@mairamelson
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What does (not) CFO do?
Even when there are differences per group and enterprise structures, CFO leads financial affairs along with IT, Law, Risk Management, Direct-Indirect Purchasing and Human Resources departments and performs an efficient position in strategic administration and planning by specializing in firm sustainability. Basically, CFO has three totally different heads. These are execution, supervision, and counseling. We can explain execution role as providing security of economic charts and managing the money that's the vital level of a company in an optimum way. Supervision duty contains; controlling the bills of some departments to see if these are used up in keeping with decided rules and auditing operational processes by a planned and unplanned way to keep away from corruption possibilities. And for counseling duty, we can exemplify issuing opinions particularly to the Board, CEO and all other managers about buyer-supplier business partners, new business areas and products, incentives, company and department performances. CFO is the eye of the Board in the firm 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 probably the most importing thing for CFO to fulfill all these duties and responsibilities in a proper way. Because lots of the assignments that sound good and asked to be accomplished, can't be done as a result of lack of help on inter corporate conflicts and different reasons. We can kind the side effects of this kind of negative situations as an increase in firm risks and miss the opportunities.
How CFO’s can determine priorities?
And this query is a very powerful subject that CFO ought to pay attention to scientific and structural approach and maybe is competence in the willpower of a successful-unsuccessful CFO. It’s not a very rational behavior to anticipate managing all these mentioned different expertise areas and topics by one person under regular 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, in truth, s/he can still enjoy it. These duties handled by him/her are divided into 4 groups in accordance with importance and urgency, and CFO ought to distribute these non-stop tasks in an accurate way.
Urgent and necessary subjects
Urgent but unimportant topics
Non-urgent however essential subjects
Non-urgent and unimportant subjects
CFO’s definitely give primacy to "urgent and important subjects" and may by no means 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 however important subjects." The quintessence for this one could 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 when this duty is severe and lengthy-termed, the return of it is high. Because the more s/he has a greater and an outfitted crew, the more they'll fulfill the complicated duties and responsibilities which can be provided.
Lesson: CFO should decide the priority in a proper way and will spend money on the well-selected team. In any other case, the occupation that CFO do would possibly change into one of many riskiest profession.
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