Financial Management System Research Articles

Current issues of digitalizing the provision of administrative services in the field of taxation in Ukraine: regulatory and legal aspect

In the paper, the study of regulatory and legal issues of digitalization of administrative services in the field of taxation in Ukraine was carried out. On the basis of the conducted scientific research, the author came to the conclusion that the main normative legal acts, which define the features of expanding the possibilities of receiving tax services in electronic form, were the following provisions: Art. 42-1 of the Tax Code of Ukraine and order of the Ministry of Finance of Ukraine dated July 14, 2017 No. 637, according to which tax authorities and taxpayers interact through the taxpayer's electronic cabinet (in the form of receiving information (both open and that which concerns only of the taxpayer), submission of documents, including tax reporting, payment of taxes and fees; order of the Ministry of Finance of Ukraine dated June 6, 2017 No. 557, according to which electronic tax reporting is submitted using the ITS "One-stop shop for submission of electronic reporting"; order of the Ministry of Finance of Ukraine dated November 20, 2015 No. 1040, which introduced the possibility of conducting an electronic tax audit upon the taxpayer's application using the information submitted by him in the application for an audit. In order to further improve the process of digitization of the provision of administrative services in the tax sphere, the Strategy for Reforming the State Tax Management System was adopted finances for 2022-2025 and the Strategy for implementation of digital development, digital transformations and digitalization of the state finance management system for the period until 2025. These documents define the existing problems of the digital transformation of the taxation system, as well as directions for their solution. At the level of regulatory documents that determine the specifics of paying taxes, submitting tax reports, and the functioning of the electronic office, unfortunately, the legal position of the mobile application "My Tax", created in September 2023, to which the functionality of the electronic services of the web portal of the State Tax Service has been transferred, has not been defined of Ukraine, equating information and documents received/submitted through it to information and documents received/submitted through the taxpayer's electronic account.

Strategi Pengembangan Manajemen Agrowisata Gunungsari Kopeng

The tourism sector is a source of income for a country. This is an opportunity that can be exploited by people who want to develop tourism, one type of tourism that is currently developing is agro-tourism. Agro-tourism is a type of tourism the presents the beauty of the agricultural sector in which it is taught how to manage the agricultural sector. One of the tourist destinations that wants to be developed is Gununsari Kopeng Agrotourism which is owned by Mr. Slamet Buang. The purpose of this study was to find out (1) know the strengths, weaknesses, opportunities and threats that Gunungsari has and (2) to formulate and develop appropriate management strategies for Gunung Sari Kopeng agro-tourism. This research was conducted from September to October 2022. The respondents selected were Mr. Slamet Buang as key informant, Irfanianto as informant 1, and Mahmuda Alfitria as informant 2. This study used SWOT analysis. From the results of this study obtained an IFAS value of 0.34 and an EFAS of 1.05 indicating that the management development strategy for Gunungsari Kopeng agro-tourism is quadrant I, namely Progressive (Growing and Developing). Gunung Sari Agrotourism uses the SO (Strength-Opportunities) strategy, namely having a supportive and strategic location and good promotion. With this strategy, Gunung Sari Agrotourism must also pay attention to the lack of water availability and improve the financial and management management system and find out what makes Agrotourism customers disappointed, thus Gunung Sari Agrotourism will grow and develop
 

Financial Management System in Pharmacy Practice: A New Initiative Project in Saudi Arabia

Financial Management System in Pharmacy Practice: A New Initiative Project in Saudi Arabia

Status of Financial Management Systems of Micro Businesses in Ilocos Sur

This descriptive study assessed the profile, status of practices and challenges of micro businesses of Ilocos Sur along financial management. A survey questionnaire and unstructured interview were administered to One hundred eighty-two (182) business owners/managers, and one hundred seventy-eight (178) personnel/workers from the different cities and municipalities of Ilocos Sur. Findings of the study revealed that the status of financial management of micro businesses in Ilocos Sur is at Moderate, employing a few financial management practices on financial planning, budgeting, and accounts management, and there are pressing problems of the micro enterprises in Ilocos Sur along Financial Management. Maintaining a plan of action to be undertaken during loss, and evaluation of business operations are highly practiced by the microenterprises along financial planning. Budgeting activities ranging from planning, to allocating budget, and projecting financial risks are highly practiced by the micro enterprises. Under accounts management, inventory management activities are highly practiced by the micro enterprises, while cash and receivables management activities are moderately practiced. Recommendations were made along financial management focusing on the increase of capital, membership to organizations, participation to trainings and seminars, to curtail the existing problems of the micro businesses in Ilocos Sur.

