A recent survey finds that management accountants are spending more time on strategic planning issues than ever just before. This reflects the reality that economic managers, important customers of internal accounting information, are increasingly becoming strategic advisors to the chief executive. As Charles Noski, former CFO and Vice Chairman, AT&T states:4
I think the CFO will continue to evolve, with far more emphasis on the strategic problems facing the company and a requirement that the CFO be the small business partner to the CEO . . . Compliance and internal controls will likely always be a part of the job, but the expectation for value-added contributions by the CFO to the growth, competitiveness and performance of the company will gain momentum.
Small business modeling is big picture, and it consists of formulating, implementing, and evaluating a firm’s long-range enterprise plan. It involves four critical dimensions:
I think the CFO will continue to evolve, with far more emphasis on the strategic problems facing the company and a requirement that the CFO be the small business partner to the CEO . . . Compliance and internal controls will likely always be a part of the job, but the expectation for value-added contributions by the CFO to the growth, competitiveness and performance of the company will gain momentum.
- Identifying key factors relevant to the future progress of the company
- Formulating appropriate techniques to forecast future developments and assess the company’s ability to adapt to or exploit these developments
- Developing information systems to support strategic choices
- Translating selected options into specific courses of action
Elmer Tamayo is the author of myaccountinginfo.net who took-up his degree of "BS in Accountancy" major in accounting. A Web designer and blogger, His passion is Reading books, searching new tech update on the world wide web. Read More...
