Financial Management Process Research Articles

Financial Risk Management of FK Coal Group: Basis for Policy and Strategy Formulation

This study delves into the financial risk management of FK Coal Group in China, focusing on aspects such as credit risk, liquidity risk, stability risk, and profitability risk. The research aims to provide a comprehensive profile of FK Coal Group, including its organizational structure, years in operation, number of employees, geographical scope, and asset size as of 2022. The financial risks are primarily associated with debt payments, asset management, the company's capacity to meet expenses, and production costs and outputs. The financial risk management process encompasses risk identification, analysis, evaluation, and treatment. Challenges are encountered in each phase, such as uncertain adverse events, risk assessment accuracy, risk mitigation strategies, and risk reduction and avoidance measures. The survey results from the employees of FK Coal Group reveal that it is a state-owned enterprise with a long operational history, a substantial workforce, and strong assets, primarily operating in the domestic and international markets. The study underscores the critical role of financial risk management in ensuring the company's operational continuity and competitiveness. Effective risk planning and monitoring are highlighted as crucial elements to improve profitability and prevent excessive spending or losses. The proposed financial risk management policy or strategy aims to address these challenges comprehensively, focusing on proactive risk identification, thorough risk analysis, robust risk evaluation, and appropriate risk treatment strategies to minimize adverse impacts on FK Coal Group's financial health and performance.

INNOVATIONS IN ACCOUNTING: THE USE OF BLOCKCHAIN TECHNOLOGIES TO INCREASE TRANSPARENCY AND SECURITY OF FINANCIAL TRANSACTIONS

In this article, we will look at how blockchain technologies can be used to increase transparency and security of financial transactions. We will look at examples of the use of blockchain technologies in the banking and insurance industry, and also consider how the use of blockchain technologies can help accounting and auditing. In the first part of the article, we will consider the use of blockchain technologies in the banking industry. We will look at examples of using blockchain technologies to ensure the security and transparency of financial transactions, including for money transfers, loans and securities management. In the second part of the article, we will look at the use of blockchain technologies in the insurance industry. We will look at how the use of blockchain technologies can help reduce the costs of authentication and information processing in insurance companies, as well as ensure faster and more accurate consideration of applications for payments. In the third part of the article, we will consider the use of blockchain technologies in accounting and auditing. We will look at examples of using blockchain technologies to simplify the audit process and increase its transparency, as well as to ensure the accuracy and timeliness of accounting statements. So, blockchain technologies represent a new tool that can help improve accounting and financial management processes, providing more transparent and secure financial transactions. In the following parts of the article, we will take a closer look at how blockchain technologies can be used in various industries and what benefits they can bring.

Evaluasi perencanaan, pelaksanaan, penatausahaan, pelaporan dan pertanggungjawaban pengelolaan keuangan APBDesa berdasarkan Permendagri Nomor 20 Tahun 2018 (Studi kasus di Desa Toiba Kecamatan Bualemo Kabupaten Banggai)

The Village Revenue and Expenditure Budget has a significant impact on the development of the village. It is therefore crucial that the APBDesa is managed effectively and in accordance with government procedures. This study aims to assess the financial management process in Toiba Village, Bualemo District, and its alignment with Permendagri Number 20 of 2018. The research used descriptive qualitative methods and analysed the data using comparative analysis techniques. The findings indicate that the management of the APBDesa in Toiba Village is in line with Permendagri Number 20 of 2018. However, it is important to ensure regular support and training from the sub-district government to the village government during the planning, management, and reporting phases. In addition, the supervisory team needs to be strengthened to ensure that the implementation of development in the village is in line with the development plans. Regular evaluations of the APBDes management are also necessary to ensure that any discrepancies are immediately corrected by the village government and that the financial management of the APBDesa complies with Government Regulation No. 20 of 2018.

