Improving Financial Management System for Multi-business Companies

The article is devoted to the impact of artificial intelligence (AI) on financial management system, efficiency and feasibility of introducing mechanisms, technologies and programs based on artificial intelligence into the work of a financial structure. It describes the essence of artificial intelligence and its features. The article uses the following research methods: analysis, synthesis, observation, measurement, comparison, financial analysis, as well as data processing and interpretation. The relevance and scientific novelty of research consists in the analysis and determination of the relationship between the key performance indicators of financial management and the use of mechanisms, technologies and programs based on artificial intelligence; identification of the degree of influence of technologies based on artificial intelligence on the effectiveness of the financial management system of commercial organizations. A scientific research on the influence of AI on the financial management system in a commercial organization is conducted using the example of PJSC Magnit, the largest retail chain of stores founded in Krasnodar. The data for the study were taken from the official website of the organization and from the financial and non-financial reports and documents provided therein. The degree of digitalization of the company, the systems used based on artificial intelligence are studied, and the work of the company’s financial management system is analyzed. The efficiency of the financial system is studied, the indicators related to the company’s financial management system are analyzed. The relationship between investments in the creation of IT departments, AI systems and their use in the financial system with the company’s financial indicators is revealed. A conclusion is made about the positive impact of the implementation of mechanisms using artificial intelligence in the work of the financial management system to achieve its goals and maintain competitiveness. The measures are suggested for commercial organizations on the methods and forms of the use of artificial intelligence system.

The majority of traditional finance management in colleges and universities is manual. This backward management mode brings a lot of inconvenience to financial processing. An essential concern in the daily financial administration of colleges and universities is how to efficiently gather, handle, and evaluate this important financial information and apply this beneficial knowledge to the daily management of colleges and universities. College and university finance administration has become increasingly complex due to the rapid growth of these institutions. The standard financial accounting management system is far from adequate for the daily needs of colleges and universities as their size grows. As a result, a new financial accounting management system for universities is being developed based on the combination of big data and blockchain data. The embedded processor, DDR2 memory chip, network interface, and USB interface are all designed by the hardware section. The software element examines the needs of university financial accounting management before designing a model based on big data and blockchain integration for university financial accounting management. Finally, the financial accounting management function module and database are designed and tested. The experimental results show that the designed financial accounting management system can effectively carry out financial management, has good performance, and has certain application value.

The goal of financial management is to manage the purchase and sale of assets, the rational financing of funds, the management of cash flow in operations, and finally, the reasonable distribution of company profits in a certain task situation, which is simply the management of the “three statements” of the enterprise. The core issue of the financial mechanism is how to choose a centralized or decentralized management model, which requires the company to consider the internal and external environment, and according to the development of the company, the quality of employees and business characteristics of various factors, in order to make the best choice of the company's financial management model. Therefore, in the context of the epidemic, this article conducts research related to the financial management of listed companies based on convolutional neural network models (radial basis neural network, generalized regression neural network, wavelet neural network, and fuzzy neural network). This article, firstly, discusses the basic theories of macro- and micro-financial management of enterprises and financial management of listed enterprises, secondly, examines the overall financial management model of listed enterprises in China through methods such as the convolutional neural network model research method introduced in this article, and then, after an overall examination and analysis of the financial management situation of X-listed enterprises, finds the macro- and micro-status quo of financial management of listed enterprises in China under the epidemic, and in the sub. On the basis of the status quo, suggestions are made to build a financial management model that combines centralization and decentralization and to build a group financial risk management system.