PENGARUH SISTEM PENGELOLAAN KEUANGAN DAERAH DAN IMPLEMENTASI SISTEM AKUNTANSI PEMERINTAH TERHADAP KINERJA PEMERINTAH DAERAH (STUDI PADA ORGANISASI PERANGKAT DAERAH DI KABUPATEN LOMBOK TIMUR)

This study aims to determine the Effect of Regional Financial Management Systems and Accounting System Implementation on Local Government Performance (Case studies in all Regional Apparatus Organizations in East Lombok District). This study uses Primary data with the population of all Regional Apparatus Organizations in East Lombok Regency. The sampling technique used was purposive sampling, with a total sample of 30 respondents. The analysis model used in this study was multiple linear regression, validity test, reliability test, classic assumptions and t test and f test which were processed using SPSS 22.
 The results of this study indicate that the regional management system does not affect the performance of the regional government of East Lombok Regency. T value is calculated as -0.004. The results obtained for t table amounted to 2.05183. Because t arithmetic <t table (-0.004 <2.05183) and the level of significance> 0.05 (0.997> 0.05). SAP implementation system affects the performance of the government of East Lombok Regency. T value calculated for 2.265. The results obtained for t table of 2.05183. Because t arithmetic> t table (2.265> 2.05183). While the significance level of 0.014. Because the level of significance <0.05 (0.014 <0.05). Regional financial management and SAP implementation affect the performance of local governments. With a significance level of 0.044 then <0.05.

ASSISTANCE IN INVOICE DATA COLLECTION PT. GAPURA ANGKASA FOR THE EFFICIENCY OF FINANCIAL MANAGEMENT

Procurement of goods must have a good financial system to support all activities carried out by the company. The developed financial system must also have controls aimed at managing incoming goods, used goods, stock, transaction processing results, and transaction results reports. The purpose of this service activity is to assist in collecting invoice data in support of the efficiency of the financial management system used at PT. Gapura Angkasa. So it is necessary to use a web-based information system so that the transactions carried out can be well organized and clear. PT. Gapura Angkasa Denpasar Branch in collaboration with PT. Garuda Indonesia and PT. Angkasa Pura which is engaged in the field of ground handling services and other business activities that support the aviation business at airports. At first the procurement of goods in and out at PT. Gapura Angkasa is still manual, so a web-based information system is needed that can simplify and speed up service. This system can only be accessed by employees or officers at PT. Gapura Angkasa. To design this procurement system, structural design is used, namely by using an Enttity Relationship Diagram (ERD), making Data Flow Diagrams (DFD), making billing and recording transactions using Data Invoices EXCEL, and MySQL as data storage databases.

Quo Vadis: Pemberlakuan Undang – Undang Nomor 1 Tahun 2022 Terhadap Keberadaan Pajak Daerah Kota Padang

The existence of financial relations between the central government and regional governments is an embodiment of the concept of delegating authority from the central government to regional governments which is referred to as "Regional Autonomy". Through the dynamics of central and regional government financial relations, a financial management system is required that regulates financial rights and obligations between the central government and regional governments that are carried out in a fair, transparent, accountable and aligned manner based on laws and regulations. The presence of Law Number 1 of 2022 concerning Financial Relations between the Central Government and Regional Governments, is an improvement in the implementation of financial relations between the central government and regional governments as an effort to create an efficient allocation of national resources. So through this research the focus of the analysis on the two main pillars. First, how are the preparations for the implementation of Law Number 1 of 2022 on the Padang City Government in order to increase the regional tax sector? Second, what is the response of the Padang City Government to the implementation of tax options in Law Number 1 of 2022? To answer the focus of the study, this research uses empirical juridical research methods with research specifications to the Regional Revenue Agency of Padang City and is analyzed through library research and data analysis methods using juridical-qualitative. The results of this study conclude that the Municipal Government of Padang in preparation for the enactment of Law Number 1 of 2022 has carried out activities such as completing the drafting of the implementing Regional Regulations with the Provincial Government of West Sumatra, conducting regional potential studies with competent parties, conducting outreach to the public as taxpayers, and technical guidance to tax collector employees within the Regional Government Organization (OPD) in order to maximize the regional wealth potential in the City of Padang.

