Even if there are differences per group and enterprise buildings, CFO leads monetary affairs alongside with IT, Law, Risk Administration, Direct-Indirect Purchasing and Human Resources departments and performs an effective position in strategic management and planning by specializing in firm sustainability. Basically, CFO has three different heads. These are execution, supervision, and counseling. We can explain execution position as providing security of monetary charts and managing the money that is the vital point of an organization in an optimum way. Supervision duty consists of; controlling the expenses of some departments to see if these are used up in line with determined rules and auditing operational processes by a planned and unplanned way to avoid corruption possibilities. And for counseling duty, we will exemplify issuing opinions particularly to the Board, CEO and all other managers about customer-provider enterprise partners, new enterprise 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.

Support of the Board and CEO is very critical

Assist 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 nice and asked to be performed, can’t be achieved as a result of lack of support on inter corporate conflicts and other reasons. We are able to 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 query is crucial topic that CFO should pay attention to scientific and structural approach and perhaps is competence in the dedication of a successful-unsuccessful CFO. It’s not a really rational behavior to expect managing all these talked about totally different expertise areas and subjects by one person under regular circumstances till CFO determines the proper priority and use the cash source and workforce of the company in an accurate way. S/he can still handle his profession in a proper way and, in actual fact, s/he can still enjoy it. These duties dealt with by him/her are divided into 4 groups according to significance and urgency, and CFO should distribute these non-stop tasks in a correct way.

Urgent and vital subjects

Urgent but unimportant subjects

Non-urgent but important topics

Non-urgent and unimportant subjects

CFO’s actually give primacy to “urgent and necessary subjects” and may never 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 vital subjects.” The quintessence for this one would be; observing the personal and professional development of the employees from the lowest to the highest level that’s managed by her/him and contribute in person if possible. Even when this duty is extreme and long-termed, the return of it is high. Because the more s/he has a greater and an geared up team, the more they will fulfill the complex duties and responsibilities which can be provided.

Lesson: CFO should decide the priority in a proper way and may spend money on the well-chosen team. Otherwise, the occupation that CFO do may become one of the riskiest profession.

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