid widespread data gaps, to becoming a global platform that provides advanced fraud detection, contact...
2025-09-04
22 min
SaaS Metrics School
Understanding the SaaS Magic Number — Benchmarks, Nuances & Investor Insights
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 yo...
2025-09-04
05 min
SaaS Metrics School
7 Metrics a Strategic Acquirer Wants to See in Your SaaS Business
When a strategic acquirer or private equity firm comes knocking, they’ll ask for more than your headline ARR number. In episode #309, Ben Murray shares the seven critical numbers that buyers want to see before moving forward with a deal. These SaaS metrics and investor metrics are not only central to due diligence but also directly impact your company's valuation. From ARR and contracted ARR to retention and RevRec policies, you’ll learn what to prepare now so you’re ready for the call — whether it’s tomorrow or two years from now. The point is to be prepare...
2025-08-28
05 min
The SaaS CFO
Cred's $15M Bet on AI: Inside the Founder’s Vision for Smarter GTM and Market Intelligence
In this episode of The SaaS CFO Podcast, host Ben Murray welcomes Jon Carr-Harris, founder and CEO of Cred, for an engaging discussion about Jon’s global background and entrepreneurial journey. Growing up across nine countries and with experience in multiple startups, Jon brings a unique perspective to building successful tech businesses and understanding diverse user needs. Jon shares insights into Cred’s innovative predictive intelligence platform, which helps companies bridge internal and external data to drive smarter business actions. The conversation dives into Cred’s go-to-market strategies, enterprise sales cycles, and evolving pricing models—along with how the t...
2025-08-28
17 min
SaaS Metrics School
Customer Concentration Risk Will Kill Your Fundraise or Exit
When preparing for fundraising or an exit to private equity, one overlooked metric can derail your deal: customer concentration risk. In episode #308, Ben Murray explains what customer concentration is, why it matters to investors, and how it can directly impact your SaaS valuation. If too much of your revenue comes from just one or two customers, that risk may scare off private equity buyers or lower your valuation. Ben breaks down how to measure concentration, when it becomes a problem, and why you should start planning now — long before you enter a due diligence process.Wh...
2025-08-23
02 min
SaaS Metrics School
What Gross Margin Should I Use in CAC Payback Period
The CAC payback period is one of the most important SaaS metrics — and a top investor metric used in boardrooms, fundraising, and valuation discussions. But here’s the nuance: which gross profit should you use when calculating it? In episode #307, Ben Murray explains why CAC payback must be gross margin adjusted and why using your company’s total blended gross margin is a mistake. Instead, you’ll learn how to align ARR, MRR, and revenue streams with their specific gross profit to get an accurate picture of sales efficiency and scalability. This lesson is especially critical...
2025-08-20
03 min
SaaS Metrics School
Are AI Companies Out Funding Pure-Play SaaS?
Is the AI funding boom overshadowing traditional SaaS? In episode #306, Ben Murray shares fresh fundraising data from over 8,000 tracked funding events to see how AI-native companies compare to pure-play SaaS in investor activity. Analyzing the first week of August, Ben breaks down the percentage of companies that are AI-first and how many SaaS products now include AI features or LLM integrations. If you’re a SaaS operator, founder, or investor, this is a quick pulse check on where capital is flowing — and what it might mean for your valuation and fundraising strategy. 🧠 What You’ll Learn
2025-08-14
02 min
The SaaS CFO
Building Enterprise-Grade AI: Lessons from Snorkel AI’s Fundraising and Expansion
Welcome to The SaaS CFO Podcast! In this episode, host Ben Murray sits down with Braden Hancock, co-founder of Snorkel AI, to explore the journey of turning an academic research project at Stanford into one of today’s leading AI data platforms. Braden shares the origins of Snorkel, how it grew from a PhD initiative to a company helping some of the world’s largest enterprises tackle their toughest data labeling and AI evaluation challenges, and why good data remains the “secret sauce” behind successful AI. We’ll dive into how Snorkel’s platform has enabled organizations—from major bank...
2025-08-14
21 min
SaaS Metrics School
Top SaaS Metrics When Scaling to $1M ARR
What SaaS metrics and financial metrics really matter when you’re scaling toward your first $1 million in ARR? In episode #305, Ben Murray breaks down the essential numbers to track using his Five Pillar SaaS Metrics Framework. From building a strong accounting foundation to tracking investor metrics like retention, bookings, and gross profit, this episode gives you the tools to set your business model up for scale and eventual company valuation growth. Whether you’re a founder, CFO, or finance lead, you’ll learn how to implement the right KPIs before you cross the $1M mark, so you can co...
