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What does (not) CFO do?
Even if there are differences per group and business structures, CFO leads financial affairs along with IT, Law, Risk Administration, Direct-Indirect Buying and Human Resources departments and performs an effective position in strategic administration and planning by focusing on firm sustainability. Basically, CFO has three different heads. These are execution, supervision, and counseling. We will explain execution role as providing security of monetary charts and managing the cash that's the vital point 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 determined regulations and auditing operational processes by a deliberate 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.
Help of the Board and CEO could be very critical
Assist of the Board and CEO is essentially 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 executed, can't be achieved because of lack of help on inter corporate conflicts and different reasons. We can 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 query is crucial topic that CFO should take note of scientific and structural approach and maybe is competence within the willpower of a successful-unsuccessful CFO. It’s not a very rational habits to expect managing all these mentioned completely different expertise areas and topics by one individual under regular circumstances until CFO determines the proper priority and use the money supply and workforce of the corporate in a correct way. S/he can still manage his profession in a proper way and, in reality, s/he can still enjoy it. These duties handled by him/her are divided into 4 teams in accordance with importance and urgency, and CFO should distribute these non-stop tasks in a correct way.
Urgent and essential topics
Urgent however unimportant topics
Non-urgent but important topics
Non-urgent and unimportant topics
CFO’s definitely give primacy to "urgent and essential topics" and will never work on "non-urgent and unimportant" subjects. But the level 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 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 outfitted staff, the more they'll fulfill the complex duties and responsibilities that are provided.
Lesson: CFO should decide the priority in a proper way and will spend money on the well-chosen team. Otherwise, the occupation that CFO do may turn into one of many riskiest profession.
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