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Job Purpose
This is a strategic role, the Chief Financial Officer is responsible for establishing and maintaining the firms financial policies and
procedures, ensuring soundness of companys financial structure and managing companys relationships with financial institutions,
investors and government agencies.

Job Description: Main Tasks & Duties of Required Position

-Upgrade and facilitate the development of Finances

- Re-organize the Finance dept to reflect a modern and well-functioning group
- Set and implement capital structure strategy, and negotiate and arrange outside finance when necessary
- Analyze operating results of the business and its units versus approved plans and historical data
- Establish procedures to mitigate the Group's financial risks, and maintain proper financial records and adequate accounting control and
services
- Serve as main channel of information to CEO, Board and operating executives on company economic, business and financial
conditions, as well as their impact on the overall strategies and objectives
- Oversee the annual budget and business plan of the department, and direct corporate budgets
- Recruit, train, motivate and evaluate his/her team to ensure that the department has the necessary skill base and that staff are
optimally motivated and enabled to maximize their potential and contribution to the company
- Be a key advisor to the CEO

1. Organize and lead the IPO listing in US or HK; Team and system building for IPO
listing purpose
2. Prepared and negotiated investment term sheet with potential investor, built valuation
model for company financing
3. Assess organizational performance against both the annual budget and long-term
strategy. Developed tools and systems to provide critical financial and operational
information to the CEO and make actionable recommendations on both strategy and
operations

4. Assist in establishing yearly objectives and meeting agendas, and selecting and
engaging outside consultants (auditors, investment advisors) as required
5. Provide accurate and timely financial reports and forecasts for the whole organization
so as to provide clear insight into its financial condition enabling high quality and
agile decision making and strategic planning
6. Oversee long-term budgetary planning and costs management in alignment with the
Company's strategic plan, especially as the organization considers investment
opportunities, potential acquisitions, and collaborations with external organizations
Advise on the financial implications of strategic management decisions and
establishing the financial soundness of proposed acquisitions and divestment of assets
or businesses.
7. Represent the company at high level meetings with financial institutions and
institutional investors, participate in developing new business, and assist in the
development and negotiation of high level outcomes
8. Liaise with auditor for the annual and monthly audit and review work
9. Compliance review of the reporting, meeting and the internal control procedure
10. Oversee the monthly reports including reconciliations, as well as financial statements
and cash flow projections for use by Executive management, as well as the Board of
Directors;
11. Communicate with the management team and facilitate the set up of the financial
model and strategy implementation
As a CFO you have 4 main responsibilities:
1.

2.

3.

4.

Meet the Net Income Target You define the targets for the whole company, and then your job is to make
the numbers. That means coordinating with all the department heads and making sure that you execute
the plan properly.
Assist the CEO with Financial and Strategic Decisions You are the right arm of the CEO, and you help
him understand the financial implications of different decisions. If this is a pure accounting decision, you
wont need the CEOs approval but when it comes to big moves like changing the target market or making
an acquisition, youll have to run different scenarios and projections to help the CEO and Board reach a
decision.
Keep the Regulators and Auditors Happy You have a lot of people breathing down your neck, and you
need to make sure they all certify your financial statements unless you want to end up like Enron or
WorldCom.
Grow the Talent Pipeline Dont forget you are also responsible for HR in corporate finance. Part of your
job is to spot the talent in the organization and make sure the right people get the right jobs so that theyre
challenging themselves, growing, and sticking around for the long-term.

Difference Between CFO and Controller

are two types of financial leadership roles in a business - controller and CFO.

There are two types of financial leadership roles in a business - controller and CFO. They are not the
same and neither of these is the same role as accountant. Some companies combine the two but the
roles are different and if your business has any significant size to it and is planning to grow, you need
both. CFOs and controllers usually come from an accounting background and start off as
accountants. The accountant's role is that of basic record keeping and financial reporting. Some call it
score keeping or bean counting and I guess that's appropriate. When, as an accountant, you get

really good at accounting and financial reporting and develop the ability to manage several different
activities and supervise people, you can become a controller. This job is more than a bean counter
role.
The controller role is a natural progression from accountant; however, CFO is not necessarily a
natural progression from controller. You don't just get the CFO role because you spent x-number of
years as a controller. As the CFO, you must know accounting and financial reporting - that is a given;
however, your skill set better be much broader. A CFO has to understand the operations of the
business and how the financial system interrelates with operations. You have to understand capital
structures and business funding and you must know how to manage cash. You have to understand
business risks - both financial and non financial - and know how to mitigate those risks. You have to
know strategy and be able to see the big picture. And you must be able to make decisions. Finally,
the one CFOs most often miss, you must understand people and be an effective communicator. In
the CFO role if people are still calling you a bean counter, either they are very ignorant or you are
doing something fundamentally wrong in the performance of your duties.
CFO and Controller Comparison
CFO

Analysis and Solutions

Financing and Forecasting

Critical Key Indicators

New Views

Planning and Implementing

Big Picture Future Vision

Controller

Accurate Reporting

Accounting and Reporting

Standard Formats

Existing Status

Budgeting

Reporting Here and Now

Functional Focus

Financial Focus

Compatibility

Compliance

Strategy

Coach to Functional Managers

Walks Four Corners

What if................

