By Elizabeth Kaheru
Dr. Peter Kimbowa (Phd), the Team Leader of the CEO Summit Uganda has advised CFOs to perceive of themselves as a solutions engineer and not as mere accountants. Dr. Kimbowa said that this can be achieved through curiosity which will enable the CFO to keep abreast with continuous environmental changes.
“CFOs should continuously have interactions with CFOs of highly successful companies, read widely, and ask intelligent questions,” Dr. Kimbowa said. “Curiosity is important because it is the avenue through which the CFOs obtain ideas aimed at providing solutions to the challenges faced by their organizations,” he added. He also noted that curiosity also leads to fewer decision making errors and more innovation.
Dr. Kimbowa was speaking at the ongoing 24th Annual Seminar organised by the Institute of Certified Public Accountants of Uganda (ICPAU).
The finance function is continuously evolving. In fact a future successful Chief Financial Officer (CFO) should be aware, authentic and adaptable. This will enable the finance function to remain relevant to the organization in which it operates. The CFO should have solutions for all departments every day.
Dr. Kimbowa noted that the stereotype Finance Manager who sticks to rules is no longer relevant in today’s environment. He emphasized the today’s CFO should be: open minded, driven by creativity, disciplined in the execution of duties beyond expectations, and exhibit high levels of humility.
He further advised that in order to remain relevant, the finance function of the future should be agile with the capacity to solve issues beyond their jurisdiction. The CFO of the future should have strong leadership qualities and mind less about titles. They should perform their tasks by wearing many hats in order to use consumer experience to develop more meaningful ideas. He/she should be a politician in resource allocation or even a neurosurgeon, by continuously experimenting with various ways to develop innovative ideas of handling their tasks.
Today’s CFO should embrace continuous learning. He/she should unlearn and relearn new ways of executing their tasks. Organised under the theme, maintaining a sustainable enterprise, the 24th Annual Seminar runs from 4-6 September 2019 at the Imperial Resort Beach Hotel.
The Seminar is sponsored by Uganda Reinsurance Company, Stanbic Bank, Atomic Energy, Umeme Limited, Standard Chartered Bank, the National Social Security Fund (NSSF), KPMG, Ernst & Young, National Water and Sewerage Corporation, BodyWise Fitness, Nakasero Blood Bank, Statewide Insurance Company, ICEA Group, Insurance Institute of Uganda, Jubilee Insurance, Liberty Group, Uganda Insurers Association and PAX Insurance.