What is a Chief Finance Officer? What is the role of the Chief Finance Officer in businesses? All these questions will be answered in the following article.
1. What is a Chief Financial Officer?
Chief Financial Officer (CFO) is the leading position in managing financial matters in companies and businesses. They are also responsible to the General Director for the financial management of the business. The CFO is the pinnacle of a financial accountant's career.
The CFO is the top position in managing financial matters in a business
2. The role of the Chief Finance Officer in a business
Strategic advisor for businesses
The current rapid economic development has led to competition and constant change. That forces CFOs to have a vision to come up with the most appropriate financial strategy for the business.
Therefore, the first important role of the CFO is as a strategic advisor to the business. This requires the CFO to have a sharp mind in data processing and react to all data when solving problems.
Digital Transformation Leader
Digital technology has been changing the way modern businesses are managed. To adapt to this, the CFO must switch from budget management to return on investment management to optimize cost efficiency for the business. Besides, the CFO is also the person who sets the budget plan and allocates resources for businesses.
Excellent Manager
The CFO is in charge of analyzing the financial results of the business to provide management solutions to the executives. The CFO is also the person who ensures the efficiency of all departments. At the same time, guide, advise, encourage career development, and foster employees to continue the position of CFO in the future.
The CFO takes on the role of an excellent manager
Diplomat
It sounds unrelated, but in fact, this is a very important role for a CFO. The CFO is the "face" representing the financial capacity of the business. Partners and investors will rely on financial ability to assess whether the business is suitable for their needs or not to conduct cooperation. So the CFO acts as a diplomat connecting the business with the customer.
Team Leader
The final role of a CFO is to lead the finance team. More than simply a team leader, they are also responsible for the results of their team members.
A team leader will have a much higher level of work than a team member and produce the best end results. The role of the CFO is to gather many talented individuals to achieve high financial performance for the whole team.
3. Skills required of a Chief Finance Officer
Effective financial analysis
Financial analysis is the most important skill, helping the CFO understand the overall financial "health" of the business.
Cash flow management
With cash flow management skills, the CFO will coordinate the cash flow in and out of the business in a harmonious way. This skill also helps to avoid insolvency and business bankruptcy.
CFO manages the cash flow of the business
Project financial management
With project financial management skills, the CFO will manage the cash flow of projects as well as have the most appropriate financial plan for each project.
Financial planning
Financial planning skills help CFOs sketch out a plan to spend money on production and business activities of the business.
4. Hiring a Chief Finance Officer with Navigos Search
CFO is a senior personnel position, so it will be difficult to recruit in a time when talent is scarce. Therefore, if your business is in need of recruiting qualified and talented CFOs, you should contact a reputable headhunter company, which specializes in providing high-level personnel for businesses.
Recruiting CFOs through Navigos Search - The leading prestigious high-end human resources service provider in Vietnam, businesses will have experienced and qualified candidates.
In parallel with this, applying for a CFO job through the recruitment channel Navigos Search, candidates will receive career consultants from specific economic characteristics to understand corporate culture and know how to negotiate salary. Start using the headhunter service at Navigos Search right away, you will have a thousand dollar CFO job with a "huge" promotion opportunity.
Navigos Search helps to recruit successful CFOs
The CFO is an extremely important human resource position, deciding the financial background for businesses. Therefore, for sustainable development, businesses must focus on and improve the qualifications of this human resource department.
Navigos Search - Vietnam's leading
middle and high-level talent hunting company