What does (not) CFO do?

Even when there are variations per group and enterprise structures, CFO leads financial affairs alongside with IT, Law, Risk Administration, Direct-Indirect Purchasing and Human Resources departments and plays an effective position in strategic administration and planning by focusing on firm sustainability. Basically, CFO has three completely different heads. These are execution, supervision, and counseling. We will clarify execution role as providing security of financial charts and managing the money that is the vital level of an organization in an optimum way. Supervision duty includes; controlling the expenses of some departments to see if these are used up according to decided laws 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 enterprise partners, new business 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 is very critical

Help of the Board and CEO is probably 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 done, cannot be completed due to lack of assist on inter corporate conflicts and different reasons. We are able to kind the side effects of this kind of negative situations as an increase in firm risks and miss the opportunities.

How CFO’s can decide priorities?

And this question is crucial subject that CFO should take note of scientific and structural approach and perhaps is competence within the determination of a profitable-unsuccessful CFO. It’s not a really rational conduct to expect managing all these talked about totally different experience areas and topics by one person under normal circumstances until CFO determines the proper priority and use the money supply and workforce of the company in an accurate way. S/he can still handle his profession in a proper way and, the truth is, s/he can still enjoy it. These duties dealt with by him/her are divided into 4 teams in line with importance and urgency, and CFO ought to distribute these non-stop tasks in an accurate way.

Urgent and essential topics

Urgent but unimportant topics

Non-urgent however necessary topics

Non-urgent and unimportant topics

CFO’s definitely give primacy to “urgent and essential topics” and may by no means work on “non-urgent and unimportant” subjects. But the point that makes the difference 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 employees from the bottom to the highest level that is managed by her/him and contribute in particular person if possible. Even if this duty is severe and long-termed, the return of it is high. Because the more s/he has a better and an equipped crew, the more they’ll fulfill the advanced duties and responsibilities that are provided.

Lesson: CFO should decide the priority in a proper way and should invest in the well-chosen team. In any other case, the occupation that CFO do would possibly become one of the riskiest profession.

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