The CFO’s Cash Playbook: How to Lead with Liquidity, Not Just P&L

What separates finance leaders who survive from those who scale? It’s not forecasting tools or financial modeling — it’s the discipline of managing cash like a strategist.

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In Episode 2 of the Cash Flow Matters Blogcast, Centime CEO BC Krishna sits down with Mark Hansen, CFO of Entrata, a leading property management platform, to unpack what great CFOs actually do to build resilient, cash-smart businesses. From unit economics to AI and cash burn to vendor terms, this conversation is a practical guide for finance leaders operating in the real world — where cash is both the scoreboard and the constraint.

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From Construction Sites to the CFO Seat

Mark didn’t grow up planning to be a CFO. His early exposure came from working construction with his dad and managing finances as a missionary in Brazil. It wasn’t until college that he discovered he had both the knack and appetite for finance — especially when it meant solving real-world problems, not just crunching numbers.

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Today, he leads finance at Entrata, helping run an “ERP for apartment communities” that powers 3M+ units across the U.S. And he’s still drawn to roles where finance is operational — not abstract.

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The Cash Flow Blind Spot: Unit Economics Before Everything

Most businesses don’t fail because of bad ideas — they fail because they ignore the fundamentals. Mark’s first rule? Understand your unit economics. Before you think about scale, forecasts, or fundraising, you need to know whether you’re profitable per transaction.

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Every business has its own “unit” — a license, a meal, a seat, a lease. If that unit doesn’t turn a profit, more volume just increases your losses.

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More importantly, free cash flow — not GAAP profitability — is the CFO’s true north. It reflects how much cash the business actually retains after operations and capital expenditures. Gap earnings might make your income statement look fine, but only free cash flow tells you whether your company can survive and invest.

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Burn Rate is Reality: The Metric That Can’t Be Ignored

If you're still pre-product-market fit, don’t overcomplicate things. As Mark puts it: know your monthly burn, and know your runway. It’s survival math.

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Early-stage businesses can’t predict much — but they can control their cost base. And the companies that win are the ones who maximize learning and iteration per dollar of burn, not the ones who scale prematurely.

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Cash Isn’t a Cushion — It’s a Strategic Asset

When BC brings up the unpredictability of market shocks — COVID, the 2008 crash — Mark doesn’t dodge. Even Boeing had to raise billions in late 2024 to stay afloat. If it can happen to a company worth $100B, it can happen to anyone.

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That’s why Mark recommends keeping 2–3 quarters of operating expenses in cash. It’s not about playing defense — it’s about buying time to make bold, thoughtful decisions when the world turns upside down.

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Why “Growth at All Costs” Is Over (and What Replaced It)

From 2020–2022, software companies were praised for growing at 40–50%+ — even if they were burning millions. That era is over.

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Mark explains how the market has shifted toward sustainable growth, measured by the Rule of 40 (revenue growth + profitability margin). A company growing 20% with 20% margins is now just as impressive as one growing 40% with zero margin.

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The implication for CFOs? Optimize growth and margin together. Don’t chase vanity metrics. Build a model that survives scrutiny and downturns.

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Bottoms-Up Forecasting Is What Actually Helps You Operate

Forecasts don’t matter if they aren’t actionable. Mark outlines two layers of forecasting:

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Top-down models for board visibility and investor comms
Bottoms-up, transaction-level forecasting for operational planning

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It's the second one that drives real-world decisions — which invoices to prioritize, which vendor payments to delay, and whether your cash position will trigger any risk 2–4 weeks out.

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This type of forecasting isn't just for early-stage companies. Entrata runs it too — because it lets teams manage proactively, not retroactively.

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AI Isn’t Magic — But It’s Getting More Useful

Mark is clear-eyed about AI in the Office of the CFO: it’s not replacing humans, but it’s getting good at specific, narrow tasks. Think reconciliation, cash projections, or data enrichment.

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The challenge isn’t adoption — it’s matching the tech to real use cases. At Entrata, they’re still testing tools. But the most valuable solutions will be the ones that can summarize context, reduce manual effort, and generate insights from fragmented systems.

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Mark’s Playbook: How a CFO Actually Manages Cash

Toward the end of the conversation, BC asks Mark for his personal playbook — the habits and levers he uses to manage cash and working capital well. Here’s what he said:

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Scrutinize headcount — it’s your biggest cost lever
Avoid overleveraging with debt
Monitor vendor payments weekly
Renegotiate terms where appropriate
Track AR aging and DSO religiously

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What’s surprising is that he doesn’t delegate this. Even at Entrata’s size, he personally reviews vendor payments every week. Why? Because if you don’t stay close to cash, you can’t answer the board’s questions when it counts.

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Final Take: CFOs Aren’t Just Stewards. They’re Shock Absorbers.

This isn’t about being conservative. It’s about building an organization that can withstand uncertainty and operate from a position of control. Mark’s view is clear: if you want to earn your seat as a strategic CFO, you have to understand the levers — and touch them directly.

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**Deposit placement through ICS is subject to the terms, conditions, and disclosures in the applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through ICS satisfies any restrictions on its deposits. A list identifying IntraFi network bank

The CFO’s Cash Playbook: How to Lead with Liquidity, Not Just P&L

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