The financial management system in modern conditions is important for its development and functioning. The system and financial management bodies existing in Russia were formed in the process of reforms during the transition from a planned-centralized model of the economy to a market one.
The essence and methods of financial management boils down to the fact that a market economy needs a well-functioning financial system and a regulated financial market that directly determine the conditions for the development of real savings. In this regard, financial management determines material proportions, the distribution of material and intangible resources, affects structural adjustment and determines the welfare of the population.
The leading role in the regulation of finance in a market environment is played by the state, acting exclusively by market methods. In this system, the autonomy of the Central Bank of the Russian Federation is of great importance in conducting monetary policy, as well as the presence of such structures as insurance companies, commercial banks, investment funds and other types of financial organizations.
The essence and methods of financial management are manifested in such general and uniform methods that are inherent in all parts of financial relations, such 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 using the administrative apparatus. The supreme financial management bodies (the President, the Presidential Administration, the Government, the Federal Assembly) carry out general financial management.
The President and the Administration regulate all the activities of financial bodies, regulate financial legislation, and sign laws on the country's budget.
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 foundations of a financial policy.
Current financial management is carried out by the Ministry of Finance of the Russian Federation . Its main task is to develop a national financial, monetary and credit policy, as well as accounting policies, auditing, mining, processing of precious metals and stones, and customs payments. In this regard, the main functions of the Ministry of Finance are: development of draft budget of the Russian Federation; forecasting and budget execution planning ; financial control of the fiscal sphere; improving methods of budget financing; public debt management of the Russian Federation; issue of government securities; coordination of monetary and budgetary policies.
The most important part of the financial management process is financial control. In Russia, at the federal level , financial control supervisory bodies are represented by the Department of State Financial Control and Audit, the Accounts Chamber, the General Directorate of the Federal Treasury, its subordinate bodies in individual constituent entities of the Russian Federation, the Russian Ministry of Taxes and Levies, the Audit Office of the Ministry of Finance of Russia, the Central Bank, and the Federal Insurance Supervision Service, State Customs Committee, Federal Service for Finnish Markets, Federal Services th to financial monitoring, the Federal Service of fiscal supervision.
At the local level, representative bodies independently decide on the local budget and its implementation, as well as other financial issues related to their management. The executive bodies of local government are responsible for the development of municipal financial policies.