Aspects Of Financial Management Research Articles

Data acquisition and application of internet of things in financial management

With the rapid development of information technology, Internet of Things technology has become a hot topic in today’s society. This study aims to explore how IoT technology impacts various aspects of financial management, in particular how it changes the collection, processing, and parsing of financial data. Through in-depth literature review, questionnaire survey and experimental design, the research found that IoT technology has a significant positive effect on sales, transaction times and inventory control. But at the same time, data security, privacy concerns and initial technology investment are also challenges that enterprises need to consider when adopting these technologies. Overall, IoT technology offers tremendous opportunities for financial management, but businesses must fully assess the potential risks and benefits when implementing it.

A Systematic Literature Review of Working Capital Management in Business Organizations

Working capital management is a crucial aspect of financial management that focuses on the effective management of a company's current assets and liabilities to ensure the smooth operation of day-to-day activities. A literature review on working capital management reveals a plethora of research studies highlighting the significance of optimizing working capital to enhance a firm's profitability, liquidity, and overall financial performance. Several studies have emphasized the importance of maintaining an optimal level of working capital to strike a balance between liquidity and profitability. By efficiently managing components such as cash, inventory, accounts receivable, and accounts payable, companies can minimize the risk of financial distress and improve their operational efficiency. Researchers have proposed various models and techniques to assess and improve working capital management practices, such as the cash conversion cycle, the operating cycle, the current ratio, and the quick ratio. Moreover, studies have also explored the impact of working capital management on firm value and performance. It has been widely documented that effective working capital management positively influences a company's profitability and shareholder value. By reducing the cash conversion cycle and operating cycle, firms can release trapped capital and reinvest it in value-creating activities. Conversely, inadequate working capital management can lead to financial constraints, increased costs, and reduced profitability. Furthermore, researchers have investigated the determinants and challenges of working capital management across different industries and regions. Factors such as industry characteristics, firm size, profitability, growth rate, and macroeconomic conditions have been identified as key determinants of working capital management practices. Cultural, regulatory, and technological factors also play a significant role in shaping companies' approaches to working capital management. In conclusion, the literature review on working capital management underscores the importance of adopting efficient strategies to manage current assets and liabilities effectively. By optimizing working capital levels, companies can improve their financial performance, enhance liquidity, and create long-term value for stakeholders.

Strengthening Understanding of Customer Services and Practical Instructions for Hospital Financial Management

Increasing competition in the health industry at the national level makes the hospital management always tidy up in improving the quality of service to patients and improving the quality of medical infrastructure facilities according to the standard HNAC (Hospital National Accreditation Committee). Armed with the success of the value chain strategy concept training agenda at Elizabeth Semarang Hospital on May 16, 2018, I submitted the same training proposal to the Miriam Pratama Clinic, Kudus. The underlying factor is the urgency of the MIRIAM Pratama Clinic to raise the level of its business to become an C accredited hospital so that it can continue to survive and from the results of their communication with one of my relatives in Kudus who has heard me conduct training on the topic of value chain strategy at Elizabeth Hospital Semarang. So then I made a communication with the MIRIAM Pratama Clinic to get approval for the implementation of the training activities on March 18, 2019. Seeing the urgency of increasing the status of this business level, then I added aspects of financial management with the basis of considerations to raise the level of business and build a system of value chain strategies from Swayne, et.al. (2006) a large cash flow is needed. And this will be fulfilled with the right budgeting model. Finally, the activity was successfully carried out on March 18, 2019 with a very good response from participants who asked about how to regulate social and business motives in managing clinical businesses in the midst of a lack of cash flow and a budgeting model that does not have to be a month to month approach from Berger (2008). So the short answer is to raise the level of business, business motives should be a priority because improving the quality of services will require large costs and to fulfill them is not necessary with a month to month budgeting approach from Berger (2008) but can be from budget flexibility according to the clinical work calendar. In the mentoring activities on April 18, 2019 there were more positive results from the training activities on March 18, 2019 namely the more enthusiastic doctors, nurses and non-nursing staff working and more positive testimonials from key patients, mothers giving birth and their families. This has had a positive impact on status of the clinic as a C accreditation.

