Improving Financial Management System for Multi-business Companies

The new management paradigm and the necessity to implement company's strategy makes the management of the companies analyze characteristics and structure of the financial management system and applied investment and financing models using the elements of strategic and operative financial management. The analysis of methods and tools being applied, as well as the formation of conceptual basis for the financial management is the first step on the way to the enhancement of the financial management efficiency. Problems are often associated with the necessity to combine individual elements of financial management into a unified, well-adjusted system and to coordinate its functioning. Therefore, there is a growing need for the development of the financial management system that would be directly linked to the strategic goals of the company. Research objective: to develop recommendations for the formation of an effective financial management system based on process-oriented approach for Latvian multi-business companies that would be aimed at meeting the strategic goals of the company.