Financial management in Russia: methods, tools and strategies

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2020-07-03 02:04:08

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One of the key factors in maintaining economic stability in the state is to ensure the effective financial management system. Proceeding from this thesis it follows that the Treasury and financial policy represent one of the functions of the state in the economic sphere.

Management in the most General form – is a systematic process of purposeful influence of the subject of management (in this case the state) for the object (the financial system) to maintain it in the desired predetermined mode of operation or transfer to another mode of operation. In a broader sense, as objects of control can be considered the totality of financial relations in the state, which is determined by the political and state system, the economic system and the nature of the influence on the financial system in the institutions of state.

As in any country, managing finances in Russia, involves the creation of the necessary infrastructure, configuration and composition of which are determined by the supervisors (for each of the management levels – Federal, regional, corporate, etc.) of the corresponding subject control.

At the level of individual enterprises, a special system of financial control, which is composed of the representatives of the Directorate, accounting and service management. At the state level created the Institute of financial management system, which includes specialized controls, regulations, laws and rules of operation of the system, financial relations, as well as the legally stipulated types and methods of control.

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In accordance with international best practice in Finance management in the Russian Federation has two types: management methods direct influence on financial policy and financial relations and methods of indirect influence.

Among the methods of indirect impact include:

  • Anti-monopoly policy and competition law;
  • The formation of a normal competitive environment on the markets of the country;
  • The application of methods of state regulation of business activities of gasmonopolist, especially in the sphere of pricing;
  • Providing guaranteed protection to business entities in the field of payment and settlement operations;
  • Implementation of a balanced and predictable customs policy;
  • Assist the development of markets, especially financial and capital markets.

Direct the management of finances in the Russian Federation is carried out:

  • Licensing certain types of commercial and financial activities;
  • Use the resources of the state monopolies;
  • The adoption of social policies;
  • Distribution of preferences among the individual categories of taxpayers;
  • Sanctioning violations in the field of financial relations.

The main instruments for the management of the finances of the state are used:

  1. Planning – the view of the evaluation of the current state of the financial system and determine the prospects of its development.
  2. Control, which involves the examination of financial results of business entities, associating this information with the actual data and the identification of measures to improve the efficiency of financial activities.
  3. Operational management, which is held for the current timely impact on financial activities, and taking urgent decisions on correction of its functioning.
  4. Information support, which supports analytical and communication resource which is used for the synthesis of planning, control and organization in a single system process.

The Aim pursued by financial management in the Russian Federation, consists primarily in providing the necessary balance of interests of the state and citizens in the sphere of financial-economic relations, creation of a balanced state budget and maintaining the sustainability of the exchange market of the country and the national currency.

All these provisions form the control system, which is implemented in practice with the strategic management and operational management. The first of these types consists in determining the financial resources of the state and the preparation of long-term programmes for their use. It is legislatively defined that strategic management is carried out by the country's Parliament, the presidential administration and the Ministry of Finance. The operational management is carried out by specific bodies of the financial infrastructure.


Article in other languages:

AR: https://tostpost.com/ar/business/22983-financial-management-in-russia-methods-tools-and-strategies.html

BE: https://tostpost.com/be/b-znes/40692-k-ravanne-f-nansam-rf-metady-nstrumenty-strateg.html

DE: https://tostpost.com/de/business/40256-die-verwaltung-der-finanzen-in-der-russischen-f-deration-methoden-werk.html

ES: https://tostpost.com/es/centro-de/39973-la-gesti-n-de-las-finanzas-de-la-federacin-rusa-m-todos-herramientas-y.html

HI: https://tostpost.com/hi/business/24587-financial-management-in-russia-methods-tools-and-strategies.html

KK: https://tostpost.com/kk/biznes/41072-arzhyny-bas-arudy-rf-d-ster-raldary-men-strategiyasy.html

PL: https://tostpost.com/pl/biznes/42910-zarz-dzanie-finansami-w-federacji-rosyjskiej-metody-narz-dzia-i-strate.html

UK: https://tostpost.com/uk/b-znes/41569-upravl-nnya-f-nansami-v-rf-metodi-nstrumenti-strateg.html

ZH: https://tostpost.com/zh/business/30144-financial-management-in-russia-methods-tools-and-strategies.html






Alin Trodden - author of the article, editor
"Hi, I'm Alin Trodden. I write texts, read books, and look for impressions. And I'm not bad at telling you about it. I am always happy to participate in interesting projects."

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