Kapasitas Pemerintah Desa Mekarsari Kecamatan Selaawi Dalam Mewujudkan Desa Sadar Hukum

Legal awareness plays an essential role in achieving legal values and goals. This awareness becomes the basis for realizing the values of legal certainty, usefulness, justice and legal objectives for general prosperity. The Regulation of the Minister of Law and Human Rights of the Republic of Indonesia stipulates that public legal awareness includes understanding and compliance with legal norms. The Legal Awareness Subdistrict/Village Program (DSH), which began in the 1980s, aims to increase residents' legal awareness through outreach by the Ministry of Law and Human Rights. In an effort to increase legal awareness, the government formed Legally Aware Families (Kadarkum) and Legally Aware Villages/Subdistricts. The Legal Awareness Family Competition, as held in several regions in Indonesia, involves the community in increasing their understanding of the law through various competitions. This research describes the capacity of the Mekarsari Village Government in realizing a Legally Aware Village, involving aspects of strategic leadership, organizational structure, human resources, financial management, infrastructure and program management. Despite facing limitations, Mekarsari Village has succeeded in creating an environment that prioritizes legal understanding and has become an example for other villages in strengthening legal awareness at the local level.

An Analysis of Working Capital Management with Reference to Wheels India Limited

Exploring the intricacies of working capital management is pivotal due to its fundamental significance in the realm of corporate finance and business operations. Effective management of working capital is crucial for ensuring the financial health, operational efficiency, and long-term sustainability of organizations across industries. This research paper aims to provide a comprehensive analysis of working capital management, with a specific focus on its implications for company performance and success, The rationale behind this topic lies in the recognition of working capital as a critical aspect of financial management that significantly influences a company's liquidity, profitability, and risk profile. By investigating working capital management, this research seeks to shed light on the strategies, practices, and challenges associated with optimizing the balance between current assets and liabilities within an organization. Moreover, the selection of Wheels India Limited as a case study offers a practical and insightful perspective into the real-world application of working capital management principles within the automotive components sector. As a prominent player in this industry, Wheels India Limited presents an ideal opportunity to examine how working capital management strategies are tailored to address the unique dynamics and requirements of its business environment. Through this research paper, the aim is to explore various facets of working capital management, including inventory management, accounts receivable and payable management, cash flow optimization, and the use of financial ratios and metrics. By conducting a thorough analysis of Wheels India Limited's working capital practices, valuable insights can be extracted, best practices identified, and recommendations proposed to inform decision-making processes for practitioners, policymakers, and stakeholders alike. In essence, this research endeavor contributes to the existing body of knowledge on working capital management while offering actionable insights to empower organizations to enhance their financial performance, mitigate risks, and achieve sustainable growth in today's dynamic business landscape. Working capital management stands as a cornerstone of financial strategy for companies across industries, serving as a vital determinant of their operational efficiency, financial health, and overall competitiveness. Within this realm, the automotive components industry presents a dynamic and complex landscape, characterized by evolving market dynamics, technological advancements, and stringent quality standards. Amidst these challenges and opportunities, Wheels India Limited emerges as a prominent player, re410nowned for its longstanding legacy of excellence, innovation, and customer-centric approach.

Evaluating clinical practice guidelines for the management of rectal cancer: Did they get it RIGHT?

Clinical Practice Guidelines (CPGs) are crucial tools for clinicians seeking to deliver evidence-based patient care. We utilized the Reporting Items for practice Guidelines in HealThcare (RIGHT) checklist to assess the reporting quality of CPGs addressing the management of rectal cancer. Four multidisciplinary rectal cancer CPGs published 2017-2022 were evaluated: American Society of Colon and Rectal Surgeons (ASCRS), European Society for Medical Oncology (ESMO), National Comprehensive Cancer Network (NCCN), and National Institute for Health and Care Excellence (NICE). We quantitatively assessed each CPG using the RIGHT checklist and qualitative analysis was performed to generate common themes. RIGHT checklist items fulfilled by each CPG ranged from 12 to 17 (out of 22). Each guideline demonstrated unique categories of weakness: ASCRS in Basic Information (1 of 4 items), ESMO in Evidence (1 of 3), NCCN in Recommendations (1 of 3), and NICE in Review and Quality Assurance (0 of 2). Common themes that emerged included sprase discussion on the financial aspects of rectal cancer management and lack of transparency in formulating recommendations. Despite their variability, each of the 22 checklist elements are present in contemporary CPGs. Utilizing the RIGHT checklist would allow experts to create guidelines adhering to high-quality reporting standards.

