• Lack of business visibility and dependence on gut feeling for taking business decisions
• Insufficient financial control commensurate to the size of the organization
• Financial distress due to slow transactions, inflexible systems and poor communication
• Lack of employee accountability for business processes

Are you facing the above challenges in your India business leading to a lack of financial control?

With over two decades of experience in India, Maier Vidorno Altios understands the unique challenges that foreign companies may face when operating in the country.

One of the biggest challenges that hinder the growth of international companies in India is – the lack of financial control . Ineffective management control, poor cash flow management, efficient budgeting and forecasting are few reasons that contribute to poor financial control.

Financial controls are the policies, procedures, and means by which an organisation monitors and directs the use of financial resources. Financial controls are essential for effective resource management and operational efficiency in an organization.

Having Financial Control is Key

Poor financial control could dip your chances of success in the country while effective control could do wonders. Knowing where your resources are being depleted and what can bring positive results can make all the difference.

Robust financial control can improve sustainability as well as support growth ambitions among businesses. You can achieve this twin objective by combining the strategy with finance.

The preliminary work:

You can check the effectiveness of financial control by analysing your existing policies and the future outlook of the company. Here are a few things you need to do before implementing financial control in a business.

● Identifying irregularities: In order to effectively manage a business, it is important to analyse financial data such as budgets, reports, profit and loss statements, and balance sheets to detect any overlaps or anomalies. This helps to identify existing gaps in the management system and take corrective measures to address them.

●  Update existing practices and policies: Financial control is an essential element of efficient resource management and business profitability. It is important to maintain timely updates of all data and regularly review and revise management practices and policies related to financial control.

● Evaluate Operational Scenarios: Before introducing a financial control strategy, it is important to evaluate potential operational scenarios from perspectives of profitability, expenses, safety, and productivity to create a comprehensive system that covers all aspects of the organization’s operations.

●  Make forecasts and projections : Forecasting and making projections are essential for implementing a financial control policy that is aligned with business objectives. They provide insight into the future and can help create a plan to reach the desired goals.