Principles Of Financial Management Research Articles

Comparative analysis of traditional and automated financial management methods

The article examines the problems of using traditional and automated methods of financial management, the relevance of which is due to the rapid digital transformation, which creates the need to rethink the methodological foundations. In science, there is a contradiction between established classical management practices and new capabilities of automated systems, which creates uncertainty when choosing optimal approaches to the organization of financial processes. The purpose of the study is to conduct a comprehensive comparative analysis of the management methods under consideration based on a system of criteria (methodology for processing financial information, time characteristics of accounting processes, structure of information flows, mechanisms for controlling operations, principles of reporting, organization of analytical accounting, decision–making procedures, data integration, system scalability, documentation support). The author’s vision of the advantages, disadvantages and limitations of classical options and automation is formulated. It was possible to conclude that the fundamental differences between the characterized methods are determined not only by technological potential, but also by fundamentally different approaches to the organization of information processes. At the same time, the identified differences do not exclude the possibility of methodological integration, provided that the basic principles of financial management are preserved. The presented materials are of practical value to the heads of financial departments, accounting process methodologists, developers of automated management systems.

MANAGEMENT OF THE FINANCIAL FLOWS OF LOGISTICS SYSTEMS

In the context of globalization and integration of the world economy, the main task of every business entity is to ensure financial stability and security of its operations. The logistics industry is no exception. In such a context, there is a necessity of fundamentally new approaches to the development of an effective system for managing financial flows of logistics systems. The insufficiency of the theoretical and practical study of the problems of managing financial flows of logistics systems, the difficult current economic conditions of management, outlined by the impact of the financial crisis and economic instability, the necessity to manage and control the level of financial stability of logistics enterprises in order to prevent bankruptcy, are the key reasons for the relevance of the study. In article considers issues of management of financial flows of logistics systems. The analysis of management processes in the system of financial activity of the logistics industry has been conducted. It is noted that the relevant aspects of managing the financial flows of logistics systems should include measures to improve the efficiency of using borrowed capital and investment resources. The study theoretically substantiates and solves a set of issues related to the development of an effective concept for managing financial flows of logistics systems under conditions of uncertainty. The analysis of the status and trends in the development of the logistics sector, as well as topical aspects of financial management of logistics enterprises, has allowed to develop a set of measures to improve the system of management of financial flows of logistics systems, which should be implemented on the principles of financial management. The concept of management of financial flows of logistics systems is proposed. A scheme for ensuring the financial security of logistics systems has been developed. The key principles of management of financial flows of logistics systems under conditions of uncertainty are determined. The study made it possible to state that the conceptual approach to managing the financial flows of logistics systems will help to prevent the crisis, increase the efficiency of activities and the successful development of the industry as a whole.

Financial aspects of the functioning of executive agencies in Poland

Public tasks are carried out by entities forming the public finance sector. The article focuses on executive agencies and has been limited to the financial aspects of their functioning. The aim of the study is to determine the sources of financing of executive agencies operating in Poland and the share of subsidies from the state budget in them. The comparative descriptive analysis method was used in the study. The first part of the article is theoretical in nature. It presents the general principles of financial management of executive agencies as well as the specificity of the operation of individual agencies and the sources of their revenues. In the empirical part, the financial data of executive agencies for the years 2020-2022 was analysed. The total financial condition of the study group should be assessed positively. The analysis of the generated revenues, including subsidies from the state budget and the financial result, showed a significant differentiation of this group of public finance sector entities in the examined area.

