Put simply, financial controls are the processes, policies, and procedures that, together, manage your company’s finances.
At Deerbridge Finance, we have the experience and skills to support you and your finance department in all elements of financial control. We can create systems and policies for all financial transactions, guide you through the processes for creating them and even provide long-term oversight and financial control. Our approach ensures you have complete oversight over your finances, and the confidence to know payments can be made at the right times.
Financial control is a key component in fraud control – something all businesses should be aware of and have a strategy around.
With the right systems and processes in place, it becomes difficult if not impossible for employees to set up fake suppliers, to make incorrect payments to the wrong people, or even simple things like making payments at the wrong time. And if something suspect does pop up, your financial controls give you a way to detect it early and trace it quickly.
It’s all too easy in business to overlook the simple things. Like having one person oversee the entire payments process from beginning to end.
No matter how competent or trustworthy that person is, business finances should always have the oversight of at least two people. Deerbridge finance can create a two-step authentication process for payments – whether that’s through the bank or through a manual, in-house process – so that you can separate out the duties of staff and ensure you always have oversight, clarity and control of your finances. This helps prevent internal finance problems caused by fraud or genuine mistake, which would be time-consuming and expensive to fix.
Of course, financial control also means knowing what your business finances look like, as well as what you want them to look like going forward and how you will get there.
Strong financial control puts you in the driver’s seat, giving you the tools you need to move your business forward. Plan your cash flow, understand your profit for the rest of the year, and control what you do with those profits moving forward.
BUSINESS FINANCE MANAGEMENT