Regarding the Prospects for the Introduction of the Budgeting System of International Financial Organizations of the Future (Kazakhstan)
DOI:
https://doi.org/10.57125/FEL.2022.09.25.05Keywords:
budgeting, digitalization, financial activity, economy of the future, optimizationAbstract
The purpose of the article is to analyze the prospects for implementing a budgeting system for international organizations in the future. The article was written using the methods of analysis, synthesis, induction and deduction, comparative and systemic methods, and forecasting. Content analysis of the literature played an important role: more than 20 theoretical articles out of more than 50 found in search engines. The results examine the essence of the budgeting concept. It has been established that budgeting is a management technology that, based on the specifics of the entire industry and established budgets, ensures the operation of both individual structural units and the organization as a whole using planning tools, calculations, analysis, restrictions, incentives, control of income and expenses, assets and liabilities. Budgeting models of financial institutions are also analyzed, the main forms of budgeting are defined, and the relationship between the latest technologies and the improvement of management models of financial institutions is emphasized. The choice of the optimal budgeting model is associated with the availability of additional financial resources when implementing budgeting, the presence of relevant specialists in the institution, and awareness of the importance of the process of optimizing non-production costs. The conclusions conclude that decentralization of management plays an important role - the transition from a simple division of management powers by functions to the assignment of key tasks and indicators to the heads of structural divisions.
References
Asian Development Bank. (2021). Kazakhstan development finance assessment: February 2021. https://doi.org/10.22617/tcs200428-2
Bhushan, A. N., Lokesh, I., Kim H.-J., & Baofu, W. (2017). Capital budgeting. International Journal of Business Policy and Strategy Management, 4(2), 9–16. https://gvpress.com/journals/IJBPSM/vol4_no2/vol4_no2_2017%20Article%202.php
Butler, S. M. (2020). New budgeting tools will help foster social determinants of health. Jama, 323(3), 207–208. https://doi.org/10.1001/jama.2019.21007
Chan, J. L., Zhao, X., & Zhang, Q. (2020). Accounting for China’s government liabilities: After much progress, great tasks remain. Public Money & Management, 41(4), 315–324. https://doi.org/10.1080/09540962.2020.1816652
De Lombaerde, P. (2021). Adding numbers to complex processes: Asian integration indicator systems in perspective. Asia and the Global Economy, 1(2), Article 100017. https://doi.org/10.1016/j.aglobe.2021.100017
Drabek, Z. (2021). Governance of FDI and the East Asian economic community. Asia and the Global Economy, 1(1), Article 100001. https://doi.org/10.1016/j.aglobe.2021.100001
Dyussegaliyev, M., Sabirovа, R., Zinullina, A., & Kenzheshov, A. (2019). State budget of the Republic of Kazakhstan. Reports of NAS RK, 1(323), 99–103. https://doi.org/10.32014/2019.2518-1483.14
Engel, U., & Mattheis, F. (Eds.). (2019). The finances of regional organisations in the Global South: Follow the money (1st ed.). London: Routledge. https://doi.org/10.4324/9780429055874
Foster, T. A. (2017). Budget planning, budget control, business age, and financial performance in small businesses [Unpublished doctoral dissertation]. Walden University. https://scholarworks.waldenu.edu/dissertations/3605
Furjan, M., Tomičić-Pupek, K., & Pihir, I. (2020). Understanding digital transformation initiatives: Case studies analysis. Business Systems Research Journal, 11(1) 125–141. https://doi.org/10.2478/bsrj-2020-0009
Giesenow, F. M., de Wit, J., & de Haan, J. (2020). The political and institutional determinants of fiscal adjustmentsand expansions: Evidence for a large set of countries. European Journal of Political Economy, 64, Article 101911.https://doi.org/10.1016/j.ejpoleco.2020.101911
Groll, T., O’Halloran, S., & McAllister, G. (2021). Delegation and the regulation of US financial markets. European Journal of Political Economy, 70, Article 102058. https://doi.org/10.1016/j.ejpoleco.2021.102058
Harun, H., Carter, D., Mollik, A.T., & An, Y. (2020). Understanding the forces and critical features of a new reporting and budgeting system adoption by Indonesian local government. Journal of Accounting & Organizational Change, 16(1), 145–167. https://doi.org/10.1108/JAOC-10-2019-0105