Tactics

Reporter

Stays in Financial Area

What is...........

Ben, I find a few other key differences (I'm sure there are many, many more, although you did a good job covering the basics). Primary
among them is that a good CFO has to be good at selling. You mentioned communicating in your blog, which is very true. But selling is
something else, and CFOs are constantly selling. They sell the company to investors, they sell ideas to the executive team, and they
help the CEO (and others) sell the vision and strategy of the company to the employees. It is ironic that CFOs do so much selling given
that the typical training and career path of CFOs in no way prepares them for this. I can't imagine two activities farther apart on the
introvert/extrovert scale than accounting and selling, but among the best CFOs the deep analytical mind can peacefully coexist with the
outgoing salesperson within.
Another point on your note of where CFOs come from would be to add that many do not come up through accounting, but rather through
Finance. And by Finance I mean financial analysis, financial planning and budgeting, corporate financing, and business
analysis/strategy. There are a lot of non-CPA/non-accounting CFOs out there
Some excellent differences, and yet I have some more....
I like the selling difference since I always felt I was in selling mode, if not to my CEO, then to my peers and staff re ideas and change for
continuous improvement. But at another level, I keep the needs of the company in mind as I sell our bankers and investors on the
wisdom of my company being a user of their capital and vendors on giving me the best price and terms.
Another difference is controllers usually are tied to budgets and comparing historical info to them, while CFOs concentrate on business
models built with the key performance metrics interrelationships so "what if" analysis is always possible. So by nature controllers are tied
to the past and history while CFOs change their view to the future and trying to affect it.
Controllers usually concentrate on optimizing current results especially from an expense side. CFOs add a view of controlling the future
through strategic planning and innovation.
Controllers are by nature reactive and CFOs need to be proactive.
Controllers concentrate on the costs of an enterprise while CFOs add a full business model approach and see increasing revenues as
giving even more payback for time and attention.
Finally as CFO I have been also managing the human capital and technical resources and often the operating resources of my
Company. So learning how to select, on board, train, motivate, develop incentives and terminate associates to maximize inspired
performance has been an important role. So has the proper use of technology to optimize its ROI to the company.
So maybe a last difference in the difference between a manager and a leader!

you asked any company's CFO this question, you would probably be in for a three-hour conversation.
But the core duties can be summarized in just a few paragraphs. A CFO's job can be broken down into
three major components:

1. Controllership duties - These make up the backward looking part of a CFO's job. Controllership
duties hold the CFO responsible for presenting and reporting accurate and timely historical financial
information of the company he or she works for. Every stakeholder in the company - including

shareholders, analysts, creditors, employees and other members of management - relies on the
accuracy and timeliness of this information. It is imperative that the information reported by the CFO is
accurate, because many decisions are based on it.

2. Treasury duties The CFO is also responsible for the company's present financial condition, so he
or she must decide how to invest the company's money, taking into consideration risk and liquidity. In
addition, the CFO oversees the capital structure of the company, determining the best mix of debt,
equity and internal financing. Addressing the issues surrounding capital structure is one of the most
important duties of a CFO.

3. Economic strategy and forecasting - Not only is a CFO responsible for a company's past and
present financial situation, he or she is also an integral part of a company's financial future. A CFO
must be able to identify and report what areas of a company are most efficient and how the company
can capitalize on this information. For example, the CFO of an auto manufacturer must be able to
pinpoint which models are making the most money for the company and how this information can best
be used to improve the company in the future. This aspect of a CFO's duties also includes economic
forecasting and modeling - in other words, trying to predict (given multiple scenarios) the best way to
ensure the company's success in the future.
The CFO's job is a very complex one. We have only scratched the surface of the many things this
executive is responsible for. One thing is certain: a great CFO will usually differ from a good CFO by
the way that he or she is able to project the long-term financial picture of the company and by how the
company thrives based on his or her analyses.

