Even if there are differences per organization and business constructions, CFO leads monetary affairs alongside with IT, Law, Risk Management, Direct-Indirect Buying and Human Resources departments and plays an effective role in strategic administration and planning by focusing on firm sustainability. Basically, CFO has three different heads. These are execution, supervision, and counseling. We will clarify execution position as providing security of monetary charts and managing the money that is the vital point of a company in an optimum way. Supervision duty contains; controlling the bills of some departments to see if these are used up according to decided laws and auditing operational processes by a deliberate and unplanned way to keep away from corruption possibilities. And for counseling duty, we will exemplify issuing opinions particularly to the Board, CEO and all other managers about buyer-supplier enterprise partners, new business areas and products, incentives, firm and department performances. CFO is the eye of the Board in the company and reliable business consultant of CEO with all these attributes.
Assist of the Board and CEO could be very critical
Support 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 nice and asked to be done, cannot be carried out as a result of lack of help on inter corporate conflicts and other reasons. We can sort 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 query is an important subject that CFO ought to pay attention to scientific and structural approach and perhaps is competence within the willpower of a profitable-unsuccessful CFO. It’s not a very rational behavior to expect managing all these talked about totally different expertise areas and topics by one person under regular circumstances until CFO determines the proper priority and use the cash source and workforce of the company in an accurate way. S/he can still manage his profession in a proper way and, in actual fact, s/he can still enjoy it. These duties handled by him/her are divided into four groups in response to importance and urgency, and CFO should distribute these non-stop tasks in a correct way.
Urgent and necessary subjects
Urgent but unimportant topics
Non-urgent but vital subjects
Non-urgent and unimportant topics
CFO’s actually give primacy to “urgent and essential subjects” and should never work on “non-urgent and unimportant” subjects. But the level that makes the distinction in that’s the time s/he spares time for “non-urgent but important subjects.” The quintessence for this one can be; observing the personal and professional development of the workers from the bottom to the highest level that’s managed by her/him and contribute in individual if possible. Even if this duty is extreme and lengthy-termed, the return of it is high. Because the more s/he has a better and an geared up team, the more they will fulfill the complicated duties and responsibilities that are provided.
Lesson: CFO should decide the priority in a proper way and may put money into the well-selected team. Otherwise, the occupation that CFO do might develop into one of the riskiest profession.
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