Improving the Quality of Maronggi Products as an Organic Food Commodity on the Home Industry in Jember

This research was carried out to improve the quality of maronggi products as an organic food commodity in home industries in Jember Regency. The business partner in the Community Partnership (PKM) program is the Maronggi Processing House which processes Moringa leaves (Mrs. Halima/Owner. From an operational perspective, this partner is still relatively simple. For business partners who process Moringa leaves, the equipment used is still manual, the manufacturing process which is still simple, it is not efficient in terms of time and energy and there is no product label and the financial management system is also not in accordance with regulations. From a marketing perspective, Maronggi Processed House uses direct selling and there is a lack of innovation such as using a marketplace (shopee, tokopedia or website ). Apart from that, in terms of packaging, it is not very attractive to consumers, so a label with a design that suits the product must be added. Then there is still no business entity that is standardized by BPOM. Maronggi house producers do not carry out the recording process according to standards due to lack of educational background and human resources. competent. This can be seen from the financial records implemented, namely that business financial management is integrated with household financial management. So, in terms of financial management, partners have difficulty knowing their financial position.

Expansion of the market for AsSalwa honey MSMEs through product packaging automation and digital marketing

This community service initiative leverages modern technology to enhance the efficiency and quality of AsSalwa honey production, as well as to improve the management of honey product sales. The method involves disseminating the use of filling machines and financial management systems. This program offers multiple benefits, including increased productivity in honey filling, maintaining a more consistent product quality, and providing access to accurate and detailed sales data through a Point of Sale (POS) system. The results obtained from this program demonstrate that honey owners can automatically fill honey into various packaging sizes using a filling machine. This machine is capable of filling liquid honey ranging from 100g to 2,500g. Additionally, the process of recording buying and selling transactions becomes more structured and well-documented. Partners can also estimate the profits obtained through one of the system's features. Through the combination of automatic filling and a POS system, this program has successfully improved product quality and enhanced the management capabilities of the honey business.

Short-term financial control in the management of exchange transactions

Short-term financial control is a rather laborious process for a financier and takes up to 60 percent of the time of financial management. Its main content is the formation of information about the cash flows expected in the near future when concluding and executing exchange transactions. At the same time, it is necessary to accurately determine the objects of short-term financial control and clearly link them with the objects of financial accounting. In the article, exchange transactions carried out by organizations both on the exchange and over-the-counter financial market are selected as the object of research. More precisely, the main attention in the article is focused on the system of financial control and financial accounting of contractual obligations arising from the conclusion of contracts between the subjects of an exchange transaction in the financial market. According to the results of the study, the authors of the article came to the conclusion that the procedures of short-term financial control in the management of exchange transactions assume the continuity of the information contained in the financial management system and in financial accounting and ensuring the effectiveness of the management of market trade in economic resources.

The role of strategic financial management in ensuring the competitiveness of enterprises

This paper presents a methodology for assessing the level of strategic financial management in an organization, which is based on determining the criteria for the overall economic efficiency of organizational activity. It was established that financial management plays an important role in the overall management system of the organization, since financial resources are the source from which other types of resources are formed - material, labor, investment, and one of the main factors that ensure the competitiveness and financial stability of the organization. Strategic financial management is an important element of entrepreneurial activity and important elements of entrepreneurial activity. The instability and unpredictability of changes in the external environment of the business structure requires the management of the organization to develop an adaptive and effective system for making business decisions. The system of strategic financial management in the organization consists of strategic financial analysis and comprehensive assessment of the strategic financial position of the organization, strategic financial planning, development of strategic criteria for the financial activity of the organization, adoption of strategic financial decisions, formation and implementation of financial strategy, strategic management system and assessment of the level of strategic financial management. Criteria for the effectiveness of strategic financial management have been determined. The criteria are divided into blocks according to the influence of factors of the organization's internal and external financial environment. It is proposed to evaluate the level of strategic financial management of an organization as a sum of criteria for its overall effectiveness. The proposed method of assessing the level of strategic financial management can be considered as the first step towards the organization of the management system of the activity of the economic entity as a whole. Its application makes it possible to create a database for analyzing the organization's financial condition and improve the financial management system for making effective management decisions.

