What does (not) CFO do?
Even when there are differences per group and enterprise buildings, CFO leads monetary affairs along with IT, Law, Risk Administration, Direct-Indirect Buying and Human Resources departments and performs an effective role in strategic administration and planning by specializing in firm sustainability. Basically, CFO has three different heads. These are execution, supervision, and counseling. We are able to clarify execution position as providing security of monetary charts and managing the cash that is the vital point of an organization in an optimum way. Supervision duty consists of; controlling the bills of some departments to see if these are used up in line with decided regulations and auditing operational processes by a planned and unplanned way to avoid corruption possibilities. And for counseling duty, we can exemplify issuing opinions particularly to the Board, CEO and all other managers about customer-provider enterprise partners, new business areas and products, incentives, company 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
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 lots of the assignments that sound good and asked to be carried out, can’t be finished due to lack of assist on inter corporate conflicts and other reasons. We will sort the side effects of this kind of negative situations as a rise in company risks and miss the opportunities.
How CFO’s can determine priorities?
And this question is an important subject that CFO should take note of scientific and structural approach and perhaps is competence within the willpower of a profitable-unsuccessful CFO. It’s not a really rational behavior to anticipate managing all these talked about totally different expertise areas and topics by one person under normal circumstances till CFO determines the proper priority and use the cash source and workforce of the company in a correct way. S/he can still handle 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 groups in line with significance and urgency, and CFO ought to distribute these non-stop tasks in a correct way.
Urgent and important subjects
Urgent however unimportant subjects
Non-urgent but vital topics
Non-urgent and unimportant subjects
CFO’s definitely give primacy to “urgent and vital subjects” and will never work on “non-urgent and unimportant” subjects. However the point that makes the difference in that’s the time s/he spares time for “non-urgent however necessary subjects.” The quintessence for this one would be; observing the personal and professional development of the staff from the bottom to the highest level that is managed by her/him and contribute in individual 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 equipped team, the more they can fulfill the advanced duties and responsibilities that are provided.
Lesson: CFO should determine the priority in a proper way and will put money into the well-selected team. In any other case, the occupation that CFO do would possibly change into one of many riskiest profession.
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