Comment of Helen Volska, EBS Director and Managing Partner, was published in business magazine “Companion” (1.06.2006): “How will change the role of Financial Officer in Ukrainian companies in the future?”
Necessity to create the control system within the whole Company requires Financial Officer to have organizational skills as well as – it is desirable - business education. At the same time except the new responsibilities still remain the basic ones at the same range. Traditional requirements to Financial Officer usually include: finance provision, financial reporting filling, tax avoidance. In some companies they additionally include calculation of company effectiveness indicators. Financial Officer still performs fiscal function, i. e. provision of timely financing. His duties also cover budgeting, controlling, financial analysis, passing of internal auditors’ examinations.Among the new tasks of Financial Officer it is worth mentioning satisfaction of informational needs of Company shareholders and implementation of Compliance culture – guaranteeing that the Company meets all the variety of norms and standards, requirements of regulation acts, openness and business reputation. Generally it is possible to predict that influence of the Financial Officer as well as spheres of his activity will be increasing in the nearest future. If he takes active part in strategic management, if Ukrainian companies will be aiming to enter open markets of financial resources, the CFO role will be extended. And as a result, will be increased his load. In fact no one frees the CFO from traditional tasks, as for example, filling the financial reporting.
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