Effective organizational functions make the building blocks of an efficient organization. Different organizations develop different approaches for organizational functioning in order to protect the interests of various stakeholders, while leaving managers enough freedom to take managerial decisions and actions.
The effectiveness of organizational functions depends on decision-making and on the execution of decisions. Controller or senior financial officer of the organization plays major roles in planning and managing different organizational functions. Their capabilities and efficiency is often reflected in the organizational efficiency.
Organizational functions that are based on the principle of profitability for all of organization's stakeholders assure the most effective behavior of enterprises. With the evolution of modern organizational management practices, the owners and different stakeholders of the organization hire professional managers to manage organizational functions. This helps in development and optimal exploits of organizational functions. These professional controller or senior financial officers strive for most efficient coordination between various organizational functions.
Planning and budgeting are essential components of any effective and efficient organizational function. ...