Josh Aharonoff, CPA

Your CFO Guy

Founder

Mighty Digits

Mighty Digits is a consulting firm specializing in Accounting and Finance services for early stage startups. Services include Financial modeling, Month end Close, AP / AR Management, Payroll, Compliance Filings and more.

CEO and Founder

Graphite Financial

Senior Associate - Strategic Finance

Skill Silo

•	Co-founded and led an investment backed startup that pair’s language professionals with students via live 1-on-1 sessions of video conferencing.
•	Built out entire Accounting processes. Established best practices for reporting, managing, and forecasting Finance / Accounting.
•	Prepared and filed tax returns, extensions, and K-1’s.
•	Recruited, hired, and managed 50+ contractors.
•	Led the company through our first investment via a tech accelerator.
•	Designed and implemented sales and marketing strategy to acquire both consumers and businesses.
•	Delivered multiple presentations in front of investors, and audiences in excess of 800 members.

Co-founder and CEO

KPMG

•	Reviewed income tax provisions for accuracy and completeness of client’s estimate of total income tax liability for each quarter, determined and noted items that required revision, and communicated to client recommended updates to calculations
•	Prepared quarterly estimated tax payment calculations, federal and state extension calculations and extension forms, and federal income tax returns including Form 1120 and Form 1065on a consolidated basis 
•	Delegated work and supervised projects involving first and second year associates.
•	Prepared presentations and trainings to teach first and second year associates the nature of certain tax engagements.
•	Provided support to KPMG Audit practice on various occasions and assisted with tying-out financial statements and footnotes, performing cash confirmations and conducting final analytics to discover and address any errors and inconsistencies
•	Participated in numerous recruiting events involving seeking new talent, as well as maintaining relationships with prospective employees.

Associate in Global Banking- Tax Group

Intern in Global Banking- Tax Group

I live and breathe 2 things...

Finance & Accounting + Startups

Here's what I do:

--> I share Finance & Accounting Best Practices & Advice everyday 

Those usually involve suggestions for running a SMOOTH Finance & Accounting function...filled with some pretty design 


--> I'm also the CEO of an excited Fractional CFO firm (Mighty Digits), filled with some really great minds...

...accomplishing some real big things like:

- Building WORLD CLASS Financial Models for Startups that have gone on to raise over $400M (!) in the last few years 

- Building clean & appealing Dashboards giving VISIBILITY to the CEO, Board Members, and Investors FAST 

- Supporting 40+ high growth startups in everything and anything you could expect out of a Finance & Accounting function..

I'd love to connect and learn more about how we can work with one another - drop me a note at josh@mightydigits.com

The ABCs of Accounting
Won’t you sing along with me?

A
Assets
Items of Economic Value that you own / substantially control

B
Balance sheet
Snapshot of the business showing the Assets, Liabilities, and Owners Equity

C
Cash flow
The total cash entering & leaving your bank account

D
Depreciation
The wear and tear on the fixed assets in our business

E
EBITDA
Earnings Before Interest Taxes Depreciation & Amortization

F
Financial statements
The Income Statement, Balance Sheet, and Cash Flows

G
GAAP
Generally Accepted Accounting Principles

H
Historical cost
The cost to acquire an asset

I
Income statement
Show’s you the income & expenses of your business, and various levels of profitability

J
Journal entries
Your Debits & Credits

K
KPIs
Key Performance Indicators

L
Liabilities
Obligations & amounts owed to creditors of the business

M
Matching principle
An accounting principle that requires you to match the timing of income with the timing of expenses

N
Net income
Revenue - COGS - Operating Expenses + Other Income - Other Expenses

O
Owners Equity
Amounts contributed by owners + prior earnings

P
Profit
What you earn after costs

Q
Quick ratio
(Current Assets - Inventory) / Current Liabilities

R
Revenue
Your income

S
Shareholders
The owners of the company

T
Taxes
Amounts owed to the government

U
Unearned revenue
The amount of revenue collected / due, but not yet earned

V
Valuation
How much a company is worth

W
Working capital
Current Assets - Current Liabilities

X
eXpenses
The costs associated with your business

Y
Yield
The return on an investment

Z
Zero-based budgeting
A method of budgeting where you start from 0 and justify every financial activity

Any other examples you’d add? Let us know in the comments below 👇

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🤩 Learn how to build CFO Dashboards & Reports in excel by taking my course (link in profile)

10 Finance & Accounting interview questions (with answers)


1️⃣ What are the 3 financial statements, and how are they connected?

The 3 financial statements are the Profit and Loss, the Balance Sheet, and the Statement of Cash Flows.

The P&L connects to the Balance sheet via an account called Retained Earnings

And the Cash flows pulls balances from both the P&L and Balance Sheet

2️⃣ What’s the difference between Cash vs Accrual accounting?

Cash accounting for the most part means you classify money in as income, and money out as expenses

Accrual accounting means you classify income only when it’s earned, and expenses only when they are incurred

3️⃣ What is Deferred Revenue?

Deferred Revenue represents the $$ amount of goods or services you owe to your customers

4️⃣ How do journal entries work?

Journal entries help communicate which accounts on your general ledger are increasing or decreasing.

They are denoted via Debits and Credits, and must always match one another

5️⃣ What’s a bank reconciliation, and why is it important?

Bank reconciliations allow you to compare & match the balance in your bank accounts to the amounts reported in your General Ledger

These are crucial as with cash balances, there can be no room for interpretation

6️⃣ What is a accrued expense?

An accrued expense is an expense incurred, but not yet paid

It can also represent an expense incurred in which a bill has not been received, resulting in an estimate

7️⃣ What are workpapers, and how should you organize them?

Workpapers showcase the supporting calculations for entries recorded in your general ledger, often times prepared in excel.

It’s important for these to not only be accurate, but also easy for someone else to read & understand

8️⃣ What are the chart of accounts, and how should they look?

Your chart of accounts represent the line items that show up on your P&L and Balance Sheet

It's important to design these accounts in a manner in which readers can understand what’s happening easily

9️⃣ What’s a contra account and how does it work?

