CFO - chief financial officer, i.e. what the financial director does

Service Business

What characterizes a good expert in the field of financial management? Do the tasks of a modern CFO - chief financial officer (translated into Polish - a financial director, a person holding the highest management position in the finance department in a company) go beyond accounting and tax issues? Find out by reading the article below.

CFO is not only the chief accountant

In the 1990s, no business competences were required from the staff of financial departments. However, the role of the CFO has evolved a lot and today's CFO is referred to as the co-manager of the company, team leader, valued strategist and effective financial controller at the same time. His knowledge must go beyond accounting, finance and taxation.

CFO is not only a "financial policeman"

The tasks of the CFO do not only include formal verification of actions such as mergers and acquisitions, but also active planning. The finance director must recommend solutions that are both correct from the financial and tax point of view, as well as favorable from the business point of view. The financial director has a real influence on the decisions made by people holding the most important positions, therefore he should also demonstrate the ability to convince others of his vision. Moreover, apart from the industry knowledge, the CFO is expected to have interpersonal skills and a broad knowledge of the organizational culture in the company.

Universal set of responsibilities for each CFO

Regardless of the type of organization, each CFO is tasked with:

  • manage finances and accounting,

  • control and optimize the company's financial operations,

  • shape the company's financial policy,

  • conduct an internal audit,

  • deal with the budgeting process,

  • to be a reliable business partner involved in the management and development of the entire company.

CFO - what recruiters pay attention to

In addition to "technical" knowledge, recruiters require comprehensive knowledge of the specifics of the industry. They also pay attention to the experience gained in an organization with a similar structure (e.g. when applying for a job in a corporation). For the result of the recruitment, certificates of training, certificates, diplomas and non-financial skills are also important. Contrary to appearances, in addition to hard competences, during recruitment, the distinguishing feature in the fight against competitors for the CFO position may be soft skills, such as commitment, willingness to develop and act, or the ability to communicate. A financial director must therefore be a great manager.