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Hiring a new Chief Financial Officer (CFO) is a big moment for any company. Whether you’re bringing in your first financial leader or replacing a seasoned executive, the first 90 days can set the tone for what comes next. It’s not just about what a chief financial officer does; it’s also about what your business can do to support their success and get the most value out of this critical role. This checklist is designed to help business owners and leadership teams understand what a new CFO should accomplish in their first three months and how to prepare your company for a smooth transition.
Reviewing the Financial Foundation of the Company
Before any strategy can be built, your CFO needs a clear picture of the business’s current financial health. This is when creating a new CFO checklist can be invaluable. Start by making sure the following items are available and easy to understand:
- Recent balance sheets, income statements, and cash flow statements
- Past budgets and forecasts
- Bank and loan information
- Any known financial challenges or risks
If your current documentation is incomplete or disorganized, getting things in order now will help the new CFO training go more smoothly. Remember, you’re not just handing over the numbers, you’re giving them the tools to lead.
Meeting the Key People Behind the Numbers
A successful CFO needs to understand not only the financials but also the people and processes behind them. In the first few weeks, they should meet with:
- The CEO (Chief Executive Officer) or business owner.
- Department heads.
- Existing finance staff.
- Outside partners, like accountants or tax advisors.
These meetings enable the new CFO to gain firsthand insight into operational priorities, current bottlenecks, and how financial data is utilized across the company. As the employer, encourage open and honest discussions from the outset to avoid confusion later on.
Evaluating Current Financial Systems and Workflows
Most new CFOs will review your financial systems to assess what’s working and what needs improvement. That includes:
- Accounting software and reporting tools.
- How the business closes each month or quarter.
- Budgeting and forecasting methods.
- Payroll, billing, and accounts payable/receivable.
You may start hearing recommendations for process changes within the first month. Being open to those ideas (especially if you’ve been using the same systems for years) can help your business improve accuracy, save time, and reduce errors.
Assessing the Strength of Your Internal Finance Team
If your business already has a finance team, one of the newly hired CFO’s first tasks will be to evaluate its structure. This includes looking at:
- Skill levels and job responsibilities.
- Team size compared to business needs.
- Opportunities for training or additional support are available.
You may be asked to approve new hires or reassignments. Be prepared to invest in your team if the new CFO identifies talent gaps that could slow down reporting or limit strategic planning.
Helping Your New CFO Build Momentum With Quick Wins
The first 90 days aren’t necessarily about overhauling everything. A strong CFO will seek early wins that demonstrate progress and foster trust across departments. These might include:
- Cleaning up the general ledger.
- Improving cash flow reporting.
- Streamlining invoice and billing cycles.
When you see these small but meaningful changes early on, it’s a sign your CFO is focused and capable. As an owner, acknowledge these wins and share them with your team to build excitement around financial leadership.
Aligning on Long-Term Strategy and Priorities
While short-term clean-up is important, the bigger value of a CFO lies in long-term thinking. Around day 60 to 90, you should expect conversations about:
- Revenue growth strategies.
- Cost controls and margin improvements.
- Fundraising, M&A, or exit planning, if applicable.
- Tools or technologies that could improve reporting.
Work with your CFO to align these financial priorities with your overall business goals. If you’re unsure what success looks like, ask your chief financial officer to help define financial KPIs that can guide your decisions going forward.
Making Sure KPIs and Reporting Are Clear and Consistent
Once priorities are aligned, your CFO should be building or refining your company’s reporting structure. You should start seeing regular reports that track:
- Profitability and gross margin.
- Cash flow and runway.
- Budget versus actual performance.
- Customer acquisition costs and return on investment (if applicable).
The key here is consistency. Reports should be delivered on time in a format that is clear and easy to use. If reporting is confusing or late, ask for clarification; it’s a fair expectation.
Encouraging a Collaborative and Strategic Role
A modern financial executive does more than manage the books. They are a partner in decision-making, and the first 90 days are when that role takes shape. As the owner or executive leader:
- Encourage your CFO to attend strategic planning meetings.
- Invite their input on operations and hiring plans.
- Support them in building cross-department trust.
If you treat your CFO as a siloed function, that’s what you’ll get. But if you bring them to the table, they can become one of your most valuable problem solvers.
Planning for What Comes After the First 90 Days
Once your CFO is settled in, it’s essential to transition from onboarding to forward momentum. Together, you should review:
- What goals were met, and what still needs attention?
- Any unexpected challenges or risks uncovered.
- Budget and forecasting plans for the next 6 to 12 months.
- Resources required to continue building momentum.
Use this review as a checkpoint to recalibrate and make sure your CFO feels supported. Their success is your success.
Frequently Asked Questions About the New CFO 90-Day Checklist
What should a business owner expect from a new CFO in the first 90 days?
You should expect your CFO to gain a full understanding of the company’s financial health, evaluate current systems, meet with key staff, and begin identifying both risks and opportunities. They should also begin delivering basic reports and outlining priorities for future improvement.
How can I support my new CFO during their first few months?
Be transparent about the company’s goals, challenges, and expectations. Ensure they have access to accurate financial data, team members, and any relevant third-party advisors. Encouraging open communication and offering support for quick wins will help them build momentum.
What if the new CFO recommends big changes early on?
It’s common for experienced CFOs to spot inefficiencies quickly. However, it’s fair to ask for context, supporting data, and a phased approach to any large changes. Work collaboratively to prioritize what needs attention now versus what can wait until later.
Should I expect my new CFO to interact with all departments?
Yes. A CFO adds the most value when they understand how each department impacts the financial picture. While they won’t manage operations, they should collaborate with sales, marketing, HR, and others to support company-wide decision-making. This is why making a positive new CFO announcement to all departments is imperative.
How do I determine if my new CFO is performing well?
Start by reviewing whether they’ve met the agreed-upon goals for the first 90 days. This might include timely financial reports, improved processes, or better cash visibility. You should also look for stronger communication, clearer planning, and fewer financial surprises.
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Matt Garrett is the Founder and Chief Executive Officer of TGG. He is a regular speaker across the country on behalf of Vistage educating business owners on the need for sound financial practices, and is Vice President of the Board of Directors of FINACA. Under Matt’s leadership, TGG has received the following recognition: INC. 5000 top companies in the U.S. five years in a row; one of “San Diego’s Fastest Growing Companies” the past four years; and is among San Diego’s “Best Places to Work.”
