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