Assessing pharmacists' awareness of financial indicators in community pharmacy management: A cross-sectional study

BackgroundCommunity pharmacists play a vital role in the healthcare system, serving as accessible healthcare providers and entrepreneurs. To effectively manage community pharmacies, pharmacists must possess financial literacy and utilize appropriate financial indicators. However, studies addressing community pharmacists' awareness of financial indicator concepts are scarce. This study assesses the awareness of community pharmacists in Jordan regarding financial indicators. MethodsEmploying a cross-sectional study design, we utilized a structured and validated questionnaire to collect data from 353 community pharmacy owners across Jordan. The questionnaire assessed pharmacists' awareness and utilization of financial indicators in pharmacy management. Descriptive statistics summarized demographic data, while analytical statistics examined associations between demographic factors and financial indicator awareness. ResultsThe study revealed varying levels of awareness among pharmacists regarding financial indicators, with younger pharmacists exhibiting higher awareness levels. Factors such as educational background and years of experience were found to influence awareness. Furthermore, pharmacists predominantly utilize profitability indicators to assess financial performance. ConclusionThe findings underscore the importance of enhancing pharmacists' financial literacy and integrating financial management principles into pharmacy education. Continuous professional development programs are essential to improve financial competence among pharmacists. This study provides valuable insights into the awareness of financial indicators among community pharmacists in Jordan, emphasizing the need for collaborative efforts from policymakers, pharmacy faculties, and associations to enhance financial education and promote research in this critical area.

Pentingnya Manajemen Keuangan Sebagai Upaya Pengembangan UMKM Kerajinan Tenun Tradisional di Dusun Sade Lombok Tengah

MSMEs have an important role in improving the economy of a region, therefore MSMEs must know the application of financial management principles to develop their business. The problem that will be raised in this service activity is the important role of financial management in developing the traditional weaving craft business in Sade Hamlet. The output target of this community service activity is to change the mindset of weaving craft sellers who are donated by women that it is important to apply financial management to develop the business being carried out. The results of this activity are that the average business actor still does not keep financial records and also separates personal money from business capital and limited ability to count and is too lazy to record sales transactions so that the profits earned are not known with certainty.

Compilation of a Tool to Measure Financial Knowledge and Skills of Hospital Managers

Introduction: The hospitals, as the most important organization providing healthcare services, need efficient and effective management more than any other organization. Therefore، knowledge, skills, and capabilities of hospital managers should be given special attention، and one of these skills is financial knowledge and skill. Therefore، this research has been done with the aim of developing and validating a tool for measuring the knowledge and financial skills of hospital managers. Methods: The present combined study was conducted in 1401-1402. The research community included managers of educational and therapeutic hospitals, academic faculty members, and graduate students of accounting and financial management as financial experts (Delphi panel). Sampling started purposefully and continued until data saturation. To collect data, interviews, focused group discussions and questionnaires were used, and fuzzy Delphi and fuzzy AHP methods were used to analyze the data. Results: The important dimensions and components were determined according to the fuzzy Delphi method, including 8 dimensions and 23 indicators, and with the help of the AHP method, the weight of each dimension was determined. Then, 68 multiple choice questions related to each of the identified dimensions were designed based on interviews with experts. In the next step, through questionnaire and fuzzy Delphi technique, the opinion of experts was obtained about the questions raised, and finally 46 four-choice questions were compiled as a tool to measure the knowledge and financial skills of hospital managers. Conclusion: Hospitals are important parts of providing health services and considering the limited resources of the health sectors, proper allocation of resources, application of scientific management, correct and principled planning will be an important step in achieving the goals of the health system. A proper understanding of the principles of financial management and how to present financial information and how to share costs in hospitals help the managers of hospitals to have a dynamic picture of their activities and goals and to be able to make more informed decisions for the future.

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.

Manajemen Keuangan Pendidikan SD Islam Roudhotul Muttaqin Desa Ngares Wetan Kecamatan Gedeg Kabupaten Mojokerto

This study aims to determine the extent of financial management and interesting things in improving the quality of learning at SD Islam Roudhotul Muttaqin. Schools have the duty to manage school finances based on the principles of financial management can be utilized optimally. School financial management is based on the principles contained in article 48 of the 2003 Law on the National Education System, namely the principles of justice, efficiency, transparency, and public accountability. This research was conducted using descriptive qualitative methods, direct observation and interviews with related parties, namely the Principal and Treasurer. In managing this finance, SD Islam Roudhotul Muttaqin has agreed to plan, manage, implement, report, and evaluate. Relevant matters related to financial management and learning quality, namely through the collaboration program currently being carried out by SD Islam Roudhotul Muttaqin with other Non-Formal Education Institutions hereby have a positive impact on all parties, teachers, schools, students, and parents.

