Edit with AI
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Edit with AI
Start with a proven structure, edit with AI. Paste the primers into Claude for Excel, ChatGPT, or any AI tool so it understands how Hemrock models are built before it touches a cell. Pick a task, fill in the brackets, and verify the output.
Don't like copy-paste? Install the MCP server (any MCP-compatible AI tool) or the Claude Skill (drop-in file for Claude Projects). Same content as this guide, loaded automatically.
Pick a template
Everything below adapts to the template you choose. Link-safe via ?template=.
Universal primer
Paste this first. It tells the AI how every Hemrock model is structured, what inputs look like, and the ground rules for making changes.
Universal context primer
I am working on a Hemrock (formerly Foresight) financial model template created by Taylor Davidson (hemrock.com, formerly foresight.is). Before we start, here is how these models are structured:
FORMATTING CONVENTIONS:
- Blue font with light grey background = an input cell (assumption you can change). Only edit these.
- Black font = a formula or calculation. Do not modify these unless you fully understand the formula and its downstream effects.
- All cells and formulas are unlocked — there are no macros.
- Many cells have notes explaining what they do. Read them before changing anything.
SHEET STRUCTURE:
- README / License / Disclaimer: Informational only. Safe to ignore or hide.
- Get Started: Top-level model inputs and settings. Start here.
- Forecast: Detailed assumptions and inputs. A hybrid inputs-and-calculations sheet — treat blue cells as inputs, black cells as hands-off.
- Revenues: Revenue model calculations (Standard Model). Driven by inputs on Get Started and Forecast.
- Statements: Consolidated financial statements (income statement, balance sheet, cash flow).
- Summary / Key Reports / Breakdown / Budget / Sources and Uses: Presentation and analysis sheets. Output only — do not manually edit.
- Changelog: Version history. Do not delete.
CORE PRINCIPLES:
- Inputs, calculations, and presentations are intentionally separated. Never hard-code values into calculation or presentation sheets.
- All current assumptions are illustrative only — they are not market data or standards.
- The model is designed to be used iteratively, not as a static output.
- When in doubt, ask which cells are inputs before suggesting changes.
BEFORE MAKING ANY CHANGES:
1. Confirm with me which cells are blue (inputs) vs. black (calculations).
2. Tell me what downstream effects your proposed change will have.
3. Do not hard-code values into formula cells.
4. If a change requires modifying a formula, explain exactly what you are changing and why.
Template primer
Paste this after the universal primer. It maps the specific sheets, inputs, and rules for the Standard Financial Model. If you haven't pasted the universal primer yet, use Copy both to paste them together.
Standard Financial Model, template primer
I am working on the Hemrock Standard Financial Model, a 72-month (6-year) monthly financial model for startups. 19 sheets. Time-series columns run from AA (prior period) through CU (month 72).
SHEET MAP:
- Get Started (B1:G154): Central assumptions hub. ALL key inputs live here. Every other sheet references this.
- Revenues (B1:CU1174): Prebuilt revenue engine. 1,174 rows. Contains growth cohorts, conversion, retention cohorts, revenue recognition, MRR metrics. Duplicated for Segment 1 (R20-R691) and Segment 2 (R693-R1172).
- Forecast (B1:CU689): Main forecast engine. Driver system for expenses. Contains burn/runway calcs (R309-R387), revenue recognition (R389-R405), depreciation (R407-R429), debt repayment (R431-R586), taxes (R593-R611), inventory (R613-R639), MRR/ARR metrics (R651-R674), and valuation (R676-R688).
- Hiring Plan (B1:CU58): Per-role salary forecasting. Same driver system as Forecast.
- Statements (B1:CU121): Auto-generated. Income Statement (R11-R40), Balance Sheet (R43-R88), Cash Flows (R90-R121). DO NOT EDIT.
- Summary: Annual rollup. DO NOT EDIT.
- Key Metrics: SaaS KPIs (ARR waterfall, Magic Number, Rule of 40, LTV:CAC). DO NOT EDIT.
