Of course you want your organisation to be in control. That’s not always possible, however, for example if you lack specific knowledge in your company or simply do not have enough capacity. The experts at Tentive would be happy to help you in the area of Finance and Control.
When is your company in control?
If your company is in control, that means that business processes in all layers of the organisation are running smoothly. That is an important part of healthy business operations. The larger and more varied your organisation is, the more difficult this will be, and the more risks you will encounter. Control is about ensuring that the business processes are controlled along the way. That means that there are specific frameworks in place, and the results need to be within those frameworks. You can also confirm whether that is happening in actual practice. Guiding all those processes to ensure they run smoothly is quite a challenge.
Three goals of internal control
Internal control is a very important aspect here. To establish that you are in control, you need to look at the three goals of internal control:
- You want to be sure that the activities you’re doing for your clients are being done well. That’s not just about delivering quality; you also want to be sure that the data being processed is accurate, on time and complete. Examples include an accurate specification of hours worked or number of products sold. This is also referred to as Business Assurance.
- In addition, you want to have a good idea about what might happen, including possible scenarios that you want to avoid – And if these suboptimal scenarios do happen, you want to make sure that they affect your organisation as little as possible. This is known as Risk Management.
- Moreover, you want your activities, products and agreements to follow all the applicable laws and regulations. And you want to make sure that your employees act with integrity and behave in accordance with the company objectives. This is also referred to as Compliance.
Control measures to stay on top of things
To achieve these goals, you will need control measures. These steps are different for each organisation, since they depend entirely on the specific situation in your company. What they have in common is that they all need to provide sufficient coverage and control. In addition, employees need to understand exactly what has to happen and why it’s so important. For that reason, it is vitally important to make sure that the control measures are appropriate for the company’s day-to-day activities and/or can easily be integrated into the workplace.
Call on Tentive Interim Finance Professionals
Does your organisation need interim support in the area of Finance and Control? Or do you have an issue or question that requires external knowledge and expertise to resolve? The Tentive Interim Finance Professionals are at your disposal. We have extensive experience with mid-sized organisations and multinationals at both corporate and operational levels. We’ll connect you to the right professional to help you ensure that your company is completely in control. Feel free to call or email us for an appointment.
Are you an Interim Finance Professional?
Are you an Interim Finance Professional who’s looking for a new assignment? Check out our latest openings on the vacancies and assignments page. You’re always welcome to visit our office in Breda to meet us and discuss options. Feel free to contact us for more information.