Business controls are the rules, regulations and procedures set in place by an organization to ensure its objectives are being met. They’re designed to detect and correct errors, minimize risks and protect investments. Business controls can be divided into three categories: internal, external and operational. Internal controls involve processes, practices and internal policies that focus on accounting procedures, financial statement accuracy, bank reconciliations, IT security and fraud prevention. External controls involve external auditors who audit financial statements and provide assurances that the statements are prepared accurately. Lastly, operational controls involve procedures for day-to-day activities such as budgeting cycles and billing processes. With strong business controls in place, organizations can navigate uncertain market conditions with confidence and maximize profits.