Much attention was paid to the implementation of financial reforms in the Russian Empire. The most significant works include works on the history of finance. It is particularly important to emphasize the importance of research on the formation of the Ministry of Finance, which was an integral part of the financial and legal reform in the empire of the first half of the XIX century. Archaic, contradictory legal norms, lagging behind public relations, the constant growth of public debt, the absence of a single state budget, high inflation rates and a chronic budget deficit are features that characterize the financial system of the Russian Empire at the turn of the XVIII-XIX centuries.
A letter report issued by the General Accounting Office with an abstract that begins "The District of Columbia is acquiring a new financial management system to improve its accountability over government expenditures. This report assesses the status of the District of Columbia's implementation of important components of this system, including its new core general ledger System of Accounting and Reporting (SOAR). GAO found that although the District is in its fourth year of implementing its new financial management system, essential elements of the system are not yet operational. Two components of SOAR have not been fully implemented: the budget module is on hold, and the fixed assets module is incomplete. The implementation of the systems that feed into SOAR--personnel and payroll, procurement, and tax--is incomplete and the systems lack electronic interfaces with SOAR. Because the financial management system is incomplete, much of the District's financial management and budget information is produced through cumbersome, manual processes and the extraordinary efforts of a few key staff. District officials need to take time to assess the current status of the city's financial system, to identify problems, and to establish a disciplined process to address these problems through the completion of its financial systems implementation."
Testimony issued by the Government Accountability Office with an abstract that begins "GAO has previously reported on systemic problems the federal government faces in achieving the goals of financial management reform and the importance of using disciplined processes for implementing financial management systems. As a result, the Subcommittee on Government Efficiency and Financial Management, House Committee on Government Reform, asked GAO to review and evaluate the agencies' plans and ongoing efforts for implementing financial management systems. The results of GAO's review of the Department of Health and Human Services' (HHS) ongoing effort to develop and implement the Unified Financial Management System (UFMS) are discussed in detail in the report Financial Management Systems: Lack of Disciplined Processes Puts Implementation of HHS' Financial System at Risk (GAO-04-1008). In this report, GAO makes 34 recommendations focused on mitigating risks associated with the project. In light of this report, the Subcommittee asked GAO to testify on the challenges HHS faces in implementing UFMS."
For Papua New Guinea (PNG) to achieve its development aspirations, effective utilisation of public expenditure is essential. However, significant weaknesses exist in its decentralised political, fiscal and administrative arrangements, which open up spaces for corruption. This paper explores the potential of technology-based corruption reporting in the midst of substantial fiscal and logistical pressures. The research was designed to be of practical assistance to those with an interest in innovative uses of technology, while also contributing to broader debates about the potential strategic use of mobile telephony in developing countries. As widespread mobile phone networks are relatively new in the Pacific region, the findings presented are the first to explore mobile phone use for corruption reporting in any detail, which helps to fill gaps in the literature regarding potential future opportunities. In PNG, public officials responsible for administering funds have lacked anonymous and accessible ways to report corrupt practices. In response, the PNG Department of Finance, with support from the Australian Government and the United Nations Development Program, has established a way for public officials working in the public financial management system to anonymously report cases of corruption through a mobile phone text messaging service. All reported cases are referred to the Internal Audit and Compliance Division in the Department of Finance for further investigation, in collaboration with relevant state authorities. This paper reports on this innovative approach to expand corruption reporting practices in PNG based on the experiences of public officials using this new reporting mechanism. Overall, the findings show that the service has been well utilised, with hundreds of ongoing investigations and several arrests. However, it is argued here that while the project is proving to be successful, its expansion should be very carefully and cautiously planned. The current context of PNG's public financial management system is explained first, before the project is introduced. The paper presents the research design and findings, followed by a discussion of practical recommendations and implications for the domains of policy and theory. Finally, the conclusion presents suggestions for further research. ; AusAID
The purpose of this study was to investigate the contribution of integrated financial management system to the government revenue (the case of federal government of Somalia). The study adopted descriptive research design and the data is collected from the federal government budgets, IMF and World Bank reports and other various research journal articles. The study found that the revenue of federal government of Somalia for the years (2013-2018) has increased due to the adoption of the SFMIS. The study revealed that the domestic revenue increased from US$ 69.2 in 2013 to US$ 84.3 in 2014 and decreased from US$ 114.3 to US$ 112.7 during 2015 and 2016 respectively due to the shortage of revenue collection. There is also an increase in domestic revenue from US$ million 112.7 to US$ million 142.6 2016 /2017 respectively. The change in amount is 29.9 In US$ million and 26.5 in Change %. In addition, the domestic revenue has increased 29.9 In US$ million between 2017 and 2018 from US$ million 142.6 to US$ million 172.5 and it is projected at US$ 189 million which means 10.09% increase in fiscal year 2019. Therefore, Somali financial management information system (SFMIS) had very positive impact on domestic revenue, which has grown from US$ 114.2 million in 2016 to US$ 172 million in 2018 and is projected at US$ 189 million in fiscal year 2019. The study also revealed the Donor fund received by the federal government of Somalia has increased (US$ 41.67, US$ 61.0, US$ 26.9, US$ 58.4, US$ 105.6 and US$124.6) from 2013- 2018 in increasing rate though it has dropped in 2015 and it was estimated US$ 154.3 in 2019 due to the effectiveness of Somali financial management information system (SFMIS) which built the confidence and relationship with Development Partners (DPs) that public fund will be managed in a transparent, equitable and accountable manner. The study concluded that the revenue of federal government of Somalia for the years (2013-2018) increased and projected to increase in fiscal year 2019 due taxes, increase in ...
