financial system

Definition

The collection of accounting processes and procedures that allow a business to keep accurate financial records, monitor accounts, prevent fraud and mistakes, and catch any discrepancies. A financial system allows a company to maintain accountability for expenditures and revenues, and to control their finances to minimize waste and loss.

Use financial system in a sentence

The financial system was in good shape and I was very happy for everyone that worked with us the whole time.

​ Was this Helpful? YES  NO 4 people found this helpful.

The financial system functioned flawlessly as many checks and balances were in place to ensure a high quality of data.

​ Was this Helpful? YES  NO 2 people found this helpful.

The financial system has been a pillar of not only this country but the entire global economy for more than a century now.

​ Was this Helpful? YES  NO 10 people found this helpful.

Show more usage examples...

Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
flight of capital capital flight