The system of financial management in modernconditions is important for its development and functioning. The system and financial management in Russia have evolved during the transition from a planned centralized model of the economy to a market one.
The essence and methods of financial management is reduced tothe fact that the market economy needs a well-functioning financial system and a regulated financial market that directly determine the conditions for the development of the most realistic savings. In this regard, financial management determines the material proportions, the distribution of material and non-material resources, affects structural adjustment and determine the welfare of the population.
Leading role in the regulation of finance in conditionsmarket is played by a state that operates exclusively market methods. In this system, the autonomy of the Central Bank of the Russian Federation in the conduct of monetary policy, as well as the existence of such structures as insurance companies, commercial banks, investment funds and other types of financial organizations is of great importance.
Essence and methods of financial management manifest themselves in such common and common methods inherent in all parts of financial relations, as financial forecasting, planning, management, regulation and control.
Modern financial management bodies are a set of tools, measures, institutions that can ensure the stable functioning of the financial system.
Financial management is carried out with the help of the management apparatus. Higher financial management bodies (President, Administration of the President of the Russian Federation, Government, Federal Assembly) carry out general financial management.
The President and the Administration regulate all activities of financial bodies, regulate financial legislation, sign laws on the budget of the country.
The Federal Assembly reviews and approves the draft budget of the Russian Federation and financial laws.
The Government of the Russian Federation is a single center for financial management, forms a federal budget, and develops the basis for a policy in the field of finance.
The current management of finances is carried out by the Ministry of Finance of the Russian Federation. Its main task is to developnational financial, monetary and credit policies, accounting policies, auditing, extraction, processing of precious metals and stones, customs payments. In this regard, the main functions of the Ministry of Finance are: the development of draft budget of the Russian Federation; forecasting and planning of budget execution; fincontrol of the budgetary and financial sphere; improvement of methods of budget financing; management of the state debt of the Russian Federation; issue of government securities; coordination of monetary and fiscal policies.
The most important part of the financial management process is financial control. In Russia at the federal level controlling financial management bodies are represented by the Statethe Accounting Chamber, the Main Administration of the Federal Treasury, its subordinate bodies in certain regions of the Russian Federation, the Ministry of Taxes and Levies, the Control and Revision Office of the Ministry of Finance of Russia, the Central Bank, the Federal Service for Supervision of Insurance Activities, the State Customs Committee , The Federal Service for Financial Market, the Federal Service for Financial Monitoring, the Federal Service for Budget and Financial Supervision.
At the local level, representative bodiesindependently make decisions on the local budget and its implementation, as well as other financial matters related to their conduct. The executive bodies of local government are responsible for the development of municipal fiscal policy.