External and Internal Financial control

Internal and External Financial controlFinancial planning is emerging as a method and instrument of financial management, which represents foundation of the business, while financial control includes monitoring, testing, evaluation and realization of these plans. They are both subjects of study at online accounting degree programs. Here students learn about both aspect of financial control: external and internal.

Internal control is a set of measures taken by the management in terms of achieving the business goals. In the accounting degree program, these measures are defined and grouped as following: protection of property (assets) of excessive spending; ensuring reliability of accounting data; consistent implementation of policies in all parts of the company and evaluation of the sector performance, employees and managements’ performance. It can be divided into administrative and accounting control. Continue reading