What is the meaning of financial control?
What are Financial Controls? Financial controls are the procedures, policies, and means by which an organization monitors and controls the direction, allocation, and usage of its financial resources. Financial controls are at the very core of resource management and operational efficiency in any organization.
What is financial control and its types?
The three most important financial controls are: (1) the balance sheet, (2) the income statement (sometimes called a profit and loss statement), and (3) the cash flow statement. Each gives the manager a different perspective on and insight into how well the business is operating toward its goals.
Why is financial control?
Within a financial control role you can gain a broad overview of a business, providing achievable, natural progression to roles both within and outside of the department, for example in business analysis, product control, risk management, systems development and trade support.
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