Економіка розвитку систем

TRANSFORMATION OF BUSINESS MODELS OF AGRICULTURAL HOLDINGS ON THE BASIS OF THE CIRCULAR ECONOMY

Ruslan Muzhailo — 2024-08-13

The article conceptualises the theoretical and applied provisions of transformation of business models of agricultural enterprises on the basis of circular economy. It is noted that the strategies of the circular economy include the development of product processing (closing the cycle), increasing resource efficiency (narrowing the use of resources), extending the phase of product use (expansion), more intensive use of products (intensification), and replacing products with services and software solutions (dematerialisation), and it is proposed to understand the circular model as a business model that allows for product processing, expansion of the use of materials and energy, and dematerialisation. The main ways of forming circular business models are identified, including start-up, business model diversification, business model transformation, business model acquisition (take-over). A list of tools for creating a business model based on the principles of the circular economy has been compiled: business cycle canvas, sustainable innovative circular business model framework, circular business model framework, adapted sustainable business model framework, circular business model mapping. The tools for forming a business model based on the circular economy provide companies with a structured approach to the development and implementation of circular business models, promoting sustainable development and increasing the efficiency of resource use. The author proves that agriholdings, as the main players in the agricultural sector, have a significant impact on the environment. Implementation of the principles of circular economy allows minimising this impact by reducing waste and using resources more efficiently. This is in alignment with global sustainable development goals aimed at preserving natural resources for future generations. Successful cases of transformation of agriholdings' business models based on the circular economy are studied, which demonstrate how agriholdings can successfully transform their business models based on the circular economy, achieving sustainable development, economic benefits and reducing negative environmental impact.

COMPARATIVE ANALYSIS OF TRANSFER PRICING LEGISLATION IN THE REGULATORY FRAMEWORK OF EU MEMBER STATES

Volodymyr Kraievskyi — 2024-08-13

The article carries out a comparative analysis and assessment of the adequacy of legal regulation of transfer pricing in the EU Member States. The necessity and importance of studying foreign experience in building and improving the legal framework for transfer pricing is substantiated. The authors determine that the relevance of transfer pricing and related issues both in terms of ensuring the proper functioning of the single market and eliminating base erosion and profit shifting is confirmed by the existence of a special advisory body under the European Commission - the Joint Transfer Pricing Forum (JTPF), which advises the European Commission on transfer pricing taxation. The article identifies the main aspects of transfer pricing regulation in the EU Member States with a view to a detailed analysis of the regulatory framework. The criteria of related parties in the EU transfer pricing legislation are studied. It is found that a common feature in the definition of related parties is the direct or indirect influence of one person on another. The author examines and compares the grounds for conducting an audit in the EU transfer pricing legislation and finds that in the vast majority of EU Member States there is a so-called "self-assessment" regime for companies, according to which the taxpayer must ensure compliance with the transfer pricing rules; the risk factors that are relevant for conducting an audit of transfer pricing transactions are legally defined; common factors for the sample of countries studied are: unprofitability of a group of companies against the background of profitability of other entities. It is concluded that the studied foreign experience of regulatory and legal regulation of transfer pricing transactions on the example of individual EU Member States has shown a high level of unification of legislation in the field of transfer pricing, with minor differences in the provisions of the national legal framework; the differences are mainly in the systematic nature of determining the criteria of relatedness of parties in transfer pricing transactions and the grounds for conducting audit procedures on such transactions.

