Episodes
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In this episode of Controllers Classified, Erik Zhou sits down with Michael Williams, a Tax Partner at PwC, to unpack both his career path to Partnership and his firm’s POV on corporate tax strategies in 2025 and beyond.
Michael begins by sharing key milestones in his time at PWC, noting how his perspective, role, and scope shifted as he worked towards becoming a Partner at the firm. He underscores the importance of real value creation for clients and notes that if you’re in the business of service and advice, it has to be quality and actionable.
He then pivots to sharing why companies need to embed a tax perspective into their strategic planning. Erik and Michael cover upcoming changes in the tax landscape and what companies should be prepare for, underscoring that thinking about tax proactively instead of reactively isn’t just smart—it’s essential.
Michael closes with his funniest business travel story. It may involve a cat on the loose. Tune in to get all the details!
Key Quotes
“As I’ve grown my career, I continue to think about where and how can I create value?” “It’s almost as if you are pulling a little piece of clay from each person that you work with, and ultimately you come out as a person molded by those relationships, leadership, mentors, etc.” “There are two aspects that we’re focused on right now.. One is about the operating model and how companies handle their tax department. The second is looking at the timing of tax adjustments.” “The word tax means so many different things to a person that works in tax. Cash tax, effective tax rate, statutory tax rate, marginal tax rate - when thinking about these different tax rates, they have different implications when looking at your financial statements.” “You have to be within the tax code. But I think a lot of times opportunities are missed because of the fact that when you’re in an accounting mindset, everything is recognized when it's accrued and that can be different from a tax perspective.”Time Stamps
(01:13) Overview of Michael’s career (05:11) Journey to becoming a partner at PWC(28:26) Tax considerations for the upcoming year(45:30) Michael’s funniest business travel experienceLinks
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In this episode of Controllers Classified, Erik Zhou sits down with Karen Wu, the Chief Accounting Officer at Clari, to discuss the role of accounting in a company’s exit strategy. The conversation starts with an overview of Karen’s time in Transaction Services at PWC, where she helped a myriad of companies prepare for IPO - including Alibaba, the largest IPO in US history. Drawing on those experiences, Karen covers the reasons why a company may look for an exit, the types of exit strategies, and the role of the accounting team in those strategies.
Specifically, Karen speaks to some ‘musts’ that accounting teams have to get right no matter the exit strategy - things like closing the books on time, ensuring precision and reliability in financial statements, and being able to comply with public company requirements. She speaks to the IPO readiness timeline, and how companies should approach it not just through the lens of accounting and finance, but across all functions.
The conversation then pivots to Karen’s time at Clari. She shares her priorities as well as her POV on global accounting processes given the company’s international operations. Her number one piece of advice? Don’t be hesitant to outsource pieces of work to consultants who may have a better handle on local tax policies.
The episode closes with a funny story from Karen’s PWC days involving an inventory count of Hairy Crabs. Have you ever wondered how baby crabs should be classified on a balance sheet? Then you must tune in!
Key Quotes
“When you think about an exit, from an accounting team perspective, you got to have precision in your financial statements. You have to be able to close your books in a timely manner. You have to have established company policies - and the ability to follow those policies consistently.” “If you can do 1-2 years of IPO readiness, that’s the best. You can of course do it in four months but companies who shortcut often struggle once public.” “You should always do a close process review. You need a process that is repeatable and scalable and can become a muscle memory for the team to perform every single month.”“Diligence requests during an acquisition are consistent with that of an IPO. You should still expect to have to show your top 20 customers with contracts; your top 20 vendors and purchase commitments; org charts; accounting policies; etc. “Partner with your people team and law firms to understand the local employment regulations when operating globally, because those things are highly difficult to change once you put a process in place, and once you’ve exposed your current practice to employees”Time Stamps
(00:33) Karen’s professional journey(01:35) Understanding transaction services(11:46) IPO readiness(23:41) Acquisition readiness(28:00) Accounting considerations for international operations (39:00) Controllers are fun too: the accounting classifications of hairy crabsLinks
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Episodes manquant?
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In this episode of Controllers Classified, host Erik Zhou sits down with Jeff Arensman, Controller at Bloomerang, to cover two important topics: building a finance function from scratch and the role of finance in acquisitions.
For Jeff, the two are inextricably linked at Bloomerang. As the first finance hire at the company, his first task was supporting an acquisition that needed to close in just three weeks. He then quickly turned to building a strong foundation for the accounting and finance practice at the company through new processes, tools, and technology. Jeff covers how he spent his time in the first few years at Bloomerang, including how he approached team building, and then turns to his current priorities now four years in at the company (a big NetSuite implementation!).
