Todays Cfo – Chief Financial officer Transformation from Bean Counter to Company Strategist
Todays CFO
Gregory Hilgendorf
BUS 7800
Wendy Achilles
11/07/2012
Abstract
The role of the CFO has developed into a new breed that is emerging as more than CPA and MBAs who fill these top ranks positions. With the diverse and dynamic global economies this position relies on individuals to balance compliance and business growth. As markets increase in their values rely on the skills of those to posses the know how and one who looks at ways to minimize cost. This paper will explore how this position has evolved over the years and how it plays a role in todays organization.
Chief Financial Officer Transformation from Bean Counter to Company Strategist
Todays Chief Financial Officers have an array of responsibilities that depending on the size and complexity of the organization. This position has been transforming over the years from a high paid accountant regulating the finances and financial statement reporter. This position takes on fiscal duties, but have a strategic partnership with CEO with the daily functions of the organization. This position has any array of responsibilities that provide the fiscal backbone for the organization, and has becoming a position to require the partnership to develop among other departments in order to add value to the organization and help reduce the companys bottom line.
The position of CFO have been evolving from the early part of this century the position was known as a bean counter, who was focused on reporting numbers, looking preparing detailed reports as why to measuring performance with integrity and accuracy, and managing the company’s checks-and-balances processes (MacDonald, 2011). This position requires a person with financial and accounting with the possession of strong quantitative skills. They often had a narrow view and where confined to their own department. Furthermore, they were country-centric, even with their firms having a globalizing perspective due to the notion that regulatory differences made global finance and policy too complicated (MacDonald, 2011).
However, there have been regional differences that loom larger than ever, and multinational no longer having the luxury of maintaining finance issues within boundaries. That the companys financial have become more complex, that require becomes to develop teams of department heads to team up with the CFO, who have developed into a strategic position (MacDonald, 2011). This position now involves helping the CEO and other top management