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Control finance
1. Keeping a check over all the financial matters
It is impossible to sustain in the business in long run if there is lack of availability of
appropriate funds. It cannot be discarded that finance is a key factor of business
management and is responsible to carry on with the business operations smoothly. Be it
a business on micro level where there is a sole proprietor or a big company where 500
employees are working, fund is the primary necessity. The process of maintaining the
funds well and maintaining equilibrium in expenses and revenue is known as financial
management.
If there are no strategies over financial management in a business and then, it will be
difficult to make out that where the funds are being invested in. So, it must be the
primary objective of the proprietor to control finance and keep a check over where the
available funds are invested.
Financial control consists of diverse set of strategies so as to direct finances well and
accomplish the primary purpose of every business; which is to earn maximum revenue.
Budgets are the conventional financial control technique and it provides a measuring
foundation through which performance can be assessed. By engaging in an annual
budgeting process, a business management makes plan and makes their expected
revenue graph for the subsequent year.
There are several companies that have their financial advisors who keep a check over
all the financial dealings of the company. Even if you are dealing at micro scale, you can
take help of financial advisors and get to know how you can invest the money so as to
earn more.
There are control actions too which are taken when expenses are higher than figures stated in
budget including spending cut backs or extra working hours. There are generals, legers and
balance sheet maintenance by the accounting department to cross check if there are any
complexities with the figures. If you have control over all these above stated aspects then, you are
all set to run in this competitive business periphery.
