Nowadays, it is impossible to run a successful business without credible financial statements that show the state of the company on a particular day, and are associated with accounting. Determining profits or losses is considered to be one of the most important issues in accounting. Due to processes that range from the planning phase to human resources informing and management, controlling has its place in the business world. Paper gives a broader view of the role of accounting and controlling while explaining the responsibilities, professional accounting knowledge, and personal abilities of the controllers. Controlling is carried out in two steps, where the first step relates to making a profit and is based on information from the income statement, while the second step relates to preserving the liquidity of the business and is based on the balance sheet data. These facts result in the connection between accounting and controlling. In the Republic of Croatia, controlling is not yet recognized as an important business function, so it is necessary to come up with a good plan and analysis for its introduction. The focus of this paper is the importance of accounting and controlling in business, as well as the analysis of the financial statements of Podravka d.d. between 2015. and 2018. Podravka is a leading food and pharmaceutical company that produces high quality goods, and the analysis of its operation shows its weaknesses and strengths. Specifically, the reason for analyzing a business lies in the challenges an entrepreneur faces, therefore financial statements serve to determine the profit or loss in a given year. Controlling is focused on the vision, mission, and goals, and special attention is paid to the management-oriented concept founded on the example of the mentioned company. An objective opinion was formed on the company's operations during the analyzed period.