CFO Eighteen Wu Yi: From Accountant To Supervisor

In July this year, a new survey conducted by the American Institute of Certified Public Accountants (AICPA) shows that the role of financial team is beyond traditional accounting and financial reporting, and gradually includes new functions such as information technology development, network security, strategic business planning, human resources and so on.

The survey interviewed 1200 people.

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And other senior executives found that the financial team took on more responsibilities and skills needed to expand.

About 85% of respondents said that the functions of CFO and financial departments have gone beyond traditional financial accounting and reporting.

The responsibilities of the extended financial department include strategic business planning (58%), IT development and network security (55%), management and corporate governance (46%), law and compliance (44%), and human resources (40%).

The increasing complexity of business has become a new normal, which makes enterprises increasingly expect CFO and financial team to assume greater responsibilities and play a greater role than before.

As a financial manager, in order to extend the financial system to the capillaries in an enterprise, what is most needed is to lay down its inherent financial thinking and take the initiative to build a network thinking between departments and finance.

For this reason, CFO has similar insights in many years of practical work.

Li Zhen, chief accountant of the third survey and Design Institute of China Communications Corporation, told reporters that the business faced by enterprises is relatively complex and diverse, and the requirements for financial work have become more comprehensive.

Many of the functions of financial managers will span many departments such as law, personnel and business.

It also requires that financial managers who are able to match the current needs of enterprises need to have a solid financial ability, and they also need to be involved in business, law, computers, foreign languages and so on.

If we compare the structure of financial work to an onion, then the process of removing onion is a process of understanding financial work from a superficial perspective to a deeper level. It is also a process of gradually expanding and innovating the work function of financial managers.

The outermost layer is the financial information and report data that can be seen from the outside world; it is the financial management function of the enterprise, and the most accurate positioning is the accurate positioning of the value orientation of enterprise financial management, the innovation of financial technology, the integration of financial concepts, the support and activation of the operation and decision-making of enterprises, and the enhancement of enterprise value.

All these are driving financial managers to learn more about financial matters while constantly grasping financial knowledge.

Financial person: "eighteen kinds of Wu Yi" is proficient in everything.

Regarding the role of CFO and financial team, Huang Shizhong, President of Xiamen National Accounting Institute, gave a popular and wonderful summary.

That is, CFO= value added Manager (value chain management) + fire chief (crisis and risk management) + money master (financing planning) + statesman (organization and coordination) + big players (acquisition and merger) + iron chicken (budget and cost control) + arithmetic (tax planning) + referee (performance management and evaluation) + trumpeter (internal and external financial communication) + computer geek (ERP system) + scapegoat (financially scandalous).

The identity of managers and decision makers requires CFO to have comprehensive professional competence, excellent leadership and teamwork capabilities.

However, the acquisition of these capabilities is not a day or a temporary task, and requires long-term and continuous input.

Hu Jingbo, a professor at Northeast Normal University business school, said that accountants are highly professional, but this is a double-edged sword for accountants.

This is because, at the learning stage, accountants learn knowledge related to finance and accounting. They accumulate a lot in accounting, but they do not have any industry background.

Once entering an enterprise, accountants must know more or less about the industry's attributes and characteristics in their work. At the same time, they must learn more professional skills in other fields to keep pace with the needs of the times and enterprises, so that they can do well in financial management.

Qin Yu took the time to apply for a legal qualification certificate, hoping to be able to make further progress on the road to becoming CFO.

As a department manager, it is no use for her to have a solid grasp of financial expertise, but if you want to become a CFO, a financial person like her is still lacking in fire and needs more skills.

"Colleagues are actively enriching themselves, learning from human resources courses, and also concentrating on financial informationization.

Qin Yu said.

At present, the conservative bookkeeping can not become a qualified CFO.

The process from ordinary accounting to super CFO is the process of pformation from traditional "judgmental" and "analytical" ordinary accounting practitioners to "innovative" and "value based" CFO.