Efforts to Improve the Welfare of Coastal Communities in Batu Menyan Village through the Establishment and Training of Waste Banks

The aim of the service activities carried out is to utilize waste as an economic resource through the establishment of a Waste Bank. The method used in this community service activity uses a participatory approach with participatory rural assessment techniques. Implementation of activities is based on stages that are adapted to POAC management principles. The results of the implementation of the activities were considered achieved, this can be seen in the results of the pretest and posttest assessments. The results of the pretest and posttest of the first session regarding the Introduction to the Concept of Waste Banks and the Formation of a Waste Bank Organizational Structure showed an increase in scores with an average pretest score of 40 to 85. Improvement was also visible. from the results of the training in the second session regarding training on the Waste Bank financial management system with an average pretest score of 35 to 75. The service activities produced three outcomes, namely 1) Establishment of a waste bank with the name "Dewi Pelita Waste Bank, Batu Menyan Village; 2) Establishment of the management structure of the Dewi Pelita waste bank in Batu Menyan Village based on the Decree of the Head of Batu Menyan Village. 3) Understanding in managing the financial management system of the Dewi Pelita Waste Bank.

Paper Invoice Dilemma and Electronic Invoice Solution

This paper will start from the definition and purpose of paper invoice, analyze the shortcomings and problems in the use of paper invoice, and introduce the definition, advantages and purpose of electronic invoice, in order to solve the dilemma faced by the use of paper invoice. As a traditional form of bill, paper invoice plays an important role in commercial transactions, but there are some problems in its use. First of all, paper invoices are prone to damage, loss or tampering, increasing the risk and uncertainty of transactions. Secondly, the preservation and management of paper invoices requires a lot of time, space and labor costs, which brings no small burden to enterprises. In addition, because the paper invoice cannot realize real-time information sharing and tracking, resulting in the information process is not smooth and inefficient. In order to solve these problems of paper invoice, electronic invoice came into being. Electronic invoice is a new form of bill based on electronic data exchange and digital signature technology. It has the following advantages: First, electronic invoice does not need paper carrier, reduces the cost of use and management, and is not easy to be damaged, lost or tampered with, improving the reliability and security of transactions. Secondly, electronic invoices can realize real-time information sharing and tracking, which improves the efficiency and convenience of transactions. In addition, the electronic invoice can also be seamlessly connected with the enterprise's financial management system, to achieve automated accounting processing, reducing manual operations and errors. In short, there are a series of shortcomings and problems in the use of paper invoices, such as easy loss, difficult management, not easy to share information and so on. As a solution, electronic invoice has been more and more widely used and promoted by virtue of its advantages of eliminating paper carrier, improving transaction security and reliability, and realizing real-time information sharing and tracking. In the future, with the continuous development and improvement of technology, electronic invoices will become the mainstream form of business transactions, and promote the process of paper invoices to electronic transformation.

Financial Decision Management of Enterprise Cloud Accounting Based on Big Data Technology

Abstract As an inevitable trend of the development of the times, this paper explores the application of big data technology in enterprise financial decision-making and constructs a complete process of enterprise financial management based on data mining. The improved k-Means algorithm is used to complete the clustering analysis of financial data, and the CAP algorithm is applied to the identification and classification of financial problems to realize the early warning of the financial crisis. Combining analysis and early warning, the financial decision management system in enterprise cloud accounting is constructed using the ID3 algorithm. Company H, a real estate enterprise, was selected as a research case and analyzed by collecting financial data and using data mining methods. The profitability, solvency, operations, growth, and cash capacity scores for Company H in 2021 are 11.19, 4.24, 4.94, −0.56, and −0.48, respectively. The changes in Company H’s profitability, solvency, and operations are relatively stable from 2013-2019.

