As consultants who work exclusively with CFOs, we understand the myriad demands on today's CFO. The CFO will certainly be involved when a consultant is trying to do any work across an organization, but he/she is not a gatekeeper to be avoided by consultants. Rather, we believe that consultants who address the strategic needs of the CFO as they relate to the entire organization will find themselves winning more engagements.
A Day in the Life of Today's CFO
The CFO has a vast spectrum of both responsibilities and stakeholders that constantly pulls him or her in different directions. Stakeholders include the CEO and the rest of the C suite, the Board of Directors and regulators. In addition, the CFO needs to play a guiding role to the rest of the organization by enforcing spend policies, ensuring business operations, accurately forecasting future performance and providing data back to managers to enable sound business decisions.
Adding to this complexity is the typical corporate organizational structure. For many companies, IT, HR, and Legal fall under the CFO organization. Responsibilities for each of these divisions vary widely and a CFO must develop a depth of knowledge on issues such as:
- IT Effectiveness
- Contract Management
- Human Resources Management Systems
- Payroll
- Risk
- Treasury Management
The CFO organization reports on these and many other company divisions to the board of directors each month. Whether these groups report directly to the CFO or through a dotted line, they can have a significant impact on the effectiveness of the CFO organization as a whole.
