There have been constant changes over the past 20 years. With the rapid development of modern technology, the role of financial managers has also evolved into an increased role. Below, HRchannels Senior HR Sourcing would like to share 4 basic roles of modern CFOs.
1- CFO is a manager and consultant in strategic planning
The CFO provides strategic advice to the Chief Executive Officer (CEO).
Previously, the main task of financial managers was to communicate data and simple financial reports. Currently, in a fluctuating economic context, this work is gradually being improved. CFOs must possess analytical skills and financial acumen to work towards achieving long-term goals within the organization. Normally, these skills can be due to innate qualities or practice, but most of them can be acquired by participating in educational activities. financial manager course.
The role of the modern CFO will focus primarily on strategy, values and future planning. They must put into practice skills that have never been acquired before, including: business development, risk management and above all advising on general development strategies to the company’s Board of Directors (BOD). .
They will be important strategic advisors to company CEOs. Conduct daily reporting and make important decisions to ensure the development strategy is implemented as quickly and completely as possible.
Learn more: What is the difference between Vietnamese and foreign financial managers?
Management is a role not to be neglected
This is the constant role of these senior managers. The CFO manages the members of the financial team. The tasks to be carried out include: proposing investment decisions, budget allocation, risk management, internal control and future forecasts,…
Operate and supervise all activities
The effectiveness of operational activities will shape these Good financial manager. Financial managers balance costs and finances. A competent financial manager will be responsible for all financial activities of the company as well as the application of operating models for business development.
2- The CFO is a talented leader
The role of modern CFOs today is to become talented leaders. Gone are the days when CFOs only knew how to analyze and strategize on paper. Modern CFOs must take ownership of financial results and exercise effective team management skills.
In today’s changing environment, CFOs must possess leadership qualities. At the same time, implement leadership solutions to senior management groups and the board of directors. The role of CFOs is increasingly strengthened in organizations facing difficult tasks. This is what makes the difference between the two finance director Usually with professional financial managers.
3- The CFO has the role of team leader
Supervise the activities of financial department staff
The third role of the modern CFO is to lead the team that executes internal and external financial functions. Not only managers and team leaders, CFOs are also responsible for their members’ results in this area.
An effective team leader will produce good results. By identifying the personal strengths of each team member, managers will assign appropriate work to each individual. In addition, The role of the corporate financial director Need to bring together talented members to achieve the objectives set by the company.
Catalytic factor in operations and management activities
The CFO is also a catalyst in relationships between company departments and between customers and companies. They coordinate with other departments such as marketing director, sales director, executive director, etc. to support each other in achieving important strategic objectives.
To do this, the financial manager often adopts these steps deputy financial director monitor and develop operational plans. New age CFOs need to be very sharp in their thinking and flexible in planning and organizing work.
4- Financial directors must be diplomats
This is an equally important role of modern CFOs. When recruitment of financial director in Hanoi and in other fields, employers always select candidates with all professional skills. They will often work with employees, business partners, etc., so professional communication skills like those of diplomats are essential.
Partners will look to the management team to assess the company’s operational capacity before making a decision whether or not to cooperate. In many cases, financial managers are an important factor that determines the financial strength of the entire company.
In modern trends, The role of the corporate financial director becoming more and more important. They participate in the client-company-bank relationship. Therefore, to become a good personnel, financial managers must quickly integrate with new market trends and modern technology.
To learn more about other important HR positions, readers should refer to the Senior Career Guidance section shared by HRchannels.
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