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Responsibilities increase for many financial executives.

According to a survey of 558 financial executives conducted by Olsten Corp., 76% of respondents reported that their work loads had increased over the past six months. More important, they increasingly performed nontraditional functions. Of those polled, 76% were responsible for credit and collections, 72% managed investments and 64% managed information systems. In addition, 51% of the financial executives played a primary role in long-term planning and 45% were involved in strategic planning.

Olivia F, Kirkley, vice-president of finance and chief financial officer of Vermont American Corp., Louisville, Kentucky, said, "CFOs and controllers are being asked to participate more in the actual management of their companies as opposed to playing the traditional role of 5 or 10 years ago." She strongly believed the new responsibilities had made financial executives more valuable to their employers. "Expanding financial executives' duties may increase their stress," she said, "but it is certainly the direction I want to travel. I want to have more say in using numbers to help make smarter business decisions rather than just provide the numbers themselves."
COPYRIGHT 1993 American Institute of CPA's
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Copyright 1993, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Journal of Accountancy
Article Type:Brief Article
Date:Nov 1, 1993
Words:176
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