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 code executive salaries and expenses in your SaaS P&L


• Why department-level cost centers (Sales, Marketing, Services, etc.) are crucial for accurate SaaS metrics


• How misclassifying expenses can hurt your valuation and confuse investors during due diligence


• The golden rule: G&A should not be a dumping ground


• Tips on ensuring your bookkeeping process supports clean financial reporting

Why It Matters for SaaS Operators & Investors:

• Accurate SaaS P&L structures are essential for clean reporting to boards and investors.


• Incorrect coding can skew key investor metrics like gross margin and operating expense ratios.


• A well-coded SaaS P&L provides the foundation to benchmark your business, manage spend, and maximize company valuation during fundraising or exit processes.

Resources Mentioned:

How to Properly Structure Your SaaS P&L (Blog Post + Example Template)

Quote from Ben:
“As a CFO, G&A isn’t a catch-all—it should only hold true G&A costs. Every expense needs to follow the people creating it.”