Information and analytical aspects of financial investment management of a medical organization

For Russian companies, solving problems related to the management of financial assets and instruments has become much more complicated under the influence of global changes over the past few years related to external negative political and financial and economic processes. The increase in the scale of activities of commercial medical organizations in recent years, one of the main reasons for which are the negative effects of the recent pandemic on public health, is accompanied by an increase in the volume of services provided, income and income of additional funds that need to be invested in various assets, one of which is financial investments. Restrictions on access to Western financial trading platforms to achieve the necessary efficiency of the organization’s financial portfolio, difficulties in the operation of the system of external financial settlements and payment obligations, and many other risky events led to the need to search for alternative transactions with financial resources of companies, new directions and forms of investments of available funds. The issues discussed in the article are devoted to the creation of an optimal policy for managing investments in financial assets of an organization, which should be based on high-quality information, analytical and methodological support.

Importance of Packaging in Supply Chain Management

Establishment of efficient linkages and making a strong and transparent supply chain is the essence of modern day manufacturing. The inventory costs and transportation costs constitute a large proportion of the overall costs. In a competitive world efficiency of manufacturing would be to reduce the cost of manufacturing to increase profit rather than increase selling price to increase the profit. It is true that customer would be displeased with a product in case it is damaged or tampered. So for reduced inventory, transportation cost and safety and security of the product transported packaging is an important aspect. With the emphasis on Green supply chain efforts are being made to reduce the dependency on packaging materials, more so an effort to go in for reusable packaging materials. The proposed research work has the aim of analyzing the importance of packaging in supply chain management. Review of literature indicates that the aspect of packaging is crucial in the field of supply chain management. Studies carried out on the financial aspects of supply chain management have brought out factors such as lack of attention given to packaging of products. A descriptive research methodology is adopted. In the past such a correlation has not been attempted realistically, thus it was found that a study would be enriching, useful and interesting. The findings will give an insight on to the relevance of practicable methods to undertake innovation in the field of packaging not only at the industry level but also at global operations level and may serve as input in improving profitability, ensuring efficiency in business methods and support further research on the subject.

Effect of Cash Budgeting on Financial Performance of Agribusiness Enterprises in Mbale City: An Empirical Study

This study investigates the impact of cash budgeting on the financial performance of agribusiness enterprises in Mbale City. Through a mixed-method research approach involving 152 enterprises, data was collected via questionnaires and interviews. Descriptive statistics revealed that cash budgeting significantly influences various aspects of financial management within these enterprises. Regression analysis showed that cash budgeting accounts for a substantial 10.1% variation in financial performance. This suggests that while other factors play a role, effective cash budgeting contributes significantly to improved financial outcomes. The study further revealed that cash budgeting predicts financial performance by 27.4% in the agribusiness enterprises. The findings support existing literature emphasizing the importance of cash budgeting in controlling spending, facilitating cash flow forecasting, and ensuring adequate funds for operations. The study concludes that implementing robust cash budgeting practices positively impacts the financial performance of agribusiness enterprises in Mbale City. Keywords: Cash; budgeting; financial performance; agribusiness; enterprises

Research on Tax Management and Tax Risk Prevention Measures

Firstly, tax management is an important aspect of financial management, which involves the selection and calculation of taxes. However, tax management also carries various risks, and we need to adopt different approaches to avoid these risks. In this article, we will discuss the definition of tax management, the different stages involved in the tax management process, and the differences in tax management in different countries. Secondly, this article also conducted case studies on tax management and tax risk prevention strategies, in order to deepen the understanding of these issues and their impact on the company's financial health. This article first provides the definition of tax management and tax risk prevention strategies, and then delves into the different stages involved in the tax management process. At the same time, this article emphasizes the importance of tax risk prevention strategies in enhancing the financial health of companies, and conducts in-depth analysis of cases.

