Mechanism of forward and backward connection in the system of financial controlling at the enterprise
The article presents the mechanism of forward and backward connection in the system of financial controlling, which is based on system benchmarks. This mechanism is simple and easy in use. Depending on the external and internal competitive advantages of the company, as well as the general attractiveness of the market, the company's senior management can easily determine their financial goals that the enterprise has to achieve in order to implement its main development goal. This mechanism is easy to understand and is not time-consuming, because each financial goal has its own benchmarks, which are targeted at its implementation. Normative values for each benchmark significantly simplify the operational process. The system of benchmarks, which is the basis of the mechanism of forward and backward connection, is also adapted to the conditions of uncertainty and includes various types of financial risks that the company faces while achieving certain financial goals and objectives, and identifies ways to minimize or eliminate these risks. The proposed mechanism allows monitoring the achievement of the company's strategic and financial goals, and tracking the actual results through «pegging» the budgeting system, management accounting and incentive system to contol indicators of the company performance. The onboard monitoring system will allow the Manager to monitor all the indicators that are critical for achieving the strategic objectives of the division, to monitor the results of the undertaken actions of the division, as well as to take into account credit limits, regulations and requirements of the budget-planning and controlling systems of the company. Thus, the mechanism of forward and backward connection in the system of financial controlling implies the sequential consideration of the company's activities at all levels of management. Ultimately, every employee of the organization processes a personal scorecard, trying to achieve his/her personal goals based on standard values of indicators related to the global objectives of the company.