KEY COMPETENCES OF AN EFFECTIVE FINANCIAL MANAGER IN THE CONTEXT OF THE DEVELOPMENT OF THE DIGITAL ECONOMY

Abstract

The quality of financial management at the enterprise is determined by an effective financial management system, which is formed by one person, in the case of a small enterprise, or by a group of specially trained specialists in the financial field, headed by a financial manager or financial director. Today, the role of the financial manager in business development is increasing, the requirements for his competencies are increasing due to the trends of the digital economy. Therefore, the purpose of the study is to systematize the tasks and functions of financial management, to identify the necessary knowledge and skills of an effective financial manager and to deepen his expertise in accordance with the development of IT. The scientific work uses the methods of analysis and synthesis, observation, formalization, interpretation, and the logical method. A financial manager is a highly qualified specialist in the economic field, a first-class analyst who has all known methods of economic and financial analysis, is able to identify the causes of deviations from the planned and normative values of the analyzed indicators and, most importantly, as a financial erudite, knows what financial decisions need to be made at the crucial moment. One of the most important aspects of a financial manager's work is providing economic activity with the necessary financial resources. Adhering to all known principles of financial management, at the most relevant moment for the enterprise, for example, during the best position on the market, when there is the greatest demand for its products, the manager must make informed decisions about the development of new types of products (keeping in mind the life cycle schedules of goods) or about their modernization, in order to ensure a constant flow of funds to the current account in the future. Special knowledge, understanding of the work and practical skills of a financial manager in the following areas of IT are useful: data science, data analysis and visualization, artificial intelligence, machine learning, cloud computing, blockchain technologies, cyber security. Important skills of a successful financial manager are: stress management, multitasking, adaptability and flexibility, emotional intelligence, willingness to learn, working with new technologies, critical thinking, effective communication, balance of working time and time for rest, change management, knowledge of foreign languages.