A contra account is an account in a section that behaves in the opposite manner of the accounts in that section.

An example can be a discount (contra revenue), and accumulated depreciation (contra asset)

🔟 How do you build a statement of cash flows?

You can easily build a statement of cash flows via the indirect method by taking the net ▲ in your balance sheet, as well as your net income

It is most commonly presented via your Cash from Operating Activities, Cash from Investing Activities, and Cash from Financing activities

Those are my 10 favorite Finance & Accounting interview questions…

What would you add?
Let us know in the comments below 👇

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The Periodic Table of Financial Metrics
where Chemistry meets Profitability (and much more)...

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1️⃣ OCF
Operating Cash Flow
Net Income + Other Non-Cash Items - Changes in Working Capital

2️⃣ FCF
Free Cash Flow
Operating Cash Flow - Capital Expenditures

3️⃣ CCC
Cash Conversion Cycle 
Days of Inventory Outstanding + Days of Sales Outstanding - Days of Payables Outstanding

4️⃣ NCF
Net Cash Flow
Operating Cash Flow + Investing Cash Flow + Financing Cash Flow

5️⃣ DCF
Discounted Cash Flow
CF1 / (1+r)1 + CF2 / (1+r)2 + ... + CFn / (1+r)n, where CF is cash flow, r is the discount rate, and n is the number of periods.

6️⃣ PV
Present Value
CF / (1+r)^t, where CF is cash flow, r is the discount rate, and t is the number of periods.

7️⃣ FV
Future Value
CF x (1+r)^t, where CF is cash flow, r is the interest rate, and t is the number of periods.

8️⃣ PP
Payback Period
Initial Investment / Annual Cash Flow

9️⃣CR
Cash Ratio
(Cash + Marketable Securities) / Current Liabilities

🔟 CB
Cash Burn
Cash from Operating Activities + Cash from Investing Activities

1️⃣1️⃣ UFCF
Unlevered Free Cash Flow:
EBIT x (1 - Tax Rate) + Depr & Amort - CapEx - Incr in Net Working Capital

1️⃣2️⃣ LFCF
Levered Free Cash Flow:
EBITDA - Taxes - Capital Expenditures - Changes in Net Working Capital - Interest Expense

1️⃣3️⃣ GP
Gross Profit 
Total Revenue - Cost of Goods Sold (COGS)

1️⃣4️⃣ EBITDA
Earnings Before Interest Taxes Depr and Amort
Net Income + Int Expense - Int Income + Taxes + Depr + Amort

1️⃣5️⃣ EBITDA (M)
EBITDA Margin
EBITDA / Revenue

1️⃣6️⃣ OI
Net Operating income
Gross Profit - Operating Expenses

1️⃣7️⃣ NI
Net Income 
Total Revenue - Total Expenses

1️⃣8️⃣ NIM
Net Income Margin 
Net Profit / Revenue

1️⃣9️⃣ GPM
Gross Profit Margin 
Gross Profit / Revenue

2️⃣0️⃣ ROI
Return on Investment 
Net Profit / Total Investment

2️⃣1️⃣ ROE
Return on Equity
Net Profit / Shareholders Equity

2️⃣2️⃣ ROA
Return on Assets
Net Profit / Total Assets

2️⃣3️⃣ NOI
Net Other Income
Other Income - Other Expense

2️⃣4️⃣ EPS
Earnings per Share (EPS) 
Net Profit / Total Shares Outstanding

2️⃣5️⃣ OM
Operating Margin
Operating Income / Revenue

2️⃣6️⃣ PE
Price-to-Earnings
Price per Share / EPS

2️⃣7️⃣ ROCE
Return on Capital Employed
Operating Profit / Capital Employed

…and many more!

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7 Chart Templates…wrapped into one Dashboard

Get a copy of this dashboard by liking & requesting in the comments below (free for the first 24h)

This Dashboards contains some of my favorite methods for presenting financial data in excel

Let’s dive into each concept:

1️⃣ The Donut

This is great for displaying a % of something - you may recognize the style from your your apple watch on the battery meter

My favorite use for this chart is with a budget vs actuals (ex: 80% hit on revenue target)

2️⃣ The Pie Chart

This is best for showcasing the split between different categories

In this example, I chose to split opex by category

3️⃣ The Bar Chart

Bar Charts help you showcase data across a timeline

In this example, we are showcasing ending cash

4️⃣ The Line Chart

Line charts are similar to bar charts in that they help you showcase information across a time period

I am extra fan of line charts when you have multiple series, and you want to show them intersect

In this example, we showcase the breakeven point, when profits intersect with costs

5️⃣ The Combo Chart

This chart is a combination of charts 2 and 3, and is great to showcase 2 different series, ideally on a different axis (ex: Revenue on one axis, gross margin on another)

6️⃣ The KPI

This one is entirely custom, and is one of my favorite ways of conveying financial data

In this case, we’re showcasing our performance on various KPIs, compared to last year

7️⃣ The Table

This may be the most common method of showcasing data - but it doesn’t have to be boring!

Common uses are a summarized P&L, Balance Sheet, or Cash Flows

What are some other ways that you prsent financial data?