Heald, D., & Wright, I. (2019). The UK's exit charge from the EU: Insights from modes of accounting. Abacus, 55(3), 557–581. https://doi.org/10.1111/abac.12166
Ibrahim, M. (2019). Designing zero-based budgeting for public organizations. Problems and Perspectives in Management, 17(2), 323–333.https://doi.org/10.21511/ppm.17(2).2019.25
Issatayeva, K. B., & Adambekova, A. A. (2016). The Republic of Kazakhstan budget system development and the increase of its transparency. American Journal of Applied Sciences, 13(4), 364–371. https://doi.org/10.3844/ajassp.2016.364.371
Johnson, C. L., & Abbas, Y. (2021). Financial management. In B. D. McDonald III & M. M. Jordan (Eds.), Teaching Public Budgeting and Finance: A Practical Guide (pp. 109–154). New York: Routledge. https://doi.org/10.4324/9781003240440-6
Kadyrovа, M. (2013). Topical issues of the budgeting process improvement in the public administration of the Republic of Kazakhstan. Public Policy and Administration, 12(3), 375–388. https://doi.org/10.5755/j01.ppaa.12.3.5296
Keng’ara, R., & Makina, I. (2020). Effect of budgetary processes on organizational performance: A case of Marine State Agencies, Kenya. Universal Journal of Accounting and Finance, 8(4), 115–130. https://doi.org/10.13189/ujaf.2020.080404
Lidia, T. G. (2014). Difficulties of the budgeting process and factors leading to the decision to implement this management tool. Procedia Economics and Finance, 15, 466–473. https://doi.org/10.1016/s2212-5671(14)00484-5
Lorain, M. A., García Domonte, A., & Sastre Peláez, F. (2015). Traditional budgeting during financial crisis. Cuadernos de Gestión, 15(2), 65–90.https://doi.org/10.5295/cdg.140480ag
Lysiak, L., Kachula, S., & Kulichenko, V. (2017). Ukraine-EU cooperation for realization of innovative projects and programs aimed at public financial management modernization. Problems and Perspectives in Management, 15(2–1), 212–221. https://doi.org/10.21511/ppm.15(2-1).2017.05
Mrochko, L. V., Spiridonova, G. V., & Zhuk, A. A. (2021).Digital transformation and business adaptation during the lockdown period. Economic and Socio-Humanitarian Studies, 32(4), 25–36. https://doi.org/10.24151/2409-1073-2021-4-25-36
Regan, T. H., & Brown, M. T. (2021). Budgeting. In M. T. Brown, D. A. Rascher, M. S. Nagel, & C. D. McEvoy (Eds.), Financial Management in the Sport Industry, (pp. 186–219). New York: Routledge. https://doi.org/10.4324/9780429316746-8
Saksonova, S., & Savina, S. (2016). Financial management as a tool for achieving stable firm growth. Economics and Business, 29(1), 49–55. https://doi.org/10.1515/eb-2016-0021
Sembiyeva, L., Beisenova, L., Shakharova, A., & Zhagyparova, A. (2020). The role of budget planning in improving the efficiency of economic policy in Kazakhstan. Perspectives on Culture, 28(1), 43–68. https://doi.org/10.35765/pk.2020.2801.07
Schiavo-Campo, S. (2017). Government budgeting and expenditure management: Principles and international practice (1st ed.). New York: Routledge. https://doi.org/10.4324/9781315645872
Sharma, U., & Frost, D. (2020). Social capital and the budgeting process: A study of three organisations. Accounting Forum, 44(4), 376–397. https://doi.org/10.1080/01559982.2020.1777637
Smorada, M., Lukáčková, A., Hajduová, Z., Šrenkel, Ľ., &Havier, J. (2021). Business management and methods of predictive financial analysis companies. Linguistics and Culture Review, 5(S4), 1754–1768. https://doi.org/10.21744/lingcure.v5ns4.1857
Stern, L., & Gold, J. (2021). Budgeting. In Stage Management. New York: Routledge, 89–97. https://doi.org/10.4324/9781003126287-7
Sytnyk, N., Onyusheva, I., & Holynskyy, Y. (2019). The managerial issues of state budgets execution: The case of Ukraine and Kazakhstan. Polish Journal of Management Studies, 19(1), 445–463. https://doi.org/10.17512/pjms.2019.19.1.34
van Helden, J., & Hodges, R. (2015). Financial statements of public sector organizations. In Public Sector Accounting and Budgeting for Non-Specialists (pp. 39–65). Palgrave Macmillan. https://doi.org/10.1007/978-1-137-37699-2_3
Ziadlou, D. (2021). Strategies during digital transformation to make progress in achievement of sustainable development by 2030. Leadership in Health Services, 34(4), 375–391. https://doi.org/10.1108/lhs-08-2020-0056
Zietlow, J., Hankin, A., Seidner, A., & O'Brien, T. (2018). Long-range financial planning and capital budgeting. In Financial management for nonprofit organizations (pp. 389–445). John Wiley & Sons, Inc. https://doi.org/10.1002/9781119419242.ch9
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2022 authors
This work is licensed under a Creative Commons Attribution 4.0 International License.
