In today’s business world, the job of a CFO is not simply to keep track of a company’s cash-flow but also to find ways of improving it. The CFO analyses accounts and contracts, identifies those which are reaping returns, those that could reap better returns and those which should be pruned. In other words, the modern CFO is not just a “bean counter” but a “bean grower,” as well.
Although the CEO may be in charge of drawing up the big picture,
The CFO Centre has developed a quick and efficient tool for rating your company’s finance function: the ‘F Score’ test. This test takes around 7 minutes to complete, covers the 12 key areas of your finance function and provides you with a detailed eight page report.
The purpose of this report is to provide you with your ‘F Score’ profile, from which you will learn about the role of the finance function in the wider context of your business as well as highlighting key areas where significant and valuable improvements can be made.
The comedian Barry Cryer tells a story about a Finance Director walking down the street. The FD is approached by a homeless man. “Excuse me, mate” says the man “can you spare me a few quid, I haven’t eaten for two weeks”? “ I see” says the FD “And how does that compare with the same period last year”?
Of course, no FD would be that heartless but the story also hides a deeper truth – most of us think in fixed periods of time,
Colin Mills – Founder & CEO, The FD Centre Limited (www.thefdcentre.co.uk)
So, to be a highly effective FD in your business, you have to be up to date on all the latest accounting standards, be really up to speed on the latest developments in tax legislation and spend long hours in your office reviewing reconciliations and signing off VAT returns. That’s right isn’t it?
Our experience over ten years suggests that highly effective FDs need a rather different set of skills to be effective and “make a difference” in the businesses they work for.