In every business, there are roles purely related to finance, such as  planning, budgeting and forecasting processes, optimizing capital structure, measuring and reporting financial and operating performance, company-wide cost management, inventary management, M&A activities, accounting processes and month-end closing processes, CAPEX review and approval processes, policies and procedures, auditing plan and execution of recommendations, tax planning and procurement, as well as sourcing strategies.

These activities are the ones CFOs like the most. CFOs like to be deeply involved in the accounting cycles and processes. The CFO has to lead all of the above processes; therefore, CFOs need to have on their teams accountable people for the right positions. Once they have all of the right people in place, the CFOs act as the “orchestra men/women” who will promote peers to interact with the Finance department. Financial-accounting-fiscal information flows across all areas of the Finance department, so managers have to understand how their actions will affect their next door peer. CFOs have to pass relevant information to their direct reports. The information has to be managed with secrecy, except for M&A plans, product discontinuations, receivables write offs, among many other business activities, which should be properly informed to the finance team. It is critical to review all angles of any initiative. CFOs have to listen to his/her team’s ideas and look for an internal consensus in order to assure that the strategy and/or plan is taken properly, analyzing it from all possible angles.

There is a typical accounting activity to be performed on a monthly basis, which is the reviewing of all Balance Sheet accounts. Accountants have to assure no risks or surprises will come up in the accounting cycle because of the aging of some accounts. Shall the CFO be involved in this process review? Yes, the CFO needs to know the details. “The evil is in the details”….. No further explanation is needed.

CFOs require dexterity in order to manage several projects at the same time. As mentioned in the first bullet point, CFOs should spend most of their time being close to the CEO or peers, close to the marketplace, and close to the stakeholders. By doing so, the CFO will be informed of the company's performance. CFOs are “multitaskers” by nature, organizing meetings, video conferences, in-person presentations from subordinates, etc., in order to be fully aware and informed of the business performance.