2025-08-12
04 min
SaaS Metrics School
The Top 3 SaaS Metrics That Drive Your SaaS Valuation
What SaaS metrics actually move the needle on your company valuation? In episode #304, Ben Murray shares his “Power 3” SaaS metrics — the three investor metrics that consistently signal scalable growth and increase SaaS valuations. While many articles list “top metrics” without context, these three have proven to be the most impactful in boardrooms, investor meetings, and due diligence. If you want to attract investors, strengthen your business model, and maximize your valuation, start by mastering these three metrics. What You’ll Learn: Gross Profit Why high gross profit (80%+ for pure-play SaaS) is a foundation for growth. How...
2025-08-08
04 min
The SaaS CFO
Momants Raises €1M to Improve the Event Ticketing Experience
In this episode of The SaaS CFO Podcast, host Ben Murray welcomes Jan Willem Van der Meer, co-founder and Chief Strategy Officer at Momants. Jan Willem shares his entrepreneurial journey, starting from building one of Europe’s major ticketing companies to launching Momants, an AI-powered platform designed to transform the events industry. Discover how Momants is tackling the challenges of personalization and efficiency in event ticketing. Jan Willem explains how their solution integrates with existing ticketing systems to automate support, increase conversion, and create tailored marketing experiences for everything from festivals and concerts to museums and amusement par...
2025-08-07
26 min
SaaS Metrics School
How to Code Executive Expenses in Your SaaS P&L for Accurate Metrics
Accurate expense coding is critical to building a clean SaaS P&L that drives investor confidence, valuation discussions, and clarity in internal metrics. In episode #303, Ben Murray explains exactly where SaaS operators should code executive-level expenses (CMO, CRO, VP of Services, CFO, etc.) and why coding accuracy is a non-negotiable for both SaaS metrics and investor metrics. Ben also highlights the common mistake of letting G&A become a dumping ground, which can distort key financial metrics, including your gross profit margin, OpEx profile, and overall SaaS valuation. What You’ll Learn: Where to co...
2025-08-05
03 min
The SaaS CFO
Fisent Raises $2M to Help Enterprises Automate Repetitive Human-Dependent Tasks
Welcome to another episode of The SaaS CFO Podcast! Today, host Ben Murray sits down with Adrian Murray, founder and CEO of Fisent Technologies—a Toronto-based, SaaS company that's making waves in the enterprise automation space. With a background in banking technology, consulting, and a previous ed tech startup, Adrian shares his fascinating entrepreneurial journey and reveals how Fisent pivoted from its original KYC-focused product to its flagship BizAI solution, thanks in part to the rise of generative AI models like OpenAI's GPT, Google's Gemini, and others. In this conversation, Adrian discusses the complexities of automating content proce...
2025-07-31
22 min
SaaS Metrics School
How to Align ARR Growth with Sales & Marketing Spend
You’ve added new ARR—but are you spending too much to get it? In episode #302, Ben Murray walks through two practical ways to align your ARR growth with your sales and marketing spend. If you're unsure whether you're underinvesting, overspending, or just inefficient, this episode will help you benchmark your GTM motion using real data and operator-friendly metrics. What You’ll Learn Two ways to triangulate S&M spend relative to ARR OpEx profile: Sales & Marketing spend as a % of revenue Cost of ARR: Spend required to acquire $1 of net new ARR Why relying on benchma...
2025-07-30
02 min
SaaS Metrics School
Is Revenue Recognition Messing Up Your Retention Numbers?
Does your retention data feel off—or even meaningless—because of catch-up invoices, credit notes, or daily revenue recognition? In episode #301, Ben Murray explains how proper revenue recognition practices can sometimes interfere with clear retention reporting and what SaaS operators can do about it. Learn how to build a pro forma MRR schedule that strips out accounting noise and gives you clean, consistent retention metrics you can actually rely on. What You’ll Learn Why revenue recognition can distort retention metrics, even if your accounting is correct The difference between GAAP-based MRR and a pro fo...