ACTUAL ISSUES OF REPRODUCTION OF FIXED ASSETS OF DOMESTIC ENTERPRISES

Volodymyr Kraievskyi — 2024-09-02

The article touches upon topical issues of reproduction of fixed assets of domestic enterprises in terms of their accounting, audit and strategic aspects of management. The study emphasises the necessity of constant renewal of fixed assets to ensure competitiveness, increase of labour productivity and quality of products. The main purpose of the study is to identify the key problems of managing the reproduction of fixed assets and formulate ways to solve them. To achieve the research objective, the methods of analysis and synthesis, comparative analysis and empirical methods were used. The paper emphasises the importance of improving accounting and auditing, considers the concepts of physical and moral wear and tear, as well as depreciation of fixed assets. It is determined that improving the depreciation policy is an important factor in increasing the investment activity of business entities. It is substantiated that internal audit plays an important role in providing reliable information on the process of reproduction of fixed assets, which contributes to the effective management of enterprise resources. The author defines the tasks of internal audit, including verification of the correctness of recognition and assessment of fixed assets restoration costs, reliability of information on depreciation charges, depreciation and residual value of fixed assets, control over accounting of lease transactions and transactions with investment property. The publication also discusses the strategic aspects of fixed assets reproduction, emphasising the importance of an innovative approach to improving the competitiveness of enterprises. It is noted that the implementation of innovative reproduction requires an integrated approach, including the construction of a mechanism that ensures the orientation of the market and the macroeconomic model of management to innovative forms of reproduction of fixed capital. The article pays special attention to the problems of financing innovative projects and cooperative technological chains. The article concludes by emphasising the need to form a comprehensive mechanism at the macro level, focused on the priority reproduction of fixed asset systems using the latest technologies. The paper emphasises the importance of creating a unified system of innovation and investment activities of enterprises, taking into account the interests of all participants. It stresses the expediency of using both market and non-market incentives for the reproduction of fixed assets, which will facilitate the production of competitive products and ensure the sustainable development of enterprises in the market.

MECHANISM OF TAX CONSULTING IN THE MANAGEMENT OF THE TAX COMPONENT OF ENTERPRISE ECONOMIC SECURITY

Olena Kolisnyk — 2024-09-10

The article considers the mechanism of tax consultancy as an important element of the management of the tax component of the economic security of an enterprise, which is particularly relevant in the context of constant changes in tax legislation and growing requirements for transparency of financial statements. Tax consultancy is a complex process of providing companies with qualified assistance in the field of tax planning, optimisation of tax liabilities and management of tax risks. It is substantiated that tax consulting not only helps to reduce the tax burden, but also ensures compliance of the company's tax policy with the requirements of current legislation, which, in turn, is a guarantee of long-term stability and financial sustainability of the company. The article examines the structural elements of the tax liability management mechanism, which include tax planning, ensuring conditions for timely and correct calculation of tax liabilities, as well as organisational and control components. Particular attention is paid to the analysis of the tax planning process as one of the key stages of tax consulting. It is determined that effective tax planning allows an enterprise to optimise the structure of income and expenses, thereby reducing the tax burden and ensuring the rational use of financial resources. This paper considers the methods of ensuring compliance with tax reporting requirements as an important factor in the process of tax consulting. The function of tax consultancy in the formulation and execution of strategies designed to mitigate tax risks and enhance the efficacy of enterprise financial management is established. The necessity of utilising contemporary information technologies in the domain of tax consulting is underscored, as this enables the enhancement of the precision and efficacy of managerial resolutions pertaining to taxation. It can be concluded that effective tax consulting plays a pivotal role in enhancing the economic resilience of an enterprise. It serves to fortify the enterprise against external and internal threats, including those posed by shifts in the tax environment and economic challenges.

CURRENT STATE AND DIRECTIONS OF FINANCIAL ARCHITECTONICS DEVELOPMENT

Оlena Zaika — 2024-09-16

The article presents an analysis of the evolution of financial architectonics in the context of globalisation, identifying the principal avenues for its advancement in order to guarantee the stability and efficacy of financial systems. The topic is of great relevance in light of the necessity to reform the extant financial system in the context of economic globalisation and the interdependence of countries. The global financial crisis of 2008 and the crisis caused by the pandemic of 2019-2021 have demonstrated the deficiencies of the extant financial architecture and the necessity of modernising it to guarantee the stability and resilience of financial systems. The research methodology employed a combination of monographic, comparative, and content analysis techniques to examine a substantial corpus of scientific literature. This approach facilitated an in-depth investigation of the predominant methodologies for interpreting financial architectonics and a comprehensive analysis of the diverse experiences of countries in developing financial systems. The findings of the study indicated that the efficacy of financial architectonics is contingent upon the presence of active and stable risk markets that facilitate access to essential financial data and investor protection mechanisms. It was determined that contemporary financial systems frequently fail to satisfy the requirements of a globalised economy, thereby necessitating their reform. The development of new regulatory mechanisms for financial markets and institutions, as well as the creation of international standards and codes of conduct, have become the primary avenues for achieving financial stability. The practical value of this article lies in its capacity to inform the development of novel approaches to the management of financial systems at both national and international levels. The proposed recommendations for the development of financial architectonics can assist governments and financial institutions in responding in a more effective manner to global financial crises and ensuring stable economic development.

