Financial Management Tools Research Articles

Enhancing Financial Literacy: A Survey of Online Resources and Practical Tools for Effective Financial Management

Financial literacy is essential for effective personal finance management, yet many individuals struggle to navigate financial concepts. This paper presents an overview of two innovative platforms aimed at enhancing financial literacy. A comparative analysis of these platforms highlights their unique strengths; the personal finance website offers practical, real-time budgeting tools, while the game fosters interactive learning and collaboration. Both approaches effectively address different aspects of financial literacy but serve distinct user needs. Key findings suggest that integrating gamification into budgeting tools could enhance user engagement and learning retention. Keywords: Financial Literacy, Personal Finance, Customised Financial Plans, Web Application, Financial Stability, Financial Independence, Interactive Learning, Savings Planning

Research on Issues and Strategies of Financial Management Informationization in the Era of Big Data

In the context of rapidly evolving big data and cloud computing technologies, the field of corporate financial management is undergoing a profound transformation. Financial management informationization, as a core engine driving improvements in corporate efficiency and cost optimization, has become a new frontier in industry competition. This trend not only accelerates the intelligent and real-time nature of corporate decision-making processes but also profoundly alters traditional models of capital operations, cost control, and risk management. However, while the wave of big data offers unprecedented data treasures and powerful analytical tools for corporate financial management, it also brings a series of pressing challenges that need to be addressed. This paper aims to thoroughly analyze the main obstacles faced by financial management informationization in the era of big data and to propose a series of practical solutions.

Intelligent Financial Management Systems Innovations and Applications in the Digital Era

With the advancement of digital transformation, intelligent financial management systems have played a significant role in improving the efficiency, accuracy, and decision-making capabilities of corporate financial management. This study explores the performance and impact of three intelligent financial management systems — Digital Processing Methods and Financial Reimbursement Document System (System A), Industrial Digitalization Industry Enterprise Growth Evaluation System (System B), and Cloud-based Intelligent Financial Management Tools (System C) — in practical applications through case study methods. The results show that these systems have significantly improved the efficiency and accuracy of financial management, enhanced decision-making capabilities, and reduced operational costs through automated processes, data mining, and machine learning techniques. The study also points out challenges in the implementation process, such as data quality, user acceptance, and system integration issues, and predicts future development trends. Finally, the paper discusses the limitations of the research and proposes directions for future research.

THEORETICAL ASPECTS OF FORMATION FINANCIAL RESOURCES TO ENSURE SUSTAINABLE DEVELOPMENT

The article aims to study the mechanism of financing sustainable development to ensure a balanced approach to economic, social, and environmental development. The article examines the theoretical aspects of forming financial resources necessary for sustainable development. Sustainable development involves a balanced approach to economic growth, social well-being, and environmental protection, which requires adequate funding. The main conceptual approaches to defining sustainable development and financial resources are analyzed, focusing on their interrelationship. One of the key issues of the concept of sustainable development is the search for effective sources of financing for the implementation of sustainable development projects. The article considers the possibilities of attracting both public and private funds, including investments, grants, loans and other financial instruments. However, it also emphasizes the crucial role of international financial institutions and organizations in supporting national sustainable development strategies, highlighting the global nature of the issue and the need for international cooperation. The question of the distribution of financial resources between different economic sectors was studied to achieve the maximum effect from their use. Financial planning and management tools that can ensure optimal use of resources are considered separately. The positive dynamics of the growth of expenses for financing sustainable development in Ukraine are shown; however, a negative trend can be observed in terms of the direction of funds from 2022, namely, the volume of financing has decreased in all directions except for the allocation of funds for social protection and social security. The impact of financial resources on the implementation of sustainable development programs is analyzed, including issues of efficiency and transparency of their use. The importance of creating favorable conditions for attracting investments, developing partnerships between the public and private sectors, as well as the need to increase the financial literacy of the population was determined. This underscores the need for education and empowerment in financial matters, as it is a key factor in the successful implementation of sustainable development strategies. Based on the conducted research, it was concluded that the effective formation and management of financial resources is a key factor in the successful implementation of sustainable development strategies. It is recommended to develop a comprehensive system of monitoring and evaluating the effectiveness of the use of financial resources to ensure the achievement of sustainable development goals.

