SaaS Metrics School

Why a Perfect SaaS P&L Can Still Hide Serious Problems


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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.linkedin.com/posts/benrmurray_saas-activity-7418308514533552128-l2eG/
  • SaaS P&L Blog Post:
  • SaaS Metrics Course: 
  • What You’ll Learn

    • Why a clean SaaS P&L can still hide structural business risk
    • How revenue commingling and miscoding undermine financial clarity
    • When and how to reclass employee costs across departments
    • Why materiality matters more than perfection in early-stage accounting
    • How customer concentration risk often surfaces late in due diligence
    • Why It Matters

      • A SaaS P&L is only as useful as the assumptions behind it
      • Poor expense classification can distort margins and unit economics
      • Misunderstanding departmental cost ownership leads to flawed decisions
      • Customer concentration can materially impact valuation and investor confidence
      • Strong financial systems require both structure and experienced oversight
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        SaaS Metrics SchoolBy Ben Murray

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