Even when there are variations per organization and enterprise buildings, CFO leads monetary affairs along with IT, Law, Risk Administration, Direct-Indirect Buying and Human Resources departments and plays an effective role in strategic management and planning by focusing on firm sustainability. Basically, CFO has three completely different heads. These are execution, supervision, and counseling. We can clarify execution position as providing security of monetary charts and managing the money that’s the vital point of a company in an optimum way. Supervision duty includes; controlling the expenses of some departments to see if these are used up in response to determined regulations and auditing operational processes by a planned and unplanned way to avoid corruption possibilities. And for counseling duty, we are able to exemplify issuing opinions particularly to the Board, CEO and all different managers about customer-provider enterprise partners, new business areas and products, incentives, company and department performances. CFO is the eye of the Board within the company and reliable enterprise consultant of CEO with all these attributes.
Assist of the Board and CEO may be 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 many of the assignments that sound nice and asked to be performed, cannot be accomplished on account of lack of support on inter corporate conflicts and different reasons. We will type the side effects of this kind of negative situations as a rise in firm risks and miss the opportunities.
How CFO’s can determine priorities?
And this question is the most important topic that CFO ought to take note of scientific and structural approach and perhaps is competence in the determination of a profitable-unsuccessful CFO. It’s not a very rational habits to count on managing all these mentioned completely different expertise areas and topics by one person under normal circumstances until CFO determines the proper priority and use the cash supply and workforce of the corporate in an accurate way. S/he can still manage his profession in a proper way and, actually, s/he can still enjoy it. These duties handled by him/her are divided into four groups in keeping with importance and urgency, and CFO should distribute these non-stop tasks in an accurate way.
Urgent and necessary subjects
Urgent but unimportant subjects
Non-urgent however essential topics
Non-urgent and unimportant subjects
CFO’s actually give primacy to “urgent and important topics” and may never work on “non-urgent and unimportant” subjects. However the point that makes the distinction in that’s the time s/he spares time for “non-urgent but important subjects.” The quintessence for this one could be; observing the personal and professional development of the employees from the lowest to the highest level that is managed by her/him and contribute in person if possible. Even when this duty is severe and long-termed, the return of it is high. Because the more s/he has a greater and an geared up workforce, the more they will fulfill the complicated duties and responsibilities which can be provided.
Lesson: CFO ought to determine the priority in a proper way and may put money into the well-selected team. In any other case, the occupation that CFO do may change into one of the riskiest profession.
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