Implementing New GL in SAP S4 HANA Simple Finance

The implementation of the New General Ledger (New GL) in SAP S/4HANA Simple Finance represents a transformative shift in how financial data is managed and reported within enterprises. This research paper delves into the intricacies of the New GL in the SAP S/4HANA environment, exploring its capabilities, benefits, and the critical steps involved in its successful deployment. Unlike traditional GL systems, the New GL offers enhanced flexibility, real-time data processing, and streamlined reporting functionalities, making it an essential tool for modern financial management. The paper begins by outlining the evolution of the GL from classic SAP ECC to the New GL in SAP S/4HANA, emphasizing the architectural and functional advancements. One of the key features of the New GL is its ability to support parallel accounting, providing organizations with the capability to maintain multiple ledgers for different accounting standards without redundancy. This is particularly beneficial for global enterprises that must comply with various financial regulations across different jurisdictions.

RELATIONSHIP OF MANAGEMENT AND ECONOMIC INDICATORS IN THE HOSPITALITY SECTOR: THE SEARCH FOR OPTIMAL STRATEGIES

Optimal strategies are a key lever for business success in the current difficult conditions, and the hospitality sector is no exception. The aim of the study was to determine how management practices affect economic indicators in the hospitality sector.The research employed methods of regression and correlation analysis, and descriptive statistics analysis. Cost management was found to have a positive effect on the Return on Assets (ROA) (0.088) and the Occupancy Rate (0.191).The analysis showed that the factor of staff training investment has a positive but weak effect on the return on assets (0.068) and the utilization rate (0.005). It was identified that the seasonality factor also has a positive effect on the utilization rate (0.510). The market competition factor was found to have a slight negative effect on the profitability of assets (-0.018) and the utilization rate (-0.009). Key financial management tools such as the development of a detailed budget and regular updating of business financial forecasts are identified. Emphasis is placed on the importance of managing cash flows to ensure the necessary liquidity and planning short-term financial needs. Optimization of the tax burden through the use of tax benefits as an element of financial management in difficult business conditions is proposed. Further research will focus on the impact of digitalization on optimal business strategies and their impact on the main economic indicators in the hospitality sector in view of increased uncertainty in the business environment.

The Impact of Food Delivery Riders’ Perception of Fairness on Organizational Identification in the Digital Economy: Based on the Intermediary Perspective of Organizational Trust in the Context of Digital Technology

With the rapid rise in the gig economy driven by advancements in digital technology and financial technology, this study focuses on the work experiences and psychological perceptions of food delivery riders in platform-based employment. This study used a sample of food delivery riders from 19 cities in China (such as Shanghai, Beijing, Guangzhou, etc.) and multiple delivery platforms (such as Meituan, Ele.me) to collect data through a combination of online and offline questionnaires. The impact relationship between perceived fairness, organizational trust, and organizational identity of food delivery riders was examined through factor analysis, structural equation modeling, and mediation effect modeling. The results of the survey and statistical analysis indicate that fairness perception and its dimensions (distributive fairness, procedural fairness, and interactional fairness) significantly influence riders’ organizational identification, with organizational trust serving as a critical mediating factor. The integration of digital technology has substantially enhanced the operational efficiency of platform-based employment by enabling real-time tracking, transparent communication, and data-driven decision-making. Innovations in financial technology, such as digital payment systems and financial management tools, offer riders safer and more convenient compensation methods, thereby contributing to their financial stability and fostering trust in the platform. The establishment of trust alleviates the riders’ concerns regarding compensation stability and bolsters their optimistic attitudes toward accessing platform resources and meeting their needs. This study provides significant insights and recommendations for leveraging digital technology and financial technology to improve the relationship and operational efficiency between riders and platform enterprises.

Analysis of The Effectiveness of the BukuWarung Application as a Financial Management Tool for MSMEs

Effective financial management is crucial for business success, especially amid the Industry 5.0 revolution, which has transformed production, management, and human-machine interactions. This era has introduced advanced technologies such as artificial intelligence (AI), the Internet of Things (IoT), robotics, and additive manufacturing into production environments, leading to significant changes in accounting practices. In Indonesia, SMEs, traditionally reliant on manual record-keeping, are encouraged to adopt digital applications to remain current. Consequently, various financial management applications have emerged, including BukuWarung, designed to streamline transaction recording and enhance financial management efficiency. This research aims to assess the effectiveness of BukuWarung as a financial management tool for SMEs. Utilizing a qualitative and descriptive approach, the study involved SMEs at SWK Lidah Wetan that use BukuWarung. Primary data were gathered through observation, interviews, and field documentation. Findings reveal that BukuWarung significantly aids SME financial management, particularly in billing, bookkeeping, cashier operations, inventory management, and transaction scheduling. Future research should explore the utilization of specific features within BukuWarung and their effects on SME financial management.

