Financial controls are an essential part of any successful business. They refer to the systems, practices, and processes that help organizations implement, monitor, and enforce their financial policies. These controls are used to ensure that proper procedures are followed, financial resources are appropriately managed, and transactions are accurately recorded. Financial controls can be thought of as “guardrails” that ensure financial stability and accountability within an organization. They provide a framework for decision-making and encourage compliance with laws and regulations. Having a comprehensive system of financial controls in place is vital for any business – it helps build trust, reduce risk, increase transparency, and ultimately, improve profitability.