Sometimes, I harbour a suspicion that Dante was a Financial Director. His famous
work, "The Inferno", is an accurate description of the job.
The CFO (Chief Financial Officer) is fervently hated by the workers. He is
thoroughly despised by other managers, mostly for scrutinizing their expense
accounts. He is dreaded by the owners of the firm because his powers that often
outweigh theirs. Shareholders hold him responsible in annual meetings. When the
financial results are good they are attributed to the talented Chief Executive
Officer (CEO). When they are bad the Financial Director gets blamed for not
enforcing budgetary discipline. It is a no-win, thankless job. Very few make it to
the top. Others retire, eroded and embittered.
The job of the Financial Director is composed of 10 elements. Here is a universal
job description which is common throughout the West.
Organizational Affiliation

The Chief Financial Officeris subordinated to the Chief Executive Officer, answers
to him and regularly reports to him.
The CFO is in charge of:
1. The Finance Director;
2. The Financing Department;
3. The Accounting Department which answers to him and regularly reports to

him.
Despite the above said, the CFO can report directly to the Board of Directors
through the person of the Chairman of the Board of Directors or by direct summons
from the Board of Directors.
In many developing countries this would be considered treason but, in the West
every function holder in the company can and regularly is summoned by the
(active) Board. A grilling session then ensues: debriefing the officer and trying to
spot contradictions between his testimony and others'. The structure of business
firms in the USA reflects its political structure. The Board of Directors resembles
Congress, the Management is the Executive (President and Administration), the
shareholders are the people. The usual checks and balances are applied: the
authorities are supposedly separated and the Board criticizes the Management.
The same procedures are applied: the Board can summon a worker to testify the
same way that the Senate holds hearings and cross-questions workers in the
administration. Lately, however, the delineation became fuzzier with managers
serving on the Board or, worse, colluding with it. Ironically, Europe, where such
incestuous practices were common hitherto is reforming itself with zeal
(especially Britain and Germany).
Developing countries are still after the cosy, outdated European model. Boards of
Directors are rubber stamps, devoid of any will to exercise their powers. They are
staffed with cronies and friends and family members of the senior management and
they do and decide what the General Managers tell them to do and to decide.
General Managers unchecked get nvolved in colossal blunders (not to mention
worse). The concept of corporate governance is alien to most firms in developing
countries and companies are regarded by most general managers as milking cows
fast paths to personal enrichment.
Functions of the Chief Financial Officer (CFO):
(1) To regulate, supervise and implement a timely, full and accurate set of
accounting books of the firm reflecting all its activities in a manner
commensurate with the relevant legislation and regulation in the territories of

operation of the firm and subject to internal guidelines set from time to time by
the Board of Directors of the firm.
This is somewhat difficult in developing countries. The books do not reflect reality
because they are "tax driven" (i.e., intended to cheat the tax authorities out of tax
revenues). Two sets of books are maintained: the real one which incorporates all
the income and another one which is presented to the tax authorities. This gives
the CFO an inordinate power. He is in a position to blackmail the management and
the shareholders of the firm. He becomes the information junction of the firm, the
only one who has access to the whole picture. If he is dishonest, he can easily
enrich himself. But he cannot be honest: he has to constantly lie and he does so as a
life long habit.
He (or she) develops a cognitive dissonance: I am honest with my superiors I
only lie to the state.
(2) To implement continuous financial audit and control systems to monitor the
performance of the firm, its flow of funds, the adherence to the budget, the
expenditures, the income, the cost of sales and other budgetary items.
In developing countries, this is often confused with central planning. Financial
control does not mean the waste of precious management resources on verifying
petty expenses. Nor does it mean a budget which goes to such details as how many
tea bags will be consumed by whom and where. Managers in developing countries
still feel that they are being supervised and followed, that they have quotas to
complete, that they have to act as though they are busy (even if they are, in reality,
most of the time, idle). So, they engage in the old time central planning and they do
it through the budget. This is wrong.
A budget in a firm is no different than the budget of the state. It has exactly the
same functions. It is a statement of policy, a beacon showing the way to a more
profitable future. It sets the strategic (and not the tactical) goals of the firm: new
products to develop, new markets to penetrate, new management techniques to
implement, possible collaborations, identification of the competition, of the relative
competitive advantages. Above all, a budget must allocate the scarce resources of
the firm in order to obtain a maximum impact (=efficiently). All this, unfortunately,
is missing from budgets of firms in developing countries.
No less important are the control and audit mechanisms which go with the budget.
Audit can be external but must be complemented internally. It is the job of the CFO
to provide the management with a real time tool which informs them what is
happening in the firm and where are the problematic, potential problem areas of
activity and performance.
Additional functions of the CFO include:

