Financial Controls: Any measure of how fine a company or department controls its costs, at times stated as how far beneath or over budget it is. Financial controls are a critical portion of any financial system. They make sure that the resources are being appropriately and efficiently employed and that activities are appropriately and precisely reported.
Good financial control is significant in a business as it helps to keep the company solvent, and thus trading. It too aids the business to fulfill its financial obligations like paying its invoices to suppliers, tax and obviously, it's obligation to pay staff on time and the accurate amount.