- Unit Economics (B1:BA1001): Per-unit LTV, CAC, payback. Has its own inputs at D7-D47.
- Budget: Forecast vs Actuals variance. DO NOT EDIT (except actuals input on Forecast R165-R228).
- Breakdown: Segment-level P&L. DO NOT EDIT.
- Sources & Uses: Funding deployment summary.
GET STARTED — KEY INPUT CELLS:
- D9: Company Name
- D10: Base Timescale (dropdown: monthly/quarterly/annually)
- D11: # of periods (default 72)
- D12: Date of first period
- D22: Revenue model type (dropdown: recurring, ecommerce, marketplace, advertising, financial services, top down, not applicable)
- D26: New Growth Units in first month (#)
- D28: Initial growth rate (%)
- D29: Growth rate deceleration (%)
- D31: Viral coefficient (K)
- D40: Conversion rate (%)
- D44-E44: Segment names
- D45-E45: % converting to each segment
- D46-E46: Churn rate (%)
- D47-E47: Churn period (months)
- D54-E54: Avg Revenue per Revenue Unit ($)
- D55-E55: Billing period (months)
- D76: Cash on hand beginning ($), C76: Currency symbol
- D79: Use auto revenue recognition (dropdown)
- D93: Depreciation months
- D106: Corporate tax rate
- D120: WACC/NPV discount rate
- D131-D142: Monthly seasonality (Jan-Dec)
FORECAST — DRIVER SYSTEM (per row, columns K-X):
Each expense/revenue row on Forecast (R25-R95) and Hiring Plan (R25-R55) uses this driver system:
- K: Initial Value
- L: Starts in period #
- M: Repeats every N months (1=monthly, 12=annually)
- N: Driver type dropdown ('...', '% of', '# per', '% change', '# change')
- O: Changes every N months
- P: Changing by (the rate)
- Q: Using Driver (references another row's label)
- R: Max N months
- S: Max value
- U-X: Boolean flags (Seasonality, Event, Custom, Escalation)
Alternatively, overwrite any formula cell in columns AB-CU with a direct value.
FORECAST — KEY SECTIONS:
- R25-R28: Operating Metrics (from Revenues sheet — do not overwrite)
- R37-R39: Fundraising (3 equity investment rows — use drivers or direct input)
- R42-R45: Revenue Categories 1-2 + Billings (from Revenues — do not overwrite)
- R50-R59: Salaries from Hiring Plan (formula — edit on Hiring Plan instead)
- R68-R69: Acquisition/Retention Costs (from Revenues)
- R70: Cost of Sales (driver: default 10% of Revenue Cat 1)
- R72-R95: Expense rows (INPUT via drivers, labeled TBD)
- R96: 'Insert new rows above this line' marker
- R165-R228: ACTUALS input section (same categories, enter historical data here)
REVENUES — KEY INPUT ROWS (can overwrite per month in cols AB-CU):
- R22: New Sales Hires per period
- R114: Manual growth adjustments
- R202: Manual conversion adjustments
- R378+: Per-month average revenue overrides
CROSS-SHEET FLOW:
Get Started → Revenues (growth, conversion, churn, pricing) → Forecast R25-R45 (metrics, revenue) → Statements → Summary
Hiring Plan → Forecast R50-R59 (salaries) → Statements
Forecast R165-R228 (actuals) merges with forecast at R231-R294 → Statements
CRITICAL RULES:
1. Never edit Statements, Summary, Key Metrics, Breakdown, or Key Reports — all formula.
2. Revenue showing zero? Check D22 (revenue model type) and D26-D29 (growth inputs) on Get Started first.
3. Adding expenses: use TBD rows R72-R95 on Forecast. Set the label in col B, category in col D (dropdown: R&D, Sales, G&A, Misc SG&A, Cost of Sales), then configure drivers in cols K-P.
4. Adding hires: use TBD rows R26-R55 on Hiring Plan. Set role name, category, salary in col K.
5. Seasonality: set monthly adjustments in D131-D142 on Get Started, then enable per-row in col U on Forecast.
6. The model supports two revenue segments. Configure segment names at D44-E44, splits at D45-E45, and independent churn/pricing per segment.
