FINANCIAL MANAGEMENT

Topic Name -:  Financial management

Author -:  Bhakti Ashok Todankar

Roll No -: 0222122

 

Literature review

Heading -:  The Importance of Planning: How Financial Management Competencies Affect the Performance of Nonprofit Organizations

 Stuhlinger Sara (2022) says that  Its academic contribution lies in developing a scale to measure FMCs and developing a model on the relationship between FMCs and measures of performance. The study emphasizes the importance of FMCs in general, but especially competencies in strategic financial planning, Budgeting, and Financial ratios for the success of an organization. The study adds to the understanding that financial performance is associated with long-term planning.

 Heading -:  The Connective Tissue: Digital Process Automation and DoD Financial Management.

Moak Jonathan & Zamanzada Tahera (2022) Says that a white paper written by Grant Thornton Public sector to address the challenges faced by the United States Department of Defense (DoD) in Managing its financial operations and how digital process automation (DPA) can help address these challenges. The Paper highlights the current state of financial management in the DoD, such as fragmented processes, outdated Systems, and human error, leading to inefficiencies, inaccuracies, and delays in financial reporting.

Heading -: Financial Management Practice of Indian Small and Medium Enterprises (SMEs): A study of the Food Processing Sector.

Sreenu Nenavath (2021) Says that this research paper discussed the issues related to the food processing industry on a qualitative and quantitative basis, concerning the financial management practices of SMEs. It is suggested that policy formulators and practitioners should take the necessary steps to make this sector more dynamic and vibrant. Further, it is envisaged that the methodology of this study can guide scholars to undertake similar studies in various regions.

Heading -: Investors take note: Complexity and Disclosure Efficacy Concerns AMID A Structured Notes Renaissance.

Freund Jacob (2023) Says that the article discusses the increasing popularity of structured notes among investors while highlighting concerns regarding their complexity and the effectiveness of disclosure practices. It emphasizes the importance of addressing these concerns through enhanced transparency and improved disclosure efficacy to protect investors and promote informed decision-making in the structured notes market.

Heading -: Putting Big Data Analytics into Practice for Army Financial Management.

Ladny Kristof (2021) Says that is a comprehensive report that explores the integration and utilization of big data analysis in the financial management operations of the Army.  The reports aim to highlight the potential benefits, and implementation strategies associated with leveraging big data analytics in this specific domain. The authors discuss various applications of big data analytics in Army financial management, such as budget forecasting, expenditure analysis, fraud detection, and risk assessment.

 

Heading -: Where Behavioral Finance and Embedded Finance Intersect.

Fava Dani (2023) Says that the article discusses how clients can use impulse spending to affect financial planning and goal setting. It covers embedded finance, which takes advantage of traditional financial services, and how to leverage social components to communicate on transactions and provide information on contacts’ social and spending habits.

 

Heading -: Financial Management in the Army.

Davis Chester R. (2021) Says that the article highlights the efforts of individuals working in or interested in comptrollership activity within the defense department to foster a collaborative environment where they can share ideas and discuss solutions to common problems. The objective is to contribute to advancements and progress in the field of comptrollership, which plays a vital role in management.

Heading -: Auditor or Adviser? Auditor (In) Dependence and Its Impact on Financial Management.

Yang Lang (2021) Says that the study tests the dual functions of external auditors an examiner who assesses government compliance and an adviser who supplements government financial management capacity. Computational text analyses show that localities, especially those with lower financial management capacity, are likely to adopt similar language in summarizing the governments’ financial conditions if they share the same auditor.

Heading -: Financial Literacy, Money Management skills, and credit card repayments.

Hamid Fazelina Sahul & Loke Yiing Jia (2021) Says that the relationship between socioeconomic factors, financial literacy, money management skill, overspending, and impulsiveness in credit card repayment decisions. Analysis based on a sample of 451 credit card users in Malaysia showed that socio-economic factors related to education, income, ethnicity, marital status, and number of credit cards held influence credit card repayment decisions.  

Heading -: Public Financial Management Systems in Bangladesh: An Ideological Review.

Shil Nikhil Chandra & Chowdhury Anup (2020) Says that Bangladesh is aiming to become a developed country by 2041, and has already achieved milestones such as MDGs, Middle-income country status, and improving life expectancy. To accommodate these challenges, the public sector has undergone significant changes, but cultural maturity and collectivism are important precursors. This study reviews public financial management systems in Bangladesh.

Conclusion

 I will say that financial management is important to all sectors. I read all article that shows how financial management competencies affect the performance of nonprofit organizations and emphasizes the importance of FMCs in strategic financial planning, budgeting, and financial ratios for the success of an organization.  They highlight the current state of financial management in the DoD, such as fragmented processes, outdated systems, and human error, leading to inefficiency, inaccuracies, and delays in financial reporting. Policy formulators and practitioners should take steps to make the structured notes market more dynamic and vibrant. The complexity and effectiveness of disclosure practices in structured notes explore the integration and utilization of big data analytics in army financial management and discuss how clients can use impulse spending to affect financial planning and goal setting.