Let us know by joining in on the conversation in the comments below

PS: Looking to get a copy of this dashboard? Like & Comment in the next 24h to get a free copy

The Encyclopedia of 100+ Financial Metrics

This Encyclopedia contains close to every financial ratio, metric, and definition I’ve come across in my career

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Here’s what’s included

1️⃣ Balance Sheet Ratios

1. Debt to Equity Ratio
2. Debt to Assets Ratio
3. Equity Multiplier
4. Current Ratio
5. Quick Ratio
6. Net Working Capital Ratio
7. Total Debt-to-Capitalization Ratio
8. Return on Equity
9. Return on Assets
10. AR Turnover 
11. Inventory Turnover 
12. AP Turnover
13. Asset Turnover
14. Fixed Asset Turnover
15. Working Capital Turnover
16. Cash Turnover
17. Equity Turnover

2️⃣ Cash Flows Ratios 

1. Operating Cash Flows
2. Free Cash Flows
3. Cash Conversion Cycle
4. Net Cash Flow
5. Discounted Cash Flows
6. Present Value
7. Future value
8. Payback Period
9. Operating Cash Flow to Sales 
10. Cash Ratio
11. Cash Burn
12. Unlevered Free Cash Flows
13. Levered Free Cash Flows

3️⃣ Profitability Ratios

1. Gross Profit
2. EBITDA 
3. Net Income
4. Net Income Margin
5. Retorn on Investment
6. Net Operating Income
7. Gross Profit Margin
8. EBITDA Margin
9. Net Other Income
10. Earnings Per Share
11. Operating Profit Margin
12. Profit to Earnings
13. Return on Capital Employed

4️⃣ SaaS Metrics

1. Churn
2. CAC
3. Customer Lifetime Value
4. MRR
5. Net Dollar Retention
6. ARR
7. CAC Payback
8. Sales attainment
9. ACV
10. Expansion Revenue
11. Contraction Revenue
12. Budget Attainment 
13. ARPU
14. Net Promoter Score
15. Runway
16. Revenue Run Rate
17. Cash Out Date
18. Weighted Pipeline

5️⃣ P&L Definitions 

1. Revenue
2. Gross Revenue
3. Discounts
4. Refunds
5. Net Revenue
6. Carrier Fees
7. COGS
8. Opex
9. Net Operating Income
10. Other Income
11. Interest Income
12. Other Expense
13. Interest Expense
14. Fx Gain / Loss
15. Depreciation
16. Amortization
17. Net Profit before Tax
18. Provision for Taxes

6️⃣ Balance Sheet Definitions

1. Assets
2. Cash & Cash Equivalents
3. Current Assets
4. AR
5. Prepaid Expenses
6. Other Current Assets
7. Long Term Assets
8. Intangible Assets
9. Domains
10. Goodwill
11. Software Costs
12. Organizational Costs
13. Fixed Assets
14. Accum Depreciation
15. Accum Amortization
16. Liabilities
17. AP
18. Accrued Interest
19. Accrued Expenses
20. Current Liabilities
21. Deferred Revenue
22. Other Current Liabilities
23. Sales Tax Payable
24. Accrued Payroll
25. Long Term Liabilities
26. Line of Credit
27. Working Capital
28. Owners Equity
29. Common Stock
30. Preferred Stock
31. Par Value
32. APIC
33. Owners Draw
34. Partner Contributions
35. Opening Balance Equity
36. Retained Earnings
37. Equity Issuance Fees
38. Treasury Stock
39. Accumulated Other Comprehensive Income

3️⃣ Cash Flows Definitions

1. Direct Method
2. Indirect Method
3. Cash from Operating Activities
4. Cash from Investing Activities
5. Cash from Financing Activities

Download a high res copy of this from my website via the link at the bottom & in the comments 👇

Gross Profit vs Net income vs EBITDA vs Cash Flows

These 4 metrics are CRUCIAL to understand

They all tell you something different, and have their own time & place

1️⃣ GROSS PROFIT

➡️ What it means

▪️ The amount that’s left over from your revenue after you subtract the cost to deliver your product or service

➡️Where it’s found

▪️ The Profit & Loss

➡️ What’s the formula

▪️ Revenue - COGS

➡️ Why it's important

▪️ It helps you understand the maximum amount of money your business can earn - if you have a negative gross profit, you don’t have a business!

2️⃣ NET INCOME

➡️ What it means

▪️ The net profitability of your business for a specific period of time - IE all income less all expenses

➡️ Where it’s found

▪️ The profit & Loss

➡️ What’s the formula

▪️ Revenue - COGS - Operating Expenses + Other Income - Other Expenses

➡️ Why it's important

▪️ This is the ultimate number that you are generating in profitability from your business - if you keep posting losses, you will need to raise capital to sustain your operations

3️⃣ EBITDA

➡️ What it means

▪️ Earnings before Interest, Tax, Depreciation, and Amortization

➡️ Where it’s found

▪️ No where - it’s compiled separately and is a non GAAP Metric

➡️ What’s the formula

▪️ Net Income + Interest Expense - Interest Income + Taxes + Depreciation + Amortization

➡️ Why it's important

▪️ Many feel that EBITDA is a good approximation for cash flows. It is also commonly used to value businesses

4️⃣ Cash Flows

➡️ What it means

▪️ How much cash went in and out of your bank account

➡️ Where it’s found

▪️ The Statement of Cash Flows (or by taking the ▲ in cash on your balance sheet)

➡️ What’s the formula

▪️ Cash from Operating Activities + Cash from Investing Activities + Cash from Financing Activities (Or ending cash - beginning cash)

➡️ Why it's important

▪️ Cash is king - you can have the most profitable business in the world, but if your expenditures keep outpacing your receipts, you’ll have to raise capital to sustain your operations

If I had to focus on one, which would it be?

For me...Gross Profit.

Everything else falls into place once you have great margins...

But ofcourse, there are tons of factors to consider

Which one is your favorite?

Let me us know by joining in on the conversation in the comments below 👇

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Fractional CFO for Startups | Founder & CEO at Mighty Digits | Follow Your CFO Guy for Finance & Accounting tips!

