2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
The CFO is a person who is dedicated to maximizing business profits and value. He participates in the management of the activities of a particular enterprise, collaborating with managers at a higher level and contributing to the solution of the tasks set by the company. So what are the main roles and responsibilities of a CFO?
The first group of functions of such an employee is strategic planning and forecasting of the enterprise. The financial director must evaluate the company's sources of financing, possible development risks, the effectiveness of cooperation with sources of financing, and so on. At the same time, the financier does not make decisions independently: all important issues are resolved together with the owners and managers of the company.
As for the organizational activities of the financial director, this specialist manages his department and coordinates interaction with othersstructural divisions of the enterprise. Since all departments of the company must actively cooperate, these duties of the CFO are considered very important.
In addition, the chief financier of any enterprise performs functions related to tactical and operational activities. Such responsibilities include managing sources of raising funds, managing finances and current assets, developing the tax policy of the enterprise and its implementation, providing users with information (data processing and preparing financial statements), planning the activities of the enterprise from a financial point of view, monitoring the economic security of the enterprise to ensure its efficient operation. Naturally, all of the above duties related to the tactical and operational sphere have a number of nuances and additional functions, which, in turn, may differ depending on the direction of a particular company and its features.
As a rule, the functional responsibilities of the financial director are enshrined in relevant documents that have an organizational and legal status. In most cases, the financier operates under the supervision of the CEO. It often happens that the opinions of these employees may differ, which causes conflicts and disagreements. In large companies, the CFO may report to both the CEO andboard of directors. In this case, everything that the financial director does (job responsibilities) is clearly stated in the instructions.
Currently, financial management in large companies plays an important role, so specialists in this field are in great demand. If there is no such position, the duties of the financial director can be distributed among the director, accountant and heads of departments, but the fact that these functions must be performed remains a fact. Whether there is a position of financial director in the company depends rather not on its size, but on strategic plans. If we compare the position of a financier with other positions in companies, then it appeared not very long ago. At first, this employee managed financial flows, but with the development of the business, his duties expanded and began to follow the traditions of foreign practice.
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