THE INFLUENCE OF ENVIRONMENTAL DYNAMISM, DYNAMICS CAPABILITY, AND FINANCIAL LITERACY ON THE PERFORMANCE OF MICRO, SMALL, AND MEDIUM ENTERPRISES (MSMES) IN MAKASSAR CITY

Micro, Small, and Medium Enterprises (MSMEs) are crucial for the Indonesian economy, especially in Makassar. They contribute significantly to economic activities and public income. According to data from the Makassar City Cooperatives and MSMEs Office in 2021, there are 4,816 registered MSMEs in various sectors such as trade, industry, non-industrial, and others. The trade sector, including fashion and culinary, is particularly dominant in Makassar. However, the performance of MSMEs has experienced a decline. This study focuses on exploring the factors that affect their performance, specifically environmental dynamism, which encompasses environmental changes, government regulations, shifts in consumer demand, innovation, and technology. The adaptability of MSMEs to these environmental changes is a crucial aspect of their performance. Additionally, financial literacy also plays a significant role in improving their performance. The study aims to investigate the influence of environmental dynamism, adaptability, and financial literacy on the performance of MSMEs in Makassar. The research method employed is quantitative, involving interviews, questionnaires, and observations of 100 MSMEs in the trade sector. The research findings indicate that environmental dynamism and financial literacy have a significant impact on the performance of MSMEs, whereas adaptability does not show the same level of significance. Furthermore, the study highlights the importance of financial literacy in the financial management and decision-making processes of MSMEs. This research provides valuable insights into the factors that influence the performance of MSMEs and offers relevant recommendations to enhance the sustainability of the MSME sector in Makassar.

Meningkatkan Efisiensi Penatausahaan Belanja Daerah di Kabupaten Pangkajene Kepulauan

Purpose: This community service activity aims to improve the ability of revenue treasurers to manage regional expenditure in Pangkep Regency. Methodology/approach: The research method used in the implementation of this community service activity is the primary approach. This approach allows active cooperation between the service team and the parties involved, such as the revenue treasurer and local government, in designing, implementing, and evaluating the changes needed in local financial management. Results/findings: The outcomes of this service activity clearly showed a significant improvement in the treasurer's ability to manage local finances, as well as the overall local financial management process. Limitation: The research steps, including Initial Assessment, Joint Planning, Action Implementation, Monitoring and Evaluation, Reflection and Improvement, and Dissemination of Results, helped ensure the success of this program. Contribution: This activity provides recommendations that have the potential to maintain and improve the ability of revenue treasurers in the future, with benefits that include increased efficiency and transparency in local financial governance, as well as more optimal contribution to the goal of practical regional autonomy.

Analysis of the Implementation of the Accounting Application System for Line Ministry (SAKTI) in Government Financial Reporting at the Directorate General of State Asset Management, Ministry of Finance of the Republic of Indonesia

The purpose of this research is to analyze the obstacles and challenges in implementing the SAKTI Application in the financial management and financial reporting processes at the Directorate General of State Asset Management, Ministry of Finance of Republic of Indonesia. The analysis covers various financial management processes, including payment and tax collection processes, as well as the manual journal and accrual journal formation processes in financial reporting. This study uses data obtained through direct research in the analysis unit, the workflow of reporting in the analysis unit, and literature review, employing a qualitative method, namely conducting interviews with authorized officials and employees in the analysis unit. The research findings indicate that in the implementation of SAKTI at the Directorate General of State Asset Management, Ministry of Finance of Republic of Indonesia, there is still a need for other applications that are not integrated with SAKTI because SAKTI cannot fully identify third-party funds. To support the financial reporting process at the Directorate General of State Asset Management, Ministry of Finance of Republic of Indonesia, as per the research results, it is found that the SAKTI application has not fully minimized the risk of errors in presenting accrual journal related to expenditure or rental income at the end of the year.

Public Financial Management in Vietnam: A Study for the Investment in Infrastructure Construction in Vietnam

The topic of infrastructure investment is becoming more prominent, to enhance infrastructure quality and support economic and trade development, particularly in developing countries. However, there are still some obstacles that countries confront when investing in infrastructure construction in economic regions, most notably the issue of public financial management. As a result, this study investigates key elements influencing public financial management in the field of economic infrastructure-building investment in 11 provinces in the Red River Delta area. According to research findings, the three most influential variables in public financial management are (i) investment management, (ii) planning management, and (iii) supervision and inspection. Simultaneously, it highlights shortcomings in the public financial management process, presenting recommended remedies with the goal of effective, transparent, and sustainable development.