Financial management, as the central link in the enterprise management chain, has emerged as a critical component in achieving the company’s strategic objectives. Businesses are transitioning from a closed to an open and scalable development model to an intensive development model, which is reflected in financial management and necessitates a growth-oriented transformation. Unreliability abounds in today’s globalized environment, from financial management-oriented accounting to efficiency accounting. In addition to general supply and demand unreliability, the high degree of complexity and increased channel unreliability make companies resist the great challenge of financial management systems’ ability to face uncertain events, corporate supply chains become increasingly vulnerable, and unreliability has become a common and indispensable phenomenon in many economic and management decision problems. Due to their high data requirements and dynamic adaptability, Markov models are used as the primary forecasting tool. They do not require a large amount of historical data, but rather a detailed analysis of the recent past. This thesis examines and resolves the issues with the current financial management system through a detailed examination of the enterprise financial management system’s reliability optimization, as well as identifying and supplying the appropriate financial system management tools for the company’s business activities. New business concepts and their advantages to management are introduced. The experimental results show that adding precision constraints to the floating-point calculation problem transforms it into an integer calculation problem, improving reliability by 0.389, demonstrating that the Markov model improves the efficiency of financial resource allocation. At the decision-making level, it provides a management platform and operational tools. As a result, research on this topic will assist businesses in developing a comprehensive business process that meets their needs and adapts to future development needs at a low cost, as well as assisting businesses in communicating with employees, external collaboration, and collaborative business between customers and partners.

In the current enterprise competition, the core of the management information system is the financial management information system. Building a more comprehensive and efficient financial management information system can effectively establish a more efficient innovative enterprise and promote the transformation and development of the enterprise. This paper first designs a set of financial management system templates, including general ledger, accounts receivable, and accounts payable. Second, according to the characteristics of wireless sensor network technology, this paper proposes a financial management system based on the wireless sensor network and designs a load balancing topology control algorithm (LHTCA algorithm), which balances the energy consumption of network nodes and helps to improve the network life cycle. Finally, the management system is tested and validated. The test results show that the financial management system can realize the electronicization of financial data and paperless vouchers, improve the efficiency of financial work, and promote the sharing and integration of resources.

With the continuous development of the social economy, “Internet +” has become a new engine of economic growth. The development and development of the shared financial services system has led to new methods of designing financial business processes and centralized business processing. The shared financial services system achieves the integration of resources and achieves the objective of improving the efficiency of financial management. At the same time, the country is now paying more attention to financial sharing services and has gradually developed a new model of financial sharing services in recent years. On the basis of shared financial services, when establishing a system of shared financial services, in addition to the implementation of the relevant financial standards, it must also comply with the relevant management accounting standards, as well as to the relevant management accounting regulations, so that the company's financial management model gradually transformed Value-based finance promotes the simultaneous development of the theory and practice of shared financial services. The research objective of this article is to better reflect the objectives of competencies in financial management, the technical issues and the objectives of the implementation process in the perspective of the construction of the system of shared financial services. The objective of this article is to establish a general system of financial services to design target algorithms, apply and implement the system, create experimental model support and build a system of shared financial services for innovation practices. Scientific and technological, to provide innovative development of traditional technologies. Financial management systems New application. This article departs from knowledge and theory relevant in practice, takes the current “Internet +” era as a perspective, and promotes financial services for the sharing of specific goals. Experimental evidence shows that building a system of shared financial services will greatly improve the efficiency of financial management, promote modernization of financial management and mutually favor each other with “Internet +”.Keywords“Internet +”Financial sharingService systemSystem construction

The article analyzes the supervision of areas of improvement of the Ministry of Finance of Ukraine. It is noted that the study of the development prospects of the Ministry of Finance of Ukraine lays the Foundation for the modernization of the financial authority in accordance with current trends in the development of society and the state. The attention is focused on the fact that the reform of the system of financial management in Ukraine is a nervous process, which continues today. It is investigated that the system of financial management bodies in Ukraine requires further improvement. It is noted that the creation of a unified financial management system will ensure the effectiveness of not only the financial policy of the state, but also will contribute to the effective development of the economy of the country and its regions. The main directions of improvement of activity of the Ministry of Finance in Ukraine are investigated and ways of their overcoming are entered. It is noted that the financial system is a complex mechanism, the effectiveness of which depends on the proper legal regulation and the existence of a coherent organizational framework for the management of the financial system of Ukraine. When opening up the prospects of development of the Ministry of Population of Ukraine, consider that the stationary location is effective, possibly its economic development and public well-being. There is no need to ever persuade. It has become clear both the overwhelming results for all, political and public figures, and the broader version. If you have a three-year duration, you do not have any strength, then continue the degradation of industrial relations, social consciousness, and the following is uncertain. Finding out the interesting part, we are, as a consequence, the black outbursts of crisis that are important to people's well-being. Key words: Ministry of Finance of Ukraine, directions of improvement of the Ministry of Finance of Ukraine, financial system, improvement of the financial system.

