Growth-stage companies often underinvest in financial discipline just when it matters most for lenders and investors. The gap between scrappy startups and institutional-quality operations creates friction, delays financing, and increases execution risk.
Mistake 1: Staying on cash-based financials too long
Cash-basis accounting may work for very early-stage businesses, but it obscures true performance once a company has recurring contracts, deferred revenue, complex billing, or multi-period obligations. Lenders and sophisticated investors expect accrual-based financials that match revenue and expenses to the periods in which they are incurred.
Without accrual accounting and clear revenue recognition policies, companies struggle to present:
Example: A SaaS company receives a $120,000 annual contract paid upfront in December but provides service over the full year. On a cash basis, December appears extremely profitable; on accrual basis, monthly revenue is properly recognized as $10,000, showing a truer picture of burn and sustainability.
Lenders and VCs view the switch to accrual accounting as a marker of maturity; companies that delay this transition are often seen as unsophisticated or hiding issues.
Remediation checklist:
Mistake 2: Weak revenue recognition and KPI discipline
Even after adopting accrual accounting, many growth-stage firms lack rigorous revenue recognition and KPI frameworks. This is particularly problematic for SaaS and service businesses with multi-element arrangements, discounts, variable consideration, and complex billing.
Common issues:
When metrics are not clearly defined and consistently calculated, both management and lenders operate with distorted visibility, making it harder to diagnose issues and build confidence in forecasts.
For venture debt providers and growth lenders, weak KPI discipline is a red flag suggesting operational immaturity; companies that can articulate cohort retention, CAC, LTV, and payback with precision are far more likely to secure favorable terms
Remediation checklist:
Mistake 3: Not tracking state sales tax and other indirect taxes
As companies sell across states and channels, especially through e-commerce, marketplaces, and SaaS platforms, state sales tax obligations and other indirect taxes become complex. Many growth-stage businesses either underestimate nexus rules or assume they are too small to matter, leading to unrecorded liabilities that surface during diligence.
State sales tax issues in particular:
For borrowers, undisclosed tax exposures can trigger deal delays, escrow requirements, or downward valuation adjustments during financing rounds. Lenders increasingly scrutinize tax compliance, particularly for e-commerce and DTC brands.
Beyond sales tax, growth companies should track:
Remediation checklist:
Mistake 4: Poor cash-flow forecasting and scenario planning
Focusing only on P&L projections while neglecting detailed cash-flow forecasting is a recurring mistake. Lenders care deeply about liquidity, covenant headroom, and the timing of cash movements, not just profitability.
Common pitfalls:
Best practice is to maintain rolling 13-week cash-flow forecasts and scenario analyses that show:
Studies on finance integration and workflow automation highlight that organizations with integrated data and forecasting tools can respond more effectively to shocks and maintain stakeholder confidence.
Remediation checklist:
Mistake 5: Disorganized systems and data
Finally, many growth-stage teams rely on fragmented spreadsheets and disconnected tools, with no single source of truth for financial and operating data. This makes audits, lender diligence, and internal decision-making more time-consuming and error-prone.
Common data organization problems:
Financial workflow and integration research indicates that consolidating onto integrated ERPs, FP&A tools, and workflow platforms improves data accuracy, speeds reporting, and supports better analytics. For lenders, organized data and clear reporting are strong signals of operational maturity and governance quality.
Remediation checklist:
Mistake 1: Staying on cash-based financials too long
Cash-basis accounting may work for very early-stage businesses, but it obscures true performance once a company has recurring contracts, deferred revenue, complex billing, or multi-period obligations. Lenders and sophisticated investors expect accrual-based financials that match revenue and expenses to the periods in which they are incurred.
Without accrual accounting and clear revenue recognition policies, companies struggle to present:
- Accurate gross margins and contribution margins
- True ARR, ACV, and churn metrics for subscription models
- Comparable period-over-period performance
- Working capital impacts from timing differences between cash and accrual
Example: A SaaS company receives a $120,000 annual contract paid upfront in December but provides service over the full year. On a cash basis, December appears extremely profitable; on accrual basis, monthly revenue is properly recognized as $10,000, showing a truer picture of burn and sustainability.
Lenders and VCs view the switch to accrual accounting as a marker of maturity; companies that delay this transition are often seen as unsophisticated or hiding issues.
Remediation checklist:
- Adopt accrual-basis accounting immediately upon reaching product-market fit or seed funding
- Document revenue recognition policy aligned with ASC 606 (or IFRS 15 for international)
- Implement monthly close processes with reconciliations to bank accounts
- Build monthly P&L, balance sheet, and cash flow statements
Mistake 2: Weak revenue recognition and KPI discipline
Even after adopting accrual accounting, many growth-stage firms lack rigorous revenue recognition and KPI frameworks. This is particularly problematic for SaaS and service businesses with multi-element arrangements, discounts, variable consideration, and complex billing.
