Financial control, tools to improve it

Discover financial control strategies that will help you to boost your company's productivity and efficiency.
Being ready to adapt to change and having reaction and correction strategies is vital to any company. Indeed, these are some of the key aims of financial control, which are crucial in business. In this article, we will explain some of the financial control tools that will help your company to meet its targets and adapt to change. Financial control is principally focused on studying and analysing a company's results to contrast against its initial targets. This not only allows the company to guarantee that business plans are being followed, but offers adaptability to any unforeseen eventualities.
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Do the payments of your company from your other banks without go out of BBVA.

Cost accounting

One way to improve a company's financial control is through cost accounting. The aim of this discipline is to obtain an overview of the company's situation according to the costs arising through the production, distribution, financing and administration processes, as well as value added generated. Once all the essential information has been gathered, the company's senior management can check that its targets are being met and may make decisions to correct any deviations.

Cost accounting as a financial control tool can be implemented from various angles: Costs can be studied according to their nature, functionality or the business structure. For example, an organization can identify its personnel costs and see that they are exorbitant compared with productivity; thus, senior management may take steps to reach the desired profitability objectives.

Cost accounting can assess the assets generated from the production process, calculate the costs generated in this process, and analyze financial results to make informed decisions. Thanks to tools such as this, business planning can be adapted to new targets as they arise, or be corrected to adhere to the original business plan.

Internal audit

Internal auditing consists of a management control system in a company aiming to improve its efficiency. This tool becomes especially useful at the onset of company growth. Initially, it seems easy to oversee processes, but as they become more complex and involve an increasing number of people, a need arises to have an objective, independent system in the organization to ensure that it operates smoothly. 

One of the advantages of an internal audit is that it can objectively identify the strengths and weaknesses of a business's internal processes. That provides the possibility of new business plans and strategies to boost the company's growth or ensuring that a business is on the correct path to meet its targets.

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ERP planning and management systems

On occasion, financial control tasks are limited by the capacity of those in charge of their management to obtain the necessary information promptly in order to implement effective and efficient solutions. In such cases, technology can help to overcome those limitations. This is why Enterprise Resource Planning (ERP) systems are an excellent tool to improve financial control of a business.

There are myriad tools to help businesses to improve their financial control as a way of testing and securing their business plans. However, taking them onboard in your organization and meeting your goals can be daunting. For this reason, in BBVA offer to our customers services as BBVA One View, a financial aggregator with which be able to control the accounts, cards or TPVs and obtain information of loans and credits, having it all controlled one at a glance. 

Do the payments of your company from your other banks without go out of BBVA

So much if your company is big as small, surely work with more than a bank. For that reason, in BBVA try facilitate you daily life with BBVA One View. A tool with which as well as have a vision global of your different banks, now also you allows do the payments of your company from your other banks without go out of BBVA**.

  • In an agile and simple way: chooses one of your accounts attachés, complete the details of payee, amount and concept and smart, have initiated the payment. The bank that receives the order from BBVA execute the transfer. The transaction receipt it be able to download directly, thus was over have to go of a bank to another.
  • Safe: your passwords always be yours. From BBVA only you ask for the passwords of your other banks at the time of the aggregation. Later, for initiate payments, the passwords only you the ask for your other banks.
  • No fees: not you charge no fee for this service. Only pay what your other bank you copper usually for the transfers standards and immediate.
  • And many more functionalities: as well as carry out the operations, be able to see the historic one of payments tidy for date, the payments pending of signature and cancel the periodic payments, etc.

All without go out of BBVA.

The initiator of payments of BBVA One View is available for the transfers from Caixabank, Santander, Popular, Bankinter, Unicaja and Bankia.

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