With the rapid development of information technology and network, the modern enterprise management model is also undergoing tremendous changes, companies must adapt to the financial management of network and information technology development.Enterprise financial management system is a financial planning, control, supervise and manage the use of information systems to ensure that the company's good operating and financial standardized management, data analysis and processing it, improve financial management, and provide strong support for enterprise information management leadership and decision-making.

Purpose: The purpose of the study was to identify the factors affecting the financial management systems effectiveness in Kenyan health oriented civil society organizations.Materials and methods: The study was conducted through a cross sectional descriptive survey. The target population of the study was 1065 Nongovernmental organizations in Kenya. The accessible population refers to the 606 Nongovernmental organizations located in Nairobi County. A sample of 10% equivalent to 61 Nongovernmental organizations was selected from the Nongovernmental organizations located in Nairobi County. The respondents were financial managers in every selected Nongovernmental organization. Data was collected by use of a questionnaire and was analyzed by use of inferential and descriptive statistics. Descriptive statistics included frequencies and means. Inferential statistics included correlation, regression and ANOVA analysis. The tool for data analysis was the Statistical Package for Social Sciences (SPSS) version 20. The results were presented using tables and pie charts.Results: The study results indicated that information technology management in Nongovernmental organizations are reliable and flexible enough to support the financial management of the organization. Additional results indicated that Nongovernmental organizations had invested in a management information system which had lowered administrative costs. The usage of IT led to efficient management of processes of budget accounting. The findings imply that information technology has significant positive effect on financial management system.Recommendations: The study provided recommendations to the NGOs and other organization that ICT development should be maximized fully in the organization especially if the objective is to improve efficiency and financial management systems effectiveness. Human resource management must be fully functional in a company with continuous training of the staff to ensure up to date competences and increased knowledge in financial management. Further recommendations to the organization is to ensure that financial governance ought to be thorough throughout the company with sound rules and regulations that govern the accounting and financial sector of the organization. This will ensure timely and accurate disclosure of all financial matters regarding the corporation to the regulatory body thus showing the efficiency in financial management systems.

Small and medium enterprises (SMEs) are an important strategic sector and major economic driver for many countries in the world, particularly low-income countries, including Ethiopia. However, this sector has been facing various challenges to achieving performance growth and sustainability of which the financial management system is an indicative constraint. Thus, this write-up attempts to determine the existing financial management practices and their associated barriers that affect the soundness of the financial management practices of SMEs in developing countries. The specific objectives this review tries to achieve were to review and know the extent of financial management practice soundness among SMEs in selected developing countries; synthesize the major barriers that affect the soundness of financial management practice among SMEs in developing countries; gain insight into the gaps of the study for future research direction and develop a conceptual framework. A descriptive research design with a qualitative approach employed; secondary sources of data used and collected from published research articles from 2020 to 2024. Eleven (11) articles, two (2) MA theses, and one (1) PhD thesis selected purposefully. A meta-analysis approach adopted to investigate the patterns of empirical study findings. Besides, the literature review result showed that the financial management systems adopted by SMEs in selected developing countries were poor. In addition, reviewed literature indicates the major barriers that affect the soundness of the financial management of SMEs in selected developing countries were lack of adequate financial literacy for both managers and owners. Besides, the study found that the major gaps in the empirical study were the geographical scope gap and the methodology gap. In addition, the majority of studies conducted on the financial management of SMEs in selected developing countries did not include all financial management components. Based on the above-mentioned findings, this review concluded and recommended that the majority of SMEs operating in selected developing countries, including Ethiopia, should manage their finances in a poor manner due to the inadequacy of financial literacy skills for owners and managers. Therefore, financial skills shall be improved through conferences, workshops, and training programs. Moreover, the basic financial subjects need to be included in the lower-level education curriculum by the African countries’ ministries of education. Further, the study revealed that most of the gaps in the empirical study were geographical scope and methodology, which dropped the most important financial management proxy variables, so the forthcoming researchers could do better to study these predetermined gaps in developing countries, particularly in the Ethiopian context.

