Financial management in Russia: methods, tools and strategies

One of the most important factors for maintainingeconomic stability in the state is to ensure the effective management of the financial system. Proceeding from this thesis it follows that financial management and financial policy represent one of the functions of the state in the economic sphere.

Management in its most general form issystematic process of targeted influence of the management entity (in this case, the state) on the object (financial system) in order to maintain it in the required prescribed mode of operation or transfer to another mode of operation. In a broader sense, the whole aggregate of financial relations in a state that is determined by the political and state system, the type of economic system and the nature of the influence of the state institutions themselves on the financial system can be considered as management objects.

As in any country, financial management in Russiainvolves the creation of the necessary infrastructure, the configuration and composition of which are determined by managers (for each level of government - federal, regional, corporate, etc.) of the relevant management entity.

At the level of a single enterprise, aa special apparatus of financial management, which includes representatives of the Directorate, Accounting and Management Services. At the state level, an institution for managing the financial system is created, which includes specialized management bodies, norms, laws and rules for the functioning of the system, financial relations, as well as legislatively agreed types and methods of management.

In accordance with world practice, managementfinances in the Russian Federation has two types: management of methods of direct influence on financial policy and financial relations and methods of indirect influence.

Among the methods of indirect impact should be attributed:

• antimonopoly policy and antimonopoly legislation;
• formation of a normal competitive environment in the country's markets;
• application of methods of state regulation of business activities of state monopolists, especially in the field of pricing;
• providing guaranteed protection to business entities in the field of settlement and payment transactions;
• implementation of a balanced and predictable customs policy;
• assistance in the development of markets, especially the financial and capital markets.

Direct financial management in Russia is carried out through:

• licensing certain types of commercial and financial activities;
• use of the resources of state monopolies;
• implementation of social policy;
• distribution of benefits and preferences between certain categories of taxpayers;
• Authorization of violations in the field of financial relations.

As the main instruments, state financial management is used:

1. Planning - a type of activity to assess the current state of the financial system and determine the prospects for its development.
2. Control, which involves acquaintance with theresults of financial activity of business entities, comparison of this information with actual data and identification of measures to improve the efficiency of financial activities.
3. Operational management, which is conducted for the current timely impact on financial activities, and the adoption of urgent decisions to correct its functioning.
4. Information support, acting as an analytical and communicative resource, through which the synthesis of planning, control and organization in a single system process.

The goal pursued by financial management inFirst of all, in ensuring the necessary balance of interests of the state and citizens in the sphere of financial and economic relations, creating a deficit-free state budget and maintaining the stability of the currency market of the country and the national currency.

All these provisions form a systemmanagement, which is implemented in practice through strategic management and operational management. The first of these types is to determine the amount of financial resources of the state and prepare long-term programs for their use. Legislatively it is determined that the strategic management is carried out by the country's parliament, the presidential administration and the ministry of finance. Operational management is carried out by specific bodies of financial infrastructure.