2025-07-29
03 min
SaaS Metrics School
RPO Explained: The Overlooked SaaS Metric That Signals Growth
RPO—Remaining Performance Obligations—might not be a term you hear often in private SaaS, but public companies are required to disclose it, and it’s becoming a critical forward-looking metric. In episode #300, Ben Murray breaks down the RPO concept, how it's calculated, and why it matters in understanding your future revenue. Whether you’re preparing for due diligence or just want a stronger grip on your revenue story, understanding RPO can give you an edge. What You’ll Learn What “Remaining Performance Obligations (RPO)” means in SaaS How RPO connects to deferred re...
2025-07-23
03 min
SaaS Metrics School
How SaaS Companies Turn Usage Revenue into ARR
How do usage-based SaaS companies convert transactional or variable revenue into Annual Recurring Revenue (ARR)? Episode #299 gives you a practical framework for presenting usage-based ARR to your Board, investors, and internal teams with clarity and confidence. After manually reviewing hundreds of public filings and investor materials, Ben Murray breaks down the real-world methods used by companies like Confluent and Datadog to turn usage into ARR. What You’ll Learn The most common method for usage-based ARR The second most common method How these methods compare to traditional MRR x 12 fo...
2025-07-18
04 min
SaaS Metrics School
Want a Private Equity Exit? Start Tracking This Metric
In episode #298 of SaaS Metrics School, Ben Murray dives deep into one of his favorite metrics: ROSE – Return on SaaS Employees. If you’re aiming to build a durable SaaS business or position your company for a private equity exit, this episode is a must-listen. Ben explains why ROSE is far more insightful than traditional Revenue per FTE and how it helps evaluate organizational efficiency by factoring in the actual investment made in your people—including fully burdened employee and contractor costs. 🔍 What You'll Learn: What the ROSE metric is and how to calculate...
2025-07-16
04 min
SaaS Metrics School
How to Handle Reactivation MRR in GRR vs NRR
In episode #297, Ben Murray tackles a common SaaS metrics question: How should reactivations be treated when calculating gross and net revenue retention (GRR & NRR)? Key takeaways: Reactivated customers (e.g., those who churned quickly but later update payment info) should not be included in new revenue — doing so skews CAC and CAC payback metrics. Gross Revenue Retention (GRR) only accounts for contraction and churn — reactivations don’t belong here. Net Revenue Retention (NRR) is where reactivations should be recorded — they’re essentially recovered revenue from existing customers. SaaS companies with high...
2025-07-12
02 min
SaaS Metrics School
This Public Company Restated Its Headline ARR Number
Have you ever seen a public company restate its ARR? In episode #296, Ben Murray dives into a real-world example from the London Stock Exchange—Celebrus Technologies—and unpacks why and how they updated their Annual Recurring Revenue (ARR) definition. Key Highlights: Financial restatements ≠ just GAAP: ARR, a non-GAAP metric, is increasingly being scrutinized as pricing and revenue models evolve. Case Study: Celebrus Technologies Old ARR definition: Included license revenue, cloud, support & maintenance, third-party software licenses, and project revenue (i.e. services). New ARR definition: Focuses solely on Celebrus software licens...
2025-07-10
04 min
SaaS Metrics School
Benchmarking Your CAC Payback: How Do You Compare to Top SaaS Performers?
In episode #295 of SaaS Metrics School, Ben Murray breaks down how to benchmark your CAC Payback Period accurately—and why generic social media posts can lead you astray. Too many founders rely on simplified benchmark numbers, such as “12 months or less is good,” without understanding the nuances behind the data. Ben explains why ACV segmentation is critical, how top-quartile companies perform across different contract sizes, and where you can obtain customized benchmarks for your SaaS business. Key topics include: Why aggregate CAC Payback benchmarks are dangerous to follow blindly How CAC Payback...
2025-07-07
04 min
SaaS Metrics School
Adapting CAC Payback Period for Usage-Based SaaS Models
In episode #294 of SaaS Metrics School, Ben Murray dives into one of the most important metrics for SaaS operators and investors: CAC Payback Period—with a focus on adapting it for usage-based pricing models. Whether you’re B2B, B2C, or AI-focused, CAC Payback is a must-have metric when you're investing heavily in go-to-market strategies. But how do you accurately calculate it when your business has subscription + usage revenue? Ben walks through: The standard CAC Payback formula and why it matters How to define "customer" accurately to calculate CAC Ho...
