Financial model not working? 41 fast fixes
The problems founders hit most when building a spreadsheet model, and how to fix each one in a minute or two. Written for our workbooks, and true for most well-built Excel models.
Opening the files
Which software do I need?
Microsoft Excel 2016 or later, or Microsoft 365, on Windows or Mac, is recommended. Google Sheets and LibreOffice Calc also work. Apple Numbers is not recommended.
Excel opens the file in Protected View.
That's normal for downloaded files. Click Enable Editing in the yellow bar.
Do the files contain macros?
No. There are no macros, add-ins or external links, just formulas. You never need to enable macros.
How do I open the files in Google Sheets?
Upload the .xlsx to Google Drive, right-click it and choose Open with > Google Sheets. Sheets converts it. The left-hand menu links don't work in Sheets, so use the tab bar at the bottom.
The file is slow to open or recalculate.
Each Pro Financial Model edition calculates three scenarios and twelve sensitivity cases at once (about 50,000 formulas). A few seconds is normal. Close other large workbooks. On older computers, switch to manual calculation while editing many inputs (Formulas > Calculation Options > Manual), then press F9.
I'm on a Mac and the fonts look different.
The files use Arial, which is on every Mac and PC. If a different font appears, it's a display setting and doesn't affect any numbers.
Errors and checks
I see #### in some cells.
The column is too narrow for the number. Widen the column or zoom out. The value is fine.
A cell shows #REF!
A formula lost its reference, usually because a row, column or tab was deleted. Undo (Ctrl+Z / Cmd+Z). If it's too late, copy the same cell from the SAMPLE file back in.
A cell shows #DIV/0!
Most divisions are protected, so this usually means a required input is blank or zero where a positive number is needed (for example, depreciation life). Check the yellow cells on that tab.
A cell shows #VALUE!
Text was typed where a number is expected. Check for spaces, currency symbols or commas typed as text in yellow cells.
Checks says ERROR on 'Balance sheet balances'.
A formula cell was overwritten. Undo recent changes. If that doesn't help, compare each statement row with the SAMPLE file to find the cell that is now a typed number (blue or black number with no formula).
Checks says ERROR on 'People cost: Headcount = OpEx'.
A role has a department other than R&D, S&M or G&A. Use the drop-down in the Department column.
Checks says ERROR on 'Active scenario engine = main model'.
A formula on Scenario Comparison or in the main statements was edited. Undo the change, or copy the tab's formulas from the SAMPLE file. Inputs never cause this error.
The cap table solver doesn't say 'Converged'.
Check for unusual inputs: a valuation cap of zero, a discount of 100%, or a round with investors but no pre-money valuation. Fix the input and it will converge.
Model behaviour
Cash goes negative.
Your plan needs more funding or less burn. Use the Raise Planner to size the round, update the rounds in Assumptions, or move hires later on the Headcount tab.
Revenue looks 10x too high or too low.
Check paid CAC (2,400, not 240), ARPA (monthly, not annual) and growth rates (8% typed as 8% or 0.08, not 8).
I changed the Scenario Selector but nothing changed.
Check that calculation is set to automatic. If the multipliers for the scenario you picked are all 1.00x and 0 months, that scenario is identical to Base.
The Sensitivity Tables don't reflect my Worst case.
By design, the tornado flexes one driver at a time around the Base column, so results are comparable. Use Scenario Comparison to see combined Best and Worst cases.
The Health Score is low but I believe my numbers.
The ranges are rules of thumb for venture-backed SaaS. If your market differs (for example enterprise with very low churn), edit the yellow ranges, and be ready to explain why.
Taxes appear later than I expected.
Tax is only charged once past losses are used up (a simplified loss carry-forward). That is usually realistic for startups.
Interest income looks odd after a big round.
Interest is earned on the previous month's cash at the rate in Assumptions. Set the rate to 0% if you don't want it.
Deferred revenue is large.
It comes from the share of MRR billed annually and the average months prepaid. Lower either assumption if most customers pay monthly.
Cap Table
My lawyer's conversion numbers differ slightly.
SAFE and note wording varies (definitions of capitalisation, MFN clauses, rounding). Your lawyer's numbers based on the actual documents are the legal answer. Use the calculator for planning and negotiation.
Why does the option pool top-up dilute me and not the new investor?
Because term sheets usually put the top-up in the pre-money valuation. This is the 'option pool shuffle'. Negotiate the pool size from your hiring plan.
How do I model a SAFE without a cap?
Enter the amount and discount and leave the cap blank. It converts at the discounted round price.
How do I add an investor to Series A?
Add a row in the investor list on Priced Rounds with round number 2 and the amount. Existing investors taking pro-rata go in the same list.
The exit waterfall shows founders getting less than their ownership %.
At low exit values, investors' liquidation preferences are paid first. At higher values everyone converts to common and proceeds follow ownership.
Use of Funds and Unit Economics
Allocation doesn't add up to 100%.
The status line under the table tells you the gap. Adjust the % column until it reads 'OK'.
Channel totals don't match Inputs.
Put sales and marketing salaries into the channels those people work on, so channel spend adds up to total S&M.
I have fewer than 12 months of data.
Enter what you have and leave later months blank. Treat ratios with caution until you have 6 months or more.
Should I enter customers or MRR in Cohort Retention?
Either works, but use one consistently. MRR cohorts can exceed 100% because of expansion.
Customising
Can I change currency?
Yes. Type any currency code in Settings. It's a label; no conversion is applied, so enter all numbers in that currency.
Can I change the start month?
Yes. Change the model start date in Settings. All dates update automatically.
Can I add more roles, rounds or years?
The model is fixed at 30 roles, 3 equity rounds, 1 loan and 60 months to keep it robust. For more people, combine similar roles into one row (for example 'Engineers x3' with the combined salary).
Can I add my logo or change colours?
Yes. Formatting changes are safe. Only avoid typing over formula cells.
Can I protect formulas from accidental edits?
Yes. In Excel, select the yellow input cells, set them to unlocked (Format Cells > Protection), then use Review > Protect Sheet.
My business isn't SaaS.
Use the industry edition that matches how you earn money: SaaS, Marketplace, E-commerce, AI / usage-based, Fintech, Services or Hardware. If you mix models, pick the edition for your largest revenue stream and describe the rest in your assumptions note.