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The Algorithm for Building a Financial Management System at the Enterprise
Malikov V. V.

Malikov, Volodymyr V. (2020) “The Algorithm for Building a Financial Management System at the Enterprise.” Business Inform 3:344–348.
https://doi.org/10.32983/2222-4459-2020-3-344-348

Section: Finance, Money Circulation and Credit

UDC 336.6

Abstract:
The main problem of financial management in practical conditions is that because of the many material available on this issue, it is difficult for the head of enterprise to understand where to start, what information he needs and what indicators (problems, phenomena) should be paid attention in the first place, as well as how everything is connected. The author proposes an algorithm for building a management system in the enterprise to be submitted in the following form: 1. Determining the financial goals of the enterprise. 2. Allocating the financial management subsystems. 3. Determining the information support for the financial management system. 4. Determining and enforcing financial management rules. For practical application, it is proposed that the enterprise’s financial objectives be presented as the next hierarchical three-tier model: the main goal is to generate excess money flow; additional goals are to make a profit and ensure the solvency of the enterprise; development goals are to increase the value of the enterprise and increase profits for its capitalization. Based on the financial objectives outlined above, the following financial management subsystems are proposed: money flows management; management of solvency; management of costs, income and profit. In addition, the author proposes management reports be conditionally divided into several levels (operational, tactical and final) with the allocated certain rules of financial management. The proposed recommendations will allow in practice to avoid, in particular, such problems as the occurrence of cash gaps, complications of relations with creditors, etc.

Keywords: management, finance, solvency, payments, money flows.

Fig.: 2. Tabl.: 2. Bibl.: 10.

Malikov Volodymyr V. – Doctor of Sciences (State Administration), Professor, Professor, Department of Management and Administration, Kharkiv National Automobile and Highway University (25 Yaroslava Mudroho Str., Kharkіv, 61002, Ukraine)
Email: [email protected]

List of references in article

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Tikhomirov, Ye. F. Finansovyy menedzhment. Upravleniye finansami predpriyatiya [Financial Management. Enterprise Finance Management]. Moscow: Academia, 2010.
Finansy organizatsiy (predpriyatiy) [Finances of Organizations (Enterprises)]. Moscow: Yuniti-Dana, 2007.
Etrill, P., and Makleyni, E. Finansovyy menedzhment i upravlencheskiy uchet dlya rukovoditeley i biznesmenov [Financial Management and Management Accounting for Executives and Businessmen]. Moscow: Alpina Pablisher, 2012.
Blank, I. A. Upravleniye finansovymi resursami [Financial Resources Management]. Moscow: Omega-L; OOO «Elga», 2011.
Brungild, S. G. Upravleniye debitorskoy zadolzhennostyu [Account Receivable Management]. Moscow: AST, 2007.
Dreykho, Dzh. IPO. Kak i pochemu kompanii stanovyatsia publichnymi [The IPO Decision. Why and How Companies Go Public]. Moscow: Ves Mir, 2008.

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