2025-07-05
04 min
The SaaS CFO
Kovr Raises $3.6M to Automate Cyber Compliance with AI
Welcome back to The SaaS CFO Podcast! In this episode, host Ben Murray sits down with Andrew Black, CEO of Kovr, and Sri Iyer, the company’s founder and CTO. Kovr is shaking up the world of cybersecurity compliance, helping organizations dramatically speed up the process of achieving certifications like FedRAMP, HIPAA, and others—using the latest breakthroughs in generative AI. Andrew and Sri bring fascinating perspectives, drawing from deep experience in tech, government, and startups, including previous roles at Amazon Web Services, PwC, Lockheed, and Gartner. They talk about the pain points that tech companies and gover...
2025-07-03
33 min
SaaS Metrics School
Should You Target 80% Gross Profit in SaaS? Let’s Break It Down
Gross profit is a core metric in SaaS—and 80% is the benchmark often thrown around. But is that still realistic in today’s landscape? In episode #292 of SaaS Metric School, Ben Murray walks through real benchmarking data from Ray Rike’s benchmarks at Benchmarkit.ai and explains how gross profit should evolve as your business scales. He also dives into how to set up your SaaS P&L correctly and what to include in COGS vs. OpEx. What You’ll Learn: What gross profit benchmarks actually look like today What is our north star GP...
2025-06-27
03 min
SaaS Metrics School
How Much Should You Invest in Sales and Marketing This Year?
In episode #291 of SaaS Metrics School, Ben Murray breaks down one of the most important—and often debated—questions in SaaS finance: 💰 How much should we invest in sales and marketing this year? Ben explores how to frame your sales and marketing spend using two key concepts: Sales & Marketing as a % of Revenue (OpEx Profile) Cost of ARR (Net New Annual Recurring Revenue Cost) You'll hear current SaaS benchmarks from Ray Rike’s latest data set, which shows how spending evolves from early-stage startups to companies with $100M+ in revenue...
2025-06-26
04 min
SaaS Metrics School
61% R&D Spend?! What SaaS Benchmarks Reveal by Revenue Size
How much R&D spend is too much—or not enough? In episode #290 of SaaS Metric School, Ben Murray breaks down R&D spend benchmarks by company revenue size, based on data from Ray Rike’s Benchmarkit.ai. Whether you’re a founder, CFO, CTO, or finance leader, understanding how your R&D investment compares is crucial for building operational leverage and scaling sustainably. What You’ll Learn: Why R&D spend can feel like a black box—especially for CFOs Top vs. lean R&D spending benchmarks by revenue tiers: How R&D sp...
2025-06-21
02 min
The SaaS CFO
InsightWise Raises 1M Pre-seed to Automate the Strategy and Consulting Lifecycle with AI
In this episode of The SaaS CFO Podcast, host Ben Murray welcomes Katherine Tobias, the dynamic co-founder and CEO of InsightWise. Katherine shares her inspiring journey from her early days consulting at KPMG and working in government to leading one of Australia’s fastest-growing startups. Driven by her passion for delivering real-world impact and navigating mountains of qualitative data, Katherine reveals how these experiences led her to launch InsightWise—a groundbreaking AI platform tailored for consultants and strategy teams. Tune in as Katherine dives into the realities of startup life, fundraising, and what it takes to disrupt the c...
2025-06-19
20 min
SaaS Metrics School
Don't Make this LTV Mistake
In episode #288 of SaaS Metrics School, Ben Murray tackles a frequent mistake SaaS operators make when calculating Lifetime Value (LTV) — treating it as an aggregate rather than the point-in-time metric. Ben breaks down the correct formula, shares how to align it with gross revenue retention, and explains when LTV (and LTV to CAC) should be used SaaS businesses. What You’ll Learn: Why LTV is a point-in-time estimate, not a company-wide average The correct formula for LTV in SaaS: Cohort ARPA × Gross Margin ÷ Churn How to choose the right churn input using g...
2025-06-17
05 min
SaaS Metrics School
What Is Subscription ARR? 3 Common Definitions Explained for SaaS Operators
In this episode of SaaS Metric School, Ben Murray dives deep into the often-confusing world of Subscription ARR (Annual Recurring Revenue). After analyzing over 160 public tech company filings, Ben shares the three most common ways companies define and calculate ARR—and why these differences matter for SaaS operators, investors, and finance teams. If you’ve ever struggled with benchmarking ARR or explaining it to stakeholders, this episode will give you clarity and context. What You’ll Learn The three standard definitions of Subscription ARR: Run-Rate MRR Annualized Contract Value Commit...
