"Turpentine Finance" with Sasha Orloff | Startup Finance, Leadership, CFO Strategy Turpentine

In this episode, Sasha sits down with Nadia Asoyan, former CFO of Strike, Robinhood, and Controller at Square. Nadia shares her journey from EY to Silicon Valley's top fintech rocketships, offering invaluable insights on transitioning from accounting to CFO positions. She discusses the challenges of IPO readiness, the evolution of financial processes in fast-growth startups, and the delicate balance between growth and profitability. Nadia also provides candid advice for aspiring CFOs, emphasizing the importance of cross-functional partnerships and data literacy.

🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj

This show is a part of the Turpentine podcast network. Learn more: https://www.turpentine.co

Get Turpentine Finance directly in your inbox. Subscribe to our newsletter at https://turpentine-finance.beehiiv.com/ and receive key takeaways from each episode

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SPONSORS:
NETSUITE
📈 NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite: http://netsuite.com/zen - NetSuite has extended a one-of-a-kind flexible financing program for a few more weeks.

COMMANDBAR
🦾 Level up your ineffective website chatbot with CommandBar. CommandBar builds a new type of web assistant which delivers highly personalized responses, real time co-browsing, and can perform actions on behalf of the users. Learn how Hashicorp, Gusto, Freshworks and more use CommandBar at https://commandbar.com/moz

BABBEL
🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at https://babbel.com/torenberg

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LINKS:
Strike: https://strike.me/

X/SOCIAL
@sashaorloff
@NadiaAsoyan

TIMESTAMPS:
(00:00) Introduction
(01:06) Nadia’s Accounting Origins
(04:17) Big Four Lessons
(07:38) Square's Early Days
(09:03) The Audit to In-House Transition
(11:22) IPO Readiness at Square
(17:05) Building Processes at Robinhood
(18:21) Sponsors: Netsuite | CommandBar
(21:00) Attracting Founders
(24:30) Expanding Responsibilities
(28:18) Evolving Processes
(28:42) Sponsors: Babbel | Attio
(32:33) Advice for Accounting Professionals
(35:05) Board Management and Fundraising
(42:00) Board Meetings
(45:20) Growth vs. Profitability
(48:32) Counterintuitive Advice
(50:00) Misconceptions and Unsolved Problems
(54:41) Square IPO Challenges
(59:48) Complexity and Automation
(1:04:10) Free Products and Hyper Growth
(1:07:01) Pricing Models
(1:10:22) Budget Setting
(1:14:20 ) Wrap

In this episode, Tomer London, co-founder and Chief Product Officer at Gusto, shares insights into aligning product and finance teams for responsible growth. He dives deep into the frameworks and practices Gusto employed to make trade-offs between core products, expansion opportunities, and moonshot ideas - all while maintaining a relentless focus on customer needs and healthy unit economics. Tomer discusses Gusto's thoughtful, iterative approach to product development, avoiding the pitfalls of pursuing growth at all costs. He provides a candid look into Gusto's fundraising philosophy and managing the product-finance relationship through the company's evolution from startup to industry leader.

🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj

This show is a part of the Turpentine podcast network. Learn more: https://www.turpentine.co

Get Turpentine Finance directly in your inbox. Subscribe to our newsletter at https://turpentine-finance.beehiiv.com/ and receive key takeaways from each episode

---

SPONSORS:
ATTIO
📊 Attio is the next generation of CRM. It’s powerful, flexible and easily configures to the unique way your startup runs, whatever your go-to-market motion. The next era deserves a better CRM. Join ElevenLabs, Replicate, Modal and more at https://bit.ly/attioturpentine

NETSUITE

📈 NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite: http://netsuite.com/zen - NetSuite has extended a one-of-a-kind flexible financing program for a few more weeks.

COMMANDBAR
🦾 Level up your ineffective website chatbot with CommandBar. CommandBar builds a new type of web assistant which delivers highly personalized responses, real time co-browsing, and can perform actions on behalf of the users. Learn how Hashicorp, Gusto, Freshworks and more use CommandBar at https://commandbar.com/moz

BABBEL
🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at https://babbel.com/torenberg


LINKS:
gusto.com

X/SOCIAL
@sashaorloff
@tomerlondon

TIMESTAMPS:
(00:00) Intro
(01:25) Landing on Payroll
(03:46) Payroll as a Wedge
(05:20:)The Importance of Emotional Pain Points
(07:23) Dream Big, Make it Real
(13:06) The Three Horizons Framework
(15:07) The Importance of Product & Finance Alignment
(17:08) Sponsor: NetSuite | Attio
(21:00) Milestones and Accountability
(24:00) Killing Products
(28:30) Staying Focused Amidst Competition
(30:39) Sponsor: beehiiv | Babbel
(34:00) Fundraising Strategy
(36:46) Evolving Thinking on Profitability
(40:25) The Power of Customer Connection
(42:00) The Future of Gusto
(43:12) Wrap

In this episode, Sasha sits down with Jim Cook, dubbed the CFO Whisperer, after 30 years in Silicon Valley as CFO at Netflix, Intuit, and Mozilla. Jim shares CFO hiring mistakes and the misunderstandings most board members and investors have about the CFO role, why being precise is the finance professional’s Achilles heel, tactical advice for impactful communication in board meetings, and more.

🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj

This show is a part of the Turpentine podcast network. Learn more: https://www.turpentine.co

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SPONSORS:
ATTIO

📊 Attio is the next generation of CRM. It’s powerful, flexible and easily configures to the unique way your startup runs, whatever your go-to-market motion. The next era deserves a better CRM. Join ElevenLabs, Replicate, Modal and more at https://bit.ly/attioturpentine

NETSUITE

📈 NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite: http://netsuite.com/zen - NetSuite has extended a one-of-a-kind flexible financing program for a few more weeks.

BEEHIIV

🐝 Head to Beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. Go to https://beehiiv.com and use code “MOZ” for 20% off your first three months

🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at https://babbel.com/torenberg

LINKS:
Jim's Linkedin: https://www.linkedin.com/in/cookflix
Benchboard: https://www.benchboard.com/

X/SOCIAL:
@sashaorloff (Sasha)
@cookflix (Jim)

TIMESTAMPS
(00:00) Preview and Intro
(03:19) Early lessons from Intuit
(05:28) Evolution of finance teams
(09:06) Customer-centric finance
(11:14) Effective stakeholder management
(12:47) Strategic decision making in finance
(15:39) Board meetings preparation
(19:04) Sponsor: Netsuite | Attio
(21:07) Meaningful discussions on board meetings
(24:07) How to be a successful CEO
(31:38) Sponsor: Beehiiv | Babbel
(34:11) Early days of Netflix
(37:05) Monetization strategies
(44:14) Hiring the right CFO
(47:26) Interview question for a CFO candidate
(49:35) Introducing BenchBoard
(53:38) Common skills and advice
(57:19) Wrap

OpenAI Controller Sowmya Ranganathan sits with Sasha Orloff to share accounting insights from her experience at Square, Rippling, and OpenAI. She discusses automation and using AI in accounting, how difficult software motivated her to make the move to Controller at Rippling, and how she’s streamlining the accounting workflow at OpenAI, where she is currently Controller. Sowmya also explains how AI is making accounting easier and why future accounting teams may be small and broadly skilled.

🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj
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This show is a part of the Turpentine podcast network. Learn more: https://www.turpentine.co
---
SPONSORS:

ATTIO
📊 Attio is the next generation of CRM. It’s powerful, flexible and easily configures to the unique way your startup runs, whatever your go-to-market motion. The next era deserves a better CRM. Join ElevenLabs, Replicate, Modal and more at https://bit.ly/attioturpentine

NETSUITE
📈 NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite: http://netsuite.com/zen - NetSuite has extended a one-of-a-kind flexible financing program for a few more weeks.

BEEHIIV
🐝 Head to Beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. Go to https://beehiiv.com and use code “MOZ” for 20% off your first three months

BRAVE
🎯Get first-party targeting with Brave’s private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “Turpentine” when signing up for a 25% discount on your first campaign.

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This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.
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X/SOCIAL:
https://twitter.com/sashaorloff (Sasha)
https://twitter.com/heysowmya (Sowmya)
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TIMESTAMPS:
(00:00) Preview and Intro
(02:51) Soumya's Journey: From Square to Rippling
(03:14) Challenges and Learnings in Public Accounting
(07:30) Automation in Accounting: A Necessity
(10:02) Joining Rippling: Building from the Ground Up
(11:47) Balancing Controls and Growth in Startups
(14:52) Sponsor: NetSuite | Attio
(16:52) Putting On the Auditor's Hat
(18:24) What If There's No Buy-in from Management?
(21:02) Stepping into OpenAI and Embracing AI in Accounting
(24:12) Transforming Accounting with ChatGPT
(25:35) Real-World Applications and Success Stories
(26:29) Future of AI in Accounting
(29:44) OpenAI's Accounting Team and Processes
(30:02) Sponsor: Beehiiv | Brave
(33:12) Innovative Tools and Systems
(37:36) Advice for Future Accountants
(45:30) Addressing Fear of AI in Accounting
(47:41) Wrap

In this conversation, Steve Love, a seasoned CFO with over $1 billion raised from VCs and $2 billion in M&A transaction experience, pulls back the curtain on high-stakes M&A. Love shares his insights from overseeing complex acquisitions like Heap's purchase of a complementary "session replay" company and Heap's eventual sale to ContentSquare. He candidly discusses navigating challenges, aligning stakeholders, prepping for diligence, and making strategic M&A decisions as a CFO. Whether you're a CFO, finance professional or simply M&A-curious, Love's tactics for evaluating targets, modeling forecasts, negotiating terms, and executing integrations provide a rare behind-the-scenes look at what it really takes to architect successful transactions.

🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj

SPONSORS:
📊 Attio is the next generation of CRM. It’s powerful, flexible and easily configures to the unique way your startup runs, whatever your go-to-market motion. The next era deserves a better CRM. Join ElevenLabs, Replicate, Modal and more at https://bit.ly/attioturpentine

NETSUITE
📈 NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite: http://netsuite.com/zen - NetSuite has extended a one-of-a-kind flexible financing program for a few more weeks.

BEEHIIV
🐝 Power your newsletter with Beehiiv, the newsletter platform built for growth. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. Head to https://Beehiiv.com and use code "MOZ" for 20% off your first three months

BRAVE
🎯Get first-party targeting with Brave’s private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “Turpentine” when signing up for a 25% discount on your first campaign.
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This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.
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LINKS:
https://sift.com/

X/SOCIAL:
@sashaorloff (Sasha)
@SteveLoveCFO (Steve)

TIMESTAMPS:
(00:00:00) Intro and preview
(00:01:24) Steve Love's impressive background
(00:02:39) Diving into M&A: When and why to acquire
(00:03:34) Case study: Heap's product acquisition
(00:05:17) Evaluating market players and integration challenges
(00:08:20) Operational considerations post-acquisition
(00:10:22) The role of the CFO in M&A
(00:13:29) Integration and transition best practices
(00:17:43) Sponsor: NetSuite | Attio
(00:20:21) The biggest surprise after acquisition
(00:22:33) The first thing CFOs do after signing
(00:24:34) Acquihire vs. product acquisition
(00:32:29) Sponsor: Beehiiv | Brave
(00:33:02) Negotiating severance packages
(00:35:02) Pre-negotiating terms at hiring
(00:37:34) Executing a sell-side transaction
(00:37:55) Handling market checks and bankers
(00:39:26) Preparing for M&A discussions
(00:43:10) Navigating first meetings with acquiring CFOs
(00:45:01) Challenges in cross-border acquisitions
(00:49:52) Differences between private and public company sales
(00:53:08) Maximizing buyer interest and value
(00:55:23) Lessons from previous M&A experiences
(00:58:36) Career reflections and advice for aspiring CFOs
(01:02:13) Biggest misconceptions about a CFO's role
(01:03:03) Wrap

How do you navigate the tide turn when your competitor collapses during one of the biggest banking crises in recent history? In this conversation, Sasha Orloff sits down with Immad Akhund, founder and CEO of Mercury*. Immad pulls back the curtain on the chaos and critical decisions made when Silicon Valley Bank fell. From mobilizing an all-hands effort to rapidly onboard new customers to developing new product features virtually overnight to instill confidence, Immad provides an unvarnished look at crisis management and steadfast leadership during turbulent times. He also shares insights on Mercury's customer-first approach to building, how rising interest rates transformed their business model, and how he thinks about investing in new product initiatives by allocating internal resources like venture investments.

*Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust, Members FDIC.
🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj
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SPONSOR:

Attio is the next generation of CRM. It’s powerful, flexible and easily configures to the unique way your startup runs, whatever your go-to-market motion. The next era deserves a better CRM. Join ElevenLabs, Replicate, Modal and more at https://bit.ly/attioturpentine
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Recommended Podcast: Company Breakdowns
Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. Profiled this season: Databricks, Reddit, Twilio, Copart + more.
Spotify: https://open.spotify.com/show/0epyYBAxLeF0PsNagdDJAJ
Apple: https://podcasts.apple.com/us/podcast/company-breakdowns/id1743119197
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This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.

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LINKS:
https://mercury.com/

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X/SOCIAL:
@sashaorloff (Sasha)
@Immad (Immad)

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TIMESTAMPS:
(00:00) Preview
(01:15) Intro
(02:23) Immad’s Journey to founding Mercury and being a serial entrepreneur
(02:37) Immad’s learnings after founding three startups
(06:54) Learnings from being a YC partner and angel investor
(08:54) What gets Immad excited about investing
(10:17) Why Series A vs seed stage investing
(12:18) Building the banking solution
(13:49) The moment when Immad knew Mercury was the right thing
(16:12) How interest rates affect Mercury
(18:48) Silicon Valley Bank collapse and what was happening at Mercury
(23:50) SVB failed, why is Mercury safe?
(24:00) Mercury Vault’s inception and increasing FDIC insurance to 3 million
(25:56) Would Immad do anything differently going back to the SVB collapse?
(27:41) How Mercury’s team was able to remain calm and adapt
(29:21) Launching new products within a startup: product innovation
(31:12) Having a longterm mindset when launching new products
(33:49) Thinking about product launches internally like they’re startups
(36:37) Breadth vs depth in a market
(40:30) Something about Mercury a lot of people don’t know today
(43:50) Number one piece of advice for founders
(44:26) Wrap