Financial control refers to the processes, procedures, and systems that an organization implements to manage, monitor, and regulate its financial resources effectively. It encompasses budgeting, tracking expenses, financial reporting, and adherence to regulations to ensure fiscal responsibility and accuracy. For example, maintaining a detailed balance sheet reconciliation ensures that all transactions are accounted for correctly and reflects the organization's financial health accurately.

Strong financial control is essential for organizations to prevent fraud, avoid financial mismanagement, and ensure compliance with accounting standards and legal requirements. It provides key stakeholders, including management and investors, with confidence in the organization’s financial operations and allows informed decision-making based on accurate financial data. For another example, adhering to a month-end checklist helps organizations systematically review and close financial accounts each month, further enhancing financial control.