Issue: № 10, 2024
Doi: https://doi.org/10.37634/efp.2024.10.7
The paper delves into the concept of financial planning, examining its substantive aspects and tools. Specifically, it explores: financial planning as a process of setting financial goals and defining paths to achieve them; the process of planning the sources of financial resources and their utilization through the development of key financial documents; the process of analyzing and forecasting financial results in terms of their impact on the economic development of the enterprise. The paper emphasizes the need for certain changes in the financial planning process of state-owned enterprises. It is argued that adherence to the financial planning procedure in state-owned enterprises contributes to the rational use of state assets, prevents inefficient expenditures, and optimizes budget revenues, especially during wartime. It is determined that changes should relate to: 1) the well-founded formulation of financial goals by the head of the state-owned enterprise together with representatives of the management body, taking into account the criteria of specificity, measurability, attainability, necessity, and specific timeframes; 2) the development of several financial plan scenarios with their subsequent optimization based on the following criteria: maximum profit per unit of output; maximum preservation of financial resources by minimizing financial losses; maximum accumulation of financial resources through increased investment; 3) the development and approval of the final financial plan in accordance with new legislative requirements, in particular, the Order on the preparation, approval, and monitoring of the execution of the financial plan of a state-owned enterprise, approved by the Order of the Ministry of Economy of Ukraine No. 15161 dated October 10, 2023;4) the launch of a special online platform for presenting important public information on the activities of state-owned enterprises related to corporate governance, corporate social responsibility, including the financial reporting of state-owned enterprises, in particular, the company’s annual financial plan; the company’s annual financial report before and after audit; the company’s investment plans; and the investment report on the results of the implementation of the company’s investment plans.
Keywords : financial planning, state-owned enterprise (company), financial goals, financial plan, financial reporting, plan optimization
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