No alternative text description for this image

𝐓𝐡𝐞 𝐖𝐨𝐫𝐥𝐝 𝐨𝐟 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 & 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 🌎
𝘸𝘩𝘦𝘳𝘦 𝘯𝘶𝘮𝘣𝘦𝘳𝘴 𝘢𝘭𝘪𝘨𝘯, 𝘢𝘯𝘥 𝘱𝘳𝘰𝘧𝘪𝘵𝘴 𝘴𝘩𝘪𝘯𝘦…

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I wish I had this poster when I started my career in Finance & Accounting…

There is SO MUCH opportunity

Let’s dive into each area:

ACCOUNTING

Responsibilities include:

▪️ Producing financial statements, and managing financial operations

Roles:

▪️ Bookkeeper

▪️ AP / AR Clerk

▪️ Payroll specialist

▪️ Procurement specialist

▪️ Controller

Certifications & licenses:

▪️ Certified Public Accountant (CPA)

▪️ Certified Management Accountant (CMA)

▪️ Enrolled Agent (EA)

▪️ Graduate or Undergraduate Degree in Accounting

Common Terms:

▪️ Debits & Credits

▪️ Balance Sheet, Profit & Loss, Statement of Cash Flows

▪️ GAAP

▪️ Accrual

Common Tools:

▪️ Accounting Software

▪️ Enterprise Resource Planning (ERP)

▪️ Excel, PowerBI & Google Sheets


🌎 CORPORATE FINANCE

Responsibilities include:

▪️ Identifying investment opportunities and assisting with various financial objectives

Roles:

▪️  Investment Banker

▪️ Head of Mergers & Acquisitions

▪️ VP of Capital Markets

▪️ Valuations Analyst

Certifications & Licenses:

▪️ Chartered Financial Analyst (CFA)

▪️ Masters in Business Administration (MBA)

▪️ Undergraduate or Graduate Degree in Finance or Economics

▪️ Series 6

▪️ Series 7

Common terms:

▪️ Free Cash Flows

▪️ Internal Rate of Return

▪️ EBITDA

▪️ Stock price

▪️  Market Capitalization

Common Tools:

▪️ Bloomberg Terminal

▪️ Excel & Google Sheets

▪️ MATLAB

Any much much more!

⬇️ Download this poster in high resolution from my website to find the details on all other areas 

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I post Finance & Accounting content everyday

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✉️ Join my newsletter Legit Numbers and get my unabbreviated Finance & Accounting insights delivered right to your inbox

🤩 Learn how to build CFO Dashboards & Reports in excel by taking my course (link in profile)

24 Startup KPIs 👇

1️⃣ Gross Margin → Gross Profit / Revenue

2️⃣ Cash Burn → Cash consumed, not factoring in financing activities

3️⃣ Churn → Lost revenue / customers who are no longer active

4️⃣ EBITDA Margin → EBITDA / Revenue

5️⃣ Customer Acquisition Cost → Cost to acquire a customer

6️⃣ Customer Lifetime Value → Total expected revenue from a customer over their lifetime

7️⃣ EBITDA → Net Income + Interest + Taxes + Depreciation + Amortization

8️⃣ Monthly Recurring Revenue → Revenue from customers subscribed to monthly recurring plans

9️⃣ Net Dollar Retention → Net revenue / opening MRR

🔟 Annual Recurring Revenue → Revenue from customers subscribed to Annual recurring plans

1️⃣ 1️⃣ CAC Payback → Period of time till you make back your Customer Acquisition Cost

1️⃣ 2️⃣ Sales Attainment → % of quota attained by sales team

1️⃣ 3️⃣ Average Contract Value → Total Revenue / # of Contracts (B2B)

1️⃣ 4️⃣ Expansion Revenue → Added Revenue from recurring customers

1️⃣ 5️⃣ Contraction revenue → Reduced revenue from recurring customers

1️⃣ 6️⃣ Budget Attainment → % of your budget achieved

1️⃣ 7️⃣ Average Revenue per User →Total Revenue / # of Users (B2C)

1️⃣ 8️⃣ Net Promoter Score → Used to measure customer loyalty based off of likelihood to refer

1️⃣ 9️⃣ Runway → How many months till you run out of cash

2️⃣0️⃣ Revenue run rate → This months revenue * 12

2️⃣1️⃣ Gross Profit → Revenue - COGS

2️⃣2️⃣ Cash out date → Date in which you run out of cash

2️⃣3️⃣ Net Income → Revenue - COGS - Operating Expenses + Other Income - Other Expenses

2️⃣4️⃣ Operating Expenses → Company Expenses not related to your Cost of Goods Sold, or Other Expenses

Did I miss any?

Let me know by joining the discussion in the comments below 👇


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Become an Accountant

This post will help you understand the many Degrees, Licenses, Designations, and Certificates, to help you become an Accountant

➡️ Accounting Degrees

These are academic qualifications awarded by schools

1. Associate's Degree in Accounting → two-year undergraduate program 

2. Bachelor's Degree in Accounting → Four-year undergraduate program 

3. Master's Degree in Accounting → Advanced graduate program for specialization, deepening knowledge, and meeting CPA requirements.

4. Doctoral Degree in Accounting → Research-oriented program preparing individuals for academic careers and advanced research in accounting.

➡️ Accounting Licenses

A legal authorization granted by a regulatory body that allows individuals to practice a specific profession

1. Certified Public Accountant (CPA)
   
  ▪️ Administered by → the American Institute of Certified Public Accountants (AICPA)
   
  ▪️ Exam sections →
   
  1. Auditing and Attestation (AUD)
   
  2. Business Environment and Concepts (BEC)
   
  3. Financial Accounting and Reporting (FAR)
   
  4. Regulation (REG)
   

2. Certified Management Accountant (CMA)
   
  ▪️ Administered by → the Institute of Management Accountants (IMA)
   
  ▪️ Exam Sections:
   
  1. Part 1: Financial Planning, Performance, and Analytics
   
  2. Part 2: Strategic Financial Management
   

➡️ Institute of Chartered Accountants in England and Wales (ICAEW)

▪️ Administered by → Institute of Chartered Accountants in England and Wales (ICAEW)

▪️ Exam Sections:

1. Certificate Level: Accounting, Assurance, Business and Finance, Law, Management Information

2. Professional Level: Audit and Assurance, Tax Compliance, Financial Accounting and Reporting, Financial Management, Business Planning: Taxation, Business Strategy and Technology, Audit and Assurance, Financial Accounting and Reporting

➡️ Association of Chartered Certified Accountants (ACCA):

▪️ Administered by →Association of Chartered Certified Accountants (ACCA)

▪️ Exam Sections:

1.  Applied Knowledge: Accountant in Business, Management Accounting, Financial Accounting

2. Applied Skills: Corporate and Business Law, Performance Management, Taxation, Financial Reporting, Audit and Assurance, Financial Management

3.  Strategic Professional: Strategic Business Leader, Strategic Business Reporting, Advanced Financial Management, Advanced Performance Management

Get the rest of the details by downloading this infographic from my website (check comments below) 👇

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Hey 👋 - thanks for reading!

