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Transformation of the organization and management of small and medium-sized business' finance

Vol. 26, Iss. 1, JANUARY 2020

Received: 30 November 2016

Received in revised form: 31 May 2017

Accepted: 5 June 2017

Available online: 30 January 2020

Subject Heading: Financial control

JEL Classification: G23, G30

Pages: 101–124

https://doi.org/10.24891/fc.26.1.101

Laktionova O.E. Pryazovskyi State Technical University (PSTU), Mariupol, Ukraine
o.laktionova@inbox.ru

ORCID id: not available

Tereshchenko E.Yu. Humanities and Education Science Academy, Branch of V.I. Vernadsky Crimean Federa1 University (Vernadsky CFU), Yalta, Russian Federation
ellakopp@rambler.ru

ORCID id: not available

Desyatskii S.P. Pryazovskyi State Technical University (PSTU), Mariupol, Ukraine
sergedes@gmail.com

ORCID id: not available

Subject The article discusses the trends in the development of small and medium-sized businesses in the economy of Russia and supplies a rationale for the transformation of financial organization and management through the use of financial outsourcing instruments.
Objectives The article aims to explore the dynamics and trends of small and medium-sized business' development in Russia and propose a direction for improving the organization and management of finance of the actors to enhance their development, comparable to that of similar actors in developed countries.
Methods We used econometric methods to analyze various financial and economic indicators of the small and medium-sized business' activities.
Results The paper identifies the regions of Russia where small and medium-sized business is particularly low.
Conclusions The paper concludes that the use of financial outsourcing tools enables small and medium-sized business to concentrate resources on the core business, reduce financial management costs, improve economic performance, and increase business activity in a country's economy.

Keywords: outsourcing, financial service, financial outsourcing, financial management, company

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