DD-Checklist-US.xlsx

	A	B	C	D	E
1	Financial Due Diligence Checklist (US)
2	Generic, reusable financial DD / data-room request list for a US (Delaware C-corp) startup, based on standard US VC/M&A practice. Adapt to your company. Part of the CFOmatrix Due Diligence series, cfomatrix.in. Not financial advice.
3	#	Document / Information Requested	Priority	Status	Notes

4	A. Financial statements & MIS
5	1	US GAAP financial statements (income statement, balance sheet, cash flow), monthly in Excel for the historical period	High
6	2	Monthly management reporting / MIS with KPIs and variance analysis	High
7	3	Trial balance and general ledger detail for the historical period	High
8	4	Chart of accounts and summary of accounting policies; revenue recognition policy (ASC 606)	Medium
9	5	Audited or reviewed financials and any auditor management letters	Medium
10	B. Revenue & quality of earnings
11	6	Monthly recurring revenue (ARR/MRR), bookings, gross/net churn and net revenue retention	High
12	7	Revenue by customer, product and geography; top-20 customer contracts	High
13	8	ASC 606 revenue recognition memos: performance obligations and deferred revenue	High
14	9	Deferred revenue / contract liability rollforward	High
15	10	Customer concentration and cohort analysis	Medium
16	C. Costs & margins
17	11	Gross margin by product/segment and COGS detail	High
18	12	Operating expense detail by department (Sales & Marketing, R&D, G&A)	High
19	13	Headcount by function with fully-loaded cost; stock-based compensation expense	Medium
20	14	Capitalized software development costs (ASC 350-40) policy and schedule	Medium
21	D. Balance sheet
22	15	AR aging by customer and allowance for doubtful accounts	High
23	16	AP aging and accrued liabilities schedule	High
24	17	Fixed asset register and depreciation; operating/finance leases (ASC 842) schedule	Medium
25	18	Cash and investments; bank statements and reconciliations	High
26	19	Debt schedule (term loans, venture debt, SAFEs, convertible notes) with key terms	High
27	E. Capitalization & equity
28	20	Fully diluted capitalization table incl. options, SAFEs, convertible notes, warrants	High
29	21	409A valuations and stock option grant history	High
30	22	Equity financing history (priced rounds, SAFEs) and key economic terms	Medium
31	F. Working capital & projections
32	23	Monthly net working capital analysis	High
33	24	Quality of earnings adjustments and non-recurring items	High
34	25	Management operating model / financial projections	Medium
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