The Financial Slides Every Board Deck Needs
Your financial slides tell investors whether you're a good steward of their capital. Here's exactly what to include and how to present it.
What This Guide Covers
The essential financial slides for your board deck: cash position, runway, burn rate, P&L, budget variance, and forecasts. Plus common mistakes to avoid.
Of all the slides in your board deck, the financial section receives the most scrutiny. Investors want to know: Is their money being spent wisely? How long will the cash last? Is the company on track?
As fractional CFOs, we've built hundreds of board decks for startups. This guide shares the exact financial slides that work, based on what investors actually want to see.
For the complete board deck structure, see our Ultimate Guide to Board Decks and Investor Updates or our Board Deck Template.
Why Financial Slides Matter
Your financial slides accomplish several things beyond just reporting numbers:
- Build confidence that you understand and control the business
- Surface concerns early before they become crises
- Create accountability to commitments you've made
- Set up fundraising conversations when the time comes
Vague or missing financial information signals to investors that you may not have a firm grip on the business. Precise, well-organized financials build trust.
The Cash & Runway Slide
This is the most important financial slide. Investors want to know: how much cash do you have, and how long will it last?
Cash & Runway Slide Example
What to Include
- Current cash balance: As of the deck date, not month-end
- Burn rate: Use 3-month average to smooth variability
- Runway in months: Cash ÷ monthly burn
- Trend: Is runway extending or contracting?
- Zero-cash date: When you'll run out at current rate
For detailed guidance on these calculations, see our guide to calculating runway.
Pro Tip: Show a simple cash bridge waterfall showing starting cash → operating cash flow → ending cash. This makes the sources and uses of cash crystal clear.
The Burn Rate Slide
While the cash slide shows runway, a separate burn rate slide provides context on why you're burning what you're burning. For background, see our article on gross vs. net burn.
Gross Burn
Total monthly operating expenses
$195,000/mo
Your "worst case" burn if revenue went to zero
Net Burn
Expenses minus revenue
$158,000/mo
Your actual cash consumption rate
Show Burn Trend Over Time
Include a chart showing 6-12 months of burn rate history. Investors want to see:
- Is burn stable, increasing, or decreasing?
- Are there seasonal patterns?
- How has adding revenue affected net burn?
P&L Summary Slide
A high-level income statement that shows where money is going. Keep it at the right level of detail—not every line item, but enough to understand the business.
P&L Summary (Monthly)
Key Expense Categories
Group expenses into categories that make sense for your business:
- People: Salaries, benefits, contractors, recruiting
- Marketing: Advertising, events, content, tools
- Software/Infrastructure: AWS, SaaS tools, dev tools
- G&A: Legal, accounting, insurance, office
Budget vs Actuals
If you have an operating budget (and you should), showing variance analysis builds credibility. It demonstrates you're planning ahead and managing to a plan.
Explaining Variances
Don't just show the numbers—explain significant variances (typically >10%):
- Revenue -12%: Two enterprise deals pushed to Q1; pipeline remains healthy
- Marketing +12%: Pulled forward conference spend; will normalize
- People +4%: Delayed engineering hire; expect to fill Q1
Cash Flow Forecast
A forward-looking view of your cash position. Show 6-12 months of projected cash balances based on your operating plan.
What to Show
- Monthly projected cash balance for next 6-12 months
- Key assumptions driving the forecast
- Scenario analysis (base, optimistic, pessimistic)
- When you'll need to raise if runway gets short
For guidance on building forecasts, see our article on Cash Flow Forecasting for Startups.
Pro Tip: Show multiple scenarios. Board members appreciate seeing what happens if growth accelerates vs. if revenue flatlines. It shows you've thought through contingencies.
Unit Economics (Optional)
For post-revenue companies, unit economics tell investors whether your growth is sustainable. Consider including:
CAC
$2,400
Customer Acquisition Cost
↓ 15% from last quarter
LTV
$8,500
Customer Lifetime Value
↑ 8% from last quarter
LTV:CAC
3.5x
Ratio (target: >3x)
✓ Above threshold
Payback
8 months
CAC Payback Period
→ Targeting <6 months
Common Mistakes to Avoid
Too Much Detail
A 50-row P&L is overwhelming. Summarize at a level that tells the story without drowning in line items. Put details in the appendix.
Inconsistent Definitions
Changing how you calculate metrics each quarter makes trend analysis impossible. Define your metrics clearly and stick with them.
No Context or Comparison
Numbers without context are meaningless. Always show vs. target, vs. last period, or vs. industry benchmark. "We burned $150K" vs. "We burned $150K, $10K under budget" tells very different stories.
Stale Numbers
Showing data from 6 weeks ago signals you don't have real-time visibility. Board decks should have numbers as current as possible—ideally within a week.
Hiding Bad News
Cherry-picking favorable metrics while omitting concerning ones erodes trust. Be upfront about challenges. For guidance, see our article on presenting bad news to your board.
Financial Slides Checklist
- Cash position and runway with trend
- Burn rate (gross and net) with history
- P&L summary at appropriate detail level
- Budget vs. actuals with variance explanations
- Cash forecast with scenarios
- Unit economics (for post-revenue companies)
Need Help with Your Financial Slides?
Eagle Rock CFO helps startups build compelling financial presentations for board meetings. We'll help you present your numbers with clarity and confidence.
Schedule a Consultation