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May 10, 2024
All large corporations need someone to keep a close eye on the finances to make sure it all adds up. From ensuring compliance with local and international tax regulations, to assessing the strengths and weaknesses of the organisation’s operations, this is an essential role for the success of the business.
The CFO works closely with the CEO to ensure their plans are viable. This essential role helps to keep a business afloat and ensures they can meet their financial obligations. If spending is getting out of control, it is the responsibility of the CFO to bring this under control and make difficult financial decisions.
The chief financial officer is a C-suite level executive responsible for the financial planning of an organisation. They work closely alongside the CEO to ensure their plans can be achieved with their current financial situation. They also help to inform timelines for growth and development by sharing financial projections with relevant parties.
Every member of the finance department will be accountable to the CFO. This is a wide reaching role that requires an individual with experience in everything from everyday accounting to investment and banking practices. They need to demonstrate excellent leadership skills to be able to take control of the company’s finances.
The CFO will work closely with other C-suite executives like the CEO and the chief marketing officer. They will control budgets for many departments, so it’s important to be able to be an effective and compelling leader. Other responsibilities include:
The most obvious trait for the CFO is a head for numbers. It goes without saying that a CFO needs to have an accounting background and experience with company finances, including investments and international banking practices. They also need to be able to keep up with the latest developments in the financial sector.
They need to be confident leaders, as they will need to inspire whole departments to get behind their financial plans. It could also mean leading through effective decision making, as cuts may need to be made, and this could make the CFO an unpopular figure.
Another key trait of the CFO is the ability to foresee multiple outcomes. Financial forecasting can make or break a business through the ability to read market trends and see if financial strategies are likely to be successful or not.
And finally, chief financial officers need to be technologically astute. They will be responsible for selecting the financial IT systems that the organisation uses. They will also be responsible for ensuring that all employees use this system correctly. Proper financial record keeping is not only good for business, it is also a regulatory requirement.
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