Utilizing principal component analysis to enhance machine learning in bankruptcy prediction: A comparative investigation

In the global economic environment, bankruptcy prediction is essential for managing financial risks. With the advancement of machine learning techniques, accurate prediction using these methods has become a research focus. This study explores the efficiency and accuracy of improved machine learning models for bankruptcy prediction through principal component analysis (PCA). By utilizing a dataset from the banking industry in Taiwan, this paper compares the performance of PCA with and without processed data using logistic regression modeling. The research methodology includes data preprocessing, PCA downscaling, and subsequent model training and testing. The key research question is whether PCA preprocessing can significantly improve the operational efficiency and predictive accuracy of the model. It is found that the model with PCA outperforms the model without PCA in terms of processing time and accuracy. This suggests that PCA can effectively improve the performance of bankruptcy prediction models and provide a more effective tool for financial risk management. These findings provide useful insights into other areas of financial analysis using machine learning and support the value of applying PCA in predictive modeling.

Tail Risk Dynamics under Price-Limited Constraint: A Censored Autoregressive Conditional Fréchet Model.

This paper proposes a novel censored autoregressive conditional Fréchet (CAcF) model with a flexible evolution scheme for the time-varying parameters, which allows deciphering tail risk dynamics constrained by price limits from the viewpoints of different risk preferences. The proposed model can well accommodate many important empirical characteristics of financial data, such as heavy-tailedness, volatility clustering, extreme event clustering, and price limits. We then investigate tail risk dynamics via the CAcF model in the price-limited stock markets, taking entropic value at risk (EVaR) as a risk measurement. Our findings suggest that tail risk will be seriously underestimated in price-limited stock markets when the censored property of limit prices is ignored. Additionally, the evidence from the Chinese Taiwan stock market shows that widening price limits would lead to a decrease in the incidence of extreme events (hitting limit-down) but a significant increase in tail risk. Moreover, we find that investors with different risk preferences may make opposing decisions about an extreme event. In summary, the empirical results reveal the effectiveness of our model in interpreting and predicting time-varying tail behaviors in price-limited stock markets, providing a new tool for financial risk management.

Formation of a financial management system in the development industry based on digital financial technologies

Subject. The article considers the financial management system in the context of the use of digital financial technologies. Objectives. The main goal of the study is to create new financial management tools for use in construction to improve the efficiency of transaction control based on digital FinTech. Methods. The study attempts to analyze the potential possibility of creating a financial management system in construction projects, based on solutions generated by FinTech and implemented in construction, using the Blockchain technology. Results. The introduction of Blockchain will help all construction project participants to safely make transactions without the involvement of third parties, based on a smart contract. The proposed approach enables stakeholders (real estate buyers) to control the remaining financial obligations between interested parties, i.e. participants in business transactions. The main result is the presentation of new tools for a decentralized financial management system that reduce the risks of losses in operational and financial activities of the developer, and this is extremely important in conditions of external market volatility. Conclusions. This study presents provisions that substantiate the potential possibility of using new tools for a decentralized financial management system based on digital financial technologies that reduce the developer’s risks.

Utilizing Machine Learning Techniques for Power Estimation in Residential Electricity Consumption

Electricity consumption analysis and estimation play a vital role in various contexts, ranging from business planning to household financial management. In an era where electrical energy is a primary source of human activity, understanding power usage patterns and estimating them becomes crucial. This research enables an understanding of energy consumption from individual to national scales and supports efficient energy policy planning. Power estimation provides insights into the expenditures that consumers or companies will incur, enabling effective financial planning. Research and development of accurate predictive models using machine learning techniques are essential to providing useful information for the energy industry and the general public. This study uses machine learning to compare the performance of different power prediction models. The decision tree (DT) method, with an MAE of 0.3613, an MSE of 0.4184, and an RMSE of 0.6469, gives the best results. The results show that the model can provide accurate predictions of electricity consumption, potentially becoming a reliable tool in power management and financial management. Its contribution is crucial in the energy industry and daily life, providing insights needed to enhance energy efficiency and budget management. As a result, this research provides relevant and beneficial solutions to energy and financial management for society and industry. Keywords: Electricity consumption analysis, Estimation, Machine learning, Power management, financial management

