What does (not) CFO do?
Even when there are variations per organization and business structures, CFO leads financial affairs along with IT, Law, Risk Administration, Direct-Indirect Purchasing and Human Resources departments and performs an efficient position in strategic administration and planning by specializing in company sustainability. Basically, CFO has three different heads. These are execution, supervision, and counseling. We can explain 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 includes; controlling the bills of some departments to see if these are used up according to decided rules 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 different managers about customer-supplier enterprise partners, new enterprise areas and products, incentives, firm and department performances. CFO is the eye of the Board within 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 the most importing thing for CFO to fulfill all these duties and responsibilities in a proper way. Because most of the assignments that sound nice and asked to be executed, cannot be done as a consequence of lack of assist on inter corporate conflicts and other reasons. We can kind the side effects of this kind of negative situations as an increase in company 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 successful-unsuccessful CFO. It’s not a very rational habits to count on managing all these mentioned totally different expertise areas and topics by one person under regular circumstances till CFO determines the proper priority and use the money source and workforce of the company in a correct 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 teams according to importance and urgency, and CFO ought to distribute these non-stop tasks in a correct way.
Urgent and essential topics
Urgent but unimportant subjects
Non-urgent however necessary topics
Non-urgent and unimportant topics
CFO’s certainly give primacy to “urgent and necessary topics” 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 however important subjects.” The quintessence for this one can be; observing the personal and professional development of the employees from the bottom to the highest level that is managed by her/him and contribute in particular person if possible. Even when this duty is extreme and lengthy-termed, the return of it is high. Because the more s/he has a better and an equipped team, the more they can fulfill the complicated duties and responsibilities which are provided.
Lesson: CFO ought to determine the priority in a proper way and may put money into the well-selected team. Otherwise, the occupation that CFO do would possibly turn into one of many riskiest profession.
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