2025-06-15
04 min
SaaS Metrics School
Why SaaS Metrics Break Without Proper MRR Layering
In episode #286 of SaaS Metrics School, Ben Murray breaks down one of the most common — and costly — mistakes SaaS founders and CFOs make when building their Monthly Recurring Revenue (MRR) schedules: netting contraction and expansion. This seemingly small error can break your ability to calculate key SaaS metrics like Gross Revenue Retention (GRR) and Net Revenue Retention (NRR). What You’ll Learn: The essential structure of an accurate MRR waterfall schedule Why separating expansion, contraction, and churn is crucial for calculating SaaS metrics How to calculate GRR and NRR using distinct MRR la...
2025-06-13
02 min
The SaaS CFO
Using AI to Automate Marketing Compliance for Financial Services
In this episode of The SaaS CFO Podcast, host Ben Murray welcomes Austin Carroll, the dynamic founder and CEO of Warrant. Drawing from her deep roots in marketing and product management at household names like Capital One, Mercury, and Brex, Austin shares how real-world challenges navigating regulatory approvals inspired her to launch Warrant—a platform harnessing AI to automate and streamline marketing compliance for the financial services industry. Austin highlights the complexities and pitfalls of adhering to rapidly evolving federal, state, and local regulations in sectors like mortgage, insurance, and banking. She explains how Warrant checks marketing mat...
2025-06-12
25 min
SaaS Metrics School
What’s a Healthy G&A Budget for SaaS? Benchmarks by ARR Stage
In episode #285 of SaaS Metrics School, Ben Murray dives into one of the most overlooked levers in SaaS financial performance—G&A (General & Administrative) spend. How much should you really be spending on back office functions like finance, HR, legal, and IT? Using data from Benchmarkit.AI, Ben walks through G&A as a percent of revenue across ARR stages—from startups under $1M to companies exceeding $100M. He also explains how operating leverage is created through back office efficiency and why using benchmarks segmented by ARR is crucial in SaaS metrics analysis. What You’ll Lea...
2025-06-11
04 min
SaaS Metrics School
How Verint Defines AI ARR and Why You Need to Know This
In episode #284, let’s break down AI ARR. As artificial intelligence transforms SaaS business models, a new metric is gaining traction: AI ARR (Artificial Intelligence Annual Recurring Revenue). But what exactly is AI ARR, how do public SaaS companies define it, and why should private SaaS operators care? In this episode, Ben Murray dives deep into how companies like Verint Systems are reporting AI ARR in their earnings and press releases. Ben breaks down the nuances of these definitions, the implications for SaaS valuation, and what founders, CFOs, and GTM teams need to know to stay ahead of...
2025-06-06
04 min
The SaaS CFO
€1.2M Pre-seed to Automate the Life Insurance Underwriting Process with AI
In this episode of The SaaS CFO Podcast, host Ben Murray welcomes Amira Nakouri, co-founder and CEO of Klaimy, to share her inspiring entrepreneurial journey. With a strong background in strategy consulting for major European insurers, Amira reveals how her drive for innovation—and a spark from the rise of generative AI—led her to launch Klaimy in Paris. Klaimy is redefining the insurance industry by using AI to streamline the complex and time-consuming medical underwriting process. Amira explains how their technology helps insurance companies process medical records with incredible speed and accuracy, cutting decision times from days...
2025-05-06
27 min
The SaaS CFO
$3.7M Seed Round to Bring AI Data Agents to Supply Chain Operations
In this episode of The SaaS CFO Podcast, host Ben Murray welcomes Ibrahim Ashqar, the co-founder and CEO of Lumi AI. Ibrahim shares his impressive background in data science and AI, including his time at Deloitte and the supply chain tech unicorn Stord, before diving into why he launched Lumi. The conversation highlights the challenges companies face with traditional business intelligence tools, and how Lumi is revolutionizing data access for brands, retailers, and supply chain operators through agentic workflows and conversational analytics. Ben and Ibrahim discuss Lumi's focused go-to-market strategy, their partnerships with industry giants like Deloitte a...
2025-04-29
26 min
The SaaS CFO
$1.7M Raised to Speed Up the In-house Legal Contract Review Process
On this episode of The SaaS CFO Podcast, host Ben Murray sits down with Gus Neate, the co-founder and CEO of Wilson AI. Gus shares his unique journey from engineering and law to entrepreneurship, explaining how his experience in top law firms and in-house legal teams inspired the creation of Wilson AI—the world’s first AI-powered paralegal. Together, they delve into how Wilson AI is helping in-house legal teams automate repetitive contract workflows, extract key terms from documents, and enable seamless legal Q&A within organizations. Gus discusses the ideal customer profile, ROI for clients, and the t...