Common issues:
- Recognizing revenue upfront instead of over the service period, inflating early periods
- Failing to track gross vs. net revenue in marketplace or multi-tier models
- Inconsistent definitions of ARR, churn, and cohort metrics across the organization
- Manual spreadsheets tracking different KPIs with no single source of truth
When metrics are not clearly defined and consistently calculated, both management and lenders operate with distorted visibility, making it harder to diagnose issues and build confidence in forecasts.
For venture debt providers and growth lenders, weak KPI discipline is a red flag suggesting operational immaturity; companies that can articulate cohort retention, CAC, LTV, and payback with precision are far more likely to secure favorable terms
Remediation checklist:
- Define all key metrics (ARR, MRR, churn, cohort retention, CAC, LTV, Magic Number, payback) in writing
- Implement a single KPI dashboard pulling directly from accounting and product systems
- Calculate metrics consistently every month; track variances to prior month and plan
- Validate cohort definitions: ensure cohort data is not mixed between customer types or geographies
Mistake 3: Not tracking state sales tax and other indirect taxes
As companies sell across states and channels, especially through e-commerce, marketplaces, and SaaS platforms, state sales tax obligations and other indirect taxes become complex. Many growth-stage businesses either underestimate nexus rules or assume they are too small to matter, leading to unrecorded liabilities that surface during diligence.
State sales tax issues in particular:
- Companies selling to consumers in multiple states may have nexus (a sufficient business presence) triggering sales tax collection and remittance obligations
- E-commerce, digital products, and SaaS are subject to varying state rules; some states tax software; others don't
- Failure to collect and remit can result in significant back-tax assessments, penalties, and interest
- Marketplace platforms (Amazon, Shopify, etc.) may or may not handle tax collection on behalf of the seller; responsibility often remains with the seller
For borrowers, undisclosed tax exposures can trigger deal delays, escrow requirements, or downward valuation adjustments during financing rounds. Lenders increasingly scrutinize tax compliance, particularly for e-commerce and DTC brands.
Beyond sales tax, growth companies should track:
- Payroll tax compliance: timely deposit and filing of federal, state, and local payroll taxes
- Use tax: if the company buys supplies from out-of-state without paying sales tax, use tax may be owed
- Income tax provisioning: regular accruals and quarterly estimated tax payments to avoid year-end surprises
Remediation checklist:
- Map all states and territories where you have sales, and research nexus triggers for each
- Implement a sales tax management solution that tracks sales by jurisdiction and calculates obligations
- Maintain documentation of tax filings and remittances for audit defense
- Engage a tax advisor to review compliance; identify and remediate any back-tax issues proactively
Mistake 4: Poor cash-flow forecasting and scenario planning
Focusing only on P&L projections while neglecting detailed cash-flow forecasting is a recurring mistake. Lenders care deeply about liquidity, covenant headroom, and the timing of cash movements, not just profitability.
Common pitfalls:
- Assuming cash follows accrual; ignoring timing of receivables, payables, and inventory
- No visibility into seasonal or lumpy cash flows (e.g., annual contracts paid upfront, or CPG brands with retailer payment terms)
- No scenario analysis for downside cases (e.g., customer churn accelerates, or a major customer delays payment)
- Covenant projections that show headroom only under best-case assumptions
Best practice is to maintain rolling 13-week cash-flow forecasts and scenario analyses that show:
- Weekly or bi-weekly cash receipts and disbursements by major category (payroll, vendor payments, debt service, taxes, etc.)
- Sensitivity to revenue shortfalls or cost overruns; what if sales miss by 10%, 20%, or 30%?
- Covenant projections under base, downside, and severe downside scenarios
- Milestones and triggers: when will you need to raise capital? What are the decision points?
Studies on finance integration and workflow automation highlight that organizations with integrated data and forecasting tools can respond more effectively to shocks and maintain stakeholder confidence.
Remediation checklist:
- Build a 13-week rolling forecast in Excel or a planning tool; update weekly
- Create a base case, a downside case (e.g., 20% revenue miss), and a severe case
- Identify key suppliers, customers, and lenders whose payment terms most affect liquidity
- Stress-test covenants; identify how much runway you have under each scenario
Mistake 5: Disorganized systems and data
Finally, many growth-stage teams rely on fragmented spreadsheets and disconnected tools, with no single source of truth for financial and operating data. This makes audits, lender diligence, and internal decision-making more time-consuming and error-prone.
Common data organization problems:
- Financials in one spreadsheet, KPIs in another, customer data in yet another system
- No integration between accounting software, CRM, and product analytics
- Manual pulls and reconciliations, error-prone and slow
- Historical data scattered; difficult to trace decisions or identify anomalies
Financial workflow and integration research indicates that consolidating onto integrated ERPs, FP&A tools, and workflow platforms improves data accuracy, speeds reporting, and supports better analytics. For lenders, organized data and clear reporting are strong signals of operational maturity and governance quality.