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 the Application of Financial Sharing Center Based on Value Chain Theory Take the Mengniu Company as an Example

The growing size of enterprise groups and the rapid development of information technology have given rise to financial shared services. They have brought about changes in the financial management model, improved the efficiency of accounting processes, and strengthened the control of molecular companies by reconstructing financial processes. However, there are some shortcomings in the current financial shared services, for example, the application of financial shared services is mainly focused on the operational level, concentrating on post-event processing, lagging behind the demand and facing difficulties. Therefore, this paper takes the financial shared service center of Mengniu Group as the research object and focuses on how to use new types of financial information technology to realize the digital transformation of the enterprise financial management process. The case is analyzed using relevant theories. The financial shared services model has improved the efficiency of modern enterprises' production and operations, expanded the analysis and decision support functions of finance, and facilitated the digital transformation of enterprise finance; at the same time, the value of data assets related to financial shared services has not been fully exploited, and the benefits of financial sharing are still limited to internal enterprises and have not been extended to other enterprises in the value chain. It is recommended that enterprises further improve their shared services and combine them with digital transformation based on data, process, and business specifications, and implement them more deeply in all dimensions of the value chain in the future to achieve value creation.

Effect of Enterprises Resource Planning System on the Sustainability of Non-Governmental Organisations: A Case Study of NGOs in Kinondoni District

The study examined the effect of an Enterprise Resource Planning System (ERP) on Non-Governmental Organization (NGO) sustainability on the three organizational Sustainability pillars of stakeholder engagement, financial viability, and operational efficiency. The research methodology employed in this study involved a sample of 22 NGOs in Kinondoni District, all of which have been operating for over a decade, actively engaged in projects, and have integrated ERP systems into their operations. Maximum variation sampling was used to select NGOs from the target population. A descriptive research design was adopted, and data was collected using structured questionnaires to gather insights into the experiences and perceptions of NGO representatives regarding ERP system implementation and its impact on sustainability. The findings of this research underscore the positive influence of ERP systems on the sustainability prospects of NGOs in Kinondoni District. The study reveals that ERP systems have led to notable improvements in stakeholder interaction, financial viability, and operational efficiency within these organizations. ERP system has enhanced communication with stakeholders, streamlined financial management processes, and optimized operational workflows, ultimately contributing to the long-term sustainability of NGOs. The study offers recommendations for NGOs to emphasize the potential benefits of ERP system adoption and the need for strategic planning to maximize the advantages of these systems. Furthermore, this research contributes to the broader understanding of how technology adoption can enhance the sustainability of organizations in the nonprofit sector in Tanzania.

Implementation of ISAK 35 at the Daarul Fathonah Islamic Boarding School Foundation in Tegalgubug Lor District, Arjawinangun District, Cirebon

The financial aspect and recording financial reporting is an important aspect of an entity, whether for profit or non-profit. PSAK 45 has regulated the financial reporting rules of non-profit entities since 1997. Then, on April 11 2019, DSAK IAI issued PPSAK 13 which contained the revocation of PSAK 45 and the issuance of ISAK 35. On January 1 2020, the ISAK 35 guidelines came into effect. This research aims to determine financial management at the Daarul Fathonah Islamic Boarding School Foundation and determine its adaptation to ISAK 35. The findings of this research are that the financial management process at the Daarul Fathonah Islamic Boarding School Foundation is divided into five stages, namely planning, implementation, administration, reporting and accountability. The financial reporting of the Daarul Fathonah Islamic Boarding School Foundation is not fully in accordance with ISAK 35; Of the five ISAK 35 financial reports, only three financial reports have been adapted, namely the financial position report, comprehensive income statement and cash flow report, as well as two ISAK 35 financial reports that have not been adapted, namely the report on changes in net worth. and notes to financial reports, because these two financial reports are not required by law.

EDUCATION AND TRAINING IN THE FIELD OF STRATEGIC FINANCIAL MANAGEMENT AND CONTROL: WHICH DIRECTION SHOULD WE GO?

This paper deals with researching the directions in which education and training should move when it comes to financial management and control with a focus on strategic aspects. The paper investigates the role of the financial director within organizations, and how he/she contributes to achieving financial optimization. Emphasis is placed on the importance of effective communication and coordination between educational institutions and professionals. The paper provides insights into how organizations can improve their financial management processes by key aspects of financial literacy.

