Control is most often seen as a function of financial management, but it is a elemental part of the planning process as well. The systems that will allow control must be clearly defined in the implementation part of the plan. This includes the assignment of responsibilities and the delegation of power to designated managers. Control is tied to accounting and it must be strictly enforced. Business models have legal obligations to maintain accurate control and accounting procedures not merely as part of their responsibilities when they are a publicly held company, but for taxation purposes as well.

The capital required may be collected from different sources. A substantial share is raised from internally generated funds. The remaining part is raised from outside sources such as issue of shares and debentures and loans. This pattern of financing is known as capital structure. It is designed in such a way to obtain the required amount needed at the lowest possible cost. Once the required amount is raised, then the funds are allocated in the best possible way to obtain the maximum benefits.

Financial planning is the application of planning to the various aspects of the finance function. Basically it involves the formulation of the financial plan which states the quantum of finance required, the pattern of financing and the policies to be pursued for the administration of the financial plan. A business enterprise requires short-term and long-term capital. The total capital required by a concern is termed as capitalization. The short-term capital or the working capital is the capital required to meet the day-to-day obligations or the operating expenses. The long-term capital is required to acquire the fixed assets. Generally, on a conservative ground, a portion of the working capital is also met out of long-term capital.