The methodological and practical recommendations for the implementation of effective organizational support of the financial management system at small and medium-sized enterprises under the conditions of market transformations are substantiated. For this purpose, the stages of financial management system restructuring at small and medium-sized enterprises were proposed and recommended, namely: pre-project preparation; designing a new system of financial management; implemen-tation of changes (proposed recommendations). Within the framework of the system approach, the author's version of the internal organizational structure of the Financial and Analytical Department at small and medium-sized enterprises in the short term (in 1-2 years) was proposed. The functional duties and powers of employees of the Financial and Analytical Department at enterprises (the Head of the Financial and Analytical Department, Financier, Financial Manager and Financial Analyst) are specified. The measures at the stage of implementation of changes (proposed recommendations) have been clarified. Keywords: finance, financial resources, financial management, organizational support of the financial management system, Financial Service (Department) of the enterprise, financial and analytical work at the enterprise, functional mechanism of the financial subsystem, small and medium-sized enterprises.

Analysis of the financial and economic security management system of business in the system of the global economic environment requires a detailed study of the prerequisites for the development of the corresponding system in the context of ensuring the stability and viability of business, adaptation to changes in the global environment, optimization of costs and resources, strengthening of competitive positions, attraction of investments and responsibility to society. In the global economic context, enterprises face various external and internal risks. Researching the prerequisites allows for developing effective mechanisms for identifying, analyzing, and minimizing potential threats, thereby ensuring stable operation and development of the enterprise. Globalization of the economy, political fluctuations, changes in legislation, currency fluctuations, technological innovations, and other global challenges require business flexibility and the ability to adapt quickly. The article analyzes the prerequisites for developing a financial and economic security management system for business in the global economic environment. Previous studies indicate the need for an integrated approach to managing a business’s financial and economic security, including risk management, innovation, intellectual property protection, digitization of processes, and a responsible attitude to social and environmental aspects of activity. The need to transform the management system of financial and economic security of business is caused by factors that require companies to be flexible, innovative, and resistant to external and internal challenges of the modern globalized world. It was determined that digitalization processes and technological development largely influenced the transformation of the business’s financial and economic security management system. Rapid advances in digital technologies such as blockchain, artificial intelligence, big data, and the Internet of Things fundamentally change how we do business. This requires companies to implement new approaches to data management, cybersecurity, and information technology to ensure financial security. Keywords: management, financial and economic security, business, global economic environment.

Distributed storage technology adopts an extensible system structure, shares storage load by many storage servers, locates stored information through location servers. Compared with a previous framework that financial management and control system of electric power companies adopted centralized storage servers to store all the data, storage servers are no longer bottleneck of information system performance. The servers not only improve reliability, availability and access efficiency of system, but also are apt to extend.

This study aims to analyze the influence of effectiveness and efficiency in financial management at the village and regional levels. The main focus of this research is to evaluate how the financial management system implemented can affect the effectiveness of achieving financial goals and efficiency in budget use. The method used in this research is a literature review method that examines various journals related to village and regional financial management. This approach is done by collecting, comparing, and analyzing the findings of five relevant journals. From the results of the analysis, it was found that although effectiveness in achieving financial objectives tends to be high, efficiency in budget use still faces major challenges. Factors affecting low efficiency include limited human resource capacity, weak supervision, and mismatches between budget planning and execution. This research also shows that transparent and structured financial management systems, such as SISKEUDES, can improve management effectiveness, but do not guarantee optimal efficiency without improvements in human resource training and supervision. As a suggestion, increasing the capacity of financial managers, strengthening the supervision system, and increasing transparency at every stage of budget management are essential to achieve more efficient goals.

In a market economy and fierce competition, the success of a business depends largely on the organization and implementation of an efficient financial management system. In order to ensure maximum efficiency, the basic objectives of financial management are to maximize revenues (often sales) and optimize expenses. In this context, the active involvement of marketing in the financial management system is inevitable. The purpose of this paper is to draw attention to the importance of the correlation of marketing and financial management activities in the management systems of economic entities. The research used the following scientific research methods: theoretical generalization, scientific abstraction, system analysis, comparative analysis. The research allowed us to conclude that both the marketing activity is based on calculations and analysis of indicators, decision making and financial management activity needs the results of marketing studies to achieve its objectives.