Impact of financial planning and control on business organization in Nigeria (a case study of First bank of Nigeria, Abakaliki, Ebonyi state)
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This study was conducted to determine the impact of financial planning and control on business organization in Nigeria. Financial planning and control involves the management of financial resources of a firm in conjunction with its material resources. Financial planning and control on the average constitute a major part of every management’s decision. There is no industry that can exist without fair planning and control of its finances. This fact underscores the need to properly plan and control the finances of a firm.The project was conceived to look into the effect of financial planning and control in organization. The objective of this study was looked at, to find out if there is a relationship between financial planning and control, and organizations. Review of related literature, certain major tools used by the management to plan and control its finances are budget and budgetary control, profit planning and control, inventory management and control, capital Asset Budgeting and internal Audit. It dealt with the method of the study. The first method of data analysis was the used of tabulation and percentage. The second method was the use of questionnaire. The following recommendations have been made for improvement, financial planning and control should be pro-active, those who are to implement the plans shall be involved in the planning stage. Finally, going by the result of this study, the researcher is very optimistic that effective and efficient financial planning and control of Nigerian organizations is feasible within minimum sacrifice.
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