Innovation Of Financial Management For Business Organizations Development In Society

Abstract

In a research study titled "Innovation in Financial Management for the Development of Business Organizations in Society". aims  1) To study the problem conditions and financial management processes of business organizations in Thai society, 2) To develop the financial management of business organizations in Thai society with creative innovations, 3) To present financial management innovations for the stability of business organizations in Thai society. It is qualitative research that uses education by document research and operational research. In the manner of conducting a site to gather information by inquiring, interviewing 10 business entrepreneurs or executives with at least 3 years of business experience, qualified persons and financial management experts 5 cases and put to trial with business owners and executives. 30 cases.

The results showed that:

1. Problem conditions and financial management processes of business organizations in Thai society. It was found that the situation of using money in the business has not yet been classified. Misappropriation of funds and the inability to control all finances resulted in the use of more money than was recorded in the company account format. This results in a lack of liquidity or a business with income but no money. Financial management problem management process of a business organization. Having been in business for a while, it was found that the system Financial in business. There are problems, not enough money, can't keep up with the spin. The amount of expenditure is higher than the income. Businesses may be looking for additional sources of financing to manage expenses. What should be done must first manage the financial system in the company. In order to make the most of the newly acquired investments and avoid the same problems again.
2. Development of financial management of business organizations in Thai society through innovative and creative. It was found that the development of financial management through creative innovation. The researchers defined the development process of financial management into 7 parts: 1) Information and knowledge. 2) Ideas to innovation. 3) Creation to templates. 4) Development to models 5) Innovation. 6) Implementation and promotion. 7) conclusions. These processes aim to create learning. Awareness and development of money flow management activities and processes in the organization. To enhance the management of small and medium-sized businesses and community enterprises. To obtain real information on the spending of business entrepreneurs in action activities that want to spend money on business.
3. The results of the presentation of financial management innovation are the NI PRM Model, which is based on the introduction of innovations in the use of money in 10 areas of business, comprising 1. investments, 2. Money to buy raw materials and store raw materials 3. Money on employees in the organization 4. Money spent during production 5. Money spent during storefront management 6. Collecting money from customers 7. Money used for government agencies 8. Loans and repurchases 9. Money for fixed assets 10. The cost of creating corporate ethics is grouped to facilitate the implementation of the NI PRM MODEL as follows:

N = Natural. Understand business economy, volatility conditions, ups and downs. Economic activity Executives understand the business cycle that has already taken place and can cope with each situation. Corporate ethics and social responsibility in the field of taxation from businesses forwarding the country's development, including: Corporate ethics expenditures. And Money spent on government.

I = Investment. Investments, Expansion, Growth, Investments for Permanent Real Estate Machinery. Borrowing and repurchase yields proportional to risk. Management needs to manage working capital, considering the appropriate level of risk, return or profit. It consists of investment funds, fixed asset purposes, and loans and repurchases. agencies.

P= Purchase. Purchasing and storing raw materials. Processes responsible for sourcing raw materials according to the agency's requirements are direct and of the highest quality, including: Money to buy raw materials and store raw materials.

R =Revenue means the total revenue, revenue, expenditure, sales of a business derived from the sale of goods and services back into the business, reasonable and complete, at the heart of the business, consisting of: Collecting money from customers, Money in the sales system and storefront management.

M = Management and Man. Management and Man are management processes. Set the direction for the efficient and effective utilization of multiple resources. To achieve the goals of the organization, it consists of money spent during production and money on employees.

The NI PRM MODEL is a model created to help solve problems and improve business organizations, especially financial businesses, which need to develop products and services to meet the needs of customers. It leads to concrete financial business development and can be used practically in businesses and entrepreneurs, it can lead to sustainable, stable and prosperous financial management in the business..