Also, I have studied the dual functions of external auditors and advisers in financial management. The relationship between socioeconomic factors, financial literacy, money management and skills, overspending, and impulsiveness in credit card repayment decisions.

 

Reference -:

  • DAVIS, C. R. (2021) Financial Management in the Army. Armed Forces Comptroller, [s. l.], v. 66, n. 3, p. 12–15, 2021. Disponível em: https://discovery.ebsco.com/linkprocessor/plink?id=e5a5ae57-e073-3ddb-8b45-401f802031ec. Acesso em: 12 maio. 2023.
  • FAVA, D. Where (2023) Behavioral Finance and Embedded Finance Intersect. Journal of Financial Planning, [s. l.], v. 36, n. 1, p. 54–57, 2023. Disponível em: https://discovery.ebsco.com/linkprocessor/plink?id=565800c8-1b62-3430-8a1d-be0789a6e340. Acesso em: 12 maio. 2023.
  • FREUND, J. (2023) Investors Take Note: Complexity and Disclosure Efficacy Concerns Amid a Structured Notes Renaissance. Columbia Law Review, [s. l.], v. 123, n. 1, p. 139–182, 2023. Disponível em: https://discovery.ebsco.com/linkprocessor/plink?id=457062a0-2f7f-36f0-92ff-a9fae9a4476b. Acesso em: 12 maio. 2023.
  • HAMID, F. S.; LOKE, Y. J. (2021) Financial literacy, money management skill and credit card repayments. International Journal of Consumer Studies, [s. l.], v. 45, n. 2, p. 235–247, 2021. DOI 10.1111/ijcs.12614. Disponível em: https://discovery.ebsco.com/linkprocessor/plink?id=422cdc00-80a0-3c9c-acbd-18f9cc3017a7. Acesso em: 12 maio. 2023.
  • LADNY, K. (2021) Putting Big Data Analytics into Practice for Army Financial Management. Armed Forces Comptroller, [s. l.], v. 66, n. 3, p. 20–23, 2021. Disponível em: https://discovery.ebsco.com/linkprocessor/plink?id=4744d646-d02d-392a-90cb-1aec11b3bf55. Acesso em: 12 maio. 2023.
  • MOAK, J.; ZAMANZADA, T. (2022) The Connective Tissue: Digital Process Automation and DoD Financial Management. Armed Forces Comptroller, [s. l.], v. 67, n. 1, p. 14–17, 2022. Disponível em: https://discovery.ebsco.com/linkprocessor/plink?id=a2639644-d750-37bc-964a-003e94b7e24b. Acesso em: 12 maio. 2023.
  • SHIL, N. C.; CHOWDHURY, (2020) Public Financial Management Systems in Bangladesh: An Ideological Review. Journal of Management & Public Policy, [s. l.], v. 12, n. 1, p. 17–37, 2020. DOI 10.47914/jmpp.2020.v12i1.002. Disponível em: https://discovery.ebsco.com/linkprocessor/plink?id=7def9465-0349-3e24-8ab2-3f649ccd1c8a. Acesso em: 12 maio. 2023.
  • SREENU, N. (2021) Financial Management Practices of Indian Small and Medium Enterprises (SMEs): A Study of the Food Processing Sector. South Asian Journal of Management, [s. l.], v. 28, n. 3, p. 165–178, 2021. Disponível em: https://discovery.ebsco.com/linkprocessor/plink?id=810fb92c-7b68-396e-b4e1-f31c3539919c. Acesso em: 12 maio. 2023.
  • STÜHLINGER, S.(2022)The Importance of Planning: How Financial Management Competencies Affect the Performance of Nonprofit Organizations. Public Administration Quarterly, [s. l.], v. 46, n. 3, p. 211–237, 2022. DOI 10.37808/paq.46.3.2. Disponível em: https://discovery.ebsco.com/linkprocessor/plink?id=3fe00800-f793-39cf-9999-12d9a68bd6aa. Acesso em: 12 maio. 2023.
  • YANG, L. (Kate). (2021) Auditor or Adviser? Auditor (In)Dependence and Its Impact on Financial Management. Public Administration Review, [s. l.], v. 81, n. 3, p. 475–487, 2021. DOI 10.1111/puar.13313. Disponível em: https://discovery.ebsco.com/linkprocessor/plink?id=3c98e2d9-ce9d-345f-8ca8-11e8984a8dd5. Acesso em: 12 maio. 2023.

Leave a comment