<!-- HEMROCK_SHEET_MAP_START -->
## Sheet Reference (auto-generated, do not edit by hand — see _models/)
# Standard Financial Model — Sheet Map
## Sheets (19)
README, License, Disclaimer, Get Started, Summary, Snapshot, Key Metrics, Key Reports, Revenues, Forecast, Hiring Plan, Statements, Sources & Uses, Unit Economics, Budget, Breakdown, Model Comparison, Glossary, Changelog
## Get Started Sheet (B1:G154) — CORE INPUT SHEET
### Model Structure (R6-R14)
| Row | Label | Type | Default |
|-----|-------|------|---------|
| R9/D9 | Company Name | INPUT | "Company" |
| R10/D10 | Base Timescale | DROPDOWN | "monthly" |
| R11/D11 | # of periods | INPUT | 72 (6 years) |
| R12/D12 | Date of first period | INPUT | Jan 2026 |
| R13/D13 | Fiscal year end | FORMULA | Dec 2026 |
| R14/D14 | Relative/absolute dates | DROPDOWN | "absolute" |
### Revenue Assumptions (R17-R58) — THE KEY SECTION
| Row | Label | Type | Default |
|-----|-------|------|---------|
| R20/D20 | Growth metric name | INPUT | "Growth Units" |
| R21/D21 | Revenue metric name | INPUT | "Revenue Units" |
| R22/D22 | Revenue model type | DROPDOWN | "recurring" |
| R26/D26 | New Growth Units month 1 | INPUT (#) | 100 |
| R27/D27 | Growth start date | INPUT | =D12 |
| R28/D28 | Initial growth rate | INPUT (%) | 10% |
| R29/D29 | Growth rate deceleration | INPUT (%) | -5% |
| R30/D30 | Use seasonality | DROPDOWN | "yes" |
| R31/D31 | Viral coefficient (K) | INPUT (#) | 1.2 |
| R34/D34 | CPA per paid Growth Unit | INPUT ($) | 0 |
| R35/D35 | % acquired through paid | INPUT (%) | 0 |
| R36/D36 | Use Outbound Sales | DROPDOWN | "no" |
| R40/D40 | Conversion rate | INPUT (%) | 10% |
| R41/D41 | Conversion lag months | INPUT (#) | 0 |
| R44/D44-E44 | Segment names | INPUT | "Segment 1", "Segment 2" |
| R45/D45-E45 | % to each segment | INPUT (%) | 50%/50% |
| R46/D46-E46 | Churn rate | INPUT (%) | -10% each |
| R47/D47-E47 | Churn period months | INPUT (#) | 1 (monthly) |
| R53/D53-E53 | Starting Revenue Units | INPUT (#) | 0 |
| R54/D54-E54 | Avg Revenue per Unit | INPUT ($) | $10 |
| R55/D55-E55 | Billing period months | INPUT (#) | 1 |
| R56/D56-E56 | % billed upfront | INPUT (%) | 100% |
### Revenue Model Types (R61-R70)
D22 selects from: recurring, ecommerce, marketplace, advertising, financial services, top down, not applicable
### Balance Sheet (R73-R97)
| Row | Label | Type | Default |
|-----|-------|------|---------|
| R76/D76 | Cash on hand beginning | INPUT ($) | 0 |
| R76/C76 | Currency symbol | INPUT | "$" |
| R79/D79 | Auto revenue recognition | DROPDOWN | "yes" |
| R83/D83 | Auto cash collection | DROPDOWN | "yes" |
| R84/D84 | Days AR | INPUT (#) | 0 |
| R93/D93 | Depreciation months | INPUT (#) | 36 |
| R97/D97 | Interest income rate | INPUT (%) | 0 |
### Debt (R99-R103)
| Row | Label | Type | Default |
|-----|-------|------|---------|
| R100/D100 | Annual interest rate | INPUT (%) | 0 |
| R101/D101 | Repayment term months | INPUT (#) | 0 |
| R102/D102 | Interest-only months | INPUT (#) | 0 |
### Taxes (R105-R109)
| Row | Label | Type | Default |
|-----|-------|------|---------|
| R106/D106 | Corporate tax rate | INPUT (%) | 0 |
| R107/D107 | Tax schedule | DROPDOWN | "quarterly" |
| R108/D108 | VAT rate | INPUT (%) | 0 |
### Valuation (R118-R126)
| Row | Label | Type | Default |
|-----|-------|------|---------|
| R120/D120 | WACC/NPV discount rate | INPUT (%) | 8% |
| R121/D121 | Long-term growth rate | INPUT (%) | 4% |
| R124/D124 | Multiple base | DROPDOWN | "revenues" |
| R125/D125 | EV multiple | INPUT (#) | 0 |