After sharing how he approached building a function, Jeff does a deep dive into considerations during acquisitions both on the buy and sell side. He details his extensive experience in acquisitions and highlights some of his best practices and learnings - including how important it is to add nuance and context to the models that bankers develop during the due diligence process.
The episode closes with Jeff sharing the deep detective work he had to do to get to the bottom of one of his weirdest company expense moments early in his career.
Key Quotes:
“As I grew in my career and focused not just on debits and credits but on how everything affects the business as a whole, that really set me up”“I am the first finance hire here. I started and then they told me ‘we’re going to get this deal done and it's closing in 3 weeks’. So challenging to say the least” “It took quite a long time to get things to a point where we could then say ‘ok now we can start doing the things that we need to do in order to scale this thing up’”“What worked and what we did when we started isn’t going to work now to take our company to $100M and beyond” “Bankers may put a model together for you - but I found it to not be ideal. Because how the bankers look at it is not how we’re actually running the business” “It’s amazing once you’re able to join two companies that really fit together, it’s crazy how fast things can go”Time Stamps
(00:28) Jeff's journey into accounting(03:46) Learning through acquisition experience(06:12) Building the finance function at Bloomerang(16:59) How to implement processes that scale(28:39) Financial modeling approach for acquisitions(36:46) Post-acquisition integration considerationsLinks
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When you think about accounting at growth stage companies, the word "artistry" might not immediately come to mind, but Desene Sterling makes a compelling case for it in this episode of Controllers Classified. As the Controller at Sourcegraph, Desene describes how crafting processes, like implementing procurement workflows or streamlining month-end close, feels like painting a masterpiece—except her medium is reconciliations and financial statements.
This episode takes a deep dive into what it takes to build an accounting function from scratch in a growth stage startup. Desene recounts the feeling of being the first in-house accounting hire, navigating "free-for-all" credit card policies and training teams to embrace structure in a way that doesn’t stifle innovation. Her philosophy? Build processes that flex and grow alongside the company, even if that means starting with something imperfect.
But it’s not all about debits and credits—relationships take center stage too. Desene explains how building credibility with colleagues and positioning finance as a partner (and not just an enforcer) are critical steps in successful change management. She also spends time on what she looks for in talent when building out her team, noting that nothing is more important than hiring people who can manage the details while keeping sight of the big picture.
From detailing the nuances of SaaS and on-prem revenue recognition to recounting an unforgettable typo on a 10-Q filing, this episode showcases how accountants at growth-stage companies tackle big challenges with grit, ingenuity, and the occasional dose of humor.
Key Quotes
“What keeps me coming back in accounting specifically at growth stage companies is that I get so much satisfaction out of building.”“I assume this is how artists feel after they paint a painting. When I see a bunch of reconciliations and really nice financials, I am like ‘ah yes!’”“We try to get people to feel more responsible for their spend at the company” “I want finance to be seen as a group that has authority, but at the same time, I don’t want to just say no. I want to be a partner”“To create value for themselves, finance needs to tie back what they are doing to how they are making the company more valuable” “By nature, I want tons of structure whereas the rest of the company just wants to move fast. So, I need to think about a process or control that can flex.”Time Stamps
(00:54) Operational vs. public accounting(02:03) Building processes in growth stage companies(06:43) Change management with new processes(14:31) The importance of relationship building(20:06) Preparing for audits(25:48) Balancing controls and speed(34:01) Advice for aspiring startup accountantsLinks
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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 automationLinks
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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!Links
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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.
Links
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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 auditsLinks
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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 anecdotesLinks
Connect 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 Quotes
On 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 tooLinks
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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 Quotes
I 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 EBITDALinks
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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 portfolioLinks
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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 tooLinks
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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 auditsLinks
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On this episode host Erik Zhou welcomes Barrett Daniels, the co-leader of US IPO services at Deloitte. Drawing from his two decades of expertise in guiding companies through the IPO journey, Barrett takes us on a deep exploration of the process – from the pivotal board decision to the exhilarating moment of ringing the bell at the stock exchange. And, he notes that in many ways, the real work actually begins once the IPO is over.
Barrett also reviews the current IPO landscape and the evolving motivations behind companies opting to go public. He outlines some of the areas that he’d like to see improved in the IPO process and top considerations for companies as they look to get IPO ready (hint: it’s extremely important to have the right team in place!). He notes that organizational preparedness is of course crucial to a successful IPO - companies have to have accurate forecasting, good audit completion times, and controls in place.
