Any business owner will tell you that the work that a Chief Financial Officer produces is essential to the efficient running of any business. It is the Chief Financial Officer or CFO that is responsible for calculating all the costs and expenses that a company accrues as well as the monies that come in and doing so in such a way that any Chief Executive Officer, owner or board member can understand and quickly evaluate. Of course, the individual needs and requirements of any one particular company or business cannot ignore the bigger needs for the accounts to be presented in a way that is acceptable to a revenue inspector or an auditor. This then means that, a CFO, whilst providing accurate records which can be understood by non-accountants, must also ensure that the same records are kept in a strict accountancy manner.
Although perhaps not actually doing the work themselves, the ability to organize such a volume of diverse number of incoming and outgoing costs in, if necessary, two different formats is very impressive and is often a source of inspiration to some who can only look on in awe. It is often the CFO that, in the quiet background, that allows for businesses to accomplish great things, often expending to levels unexpected by even the owners. The ability to be able to present costs and profits in such a way as to forecast future profits is what allows business owners and CEOs to invest in a business’s growth, and do it without the likelihood of getting engrossed in financial nightmares. It is the ability to forecast future profits that also allows a company to invest in training for their staff if necessary or award the bonuses in order to maintain work force loyalties and appreciation.
Obviously then, it is the CFO that is the heart and pulse of any company. This is one position though, unlike some of the other major positions in a company, which gets little praise for their good works, yet is the driving force behind most of it. These often unsung heroes of industry must, apart from being very talented in their field, must also have a temperament that is acceptable to doing good work without an accompaniment of praise. This is a quality that can be seen in maureen o’connell scholastic inspiration with the work she carries out with non-governmental organizations. Although she may not be the only CFO that unselfishly assists those organizations that help the needy and helpless, her inspiration and those of other CFOs, is a statement to their unabashed modesty with which they carry out their duties and perhaps an inspiration for us all to help in our own way.
Now though, the CFO may start to come into the lime light as, there are increasing number of CEOs that now seek advice and even partnerships with the CFOs to strategically plan a company’s way forward into the future. Although many of them may have already been doing so in the shadows, they are now being asked to do it more openly.