In this episode of Controllers Classified, host Erik Zhou, CAO at Brex, dives into the world of accounting and automation with Jake Jones, Controller at FinQuery. Jake shares his journey from a decade at Cherry Bekaert to his current role, detailing the transition from audit to client side and his 30, 60, 90 day ramp up plan at FinQuery. He also shares some background on his company, including their approach to their recent fundraising efforts and the accounting team’s role in that. The discussion then turns to achieving efficiencies in the accounting process. Jake shares how he got their accounting close down to 5 days from 10 days, and reflects on the productivity benefits of automation. He underscores the need for ongoing collaboration with cross-functional partners like rev ops, sales, and engineering teams to ensure seamless tool and system integration, and shares how he thinks about evaluating new accounting tools and technology. The episode wraps up with an insightful discussion on the importance of taking the accounting function from proactive to reactive through continuous process improvement. And at the conclusion, Jake closes out with some funny anecdotes from his early days in audit, including the time he had to audit medical socks as a part of inventory count. Key Quotes“It’s very easy to get your CPA and forget about it. But there are so many things that are changing, it’s important to stay up to speed.”“Going through the fundraising process, it was important that we had a good bridge between accounting and the FP&A team.”“We’ve had to work a lot with our Rev Ops team to make sure we know about changes in Salesforce.”“We’ve had a lot of support from our CFO around relying on automation tools. We were closing in ten days when I first started and we’ve gotten down to five.”“I always look at: are the dollars you’re going to spend worth the time you’re going to save?” “For us, we want continued process improvements. We want to be a proactive instead of reactive organization.” Time Stamps(00:38) Jake’s career journey(04:09) The importance of community building(11:31) The role of Jake’s accounting team in fundraising(19:03) Transition from Auditor to Controller (27:32) Implementing new tools and systems(30:00) Evaluating ROI on various vendors(32:02) Challenges and successes of automationLinksConnect with JakeVisit FinQueryConnect with ErikVisit Brex

In this episode of Controllers Classified, host Erik Zhou welcomes Jessica Peng, Controller at Invoca, to delve into mastering change management. Jessica got her start in a Big 4 helping companies build the right controls as a part of SOX readiness. This experience being audit side shaped her approach to controllership in many ways, including her willingness to push back on her auditor partners now when they have asks that place undue burden on her team and her desire to always balance efficiency and effectiveness in her controls. Jessica briefly touches on her team structure and priorities, and then dives deep into a discussion on change management, using a two-year journey to implement a new revenue recognition process and system as her example throughout. In this example she highlights: Why a discovery process is important prior to implementing new tools or systemsHow to adjust on the fly when you identify new dependencies after the discovery processThe best way to engage cross functional partners and executives in change managementConsiderations for managing a high-performing team through changeUltimately Jessica’s reflections offer a practical roadmap for organizations undergoing major system changes - you won’t want to miss it.Key Quotes“Having been on the audit side, you end up having a different level of interaction with your own auditors [once you’re client side]. For example, if you haven’t been on the audit side, if you’re asked for something, you will boil the ocean to provide it. But I generally question it - how important is it really? What are you trying to achieve” “Our finance team needed to be kept in the loop on any revenue recognition changes. But we really need to also work closely with the business systems team - we have daily stand ups with them to get on the same page” “You need executive sponsorship when you’re taking on change management in addition to having people work their day-to-day jobs. For example, executive team needs to understand that month end close may be a date late as the team works on something else” “I had an auditor partner say ‘bad news doesn’t get better with age’ - it is important to keep that in mind. You want to encourage executives to keep an open mind so people are more willing to come to them when things go wrong” “You should never automate in a way that doesn’t allow exceptions” “I have team members who want to get to the next step. And I have team members who are happy doing what they are doing. It comes down to what they want” Time Stamps(02:08) Audit side experience(5:00) Transitioning companies to SOX compliance(11:26) How audit side experience shapes approach to controllership(19:19) Jessica’s team structure & priorities(23:15) Change management with new revenue recognition process(31:35) Engaging cross functional partners(35:30) Executive sponsorship during change management(41:30) Managing and growing a team through change(45:11) Controllers are fun too!LinksConnect with JessicaLearn more about InvocaConnect with ErikVisit Brex

