What mistakes can a newly minted CFO make?

The new CFO in the company must be prepared for the fact that his decisions and actions can have serious consequences for the financial condition of the company. Therefore, a newly minted CFO may make the following mistakes:

Insufficient Business Knowledge:

A new CFO may not know all the information about a company’s business, which can lead to poor decision making.
Poor cash flow management: A new CFO may not have sufficient experience in cash flow management, which can lead to inefficient use of resources and payment problems.
Mistakes in taxation: The new CFO may not have sufficient experience in tax accounting and declaration, which can lead to incorrect calculation of taxes and penalties.

Insufficient attention to risk management:

The new CFO may not pay enough attention to risk management, which can lead to financial losses for the company.

Wrong investment choices:

A new CFO may make poor investment decisions, which can result in a loss of company cash.
Poor management of financial resources: The new CFO may not have sufficient knowledge and skills to effectively manage financial resources, which may lead to their suboptimal use.

Lack of attention to compliance issues: The new CFO may not have sufficient knowledge and understanding of compliance requirements, which can lead to violation of the law and the incurring of financial and reputational losses.
In order to avoid these mistakes, the new CFO must devote sufficient time and effort to learning about the company’s business.