Determining the impact of the CRM system on the financial indicators of the enterprise using econometric methods

CRM systems help to improve customer relationship management, provide an opportunity for more accurate sales forecasting, optimization of marketing campaigns and increase in overall customer satisfaction. The purpose of the paper is to determine the impact of the CRM system on the financial indicatots of the enterprise. The study is based on the methods of econometric modeling, system analysis, financial analysis, works of domestic and foreign scientists, materials from periodicals, and data from the financial statements of the enterprise. A correlation analysis was conducted between the selected independent indicators to determine the degree of their relationship. Based on this, it was determined which factors have the highest correlation with each other, which made it possible to focus on the most important aspects of financial management. A regression multivariate model of the relationship between such factors as inventory, accounts receivable, sales costs, other operating expenses, and the resultant indicator - net working capital (NWC) - is built. The significance of the model as a whole and the significance of the regression coefficients are determined. It is predicted that the net working capital of the enterprise in 2023 will be less than in 2022, which is due to factors such as a high level of accounts receivable, sales costs and other operating expenses. After the integration of the CRM system, the company implemented a number of measures aimed at improving the management of these factors. In particular, the company introduced automation of receivables management processes, optimized sales and other operating expenses. As a result of these measures, the company's NWC increased at the end of 2023. This is confirmed by both the econometric model and the actual results.

Economic Behavior of the Bajo Balimu Buton Tribe of Southeast Sulawesi

The purpose of this study was to explain the economic behavior of the Bajo Balimu community, South Lasalimu District, Buton Regency, Southeast Sulawesi. This research uses a qualitative research method with a phenomenological approach with 11 respondents from the Bajo Balimu community. The results showed that the economic behavior of the Bajo tribe is economic behavior that is closely related to the sea or marine. Commonly referred to as marine economic behavior. There are two types of economic behavior of the Bajo community, namely, production behavior and marine-based consumption behavior. Production carried out by the Bajo community is fishing, fish farming (cages), seaweed, mining sea sand, and so on. Fishing is the main and most prominent production of other types of production. There are seven sub-behaviors of community production, namely, production results (products), production factors, place and time of production, production process, marketing, income, and risk. The consumption behavior of the Bajo tribe is the behavior of spending or using goods or services obtained from fishing income to meet life needs. There are three sub-consumption behaviors of the Bajo community, namely, aspects of consumption characteristics, financial management, and basic needs

THE MANAGEMENT OF FINANCES IN INTERNATIONAL PROJECTS: OPTIMIZING COSTS AND ENSURING SUCCESS THROUGH GLOBAL INVESTMENTS AND FINANCIAL MANAGEMENT

In the course of writing the scientific article, an in-depth study of aspects of financial management in the context of international projects was conducted. The focus was on analyzing cost optimization strategies and achieving success in a global investment and financial management environment. The conducted research shows that in the modern world of globalization, it is important to understand and effectively implement financial management strategies that take into account the unique aspects of international business. Particular attention is paid to the identification of risks related to the external environment, such as currency fluctuations, political and economic risks, which affect the effectiveness of financial decisions. Particular attention is paid to the use of specialized financial instruments to reduce risks, such as risk management and multi-currency settlements. The article analyzes in detail the influence of financial decisions on the effectiveness of international projects, emphasizing the strategic context of profit maximization and ensuring the stability of the financial position. The study of the interaction of financial mechanisms in international transactions takes place in the context of the unique challenges of the global business environment, including currency fluctuations and political and economic risk. In addition, the article summarizes recommendations and strategies aimed at achieving maximum efficiency and sustainability for international projects through careful strategic planning and cost optimization. A detailed analysis of various mechanisms of financial management in the context of global investments has revealed key principles that can serve as a basis for solving complex financial management tasks in international business.

