Management control in Hungary: Always stay aligned with your goals

One of the fundamental steps that an entrepreneur should go through if he has decided to invest in Hungary is to prepare a business plan and then control the investment process.

Planning a goal is, in fact, the first step towards achieving it, while controlling and monitoring follow afterwards. These are fundamental elements to remain aligned with the progress of the project.

We support companies in Hungary with a management control service aimed at achieving the best business results.

Whether it’s for SMEs or more structured companies, we help optimize business processes to allow you to always be one step ahead and not lose sight of your business objectives.

How management control works in Hungary

For 25 years, we have been helping companies monitor and verify the results of their business, putting a team of professionals and experts in the sector at stake to aim for 360° management control.

Checking the progress of a company is a bit like managing a constantly moving gear, where time, resources and costs intervene. In our case the gear is the company and our objective, when we intervene, is to find the right balance between the different elements, and to manage possible internal or external interference.

Specifically, our management control service in Hungary includes:

Finance control
Costs and profitability control
Budget analysis and variance analysis
Planification and control aim to support strategic decisions
Control and development of control instruments; performance KPIs, company polices and internal processes.

To get even more specific, the work of our team is based on these phases: Planning, Implementation, Control and Reporting.

Planning in management control in Hungary

In this phase, all the guidelines for the achievement of your projects are traced. You start by defining the path to achieve your goals, regardless of whether it is a winding path or a flat road.

Our team of experts will then go on to monitor costs, resources and estimated times in defining the company trajectory, helping to define the best distribution in the company areas.

The goal is to emerge from this phase with a real operational plan that allows your company and your team to always stay aligned with the objectives.

The implementation phase

Implementation is the phase where everything that has been planned is set into motion.

Here, our team moves onto the actual optimization and the overall performance of the company management.

In the eventuality that there are deviations from the objective, we will intervene by effectively distributing resources and optimizing time and budgets.

Optimizing resources means minimizing the risk of differences between costs and business sector revenues and improving the profitability of individual businesses. For this activity we rely on numbers and the collection of data from various areas of your company.

The control phase

In this phase, which often overlaps with the implementation phase, it is essential to monitor the progress of activities and analyze data.

Here, too, the ITL Accounting team will deal with any internal or external deviations from the project, evaluate progress based on the forecasts and identify some changes for aligning your whole company towards achieving the objectives.

The reporting phase

Reporting is the final phase of the management control. Through numbers, data and their visual representation the manager can better understand where his company is positioned in comparison with the fixed target, and to take actions when necessary.

Request right now an appointment with our team of experts and find out how to effectively manage the progress of your company.

Since 1995 we have been providing advice on insource- and outsourcing accounting to clients in Hungary with a great sense of professionalism and dedication.

Why choose ITL Accounting? With our team of professionals and experts we will support you to aim a 360° accounting assistance. Accounting for a start-up as well as for a consolidated company, from the constitution to the liquidation, from the chart of accounts to the Financial statement and taxes optimization.

With our international experience and competence we can help to draw a personalized roadmap to guide you through the Hungarian system.

Meet our Head of Division

Anikó Molnár

ITL Accounting Division Head of Department

Born in Kecskemét, Hungary, Anikó graduated in 2003 with a degree in Economics and Financial Administration. She also obtained a professional qualification: as a certified public accountant (1998), as a tax advisor (2008), as an IFRS certified public accountant (2016). Anikó has been working in the field of accounting and taxation since 1998. She joined the ITL Group team in 2012. In the following years, she covered growing responsibilities until she became Chief Accountant, leading a team of about 20 professionals and around 110 clients. Anikó speaks Hungarian, and she is in the process of developing her English skills.