Mechanisms of Public Finance Digitalization and Methods of Implementing in the Public Administration System in Ukraine: European Experience

Abstract

"Digitalization is no longer an integral part of social relations at the stage of their development. It covers almost all areas of everyday life, and it is now impossible to do without it in some cases. Public finances are no exception since they are also undergoing significant changes in the new realities. The development of information technologies makes it possible to administer many processes in the field of public finance faster and more efficiently, including control over the accumulation and expenditure of funds. The academic paper defines the modern architecture of information systems used in the field of public finance; their general advantages are analyzed, such as: efficiency (speed), data compatibility, cost-effectiveness, convenience, transparency, consistency, reliability, and elimination of duplication. The architecture of information systems and technologies in the field of public finance in the EU and Ukraine is considered. The purpose of the academic paper is to define the structure of applying information technologies to modernize public and municipal financial management. The bibliographical research, both descriptive and analytical, was the main research method. The conclusion has been made in the present scientific work that there is a need for further digitalization of the above-mentioned sphere in Ukraine. In particular, it is proposed to develop the concept of e-government by fully digitalizing society, ensuring transparency and openness, reporting to citizens for public funds, and implementing feedback from them. At the same time, it is necessary to continue involving citizens in public finance management through feedback, voting and platform solutions. The development of national public finance management systems based on adopting the EU standards through applying information technologies represents a potential area for further studies."