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Hello Team,
The CFO’s role was typically as the guardian of the financial health of an organization, overseeing and implementing adequate financial control infrastructure. This met the needs, in particular, of large divisional industrial corporations that strived for financial control and transparency across many divisions and business units. Since then, the range of responsibilities of the CFO has expanded, driven by complexity as a result of globalized capital and markets, regulatory and business drivers, growth in information and communications, and changing expectations of the role of the CFO.
The expectations of CFOs change over time and are influenced by various external and internal drivers that affect organizational circumstances and requirements. External drivers include prevailing economic and business challenges, characteristics of the industry and competitors, and the demands of investors and key stakeholders. Organizations shape the CFO role to meet current needs and expectations, particularly in terms of the expectations the CEO and chair have of the CFO, and in relation to the existing composition and skills of senior management. The type of organization, whether it is in the public or private sector, and its history and culture will also influence the type of CFO required. Organization size is also a crucial determining factor in the type of CFO employed. Small businesses generally need to consider the appropriate time to hire a CFO; an important internal tipping point is when information needed to help the business make timely and important decisions is not being prepared
Regards,
Saiyid
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