I post Finance & Accounting content everyday

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✉️ Join my newsletter Legit Numbers and get my unabbreviated Finance & Accounting insights delivered right to your inbox

🤩 Learn how to build CFO Dashboards & Reports in excel by taking my course (link in profile)

Debt vs Equity

Both can fund your business

But each mean something completely different from the other

Let’s start with some definitions…

➡️ What does it mean to raise Debt?

Raising debt means you received money with the expectation that you will pay back the amount, almost often with interest

It is a liability (since it’s something you owe to a creditor)

and is CAPPED…that is, there is an exact amount that you owe

➡️ What does it mean to raise Equity?

Raising equity is when you receive money, but this time in exchange for ownership in your company

This means that you have a type of liability to the new owner, but this time it’s UNCAPPED…as it involves giving a share of the profit & loss / sale of the company away

This would show up in the Owner’s Equity section of your balance sheet

➡️ What are the Pros & Cons of raising debt?

Raising debt can be a great way to inject capital into your business if you are comfortable with repaying the amounts with interest

Business owners who are bullish on the future of their business may have no problem raising debt, since they feel confident they will be able to use that capital to generate an even stronger return than what they will pay in interest

The cost of the interest + the schedule in which you agree to repay the loan however may catch up with you, leaving you in a difficult position if things don’t go as planned

➡️ What are the Pros and Cons of raising equity?

Raising equity can often times be a great way to raise capital without having to repay the amounts…let alone the lack of interest payments

Often times an equity owner will also be a proud contributor to the management of the company, yielding the company both with capital as well as expertise

It can come at a steep cost however, as you no longer have as big of a pie to share in the profits

Equity owners may also get voting rights, ultimately controlling the direction of the company, which can cause problems if you are not aligned

➡️ When should you raise debt, and when should you raise equity?

While every business is subjective, my 2 cents are:

Raise debt when you feel confident that you have a proven formula for generating a large ROI with the capital, and the interest is low

Raise equity when you feel there is a fair valuation for the company, and you are aligned with the person who wants to become an equity holder in your business

That’s my take on raising debt vs equity

What would you add?

Let us know by joining in on the conversation in the comments below 👇

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Learn about Inventory & Accounting

➡️ What it means → goods that will be converted into finished products to be sold to consumers

➡️ Where it shows up → on the current assets section of the balance sheet

➡️ Valuation methods → these methods show you how you can value your inventory as it converts to COGS

1️⃣ FIFO - First In First Out

Treats the cost of the inventory sold based off of the price of the oldest inventory purchased

2️⃣ LIFO - Last In First Out *(infographic has a typo)

Treats the cost of inventory sold based off of the price of the most recent inventory purchases

3️⃣ Avg cost 

Treats the cost of inventory based off of the average price of all inventory purchases 

4️⃣ Specific identification

Treats the cost of inventory sold based off of the exact cost used when purchasing

➡️ Inventory components - inventory is often classified via one of these 3 buckets

1️⃣ Raw materials - goods purchased that will eventually be assembled into finished goods

2️⃣ Work in process - goods that have begun assembly but not yet completed as a finished good

3️⃣ Finished goods - goods assembled and ready to sell to consumers

➡️ Formula 

Beginning inventory 
+ new purchases 
- COGS 
= ending inventory

➡️ Journal entries

1️⃣ When purchasing inventory → DR Inventory, CR cash

2️⃣ When converting inventory to COGS → DR cost of goods sold, CR finished goods

➡️ Related accounts

▪️ Cost of goods sold - the costs to deliver your product or service

▪️ Freight in / inbound freight - the shipping costs associated with receiving your inventory

▪️ Freight out / outbound freight - the shipping costs associated with shipping your inventory to the customer

▪️ Inventory spoilage - the cost of inventory that has been damaged or destroyed and cannot be sold to customers 

▪️ FOB shipping point - buyer takes ownership and responsibility for the goods at the point of shipment

▪️ FOB destination - seller retains ownership and responsibility for the goods until they reach the buyer

▪️ Goods on consignment - Ownership remains with the seller until the buyer sells or uses the goods.

➡️ Benefits

👍 Easier to protect via a patent

👍 Can be used as collateral on a loan

👍 Variety of sales channels: ecommerce, physical stores, retail, wholesale

➡️ Challenges

😕 Can be difficult to reconcile

😕 Can lead to spoilage

😕 Can lead to working capital constraints 

😕 Margins can be low

That’s my take on inventory - what would you add?

Let us know in the comments below 👇

PS: This is an excerpt from my weekly newsletter, Accounting 101. 
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Calculate Break Even Point 🎯

The Break Even point is a coveted destination for many companies

It’s where your revenue finally matches your costs, and profitability is on the horizon

For most companies, this can be the goal right from day 1

For startups, this can come much further down the line as they start to prepare for an exit

➡️ How do you calculate break even?

This is most commonly expressed using your Revenue, and comparing it to your Fixed Costs and Variable Costs

➡️ What are Fixed costs?

These are costs that don’t scale with each sale.

If you are operating a restaurant, a fixed cost may be the rent that you pay each month

➡️ What are Variable costs?

These are the opposite of fixed costs…

IE, they change in proportion to the level of business activity

Back to our example of operating a restaurant, a variable cost may be the cost of materials in the food you are selling

➡️ How do you calculate Break Even?

The formula is rather simple

Break Even Point = Fixed Cost / (Sales price - variable cost)

➡️ Can we go over an example?

