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

Vol. 25, Iss. 2, FEBRUARY 2019

Received: 5 December 2018

Received in revised form: 19 December 2018

Accepted: 9 January 2019

Available online: 28 February 2019

Subject Heading: Financial control

JEL Classification: G30

Pages: 360–374

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

Lisova E.A. 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


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