Tkachenko Volodymyr, PhD (Economics), Associate Professor, Associate Professor of the Department of Enterprise Economics, University of the State Fiscal Service of Ukraine, Irpin, Ukraine

ORCID ID: 0000-0003-4915-2518
e-mail: 30122013a@gmail.com

Dziadyk Khrystyna, applicant first higher education (bachelor) level, University of the State Fiscal Service of Ukraine, Irpin, Ukraine

e-mail: thumbelina03@ukr.net

Financial Cycle Controlling in the Anti-Crisis Financial Management System of the Enterprise

Abstract. Introduction. The stabilization of the domestic economy and the gradual increase of the economic potential of the state are directly related to the stable development of industry. In the difficult socio-economic conditions of industrial enterprises, there are factors of external and internal nature that destabilize their production activities. Imperfect legal framework, disproportionate taxation system, underdeveloped production infrastructure from the outside, as well as inefficient financial planning and asset management, a high degree of moral and physical deterioration of industrial enterprises, inability to timely diagnose negative trends in their activities – from within, financial management.

Purpose. The establishment of anti-crisis financial control with its subsequent transformation into classical financial controlling should be a dominant component of the anti-crisis concept of any enterprise. Controlling service, by its nature, becomes the most important intellectual and innovative resource of the enterprise. One of the controlling objects of management in the system of financial crisis management are the financial cycle of the enterprise. In order to determine what kind of anti-crisis measures should be taken at the enterprise, it is necessary to analyze the influence of various factors on the value of the financial cycle of the enterprise. To this end, a regression analysis will be performed.

Conclusions. Diagnostics is an important component of an enterprise’s financial crisis management and should be undertaken well in advance of the clear signs of a financial crisis that make it possible to identify reasonable measures needed to prevent the occurrence of a financial crisis or overcome an already existing financial crisis; assess the scale and depth of the crisis. In this context, controlling is one of the effective tools of crisis management. Since controlling is not a sufficiently advanced system in crisis management, it requires periodic improvements and implementations, in particular, the improvement of crisis response systems, the creation of separate units of enterprise control, the development of early warning systems and response to crisis management controlling in crisis management of the enterprise.

Results. Controlling is aimed at functional support of crisis management. Controlling in the system of crisis management is a system of methods and tools to support management decision-making, planning and control over unstable conditions of activity of the enterprise in the course of performing the services of controlling its functions.

Keywords: controlling; financial controlling; anti-crisis financial management; economic-mathematical modeling; anti-crisis program.

References:

1. Krystek, У., Moldenhauer, Р. & Evertz, D. (2009). Controlling in aktuellen Krisenerscheinungen: Lösung oder Problem? Controlling & Management, 3, 164-168 [in English].
2. Lindgren, C., Balico, T., Enoch, С., Guide, А.-М., Quintyn, М. & Teo, L. (2009). Financial Sector Crisis and Restructuring. Lessons from Asia. IMF Occasional Paper, 188. [in English].
3. Tytenko, L. V. (2018). Economic security as an element of strategic management system: accounting and analytical aspect. Baltic Journal of Economic Studies, 4, 309–318. doi: https://doi.org/10.30525/2256-0742/2018-4-3-309-318 [in English].
4. Bohdan, S. V., Tytenko, L. V. & Mizirenko, O. S. (2018). Management internal control in the system of providing economic security of the enterprise. Ekonomika ta suspiljstvo, 19, 1358-1363. doi: https://doi.org/10.32782/2524-0072/2018-19-202 [in Ukrainian].
5. Ghajevsjka, L. M. & Marchenko, O. I. (2019). Pidpryjemnycjka dijaljnistj. Universytet DFS Ukrajiny. [in Ukrainian].
6. Ivanova, N. Ju. & Sokolova, N. M. (2015). Conceptual approach to anti-crisis monitoring of the enterprise. Naukovi zapysky. Ekonomichni nauky, 44, 85-88 [in Ukrainian].
7. Lipych, L. Gh. & Ghadzevych, I. O. (2012). Controlling in the crisis management system. Visnyk Nacionaljnogho universytetu «Ljvivsjka politekhnika», 722, 377-381 [in Ukrainian].
8. Majevsjka, Ja. V. (2009). Types and place of financial controlling in the enterprise. Naukovyj visnyk NLTU Ukrajiny, 19.6, 47-52 [in Ukrainian].
9. Ostrovsjka, O. A. (2014). An innovative resource for controlling in the crisis management of corporate finances. Finansy Ukrajiny, 3, 100-113 [in Ukrainian].
10. Pajanok, T. M., Krajevsjkyj, V. M., Paranycja, N. V. & Boghdan, S. V. (2020). Ekonometryka: prykladnyj aspekt. Universytet derzhavnoji fiskaljnoji sluzhby Ukrajiny [in Ukrainian].
11. Public Joint Stock Company Lvivskyi miskyi molohnyi zavod. Retrieved from http://lvivmoloko.pat.ua/
12. Savchenko, A. M. & Pajanok, T. M. (2017). Analysis of receivables of the enterprise using economic and mathematical methods. Ekonomist, 3, 27-32 [in Ukrainian].
13. Savchuk, D. Gh. & Tereshhenko, O. O. (2011). The current state and prospects of development of financial controlling. Finansy Ukrajiny, 2, 117-126 [in Ukrainian].
14. Skoryk, M. O. & Prokopenko, N. S. (2017). Problems of financial support for the development of small business in Ukraine. Ekonomika upravlinnja, 3(75), 109-114 [in Ukrainian].
15. Tereshhenko, O. O. (2004). Antykryzove finansove upravlinnja na pidpryjemstvi. K. KNEU [in Ukrainian].