Financial control management is a process designed to ensure that financial objectives are met without significant deviations from a strategic plan. These objectives may include sales, earnings and surpluses. Additionally, financial control management is used to detect errors that may affect an organization’s ability to meet its overall goals and objectives, and may also be used to identify and recommend areas for improvement. Implementation of financial controls includes an initial analysis of the company’s finances, followed by the creation of a set of forecasts and simulations of real-life situations that may affect future financial health. Implementation should also involve the creation of basic financial documents including the general balance sheet, the profit and loss statement, and the cash flow statement.
Would you like to learn more about Rsam's Financial Controls Management Module? Take a look at our Financial Controls Management datasheet here.