DIGITALISATION OF THE ACCOUNTING AND ANALYTICAL SUPPORT SERVICE FOR SMALL BUSINESSES

Volodymyr Kraievskyi — 2024-10-04

This article examines the impact of digitalisation processes on accounting and analytical technologies for the management of small businesses in the modern economy. It discloses the key aspects of the digital transformation of the accounting profession and provides an analysis of the main software solutions used to automate accounting processes in small enterprises. It also substantiates the importance of integrating digital technologies into accounting practices, which contributes to improving the efficiency of management and control over the financial activities of small businesses. It is established that the advent of digitalisation is transforming conventional methodologies pertaining to management and accounting. The implementation of automated accounting systems has the potential to markedly enhance operational efficiency, curtail the prevalence of routine procedures and mitigate the likelihood of human error. The principal trends of digital transformation are examined, including the transition from physical goods to digital services, the globalisation of local services and the growing significance of digital platforms in facilitating communication between market participants. It is argued that in order to maintain competitiveness, small businesses must not only integrate modern digital tools but also invest in the professional development of their employees, particularly accountants, in order to enhance their ability to work with new information systems. It is determined that the introduction of digital technologies ensures increased transparency of accounting data and its accessibility to key stakeholders of the company, which contributes to the improvement of financial reporting and overall efficiency of management decisions. Special attention is paid to the analysis of popular software products on the Ukrainian market, such as Master: Accounting, Oblik SaaS and ISpro. The functionalities, advantages and disadvantages of each solution are considered, thus allowing an evaluation of their effectiveness in meeting the needs of small businesses. It has been determined that the selection of suitable software is of paramount importance to guarantee the seamless functioning of accounting systems and to attain optimal outcomes in financial management. In light of the findings of the study, recommendations are put forth with the aim of optimising the implementation of digital technologies in small businesses. Furthermore, the crucial importance of adapting to the new business environment brought about by digital transformation is underscored.

RECOVERY OF UKRAINE'S ECONOMY: CONSTRUCTION OF BIOGAS PLANTS

Tetiana Sakhnenko — 2024-10-31

The paper is devoted to the topical issue of the recovery of Ukraine's economy after military operations. In particular, the expediency of building biogas plants as one of the critical tools for achieving this goal is investigated. In addition, converting waste into energy and heat is essential for effective waste management. This allows for better adaptation to global changes, balancing economic, environmental and social goals. The paper assesses the resource potential for biogas production and determines such a solution's economic, social, and ecological advantages. Business planning and financing of projects for constructing biogas plants in the Sumy region of Ukraine were considered, and state support for this industry was proposed based on the obtained calculations. The paper describes the construction of a biogas production enterprise considering modern scientific and methodological approaches. The main aspects that determine the strategic and tactical aspects of planning and implementing the construction of a biogas plant are considered. An analysis of the most important criteria and indicators that should be considered when planning and executing the construction of a biogas plant is given. An analysis and comparative assessment of other sources of heat and energy in the context of military conflict were carried out. The potential advantages and limitations of using biogas plants and their crucial role in the reconstruction of Ukraine during the martial law and post-war period are highlighted. Based on the work results, conclusions were drawn that constructing a biogas plant in the Sumy region is feasible. Indicators were analysed, and a strategy was created to use the business plan successfully. It is worth considering the possibilities of a broader scale in biogas production in other regions of Ukraine and attracting exports to other countries. The research results can be used to develop an effective state policy on renewable energy and promote the sustainable development of the territories of Ukraine.

