Financial controls

Financial controls are all the policies, procedures, 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 an organization. They aim at creating and updating the architecture of the financial planning system and to deliver information necessary for making financial decisions. The implementation of financial controlling results in the improvement of the overall financial situation of the company within three basic dimensions: liquidity, profitability and operational efficiency.