Financial Aspects of Sustainable Rainwater Management in Small-Scale Urban Housing Communities

Sustainable rainwater management may counteract the effects of climate change and significantly improve the distorted water balance in urbanized catchments. However, despite the hydrologic advantages of rainwater management, acceptance and willingness-to-pay in the local society are required. This paper presents an assessment of the financial aspects, i.e., the cost-efficiency and economic feasibility, of various designs of rainwater management for a small-scale urban housing community in Lublin, Poland. The research was performed for a housing community covering approx. 1.38 ha and five multi-family residential buildings. The proposed designs covered rainwater harvesting systems, supported with extensive green roofs, with rainwater retained in underground or above-ground reservoirs, used with variable demand for watering the green areas and for underground parking lot flushing. For each designed variant, the investment as well as operation and maintenance costs were estimated. The assessment of the cost-efficiency and profitability of the proposed rainwater management systems was based on three indicators: Dynamic Generation Costs, Payback Period and Benefits–Costs Ratio. The performed calculations showed that only two designs, utilizing above-ground rainwater reservoirs, could be assessed as economically profitable. Thus, local communities may be unable to financially sustain investments in sustainable rainwater management, so it seems that financial support is required.

АНТИКРИЗОВЕ УПРАВЛІННЯ ФІНАНСАМИ: СТРАТЕГІЇ ТА ІНСТРУМЕНТИ ДЛЯ ПОДОЛАННЯ КРИЗОВИХ СИТУАЦІЙ

In the article, anti-crisis financial management is singled out as a complex system aimed at preventive activities and active actions to overcome existing financial difficulties or minimize their negative impact. This approach includes interconnected elements of management aimed at using all management capabilities to ensure the stability and development of the company in crisis conditions. The main aspects of anti-crisis financial management include preventive measures, including a detailed analysis of internal strengths and weaknesses, risk assessment, risk management and the introduction of a set of measures to prevent a crisis, as well as active financial intervention to exit a crisis state through rehabilitation or restructuring. An important element is the diagnosis of the financial condition, which allows you to detect early signs of crisis phenomena, analyze market conditions, identify the causes and factors of the development of the crisis, and determine the optimal ways to overcome it. A significant role is also played by the enterprise's ability to self-heal at the expense of internal resources, which help to restore financial stability with minimal costs. It is justified that the anti-crisis management strategy is developed individually for each enterprise, taking into account its specifics, and may include both defensive tactics and offensive strategies, depending on the available opportunities for market expansion or attracting external financing. The basis of effective management is an understanding of the company's mission, a clear definition of its strategic goals and the development of an action plan that allows you to achieve the objectives, minimize risks and use the crisis as an opportunity for development and growth. The study offers a new conceptual model that integrates various aspects of crisis management, including prevention, risk identification, strategic planning and operational actions. This model allows for a systematic approach to solving crisis situations at the enterprise, taking into account its specifics and external environment.

BANK SETTLEMENTS OF TRADE ENTERPRISES

In the course of our research, theoretical and practical recommendations regarding the organization of accounting and cash analysis at retail enterprises were substantiated. The economic content of funds, as well as the organization of accounting and analysis of funds at enterprises, were analyzed. We also analyzed the activities of retail trade enterprises. The task was formulated and the role of the accounting and cash analysis system at retail enterprises was defined. Considered the process of accounting for cash at retail trade enterprises and offered practical recommendations he the organization of accounting and analysis of cash at retail trade enterprises. In the process of carrying out trade activities, an integral attribute and component of the entire industrial and economic complex is a set of settlement operations that accelerate the circulation of working capital, ensure the implementation of economic relations and play an important role in the process of extended reproduction. The implementation of contractual relations and the fulfillment of relevant duties and obligations takes place with the help of calculations. The analysis of general and special literature shows that there is no unambiguous interpretation of the term «calculations» today. The study of settlement relations in a historical aspect and from the perspective of the positions of various authors makes it possible that get as close as possible that their economic essence and that single out specific proposals regarding the choice of optimal forms and methods of settlements with business partners, improvement of their accounting. We also substantiated the system of cash analysis at retail enterprises. It is substantiated that the proper organization of accounting and analysis of funds is an essential aspect of financial management of the enterprise. The effective organization of cash accounting helps that ensure the accuracy and reliability of financial reporting, and control helps that ensure the reliability and correctness of accounting records and technical calculations he the accounts of retail enterprises.

