DATA FUSION METHODOLOGY FOR AUTOMATING MANAGERIAL ACCOUNTING TO ENHANCE FINANCIAL MANAGEMENT OF ENERGY SECTOR COMPANIES IN UZBEKISTAN
Keywords:
Data fusion methodology; Automation of management; Managerial accounting; Financial management; Energy sector companies; Energy sector of Uzbekistan; Investment decision-making.Abstract
The research focuses on justifying the prospects for enhancing the financial management of energy sector companies through the application of data fusion methodology for automating managerial accounting. The research also develops scientific and methodological recommendations for this purpose in the Republic of Uzbekistan. The research is conducted based on international experience in 2022 using statistics from the UN, UNDP RBAS, MBRF, and the World Bank. Econometric models are constructed using regression analysis, systemically explaining the cause-and-effect relationships of financial management in companies in the energy sector. As a result, the author concludes that the inflow of investments into the energy sector is determined by such parameters of managerial accounting as the speed of managerial accounting, timeliness of data provision for financial management, and the comprehensiveness of managerial accounting and depth of financial information disclosure within it, the broad opportunities for optimization of which are revealed by the automation of managerial accounting based on advanced ICT. By unveiling the “black box” of financial management of companies in the energy sector in the Republic of Uzbekistan, uncertainty is reduced, and predictability of investment decision-making is increased, deepening the scientific understanding of the logic of making these decisions – thereby determining the theoretical significance and scientific novelty of the research results. The identified prospect of enhancing the financial management of energy sector companies in the Republic of Uzbekistan holds practical significance because it can be used as a roadmap for investment development of this industry in the Republic of Uzbekistan. The developed data fusion methodology for automating managerial accounting holds managerial significance because it will make it possible to improve the practice of financial management of energy sector companies in Uzbekistan and increase their investment attractiveness.
References
Ahmad, A.Y.A.B., Abusaimeh, H., Rababah, A., Alqsass, M., Al-Olima, N.H., & Hamdan, M.N. Assessment of effects in advances of accounting technologies on quality financial reports in Jordanian public sector. Uncertain Supply Chain Management. 2024; 12(1): 133–142. DOI: 10.5267/j.uscm.2023.10.011
Alrawashedh, N.H. Management accounting methods for financial decisions: Case of industrial companies in Jordan. Investment Management and Financial Innovations. 2023; 20(4): 60–68. DOI: 10.21511/imfi.20(4).2023.06
Ergasheva, S.T., Mannapova, R.A. & Yuldashev, E.I. Accounting-A system for managing economic information in agriculture. In: Popkova, E.G., & Zavyalova, E., editors. New institutions for socio-economic development: The Change of paradigm from rationality and stability to responsibility and dynamism. Berlin, Germany; Boston, MA: De Gruyter; 2021. p. 173–181. DOI: 10.1515/9783110699869-018
Gulnora, A. Financial development and renewable energy consumption. In: Salahodjaev, R., editor. Economic growth and wellbeing: Evidence from the Belt and Road Initiative countries. Hauppauge, NY: Nova Science Publishers; 2022. p. 35–53.
Hu, X. Studying the relationship between financial accounting and mineral wealth management. Resources Policy. 2024; 90: 104800. DOI: 10.1016/j.resourpol.2024.104800
Kadesnikova, O.V., Kadesnikov, S.A., Safina, R.R., Kireyeva, O.A., & Kholbekov, R.O. Russian practice of ensuring the economic security of production enterprise on the basis of corporate accounting system. Studies in Big Data; 2023; 124: 133–143. DOI: 10.1007/978-3-031-29489-1_16
Karbekova, A.B., Makhkamova, S.G., Inkova, N.A., & Pakhomova, O.K. Automation based on datasets and AI of corporate accounting and sustainability reporting in quality management in industry 4.0. Proceedings on Engineering Sciences. 2023; 05(S2): 265–278. DOI: 10.24874/PES.SI.02.007
Kholmuminov, S., Tursunov, B., Saidova, M., Abduhalilova, L., & Sadriddinova, N. Improving the analysis of business processes in digital era. In ICFNDS 2021: The 5th International Conference on Future Networks & Distributed Systems. New York, NY: Association for Computing Machinery; 2021. p. 775–789. DOI: 10.1145/3508072.3508222
Kozimjonov, A. Problems with accounting of borrowing costs capitalized in compliance with the IFRS and the ways to solve them. In: ICFNDS 2021: The 5th International Conference on Future Networks & Distributed Systems. New York, NY: Association for Computing Machinery; 2021. p. 366–369. DOI: 10.1145/3508072.3508137
Olimovich, K.R., & Rasulovna, K.F. Influencing factors on changes in accounting policies. Res Militaris. 2022; 12(2): 125–134. Available at: https://resmilitaris.net/index.php/resmilitaris/article/view/84/30 (Accessed 12 March 2024)
Salahodjaev, R., Djalilov, B., Kobiljonov, I., Otajonov, S., & Kasimova, N. Industrialization and CO2 emissions: Accounting for the role of renewable energy in OIC member states. International Journal of Energy Economics and Policy. 2023; 13(5): 37–43. DOI: 10.32479/ijeep.12544
UN. The Sustainable Development Goals Report 2023. New York, NY: DESA; 2023. Available at: https://unstats.un.org/sdgs/report/2023/ (Accessed 12 March 2024)
United Nations Development Programme’s Regional Bureau for Arab States (UNDP RBAS) and the Mohammed Bin Rashid Al Maktoum Knowledge Foundation (MBRF). Global Knowledge Index. Available at: https://www.knowledge4all.com/ranking?Id=51&Color=EF9E51 (Accessed 12 March 2024)
World Bank. Depth of credit information index (0=low to 8=high). Available at: https://data.worldbank.org/indicator/IC.CRD.INFO.XQ?view=chart (Accessed 12 March 2024)
World Bank. Investment in energy with private participation (bln. current US$). Available at: https://data.worldbank.org/indicator/IE.PPI.ENGY.CD?view=chart (Accessed 12 March 2024)
World Bank. Time spent dealing with the requirements of government regulations (% of senior management time). Available at: https://data.worldbank.org/indicator/IC.GOV.DURS.ZS?view=chart (Accessed 12 March 2024)
Yang, M. A study on the impact of corporate financial accounting management system on corporate innovation under sustainable development strategy. Journal of Information & Knowledge Management. 2024; 2450008. DOI: 10.1142/S0219649224500084
Downloads
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.