Even if there are differences per group and enterprise constructions, CFO leads financial affairs alongside with IT, Law, Risk Management, Direct-Indirect Buying and Human Resources departments and performs an effective 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 clarify execution role as providing security of financial charts and managing the cash that is the vital level of an organization in an optimum way. Supervision duty contains; controlling the bills of some departments to see if these are used up in response to 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 different managers about customer-provider business partners, new enterprise 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.
Help of the Board and CEO may be 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 many of the assignments that sound nice and asked to be completed, can’t be completed due to lack of help on inter corporate conflicts and different reasons. We can type 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 question is an important subject that CFO should take note of scientific and structural approach and possibly is competence in the dedication of a profitable-unsuccessful CFO. It’s not a very rational habits to expect managing all these mentioned completely different experience areas and subjects by one particular person under regular circumstances until CFO determines the proper priority and use the cash supply 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 teams in line with significance and urgency, and CFO ought to distribute these non-stop tasks in an accurate way.
Urgent and necessary subjects
Urgent however unimportant subjects
Non-urgent but necessary topics
Non-urgent and unimportant subjects
CFO’s certainly give primacy to “urgent and essential subjects” and should by no means work on “non-urgent and unimportant” subjects. But the level that makes the difference in that is the time s/he spares time for “non-urgent however vital subjects.” The quintessence for this one can be; observing the personal and professional development of the staff from the lowest to the highest level that’s managed by her/him and contribute in person if possible. Even when this duty is severe and lengthy-termed, the return of it is high. Because the more s/he has a better and an geared up group, the more they’ll fulfill the complicated duties and responsibilities which can be provided.
Lesson: CFO ought to decide the priority in a proper way and should spend money on the well-chosen team. Otherwise, the occupation that CFO do would possibly change into one of many riskiest profession.
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