In this special bonus episode of Controllers Classified, host Eric Zhou, Chief Accounting Officer at Brex, is joined by Kevin Moore, Brex's Controller, to discuss the recent resignation of Ernst & Young as the auditor for Super Micro Computer. The conversation delves into the nuances surrounding auditor transitions and explores potential reasons behind such decisions, touching on factors like corporate governance, risk management, and regulatory scrutiny. The episode also highlights the challenges that will be faced by both the internal accounting team at Super Micro and the audit team at EY as a result of the shift. LinksConnect with KevinConnect with ErikVisit Brex

In this episode of Controllers Classified, we explore the role of accounting in scaling businesses as well as public company accounting processes with Eric Van Cleve, Controller at 8x8. The episode begins with a recap of Eric’s career in accounting, detailing his discovery of accounting in college and how he worked his way up the ladder once he landed client side out of college. He notes that he found the most success when he focused on being interested, proactive, curious and capable. The episode then turns to a discussion on how to think about directing accounting operations at scaling companies. Eric shares how he thinks about team structure to ensure efficiency in the close process as well as his decision making framework for where to automate and where to offshore.  In every decision, he tries to factor in not just current but also future business needs. From there, the discussion deep dives into private vs. public company accounting, with Eric providing advice to finance and accounting leaders at pre-IPO companies regarding what to prioritize as they think about SOX readiness. He notes that these companies must be able to confirm that the answers they get to in their data are in fact the right answers. In other words, teams have to be able to prove out their control processes and ensure that reporting obligations can be met. And of course, teams should familiarize themselves with 10Ks and 10Qs. The episode closes with Eric’s favorite accounting joke. Why did the accountant break up with the calculator? Tune in now to find out! Key Quotes“I found myself being very proactive in going after the areas I wanted to be a part of. Leaders are looking for who is interested and who is capable” “If you want to get to a one day close, you need to structure your team in such a way that you are closing your sub-ledgers first in APAC, then analyzing the data in EMEA, and doing a check/consolidate view of the information in the US.” “We look at industry benchmarks to assess what makes sense for every control in our process”“You need your team to know what the right answer is so that way when you’re delivering it to the auditors, they can do their basic checks”“I would first look at what your reporting obligations are going to be - get yourself familiar with what 10Ks and 10Qs look like” Time Stamps(07:19) Streamlining accounting processes for a faster close(10:09) Automating and accelerating accounting processes(27:51) Accounting processes at public companies(33:48) Preparing accounting teams for auditsLinksConnect with EricLearn more about 8x8Connect with ErikVisit Brex

We’re thrilled to be joined by Jack McCullough, President of the CFO Leadership Council, for this episode of Controllers Classified. The discussion begins with a recap of Jack’s inspiring journey from being a rookie CFO in need of peer support to creating a thriving network & community of 2000+ CFOs across 33 chapters in North America.The episode takes a deep dive into how accounting and finance professionals can think about growth and development. It starts first with a look at the evolving role of CFOs, and the rise of the CAO role to help with the more technical parts of accounting as the CFO takes on more operational responsibilities. Jack and Erik then discuss the challenges that accounting and finance leaders face today and what that means for the skill sets required to be successful in the role. Jack in particular highlights how more than ever accounting and finance professionals need to develop skills related to leadership, innovation, finance, and technology as they tackle challenges around keeping pace with technological evolution and retaining a high performing workforce. The episode then pivots to a discussion on the importance of mentorship, sponsorship, and allyship, and how all play a role in creating a diverse and inclusive pipeline of accountants and finance professionals. Jack notes that one of the most impactful relationships he has in the workplace is a reverse mentorship where he learns from a finance professional of a younger generation. To cap the episode off, Jack shares one of his favorite stories from his audit days & some of the more amusing expense reports that he has seen in his time. Whether you're a seasoned finance professional or just starting out, this episode is packed with valuable insights and engaging stories that can inspire how you choose to chart your path to growth. Key Quotes“CFOs no longer record history, they make history. The days of reporting what happened after it happened are gone.”“Accounting is so much more complex even than it was 10 or 15 years ago, and by the way, the consequences for screwing up accounting are relatively severe, especially if you’re a public company or aspiring to be a public company” “The best CFOs are embracing digital strategically, not just to reduce costs” “Every CFO I talk to struggles with recruiting, retaining, and upskilling people”“CFOs need to storytell like Warren Buffett. He inspires confidence and trust across audiences, which is a rare skill” “I have a Gen Z reverse mentorship. I learn more from her than she from me”Time Stamps(00:00) CFO Leadership Council growth and expansion(12:34) Evolving roles of CFOs(21:40) Necessary CFO skills(28:59) The importance of diversity(38:48) Finance and accounting anecdotesLinksConnect with JackLearn more about the CFO Leadership CouncilListen to Secrets of Rockstar CFOs Podcast Connect with ErikVisit Brex