| R126/D126 | % weight for multiple | INPUT (%) | 50% |
### Seasonality (R128-R143)
R131-R142: Monthly % change inputs (Jan-Dec), R143 = sum check
### Model Checks (R146-R153)
All FORMULA returning yes/no
## Revenues Sheet (B1:CU1174) — REVENUE ENGINE
### Structure
Duplicated for Segment 1 and Segment 2. Contains:
- Outbound Sales cohorts (R20-R100)
- Growth Units cohorts (R103-R195)
- Conversion calculations (R199-R210)
- Revenue Units retention cohorts (R212-R373)
- Revenue calculations per model type (R375-R691)
- MRR metrics (R679-R691)
- Segment 2 repeats (R693-R1172)
### Key INPUT rows (can be overwritten per month in cols AB-CU)
- R22: New sales hires per period
- R99: Growth Units per ramped sales person
- R114: Manual growth adjustments
- R202: Manual conversion adjustments
- R378+: Per-month average revenue overrides
### Formulas to Never Touch
- Cohort tracking matrices (monthly retention/billing cohorts)
- Revenue recognition calculations
- MRR build calculations
## Forecast Sheet (B1:CU689) — FORECAST ENGINE
### Driver System (per row, columns K-X)
| Column | Purpose |
|--------|---------|
| K | Initial Value |
| L | Starts in period # |
| M | Repeats every N months |
| N | Changing based on ("...", "% of", "# per", "% change", "# change") |
| O | Changes every N months |
| P | Changing by % or # |
| Q | Using Driver (references another row label) |
| R | Max N months |
| S | Max value |
| U-X | Use Seasonality/Event/Custom/Escalation (true/false) |
### Main Input Area (R20-R96)
| Section | Rows | Notes |
|---------|------|-------|
| Operating Metrics | R25-R34 | Growth/Revenue Units from Revenues sheet; Salaries from Hiring Plan |
| Fundraising | R37-R39 | 3 equity investment rows |
| Revenues & Billings | R42-R47 | Rev Cat 1-2 from Revenues; Cat 3 is INPUT |
| Hiring Plan | R50-R65 | Salaries + Benefits from Hiring Plan sheet |
| Operating Expenses | R68-R95 | Acquisition/Retention from Revenues; COGS, expenses via drivers |
### Calculated Sections (all FORMULA)
| Section | Rows | Purpose |
|---------|------|---------|
| Forecast by Category | R99-R162 | Aggregates into standard categories |
| Actuals by Category | R165-R228 | INPUT area for actual financial data |
| Actuals + Forecast | R231-R294 | Merged view flowing to Statements |
| Burn/Runway | R309-R387 | Net burn, runway months, cash projection matrix |
| Revenue Recognition | R389-R405 | Deferred revenue, AR |
| Depreciation/Amort | R407-R429 | Schedules |
| Debt Repayment | R431-R586 | Monthly principal + interest |
| Tax Schedules | R593-R611 | Corporate + VAT |
| Inventory | R613-R639 | Purchase/disposal calcs |
| MRR/ARR Metrics | R651-R674 | Monthly/annual recurring revenue |
| Valuation | R676-R688 | DCF + Multiple methods |
## Hiring Plan Sheet (B1:CU58)
- R24: Outbound Sales Staff (FORMULA from Revenues)
- R25: CEO row (INPUT: salary, category)
- R26-R55: 30 TBD hire rows (INPUT)
- Same driver system as Forecast (cols K-X)
- Category dropdown: R&D, Sales, G&A, Misc SG&A
- Segment dropdown: Unallocated, Segment 1, Segment 2
## Statements Sheet — All FORMULA
- R11-R40: Income Statement
- R43-R88: Balance Sheet
- R90-R121: Cash Flow Statement
## Other Sheets (all FORMULA)
- Summary: Annual rollup (5 years)
- Snapshot: 6-month forward cash flow
- Key Metrics: SaaS KPIs (ARR, Magic Number, Rule of 40, LTV:CAC)
- Unit Economics: Per-unit LTV, CAC, payback
- Budget: Forecast vs Actuals variance
- Breakdown: Segment-level P&L
- Sources & Uses: Funding deployment summary
## Cross-Sheet References
```
Get Started → Revenues (growth, conversion, churn, pricing, seasonality)
