Even when there are variations per group and business structures, CFO leads monetary affairs along with IT, Law, Risk Administration, Direct-Indirect Buying and Human Resources departments and plays an effective function in strategic administration and planning by specializing in firm sustainability. Basically, CFO has three different heads. These are execution, supervision, and counseling. We can clarify execution position as providing security of financial charts and managing the cash that is the vital level of a company in an optimum way. Supervision duty contains; controlling the bills of some departments to see if these are used up in line with decided laws and auditing operational processes by a deliberate and unplanned way to avoid corruption possibilities. And for counseling duty, we will exemplify issuing opinions particularly to the Board, CEO and all different managers about customer-provider business partners, new enterprise areas and products, incentives, firm and department performances. CFO is the eye of the Board in the company and reliable business consultant of CEO with all these attributes.
Assist of the Board and CEO could be very critical
Help of the Board and CEO is essentially the most importing thing for CFO to fulfill all these duties and responsibilities in a proper way. Because many of the assignments that sound good and asked to be done, cannot be completed as a consequence of lack of support on inter corporate conflicts and other reasons. We are able to sort the side effects of this kind of negative situations as an increase in company risks and miss the opportunities.
How CFO’s can determine priorities?
And this query is the most important subject that CFO should take note of scientific and structural approach and perhaps is competence in the determination of a successful-unsuccessful CFO. It’s not a very rational conduct to count on managing all these talked about different experience areas and topics by one person under regular circumstances until CFO determines the proper priority and use the cash source and workforce of the corporate in a correct way. S/he can still handle his profession in a proper way and, in actual fact, s/he can still enjoy it. These duties handled by him/her are divided into 4 teams in response to importance and urgency, and CFO should distribute these non-stop tasks in a correct way.
Urgent and important topics
Urgent however unimportant subjects
Non-urgent but important topics
Non-urgent and unimportant topics
CFO’s actually give primacy to «urgent and important topics» and should by no means work on «non-urgent and unimportant» subjects. But the level that makes the difference in that is the time s/he spares time for «non-urgent however necessary subjects.» The quintessence for this one can be; observing the personal and professional development of the workers from the lowest to the highest level that’s managed by her/him and contribute in person if possible. Even when this duty is severe and lengthy-termed, the return of it is high. Because the more s/he has a greater and an equipped staff, the more they’ll fulfill the complex duties and responsibilities which are provided.
Lesson: CFO ought to decide the priority in a proper way and will put money into the well-selected team. Otherwise, the occupation that CFO do may turn out to be one of the riskiest profession.
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