Financial Controls.What is the primary financial control tool used to manage the operations of an organization and how can it equip managers with the information they need to make decisions?
Financial control may be construed as the analysis of a company’s actual results, approached from different perspectives at different times, compared to its short, medium and long-term objectives and business plans.
Objectives and benefits
- CHECKING THAT EVERYTHING IS RUNNING ON THE RIGHT LINES
- DETECTING ERRORS OR AREAS FOR IMPROVEMENT
- Implement preventive measures
- Communicate with and motivate employees.
- Take action where required.
How are financial controls different for a global organization? Provide three examples.
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