Financial decision-making procedures at the University of Las Tunas Cuba

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summary

This research addresses an important issue for the development of work at the Economic Department of the University of Las Tunas, in order to achieve improved economic-financial management as required by updating the economic model in Cuba, where the Management Control of the Ministry's budgeted units of Higher Education will be based mainly on economic and financial management manuals. To achieve this, tools are needed that allow managers to make decisions, such as improving the analysis of the Financial Statements presented each month to the Boards of Directors. In this way the problem posed by deficiencies in the financial management of the University of Las Tunas is addressed, constrains decision making and proposes as a solution a procedure to design financial management standards standards and procedures manuals that will contribute to timely decision making and therefore in meeting the goals and objectives of the University of Las Tunas. The practical contribution is the procedure for drafting standards and procedures manuals for economic and financial management at the University of Las Tunas.

Procedure to draft the manual of economic financial standards and decision-making procedures at the University of Las Tunas.

The procedure described below is intended to enable the development of financial management procedures manuals for decision making at the University of Las Tunas. It is specific to this university organization, and is a working tool for economic management.

In each of the phases considered in Figure 1, different steps are taken into account that go through different moments and complex levels, which, from a methodological point of view, provide understanding towards the realization of economic management procedures manuals, when considered in each of them. , its objectives, selection indicators and techniques and instruments for its instrumentation.

Drafting of financial standards and economic procedures
Drafting of financial standards and economic procedures

Next, the stages of the integral procedure are described to develop financial management manuals in its content and for each of its components:

Phase 1: Organizational

Step 1: Create a group of experts

Objective: To establish a multidisciplinary team that allows the development of financial manuals of norms and procedures of financial management for decision making.

Selection Indicators:

  • Team Composition: 5 to 6 people are suggested
  • Ability to work in groups.

Knowledge.

Level of experience

Motivation and willingness to cooperate throughout the process.

Years at the University of Las Tunas Vladimir Ilich Lenin

Techniques and instruments:

Survey: Applied to teachers and specialists in the field of economics to assess the real possibilities of forming an expert group. Annex 2

Step 2: Study the guidelines for drafting rules manuals and procedures

Objective: Reach the staff involved in the preparation of the manual.

Techniques and instruments:

Documentary analysis: It is based on the guidelines of the Ministries of Finance and Pricing, Economics and Planning and Higher Education. Documents to analyze are resolutions, guidelines, methodologies.

Group dynamics: conducted through a Workshop to discuss and agree on the content of the guidelines set out in the rules and procedures manual. Annex 3

Step 3: Determine the working hours

Objective: Develop the distribution of work so that each team member knows the time, place, and level of responsibility when designing.

indicators:

The period of time.

Specification space (place, context where the process will take place).

Intervals.

Techniques and instruments:

Organizational Workshop: To coordinate and set the start and the culmination of the activity, establish the roles in each participating member and the areas to be performed. Annex 4

Stage 2: Concrete

Step 4: Execute the model

Objective: Execute the Financial Economics Management norms and procedures manual for the University of Las Tunas decision making.

indicators:

The rules and procedures manual will contain the following component structure:

  1. In home.
  2. Index.
  3. Introduction.
  4. Legal basis.
  5. Scope.
  6. Objective.
  7. General rules
  8. Procedures.
  9. Forms and instructions.
  10. Glossary of terms.
  11. Notebooks or paintings.
  12. Appendices.

Techniques and instruments:

Note 1: The workshop will be held in different working sessions two hours each.

  • Session 1: Conduct a Workshop with the expert group to determine the content of indicators 1 to 4 that make up the manual. Annex 5
  • Session 2: Conducted through a Workshop with the expert group to determine the content of indicators 5 to 7 that make up the manual. Annex 5
  • Session 3: Conduct a Workshop with the expert group to determine the content of indicators 8 and 9 that make up the manual. Annex 5
  • Session 4: Conduct a Workshop with the expert group to determine the content of indicators 10 and 11 that make up the manual. Annex 5
  • Session 5: Conducted through a Workshop with the expert group to determine the content of indicator 12 constituting the manual. Annex 5

Note 2: The contents of the Manual of Financial Economics Management Decision-Making Rules and Procedures at the University of Las Tunas are illustrated in Appendix 6 of the CD.

Step 5: Design evaluation

Objective: To evaluate the feasibility and applicability of the financial economics management norms and procedures manual for the elaborated decision making process of the University of Las Tunas.