(3) To timely, regularly and duly prepare and present to the Board of Directors
financial statements and reports as required by all pertinent laws and regulations
in the territories of the operations of the firm and as deemed necessary and
demanded from time to time by the Board of Directors of the Firm.
The warning signs and barbed wire which separate the various organs of the
Western firm (management from Board of Directors and both from the
shareholders) have yet to reach developing countries. As I said: the Board in
these countries is full with the cronies of the management. In many companies, the
General Manager uses the Board as a way to secure the loyalty of his cronies,
friends and family members by paying them hefty fees for their participation (and
presumed contribution) in the meetings of the Board. The poor CFO is loyal to the
management not to the firm. The firm is nothing but a vehicle for self enrichment
and does not exist in the Western sense, as a separate functional entity which
demands the undivided loyalty of its officers. A weak CFO is rendered a pawn in
these get-rich-quick schemes a stronger one becomes a partner. In both cases, he
is forced to collaborate, from time to time, with stratagems which conflict with his
conscience.
It is important to emphasize that not all the businesses in developing countries are
like that. In some places the situation is much better and closer to the West. But
geopolitical insecurity (what will be the future of developing countries in general
and my country in particular), political insecurity (will my party remain in power),
corporate insecurity (will my company continue to exist in this horrible economic
situation) and personal insecurity (will I continue to be the General Manager)
combine to breed short-sightedness, speculative streaks, a drive to get rich while
the going is good (and thus rob the company) and up to criminal tendencies.
(4) To comply with all reporting, accounting and audit requirements imposed by
the capital markets or regulatory bodies of capital markets in which the securities
of the firm are traded or are about to be traded or otherwise listed.
The absence of a functioning capital market in many developing countries and the
inability of developing countries firms to access foreign capital markets make the
life of the CFO harder and easier at the same time. Harder because there is
nothing like a stock exchange listing to impose discipline, transparency and longterm, management-independent strategic thinking on a firm. Discipline and
transparency require an enormous amount of investment by the financial structures
of the firm: quarterly reports, audited annual financial statements, disclosure of
important business developments, interaction with regulators (a tedious affair) all
fall within the remit of the CFO. Why, therefore, should he welcome it?
Because discipline and transparency make the life of a CFO easier in the long run.
Just think how much easier it is to maintain one set of books instead of two or to

avoid conflicts with tax authorities on the one hand and your management on the
other.
(5) To prepare and present for the approval of the Board of Directors an annual
budget, other budgets, financial plans, business plans, feasibility studies,
investment memoranda and all other financial and business documents as may
be required from time to time by the Board of Directors of the firm.
The primal sin in developing countries was so called "privatization". The laws were
flawed. To mix the functions of management, workers and ownership is detrimental
to a firm, yet this is exactly the path that was chosen in numerous developing
countries. Management takeovers and employee takeovers forced the new,
impoverished, owners to rob the firm in order to pay for their shares. Thus, they
were unable to infuse the firm with new capital, new expertise, or new
management. Privatized companies are dying slowly.
One of the problems thus wrought was the total confusion regarding the organic
structure of the firm. Boards were composed of friends and cronies of the
management because the managers also owned the firm but they could be easily
fired by their own workers, who were also owners and so on. These incestuous
relationships introduced an incredible amount of insecurity into management ranks
(see previous point).
(6) To alert the Board of Directors and to warn it regarding any irregularity, lack
of compliance, lack of adherence, lacunas and problems whether actual or
potential concerning the financial systems, the financial operations, the
financing plans, the accounting, the audits, the budgets and any other matter of a
financial nature or which could or does have a financial implication.
The CFO is absolutely aligned and identified with the management. The Board is
meaningless. The concept of ownership is meaningless because everyone owns
everything and there are no identifiable owners (except in a few companies).
Absurdly, Communism (the common ownership of means of production) has
returned in full vengeance, though in disguise, precisely because of the ostensibly
most capitalist act of all, privatization.
(7) To collaborate and coordinate the activities of outside suppliers of financial
services hired or contracted by the firm, including accountants, auditors,
financial consultants, underwriters and brokers, the banking system and other
financial venues.
Many firms in developing countries (again, not all) are interested in collusion not
in consultancy. Having hired a consultant or the accountant they believe that they
own him. They are bitterly disappointed and enraged when they discover that an
accountant has to comply with the rules of his trade or that a financial consultant