Prinsip-Prinsip Manajemen Keuangan Sekolah Di SDN Inpres Silae

This study was conducted with the aim of knowing how the implementation of the principles of financial management listed in Law No. 20 of 2003 article 48. Transparency can mean openness, with transparency it can increase the support of parents, the community and the government. Accountability means that the use of financial resources can be accounted for in accordance with the plan that has been set at the SDN inpres Silae school.

Quantitative Analysis of the Relationship between Income and Welfare of Tuna Fishermen from the Perspective of Sharia Finance

This study aims to investigate the correlation between income levels and the welfare of fishermen operating in Waitomu Hamlet, Leihitu Subdistrict, Central Maluku Regency; and the relationship between the application of Sharia financial management principles with the income and welfare of tuna fishermen in that area. The research method applied is associative research, with research participants being actively operating fishermen in Waitomu Hamlet. The research approach involves the use of various techniques, including observation, distribution of questionnaires, and document analysis, with data analysis conducted using moment product correlation calculations. The results of the study revealed two main findings. First, the moment product correlation analysis showed a significant positive correlation between fishermen's income and the level of welfare, indicating that increasing income tends to have a positive impact on their welfare. Second, from a financial perspective, the practice of Sharia financial management applied by tuna fishermen in Waitomu Hamlet is considered successful.

ANALISIS SISTEM PENGELOLAAN KEUANGAN PADA SMP MAQNAUL ULUM TERHADAP PENGUATAN MANAJEMEN KEUANGAN DI DESA. BALET BARU KEC.SUKOWONO JEMBER

This research aims to analyze the planning, implementation, and financial reporting system in SMP Maqna'ul Ulum. As an educational institution, the school has a responsibility to manage finances in accordance with principles of financial management, including fairness, efficiency, transparency, and public accountability. The study utilizes a qualitative method with a descriptive approach, collecting data through fieldwork, literature review, and interviews. The research findings indicate that financial management in SMP Maqna'ul Ulum begins with the preparation of the School Activity and Budget Plan (RKAS), followed by the implementation of fund utilization and bookkeeping. The realization of the management of the School Operational Assistance (BOS) funds in this school aligns with the principles stipulated in Government Regulation No. 48 of 2008, Article 59. Supporting factors in the management of BOS funds in SMP Maqna'ul Ulum include the support provided by parents, the teachers' council, and the school principal. Additionally, committee membership fees also play a role in supporting the financial management of the school. However, a limiting factor in financial management in SMP Maqna'ul Ulum is the limited budget allocation for BOS funds allocated to the school.

Pengelola Keuangan Masjid Sabilul Abid Berbasis Manajemen Keuangan

This research aims to analyze and enhance the financial management of the Sabilul Abid Mosque through the application of financial management principles. As a religious institution, the mosque has a significant responsibility in managing funds received from the community. The research methodology involves financial analysis, interviews, and observations to evaluate the existing financial system. The results indicate potential improvements in mosque financial management. The implementation of effective financial management can enhance the efficiency of fund utilization and support the sustainability of religious activities. This research provides valuable insights for mosques and similar religious institutions in improving their finances.

Effectivity of Management of Desa Funding Against Development Progress in Selayar District South Sulawesi Indonesia

Qualitative research through a phenomenological approach, as for the results of the study showed that Village fund management plays a crucial role in improving the economy and welfare at the village level. However, an evaluation of these management practices reveals several aspects that need serious attention. Community involvement in planning and decision-making is still limited, while transparency in financial management and supervision of the use of village funds is not optimal. The management process, from planning to supervision, should be more structured and involve active community participation. Greater openness from the village government regarding the use of village funds is needed so that the community can better understand and participate in village development. Through the implementation of transparent, accountable, and participatory financial management principles, as well as involving the community in every stage, it is expected that the management of village funds can be more effective, sustainable, and have a significant positive impact on the development of the village and the welfare of its people.

