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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

https://doi.org/10.24891/fc.25.2.360

Marina L. NECHAEVA Nizhny Novgorod Engineering-Economic State University (NGIEU), Knyaginino, Nizhny Novgorod Oblast, Russian Federation
khalyavina.mar@yandex.ru

https://orcid.org/0000-0002-5422-3563

Elena A. LYSOVA Vyatka State University (VyatSU), Kirov, Kirov Oblast, Russian Federation
lena.lysowa@yandex.ru

https://orcid.org/0000-0002-4803-5398

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

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