🥪 Let’s say you sell sandwiches

🏬 Your rent is $10,000 / month

💰 You charge $10 / sandwich

💸 and your variable costs if $6 / sandwich

The formula would be $10,000 / ($10-$6) = 2,500

That means when you sell 2,500 sandwiches…

You make $10,000 in profit…which is exactly what you need to break even on your fixed costs

🤑🤑🤑

That’s my take on break even - what would you add?

Let me know by joining the discussion in the comments below 👇

PS: If you like this dashboard, you'll love my CFO Excel Dashboards & Reports course where we'll build this dashboard + 14 others from scratch. Check out the link on my profile page

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The Accounting FP&A Yin Yang
they are 2 sides of the same coin

Accounting & FP&A each contains key responsibilities…

and together they make up your Finance & Accounting 🤝

So often I see these 2 sides clash

But when they work in harmony with one another, great things happen

Here’s an overview on what Accounting does

➡️ Accounting

🔸Financial Reporting - “closing out” your financial statements in your accounting software (often known as bookkeeping)

🔸AP - coordinating & processing bill payments to vendor

🔸Invoicing - sending invoices to customer, and coordinating collections

🔸Payroll - onboarding employees, approving & processing payroll, coordinating with state tax agencies (parts of this function may be handled under HR)

🔸Taxes - annual federal & state income tax filings, Delaware franchise tax, sales tax (typically not done in house at a startup)

🔸 Audit - coordinate audit with external auditing firm (usually done after Series B)

But that’s just one side of the coin. The other function is just as crucial…

➡️ Financial Planning & Analysis (FP&A)

🔹 Projections - adding forecasted figures for all areas of the business (revenue, cash flows, ARR)

🔹 Data analysis - analyzing data to optimize for better costing / profitability

🔹 Budget vs Actuals - comparing what you had projected vs what actually took place. (My favorite area of FP&A)

🔹 Board reporting - providing the board of directors with key summaries on what’s happening…another one of my favorites

🔹 Fundraising - wowing investors, and showing them how you’ll be 100x’ing each month for the rest of eternity 🤑

What’s my #1 advice for Finance & Accounting professionals?

LEARN BOTH

There’s so much you can do when you understand how to prepare data, as well as analyze & draw meaningful insights from that data

If you’re an accountant - learn how to build a 3 statement model, or how to prepare a budget vs actuals…or a beautiful dashboard

If you’re in FP&A - learn what debits & credits are…or how cash vs accrual accounting works

I’ve seen few achieve this well, unless you’re a CFO - which would be a require you to learn both

But don’t wait till you’re a CFO. Learn today

Your career depends on it

===

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I post Finance & Accounting content everyday

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The 10 Commandments to Financial Reporting
keep them sacred...

1. Balance thy Debits with thy Credits
   
  ◾ Debits & Credits communicate increases or decreases in your general ledger accounts. They must always equal one another 
   
2. Thou shalt recognize assets that are equal to liabilities + owners equity.
   
  ◾ Assets are items of economic value that the business possesses or substantially controls. Liabilities and Owners Equity represent how those assets were funded, both via capped amounts to creditors (Liabilities), as well as uncapped amounts to owners (equity)
   
3. Thou shall not forgo thy bank reconciliations
   
  ◾ Bank reconciliations are prepared in order to confirm that your bank balance matches to the statements from the bank
   
4. Honor thy auditors
   
  ◾ Audits are prepared in order to verify the accuracy of financial reporting, and must be completed by an independent auditor for public companies
   
5. Remember thy workpapers, and keep them holy.
   
  ◾ Workpapers showcase the details behind the balances found in your financial statements
   
6. Provide unto thyself a clear chart of accounts.
   
  ◾ Your chart of accounts are the accounts that show in your financial statements. They should be clear, concise, and descriptive
   
7. Follow thy sacred path of GAAP or IFRS.
   
  ◾ GAAP stands for Generally Accepted Accounting Principles, and is a reporting standard primarily used in the US. IFRS stands for International Financial Reporting Standards, and is used in many other countries around the world
   
8. Thou shall covet thy Income Statement, Balance Sheet, and Statement of Cash Flows.
   
  ◾ The Income Statement tells you what amounts you are earning vs consuming, and multiple levels of profitability. The Balance Sheet shows a snapshot of your business at a certain point in time. The Statement of Cash Flows showcases your movements in cash
   
9. Honor thy matching principle under accrual accounting
   
  ◾ Under accrual accounting, Expenses must be matched with the period in which the income was generated
   
10. Thou shall disclose all relevant financial information and potential risks
   
  ◾ The notes to the financial statements provide additional information and explanations to enhance the understanding of the financial statements.
   

Did I miss any?

Let me know in the comments below 👇

***

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I post Finance & Accounting content everyday

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The House of FP&A 🏠 

------------------------------------------
📧 This post is an excerpt from my new weekly newsletter FP&A Secrets 🤫. 
Sign up below to get content like this delivered right to your inbox
------------------------------------------

FP&A stands for Financial Planning & Analysis

And before you can PLAN or ANALYZE, you need DATA

➡️ The Foundation: Your Source Data

Your Data can come from a number of sources, such as:

1. Your Financial Statements
2. Your General Ledger
3. Your Financial Model
4. Your Payroll Platform
5. Your Database
6. Your CRM
7. Your Payment Gateway
8. Your Sales Platform

The key here is to ensure that your data is ACCURATE and EASY TO ACCESS. 

Without these 2 points, your entire house can collapse


➡️ The Structure: Your Analysis

Now it’s time to analyze your data

Ask yourself what happened this period that deserves attention

Did the numbers wildly change from last period?

Did you miss your budget by a large amount?

My favorite methods are a mixture of horizontal analysis ↔️ (how this compares to other periods)

As well as vertical analysis ↕️ (how each metric compares to another, ex: payroll as a % of revenue)

➡️ The Roof: Your Presentation

Now that you have your data analyzed, it’s time to present your insights

Start by understanding who is ingesting this information. 

Is it the CEO?

