FEATURES What CFOs Do

Government Executive December 1, 2005

Chief financial officers serve agency leaders and program managers, Congress, the Office of Management and Budget, and the public. Here's how, according to the CFO Council:

Promote the efficient management of resources and assets

  • Ensure that management control is a day-to-day process.
  • Demand quality financial management at all levels, provide incentives, eliminate impediments and encourage responsible risk-taking.
  • Build partnerships to ensure that information resource management, program management, financial management and budgeting all function together.
  • Attract, retain and develop highly qualified financial professionals who are valued members of the management team.

Provide quality financial services to internal customers

  • Change the view of financial management from solely control to service.
  • Enhance customer focus through strong partnerships.
  • Commit to high standards of financial services through continuous improvement.
  • Help customers restructure their work processes in order to more efficiently achieve their service objectives.

Provide high-quality financial information on operations to support financial and performance reporting

  • Establish standards and definitions.
  • Create a system for integrating performance measures, cost information and financial reporting.
  • Establish integrated government financial management systems, which minimize data entry and human intervention.
  • Provide cost-effective reporting analysis and advice that is interactive, timely, reliable and user friendly.

Provide sound financial policies and services and facilitate effective communication

  • Improve the integration between the budget and management functions.
  • Review and improve coordination among central agencies and between central agencies and program agencies.
  • Improve and expand collaboration, cross-servicing and user-friendly outreach within and among government organizations.
  • Strengthen the partnership between the executive branch and Congress to improve financial management.

Embrace modern technology and business practices

  • Benchmark with high-performance organizations.
  • Share best practices among agencies and with the public and private sectors.

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FEATURES What CFOs Do
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