Approaches to the mechanism of implementing the system of financial control of enterprises

Pinti Anastasiia
lecturer of the Department of Financial Management and Stock Market, Odesa National Economic University, Odesa, Ukraine, E-mail: pintianastasiia@gmail.com, ORCID: https://orcid.org/0000-0003-2432-6550

Cite this article:

Pinti A. (2024) Approaches to the mechanism of implementing the system of financial control of enterprises. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Pidhody do mehanizmu realizacii systemy finansovogo kontrolingu pidpryjemstv; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odesa National Economic University (ISSN 2313-4569), Odesa National Economics University, Odesa, No. 12 (325), pp.61-68.

Abstract

The article is devoted to the assessment of methods of implementation of the financial controlling system of enterprises. The purpose of the article is to study the main essential characteristics of the financial controlling system and determine the directions of its improvement. In the research process, methods of analysis, synthesis and generalization were used, as well as a systematic approach to the formation and implementation of the financial controlling system of enterprises. Based on the conducted research, it was found that there is uncertainty among researchers regarding the tasks of the financial controlling system, as well as its structural components, key elements, various aspects and goals of financial controlling. This situation can be explained by the lack of a single scientific interpretation of the essence of financial controlling. Some scientists use the system method, while others use the process and methodological method in determining the essence of financial controlling. This, in turn, affects the debatability of points of view regarding the mechanism of implementation of the financial controlling system. Financial controlling is the subject of discussions among scientists regarding the allocation of objects of controlling, some scientists advocate broad supervision of controlling over economic activity, which gives controllers the authority to make managerial decisions. On the contrary, other scientists defend the idea that the controlling system can be implemented exclusively as a service function. We also agree that many researchers who study the financial controlling system often identify the properties of controlling with the relationship of other management functions, which can obscure its main key function, namely the analysis of trends in changes in the external environment to adapt the management system to changing operating conditions, which ensures the effective operation of the enterprise. It has been established that today the successful functioning of a business requires the implementation of a systemic approach to financial controlling. It is proposed to use a system integration approach in financial controlling, which will make it possible to ensure the development and implementation of targeted management measures that effectively affect various conditions and elements that affect the functioning of the enterprise. It is substantiated that such an approach reflects the current stage of development of the phenomenon under study and contributes to the achievement of an important goal - the formation of a single methodological and information base within the framework of management to maintain the internal balance of the enterprise's economy, which is a fulcrum for making optimal management decisions.

Keywords

financial controlling; financial controlling system; financial mechanism.

JEL classification: D800; D810; D890; DOI: https://doi.org/10.32680/2409-9260-2024-12-325-61-68

UD classification: 33:334.02

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