Financial control and organisational financial performance: a case study of Crown Beverages Limited

Abstract

The purpose of the study was to establish the relationship between financial control and financial performance with specific emphasis on budgetary control, record keeping and strategic planning. The research design adopted in this study was a case study design. The study population included the staff of crown beverages limited a total of 86 respondents were selected for the study. Simple random sampling was used to select respondents in the field. The questionnaires were used and administered to the employees working with the company. Data from the questionnaires was coded, entered, edited for consistency and easiness in and later analyzed using Statistical Package for Social Scientists (SPSS) where correlation was used to establish the relationship between financial control and financial performance. Regarding the study findings, it was revealed that budgetary control affects financial performance with a correlation of (r = 0 .764, p 0.01). . The findings also showed that record keeping also has an impact on the financial performance of the company with a positive correlation of (r = 0 .930, p 0.01). And finally the research also revealed a relationship between strategic planning and financial performance with a positive correlation of (r = 0 .744, p 0.01) The researcher recommended that the management of the company should increase on the supervisory level and monitoring in order to ensure full record keeping with relativity to accuracy in order to enhance proper decision making process basing on the available and reliable records, ensure proper collective decision making and feedback management that explores participation of stakeholders which enhances appropriateness in suggestions. Areas of further research were as follows; impact of employee training on organizational financial performance of manufacturing companies, impact of job rotation on employee performance and impact of integrated financial management systems of level of service delivery.