Financial Control in a Company





Financial Control in a Company

The organization I worked for in the past had good financial planning and control mechanisms. The employees in that department had a hierarchical structure that ensured decision-making was centralized thereby making them avoid duplicity. Additionally, the senior managers had the sole authority to draw checks above $1000. Such a directive ensured that junior staff members had minimal cash transactions. It also aided in limiting accountability issues to few individuals while preventing cases of fraud among the subordinates. Similarly, there were stringent rules concerning additional funding of projects that surpassed budgetary allocations. For example, the requisition forms had to undergo vetting from different departmental heads and the extra expenditure justified by a presentation in which the cost-benefit analysis of the action would be discussed. Having this rigorous process ensured that project teams were frugal.

However, the routines could have been improved by the insistence on receipts for the various petty cash expenses. Reliance on goodwill in the handling of financial transactions below $1000 was detrimental and could have been exploited by a few individuals to fleece the company. Therefore, the receipts would have offered solid evidence of the trades while acting as records for future reference especially during auditing. Accordingly, it would have been difficult for any employee to produce fake receipts. For example, the organization’s accountants could easily have made follow up investigations into the origins of the receipts by telephoning or visiting the premises in case of any suspicions. Moreover, forensic auditing would establish any form of collusion as well through collaborative investigations with the other entity. Therefore, the adoption of this policy would be a deterrent for any malpractice and a guarantee of ethical behavior among the workforce.

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