ENHANCING EFFICIENCY AND SUSTAINABILITY: GREEN ENERGY SOLUTIONS FOR WATER SUPPLY COMPANIES

Iryna Sotnyk — 2024-10-31

Water supply enterprises significantly impact local communities by providing essential services. These companies face high electricity costs for water extraction, purification, and transportation, affecting efficiency and reliability. Therefore, implementing innovative technologies to enhance sustainability in the water supply sector is crucial. This article explores the opportunities and strategies for renewable energy transition at water supply companies. Using investment, sensitivity, and strategic analyses, as well as a case study approach, the research examines technologies, conceptual frameworks, mechanisms, and approaches to integrate green power into water supply operations, addressing high energy costs and promoting sustainability. The article identifies solar, wind, hydroelectric, biomass, and geothermal energy technologies as the most prominent renewable power solutions for water supply enterprises. The developed conceptual framework for implementing these technologies includes needs assessment and goal setting; resource assessment and technology selection; system design and integration; financing and investment; regulatory compliance and permitting; stakeholder engagement and capacity building; and monitoring, evaluation, and continuous improvement. The mechanisms and approaches to integrate green energy solutions within the developed framework can involve on-site renewable energy generation, power purchase agreements, energy storage and microgrid systems, energy efficiency and demand management, and collaborative and community-based models. As a case study, the article examines a 120-kW solar power plant project for a water supply enterprise, demonstrating profitability with a net present value of 60,370 USD and an internal rate of return exceeding 21%. The project's payback period is estimated at 8.38 years, acceptable within industry standards. Sensitivity analysis indicates the project's financial resilience. Increasing electricity prices will boost profitability, justifying the solar power plant investment amid inflation and economic instability. Additionally, the project ensures reliable water transport and environmental benefits by reducing CO2 emissions through solar energy use. Thus, transitioning to renewable energy at water supply enterprises is feasible and essential for long-term sustainability, transforming operations to be more resilient, efficient, and environmentally friendly.

THE INNOVATIVE IMPACT OF GENERATIVE ARTIFICIAL INTELLIGENCE ON DIGITAL BUSINESS TRANSFORMATION

Kostiantyn Zavrazhnyi — 2024-10-31

In the context of intensifying competition and evolving market dynamics, the deployment of cutting-edge technologies has become not merely a discretionary choice, but an indispensable imperative for any enterprise aspiring to achieve successful growth. Generative artificial intelligence, with its substantial potential for automation, personalisation and optimisation of business processes, is emerging as a highly promising avenue of digital transformation. This study is dedicated to investigating approaches and delineating strategies for aligning generative artificial intelligence with the requirements of digital business transformation. The research examines the development of artificial intelligence, with a focus on symbolic artificial intelligence, machine learning, deep learning and generative artificial intelligence. In addition, it considers the impact of these developments on business processes. The article identifies the potential benefits and challenges associated with the adaptation of generative artificial intelligence to the needs of modern business, in the areas of marketing, sales and data analysis. The utilisation of diverse methodologies and techniques, including prompts, fine-tuning, and the incorporation of interactive guidance systems, can enhance the efficacy and precision of generative AI in a business setting, thereby facilitating optimal outcomes in a multitude of tasks. The authors put forth the proposition of employing generative artificial intelligence technology in conjunction with Retrieval-Augmented Generation, with the objective of enhancing the quality and relevance of responses to user queries. Additionally, they advocate for the utilisation of agents or orchestration tools to provide guidance to models. The successful implementation of generative artificial intelligence hinges on three key factors: the clear definition of objectives, the selection of suitable tools and technologies, and the assurance of managerial and staff support. The implementation of generative artificial intelligence will contribute to increased efficiency through the automation of routine tasks, enhanced competitiveness through personalisation and innovation, optimised cost structures that increase profitability, and expanded opportunities for research and development.