APPLIED ASPECTS OF MODERN ANTI-CRISIS FINANCIAL MANAGEMENT

Abstract

The essence and impact of crises on the activities and future of enterprises are studied, a critical analysis of scientific and applied sources on anti-crisis financial management is conducted, it is found that crises can occur at all stages of the enterprise life cycle. For early recognition of the signs and causes of the crisis in the enterprise, its prevention and elimination, it is necessary to use special methods of comprehensive diagnosis of the state of the enterprise. It is revealed that in the process of anti-crisis financial management a number of tasks are solved: adaptation to the environment; redistribution of resources; strengthening the company’s market position; formation of strategic vision of managers. Measures on anti-crisis financial management are considered on the example of two companies, the common feature of which is that a comprehensive financial analysis of each of them showed very contradictory results. It is proposed to introduce an early warning system in the framework of anti-crisis financial management, as the typical problems of most companies are ineffective risk management because of late detection and neutralization. It is proposed to create an early warning system based on a system of balanced scorecard, supplemented by an innovative component. Based on the developed strategic map of MS Trade Ukraine LLC, the main target indicators were determined, to which the rating method was applied. The analysis showed almost the lowest limit of satisfactory efficiency of MS Trade Ukraine LLC and the fact that the biggest problems are with the financial component. A system of anti-crisis management measures has been developed for NOVA TV and Radio Company LLC: delegation of powers; reporting optimization; detailing information; updating of reporting; reduction of costs, among which it is first proposed to improve the automation of enterprise accounting, as well as to establish a budgeting system and management accounting in general. All standard directories and analysts of the system are set up for management accounting, budgets are developed, the data of which are used to form the main report of the system, which is called «Management balance sheet». Such measures allowed to provide up-to-date information on accounting and management accounting and analysis, as well as significantly reduce the complexity of collecting data required for management, and automatically transform the collected information into the form required by top management. Also, NOVA TV and Radio Company LLC has been offered ways to optimize the budget process, which allows for high-quality modeling and forecasting of business development on the basis of mathematical models. The introduction of a specialized budgeting contour helped to quickly compile the cash flow budget, expenditure and revenue budget, forecast balance, minimize the human factor in the preparation of financial statements, make full use of the strategy (plan the budget based on previous periods, taking into account factors).

Keywords

• anti-crisis financial management
• early warning and response system
• accounting automation
• budgeting
• balanced scorecard
• management accounting
• strategic map