Get Started → Forecast (timescale, balance sheet, tax, valuation)
Get Started → Unit Economics (revenue per unit, churn)
Revenues → Forecast R25-R28 (operating metrics)
Revenues → Forecast R42-R45 (revenue/billings)
Revenues → Forecast R68-R69 (acquisition/retention costs)
Hiring Plan → Forecast R50-R59 (salaries by category)
Forecast (R231-R294) → Statements
Statements → Summary (annual via SUMIFS)
```
<!-- HEMROCK_SHEET_MAP_END -->
Task prompts
Pick a task, copy the prompt, fill in the [bracketed placeholders] with your details. Always run the primers first.
Orientation
Explain the model structure
Walk me through the sheets in this model and explain what each one does and how they connect to each other. Start with what I should look at first.
Find all input cells
Look at the Get Started and Forecast sheets. List all of the blue input cells (blue font, grey background) that I need to fill in to get the model running. Group them by category.
Explain a specific formula
Explain what the formula in [cell reference] is doing, and why it might be structured that way. Do not change it — just help me understand it.
Revenue
Configure revenue model for my business
I run a [describe your business model, e.g. B2B SaaS with annual contracts]. Help me identify which revenue model type to select in Get Started, and which input assumptions I need to set up on Get Started and Revenues to accurately reflect my business.
Debug blank or zero revenues
My revenue model is showing zero or blank revenues. Before touching any formulas, walk me through the most common reasons this happens in this model and which inputs I should check first on the Get Started sheet.
Model multiple revenue streams
I have [X] distinct revenue streams: [describe each briefly]. Help me figure out how to model each one using the existing revenue structure. If any stream requires a custom row or BYOM approach, tell me before making changes.
Set up churn and retention inputs
Help me set up the churn and retention inputs correctly for my business. My current monthly churn rate is approximately [X%]. Walk me through which inputs on Forecast or Get Started control this and what the downstream effect looks like on MRR and subscriber counts.
Model seasonality
My business has seasonal revenue patterns — [describe briefly, e.g. strong Q4, slow summer]. Show me where seasonality inputs live in this model and how to set them without breaking the underlying growth rate logic.
Expenses
Set up hiring plan
I want to model my hiring plan. I currently have [X] employees and plan to hire [describe roles and timing]. Walk me through how to enter this on the Forecast sheet, and confirm which rows are inputs vs. calculations before I start.
Add a new expense line
I need to add [describe expense] to the model. Before adding a new row, tell me if there is already a place for this type of expense in the Forecast sheet. If I do need to add a row, explain exactly where to add it and what category (SG&A or COGS) to assign it to.
Model CAPEX and depreciation
I have a significant capital expenditure coming up: [describe amount and timing]. Help me enter this correctly so that the model handles depreciation automatically. Which cells on Forecast are the right inputs?
Fundraising
Model a funding round
I am planning to raise [amount] at a [pre-money / post-money] valuation of [amount]. Help me enter this into the model correctly — which inputs on Get Started or Forecast control funding events, and how does the model reflect the cash inflow and dilution?