Pelatihan Penganggaran Material: Studi Kasus Pelalu UMKM Di Kabupaten Majene

This service aims to provide knowledge to MSME players to be able to increase the competitiveness and sustainability of their businesses, as well as strengthen their role in the local economy. Apart from that, MSME players can also build efficient local distribution relationships by partnering with local producers or cooperatives to supply raw materials directly, thereby reducing dependence on supplies from outside the city. To overcome these problems, targeted support is needed for MSMEs. This support includes increasing knowledge in budget management, optimizing the use of raw materials, implementing effective procurement strategies, and using modern financial management technology and tools. With concrete and sustainable solutions, it is hoped that MSMEs can increase production capacity, strengthen the local economy, and achieve greater and more sustainable success. Overall, this training succeeded in building a collaborative and sustainable learning community, where participants can continue to share knowledge and experiences for their professional development.

Improvement of financial management tools of agricultural enterprises

Financial management of agricultural enterprises, like any other direction of managerial activity, is a complex system consisting of many interdependent elements that collectively determine the financial stability of the subject. The authors defined the principles of financial management in the system of management activities: the principle of complexity after the adoption of management decisions, the principle of variability of approaches to the development of management decisions, the principle of dynamism of management decisions, the principle of compliance of management decisions with the strategic goals of the enterprise. It has been established that the main goal, the achievement of which is aimed at managerial decisions within the framework of financial management, is to guarantee the financial stability of agricultural enterprises based on the organization of the competent distribution of financial resources, their use and movement, and that at the current stage of the development of economic relations, an important factor in increasing the competitiveness of agricultural enterprises enterprises are using digital products that allow automating the management system of business entities. It was found that in order to increase the efficiency of the financial management system, agricultural enterprises need to improve financial resources management tools, one of which is the implementation of the Enterprise Resource Planning System (ERP-system), which automates management activities. The use of such software products will allow: at the enterprise level – to improve the general financial condition and timely neutralization of threats capable of weakening the financial stability of entities; at the level of the national economy – to guarantee the financial security of the state. Improving the financial management system of agricultural enterprises based on the implementation of the ERP software product will allow to increase the effectiveness of management decisions in the field of financial resource management and, accordingly, significantly strengthen their financial stability.

Creating Robust Expense Tracker Applications with Flutter: A Step-by-Step Guide

This paper presents a comprehensive guide to developing a mobile expense tracker application using the Flutter framework. The demand for efficient financial management tools has propelled mobile apps to the forefront, catering to individuals and businesses alike. Flutter, with its cross-platform capabilities and rich feature set, provides an ideal framework for building robust and user-friendly expense tracker apps. This guide delves into the entire development process, from setting up the development environment to deploying the app on both Android and iOS platforms. Key components like user interface design, data management, and integration of essential features are meticulously explored, equipping developers with practical insights and best practices for crafting a successful expense tracker app.

Perhitungan Break Event Point (BEP) pada Usaha Mikro Kecil Menengah (UMKM) “Yuli Bakery” Jember

The study is to describe the calculation of Break Even Point in Micro, Small, and Medium Enterprises (MSME) “Yuli Bakery". The break even point calculations are an important tool in financial management to determine a breaking point. The study used the quantitative if approach, based on the operational costs associated with MSME "Yuli Bakery". This research method included the collecting of data from the interview's notes, observation and documentation on the "Yuli Bakery". The type of data used are secondary data that include a company profile, a cost data, production data, a product sale price, and sales data of a product. The results showed that the calculation of Break Even Point (BEP) occurred when MSME "Yuli Bakery" sold 565 units of products.

