Financial control is a critical component in the management of any organization, as it ensures that financial resources are used efficiently and effectively to achieve established objectives. This chapter explores the various aspects of financial control, from its importance in organizations to the specific indicators used to measure it.
Control in organizations is essential to ensure that activities are carried out as planned. In the financial context, control systems play a crucial role in management, monitoring income, expenses, assets, liabilities, and capital to optimize economic performance.
Financial control can be categorized into three time stages:
1. Prospective control: It is carried out during the planning phase, anticipating possible deviations and establishing preventive measures. According to a study by PwC (2019), 76% of companies that implement prospective controls achieve better alignment with their strategic objectives.
2. Present control: It occurs during the execution of financial activities, allowing immediate corrections. According to Deloitte (2020), companies that use real-time control systems reduce their operational errors by 35%.
3. Post-control: It is carried out after operations have concluded, evaluating results and learning from experience. The Institute of Internal Auditors (2021) reports that 82% of organizations that perform post-mortem analyses significantly improve their processes in subsequent cycles.
Financial control indicators are essential tools for measuring performance. These can include liquidity, solvency, profitability and operational efficiency ratios. For example, the average ROI (Return on Investment) in the manufacturing sector was 12.5% in 2022 (S&P Global, 2023).
The chapter concludes by highlighting that a robust financial control system not only mitigates risks, but also drives value creation.
Reflection questions invite consideration of how these concepts apply in various organizational contexts.
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