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Even if there are variations per organization and business buildings, CFO leads financial affairs alongside with IT, Law, Risk Management, Direct-Indirect Buying and Human Resources departments and performs an efficient function in strategic administration and planning by focusing on company sustainability. Basically, CFO has three totally different heads. These are execution, supervision, and counseling. We can explain execution function as providing security of monetary charts and managing the money that is 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 line with 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 other managers about customer-provider business partners, new business areas and products, incentives, firm 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

Assist of the Board and CEO is the most importing thing for CFO to fulfill all these duties and responsibilities in a proper way. Because most of the assignments that sound good and asked to be accomplished, cannot be carried out attributable to lack of help on inter corporate conflicts and other reasons. We will kind the side effects of this kind of negative situations as an increase in company risks and miss the opportunities.

How CFO’s can determine priorities?

And this question is an important subject that CFO ought to take note of scientific and structural approach and perhaps is competence within the willpower of a successful-unsuccessful CFO. It’s not a really rational behavior to expect managing all these mentioned different experience areas and subjects by one individual under normal circumstances till CFO determines the proper priority and use the money source and workforce of the company in a correct way. S/he can still manage his profession in a proper way and, actually, s/he can still enjoy it. These duties dealt with by him/her are divided into four teams in accordance with importance and urgency, and CFO ought to distribute these non-stop tasks in an accurate way.

Urgent and important subjects

Urgent but unimportant subjects

Non-urgent but necessary topics

Non-urgent and unimportant topics

CFO’s certainly give primacy to “urgent and vital topics” and will by no means work on “non-urgent and unimportant” subjects. However the level that makes the difference in that’s the time s/he spares time for “non-urgent however essential subjects.” The quintessence for this one would 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 when this duty is severe and lengthy-termed, the return of it is high. Because the more s/he has a better and an equipped workforce, the more they’ll fulfill the advanced duties and responsibilities which can be provided.

Lesson: CFO should decide the priority in a proper way and will put money into the well-chosen team. Otherwise, the occupation that CFO do may turn into one of many riskiest profession.

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