Organization of internal financial controls in the enterprise
Internal financial control is organized by the enterprise to verify the level of performance management solutions in the management of its finances. The complex system of internal financial control over the activities of firms in emerging economies was called financial controlling. Its implementation is very important for domestic companies.
Financial Controlling can be defined as self-regulatory system of methods and tools aimed at functional support financial management of the company by focusing regulatory action in key areas of management of its finances, identify deviations actual targets of normative (planned) and taking operational measures to normalize the process of financial management.
Thus, financial controlling an integral subsystem of financial management.
Construction of Financial Controlling is carried out on the following principles:
- Consistency of goals and objectives of financial controlling financial strategy of the company;
- Orientation of financial controlling for the future development of the company in the competitive environment;
- The need to coordinate individual parameters financial activity and its functional systems;
- Compliance with the methods of controlling the financial specifics methods of financial analysis and financial planning, a focus on quantitative indicators;
- Flexible building system of financial controlling;
- Increasing the efficiency of the early warning system and response to avoid adverse events in the development of the company.
The introduction of financial controlling at the enterprise allows significantly improve its financial management.