If you're curious about the dynamic world of IPOs or thinking about what the process should look like for your company, this episode is a must-listen.
Key Quotes
“You used to go public for that big check because you couldn’t really get it in the private markets. Nowadays, it is more of a discussion around prestige, providing additional comfort to customers, or liquidity to reward those people that have been with you all this time” “My focus is on things that are applicable in every IPO - getting your filings done, making sure you have the right KPIs, etc.” “You need to be able to show you can get an audit done by the time the public company would get the audit done” “I would like the IPO process to be faster. A lot of the IPO process is done with old school paper. I wouldn’t take audits away; that work needs to be done. But there may be other things we can do to speed up the process” “Once that decision has been made, you start putting the team together. The primary pieces of the puzzle early in the process are your accountants and lawyers. For lawyers, hire the partner, not the brand” “Once the IPO is over, that’s when the real work begins in many ways, right?”Time Stamps
(4:20) The chaos of IPOs(8:05) Supporting IPOs in Barrett’s way(11:15) Shifts in rationale for IPOs(18:02) Improving the IPO process(22:15) An overview of the IPO process(33:50) The intricacies of preparing for an IPO (42:25) The world is run on ExcelLinks
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In this episode, host Eric Zhou welcomes Sean Soper, the Head of Financial Operations and Accounting at Alchemy, to shed light on the disruptive technologies shaping the trajectory of accounting and finance. Alchemy provides the leading blockchain development platform and as such, much of the conversation narrows in on the possible applications of blockchain in accounting.
Sean begins the discussion highlighting his experience working across companies that have revolutionized whole industries with new technology. He notes that a large part of his success at these companies has been from remaining curious and developing deep industry knowledge that guides how he approaches his accounting processes and procedures. Sean then outlines his priorities in his current role at Alchemy, which include optimizing the financial close process, fine tuning reporting and analytics, and managing cash.
The conversation quickly turns to the future of blockchain technology and its potential for revolutionizing accounting and finance. Sean and Erik discuss the state of the union for blockchain and web3, the possible accounting use cases for the technology, and regulatory considerations.
The episode wraps with Sean’s point of view on the future of hybrid work models and the importance of community and collaboration in that, plus the funniest expense report he’s had hit his desk (hint: it was related to a very creative sales spiff).
Key Quotes
“My areas of focus are threefold. First, it's the financial close process and making sure that we're removing any manual processes so that we close sooner. Second is around reporting and analytics, so we can understand areas to save costs for the company. And then the last one is going to be around cash management.”“I think one of the crucial aspects about being a controller in the startup space is to be as much of a strategic partner as possible to your organization, to help them operationalize their goals.” “Blockchain is an exciting technology that provides a distributed and immutable ledger. Accountants absolutely love controls, they like to get supporting documentation that proves transactions actually occurred with dates and times. That's all feasible and possible on the blockchain in a way that can be tested publicly and verified publicly.” “It’s amazing that our process for debits and credits hasn't evolved since the 1400s, since Luca Paciolii, the grandfather of accounting. Yes, we've now got different systems and different ERPs. We've digitized a lot. We're no longer on actual ledgers. But ultimately the foundation still hasn't changed”Time Stamps
(1:40) Sean’s career in emerging technologies(9:18) Managing the price risk in crypto (10:08) Blockchain and Web3 state of the union(11:567) Developing blockchain for the future(18:10) Blockchain’s future in accounting (22:57) Blockchain regulatory considerations(38:40) Sean’s first encounter with “DONKS”Links
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In this engaging episode, we're joined by Tom Kelly, the Director of Product Marketing at NetSuite. The conversation starts with an overview of Tom’s career and his blending of experiences across finance, technology, and marketing at companies big and small. The theme throughout his experiences has been leading teams through technological leaps in search of greater process efficiency.
The conversation then shifts to Tom’s priorities at NetSuite. His role encompasses product marketing, product management, and analyst relations - and all of it pulls from his past experiences as a finance leader and his deep understanding of the problems that NetSuite’s products need to solve. He shares how he has influenced the NetSuite roadmap to date, and his high level goals for the years to come given where he sees the ERP and broader finance ecosystem headed. AI and automation of course feature heavily as finance leaders look to reduce manual work and free up time for strategic thinking.
This episode is jam packed with invaluable wisdom from Tom amassed over the years. Above all else, Tom passionately advocates for the embrace of technology by finance leaders, noting that they need to become “astute technologists”, especially if they are at companies with ambitious growth projections where scalability will be key.