Research on Development of Financial Management Informatization Based on Cloud Computing Taking the Application of HUAWEI CLOUD as an Example

With the development of the digital economy, enterprises' demand for rapid processing of large amounts of data is increasing, cloud computing is growing in all industries, while the financial management information in the Ministry of Finance is rarely studied. Therefore, by analyzing the application of HUAWEI CLOUD in the financial management of the Shaanxi Provincial Department of Finance, this paper studies the development of cloud-based financial management informatization. This paper mainly analyzes in detail the key links of digital construction of HUAWEI Cloud, the organizational form of government affairs system based on HUAWEI CLOUD, the construction of the financial management system and effect evaluation. According to the links summarized above, it builds a comprehensive HUAWEI CLOUD financial management system. It is found that the financial management sharing service platform of Huawei Financial Cloud makes the overall organizational structure of the Department of finance clearer. The platform helps to share the repetitive and non-technical basic work for the finance and accounting staff so that it can promote the staff's work efficiency. Then the Department of finance realizes the transformation of finance from transactional processing and objective reflection to value creation. The above results indicate that the Department of Finance makes full use of cloud computing technology to promote financial management information has profound economic significance. In contrast, cloud computing still leaves problems to be solved. We believe that with the improvement of technology, financial management will be further integrated with new technology.

Institutional Capacity and Implementation of Financial Management Regulatory Framework in Devolved Governments in Kenya: A Case of Embu County

Between 2013 and 2022, the county government of Embu faced persistent challenges in public resource management, leading to unfavorable audit opinions despite guidance from the Public Finance Management. Reports from the auditor general (2017, 2019, 2021), the controller of the budget (2019, 2020, 2022), and internal financial documents highlighted issues such as inefficiency, poor budget management obstructing development, low absorption capacity, and misalignment with the integrated development plan. This study investigated the effect of revenue, information sharing, budgeting, and expenditure management capacities on the implementation of the Financial Management Regulatory Framework in Embu County, Kenya. The study is anchored on the agency theory, institutional theory and resource dependency theory. Descriptive research design was adopted for this study, focusing intently on Embu County as the epicenter of the investigation. The research participants comprised 65 senior administrators well-versed in the nuances of the Public Finance Act of 2012. Due to the manageable size of the target population, a census study approach was adopted, ensuring a comprehensive understanding of the subject matter. Both primary and secondary data sources were tapped into. Primary data collection methods included structured questionnaires meticulously designed to extract specific insights, in-depth interviews for nuanced perspectives, and credible reports from authoritative sources. Secondary data, vital for contextualizing the primary findings, were sourced from a plethora of academic books, scholarly journals, and previously conducted research studies. The collected data was analyzed using a combination of descriptive statistics portrayed by percentages, mean scores, median charts and graphs. The inferential statistical analyses used is done through Anova, regression and R-squared. The study unearthed critical insights into the existing financial management capacities within Embu County. The findings collectively underscore the integral role of various capacities - revenue management, information sharing, budget making, and expenditure management - in ensuring robust financial accountability. Through examination of these capacities, the study illuminates the interconnections between efficient financial practices and regulatory compliance. The conclusion drawn from these findings emphasized the pressing need for strategic interventions within Embu County's financial management system. The study made the following recommendations: To enhance revenue management, the county was advised to overhaul its revenue collection systems, employing innovative technologies for efficiency and accuracy. Information sharing mechanisms were recommended to be streamlined, ensuring real-time communication between various governmental bodies and departments. Participatory budgeting processes, involving both public and administrative stakeholders, were recommended to instill transparency and community-driven decision-making. Furthermore, robust internal control systems for expenditure management were deemed imperative, necessitating the implementation of stringent audit protocols and oversight measures.

Administrative and Financial Performance Monitoring System in the Medan Mayor's Office

Organizations or offices need an operation that can do this to manage aspects of work. Financial and administrative aspects are one example, because every organization or office requires reliable capacity to handle various problems within a particular office or agency. This research examines the administrative and financial capacity management system at the Medan Mayor's Office. The aim of this research is a) to understand the system of understanding financial activities in the Medan Mayor's Office, b) to understand the system of understanding the effective management of administrative activities in the Medan Mayor's Office, c). correlation between finance and management in the Medan Mayor's Office. To determine the research methodology, a qualitative descriptive research method was used using three methods, namely observation and documentary interviews. Known to have high performance in management systems. It is important to pay attention to the improvement of the government he leads. because the performance required is accuracy, clarity and punctuality in mastering various aspects as well as in correcting writings related to work in a particular office.

