Business
Support Finance Officers to boost company growth, CEOs told
In an effort to ensure organisational growth and performance, the Institute of Certified Public Accountants of Uganda (ICPAU) has urged Chief Executive Officers of public entities to ensure professional development of their accountants to efficiently execute the organisations’ vision and strategic goals.
Speaking at ICPAU 2nd C-Suite Forum at Sheraton Hotel to discuss Organisational Success under the theme: The collaborative role of board, CEO, and CFO in fostering organisational performance, the vice president Institute of Certified Public Accountants of Uganda Ronald Mutumba said that financial officers must be supported through continuous skilling.
Mutumba added that the Organisation’s Executive Officers must work closely with their Chief Financial Officer to build their capacities for them to develop and implement financial strategies that align with the strategic goals of their organisations.
He explains that as strategic leaders CFOs provide critical insights that inform business decisions and contribute to organisations over-role direction, they also monitor performance matrix and integrate advanced financial technologies to enhance effectiveness and efficiency.
“Through these actions CFOs drive sustainable growth, this can only be achieved with support from CEOs and this support is through consistently supporting skilling and affiliation with the national professional accountancy organisations and in this case the ICPAU”-Mutumba said.
Joshua Karamagi, the Chief Executive Officer Uganda Electricity Transmission Company Limited stressed that to attain high organisational performance the Chief Executive Officers must take thoughtful efforts to empower their Chief Financial officers.
Karamagi was once a CFO at the Uganda Electricity Transmission Company Limited and says that CFOs sometimes are not empowered.
He further explained that many CFOs do not even sit on the Board of Directors, they just feel comfortable with the positions they hold, saying that the positions occupied are good enough after all someone earns a good salary so they opt to remain there.
“We need to be ambitious to move to the next level but the CEO also needs to intentionally empower CFOs, if you (CEO) want information on how the company is going to be profitable, you can not sit down and begin googling things on your own, empower the CFO to provide you with this information and he/she feels empowered , the collaboration will work, he/she will also work to the next level”-Karamagi guided.
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