Instruments and techniques

Expert Evaluation: In this case, the Annex 7 study is applied to assess whether the manual with its content is relevant and meets the requirements.

Note 3: This assessment has no implication in the assessment made in the general procedure and is argued in the following as it is done only to evaluate the content of the indicators in the manual only.

Step 6: Approve the manual

Objective: To obtain the relevant official authorization of the authorities of the University of Las Tunisia Vladimir Ilich Lenin.

Techniques and instruments:

Workshop: The Expert Group submits to the University Board of Directors for formal approval of the manual.

Stage 3: Socializing the manual

Step 7: Promote knowledge of the manual

Objective: To socialize the contents of the manual at the Economic Department of the University of Las Tunas Vladimir Ilich Lenin and the Accounting and Finance Directorate of the Ministry of Higher Education.

indicators:

Media.

Moments and spaces for distribution

Information structure for socialization.

Resources available to communicate.

Techniques and instruments:

Group dynamics 1: Agree with the expert group, what will be the tools, mechanisms, ways and ways of associating information.

Group Dynamics 2: Create message structure and resource availability.

Participating Assembly: Socialize the manual.

Written documentary report: Socialize the manual.

Step 8: Systematize the manual implementation

Objective: To achieve the implementation of the relevant stages and steps of the procedure.

  • indicators:
  • Periodicity.
  • Ongoing monitoring
  • Instruments and techniques
  • Negotiations.

Phase 4: Evaluation and control

Step 9: React to the previous stages and steps of the procedure

Objective: Evaluate and monitor the progress and consolidation of the stages and steps of the procedure.

indicators:

  • Supervision.
  • Inspection.
  • Compliance.

Techniques and instruments:

  • Assemblies: Through workshops with members of the administrative area, the level of acceptance and implementation of manuals will be recorded.

Assessment of the relevance and applicability of the proposed procedure.

To assess the relevance and applicability of the procedure, the user criteria method was used, in this case it was the responsibility of the technicians and specialists of economic management, to make an assessment of the procedure by the facilities, its value of use or usability, the possibility of use of information and use and use of data immediately. See Annex 8.

Significant results have been obtained from the application of the procedure, although it is still appropriate to continue implementing a set of actions to assess its overall impact. However, we are able to review those positive results with the greatest impact.

In recent years the University of Las Tunas has expanded the scope of its core processes, achieving accreditation of all standards and procedures manuals developed and financial-economic management is accredited by the National Accreditation Board of the Ministry of Higher Education.

In summary, the conception of an accreditation system for financial economic management in higher education, while not categorized in the core functions of academic institutions, is essential for them as it seeks to improve outcomes in material and financial security by a degree. high efficiency and effectiveness.

Identifying the strengths and weaknesses of a given entity as a result of the accreditation process is a valuable tool for strategic decision making and projection.

Likewise, it is a process that reinforces the sense of belonging to the university community and aims to show that financial economic management corresponds to the institution and is not exclusive to certain areas.

On the other hand, it is undeniable that economic devices are subject to regularity and frequency assigned to different control and verification events of different nature, so that accreditation is a stimulus and recognition of their results.

The application of the proposed procedure yields results that are known through surveys of specialists, technicians and managers of the Economic and University Directorate, in addition to taking into account the opinion of the entities to which the Economic Directorate provides them with information (Statistics, Finance and planning). Here are some of them: See annex 7.

  1. Timely and quality submission of information is ensured: From the sequence of the proposed procedure, the information schedule is guaranteed and, in turn, allows for the review of the information before it is submitted to be released with the required quality
  2. Reports are issued to the Board of Directors on the due date and with the necessary information that allows for an accurate analysis of deficiencies to facilitate decision making.
  3. A more in-depth analysis of the accounts receivable and payables situation is provided. In this case, in the first case, the most significant are the various accounts receivable involving University staff and students and through the analysis carried out allows information to be transmitted to each faculty and center area.
  4. Allows the preparation of technicians and specialists in each job, based on the functionality of the proposed procedure.
  5. It is a crucial tool for fulfilling the strategy for achieving the organization's strategic planning work objectives in the economic field.
  6. It guarantees the reliability of accounting information at the University, contributing to the achievement of an adequate control of the material and financial resources at the University.
  7. It allows the use of accounting information as a tool for analysis and decision making by the University Directory.
  8. Has a high level of computerization and automation in all economic and financial processes, achieving a high degree of professionalization and specialization of functions; In addition to ensuring computer security and separating the tasks and functions of each specialist.
  9. Facilitates the development of a new model of economic and financial management at the University in accordance with the provisions of the Ministry of Higher Education and pays tribute to the implementation of guidelines adopted at the VIth Congress of the Party for Economic and Social Policy of the country our.
  10. The proper quality of financial economic management is guaranteed, ensuring continuous improvement of all processes.