The episode closes with Tom’s favorite joke that highlights a truth around making sure finance teams and senior leadership have a shared language of success.
Key Quotes
On making choices related to your financial tech stack: “Be very careful about how you choose them and make sure that the interactions work well. You don’t want to have to worry about the connectivity”On setting up scalable processes: “You have to be honest with yourself. Yes you could just put something in a Google sheet and get it done in two seconds. But if you have growth projections, you should probably think upfront about how to build a process that is maybe run on a Google sheet right now, but could be baked into an ERP or procurement application in the future.” On the role of finance leaders: “The CFO needs to be a strategic business partner. Businesses want CFOs who can win the hearts and minds of others. They want CFOs who have got data analytics skills. They want CFOs who understand technology.”Time Stamps
(1:46) Tom’s journey in finance (5:40) Helping companies embrace new tech(13:20) Tom’s role & priorities at NetSuite(27:55) NetSuite’s roadmap & how AI fits in(36:05) Finance leaders are fun too!Links
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On this episode of Controllers Classified, Brex’s CAO Erik Zhou is joined by Sowmya Ranganathan, OpenAI’s Controller. The conversation begins with a discussion on Sowmya’s career and her diverse experiences as an auditor and as a finance leader at both public and private tech companies, including Square and Rippling prior to OpenAI. Specifically, she highlights some of her insights for accounting during periods of business hypergrowth (i.e. when OpenAI launched ChatGPT) and the increasing need for technical savviness even as a finance professional (ex: Sowmya learned SQL as a way to manage the processing and analysis of a large data set of transactions at Square). She concludes her career overview with this advice: accounting leaders need to consider where their processes would break down if they were to grow quickly and focus their time and effort on making sure those processes are as scalable and automated as possible (hint: it requires building relationships with engineering).
Sowmya and Erik then deep dive into the need for a tech-first approach to accounting that embraces AI to find efficiencies in the financial close process. Sowmya outlines how she thinks AI may evolve the job of accountants and the future skill sets that will be required as a result. She also spends some time considering audit implications and considerations as teams embed emerging technology into their workflows and systems. This episode is a must-listen for finance and tech enthusiasts.
Finally, the episode closes with Sowmya’s bookkeeping fiasco at a previous company!
Key Quotes
On accounting during hypergrowth: It definitely was a period of amazing hyper growth in user base, customer base, and I'd say we're really fortunate to have a revenue team with a very strong technical skill set. We were already partnering with engineering to automate a lot of the billing transactions. We use Stripe here and the piping of usage-based billing, like the internal usage tables to make its way to actually generate an invoice in Stripe, there's no way. Even at the pre-ChatGPT scale, it would have been really difficult to do this manually. Definitely post-ChatGPT, it would have been just impossible. We would have just come to a grinding halt. I think this is a good thing for accounting teams to look at: if your company were to grow like crazy, where would accounting break? And I think injecting engineering help into those parts early and frequently is the only way to go.On accounting automation: When you're building out an accounting function, you're building out a team, sure, and you're executing on accounting, but you're also building products that face your team or customers or someone else. You should think about it like a PM would. What is the problem we're solving? Who are the customers for this problem? If we [don't] solve this, what's going to break? And then you actually define what is your ideal dream state experience? Like if this were working perfectly, what data would flow into what, what would be the outcome here, like maybe automated notifications, automated reporting, what have you, right?On using ChatGPT in accounting: Even your best Excel-loving accountant eventually just throws their hand up in the air and is like, what is this nonsense? Why am I wasting my time on this? So what we ask ChatGPT to do is: “Hey, I have an input file that has these headers. This is what I want to do with it. Now write this in a Python script where I can feed it a CSV file and out comes the output you want.” And the most interesting thing is you don't need to know any programming or technical skills. You don't need to know SQL. On the future of AI in accounting: I'm excited because I hope that this will be the thing that makes all the manual and routine work of accounting go away and really free up time to engage with the rest of the business and the people that are building the products and helping deliver like better insights, maybe faster, maybe close as we know it goes away..AI is going to advance really quickly, right? I often catch myself in the same thought process that we're in right now, and then I have to remind myself maybe it can't do A, B, and C today, but tomorrow, or in six months, it might be able to do this. So,I think we kind of have to keep evolving what our role looks like and what our team does, and maybe teams will look different, right?Time stamps
01:30 - Joining OpenAI at the perfect moment 03:46 - Navigating different accounting worlds14:40 - Navigating hypergrowth22:35 - Using AI to create accounting efficiency 33:20 - Incorporating AI into financial tools & systems42:03 -Sowmya's bookkeeping fiascoLinks
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On this episode of Controllers Classified, Brex’s CAO Erik Zhou is joined by Angelina Hendraka, the CAO at Redis. The conversation begins with a recap of Angelina’s diverse experiences across financial services, biotech, and SaaS companies. Angelina notes that while KPIs shift based on business strategy & industry, the transition from one industry to another in her career has felt seamless given finance is the universal language of business. Erik and Angelina also discuss the transition from big 4 accounting firms to controllership, and the evolution of one’s approach with that transition (i.e. from being deep in technical accounting to thinking more broadly and operationally).