Financial management decision-making of school finance committees in public primary schools in Mpumalanga province, South Africa

Subject to the South African Schools Act, 84 of 1996 section 16(1), the governance of every public school is vested in its governing body and it may perform only such functions and obligations and exercise only such rights as prescribed by the Act. Section 30(1a) of this Act demands school governing bodies to establish committees and appoint members of the School Governing Body (SGB) to such committees based on expertise. With this study I investigated the financial management decision-making of school finance committees in public primary schools in the Mpumalanga province in South Africa. A qualitative approach was applied in the study. Focus-group interviews were used to collect data from the purposefully selected 2 public primary schools in which the finance committee members were involved. A case study design was applied. Thematic data analysis was used to analyse the collected data. All the participants demonstrated awareness of their financial management decision-making roles. Participants revealed that they did not perform their roles effectively due to their illiteracy levels, limited understanding of financial management legislation, inadequate training, interference of the principals in the management of finances, poor consultation and communication. I recommend to the Department of Education to provide financial committees with adequate support and training, to capacitate principals in the area of human relations and resource management and consider appointing financial management advisors at the circuit offices within districts to assist in guiding, monitoring and evaluating the financial management processes in schools on a regular basis.

Analysis of Accounting Information Systems on Receipts, Expenses & Cash Transparency At Banjar Serasan Village Office

The purpose of this study was to understand the implementation of the Accounting Information System on Cash Receipts, Disbursements, and Transparency in the Banjar Serasan Village Office. This study uses a qualitative approach to gain a comprehensive understanding. The research data consists of primary data obtained through interviews with informants involved in the financial management process, as well as secondary data obtained through observation and documentation studies. Data collection techniques used include interviews, observation, and documentation studies. The analytical method used in this study adopts a postpositivism philosophy, which focuses on objective understanding and objective data analysis. The data collected was analyzed thematically, identified emerging patterns and themes, and given an in-depth interpretation. The results showed that the accounting information system implemented in the Banjar Serasan Village Office made a significant contribution to the mechanism of cash receipts and disbursements. However, research also finds that transparency to the public is limited due to local regulations that prohibit public disclosure of financial information. Informants in this study revealed that these limitations are the result of policies that have been set and must be followed.

Efficient And Effective Controlling Process In Financial Management Processes In Business Healthcare

The controlling process in the medical sector is of essential importance in terms of control and performance measurement. Medical facilities are of essential importance for society and therefore it is necessary to monitor them on a daily, monthly and annual basis.It is of enormous importance to activate the management in these processes and through active monitoring of the work of the health organization to find the inefficiencies it faces. By reducing these inefficiencies and deflecting them, the organization could achieve better results in every sector.The most important mechanism in terms of controlling in health facilities is the quantitative way of measuring performance through several parameters set by the management. This is the only way to ensure reliable results and encourage all stakeholders in an organization to work towards creating positive results in the organization.Organizations must implement a system of communication between levels of management in order to ensure transparency and availability of information.

Financial Management: A System of Relations for Optimizing Enterprise Finances – a Review

Effective financial management is critical to the success of any organization. This review paper provides a comprehensive analysis of financial management as a network of interdependent processes that require coordinated action among investors, creditors, and managers. The paper examines the function of financial management within an organization and its role in achieving financial optimization. Drawing on extensive research, the review paper identifies the four pillars of efficient financial management: planning, budgeting, forecasting, and monitoring. It emphasizes the importance of open communication and coordinated action among all parties involved in financial decisions. By closely monitoring financial performance, financial management can guarantee that an organization is making the most of its available resources. The review paper also stresses the significance of strong leadership in financial management. Effective financial management requires skilled managers who can navigate the complex web of financial relationships within an organization. By analyzing key aspects of financial management, the review paper provides valuable insights into how organizations can optimize their financial management processes.

