Why is company controlling important?
Company’s controlling function involves coordinating activities with the aim of setting business objectives, preparing programme planning, coordinating short- and long-term plans, and monitoring the execution of plans and deviations. The controlling function can be divided into strategic controlling (as support in decision-making) or operational controlling (as internal control of the company’s business processes).
The main tasks performed by controlling include:
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Drawing up and monitoring budgets:
Controlling involves preparing annual budgets and monitoring their execution to ensure that financial limitations are taken into account.
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Financial analyses:
Controlling analyses financial data such as the balance sheet, income statement and cash flow statement to help you understand the financial health of the company.
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Cost control:
Controlling helps to identify and reduce unnecessary costs, allowing a company to operate more efficiently and maximize its profits.
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Optimal allocation of resources:
Controlling ensures that a company’s financial resources are properly allocated and support its business objectives.
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Support with decision-making:
Controlling provides support with decision-making for company management by analyzing financial data and drawing up company performance reports.
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Forecasting and planning:
Controlling involves forecasting future financial results and preparing plans for meeting business objectives.
Controlling plays a key role in making a business successful by providing financial control, cost optimization and strategic planning support.
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