The pressure for new CFOs to perform well is enormous. It’s like pushing a ball of expectations up a hill. When they take over from the existing CFO, they aim to maintain their footing and not let the ball roll down. Then they have 100 days to get it moving uphill again, even if it’s just an inch at a time. 

Why is balancing the ball so important?

CFO turnover is high. According to Keene Advisors, turnover stands at nearly 18% for S&P 500 companies. Globally, turnover is just over 15%. It might not seem like much, but these figures hover around record highs. You don’t want to be the statistic that pushes them over the line.

Looking Under the Hood

Job applicants aren’t the only ones who put their best foot forward during interviews. The companies also provide a sanitized view of operations. The well-oiled machine is a veneer that covers the chaos beneath.

As Jeff Ryan, Senior Director of Growth TydeCo™, notes, “The gap between the formal reporting and the operational reality is what usually surprises new CFOs”. 

Three of the biggest surprises include:

  • The Stability Fallacy: The much-touted “stability” is real. But only because the finance team works late into the night, pulling rabbits out of hats and spinning plates to maintain good-looking figures. 
  • Time Doesn’t Fly: Time meanders. Sometimes there are delays, sometimes schedules don’t align, and sometimes time stops dead, like when a key person goes on vacation, and systems collapse. 
  • Wheels Turn Slowly: Manual processes are slow and error-prone, begging to be replaced by more efficient software. 

It’s important to recognize the gaps and adjust your delivery. Basically, adopt proactive-speak, like “reducing risk” rather than blame-speak, like “current inefficiencies”. This increases the likelihood of team support.  

Save The Data Ecosystem

Some people assume that just because a company has an ERP system, the data is well organized, accurate, and audit-ready. Unfortunately, even advanced software has no value when it’s not used correctly. 

  1. Persistent Spreadsheets: Instead of a smooth transition between manual and digital processes, critical knowledge is hidden in old spreadsheets that live on individual hard drives rather than the central ERP platform. 
  2. Garbage In, Garbage Out: If the data that goes into ERP systems is corrupt or otherwise unstable, the results will be littered with errors, which are compounded over time. Basically, no one trusts the system.
  3. Inconsistent Metrics: An effective ERP platform acts as a single version of truth; the foundation for all calculations across the ecosystem. Iffy data and mistrust result in lengthy debates rather than insightful decisions.

When ecosystems are contaminated, new CFOs must clean the data to ensure its relevance and accuracy before adding it to a centralized platform.  

Technology Stack: Friend or Foe?

According to PwC’s May 2025 Pulse Survey, 58% of CFOs are investing in AI and advanced analytics. The increasing focus on technology means the shape of your tech stack is important. 

You’d like a stack with clean lines. However, they can grow branches, develop bulges, and loop back. This happens when software features don’t match your needs. 

  • IT Makes Software Decisions: IT doesn’t really understand the nuances of financial software and buys unsuitable feature-heavy packages. However, finance bases purchasing decisions on functionality. 
  • Solving the Wrong Problem: You have to know what’s really wrong before you can devise a solution. This is important because you could waste time and energy on a solution that doesn’t have much bearing on your current situation.
  • Legacy Anchors: Legacy systems are past their prime. Sticking with them is like being weighed down by a heavy anchor. You must eliminate them before they drag you down. 

It’s not as simple as flinging the word transformation around. But if you can phrase your intention so it resonates with your team, you’re more likely to get buy-in, making your tech stack your new best friend. 

Take Advantage of Wasted Talent

Often, finance teams are forced to keep inefficient systems running. Like hamsters on a wheel, they run the same tedious, uninspiring routines.  

  • Number Crunchers Crunch Numbers: Operating models might focus on compliance and historical reporting. There’s no room for teams to flex their creative muscles on strategy. 
  • Capacity Limitations: Because staff are so fixated on operations and fixing recurring errors, they don’t have opportunities to challenge the status quo.
  • One Person Holds the Key: It’s quite common for a team’s success to hinge on one person. When that person is gone, the centre falls out the bottom.

New CFOs are tasked with rescuing their teams from these limitations. They can recognize talent and put it to good use in finessing operations and contributing strategically to the company’s bottom line. 

Building Credibility is a Marathon, Not a Sprint

Despite what some might believe, CFOs aren’t expected to double the company’s revenue in their first 100 days. This is a good thing because it’s difficult to build trust when you’re barrelling through existing processes. 

Instead, you can establish credibility by:

  • Quick Wins: Sometimes you do need to sprint a bit, but only enough to gain momentum and increase motivation. A good start is to shave days off the month-end close process.
  • Demonstrating Reliability: It’s a “reliability before sophistication” mindset. Get the correct basics up and running before trying to implement complex models.
  • Listen First, Then Act: Listen to your team. Get to know the processes. Recognize the gaps. This is how you identify the real challenges. Only then can you implement meaningful change. 

Nice and easy wins the race for team trust, but you also need to score high marks to impress the rest of the C-Suite. Quick wins help you sow the seeds for larger projects and even greater success. 

Set the Scene for Your Future

This is not the time for sweeping change, nor is it time to sit behind your desk and study data. Getting to know your team and understanding their roles will shape your long-term goals.

  • Define Your Vision: By the halfway mark, you should be able to turn your groundwork into a clear vision for the finance department that also aligns with the company’s goals.
  • Stake Your Claim: During the last quarter, you can start implementing controls in maintenance processes, like AR and AP. This identifies hiccups early, so you can refine the system. And, it gives you time to focus on broader improvements.
  • Design Your Roadmap: All your experiences, interactions, insights, and results help you create a plan for optimization and growth that you can present to your C-Suite colleagues and the board.

It’s all about being proactive, but not aggressively so. It’s about refining the tech. It’s about building a supportive team. Most importantly, it’s about demonstrating your value and cementing your role in the company’s successful future.