Why Do I Need Financial Controls?
Part of efficiently managing risk for successful firms is building and implementing appropriate financial controls. Internal controls assist in protecting a company's financial assets while also ensuring that employees follow policy, procedure, and legislation. Understanding financial controls and investing in tools to help you build and implement them can provide your organization a significant advantage in terms of lowering risk, guaranteeing financial accountability, and making smart, strategic spending decisions.
Financial controls are critical for guaranteeing the accuracy of reporting, preventing fraud, and safeguarding the organization's physical and intangible assets. Internal control measures reduce variation in the process, resulting in more predictable results.
Back Up, What Is Financial Control in Management?
The systems, policies, and methods through which an organization monitors and regulates the direction, allocation, and use of its financial resources are known as financial controls. Financial controls are at the heart of any organization's resource management and related operational efficiency.
Let's Go Deeper on How the 6clicks General Financial Controls Can Help.
Money is the lifeblood of organizations and their success depends on managing it well. Financial controls are the measures employed by an organization to ensure robust financial governance is in place.
Here's a quick look into what is waiting for you inside 6clicks.
Broad administrative activities including processes related to financial close, management review & oversight, financial master data and bank account control.
Hire to Retire
This is a big one, as it includes processes related to recruitment and hiring, payroll, terminal and personnel master data. More specifically, payroll preparation and security, payroll payment controls, payroll distribution, compensation and benefits, hiring and termination, etc. These are all important workforce contingencies related to the H2R process.
Contract to Cash
Understandably, there are quite a few super handy controls in here for you, including customer contracting, order management, invoices, credit & receivables management and customer master data.
Procure to Pay
This is the process of linking purchasing and accounts payable systems to improve efficiency, known as procure-to-pay (or, req-to-cheque). It's part of a wider procurement management process that includes four stages: selecting products and services, enforcing compliance and order, receiving and reconciliation, and invoicing and payment.
This set of controls gives you some excellent direction on vendor management, purchasing, payments and supplier master data.
The 6clicks General Financial Controls set provides guidance in the following areas:
The 6clicks General Financial Controls set is available for you now in our Content Library!
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