In the season two premiere of Controllers Classified, host Erik Zhou welcomes Matt Didden, Controller at NexHealth. The conversation begins with a recount of how Matt landed in accounting after graduating in the 2007-2008 financial crisis and realizing that the world would always need accountants. It then highlights his transition from consulting/audit to client side, and the broadening of his scope from pure financial reporting to handling a myriad of complex business challenges. The episode then turns to its primary focus: accounting considerations in highly regulated industries. Matt points to specific examples - like the anonymization of patient information in line with HIPAA before bringing it into an ERP system - where he’s had to marry accounting best practices and standards with broader industry regulation and requirements. The episode concludes with discussion around communicating and working effectively with executives and cross-functional partners. Matt shares specific cross-functional project examples related to equity award grants for employees and product launches, and the role that accounting played in each. And as always, the episode closes out with Matt sharing a funny accounting anecdote from his earlier days in audit. Key QuotesOn the role of a controller: “It's not all debits and credits every day. You're really able to step in and be an advisor for the business. And it's a really great path that I feel like I've taken my career down.”On operating in a regulated environment: “We've had this before where we invoice our customers and they say ‘wait, is any of this information going to be on our invoice or in statements?’ And we can confidently and quickly tell them to not worry. We've separated our systems. None of the HIPAA protected data is going to be in our system here. It really helps your customers know that this is a big focus of yours. Because it's certainly a focus of theirs.”On communicating with execs: “I think about two things, what is the question they're trying to answer? And when they get that answer, what are they going to do with it?  I think those two things in parallel are really important.”Time Stamps(00:51) Intro(07:21) Being a strategic partner to the business(10:30) Accounting in highly regulated industries(23:08) Engaging cross-functional partners on projects(43:01) Controllers are fun tooLinksConnect with MattLearn more about NexHealthConnect with ErikVisit Brex