2025-04-22
19 min
The SaaS CFO
Quanscient Raises 9M to Convert Digital Designs to Digital Prototypes with Multiphysics Simulation Tech
Welcome to another thrilling episode of The SaaS CFO Podcast! Today, we have the pleasure of hosting Juha Riipi, the brilliant CEO of Quanscient. With a career that spans software development to consulting, Juha has now ventured into the realm of cutting-edge multiphysics simulations, and he’s here to share how Quanscient is changing the game. 🚀 From transforming digital designs into prototypes efficiently to offering groundbreaking solutions for industries like semiconductors and aerospace, Quanscient is truly redefining the product design workflow. 🌟 In this conversation, Juha takes us through his incredible journey, highlighting how his multifaceted background in engineeri...
2025-03-18
16 min
The SaaS CFO
Docket Raises $20M to Boost Your Growth with AI Sales Engineers
Welcome to another engaging episode of The SaaS CFO Podcast, where host Ben Murray sits down with Arjun Pillai, the visionary co-founder and CEO of Docket. Arjun takes us on a journey through his impressive 13-year career in the realms of sales tech, martech, and data tech. Having founded multiple companies and successfully exited them, Arjun offers a wealth of experience and insights that he's now channeling into his new venture, Docket. This episode is a treasure trove for anyone interested in the confluence of entrepreneurship and innovative technology. In their conversation, Arjun and Ben delve into t...
2025-03-14
24 min
The SaaS CFO
KnownWell Raises $6M to Help Service Businesses Retain and Grow Customers
In this episode of The SaaS CFO Podcast, host Ben Murray is joined once again by David DeWolf, the President and CEO of KnownWell. David, a seasoned entrepreneur and former software engineer, dives into his transition from building a successful consulting firm to founding KnownWell, a company that's making strides in the realm of commercial intelligence for professional service businesses. His passionate journey from zero to nearly $200 million in revenue, and his focus on digital product development, set the stage for this insightful conversation. David shares updates on KnownWell's significant milestones, including their recent $4 million seed round, d...
2025-03-11
25 min
The SaaS CFO
Revisto Raises $6M to Accelerate the Pharma Marketing Process
In this episode of The SaaS CFO Podcast, host Ben Murray sits down with Ferry Tamtoro, the visionary CEO and co-founder of Revisto, to explore the dynamic intersection of life sciences and technology. Ferry shares his remarkable journey transitioning from the corporate sector to the world of startups, fueled by a passion for healthcare innovation. Discover how his drive to make a significant impact led to the foundation of Revisto, a company at the forefront of using AI to enhance the efficiency and accuracy of marketing material creation for life sciences companies. Throughout the conversation, Ferry delves i...
2025-02-18
18 min
The SaaS CFO
$2.2M Seed Round to Transform Learning in Corporate Training Departments
Welcome to The SaaS CFO Podcast! In this episode, host Ben Murray sits down with Luis Garcia, the innovative president and co-founder of Pete, to unravel his inspiring journey. From his early days as a software engineer in Venezuela to launching a leading online university in the U.S., Luis shares key experiences that shaped his path in the world of digital education. Luis dives deep into the challenges of creating effective digital education materials and evaluating learning outcomes. He explains how Pete harnesses the power of generative AI to address these challenges, providing scalable training solutions f...
2025-02-04
22 min
The SaaS CFO
1Q25 Software M&A Update with Jim Williams
Welcome back to The SaaS CFO Podcast! In this special edition, our host Ben Murray is joined once again by Jim Williams, Managing Director at GLC Advisors, to delve into the dynamic world of software mergers and acquisitions (M&A). Jim brings his wealth of experience and insights to provide a comprehensive overview of the current state of the market, including recent trends, deal volumes, and valuations. Ben and Jim explore the essential metrics that SaaS founders need to focus on, such as retention rates, growth, and gross margins. They discuss the importance of understanding your business m...