The Board of Directors?

Prospective investors?

Each audience can mean a different area to focus on, and a different story to tell

When presenting your findings, it’s most common to present in PowerPoint, though I’ve seen many presentations flow directly from excel / google sheets

Aside from presenting WHY this is important, be sure to invest in DESIGN. 

A well designed presentation can make the world of a difference over a poorly designed presentation with the same exact data

Got anything to add to the house?

Let us know in the comments below 👇

✉️ This post was an excerpt from my new weekly newsletter FP&A Secrets 🤫 
Sign up over here: https://bit.ly/3BV27xo

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The Business Financing Playbook

At some point, your business may need money

This post contains every detail that I’m aware of on how to finance your business

➡️ Debt

What it means → Money lent by creditors who will often times be paid back with interest

Types of Instruments:

1️⃣ Line of credit→ Amounts lent where interest is charged on the amount borrowed

2️⃣ Convertible note → Debt that offers the right to future equity upon a qualifying financing event, including a discount or cap in valuation

3️⃣ Simple Agreement for Future Equity (SAFE)→ Debt that offers the right to future equity without specifying an initial valuation or interest rate

4️⃣ Venture Debt → Debt offered to venture backed startups, which may allow for conversion to equity

5️⃣ Financing on Collateral → Debt collateralized often times by an asset (inventory, fixed assets, receivables)

Journal Entry → since it’s a liability, it will ho UP with a CREDIT, and DOWN with a DEBIT

Pros → You don’t need to give up ownership, You know exactly how much you will owe

Cons → Can be expensive, You typically need to pay debt holders before you can pay equity holders

➡️Equity

What it means → Money invested in exchange for ownership in the company

Type of Instruments:

1️⃣ Preferred stock → Stock that includes preferential liquidation preferences over common shareholders

2️⃣ Common stock → Stock that includes voting rights

Journal Entry → since it’s an equity account, it will go UP with a CREDIT, and DOWN with a DEBIT

Pros → You don’t have to pay back the money invested, can often times be accompanied by help in management of the company

Cons → If your business takes off, you can pay much more compared to debt, If too much equity is given, you may lose control in your company

➡️ Crowdfunding & Customer Financing

What it means → When your customers fund your capital needs through sales (and sometimes ownership)

Journal Entry → Since it’s an income or equity account, it will go UP with a CREDIT, DOWN with a DEBIT

Pros → No need to pay back the capital, Business can benefit & grow from the extra income

Cons → May require a large discount or special offer to secure large funding, May come with a request for equity if the contributions are large enough, Customers may request a refund, Can be difficult to incentivize customers to purchase a large amount

➡️ Grants & Other Income

What it means → Money received from foundations and other entities, often times in order to support growth

Pros → No need to repay principle, Often times accompanies other forms of support from the grant donor (like advice & expertise)

Cons → May be difficult to qualify, Will often times require heavy reporting, May come with restrictions on the use of the capital

Journal Entries → Since it’s an other income account, it will go UP with a CREDIT, DOWN with a DEBIT

What would you add?

Let us know in the comments below 👇

PS: Enjoyed this post? You’ll love my newsletter: https://bit.ly/3ovBFYg

10 Business Taxes

As the famous saying goes…there are only 2 things certain in life: death, and taxes

Note that these taxes can differ based off of the country you live in, but many have the same concepts

1. Corporate Income Tax → This refers to the federal + state tax on the profits earned by a business

2. Sales Tax → This is a tax imposed on the sale of goods and services. 

The amount charged will differ based off of the jurisdiction and whether there is nexus (a qualifying event where tax must be charged, such as a physical presence in a state). 

Although this is a tax paid to the government, it is typically charged to the customer, and remitted to the government, resulting in a 0 taxable expense to the company

3. Payroll Taxes → Taxes paid on wages and salaries of employees. 

This includes taxes for Social Security, Medicare, and federal/state income tax withholding. 

This is often times the largest tax a company will pay, since payroll is often times the largest expense. 

Note that this is different from the amounts that the employee must remit to the government

4. Value Added Tax (VAT) or Goods and Services Tax (GST) → This is a consumption tax levied on the value added at each stage of the production and distribution of goods and services. 

It is commonly used in many countries outside the United States.

5. Property Tax → This is a tax on real estate or personal property owned by a business, such as land, buildings, equipment, or vehicles. 

The rate is typically based on the assessed value of the property.

6. Excise Tax → This is a tax on specific goods or activities, such as alcohol, tobacco, fuel, or luxury items. Excise taxes are often levied in addition to other taxes.

7. Employment Taxes → Besides payroll taxes, businesses may be responsible for other employment-related taxes, such as unemployment insurance tax and worker's compensation insurance.

8. Franchise Tax → This is a tax imposed on certain types of businesses or entities for the privilege of operating within a specific jurisdiction. 

The most common is the Delaware Franchise Tax, as Delaware is a common state where many US corporations incorporate

9. Customs Duties → These are taxes or tariffs imposed on goods imported or exported by a business. 

The rates can vary based on the type of goods and the countries involved.

10. Estimated Taxes: These are payments made by individuals or businesses to prepay income taxes based on the expected income for the current year, typically applicable for self-employed individuals and businesses with no withholding obligations.

This post is an excerpt from an upcoming course I’m preparing on Accounting 101.

Interested in being a part of it? Let me know in the comments below and I’ll get you the details 👇

Budget vs Actuals → my FAVORITE report

In fact…if I had to present just one report to a CEO, it would be this one

Why?

First… let’s start with some definitions:

➡️What is a Budget vs Actuals report?

A Budget vs Actuals report allows you to compare what you THOUGHT was going to happen…

…to what ACTUALLY HAPPENED

This can be anything in the business, though a profit and loss is most commonly included

Next…

➡️ Why is this my favorite report?

