The Chief Financial Officer (CFO) of a company is a very important and influential post which of course all accountants would like to aspire to however, not all accountants fully realize all the implications of the job, many of them think that just being a good accountant, able to keep accurate financial records will suffice. Unfortunately that is not the case as much more is expected from any CFO, especially one from a large corporation. Those accountants can learn more about what is needed of a CFO by visiting the website http://maureenoconnell.topcfos.org/. This is one of the websites of Maureen O’Connell, the CFO, Executive Vice President and Chief Administration Officer (CAO) of the Scholastic Corporation. The Scholastic Corporation is a thriving company in the field of publishing and publishes many children’s books and educational material. Part of the reason the company is thriving is due to the foresight of its CFO Maureen O’Connell. Any company can only thrive if it does well against its competitors and in order to do that it must know in advance what their competitors are planning and take the relevant steps to intercede with their own plans in order to maintain their popularity. As well as seeing that all financial records are properly maintained in an accurate and speedy manner, the CFO needs to be able to spot trends in the company’s field of business and forewarn the CEO of impending problems.
It is this foresight of the CFO and their advice which often determines the decision of the CEO on what to do in order to move the company forward successfully. Of course though, most companies are divided into different departments and so as well as moving forward as a company, each of those different departments needs to try and advance themselves on their own. It is therefore often essential that the CFO meets with the different department heads on a regular basis to offer them similar advice. The CEO may occasionally ask the CFO how the company is doing compared to previous years or perhaps how it is doing compared to its rivals but these are questions which will not hesitate to be answered by a good CFO as these are the things that the CFO will continually monitor in order to foresee trends and advise the CEOs of actions they should take to improve the prospects for the company’s future. Obviously as the CFO is responsible for the accounts, any advice that they do give will be in line with what the CFO believes the company can afford.
The CFO of a company can therefore lay legitimate claim to playing a major role in any company’s future and perhaps it is the advice of the CFO that determines the whole future of the company. In order to be a successful CFO it is therefore essential that they do not just stick to accounts but also take an active interest in whatever field the company is involved in and uses the knowledge of both to their utmost advantage.