Even when there are variations per group and enterprise structures, CFO leads financial affairs along with IT, Law, Risk Administration, Direct-Indirect Purchasing and Human Resources departments and plays an efficient function in strategic administration and planning by specializing in firm sustainability. Basically, CFO has three totally different heads. These are execution, supervision, and counseling. We can clarify execution position as providing security of economic charts and managing the money that’s the vital point of a company in an optimum way. Supervision duty contains; controlling the expenses of some departments to see if these are used up in accordance 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 other managers about customer-provider business partners, new business areas and products, incentives, firm and department performances. CFO is the eye of the Board in the firm and reliable enterprise consultant of CEO with all these attributes.
Support of the Board and CEO is very critical
Help of the Board and CEO is probably 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 accomplished, can’t be achieved because of lack of help on inter corporate conflicts and other reasons. We will 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 take note of scientific and structural approach and maybe is competence within the dedication of a successful-unsuccessful CFO. It’s not a really rational conduct to expect managing all these talked about completely different experience areas and subjects by one particular person under normal circumstances till CFO determines the proper priority and use the money supply and workforce of the company in an accurate way. S/he can still handle his profession in a proper way and, in actual fact, s/he can still enjoy it. These duties dealt with by him/her are divided into four teams according to significance 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 certainly give primacy to “urgent and essential topics” and will by no means work on “non-urgent and unimportant” subjects. But the point that makes the distinction in that is the time s/he spares time for “non-urgent however 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 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 equipped staff, the more they’ll fulfill the complex duties and responsibilities which might be provided.
Lesson: CFO ought to decide the priority in a proper way and will invest in the well-selected team. Otherwise, the occupation that CFO do would possibly turn into one of many riskiest profession.
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