As all the companies realize the need of a Chief Financial Officer for the company, the most prominent question that comes into the mind is whether it is safe to give all the finances of the company into the hands of an employee. By doing so, the stake of the company falls into their hands and if they do not come out to be honest, the future can be dark.

In a world that is driven by the lust for power and money, trust is not the only deciding factor for placing the company's finances into the hands of a CFO. There is a good chance that they might run away with a major share of money putting the company at risk and at the same time cause major crunch in the statistics. An honest but an ineffective individual too is of no use. They may not do anything intentionally, but wrong steps can lead to the same consequences.

The first and the most important thing is that a person given the post should be a tried and tested one. They should have good qualifications and a reputation in the market. A new person is not the right choice for such a responsible and esteemed position. They should have enough references to support themselves and have the knowledge of an expert in the field of finance. In short, their reputation should precede them.

If such a person if found and the job given, regular checks should be done on the work undertaken by them. This involves regular audits and meetings for discussions on what has been done and what needs to be done in the future with the plan of action to be undertaken. This keeps the chief financial officers very agile and dedicated to their work not reducing their performance levels as they know that a check can be carried out anytime. This is very beneficial in the interest of the company.

Most of the multinational companies which require people to take care of their finances as it cannot be done by the owner alone have started paying due attention to the hiring of a CFO. This change has come because of the increased number of deficiencies seen in the way the current CFOs are performing. As an aftermath of recession 2009, many have been fired due to inefficiency. All can perform well in the good times, but it is only the good and honest ones who can perform in the hard times. The bitter truth has left many aghast.

It is now the job of the CEO or the Chief Executive Officer to oversee the work of a CFO and all the other top level executives thus making the CEO indispensable. The same problem is not of concern for the CEO as it is adorned by the owners or their most trusted and known relatives or friends and not a position to be given for hire. Remember, the stake of the company lies in the hands of the owner and they are responsible for everything that occurs in some way or the other.