Determinants tax compliance behavior of small and medium-sized enterprises

The paper aims to factor in the effect of tax compliance on small and medium-sized enterprises (SMEs) in Vietnam. For SMEs, tax compliance is a critical aspect of financial management. In an emerging market with a dramatically growing economy, Vietnam provides a wide range of opportunities for SMEs to thrive. The author’s 91 samples were collected from individuals specializing in accounting, auditing, and tax fields in some places in Vietnam. Efebera et al. (2004) applied an extension of the theory of planned behavior (TPB) model to demonstrate a positive relationship between equity perception, normative expectations, legal sanctions, and the intention to comply with tax regulations of individual taxpayers. We assess and analyze four factors including the perception of the utility of tax compliance, subjective norms, characteristics of tax policies, and economic environment affecting the tax compliance behavior of SMEs. The data analysis is carried out by using partial least squares structural equation modeling (PLS-SEM). The result shows that the perception of the utility of tax compliance, the characteristics of tax policies, and the economic environment have a positive and significant impact on tax compliance behavior. However, the research fails to test the influence of subjective norms on tax compliance behavior.

Financial management of the company. Are there differences of opinion between owners and managers in the SME segment?

Research background: Financial management of small and medium-sized enterprises is an important area of corporate governance. The quality of financial management has a significant impact on the sustainability and development of these enterprises. In this context, there is a scientific interest to investigate how aspects of financial management are perceived by business owners and how they are considered by business managers. Purpose of the article: The aim of the article is to define and quantify the important attitudes in the field of financial management and to make a comparison of the attitudes of owners and managers of SMEs in this area. Methods: In order to achieve this objective, an empirical research was conducted to investigate the attitudes of small and medium-sized firms in the area of financial management, was conducted in June 2022 in the Czech Republic and Slovakia. In the Czech Republic, the total number of respondents was 347, of which 170 (49.0%) were owners and 177 (51.0%) were managers in senior management positions. In the Slovak Republic, the total number of respondents was 322, of which 179 were owners and 143 were managers. Findings & Value added: The attitudes of owners and managers in understanding the most important aspects of financial management are relatively high in both countries, and these attitudes were similar. Perceptons of financial risk differ between owners and managers in the Czech Republic. Financial risk is better perceived in the category of managers than in the category of SMEs owners. The correct perception of financial risk in Slovakia is at a slightly higher level than in the Czech Republic, while the perception of owners and managers is very similar. Business owners in both countries confirmed that they are better able to manage financial risks in the firm than managers (however, these differences were not statistically significant). Managers in Czech firms were more positive about financial performance compared to owners (statistically significant difference). Similarly in Slovakia (however, this was a statistically insignificant difference). These findings may be inspiring for the scientific field and also for economic policy in these countries.

The Empowerment of Economic Community through Training of Networking Store Management in Kretek District, Bantul

Abstract. The retail industry is one of the industries most needed by the community, and this is proven by the proliferation of modern stores with networks in various regions. Retail has also penetrated the online media marketplace, which makes it easier for the public to transact. Seeing this, Muhammadiyah Leaders of Yogyakarta carried out various strategies to get directly involved in the retail business by establishing Muhammadiyah Stores (TokoMU) in every village. The main problem in realizing this program is the lack of Muhammadiyah members who have managerial skills in managing a store, especially chain stores. This community service offers a solution to this problem by conducting networked store management training for Muhammadiyah cadres who are engaged in the retail economy so that they are able to manage TokoMU in the Kretek sub-district. This community service uses a participatory approach from aspects of financial management (people), goods management, marketing, and service excellence. The evaluation showed a significant increase in in-store management skills by cadres who attended the training with an average final test result of 89 out of a maximum score of 100. These results fostered the optimism of the participants to manage TokoMU professionally.

Does Financial Technology and Financial Literacy Enhance Financial Inclusion? (Evidence from Several Countries)

This research aims to examine whether there is a relationship between financial literacy and financial technology with financial inclusion. Financial literacy in this context encompasses aspects of knowledge, skills, financial aspects, financial management, and access to financial knowledge. Meanwhile, financial technology includes digital financial services, financial behavioral intentions, and digital financial access. Financial inclusion covers financial stability, financial services, and digital finance. The methodology used in this research is qualitative research using literature studies, which include samples and data from 96 reputable international journals. The research was conducted from October until completion. The results of this study indicate that financial literacy and financial technology have a significant influence on financial inclusion.