What to look for in a person to head the Finance Department the most critical function of any business
The role of the Chief Finance Officer has always been evolving and changing. However, in the past decade, it has changed very fast, and a dynamic CFO needs to be very adaptable to the changing needs for the socio-economic conditions of the organization. The opinion expressed in this article is from my personal experience. I feel that a CFO should have the following traits
- Adaptability like an Entrepreneur
- Time Management
- Technical vision to incorporate the latest innovation and technology for the business
- Ability to see a bigger picture
- Development of the team
- Training for himself and preparing his team for future
- Visibility
- Accountability
- Financial Acumen
- Flexibility to work with outside vendors
- Accurate Accounting and Management Reporting for better decisions
- Security of the Data
- Legal challenges, contract negotiations, and Benefits Administration
- Ability to put forward his advise to the CEO or managing members as and when it is required
- Understanding local laws and their impact on the business
- Socially Responsible
- Ability to work with other departments to make sure that financial support is significant for operations, sales, and other business functions
A seasoned CFO has worked her/his way through many layers of the accounting function before they reach to head the finance functions. However, an effective CFO is not ashamed to reach out for help for the benefit of the organizations, which many CEO or the managing members see as a default in the CFO. My personal opinion is that if a CFO is reaching out to other members of his team or trying to find outside vendors to find a solution, then he is having an open mind and thinking about the betterment of the business. We provide CFO support to small and mid-sized companies. You can reach us at info@globalfinfocus.com and visit our website at www.globalfinfocus.com to learn more about us.
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