conclusions

It has been demonstrated that the analysis and description of each process and its shortcomings are allowed to design a procedure that facilitates the design and implementation of accounting procedures manuals, constituting a valuable financial management tool that allows for its integral application in management. economic policy and ensures that policies created are well designed, that they are satisfactorily fulfilled and are not distorted.

bibliography

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  2. Amat, J. The Importance of Management Control in the Management Process. Machine Magazine Nr. 149. 1989.
  3. Bauzá, E, and Bello, E, Study Material, unpublished, Las Tunas, Cuba, 2000.
  4. Continolo G. Design of a manual of administrative procedures. Joaquín Rodríguez Valencia – 2002 – 179 pages
  5. Authors Group, Improving economic activity: the system and subsystems of the Ministry of Higher Education's economic and financial management model, Ed. Felix Varela, 2002.
  6. State Council, On the Continuity and Strengthening of the Business and Administration System, Decree – Law 252, Havana, 2007.
  7. Council of Ministers, Regulations for Implementation and Consolidation of the Business Administration and Management System, Decree no. 281, Havana, 2007.
  8. Collective of authors. Management control; management perspective Management Editor, 1996
  9. Economic Dictionary, Political Editor. Havana, 1987.
  10. Management Studies, University of Chile Management. http: // is: wikipedia. org / wiki / control.
  11. Gómez, G. Management Control as a Financial Tool. Publications Section Club Panel. www.bscl.com. (See February 21, 2011, 9:30 am). 1998.
  12. Graham Kellog Preparing Office Manual. M. Research Studies no. 36 .. Barcelona. Editorial reverté. 1962. 70 p. 22 cm
  13. Basic guide to economic and financial management. www.3sb12kaiaorg. 2008
  14. Guidelines on the Economic and Social Policy of the Party and the Revolution, adopted at the 6th Congress of the Communist Party of Cuba, April 2011.
  15. Morell, R. P., Model of financial economic management, organization subsystem, Las Tunas University Center, 2004.
  16. Reyes Ponce, A. Modern Administration; Editorial Board; Mexico 1992.
  17. Stoner, Administration, 6. Issue, MGH, 1997.
  18. Taylor, F.W., Principles of Scientific Administration, Ed. El Ateneo, Buenos Aires, 1953.
  19. Terry G. R. Administrative manuals Office administration and control administrative management actions. Publication: Mexico, D.F. Continent 1966. 912 p.
  20. Vega and Morell, R. P., Diploma Thesis, Diagnosing the Current Organizational Structure of the General Economic Department of the University Center of Las Tunas ”, Las Tunas, 2003

Appendix 1

Current structure of economic management

Current structure of economic management
Current structure of economic management

Annex 2

Proposal of the instrument to be applied (survey)

This study aims to recognize the criteria users have for the Financial Management model at the University of Las Tunas and the ability to use the proposed manuals, we appreciate your honest response to the questions asked to assist in our research:

1. How many years of work do you have in the Institution and specifically in the economic field?

1 to 3 years ____ 3 to 5 years ____ 5 to 10 years ____ 10 and up

2. Have you taken a financial management course, seminar or workshop?

Always _________ Yes _________ No _________ Partially _________

3. What criteria do you have regarding the financial and economic management of the center? Does it provide a quick and convenient response?

Good _______ regular ______ Bad ______ Don't know _______

4. Do you think the procedures used in economic and financial management are easily understood?

Always _________ Yes _________ No _________ Partially _________

5. Do you allow or facilitate analysis to make timely and appropriate decisions?

Always _________ Yes _________ No _________ Partially _________

6. Do you think established procedures favor teamwork?

Always _________ Yes _________ No _________ Partially _________

7. Have you received any preparation to work in a team?

Always _________ Yes _________ No _________ Partially _________

8. Do you think that a procedure is needed to develop procedure manuals?

Yes _________ No _________ Partially _________

Annex 3

Group dynamics: conducted through a Workshop to discuss and agree on the content of the guidelines set out in the rules and procedures manual

The seminar coordinator introduces the exercise, setting out its objective and the importance of this step in defining the procedure.

The group is divided into three teams, defining the members and the topic to be discussed.

The teams will consist of professionals, specialists and technicians with knowledge of the activity.