Remediation checklist:
- Implement or consolidate onto a cloud ERP (NetSuite, Sage Intacct, Xero) that serves as the single source of truth
- Integrate CRM (Salesforce, HubSpot) with accounting for customer cohort analysis
- Use a BI tool (Tableau, Looker, Mode) to build dashboards pulling from integrated data sources
- Establish a monthly close process with documented reconciliations
- Create a data dictionary documenting how each metric is calculated and where data comes from
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[1] Alloy. "Challenges of Consumer and Commercial Lending." October 18, 2023. https://www.alloy.com/blog/how-to-address-the-challenges-of-consumer-and-commercial-credit-underwriting
[2] Alloy. "Challenges of Consumer and Commercial Lending." October 18, 2023. https://www.alloy.com/blog/how-to-address-the-challenges-of-consumer-and-commercial-credit-underwriting
[3] Marsh. "Three Top Underwriting Concerns for US Private Companies." May 9, 2022. https://www.marsh.com/en/services/financial-professional-liability/insights/top-underwriting-concerns-us-private-companies.html
[4] WTW. "Private Credit: Identify and Manage Its Current Risks." October 23, 2025. https://www.wtwco.com/en-us/insights/2025/10/private-credit-identify-and-manage-its-current-risks
[5] FinRegLab. "The Use of Cash-Flow Data in Underwriting Credit." February 7, 2020. https://finreglab.org/wp-content/uploads/2023/12/FinRegLab_2020-03-03_Research-Report_The-Use-of-Cash-Flow-Data-in-Underwriting-Credit-.pdf
[6] NetSuite. "Finance Integration: What Is It and How Does It Work?" November 11, 2025. https://www.netsuite.com/portal/resource/articles/financial-management/finance-integration.shtml
[7] CFA Institute. "Private Debt Continues Growing Amid Gathering Headwinds." October 21, 2025. https://www.cfainstitute.org/insights/articles/private-debt-market-trends
[8] Guidant Financial. "Small Business Struggles: 3 Challenges of First-Time Financing." February 1, 2022. https://www.guidantfinancial.com/blog/small-business-struggles-3-challenges-of-first-time-financing/
[9] PwC. "Six Questions Companies Need to Ask About Private Credit." December 4, 2024. https://www.pwc.com/us/en/services/consulting/deals/library/private-credit.html
[10] Callan. "4Q24 Private Credit Performance: Key Highlights and Analysis." May 7, 2025. https://www.callan.com/blog/1q25-private-credit/
[11] BlackRock. "Growth and Venture Debt." December 31, 2023. https://www.blackrock.com/institutions/en-global/institutional-insights/thought-leadership/growth-and-venture-debt
[12] Silicon Valley Bank. "Venture Debt: How It Works." December 10, 2023. https://www.svb.com/startup-insights/venture-debt/how-does-venture-debt-work/
[13] Drivepoint. "Surviving The Loan Underwriting Process: Part Three." May 9, 2023. https://www.drivepoint.io/post/surviving-the-loan-underwriting-process-part-three
[14] Flow Capital. "Venture Debt Term Sheet: A Founder's Guide." December 31, 2023. https://www.flowcap.com/resources/a-complete-venture-debt-term-sheet-walkthrough
[15] Mitel. "Tech-Savvy Finance: Improving Financial Services Workflows with Automation." December 31, 2024. https://www.mitel.com/blog/tech-savvy-finance-improving-financial-services-workflows-with-automation
[16] Mitratech. "Financial Services Workflow Automation Use Cases." November 1, 2020. https://mitratech.com/products/workflow-automation/use-cases/financial-services/
[17] HES FinTech. "6 Lending Process Steps You Can Fully Automate." September 17, 2025. https://hesfintech.com/blog/lending-process-steps-to-automate/
[18] Moxo. "Workflow Automation in Financial Services." February 4, 2025. https://www.moxo.com/blog/workflow-automation-in-financial-services
[19] Finastra. "How Workflow Automation Transforms Mortgage Lending." August 5, 2025. https://www.finastra.com/viewpoints/articles/transforming-mortgage-lending-with-workflow-automation
[20] WARC. "What CPG Marketers Are Looking at in 2024." March 26, 2024. https://www.warc.com/content/feed/what-cpg-marketers-are-looking-at-in-2024/en-GB/9320
[21] Revenue.ai. "Key CPG Trends & Challenges to Watch Out for In 2024." April 28, 2025. https://revenue.ai/rai-articles/cpg-trends-and-challenges-2024/
[22] PineRidge. "Right from the Start: How Underwriting Should Work." September 20, 2023. https://www.pinebridge.com/en/insights/right-from-the-start-how-underwriting-should-work
[23] McKinsey & Company. "The Next Era of Private Credit." September 23, 2024. https://www.mckinsey.com/industries/private-capital/our-insights/the-next-era-of-private-credit
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