Calculate runway to next raise
Based on the current inputs in the model, what is my projected runway — in months — before I need to raise again or reach profitability? Walk me through how the model calculates this and which assumptions have the biggest impact on it.
Model different funding scenarios
I want to model two scenarios: one where I raise [amount] in [month], and one where I extend runway by cutting costs instead. Help me set up a simple way to compare both scenarios using the existing model structure without creating a second copy of the model.
Analysis
Explain unit economics
Walk me through the unit economics in this model — specifically CAC, LTV, payback period, and gross margin. Where do these metrics come from in the model and which inputs drive them most?
Identify key value drivers
Looking at the inputs in this model, which three to five assumptions have the biggest impact on my cash runway and net revenue? Help me identify them so I can focus my planning on what matters most.
Compare budget to actuals
I want to enter my actual financials from [month/period] to create a budget vs. actual comparison. Which cells on the Forecast or Budget sheet accept actuals, and how does the variance calculation work?
Presentation
Prepare model for investors
I am preparing to share this model with investors. Without modifying any calculation cells, help me identify: (1) any assumptions that need a note explaining the rationale, and (2) which sheets I should include or hide before sending. Do not delete any sheets — suggest hiding only.
Summarize the model in plain language
Based on the inputs and outputs currently in this model, summarize in plain language: revenue trajectory over 3 years, gross margin trend, cash burn, runway, and the key assumptions driving those numbers. Write it as I would explain it to a non-technical investor.
Customization
Extend the time period
I want to extend the model's time period from [current period] to [desired period]. Before touching any columns, explain how the time period is set up in this model and the safest way to extend it without breaking downstream formulas.
Add a business segment
I want to track a separate P&L for [business segment or product line]. Help me understand how the Breakdown sheet works and how to tag my expense and revenue lines to this segment.
Checks
AI edits can look right and be wrong. Run these checks before you trust the output.
Audit before accepting any AI output
Before I accept these changes: (1) identify every cell that was modified, (2) confirm each modified cell was a blue input cell and not a black formula cell, (3) confirm no values were hard-coded into calculation cells, and (4) show me one downstream output that changed as a result, to confirm the model is responding correctly.
Check internal consistency
Look at the key output metrics in this model [e.g. revenue, gross margin, cash balance]. Do the numbers tell a consistent and coherent story? Flag anything that seems mathematically inconsistent or economically implausible given the inputs.
Check for hard-coded values
Scan the model for any cells where a value appears to be hard-coded (a raw number in a cell that should contain a formula). List any you find and confirm whether they should be formulas referencing inputs instead.
Validate revenue assumptions for stage
Review my revenue assumptions on the Revenues and Get Started sheets. Given that this is a [pre-seed / seed / Series A] stage [business model] company, flag any growth rates, conversion rates, churn rates, or pricing assumptions that look unusual or inconsistent with companies at this stage. Do not change anything — just flag and explain your concerns.
Validate the fundraising story
I am preparing to raise a [amount] [seed / Series A / etc.] round. Looking at the current model outputs — revenue trajectory, burn rate, gross margin, and runway — does this model tell a coherent story that supports that fundraising goal? What questions would an investor likely ask, and are the answers visible in the model?
Check gross margin reasonableness
Look at my gross margin — both the gross profit line on the income statement and the inputs that drive it (cost of sales, COGS assumptions). Does my gross margin percentage look reasonable for a [business model] company at this stage? Flag anything that seems off before I share this model with investors.
Check expense growth vs revenue growth
Look at the relationship between expense growth and revenue growth over the forecast period. Are expenses growing faster than revenues in a way that suggests the business never reaches a sustainable margin? Or are the margin improvements assuming operating leverage that may not be realistic? Describe what you see without changing anything.
Check cash balance never goes negative unexpectedly
Scan the cash balance row on the Statements or Summary sheet. Does the cash balance ever go negative in the forecast period? If so, in which month, and what are the inputs driving that? Do not fix it — just tell me where and why.