In the season 1 finale of Controllers Classified, host Erik Zhou is joined by Sarah Hinkfuss from Bain Capital Ventures for an overview of the VC investment landscape and a deep dive into her investment due diligence approach for growth stage companies. The episode begins with Sarah highlighting milestones from her career, including her time conducting water pricing research in the Middle East, her transition into tech, and her pivot from tech into investing. Underlying everything is her passion for empirical based decision making and a belief that complex problems require a multidisciplinary approach. The conversation then pivots to the investment landscape. Sarah explains the relationship between companies, VCs, and LPs, and how the macroeconomic environment is driving a “flight to quality”. The result is companies are being asked to balance growth and profitability, and increasingly making hard decisions around what to keep and what to cut. Sarah then gives listeners an insider's look at her investment due diligence approach for growth stage companies, underscoring the importance of a company’s financials in this process. She spends some time explaining why unit economics and a business model are so important  and notes that it’s not just about seeing the numbers. A founder must have a clear narrative about what drives their business and where they see things going in the future. Sarah also touches on the transition from Series A to Series B, and the nuances in the fundraising process for early vs. growth stage companies. This episode is a must-listen for founders & finance leaders aiming to navigate the complexities of fundraising in today’s macroeconomic environment. Key QuotesI have deep empathy for founders at the growth stage. I know how hard it is to create culture and to bring people along when you’re going from knowing everyone at the company to creating a system and process that keeps everyone on the same page. There are a lot of growing pains that are a privilege to go through but I know how hard they are.Where I would say we are now is a flight to quality. Companies have had to realize that the way they create value is by creating cash flow.For anyone who is thinking about raising a round, I would strongly encourage you to do market checks ahead of time.A founder needs to have a unique insight on the market. We look at how effective a founder is at telling their story and articulating that unique insight.Three things that are important to share with investors: your unit economics (how you think about your business drivers), business model (how you think about your future), and your memo (what’s your narrative)Even if you don’t have a finance background, a model at its core is logic. What are your inputs and what are your outputs?The investors that you want on your cap table are ones that really understand your business and the drivers of your business.Time Stamps(2:03) Sarah's journey to Bain Capital Ventures(7:15) The investment landscape(12:22) An investor’s due diligence(21:55) What investors want to see from your financials(40:45) Sarah's son goes looking for EBITDALinksConnect with SarahVisit Bain Capital VenturesConnect with ErikVisit Brex

In this episode of Controllers Classified, host Erik Zhou is joined by Eugene Spevakov, Treasurer and Head of Corporate FP&A at 6sense. The conversation begins by tracing Eugene’s path, highlighting his start in civil engineering and his transition into treasury and corporate finance.  The episode then dives deep into the primary responsibilities of a treasury function: cash and risk management (aka, you need to be able to move money from point A to point B safely). Eugene spends time explaining what both mean and best practices associated (tip: prioritize cash preservation, liquidity, then yield).  As a part of that, he reflects on the SVB collapse a year ago, and how that galvanized a lot of companies to take a hard look at their cash and risk management processes. The conversation pivots to Eugene’s focus areas and accomplishments at 6sense. He shares how he built the company’s first official treasury function, executed a senior secured credit facility, and designed an investment portfolio to optimize yield and reduce banking fees. As a part of this, he spends a few minutes on the macro environment, including the end of the ZIRP era and the influence of geopolitics. His primary point? Manage the risk you can control, and scenario plan for what you can’t. This is a “don’t miss” episode for finance leaders looking to build effective cash and risk management strategies.  Key Quotes“Money needs to move around. A treasurer’s job is to make sure the cash is managed - that it comes in, out, on time, goes to the right place, has a place to stay, etc.”“Ultimately treasury and finance in general is a service organization. We serve our stakeholders internal and external. As these stakeholders move faster, we need to make sure we can respond to their needs”“Cash forecasting is crucial. There are a lot of levers that a company can use for capital preservation. You have to have a good plan, and yes there are some things you can’t control, but you can control your expenses.”“If the business says ‘hey, we’re going to launch a new product’, what does it mean for your working capital? Do we have the funding?”Time Stamps(1:07) Eugene’s transition to treasury(15:09) Unique challenges in treasury functions(24:59) Cash management in a changing environment(31:38) Best practices for designing an investment portfolioLinksConnect with EugeneVisit the 6senseConnect with ErikVisit Brex