The conversation then turns to recapping a recent panel discussion that Angelina participated in related to women in the workplace and fostering inclusive work environments. She shares her perspective on what it means to be an inclusive leader, and what more leaders can be doing to ensure diverse representation in finance and accounting.
The dialogue pivots to some critical financial topics including how to make strategic and thoughtful spend decisions in the current cost containment environment, the role of a strategic procurement function in enabling smarter spend, and important financial processes for post-IPO success, including SOX readiness.
This episode closes with Angelina’s favorite expense reporting story. Hint: no one is above travel and expense policies!
Key Quotes
On data integrity: “You need to get the data right in order to get the numbers right in order for you to really understand how your business is going. And.. in order for you to be able to tell the story to the street, to investors, and analysts about your growth.”On the current environment: “Our companies are definitely watching their spend and their cash flows. We're still making investments, but there are a lot more strategic and thoughtful discussions around what we should be spending on and what kind of return we will get from the spend.”On working across industries: “To me, finance is the universal language of business, right? That has worked out for me over the years because I was able to transition across industries pretty seamlessly. Now there are obviously some industry-specific nuances but it is all about measuring the state of your business using pretty much the same financial data.” On engaging earlier in career team members: “I think it's very important to communicate that you want to hear their voice as well, and you want to create that psychological safety so nobody has to feel like they don't belong or have no business being there.”On smart spending: “ If you want to achieve what we call smart spending, i. e. spending the right amount in the right areas that will drive the business forward, you should invest in a good strategic procurement function.”Time Stamps
6:26 - Transitioning from a Big 4 accounting firm to controllership9:35 - Being an inclusive financial leader19:52 - The importance of a strong procurement function 22:02 - Effective cost reduction and outsourcing strategies28:11 - Post-IPO financial processes & considerationsLinks
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In this episode of "Controllers Classified," we’re joined by Daniel Hilli, Head of Business Control at Alstom. Alstom is a multinational company that builds and services trains and signaling systems. In fact, millions of people everyday are transported by Alstom trains and systems. Given the size of the company, this episode focuses on how to implement and manage financial processes across different regions and systems at scale. This includes dialogue around when to centralize vs. decentralize reporting and budgeting processes, how to find efficiencies through digitalization and tool consolidation, and the best way to build lines of communication across global teams.
Daniel also does a deep dive into Alstom’s acquisition of Bombardier and the integration implications that followed - including how to bring together disparate teams and technology and how to gain a holistic financial picture of the business and its spend in a post-acquisition environment.
The conversation closes with how Daniel tackles long-term projects like ERP implementation - and general thoughts for how and when to leverage external solutions consultants for implementations.
Key Quotes:
On the strategic role of finance: “So when you try to put what the issue is in numbers and show that, but how do we generate margin by doing this? All of a sudden people take a minute, think about it. And then you have the tough discussion.”On acquisition integration: “So 40,000 people, plus 40,000 people integrating different systems, a bit different cultures trying to do a setup that works. And then we go into what kind of manual processes have we inserted along the way. And all of these things we're now trying to automate.”On finding efficiencies: “We have a lot of systems everywhere. And then the question is, how do you do some kind of amalgamation there? How do you now streamline this?On system ownership: “It's not automated at all. You go into a meeting and you ask ‘Who did this’ and ‘Why does it look like this?’ You don't want those kinds of discussions. You want the one person to own the whole flow. And then, at some point it becomes apparent where the problem is when the person gets the holistic view.”On ERP implementation: “Be a bit aggressive in the beginning because time flies. Time management is key. All of a sudden, the first year just went by and not much really happened, and then in the final three months, all of a sudden everything needs to happen at once.”Show Notes
(1:15) - Intro/journey to success(6:10) - Interactions with departments at Alstom(9:25) - Structuring the finance department on a global scale(17:20) - Major acquisitions and implementations (26:12) - Identifying the top needs during an ERP implementation(28:14) - Controllers are fun too/close!Links
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