Header Ads Widget

Responsive Advertisement

Chief Financial Officer role in Company Success

It is becoming increasingly difficult to find a CFO who would meet all the requirements of the employer - a strategist with versatile experience, strong character, deep knowledge, and developed communication skills.
The CFO role has recently transformed in response to the growing demands of the evolving business environment.
What CFO contender do employers want? What tasks do business owners set for him now? How to deal with the growing list of responsibilities? All this is in the material below.

The role of the CFO in the company: Before and Now

More and more company owners are now on the hunt for superstar finders - born managers with a wealth of knowledge.
They must be experts in financial matters and possess suitable personal qualities. For them, the role of “business navigators, not idle watchmen” has been prepared. 

Financial acumen alone will not be enough for a modern CFO.

Business owners and CFO services in India want to find a reliable friend, partner, and organizer who will help bring the organization to a new quality level. Just 5 years ago, the main requirement for applicants for the position of a finder was strategic thinking.

But now “character beats strategy” - more than 84% of CEOs believe that honesty is second only to professional knowledge and experience in importance (according to a survey by the American CFO Magazine).

The CFO's focus on building a strong relationship with every employee..It will be difficult for closed and uncommunicative people to achieve success. The ability to represent one's organization with dignity has become highly demanded.

Today, CFOs are better off delegating many of their day-to-day responsibilities to focus on the more responsible roles of strategic leader and change initiator.

However, there are several important steps that a CFO and his team will need to take to become trusted and valuable business partners. So the CFO must:

  • Find the right balance between control and decision support;
  • Form a highly effective team of employees;
  • Use technology to provide high-quality information;
  • Provide effective decision support.

Hiring the right people

CFO problems begin in the recruiting process. Too many finance people have been hired based on their ability to do the job, but not based on sharing the same values. Unfortunately, most financial managers do not have analytic skills and communication talent. 

The guiding principle behind Southwest Airlines' culture of responsibility is to find people with the right attitude. Chairman of the Board of Directors of one company says: "If you have the wrong attitude, we don't need you, no matter how capable you are.

We can raise the level of skills through training. But we will not be able to change the attitude." There is very important role of CFO in the company because he deals with the every employee in the company.

Employer identification number is an 8 digit unique number provides to the every citizen of USA. You can Obtain an EIN online. Its provide by the Tax Department of USA.

Post a Comment