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Full Description
As the business world grows in complexity and increases in pace, organisations expect the leaders of their management accounting teams to be just that-leaders. Crunching the numbers, running financial reports, and complying with rules and regulations are only a part of contemporary CFOs' or controllers' work. Equally important is CFOs' participation on the executive team as a strategic leader of the finance function, a strong communicator, high-level negotiator, and builder of a collaborative environment. While your organisation expects you to take on this evolving role, you may not feel confident in your ability to perform these high-level functions. The Traits of Today's CFO: A Handbook for Excelling in an Evolving Role has the answers you need. This book explores in detail controllers' and CFOs' critical traits and explains specifically what actions are required to meet these requirements. It provides a wealth of information on coaching employees and, in the process, transferring accountability for results back to their hands.It further includes thorough coverage of best practices in governance and risk programmes, gap analysis, shaping organisational culture, and team building. Drawing on studies of executives and leaders of finance teams, The Traits of Today's CFO develops a detailed picture of the contemporary and future controller and CFO and tells you how to powerfully perform in these roles. Checklists, self-assessments, position descriptions, coaching exercises, and other practical tools make this book immediately useful to your work now and your own evolving career. "There will always be a high demand for the strategic CFO," author Ron Rael says. Ensure you are a strategy-driven management accounting leader with this valuable book.
Contents
Introduction 1 Advanced Critical Skills 2 Specific Best Practices 3 1 Step 1: Improve Your Leadership Effectiveness by Looking Ahead 5 Our Future More of the Same, at Warp Speed 5 CFO and Controller s Future Roles 5 The CFO and Controller Team s Responsibilities 6 The Management Accounting Department s Journey Into the Future 7 Value Creation Approach to Management Accounting: Eight Insights into Management Accounting s Future 8 Universal Theme No. 1: An Emphasis on Nonaccounting Roles 8 Universal Theme No. 2: Our Performance Gap 17 Universal Theme No. 3: The Collaborative Partnership 17 Solution No. 1 How to Overcome the Performance Gap 18 Solution No. 2 How to Prepare for Tomorrow 19 2 Step 2: Become an Effective Coach 21 Coaching in a Nutshell 21 Coaching at the Individual Level 22 The Skill of Coaching 22 Accountability Factor in Coaching 23 Specific Skills of a True Coach 23 Coaching Skills Defined 24 Coaching at the Organisational Level 26 Teaching and Training 26 Counselling 26 Guiding 26 Learning 26 Sharing 27 Questioning 27 Relating 27 Listening 27 Using Intuition 27 Creativity 28 Controller and CFO Best Practice: Position Description 28 Elements of the Position Description 28 Benefits of Using a Position Description 29 Tips on Making the Position Description Effective 29 Position Description for a General Accounting Assistant 31 3 Step 3: Improve the Organisation s Performance Through Coaching 41 CFO = Influencer 42 Best Practice: Shape the Culture by Defining It 45 Tone at the Top 45 The Leader as Proactive Shaper of Culture 46 CFO Tool: Cultural Ideals 46 The Story You Tell 47 In the End 51 Best Practice: Create Balanced Risk-Taking With a Risk Programme 52 Risk Is Individual to Each of Us 52 Risk Is Everywhere and Never-Ending 53 Why Defining Risk Is Necessary 54 The Meaning of Risk Has Changed 54 Fundamental Sources of All Business Risks 55 CFO Solutions to Make People Aware That Risk Exists 58 CFO Solutions to Make People Aware That Risk Can Be Survived 58 CFO Tool: Risk Identification 58 CFO Tool: Selecting the Right Strategy 61 In the End 61 Best Practice: Foster Accountability by Defining It 63 Accountability From a Leader s Perspective 63 Accountability Is Often Misunderstood 63 Where Accountability Fits In 65 The Undefined Standard 66 Why Accountability Works to Make Everyone Successful 66 How Leaders Improve Accountability 67 101/2 Rules of Accountability 68 Best Practice: Establish a Governance Programme That Eliminates Questionable Practices 70 Controls or Policies Are Not Governance 70 Makeup of a Governance Programme 72 The Human Element in Governance 73 Cost of Governance 74 4 Step 4: Improve Your Team s Effectiveness Through Coaching 75 The Value of Teaming in Finance 75 The CFO as Developer of Team s Skills and Talents 76 In Essence 76 Best Practice: Shape Your Employees Teaming Behaviours With a Solid Structure 78 The Teaming Culture 78 The Team s Decisions Are Made by Consensus 81 How to Create a Strong Team 83 101/2 Rules About Building Effective Teams 83 In the End 84 Best Practice: Shape Your Employees Accountability by Establishing Behaviour Expectations 85 Expectations and Standards Shape Behaviours 85 Cultural Objectivity 87 CFO Tool: Culture Statement 88 CFO Tool: Ground Rules 89 CFO Tool: Service Standards 89 In the End 90 Best Practice: Shape Your Employees Behaviour by Using Honest Feedback 92 Power of Immediate Feedback 92 How to Keep Feedback Objective 93 How Leaders Use Feedback 94 When and Where to Use Feedback 96 101/2 Rules for Performance Improving Feedback 97 In the End 97 Best Practice: Shape Your Employees Behaviour With Recognition and Rewards 99 Why Rewards and Recognition Foster Team Behaviours 99 How Leaders Create Team Recognition 100 In the End 102 5 Step 5: Improve Your Change Agent Skills Through Self-Coaching 105 Your Need for Self-Coaching 105 Controller or CFO s True Role 105 Similar Roles Yet Different Responsibilities 106 Best Practice: Skills Gap Assessment 107 Change Agent s Skills Explained 108 Best Practice: Gap Analysis 109 Gap Analysis Defined 109 In the End 111 Best Practice: Formalised Action Plan 112 Obtain Tangible Results With an Action Plan 112 Best Practice: Action Plan Reporting and Accountability 114 In the End 115 CFO Versus the Controller How the Roles Vary 115 6 Step 6: Improve Your Skills as a Leader in the Middle 119 Your Personal Strength: Surviving as a Manager in the Middle 120 Your Biggest Hurdle to Becoming a Great Leader 120 Natural Rule of Leadership 121 Best Practice: Solution Creator 123 How to Become an Effective Problem Solver 123 Their Pain Is Real and Tangible, Yet Hidden 123 Best Practice: Probing Questions 124 How to Get to the Real Problem 124 Why Management Accountants Do Not Use Objective Questioning 125 Best Practice: Problem Restatement 127 Ways Get to the Real Cause of an Issue or Problem 128 No. 1 Big Mistake of the CFO 128 No. 2 Big Mistake of the CFO 129 How to Use Problem Restatement 129 The Process for Restating the Problem 130 In the End 131 7 Chapter 7: Step 61/2: Improve by Making a Commitment 133 Growing Pains 133 No. 3 Big Mistake of the CFO 134 Today s Management Accounting Leader Realities 135 Our Skills and Knowledge Grow Obsolete at an Ever-Faster Rate 135 A Management Accounting Team Advances in Only Two Ways: The Solutions We Provide and the Connections We Sustain 135 Significant Trends in Management Accounting that Impact the CFO and Controller 136 Trend No. 1 136 Trend No. 2 137 Trend No. 3 137 Trend No. 4 137 Trend No. 5 138 Trend No. 6 138 Trend No. 7 138 Trend No. 8 139 Trend No. 9 139 Strategies for Coping With the Pain of These Changes 140 Best Practice Instilling a Personal Commitment 140 Best Practice Instilling Continuous Improvement with Plus/Delta 141 Steps of the Plus/Delta 141 Controller s Resources List 145
