Even if there are variations per organization and enterprise buildings, CFO leads financial affairs alongside with IT, Law, Risk Administration, Direct-Indirect Buying and Human Resources departments and performs an efficient function in strategic management and planning by focusing on company sustainability. Basically, CFO has three totally different heads. These are execution, supervision, and counseling. We are able to clarify execution role as providing security of economic charts and managing the money that is the vital point of a company in an optimum way. Supervision duty consists of; controlling the expenses of some departments to see if these are used up in keeping with determined laws and auditing operational processes by a deliberate and unplanned way to avoid corruption possibilities. And for counseling duty, we can exemplify issuing opinions particularly to the Board, CEO and all different managers about customer-supplier enterprise partners, new enterprise areas and products, incentives, firm and department performances. CFO is the eye of the Board in the company and reliable enterprise consultant of CEO with all these attributes.
Support of the Board and CEO is very critical
Assist 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 lots of the assignments that sound good and asked to be executed, cannot be achieved as a consequence of lack of help on inter corporate conflicts and different reasons. We can type the side effects of this kind of negative situations as a rise in firm risks and miss the opportunities.
How CFO’s can decide priorities?
And this question is a very powerful subject that CFO should take note of scientific and structural approach and maybe is competence in the dedication of a successful-unsuccessful CFO. It’s not a very rational conduct to count on managing all these mentioned different expertise areas and topics by one person under normal circumstances till CFO determines the proper priority and use the money source and workforce of the corporate in a correct way. S/he can still manage his profession in a proper way and, in truth, s/he can still enjoy it. These duties handled by him/her are divided into 4 teams in line with importance and urgency, and CFO should distribute these non-stop tasks in an accurate way.
Urgent and important subjects
Urgent but unimportant subjects
Non-urgent however vital topics
Non-urgent and unimportant subjects
CFO’s definitely give primacy to «urgent and vital topics» and will by no means work on «non-urgent and unimportant» subjects. However the level that makes the difference in that’s the time s/he spares time for «non-urgent but essential 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 extreme and lengthy-termed, the return of it is high. Because the more s/he has a greater and an outfitted group, the more they can fulfill the complex duties and responsibilities which can be provided.
Lesson: CFO ought to decide the priority in a proper way and may spend money on the well-chosen team. In any other case, the occupation that CFO do may turn into one of the riskiest profession.
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