On this episode of Controllers Classified, host Erik Zhou welcomes Patrick Lynch, Senior Vice President and Controller of the Boston Celtics, who shares his journey from ball boy to financial leader for the team. Patrick highlights the milestones of his career, including his transition from an internship to working closely with the CFO, and the significant growth of the Celtics organization. He also imparts wisdom on how to seize career advancement opportunities and offers advice for those aiming to enter the sports industry.The discussion then does a deep dive into the world of accounting and finance for sports teams. Patrick shares his goals for the upcoming year - accurate reporting, cash management, and cost efficiencies - and then details why those things specifically matter in the sports industry. For example, while a private company, the Celtics are subject to several reporting requirements as a part of the NBA, and Patrick’s team is responsible for the integrity & synthesis of that data. Similarly, the Celtics cash flow reflects the cycle of seasons, and Patrick’s team is focused on managing the ebbs and flows. Finally, Patrick shares how he harnesses the power of technology to handle copious amounts of data, reduce manual work, and establish real time visibility. His goal in all of this is two fold - to give his team more time to do strategic work and to empower employees across the Celtics organization to be able to spend on things that will move the business forward. The episode concludes with Patrick sharing an industry story related to an auditor’s stadium walkaround. Listen now to get an exciting in-depth look at how the accounting & finance team plays a huge role in the success of the Celtics franchise. Key Quotes“I started full time at the Celtics in 2001. Prior to that, I was a ball boy in the 90s. And that is where it all began - I was rebounding for some of the greats.”“We all watch and enjoy the sports world but to think about it from a business perspective is pretty interesting.”“Our goals for this year: accurate reporting, cash management, and improving cost efficiency.”“We’re always looking at ways to be more efficient - ways to look at our costs, understand what’s our most expensive expenses and how can we make improvements in those areas?”“We’re doing less of the accounting these days and more of the FP&A because we’re relying on tech to do the day-to-day accounting for us.”“I want that group to feel empowered - to do their traveling, meet with customers, meet with clients, entertain customers. In prior years, it has been review and analysis on the back end, once the transactions have happened. But now we’re trying to get out in front of it.”Time Stamps(00:18) From ball boy to controller for the Celtics(06:27) Breaking into the sports world(8:20) Setting priorities in 2024(10:18) Using tech to stay accurate(17:53) Empowering Celtics’ employees to spend strategically(22:15) Reporting requirements in the sports world(26:08) Owning vs. renting a sports arena(27:35) Accounting for player compensation(31:00) Controllers are fun tooLinksVisit the Boston CelticsConnect with ErikVisit Brex

In this episode of Controllers Classified, host Eric Zhou is joined by Katie Slattery, VP of Accounting and Corporate Controller at Fivetran. The conversation begins with Katie’s start in Ireland at KPMG Dublin as an auditor, and traces her path from auditor to accountant. Fun fact: Katie has been the first controller/accounting hire at several high growth companies! The conversation then pivots to Katie’s current priorities at Fivetran and how she translates company-wide KPIs into team specific goals around reliable data and control efficiencies. Katie also spends some time talking about how to build a high-performing team, how to make sure an accounting team is structured to deliver on the needs of the business, and how to foster effective communication with teams and leaders outside of accounting. Given Katie’s extensive background in high growth companies, the conversation pivots to the IPO landscape, and how teams should be thinking about IPO readiness amidst the uncertainty. Katie notes that you have to be able to balance day-to-day activities with activities that prepare for the future, because you don’t want accounting to be the blocker when a company is ready to go public. Finally, the conversation ends with a discussion on the challenges and opportunities that come with being a global company. Katie spends time on Fivetran’s global operations and some of the decisions they have had to make as an accounting team as they navigate a complex tax landscape. Key Quotes“My career path started back in Ireland. I joined KPMG Dublin and that marked my entry into the wonderful world of accounting. I got exposed to a lot. Ireland has a lot of tech.” “My job as a leader is to translate overarching company KPIs into ‘what it means for us’ as a team. We focus on reliable data, control efficiencies, and high-performance. And we give the business accurate revenue numbers that support growth goal setting.” “You are only as strong as the team that supports you. I have been lucky enough to have been the first controller / accounting hire at companies multiple times now, and what I would advise for other people building teams is to set a plan and to hire skill sets that are needed based on where the company is at today” “You know, that if a company is getting ready to IPO, accounting cannot be the blocker.”“It is a true global company. And that presents challenges for our accounting org. Where do we set up shop? And how do we support teams across countries? Do we have enough people to qualify for permanent establishment?” Time Stamps(00:55) Katie’s journey to Fivetran (17:20) Setting a high-performance standard at Fivetran(20:30) Forecasting the IPO landscape(32:22) Managing global accounting operations(42:23) Shopping mall auditsLinksConnect with KatieVisit FiveTranConnect with ErikVisit Brex