PROBLEM AND PROSPECT OF FINANCIAL CONTROL TOOL

Project Abstract

Financial control tools are crucial for organizations to effectively manage their resources, monitor their financial performance, and make informed decisions. However, many organizations face various problems in implementing and utilizing these tools. This research aims to explore the challenges and opportunities associated with financial control tools and provide insights into their effective utilization. The study employs a mixed-methods approach, combining quantitative data analysis with qualitative interviews with finance professionals from diverse industries. The quantitative analysis focuses on identifying common problems faced by organizations in implementing financial control tools, such as budgeting systems, financial reporting mechanisms, and performance evaluation frameworks. The qualitative interviews delve deeper into these issues, seeking to understand the root causes of the challenges and the potential solutions. Initial findings suggest that one of the primary problems organizations encounter is the lack of alignment between financial control tools and strategic objectives. Many organizations struggle to integrate their financial control systems with their overall business goals, leading to inefficiencies and suboptimal performance. Additionally, issues such as data accuracy, timeliness, and relevance pose significant obstacles to the effective use of financial control tools. Despite these challenges, the research also highlights several prospects for enhancing the effectiveness of financial control tools. For instance, leveraging technology and automation can streamline financial processes, improve data accuracy, and enable real-time monitoring of financial performance. Furthermore, fostering a culture of financial accountability and transparency within organizations can enhance the reliability and relevance of financial control tools. Overall, this research contributes to the existing literature on financial control by offering a comprehensive analysis of the problems and prospects associated with these tools. By identifying key challenges and opportunities, organizations can develop strategies to overcome obstacles and maximize the benefits of financial control tools. Ultimately, effective financial control is essential for ensuring organizational sustainability, competitiveness, and long-term success in today's dynamic business environment.

Project Overview

<p> </p><p><strong>1.1 &nbsp; BACKGROUND TO THE STUDY</strong></p><p>Financial control as the name implies means the proper management and control of financial aspects, the efficiency effective and management of finance of the organisation. The finance control and management law 1968 is designed for control and management for the public financial and maters connected there with and it stipulates under section 33 that the accountant general shall under to the auditor general accounts showing the financial position of the state at the end of every financial year and these include:</p><p>(a) Statement showing the sums estimated to be received as revenue into the consolidated revenue fund and sums actually so received in the period of account.</p><p>(b) Statement of assets and liabilities.</p><p>(c) A statement showing the sums estimated to be issued out of the consolidated revenue fund and the sums actually so issued in the period of accounts.</p><p>So in every organisation or public sector, there is the need for financial control. Therefore, owerri North ministry of finance should not be an exception. Every staff of the ministry is involved to some extent in controlling of financial as well answerable to their conduct. Almost all the workers in the civil services especially those involved in government financial operation and well acquainted with and an updated knowledge of the principles of financial controls. Financial control is linked with financial planning. This is not withstanding control parameter are outcomes of financial planning decisions. However, systematic planning in itself requires a degree of control in terms of its process and procedures. In most cases, government constitutes largest single business entity and in many places, the core of the economy. Its pattern of expenditure or manner of resources allocation determines the extent to which accountability for economy, efficiency and effectiveness can be achieved.</p> <br><p></p>