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Dan Romero
@dwr.eth
Unblock Monday Describe a problem you're stuck with in a cast and I'll give you a cast-length suggestion (and may link to something else). Like everything in this channel, people should feel free to jump in. AUA (ask us anything), not AMA.
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randychai.eth
@rcyh
I’m trying to learn from early-growth-stage founders/finance teams how they prepare monthly P&L statements/recurring investor updates type of financial reports, but it's challenging to get them to show me their step-by-step process over a call/in person. They often cite that the data is too sensitive or do not reply.
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Dan Romero
@dwr.eth
1. Do you have a lot of personal experience with this problem in a previous company / job? 2. Why do you think this is a problem worth solving? Separately, define "early growth stage" — are you saying pre-product market fit or post-product market fit. My sense is people stop sending investor updates after growth.
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randychai.eth
@rcyh
Thanks for responding, Dan! 1. I have some experience with my previous company. Completing monthly P&L takes almost a day, caused by manually exporting and importing bank account and subscription payment/refund statements to Google Sheets. 2. I believe manual and error-prone repetitive finance tasks can be automated.
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Dan Romero
@dwr.eth
I agree with the second point, but it comes down to how much of a pain point for the person that has the budget / authority to buy a more automated solution. If I'm a founder that hired a VP Finance who hired an financial analyst, this is not a problem. Not existential to replace that role with software if good enough
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randychai.eth
@rcyh
Thanks, Dan! I appreciate your time, effort, and insights 💪🏼 If possible, I’d love to connect with your VP of finance or analyst to learn more about their processes and what they find most time-consuming/inefficient to do their job well (with regard to management accounts).
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Dan Romero
@dwr.eth
lol, there's no VP of Finance haha team is 12 and everyone is an engineer other than me :)
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