Obviously it is best if all departments and heads of departments in any company co-operate and work together for the good of the company as by doing that, it makes life better and more profitable for everyone in the company. Perhaps one of the most important points of co-operation though is between the Chief Executive officer (CEO) and the Chief Financial Officer (CFO) as that co-operation will lead the company into its future. The future of any business or company is very much dependent on the direction the CEO, leads it and if that is the wrong direction, the company could suffer and all the employees along with it, however, if those plans lead the company in the right direction, the company and its staff can flourish. Any plans for the future will of course depend on the finances available for use in those plans and that is one of the main reasons a CEO will consult with their CFO before making any plans. This is a co-operation that scholasitc and Maureen O’Connell, the company’s CFO enjoys and their success is testament to that co-operation. Of course to best advise any CEO on what direction a company should take, it would be better if the CFO had, as well as experience in accounting, a knowledge of the type of business the company is in. In the case of Maureen O’Connell and Scholastic this is exactly the situation as Scholastic is an American publishing corporation and O’Connell has had a great deal of experience in the publishing business, having worked in the past for both the Publishers Clearing House and Barnes and Noble, two of the most famous and prestigious publishing companies.
Al or at least most accountants would hope to reach the position of CFO of a company or even better a large corporation but unfortunately not all accountants will reach such heights but often this is not an indication that they do not know accounting well enough but rather that they have no experience except in accounting. It is a CFOs ability to not just recognize and rise and falls in the financial records but be able to associate those rises and falls to aspects of the company’s business which requires knowledge in both accounting and business. Recognizing the falls in finances and being able to associate them to a certain aspect can help the CEO in avoiding any future occurrences and by successfully associating any rises with an aspect of the business, can assist the CEO in making the most of those aspects and perhaps enable them to recreate more. These can make the difference between a company’s success and failure in months or even years to come and so the co-operation between the CEO and CFO are essential if a company is hoping to be successful in the future. O’Connell is known to believe that a CFO’s responsibilities are more concerned with a company’s future than it is in its records of its past finances.