Assessing the Financial Literacy of the Blue-Collar Job Workers in terms of Financial Management Practices

The study aimed to assess the financial literacy of blue-collar workers in Valencia City, Philippines, based on their financial management practices. It employed a quantitative approach, using descriptive statistics to analyze data collected from 100 randomly chosen participants. The study found that blue-collar workers in Valencia City showed moderate proficiency in saving, managing expenses and bills, and setting financial goals. They also displayed a fair understanding of financial management principles. However, investment practices were limited due to concerns about scams and distrust, while debt management was rarely practiced due to income fluctuations from hourly wages and project-based work. Despite these challenges, the overall results suggest a moderate financial literacy level of among this group. The study recommends that financial literacy education must be improved. It also encourages companies to provide financial education programs for their employees. And support initiatives that expand access to affordable financial services and promote fair lending practices for low- and moderate-income individuals.

Financial Management Principles of Traditional Market Traders in Increasing Profitability, Customer Satisfaction and Business Growth

Financial Management Principles of Traditional Market Traders in Increasing Profitability, Customer Satisfaction and Business Growth

Transparency and Accountability of Village Fund Management

This Literature System Review seeks to assess the application of financial management principles, specifically transparency and accountability, in the management of state finances at the Village APBDes. The Elucidation to Law of the Republic of Indonesia Number 17 of 2003 on State Finances states that the overall objective of state financial management is to promote good governance in state administration. Therefore, state financial management should be conducted in a professional, transparent, and responsible manner, adhering to the fundamental regulations outlined in the Constitution. The extensive litigation surrounding the misappropriation of village finances by village heads and officials serves as a fundamental premise for this research. When discussing the state financial management system, it is essential to address the management of village funds. These monies are a component of state finances, and their utilization must be properly accounted for. Analysis of fiscal matters at the state level. To ensure the proper functioning of state activities, it is imperative for the government to establish a robust and transparent state financial administration system. This system should effectively prevent any instances of financial leakage, both in terms of revenue collection and expenditure management. State financial management refers to the comprehensive actions undertaken by state financial management officials in accordance with their position and power. These actions encompass planning, execution, oversight, and responsibility. The findings of the literature system review research indicate that in order to establish transparency and accountability in the management of village funds, it is necessary to have legal clarity, coordination and oversight, and community engagement. Additionally, this endeavor requires officials who possess competence and have access to suitable facilities.

Optimized Financial Planning: Integrating Individual and Cooperative Budgeting Models with LLM Recommendations

In today’s complex economic environment, individuals and households alike grapple with the challenge of financial planning. This paper introduces novel methodologies for both individual and cooperative (household) financial budgeting. We firstly propose an optimization framework for individual budget allocation, aiming to maximize savings by efficiently distributing monthly income among various expense categories. We then extend this model to households, wherein the complexity of handling multiple incomes and shared expenses is addressed. The cooperative model prioritizes not only maximized savings but also the preferences and needs of each member, fostering a harmonious financial environment, whether they are short-term needs or long-term aspirations. A notable innovation in our approach is the integration of recommendations from a large language model (LLM). Given its vast training data and potent inferential capabilities, the LLM provides initial feasible solutions to our optimization problems, acting as a guiding beacon for individuals and households unfamiliar with the nuances of financial planning. Our preliminary results indicate that the LLM-recommended solutions result in budget plans that are both economically sound, meaning that they are consistent with established financial management principles and promote fiscal resilience and stability, and aligned with the financial goals and preferences of the concerned parties. This integration of AI-driven recommendations with econometric models, as an instantiation of an extended coevolutionary (EC) theory, paves the way for a new era in financial planning, making it more accessible and effective for a wider audience, as we propose an example of a new theory in economics where human behavior can be greatly influenced by AI agents.

