Home  Journals  Economic Analysis: Theory and Practice  12(543) - 2023 December

Developing the methodology for internal control of current assets in organizations of health resort industry

Received: 30 November 2023

Received in revised form: 6 December 2023

Accepted: 14 December 2023

Available online: 28 December 2023

Subject Heading: BUSINESS PERFORMANCE

JEL Classification: M42

Pages: 2310–2331

https://doi.org/10.24891/ea.22.12.2310

Subject. In organizations of health resort industry, current assets occupy a significant share in the balance-sheet total, which requires increased attention on the part of management and owners to the condition of these assets, their inflow, outflow, and consumption efficiency. Unified methodological approaches to continuous control over current assets optimize the amount of material resources consumed, thus reducing the cost of services provided by the sanatorium and health resort complex, and increasing the profitability of industry organizations.
Objectives. The study aims to formulate an effective model of internal control over current assets for business entities of the sanatorium and health resort complex, considering the general digitalization of organization's business processes.
Methods. We employ interviewing and observation, analytical, statistical, computational and graphical methods.
Results. We determined that positive dynamics of the industry does not allow for building positive development forecasts due to a number of macroeconomic problems, as well as management, planning and economic, accounting and analytical, personnel and legal problems. Owners and management of the industry organizations face the challenge of searching for in-house reserves for effective business management and continuous control of inventory representing a significant share in the balance sheet currency.
Conclusions. The offered methodology for internal control of current assets will ensure ongoing monitoring of business risks and financial stability of business entities in the industry.

Keywords: internal control, risk, current asset, sanatorium and health resort complex

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