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Financial budgets, financial reports, profit & loss statements, balance sheets, etc. present the overall performance and/or operational picture of a business. Hence, while formulating financial control policies, it is very important to detect any overlaps and/or anomalies arising out of the data available. It helps in detecting any existing loopholes in the current management framework and eliminating them.

Financial control is the essence of resource management and, hence, the overall operational efficiency and profitability of a business. Timely updates of all available data are very important. In addition, updating all management practices and policies concerning the existing financial control methods is also equally important.

Before implementing a fixed financial control strategy in an organization, it is important to thoroughly evaluate all possible operational scenarios. Viewing the policies from the perspectives of different operational scenarios – such as profitability, expenditures, safety, and scale of production or volume – can provide the necessary information. Also, it helps establish an effective financial control policy that covers all operational aspects of the organization.

While implementing a financial control policy, forecasting, and making projections are very important steps. They provide an insight into the future goals and objectives of the business. In addition, they can help establish a financial control policy in accordance with the business objectives and act as a catalyst in achieving such goals. 

Efficient financial control measures contribute significantly to the cash flow maintenance of an organization. When an effective control mechanism is in place, the overall cash inflows and outflows are monitored and planned, which results in efficient operations.

The financial resources of an organization are at the very core of any organization’s operational efficiency. Financial resources make available all other resources needed for operating a business. Hence, financial resource management is crucial to managing all other resources. Effective financial control measures hence are crucial to ensure resource management in an organization.

An effective financial control mechanism ensures overall operational efficiency in an organization. Additionally, an increase in operational efficiency most often leads to a decrease in expenditure for an organization.

Ensuring an organization’s overall operational efficiency leads to the smooth functioning of every organizational department. It, in turn, increases productivity. which comes with a direct, positive relationship with profitability. Hence, establishing effective financial control measures ensures the improved profitability of any business.

Financial control serves as a preventative measure against fraudulent activities in an organization. It can help prevent any undesirable activities such as employee fraud, online theft, and many others by monitoring the inflow and outflow of financial resources.

• Adoption of recognised accounting standards.
• Maintaining the accountability to deliver financial statements accurately and on time.
• Having policies in place for recognition of revenue, invoicing etc.
• Adopting clear segregation of duties.
• Robust financial information security etc.

Overall financial management and implementation.

Placing certain qualification restrictions and employing only certified, qualified financial managers and staff, working with the formulation and implementation of financial management policies.

Establishing an efficient, direct chain of communication among the accounting staff, financial managers, and senior-level managers, including the CFO.

Periodic training sessions and information sessions among accounting staff, etc. to ensure being updated with the changing laws and evolving business environment concerning business finance.

Periodic, thorough financial analysis and evaluation of financial ratios and statements wherever fluctuations are significant.

Delegation of financial duties in a segregated and hierarchical fashion in order to establish a chain of operation and efficiency via specialization.

Stringent credit reporting policy for all customers before entering into a creditor-debtor relationship with them.

Periodic reconciliation of bank statements to the general ledger in addition to annual reporting for more efficient financial control.

Establishing a periodic review policy with all existing customers that the business establishes a creditor-debtor relationship with. It ensures the ongoing creditworthiness of customers and eliminates the probability of bad debts.

Support files and backups for all financial data in a separate secured database with access only permitted to senior management staff.

Automatic/subscription payments to be monitored and requiring proper authorization in order to control extravagant business expenditure.

Maintaining a vendor database with detailed purchase records with restricted access in order to monitor cash outflow efficiently.

Periodic reconciliation of bank statements to the general ledger.

Clear and precise expense reimbursement policy to be maintained, including detailed expense reports and receipt verifications in order to curb extravagant business expenses and employee fraud.

We incorporate a forecasting model of the profit and loss statement (P&L), the balance sheet (BS) and the cash flow statement (CF). 

Typically, these forecasts, in particular, the P&L is used in the event of a fundraising process since it encompasses an overview of all of the income and costs to your company. Metrics such as the gross margin, EBITDA, and net margin. EBITDA is very important for investors as it provides insights into the operational performance of a company and allows them to compare efficiency when comparing different companies.

The balance sheet is an overview of everything a company owns (its assets) and owes (its liabilities) at a specific point in time. It shows a snapshot in time (for instance the end of the year) and is therefore different compared to the profit and loss statement which shows all revenues and costs that were generated during a certain time period. We can then use this data to forecast the company’s balance sheet for future time periods.

Finally, forecasting the cash flow statement allows management to make informed decisions on business operations and allows it to prevent and monitor company debt. Moreover, it helps define a company’s investment needs and supports the timely payment of expenses and debts.

The financial statement forecasting is typically done on a year-by-year or month-by-month time scale since it gives an insight into the possible long-term growth potential of a company.

However, for the actual day-to-day financial management of your company, it is useful to financially model the operational cash flow for the coming 12 months. Additionally, it provides your organisation with the opportunity to track actual financial performance, versus the budgeted financial performance. 

The ready-made process flow templates mostly come with notetaking and commenting features. These features ease the communication among employees while working on the process flow templates. Moreover, visual representation on process flow templates is far easier to understand and grasp for employees.

The visual format of the ready-made process flow templates works better when compared to written documents. With visualization, things will automatically become easier to understand by employees at all your company levels. Moreover, processes are easier to explain with sequences of process flow templates. After all, employees obviously will understand things more efficiently from process flow templates rather than going through a mountain of papers. 

Teamwork is definitely one of the key strengths for any company's success. Our chief HR executives help you function better by moulding your employees into a better and powerful team. We analyse the dynamics of your team before prescribing efficient solutions. The analysis process helps us efficiently team up the employees into different departments of your company.

We train your employees to grow better relationships at work. With good relationships among employees, you can create a better working space, and as a result, productivity increases considerably. After all, good relationships at the workspace are of utmost importance for quality work results.

Our mentor coaching services will help your managers, executives, and team leaders work efficiently. We coach these people of your company to develop their skills easily and become more goal-centred and achieve business goals. It doesn't matter whether your company is small or large. You can easily witness changes in your productivity with our mentor coaching programs.

Have your company begun backsliding? Or are you continuously wrestling with obstacles in your company's growth pattern? If yes, our HR team can help you solve these problems and work efficiently towards success by discussing with your team members or board members.

Look at the list below.

• Personal identity information, including name, address, and ID numbers.
• Biometric data
• Web data, including IP address, location, RFID tags, and cookie data.
• Political opinions
• Health and genetic data
• Racial or ethnic data
• Sexual orientation

Most industries in Europe are actually affected by GDPR compliance regulations. The most affected sector is Technology, followed by sectors like Online retailers and Software companies. 

If you are wondering which companies require GDPR compliance, here are the criteria for GDPR compliance:

• Any company with their presence in Europe
• Any company that processes the data of European residents. It doesn't matter whether the company is established in Europe or not.
• Companies with more than 250 employees

As more than 90% of US companies consider GDPR a top data protection factor, GDPR compliance is essential for your company's growth. And we will make it easier for you with our customizable and efficient GDPR solutions.