Subject of research: applied principles of social expenditure management within the public finance system. The purpose of the article is the development of scientific and pragmatic recommendations for improving the efficiency and quality of budget social expenditures in the public financial management system. Methodology of work. The set of scientific methods and approaches, including the method of system analysis, comparison, generalization, etc., was applied in the work, which allowed to realize the conceptual unity of the research. Results of work. Taking into account the identified problems in the work, a set of scientific and pragmatic recommendations was proposed on how to increase the efficiency of budgetary social expenditures on the basis of budget implementation for citizens. The necessity of introduction of the state order for social services and its competitive placement, improvement of pricing through payment of services as a result of reduction of the budget of the maintenance of the corresponding budgetary institutions, involvement of the non-governmental organizations for realization of social protection of the population, application of marketing tools for an estimation of the social services market. clarification of financial indicators in the formation and implementation of the budget for citizens, state social programs. The application of these proposals will contribute to the further modernization of the public financial management system. Practical Implications: organization and conduct of research in the field of improving the system of public finance in the conditions of transformational changes. Conclusions: The necessity of the development and implementation of an effective monitoring, evaluation and social audit system for providing social support has been proved. It has proposed to increase the efficiency of administrative decisions in the system of providing social support by creating a unified database of recipients of all types of social assistance, a single information environment for social protection institutions of the population, the Pension Fund of Ukraine, the State Fiscal Service of Ukraine, the Ministry of Internal Affairs of Ukraine, and civil registration authorities.
The purpose of this study was to investigate the contribution of integrated financial management system to the government revenue (the case of federal government of Somalia). The study adopted descriptive research design and the data is collected from the federal government budgets, IMF and World Bank reports and other various research journal articles. The study found that the revenue of federal government of Somalia for the years (2013-2018) has increased due to the adoption of the SFMIS. The study revealed that the domestic revenue increased from US$ 69.2 in 2013 to US$ 84.3 in 2014 and decreased from US$ 114.3 to US$ 112.7 during 2015 and 2016 respectively due to the shortage of revenue collection. There is also an increase in domestic revenue from US$ million 112.7 to US$ million 142.6 2016 /2017 respectively. The change in amount is 29.9 In US$ million and 26.5 in Change %. In addition, the domestic revenue has increased 29.9 In US$ million between 2017 and 2018 from US$ million 142.6 to US$ million 172.5 and it is projected at US$ 189 million which means 10.09% increase in fiscal year 2019. Therefore, Somali financial management information system (SFMIS) had very positive impact on domestic revenue, which has grown from US$ 114.2 million in 2016 to US$ 172 million in 2018 and is projected at US$ 189 million in fiscal year 2019. The study also revealed the Donor fund received by the federal government of Somalia has increased (US$ 41.67, US$ 61.0, US$ 26.9, US$ 58.4, US$ 105.6 and US$124.6) from 2013- 2018 in increasing rate though it has dropped in 2015 and it was estimated US$ 154.3 in 2019 due to the effectiveness of Somali financial management information system (SFMIS) which built the confidence and relationship with Development Partners (DPs) that public fund will be managed in a transparent, equitable and accountable manner. The study concluded that the revenue of federal government of Somalia for the years (2013-2018) increased and projected to increase in fiscal year 2019 due taxes, increase in ...
The article analyzes the main transformational trends in the economy based on the implementation of the concepts of Industry 4.0 and Industry 5.0. The main directions of digitalization in the financial, industrial, trade and social spheres are identified. The article discusses modern approaches to financial management based on the application of innovations, digital technologies and the principles of sustainable development. The research uses methods of analysis and synthesis, comparison, methods of systematization, generalization of theoretical aspects in the field under study. Based on the results of the study, the systematization of modern tools and technologies of financial management in the context of digital transformation is carried out.
The article is devoted to the consideration of theoretical and practical aspects of internal state financial control, namely digitalization, as the most effective tool of the financial control reform carried out by the state. "Digitali-zation" is defined as the process of introducing new digital technologies into all spheres of human life. The main goal of the digitalization of state financial control is the effective use of technologies to ensure transpar-ency, efficiency and responsibility in the management of public finances. Digital tools allow automating and simplifying the processes of collecting, analyzing and controlling financial data, as well as improving the accu-racy and reliability of information. Digitalization has become an engine, a driver of global development, ensur-ing an increase in the efficiency of the economy, also increases the effectiveness of state control and improv-ing the quality of life. The elements of the system of reforming the state financial control are highlighted. It also presents the analysis of current trends in the development of digitalization of state control in Russia. One of the main advantages of digitalization of internal state financial control is the increase of efficiency and accuracy of this process. An important aspect of the article is the consideration of the application of digital technologies in the process of organization of internal state financial control, improvement of its elements.
Despite the absolute number of developments and products of enterprise management systems and platforms, there are still limited ways to achieve risk assessment of enterprise financial management by energy enterprise stakeholders. To reduce the financial management pressure of energy enterprises as well as to reduce enterprise financial risks, this paper establishes an Internet of Things(IOT) financial management system. The system was also comprehensively evaluated based on the financial risk management status of each company for the period 2016-2020. The results show that a significant increase in the share of non-current liabilities was observed after the introduction of the IOT-based financial management system in 2018. Relative to the 2017 data, the current liability ratio decreased by 2.96%, 7.98%, and 14.59% for 2018, 2019, and 2020, respectively. The ratio of corporate investments to revenue decreased by 8.74%, 22.91% and 16.83%, respectively. Investments as a percentage of earnings decreased by 6.22%, 5.48%, and 6.82%, respectively. The ratio of undistributed earnings decreased by 9.69%, 18.82% and 35.39%, respectively. Finally, the introduction of the IOT's financial management system reduced financial management costs by a factor of 2.822, 4.358 and 5.501, respectively. And the cost of managing people in an integrated manner was reduced by 2.964, 3.012 and 4.004 times respectively.
