Are CFOs invisible?

We are not the only professionals whose important work goes largely unnoticed. According to the research behind his new book, David Zweig argues that 'Invisibles' share three common traits

An ambivalence towards recognition
Tend to be meticulous
Constantly pursue responsibility

In fact, the three characteristics outlined above are exactly what gets F&A professionals noticed.

The recent discovery of a $57 million accounting error by the newly appointed CFO, Chris Eivers, at Peterborough Regional Health Centre (PRHC) is a case in point. PRHC went public with the major discrepancy in finances a month after former CEO Ken Tremblay left his post. However, according to the interim CEO Dr Peter McLaughlin, the review of the hospital's finances started in the summer -- months before Mr. Tremblay left. The hospital had just brought on the new Chief Financial Officer, Chris Eivers and a detailed and exhaustive review was triggered by his examination of the financial statements. Eventually, the hospital brought in BDO Canada as well as other outside accounting partners to help. The money had been held in a restricted account for several years and could not be treated as an asset.

Thanks to Chris Eivers, this money has now been released and the financials restated showing the $57 million as available funds that will be used to benefit PRHC in helping to replace ageing equipment after debts have been paid.

This is an excellent example of how the evolving role of the CFO and F&A organization has shifted from 'invisible' back-office bean counter to 'visible' strategic business partner, also borne out by research carried out by Ernst and Young :

1. Ensuring business decisions are grounded in solid financial criteria.
2. Providing insight and analysis to support the CEO and other senior managers.
3. Leading key initiatives in finance that support overall strategic goals.
4. Funding, enabling and executing the strategy set by the CEO.
5. Developing and defining the overall strategy for the organization.
6. Representing the organization's progress on strategic goals to external stakeholders.

The interim CEO, Dr McLaughlin stated that "My goal, the goal of our board, the goal of our staff and the goal of our physicians…is to provide high-quality patient care". It is without doubt that the above actions taken by Chris Eivers are a complete reflection of the organization's thinking as a whole.