Luqman Hakim Boarding Students Training Rowolaku In Effective Financial Management And Efficient

Background. This socialization aims to find out how to manage finances more effectively and efficiently to increase the awareness and ability of female students to manage finances which will later be able to motivate and familiarize them with being able to live independently in meeting their daily needs at the Luqman Hakim Islamic boarding school. Purpose. Financial management is the most important element in achieving financial success. Financial problems should not be taken lightly, for this reason, it is necessary to socialize the importance of financial management for students so that finances can be used more effectively and efficiently. Method. This study used a qualitative method based on the results of direct field observations. Results. This assistance socialization resulted in the conclusion that each female student was able to make realistic financial plans, manage expenses, and maintain discipline in following these plans. Conclusion. This also applies to the female students of the Luqman Hakim Rowolaku Islamic boarding school so that financial problems do not become a burden in the process of seeking knowledge so that they focus on learning to accept the knowledge being taught. They are also able to avoid unnecessary expenses and improve their ability to manage money wisely. They can internalize and apply the taught financial management principles, as well as experience positive changes in the management of their finances. This shows that this assistance is effective in helping female students build financial stability and financial independence.

PENGARUH KUALITAS PENGANGGARAN DAN KOMPETENSI SUMBER DAYA MANUSIA BIDANG KEUANGAN TERHADAP KINERJA KEUANGAN SEKOLAH

ABSTRACT Schools have the duty to manage finances based on the applicable financial management principles. School financial management in SMK throughout Batang Regency has not fully implemented the principles of accountability and efficiency even though the existing budget is received from various sources and issued to several posts. Vocational High School Education Institutions have an obligation to report their activities to the public or related parties. Accountability and reporting of funds raised is a manifestation of accountability. This study aims to 1) determine the effect of budgeting quality on school financial performance; 2) analyze the effect of budgeting quality on school financial performance; 3) analyze the competence of financial human resources on the school's financial performance and 4) analyze the effect of the quality of budgeting and human resource competence on finance together on the school's financial performance.This research is an explanatory research with a quantitative approach. The study population consisted of 86 teachers at SMK in Batang Regency. The research sample was 86 people with total sampling technique. The research instrument used a questionnaire. Data analysis used descriptive and multiple linear regression. The descriptive data shows that 1) the quality of budgeting is in the fairly good category with a mean value of 114.22; 2) the competence of human resources in the field of finance is in the fairly good category with a mean value of 114.21 and 3) the school's financial performance is in the good category with a mean value of 125.06. The results of the hypothesis test show that 1) there is an effect of the quality of budgeting on the financial performance of the schools studied. state with the equation Ῡ=80.444+0.378X₂, a correlation strength of 0.366 with a contribution of 0.134 or 13.4%; 3) there is an effect of human resource competence in the field of finance on school financial performance which is expressed by the equation Ῡ= 48.313+0.659X₃, a correlation strength of 0.622 with a contribution of 0.387 or 38.7%.There is a positive influence on the quality of budgeting and the competence of human resources in the field of finance which jointly affect the financial performance of schools which is expressed by the equation Ῡ= 36.175 + 0.109Xₗ + 0.158X₂ + 0.415 X₃, output correlation 0.649 with a contribution of 0.400 or 40% Keywords: Quality of budgeting, competency of financial human resources, and school's financial performance.

Implementasi Prinsip-prinsip Manajemen Keuangan Sekolah di SD Ar-Rahman Motik Jakarta Selatan

School financial managemet is carried out by the school principal, consists of financial planning, financial allocation and financial reporting activities. School financial management will work well if it can apply the principles of financial management, namely transparency, accountability, effectiveness, and efficiency. The aim of this study is to find out the implementation of the principles of financial management in private elementary school. This study used a qualitative methos with a descriptive approach to explore social conditions that occus as a whole. Participant in this study were one school principal at private elementary school in South Jakarta. The result of this study are, financial management in elementary school is running well, the school principal applies the principles of transparency and accountability in financial planning and reporting, as well as school activities running effectively and efficiently in accordance with the budget plan. Another factor that has a positive impact on the effectiveness of school financial management is the amount of experience the school principle has.