Question

Role of employee behavior in financial planning and control

Answer 1

Financial Planning and Control is one of the most important aspects of running a business. Proper record keeping, checks and balances, a complete audit are just some of the sub areas that make up this vast, yet important topics.
In this regard employees need to be trained in order to carry out complete financial planning and control. Otherwise, a failed policy can result in a failed company.
Employees need not be put under pressure to carry out such heavy tasks. A team should be prepared, with proper roles assigned and a hierarchy declared.

There is a 'behavioral bias' where employees try to be complacent with their work, which leads to laziness and sloppiness and eventual, financial mismanagement.