Financial controls are processes and procedures that organizations use to manage their financial resources effectively. They help ensure that funds are used appropriately, prevent fraud, and maintain accurate financial reporting. Common financial controls include budgeting, regular audits, and approval processes for expenditures. These controls are essential for both small businesses and large corporations, as they provide a framework for monitoring financial performance. By implementing strong financial controls, organizations can identify discrepancies, ensure compliance with regulations, and make informed decisions about future investments and spending.