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.
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The aim of financial controlling is to create a sketch of the company’s asset situation for the future (e.g. at the end of the financial year). The balance sheet budget projects the state of assets and liabilities into the future by what is often called “pro forma”. As changes in balance sheet items result from different types of budget, this budget controls the accuracy of all other plans and forecasts. Such a sketch makes it possible to assess a company’s creditworthiness and its credibility among counterparties.