The use of methods and tools of financial management in the organisation management system

Relevance. The relevance of the subject is conditioned upon the fact that while doing business, a financial manager faces many problems related to the financial management system, as a result of which there is a need for rational use of financial resources. Purpose. This study is aimed at identifying methods and tools of financial management in the organisation management system. Methodology. The leading approach to the study of this problem is a combination of synthesis and analysis methods, which, complement each other and allow comprehensively considering the process of optimising the company's activities through the use of basic methods, concepts, and tools of financial management. Results. The main results obtained within the framework of this study are the consideration of the essence of financial management, the identification of its role in the financial management system at the enterprise, the identification of the main methods of financial management in the management system, the substantiation of the tools through which these methods are implemented, and the formulation of the main difficulties of the organisation of the financial management system, which an enterprise may face. Conclusions. The study's conclusions significantly influence the rational and effective use of capital, financial resource enhancement, and investment volume increase, enabling enterprises to improve their competitive advantages in the market and generate profits, which is the ultimate goal of any business management. Keywords: management; financial management; business optimization; financial management methods; financial management tools

Design and evaluation of a mobile application for enhancing farm management and performance assessment in fattening beef cattle.

This study aimed to develop a mobile application (app) specifically designed for enhancing farm management and performance assessment in fattening beef cattle. The development process followed a user-centered design approach, which involved focus group discussions and key informant interviews with 20 participants to design content and features. The app was developed for both mobile and web platforms. After the prototype and launch of the app, the system usability scale (SUS) and user satisfaction were assessed. The assessment findings identify the specific expected functions in the app, with the farm accounting records function being the most desired feature among users, followed by production analysis, production records, and resource inventory. The mean SUS score was calculated to be 75.17, indicating a qualitative assessment of "Good." The assessment of user satisfaction indicated that the mean satisfaction score for all participants was 4.26, suggesting a high level of satisfaction and a favorable perception of the app. This app provides an alternative way to record farm activity, suggest feed and feeding schedules, and provide financial management tools designed explicitly for small-scale beef cattle farmers.

Financial Perspectives on Human Capital: Building Sustainable HR Strategies

This paper examines the challenges surrounding sustainable human resources management (HRM), particularly in the context of budget constraints that often lead to the reduction of employee development investments. Our research focuses on developing a comprehensive model that integrates financial management tools into HRM strategies, ensuring the prioritization of sustainable practices. Through a systematic analysis of existing knowledge, we propose a solution-oriented approach that supports the financial substantiation of investments in employee development. This study addresses key research questions, emphasizing the adaptation of corporate finance tools to meet HR’s specific requirements. Our research not only identifies challenges but, more importantly, offers solutions by presenting a model that empowers organizations to align financial goals with HR development objectives. The results of our research aim to formulate a pragmatic and inventive model, offering a systematic framework for assessing the financial feasibility of initiatives in human resources development. Our model offers a practical framework for assessing the financial feasibility of HR development initiatives, facilitating informed decision-making and the promotion of sustainable HRM practices.

Board of Management Occupation and Professional Training: Predictors of Budgetary Processes in Public Secondary Schools in Kangundo Sub-County, Kenya

Budgetary processes are universal and essential tools for effective financial planning and management. Budgetary processes help in the establishment of predestined goals, giving progressive performance reports and evaluation of actual performance in terms of predetermined outputs. The study objective was to establish the influence of the Board of Management occupation and professional training on school budgetary processes. The study applied the Systems theory propounded by Ludwig Von Bertalanffy in 1940s and 1950s. The survey adopted descriptive and inferential statistics survey design and targeted Principals, Teachers, B.O.M members and (1) County Auditor. The sample size consisted of 12 Principals, 32 teachers,78 B.O.M members and (1) County Auditor. The process of collecting Data was run through interviews and questionnaires. Instruments’ validity was ascertained by seeking expert guidance from the university supervisors. The instruments’ reliability was ascertained through test-retest method. Both inferential and descriptive statistics were applied to determine correlation by the use of frequencies, mean and standard deviation. Pearson product moment correlation coefficient and inferential statistics were used to demonstrate the level of significance among the study variables. Statistical package for social sciences was applied in the data analysis process. The findings of the survey were that occupation influences budgetary processes moderately r (76) =0.425, p (0.000) <0.05). The research also found out that professional training influences the participation rate in the school budgetary processes to a great extent r (76) =0.595, p (0.000) <0.05). The research concluded that professional training and occupation influences budgetary processes. The survey suggest that further studies should be done on the influence of professional training of B.O.Ms on Budget controls and Principals technical skills on Budgetary process in public secondary schools.