2025-01-29
55 min
The SaaS CFO
$5.5M Raised to Help Contractors with Construction Site Management
Welcome to The SaaS CFO Podcast! In today's episode, our host Ben Murray is thrilled to welcome Matt Perrott, the co-founder and CEO of BuildPass. Matt shares his journey from being a software engineer to leading a company that offers an AI-powered operating system for construction sites. We'll delve into the unique features of BuildPass, including its applications in both commercial and residential projects, and its impressive growth trajectory. Matt gives us an inside look at BuildPass's expansion strategies, highlighting their upcoming launch in the U.S., and how they're adapting to different regulatory environments. He also s...
2025-01-21
22 min
SaaS Metrics School
Don’t Comingle Your Revenue Streams
In episode #164, I address an important topic that has come up a lot lately. The clarity and definition of your revenue streams. Don’t comingle them! - SaaS revenue streams - Your chart of accounts - Your revenue metrics Free templates course: https://www.thesaasacademy.com/offers/gmbMDsYN/checkout Subscribe to Ben’s SaaS metrics newsletter: https://saasmetricsschool.beehiiv.com/subscribe Subscribe to Ben’s SaaS monthly newsletter: https://mailchi.mp/df1db6bf8bca/the-saas-cfo-sign-up-landing-page SaaS Metrics courses here: https://www.thesaasacademy.com/ Join...
2024-01-23
03 min
The SaaS CFO
$500K Seed Round to Combine AI with Cannabis Matching and Operations
Welcome to The SaaS CFO Podcast! In today's episode, we have a special guest, Ben York, the CEO of Genetica. Ben shares his fascinating background, starting in finance and later transitioning into the world of SaaS and investment. Genetica, founded in late 2020, is at the forefront of modernizing the cannabis and CBD retail experience through their AI platform. Ben delves into the products and services offered by Genetica, such as Flora Match, which analyzes data points and individual biochemistry to provide personalized recommendations, and Flora OS, which optimizes operations for retailers. He also discusses the chal...
2023-11-29
23 min
The SaaS CFO
Marine Commando Turned SaaS Founder Raises £2.4 to Improve Staff Engagement and Morale
Welcome to another episode of The SaaS CFO Podcast. In today's episode, we have a special guest, Ben Williams, CEO and co-founder of Loopin. Ben shares his fascinating background, starting from his time in the British Royal Marines Commandos to working with high-profile football clubs, and eventually finding his way into the business world. He explains how the challenges posed by the COVID-19 pandemic prompted him to pivot and create a SaaS technology solution to address the disconnect between managers and employees. Ben gives us an inside look into Loopin's innovative approach, leveraging generative AI and personalized da...
2023-10-24
26 min
The SaaS CFO
$15M Raised to Revolutionize the Talent Assessment Space
Welcome back to another episode of The SaaS CFO Podcast! In today's episode, we have the pleasure of speaking with Caitlin MacGregor, a true innovator in the field of talent assessment and CEO of Plum. Caitlin takes us on a journey through the evolution of her company and shares valuable insights into the intersection of science, technology, and human potential. Join us as we delve into the challenges Caitlin faced when bridging the gap between developers and psychologists, the power of accurate data in the world of psychometric assessments in 2023, and the importance of creating a symbiotic...
2023-09-07
37 min
The Revenue Formula
Special: Revenue Planning (With Ben Murray)
We’ve been zinging finance a bit on the show. Today we decided to invite a SaaS CFO, Ben Murray.We talked about how the two functions should create a solid revenue plan together - how to manage crazy ambitions and much more.(00:00) - Introduction: Finance + RevOps (03:52) - How the CFO sees RevOps (05:22) - The focus is on sales and marketing (07:09) - Getting operational (08:32) - CFOs (10:43) - What planning looks like (15:02) - Hidden improvements (24:22) - Driving the plan forward (26:16) - Creating flexibility in the plan (31:01) - Selling to the CFO (33:16...
2023-06-29
41 min
The SaaS CFO
£250K Pre-seed Round to Drive Conversion Rates Up in Fashion Ecommerce
Vestico, a London, UK-based fashion tech startup that uses AI to help online shoppers find the perfect sizes and shades while buying a product, secured £250,000 in funding. I interviewed Maddie Forman, co-founder and CCO at Vestico. She is a first-time founder with a strong sales background at Diageo. She met one of her co-founders, Maia Sasania, while getting her MBA. Vestico is an all-in-one content, sizing, and personalization platform for fashion and beauty eCommerce. Type in your body measurements to see how fashion fits your body type. They are doing the same thing for the bea...
2023-06-26
16 min