Chief financial officer is the backbone of organization. Behind every successful business, there is major role of finance officer. Normally an organization is based on some major departments where marketing, finance, HRM and information technology department is seen active but the most prominent role is played by finance managers and officers. Chief financial officer is held responsible for many duties that he has to play in an organization. The chief duty of finance officer is to make company’s financial statement, finance strategy and one of the main responsibilities is the financial planning. Chief financial officer is found very busy person in an organization and he remains engaged in completing financial duties and that is the prime post in an organization. A financial chief officer has to present accurate information to shareholders, employees and other finance managers who are subservient to CFO. All the staff is depending on the accurate information of CFO and the work proceeds when the right information is passed to others that definitely circulate in an organization.
CFO has got strong relationship with the finance managers and creditors in the business that may help him in need. But genuinely the advice of CFO is highly valuable and needed by a person who needs it to promote the business dealings. One can run a successful business only when everything goes perfect and organization works like a chain and information is successfully passed to the employee or shareholder. The large business organizations hire professional and highly qualified CFOs. Normally they are chartered accountants and highly paid persons in a firm. Their worth, value, credibility is more than other officers in business. We are not underestimating the other functions and managers of an organization, but really the role of CFO is more than other professional bodies. Similarly, like CA’s some of the chief financial officers are Masters in Banking & Finance and they are highly specialized and talented because of their abilities in finance business.
Not only have they taken care of financial planning, but also plan tax payment and its collection. They also control internal as well as external finance matters that belong to money. Hence, they prepare budget and handle financial matters that belong to inside employees or vendors. Business always demands strong management and for that particular reason, the role of chief financial officer is very important. Customer relationship management has to play very significant role when business needs to be expanded. Along with marketing strategy, the CFO has to communicate with marketing officer that how much budget will be sufficient in marketing product or for launching campaign. Other than planning, the capital investment management is the prime responsibility of a chief financial officer in an organization because money circulates around CFO.