Even when there are differences per group and business buildings, CFO leads monetary affairs along with IT, Law, Risk Management, Direct-Indirect Purchasing and Human Resources departments and plays an efficient function in strategic administration and planning by focusing on firm sustainability. Basically, CFO has three different heads. These are execution, supervision, and counseling. We are able to explain execution role as providing security of economic charts and managing the money that is the vital level of an organization in an optimum way. Supervision duty includes; controlling the expenses of some departments to see if these are used up in keeping with decided rules 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 buyer-provider enterprise partners, new business areas and products, incentives, company and department performances. CFO is the eye of the Board within the firm and reliable enterprise consultant of CEO with all these attributes.
Support of the Board and CEO may 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 executed, can’t be finished due to lack of assist on inter corporate conflicts and other reasons. We can kind the side effects of this kind of negative situations as an increase in firm risks and miss the opportunities.
How CFO’s can decide priorities?
And this question is crucial topic that CFO should take note of scientific and structural approach and possibly is competence in the dedication of a profitable-unsuccessful CFO. It’s not a really rational behavior to anticipate managing all these mentioned totally different expertise areas and topics by one particular person under regular circumstances until CFO determines the proper priority and use the money supply and workforce of the corporate in a correct way. S/he can still handle his profession in a proper way and, in truth, s/he can still enjoy it. These duties handled by him/her are divided into four teams according to importance and urgency, and CFO should distribute these non-stop tasks in an accurate way.
Urgent and necessary topics
Urgent however unimportant topics
Non-urgent however important subjects
Non-urgent and unimportant topics
CFO’s actually give primacy to «urgent and important topics» and will by no means work on «non-urgent and unimportant» subjects. However the level that makes the difference in that is the time s/he spares time for «non-urgent however vital subjects.» The quintessence for this one would be; observing the personal and professional development of the workers from the bottom to the highest level that is managed by her/him and contribute in person if possible. Even when this duty is extreme and long-termed, the return of it is high. Because the more s/he has a better and an outfitted staff, the more they’ll fulfill the advanced duties and responsibilities which might be provided.
Lesson: CFO ought to determine the priority in a proper way and may invest in the well-chosen team. Otherwise, the occupation that CFO do would possibly become one of many riskiest profession.
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