protects his reputation by refusing to collaborate with shenanigans of the

management.
(8) To maintain a working relationship and to develop additional relationships
with banks, financial institutions and capital markets with the aim of securing
the funds necessary for the operations of the firm, the attainment of its
development plans and its investments.
One of the main functions of the CFO is to establish a personal relationship with
the firm's bankers. The financial institutions which pass for banks in developing
countries lend money on the basis of personal acquaintance more than on the basis
of analysis or rational decision making. This "old boy network" substitutes for the
orderly collection of data and credit rating of borrowers. This also allows for
favouritism and corruption in the banking sector. A CFO who is unable to
participate in these games is deemed by the management to be "weak",
"ineffective" or "no-good". The lack of non-bank financing options and the general
squeeze on liquidity make matters even worse for the finance manager. He must
collaborate with the skewed practices and decision making processes of the banks
or perish.
(9) To fully computerize all the above activities in a combined hardware-software
and communications system which integrates with the systems of other members
of the group of companies.
(10) Otherwise, to initiate and engage in all manner of activities, whether
financial or other, conducive to the financial health, the growth prospects and
the fulfillment of investment plans of the firm to the best of his ability and with
the appropriate dedication of the time and efforts required.
It is this, point 10, that occupies the working time of Western CFOs. it is their brain
that is valued not their connections or cunning.
The degree of emphasis on different activities varies by organization and depends on factors
such as the organizations competitive position and the prevailing economic environment. But our
research highlighted six principal activities that fairly represent the contribution of todays top
finance executives.

1.

Ensuring business decisions are grounded in solid financial criteria

2.

Providing insight and analysis to support the CEO and other senior managers

3.

Leading key initiatives in finance that support overall strategic goals

4.

Funding, enabling and executing the strategy set by the CEO

5.

Developing and defining the overall strategy for your organization

6.

Representing the organizations progress on strategic goals to external stakeholders

These activities collectively represent the broader mandate now borne by executives in the top
finance role. While several of them can be managed discretely and represent different ongoing
functions within finance, they are interdependent and mutually supportive.

The CFOs roles

Our first topic of discussion with our interviewees in the Americas concerned the relative priority
of three different areas of focus:

Executing through financial analysis

Enabling business strategy by leading key initiatives

Developing organizational strategy

Controls remain critical

Unsurprisingly, given that Sarbanes-Oxley has been in effect for almost a decade, while being
attentive to costs, CFO interviewees in the US explicitly emphasize the importance of controls
and risk management in their responsibilities.
This includes an ongoing attention to maintaining a strong controls environment and financial
reporting processes, and extends to compliance with the Foreign Corrupt Practices Act (FCPA).

Forward looking

Ron Jadin, CFO of global industrial supplies distributor and marketer W.W. Grainger, addressed how a CFO can enable business strategy while
also setting reasonable controls.

On a traditional model, the CFO position might have been considered to be solely focused on
past performance, on the numbers, and on financial reporting.
But today that mandate seems almost universally to have been exceeded, with the CFO providing
not only financial planning and analysis, but information about where the business is going and
how quickly it is getting there.
In the Americas, the indication from our interviews is that the percentage of CFOs involved in
actually defining organizational strategy is higher than in EMEIA.
Almost all our interviewees attest to being deeply involved in supporting and enabling strategy,
but a good number of them suggest they are developing and setting it outright.
And most work side-by-side with the CEO. Involvement in corporate strategy has become an
integral part of the job. CFOs now have the ability and the mandate to contribute directly to the
direction of the business as well as reviewing and reporting on its performance.
It seems only logical that since CFOs now contribute much more significantly to organizational
strategy and operational success, these top-level executives rely not only on financial analytics
but on a degree of reflection and insight as well to understand not only where the business has
been, but where its heading.

Operational Reach

Ralph Laurens Tracey Travis strongly emphasizes the importance of the CFOs input into strategic decision-making

Todays top financial executive is a vitally important business enabler for operational
departments.
This is true for several reasons, according to our respondents:

The CFO can act as a touchstone for financial analysis, planning and insight on
performance.

As an individual who can bring the independent perspective of one who talks frequently to
the C-suite and to investors, the CFO is a conduit for information about organizational
strategy.

The CFO can bring a critical lens to bear on the underlying dynamics of the business.

Finance still fundamental

Todays companies see the strategic and operational contribution of the CFO as desirable if not
indispensable. That said, it is impossible to overlook the necessity of the core skills in finance that
are fundamental to the CFOs role.
Almost universally, our participants point out that any responsibility to assist in developing
strategy or enabling operations must be leavened by the recognition that financial results enable
strategy, that overseeing risk management and controls remains the fundamental responsibility of
the CFO, and that core skills in finance remain of paramount importance.