Even if there are differences per group and enterprise structures, CFO leads monetary affairs alongside with IT, Law, Risk Management, Direct-Indirect Buying and Human Resources departments and performs an effective function in strategic administration and planning by specializing in 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 cash that is the vital level of a company in an optimum way. Supervision duty includes; controlling the expenses of some departments to see if these are used up in response to determined regulations and auditing operational processes by a deliberate and unplanned way to keep away from corruption possibilities. And for counseling duty, we can exemplify issuing opinions particularly to the Board, CEO and all other managers about customer-supplier business partners, new business areas and products, incentives, company and department performances. CFO is the eye of the Board in the company and reliable business consultant of CEO with all these attributes.
Support of the Board and CEO could be very critical
Assist of the Board and CEO is 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 accomplished as a consequence of lack of support on inter corporate conflicts and other reasons. We will kind the side effects of this kind of negative situations as a rise in firm risks and miss the opportunities.
How CFO’s can determine priorities?
And this query is the most important topic that CFO ought to pay attention to scientific and structural approach and maybe is competence in the willpower of a profitable-unsuccessful CFO. It’s not a really rational conduct to count on managing all these mentioned different experience areas and subjects by one individual under regular 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 handle his profession in a proper way and, in reality, s/he can still enjoy it. These duties dealt with by him/her are divided into 4 groups based on significance and urgency, and CFO should distribute these non-stop tasks in a correct way.
Urgent and important topics
Urgent but unimportant topics
Non-urgent however important topics
Non-urgent and unimportant topics
CFO’s definitely give primacy to «urgent and necessary subjects» and may by no means work on «non-urgent and unimportant» subjects. But the point that makes the difference in that is the time s/he spares time for «non-urgent but important subjects.» The quintessence for this one could be; observing the personal and professional development of the staff from the bottom to the highest level that’s managed by her/him and contribute in individual if possible. Even if this duty is severe and lengthy-termed, the return of it is high. Because the more s/he has a better and an outfitted group, the more they will fulfill the complicated duties and responsibilities which might be provided.
Lesson: CFO should decide the priority in a proper way and will invest in the well-selected team. In any other case, the occupation that CFO do might develop into one of the riskiest profession.
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