V.A. Vlasenko, Candidate of Economic Sciences, Associate Professor
A. Hassani, Master's student
Higher Educational Establishment of Ukoopspilka «Poltava University of Economics and Trade»

FORMATION OF COMPONENT SYSTEMS OF FINANCIAL MANAGEMENT AT THE MODERN BUSINESS ENTERPRISE IN THE CONDITIONS OF MARKET TRANSFORMATIONS

The transformation processes taking place in various levels and sectors of the national economy have led to an increase in the role and importance of effective management of financial resources in each enterprise. The development of socio-economic systems in the context of dynamic changes in the external environment and increasing market competition is impossible without integrated financial management, which is one of the most important components of economic growth of any market entity. 
Therefore, the formation of an effective system of financial management in the enterprise requires the use of a wide arsenal of management techniques.
An important contribution to the development of the theory and practice of financial management, management of financial resources of enterprises has been made by modern scientists, among which should be singled out M.D. Bilyk, I.O. Blank, E. F.Brigham, L.D. Buryak, A. King, G.G. Kireitsev, V.V. Kovalev, S.A. Kuznetsov, L.V. Oliynyk, A.M. Podderogin, G.V. Savitska, O.O. Sheremet, E.S. Stoyanov, O.O. Tereshchenko, J. K. Van Horn, and others [2, 4-6].
Along with this, the development of an effective system of financial management at the level of enterprises of various forms of ownership and industry affiliation in conditions of fierce competition and deepening economic crisis is an urgent scientific task that requires careful and in-depth study.
The purpose of the study is to substantiate the peculiarities of the formation of the components of the financial management system in a modern business enterprise in market conditions.
Leading scholars in the field of financial management note that the content of financial management is to manage the formation, distribution and use of financial resources of economic entities and optimize the turnover of their funds [2, p. 14]. A.M. Podderogin believes that the concept of «financial management» can be considered simultaneously in three aspects: as a system of rational financial management of the enterprise, as a financial management body of the enterprise, as a form of entrepreneurial activity [5, p. 8-9]. E.S. Stoyanova notes that «the material basis of financial management is the cash flows of the enterprise, which are embodied in the real cash flow caused by the movement of value» [6, p. 172].
The main purpose of financial management at the present stage is to ensure the welfare of owners of capital, which is embodied in the maximum market value of the enterprise or its shares [4, p. 23].
In addition, researchers argue that the system of financial management in the enterprise should be aimed at solving the following main tasks:
1) financial support of current production and economic activities;
2) search for reserves to increase income, profit, increase profitability and solvency;
3) fulfillment of financial obligations to other economic entities, budget, banks, etc .;
4) control over the effective, targeted allocation and use of financial resources [3, p. 196].
In our opinion, the importance at the level of each enterprise should be given to the peculiarities of the formation of an effective financial management system, as well as its constituent subsystems: the system of organizational and information support (information system) and internal financial control (controlling).
The system of organizational support of financial management should be an interconnected set of internal structural services and units of the enterprise, providing development and management decisions on certain areas of its financial and economic activities and are responsible for the results of these decisions (senior management, financial manager, chief accountant).
At the present stage, financial managers can work in analytical, economic, financial, investment services of enterprises of the real sector of the economy; in corporate finance departments and in analytical services of financial sector companies; in consulting companies specializing in management and financial consulting and valuation activities; in financial-analytical agencies, in analytical centers dealing with economic policy and development of domestic and international business, in academic organizations (institutes, laboratories) and university departments and centers that develop and improve the principles of corporate finance management [1, p. 257].
That is, it can be stated that recently there has been an intensification of the professional activity of financial managers in the areas of consulting, forecasting and financial analysis.
Today, a highly qualified financial manager must be able to model financial and economic situations conduct comparative analysis and forecasting of development options, formulate analytical conclusions.
Organizational support involves a clear consolidation of the financial manager in the overall organizational structure of enterprise management, determining the scope of authority and responsibility, development and approval of job descriptions.
The work of the information management system (information system) of financial management should be aimed at continuous and purposeful selection of relevant information indicators necessary for the analysis, planning and preparation of effective management decisions in all areas of financial activity of the enterprise.
The system of internal financial control or controlling will act as a clearly organized process by the company to verify the timeliness and completeness of management decisions in the field of financial resources management to achieve strategic goals and prevent crises that could lead to instability, economic crisis or bankruptcy of the enterprise.
Thus, the introduction of an effective financial management system at the enterprise will help optimize the flow of financial flows, reduce financial resources, increase profitability and efficiency of internal business processes, as well as allow to make informed management decisions on all aspects of production, commercial and financial activities.
Promising areas of further research remain the implementation of the components of the financial management system in the overall management system of enterprises.

References
1. Andreeva T.E., Tereshchenko D.A. Theoretical bases of formation of system of financial management of the enterprise. Bulletin of Transport Economics and Industry. Series : Business Economics. 2011. Issue 34. P. 255–260. (in Ukrainian)
2. Blank I. O. Financial Management : textbook for students. Кyiv : Elga, 2008. 724 p. (in Ukrainian) 
3. Bogma O. S., Pavlova A. S. Features of management of financial resources of domestic enterprises. Visnyk of Zaporizhzhya National University. 2012. Vol. 1 (13). P. 195–199. (in Ukrainian)
4. Brigham E. F. Fundamentals of financial management : textbook / trans. from English 8 ed., supplemented. Kharkiv : Youth, 2007. 1008 p. (in Ukrainian)
5. Finance of enterprises : textbook / A. M. Podderogin, M. D. Bilyk, L. D. Buryak [etc.] ; edited by A. M. Podderogin. -6th ed., revised and supplemented. Кyiv : KNEU, 2006. 552 p. (in Ukrainian)
6. Stoyanova E. S. Financial management : theory and practice : textbook / edited by E. S. Stoyanova. 5th ed., revised and supplemented. Moscow : Perspektiva, 2001. 656 p. (in Russian)