An analysis of strategies to improve financial sustainability of revolving loan fund programs: a case of world vision Burundi hiv/aids project in gashoho adp

Financial sustainability for revolving loan fund programs has been a topic of utmost interest especially to most non-profit organization (NGO) leaders, potential funders, including those communities that these programs function for. Financial sustainability makes the basis for community development which combines interventions by development-workers both from governmental and non-governmental agencies. This study sought to investigate the strategies adopted to improve financial sustainability of funding programs that related to revolving loans with one singular case study of a World Vision Burundi HIV/AIDS project in Gashoho ADP. The study is used descriptive research design to seek opinion of respondents. Descriptive statistics and inferential statistics were used to evaluate and assess quantitative information whereas the thematic analysis was utilised to evaluate qualitative information. The study found that training on fund use, reduction of corruption, increasing awareness on vision of revolving loan funds, development of entrepreneurial mindset among beneficiaries, implementation of good financial management system, proper monitoring & evaluation of the performance of revolving loan fund programs as effective strategies for enhancing financial sustainability of revolving loan fund programs in Gashoho for enhancing financial sustainability of revolving loan funds in Burundi, Gashoho ADP. The study concluded that fund- use training was related to financial sustainability of revolving loan fund programs (r=.2017; R- square = 0.0408). The study showed that financial management is effective in ensuring the financial sustainability of revolving funds programs by increasing knowledge on the utilization of financial resources (r=0.08). Similarly, the study concluded that monitoring and evaluation is a key to achieving the financial sustainability of revolving loan funds programs(r=0.116; Chi- Square=0.008; and F-Statistic = 2.72 at significance level =.100). The study concluded that training on fund use, financial management practices and Monitoring and evaluation of projects as the key strategies for the financial sustainability of revolving funds. The study recommended that revolving funds adopts these tripartite strategies to ensure the revolving remain sustainable after the donor leaves the project.

A STUDY ON THE ROLE OF FINANCIAL MANAGEMENT IN PREVENTING BUSINESS RISKS (THE CASE OF CENTURY TIANHONG EDUCATION TECHNOLOGY CO., LTD.)

Financial management, being an important part of modern enterprise management, is a key force that affects the sustainable development of enterprises. With such significantchanges in the market, enterprises need to constantly improve their core competitiveness, establish and improve a scientific and effective enterprise financial management system and risk mechanism, and strengthen the management and control of enterprise production and operation risks. Therefore, this study collates and calculates the annual report of Century Tianhong Education Technology Co., Ltd. for the three years from 2019 to 2022, outlines the current situation of financial risk management of Century Tianhong Education Technology Co., Ltd. in terms of solvency, profitability and development ability, and uses the financial risk management method to identify and evaluate the financial risk of Century Tianhong Education Technology Co., Ltd. Through the quantitative research on the hypothesis, the research results are as follows: Century Tianhong Education Technology Co., Ltd. has management problems in terms of solvency, profitability and development ability, and the improvement of these three aspects has a significant impact on the role of financial management to prevent business risks. This studyputs forward the following suggestions: 1) strengthen the concept of capital flow management and risk prevention; 2) accelerate the modernization of the accounts receivable system; 3) clarify the cost components of different products; 4) establish the prevention of harmonious financial management level of enterprises. It is expected to scientifically evaluate and predict the future earnings of Century Tianhong Education Technology Co., Ltd., and effectively improve the overall financial management level of the company.

IMPROVING THE ORGANIZATIONAL MECHANISM OF FINANCIAL MANAGEMENT IN JOINT STOCK COMPANIES

The article substantiates the economic significance and relevance of the effective organization of a financial management system in joint-stock companies. The research works of scientists and economists, both foreign and domestic, in this area were studiedand the main conclusions and proposals were developed. The trends in the development of the capital market in Uzbekistan are analyzed. The organizational and institutional foundations of the financial management system in joint-stock companies in our country are also studied and information about its structural elements is provided.