What does (not) CFO do?

Even if there are variations per organization and enterprise buildings, CFO leads financial affairs alongside with IT, Law, Risk Management, Direct-Indirect Purchasing and Human Resources departments and plays an efficient function in strategic management and planning by focusing on company sustainability. Basically, CFO has three different heads. These are execution, supervision, and counseling. We are able to clarify execution role as providing security of economic charts and managing the cash that is the vital point of an organization in an optimum way. Supervision duty includes; controlling the expenses of some departments to see if these are used up based on 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 other managers about customer-provider business partners, new enterprise areas and products, incentives, firm and department performances. CFO is the eye of the Board within the firm and reliable business consultant of CEO with all these attributes.

Help of the Board and CEO is very critical

Support of the Board and CEO is the most importing thing for CFO to fulfill all these duties and responsibilities in a proper way. Because most of the assignments that sound good and asked to be performed, cannot be completed as a result of lack of assist on inter corporate conflicts and other reasons. We are able to kind 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 a very powerful subject that CFO ought to pay attention to scientific and structural approach and perhaps is competence in the determination of a successful-unsuccessful CFO. It’s not a really rational behavior to expect managing all these talked about different experience areas and topics by one particular person under regular circumstances till CFO determines the proper priority and use the cash source and workforce of the corporate in an accurate way. S/he can still manage his profession in a proper way and, in truth, s/he can still enjoy it. These duties dealt with by him/her are divided into 4 groups according to importance and urgency, and CFO should distribute these non-stop tasks in an accurate way.

Urgent and important subjects

Urgent however unimportant topics

Non-urgent but necessary subjects

Non-urgent and unimportant subjects

CFO’s definitely give primacy to «urgent and essential subjects» and will by no means work on «non-urgent and unimportant» subjects. But the point that makes the distinction in that’s the time s/he spares time for «non-urgent however vital subjects.» The quintessence for this one could be; observing the personal and professional development of the workers from the lowest to the highest level that is managed by her/him and contribute in person if possible. Even if this duty is extreme and long-termed, the return of it is high. Because the more s/he has a greater and an outfitted team, the more they can fulfill the advanced duties and responsibilities which can be provided.

Lesson: CFO should determine the priority in a proper way and may spend money on the well-selected team. Otherwise, the occupation that CFO do may change into one of the riskiest profession.

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