why does cio report to cfo?
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Instead, they report to: CFOs. ... Organizations in which the CIO reports to the CFO spend less of the IT budget on business innovation and incremental business change and allocate more to business operations than those in which CIOs report to CEOs (Figure 4).
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In addition, the adjustments tend to be forced upon the accountant because the accounting cycle is coming to an end and the financial statements need to be prepared. Closing entries occur at the end of the accounting cycle as well. These entries are made in order to prepare for a new accounting cycle.
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In some jurisdictions as part of a unitary board structure, the CFO is a director of a company with statutory duties. ... However, where the CFO is not a board member, he or she should operate at the highest level of senior management. This is a critical part of better business and management.
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Must you have a formal accounting background to become a CFO? Increasingly, the answer is no. ... Following the Sarbanes-Oxley act in 2002, companies strengthened their accounting functions and appointed qualified chief accounting officers, who generally are highly technical CPAs.
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The CFO typically reports to the chief executive officer (CEO) and the board of directors and may additionally have a seat on the board.
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CIO reporting to the CEO “In the eyes of the CIO talent market, reporting to the CEO is the most desirable because it demonstrates the value that a company places on technology as an enabler of business performance,” Thistle says.
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CFO (Chief Financial Operator) – The head of the finance department. ... Chief Accountant or Accounting Manager – Responsible for all accounting and reporting activities and the day to day running of the organisation's finance requirements.
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The administrative reporting line shows the bosss/subordinate relationship in its formalistic structure, without regard to function. ... The functional reporting line shows the "chain of command" so to speak at the functional level: who makes decisions, and who executes, even if one is not the formal "boss" of the other.
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Why are BPO Collections chasing me? If your account has been passed to BPO Collections, it's probably because you owe money. Usually, your debt would have been owed to a different creditor (which is why you may not recognise their name).
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While both are important, a CPA and CFO have vastly different roles. A CPA is typically more tax-focused while a CFO is more focused on long-term financial strategy. For a CFO, this includes forecasting, budgeting, resolving cash flow issues, optimizing systems, raising capital, and more.
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CFOs, typically a “show me” lot, are now embracing digital so openly it is (almost) equivalent to a virtual hug. ... Digital is inching its way to the top of the CFO agenda. And CFOs are bringing digital to the organization at large, wreaking transformational change.
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4. Reporting relationships. The CEO generally reports to the company's board of directors, while the CFO reports to the CEO. As the chief financial officer, the CFO puts together the annual budgets of the company, analyzes financial data, and tracks expenses and revenues.
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A chief information officer (CIO) is the company executive responsible for the management, implementation, and usability of information and computer technologies.
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Tech Pro Research CIOs might, for example, identify how an in-house developed application could be sold on to external customers as well as looking at strategic planning. The business might draw on the CIO's knowledge in the wider sales process. Equally, some CTOs also help run internal IT operations.
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Financial reporting accounting tracks the funds flowing in and out of a business and studies the relationships between these numbers. Tax reporting accounting uses much of the same information compiled in a company's financial reports to prepare, file and pay a range of state and federal taxes.
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Consultant Deloitte found 33 percent of CIOs report to the CEO, 22 percent to the CFO, 11 percent to the COO and nine percent to a global CIO, with the rest in a myriad of complex reporting structures.
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Unlike a company limited by guarantee, a CIO does not exist until it is registered with the CC and the CIO's details are entered in the register of charities. ... The CIO structure is not open to all types of charities, and exempt charities (as set out under charity law) cannot be CIOs.