IMPLEMENTASI SISTEM KEUANGAN DESA DALAM PENGELOLAAN ALOKASI DANA DESA DI DESA SUKADIRI KECAMATAN SUKADIRI KABUPATEN TANGERANG

Sistem Keuangan Desa (Siskeudes) is an application that aims to make village financial management transparent and accountable. This application was created with the aim of facilitating the process of checking village financial management, one of which is supervision regarding the use of Village Fund Allocation (ADD). This study intends to further identify the implementation of the Village Financial System on the management of Village Fund Allocation in Sukadiri Village, Sukadiri District, Tangerang Regency using the policy implementation theory proposed by George Edward III (1980) consisting of 4 (four) indicators, namely communication, resources, disposition, and bureaucratic structure. The research method used is descriptive qualitative with data collection techniques, namely observation, interviews and documentation. The subjects in this study include the Village Head and Village Secretary. The results showed that the implementation of Siskeudes carried out by the Government of Sukadiri Village, Sukadiri District, Tangerang Regency was quite optimal. However, when viewed based on indicators of resources and bureaucratic structure, there are still several problems due to the lack of ability of village apparatus to operate the Siskeudes application so that it requires assistance from Siskeudes Operators who are non-structural personnel and the absence of SOPs for the implementation of Siskeudes owned by the Sukadiri Village Government, causing village financial reporting into Siskeudes to often experience delays.

Analisis Modal Kerja dan Pengelolaan Keuangan pada UMKM (Studi Kasus pada UMKM Afza Frozen Food Di Kota Metro)

This research aims at working capital and financial management in SMEs Afza Frozen Food in Metro City. This type of research is descriptive research with a qualitative approach. The data analysis technique used is using a qualitative descriptive analysis tool that is describing the data that has been obtained from the data collection technique used. The results of the study show that the working capital contained in UMKM Afza Frozen Food always experiences fluctuations that are not so significant. The provision and use of efficient working capital affects the level of profit or profit, this occurs in Afza Frozen Food SMEs, where the higher the working capital used, the higher the operating profit generated. Afza Frozen Food does not manage its finances well, this can be seen from the absence of planning, recording, reporting and financial management processes, resulting in unclear profit/loss result.

DESIGN OF “AKUSAHA” ANDROID-BASED APPLICATION IN THE FINANCIAL MANAGEMENT OF BATIK JETIS SIDOARJO SMEs COMMUNITY

As one of the commercial and industrial cities in East Java, Sidoarjo has great potential in developing the SMEs sector. Uncertain capital constraints are difficult for SMEs. The ability to manage the finances of SMEs entrepreneurs is very important for business performance and business continuity. Without an understanding of SMEs about basic economic concepts, SMEs are unable to make financial management decisions. Most SMEs entrepreneurs, including SMEs entrepreneurs in Sidoarjo, experience this problem in general. Of course the problems faced will have serious consequences in the future, such as capital problems and tax consequences which will certainly affect the sustainability of the SMEs business. This activity is carried out in the form of training and mentoring. This program introduces resource persons who are professionals in their respective fields, through lecture techniques, discussions and mentoring practices, to the application of knowledge sharing methods to create an operational management system for company accounting and financial management. These trainees are members of the Batik Jetis Sidoarjo association who need special treatment in order to quickly rise from adversity and increase their profits by studying operational management of corporate accounting, corporate financial management and corporate governance. The AKUsaha application is an Android-based application developed according to the needs of SMEs. After attending the training, the student team assists the SMEs financial management process using the AKUsaha application face-to-face with SME players every month on Saturdays and Sundays. As a result, SME actors can understand the flow of cash coming in and out of their business, so that they can provide consideration for making business economic decisions. In addition, it is also useful for SMEs for reporting annual tax returns to applying for business capital loans.

Construction and Application of Digital System in the Field of Financial Auditing in Colleges and Universities

Nowadays, people have entered the digital age, and the development of digital technology has changed the traditional production methods and promoted industrial upgrading. With the continuous deepening of information construction, digital auditing has begun to be widely used in financial auditing. This paper analyzes the current situation of financial auditing under digital conditions and puts forward measures for the effective application of digital auditing in financial auditing based on the current situation. On this basis, this paper expounds the framework and composition of university financial digital platform construction, and then analyzes the specific application methods of university financial digitalization, including financial information digitalization, financial management process digitalization, business digitalization, etc. made some suggestions. Through the research, I hope to provide some help and inspiration for the application of financial digitization in colleges and universities.