+7 495 989 9610, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Digest Finance

A system of financial control in small business management: Methods and tools for implementation

Vol. 27, Iss. 1, MARCH 2022

PDF  Article PDF Version

Received: 5 December 2018

Received in revised form: 19 December 2018

Accepted: 9 January 2019

Available online: 30 March 2022

Subject Heading: Financial control

JEL Classification: G30

Pages: 108–126


Marina L. NECHAEVA Nizhny Novgorod Engineering-Economic State University (NGIEU), Knyaginino, Nizhny Novgorod Oblast, Russian Federation


Elena A. LYSOVA Vyatka State University (VyatSU), Kirov, Kirov Oblast, Russian Federation


Subject. The article addresses effective management of small business finance through financial control transformation.
Objectives. The purposes of the study include a detailed analysis and assessment of approaches to financial management of small businesses, choosing the tools to transform the financial control over costs and finance by building a single model for assessment.
Methods. We employ general scientific methods (analysis and synthesis, abstraction and generalization), and special methods, like financial management techniques in combination with tools of econometric and statistical analysis.
Results. The focus is on factors affecting the financial results of small businesses. We performed the analysis and systematization of the cost concept, developed our own methodological tools to manage finance by financial control transformation. The paper presents an econometric model demonstrating the dependence of elements of organization's financial model on earned revenue and incurred charges. The description of the model enables to coordinate strategic decisions on day-to-day management of financial needs of small businesses.
Conclusions. The paper offers a methodology to manage finances of small businesses. If used, the presented model may help develop methods of efficient management of scarce financial resources.

Keywords: finance, management, corporate control, regression model, forecasting, profit


  1. Kolabaeva A.A. [Internal control, financial control and internal financial control: Aspects of interpretation]. Nauka i sovremennost' = Science and Modernity, 2016, no. 47, pp. 134–139. URL: Link (In Russ.)
  2. Rogatenyuk E.V., Komysheva V.I. [On interrelation of concepts of control, financial control, and internal financial control]. Vestnik nauki i tvorchestva, 2017, no. 1, pp. 112–122. (In Russ.)
  3. Bokova T.A. [The financial control concept. Classification of types of financial control]. Obrazovanie i nauka v sovremennykh usloviyakh = Education and Science in the Modern Context, 2016, no. 4, pp. 197–199. URL: Link (In Russ.)
  4. Eremina N.V., Sarkisyan S.S. [Classification of production costs]. Teoreticheskie i prikladnye aspekty sovremennoi nauki = Theoretical and Applied Aspects of Modern Science, 2014, no. 6-5, pp. 89–91. URL: Link (In Russ.)
  5. Mukhina E.R. [Development issues for classification of costs]. APRIORI. Seriya: Gumanitarnye nauki, 2014, no. 5, p. 6. (In Russ.) URL: Link
  6. Degal'tseva Zh.V., Tonchu E.A., Velichko K.A. [Expenses and their classification in system of controlling of the economic subject of agrarian and industrial complex]. Politematicheskii setevoi elektronnyi nauchnyi zhurnal Kubanskogo gosudarstvennogo agrarnogo universiteta, 2014, no. 101, pp. 679–698. (In Russ.) URL: Link
  7. Kuznetsova O.N. [Cost classification for production in regard with fodder production industry specifics]. Vestnik IrGSKhA = Vestnik IrGSCHA, 2014, no. 64, pp. 134–140. URL: Link (In Russ.)
  8. Barinova O.I., Yureneva T.G. [Costs classification: Management approach]. Molochnokhozyaistvennyi vestnik, 2014, no. 1, pp. 91–97. (In Russ.) URL: Link
  9. Gushchin A.Yu. [Variety of approaches to cost classification]. Belgorodskii ekonomicheskii vestnik, 2012, no. 4, pp. 46–52. (In Russ.)
  10. Taranova N.S. [Modern classification of costs of quality of products, works, services in commercial organizations' accounting system]. Sovremennye tendentsii v ekonomike i upravlenii: novyi vzglyad, 2012, no. 15, pp. 180–188. (In Russ.)
  11. Salyukova A.I. [Cost classification features]. Sinergiya Nauk = Synergy of Sciences, 2017, no. 15, pp. 38–46. URL: Link (In Russ.)
  12. Shogentsukova Z.Kh., Shokarova L.Kh., Kazieva B.V. [The classification of costs in the application of International Financial Reporting Standards (IFRS)]. Sovremennye problemy nauki i obrazovaniya, 2014, no. 6, p. 606. (In Russ.) URL: Link
  13. Nechaeva M.L. [Improvement of the technique of assessment of solvency]. Agroprodovol'stvennaya ekonomika, 2017, no. 2, pp. 74–80. (In Russ.) URL: Link
  14. Saaty T. Prinyatie reshenii. Metod analiza ierarkhii [How to Make a Decision: The Analytic Hierarchy Process]. Moscow, Radio i svyaz' Publ., 1993, 278 p.
  15. Nechaeva M.L. [Analysis of the market of services as main aspect of social and economic development of regions]. Ekonomika i upravlenie: problemy, resheniya, 2018, vol. 4, no. 2, pp. 61–64. (In Russ.)
  16. Burtseva T.A., Lysova E.A. [Features of enterprise management in services sector]. Vestnik NGIEI = Herald NGIEI, 2016, no. 9, pp. 46–53. URL: Link (In Russ.)

View all articles of issue


ISSN 2311-9438 (Online)
ISSN 2073-8005 (Print)

Journal current issue

Vol. 27, Iss. 1
March 2022