Well, a number of reasons:

1️⃣ It Adds Credibility

The biggest thing you can do to add credibility with this report is to have a STORY for every line…

➡️ Explain what happened

➡️ Explain what you thought would happen and why

➡️ Explain how the 2 differ…or ideally, are aligned 🎯

Of all the exciting feelings I’ve had in my career…

Accurately predicting what would happen has been amongst the top

2️⃣ It Allows you to Aggregate the most important KPIS

There are a million and one financial reports out there…

The Budget vs Actuals is often concise, showing all the key takeaways from the largest areas of the business

The truth is a budget vs actuals report can be as detailed as you wish…

My favorite method is to start on a summarized level, and then drill deeper into details where needed

3️⃣ You can prepare it with nice DESIGN 🤩

Unlike a Profit & Loss or a Balance Sheet… A Budget vs Actuals often includes various graphs

These graphs give you the opportunity to explain what’s happening more easily

and allows you to add value to the presentation with some pretty design

Don’t undermine how much value stunning design to add to a financial report!

Those are my reasons for why the Budget vs Actuals is my favorite report

What do you think about the Budget vs Actuals report?

Let me know by joining us in the discussion in the comments below 👇

PS: I’m giving this template away for 50% off today. Use coupon code "50BTAC” over here:
https://bit.ly/43vmzk6

Learn how to build this dashboard + 14 others with my dashboards course over here
https://bit.ly/3Bq6sID

Here’s how I build beautiful CFO Dashboards & reports in Excel 🤩

1️⃣ Start with your aggregating data

Your data can come from any source such as

➡️ Your Accounting Software

➡️ Your Financial Model (my favorite)

➡️ Your CRM

➡️ An excel sheet

Regardless of where it comes from, the first step is to get it all ready, and ensure it is accurate 

2️⃣ Clean your data

Once you have your data, it’s time to get it cleaned and ready to use dynamically in your dashboards & reports

That means

➡️ Getting your data in a consistent structure across all data points

➡️ Converting your data to a table format

➡️ Cleaning data via power query

➡️ Unpivoting dates so they show in a column

If you master this step, you can create any dashboard at 10x the speed of doing it manually

3️⃣ Outline which metrics you want to showcase

Are you showcasing a summarized profit & loss?

A budget vs actuals?

Or perhaps a combination of your most important KPIs?

The key is to understand what you want to convey, thinking about who the intended audience is, and the objective of the data you are trying to convey

4️⃣ Utilize design principles

Once you have all of that information ready, it’s time to start designing your dashboard

I STRONGLY urge you to treat design as a high priority

Remember…we human being crave visually appealing resources

The best dashboards not only tell you important data

They are also pleasing on the eye

5️⃣ Create inputs to allow for easy toggling of the dashboard

It’s common to create inputs allowing you to change for the time period shown

it can also be effective if you give flexibility to edit the metrics you are trying to pull in

Once this part is mastered, you can reuse your dashboard for any time period, and to showcase any metric

If you enjoyed these tips, you’ll LOVE my CFO Excel Dashboards & Reports course that’s launching tomorrow May 16th.

I’m giving a 50% discount if you sign up before it goes live with promo code CD50LI

Register here: https://bit.ly/3Bq6sID

***
Hey 👋 - thanks for reading!

I post Finance & Accounting content everyday

➕ Follow me and hit the bell 🔔 icon on my profile to be notified of every post 

✉️ Join my newsletter Legit Numbers and get my unabbreviated Finance & Accounting insights delivered right to your inbox

🚀 Elevate your career and learn to build a 3 statement model (link in my profile)

Learn how to build a PivotTable Profit & loss

A few weeks ago I did a post on the benefits of creating a PivotTable Profit & loss (check it out over here https://lnkd.in/ebSeFRMu)

Now I’m here to explain step by step how you can create one yourself

1️⃣ Export your Profit & loss

Start by exporting your Profit & Loss from your accounting software on a monthly basis

If you don’t have an accounting software, you can go ahead and create your own profit & loss

2️⃣ Add 2 columns for Grouping 1 and Grouping 2

These 2 columns will allow you to aggregate your data in your PivotTable so you can have the right mix of detail vs summary as you expand and collapse

3️⃣ Convert your Profit & Loss to a table

Highlight your data, and hit Control + T. There are so many benefits to working in a table format…one of the biggest being your ability to load it into the Power Query Editor

4️⃣ Load your Data into Power Query

Power Query may be my favorite excel tool - there’s so much you can do with it.

Think of it like a way to write macros on your data with a simple click of a button

Anytime you refresh your data, those “macros” get applied

To load into Power Query, navigate to “Data” and then under “Get & Transform” hit “From Table / Range”

5️⃣ Unpivot your data

Now that you’re in the Power Query editor, we’re going to unpivot our dates so that they show in a column instead of across multiple columns going vertically

Simply click the columns you don’t want unpivoted, and click “unpivot other columns”

This is my favorite Power Query function!

6️⃣ Set your PivotTable

Now that we have our data ready to use in our PivotTable, let’s add fields to our rows in this order
Grouping 1 > Grouping 2 > Account

Then for the values we’ll add our value field

And for the columns, we’ll add our date

7️⃣ Set a custom list

This is looking good, but we have one last important step - creating a custom list so we can sort for the correct order of our P&L

To do that, navigate to File > Options > Advanced > Custom List

Then write out the custom list for Grouping 1

Navigate back to your PivotTable and hit Sort

8️⃣ Add a timeline slicer & make it all pretty

Now let’s make a bit pretty by changing the styling, adding a timeline slicer, and giving a nice title

There you go! You just created a PivotTable Profit & Loss

Got any questions / thoughts to add?

Let us know in the comments below 👇

PS: Check out the comments to get a copy of this template

***

Hey 👋 - thanks for reading!

I post Finance & Accounting content everyday

➕ Follow me and hit the bell 🔔 icon on my profile to be notified of every post

✉️ Join my newsletter Legit Numbers and get my unabbreviated Finance & Accounting insights delivered right to your inbox

🚀 Elevate your career and learn to build a 3 statement model (link in my profile)

Taplio

Josh Aharonoff, CPA's Linkedin Analytics