First Team: Analyze the regulations of the Ministry of Finance and Finance.

Second Team: Analyze the regulations of the Ministry of Economy and Planning.

Third Team: Analyze the regulations of the Ministry of Higher Education.

They must designate a facilitator and a roster on each team.

Each team on the topic addressed should select the regulations they pay to prepare the Financial Economics Standards and Procedures Manual. As well as the actions used by the specialist work experience that can be considered when preparing the Manual.

The workshop facilitator ensures the interchange between the teams in the group, setting out the regulations to be considered in this step.

The workshop lasted 8 hours, in two sessions.

Annex 4

Topic: Determining working hours.

Objective: Develop the distribution of work so that each team member knows the time, place, and level of responsibility when designing.

It is implemented through an organizational workshop: The start and end dates of the activity are coordinated and set, and the roles in each participating member and the areas to be determined.

Determination of working hours
Determination of working hours

The workshop lasted 6 hours, in two sessions.

Annex 5

Workshop topic: Design Execution.

Objective: Determine the beginning and the culmination of the activity, define the roles of each participating member and the tasks to be performed.

The workshop coordinator introduces the exercise, setting out its objective and the importance of executing the design.

Working hours were prepared with the start and end dates of design execution.

The workshop coordinator makes a presentation on the indicators that will constitute the standards and procedures manual.

  1. In home.
  2. Index.
  3. Introduction.
  4. Legal basis.
  5. Scope.
  6. Objective.
  7. General rules
  8. Procedures.
  9. Forms and instructions.
  10. Glossary of terms.
  11. Notebooks or paintings.
  12. Appendices.

Note 1: The workshop will be held in different working sessions two hours each.

Session 1: Conduct a Workshop with the expert group to determine the content of indicators 1 to 4 that make up the manual.

Identification Cover Cover: When the name of the Manual is displayed, centered in the middle of the page. It should also contain the University of Las Tunas and Ministry logo, version number, Manual code and processing date, among others.

Manual Index: The contents of the Manual will be displayed regularly, indicating the page number where each part of the Manual is located.

Introduction: The reason, purpose and usefulness of the Manual, the objective of the area where the process documentation is made and a brief description of its content is briefly described. It is advisable to indicate the importance of the Manual. It should not be larger than one (1) page.

Legal Basis: A legal framework that regulates or provides legal support to the execution of a documented procedure. State the names, decree number, date of promulgation, number of the Official Gazette, and the date of publication of laws, decrees, regulations or resolutions giving legal support to the proceeding. If possible, indicate the number of specific item (s) that are inherent in the documented process (optional). They should be reflected by observing a descending hierarchical order.

Session 2: Conducted through a Workshop with the expert group to determine the content of indicators 5 to 7 that make up the manual.

Scope: Reach the subsystems with which economic management works; material resources, finances, cash and banks, fixed tangible assets, planning, salaries and computerization, are within the standards and procedures manual designed to be used as a basic tool.

Objective: To instruct the person on aspects such as: objectives, functions, relationships, policies, procedures, norms, etc., specify the functions and relationships of each administrative unit to demarcate responsibilities, avoid duplication and detect omissions, contribute in executing the appropriate work assigned to staff and promoting uniformity at work, serve as an integration and guidance tool for new staff, facilitating their involvement in various operational functions, providing basic information for planning and implementing administrative reforms.

General Rules: These are the mandatory steps or requirements that govern the execution of the process. Each procedure must have its own general rules.

Session 3: Conduct a Workshop with the expert group to determine the content of indicators 8 and 9 that make up the manual.

Procedure: Each of the steps to be performed for the procedure is described in detail. These should be clearly, precisely and summarized, indicating who, how, when and where the activities are carried out. They are described starting with a verb conjugated to the 3rds. The singular person in the present tense.

Forms and instructions: This section covers all the forms used to execute the procedure. Each form should have its own instructions, which will detail items such as the form name, target, size, print form, number of copies, distribution, and description of each of the fields.

Session 4: Conduct a Workshop with the expert group to determine the content of indicators 10 and 11 that make up the manual.

Glossary of Terms: Contains a small concept for the terms of the procedure used within the manual.

Process flow, graphs or pictograms: The basic steps of the procedure are presented graphically and sequentially so that the user of the manual has a sketch of the procedure without having to read the entire procedure. Only the procedure will be conducted using a single tool.

Session 5: Conducted through a Workshop with the expert group to determine the content of indicator 12 constituting the manual.

Appendices: This section will include any material that is important and contributes to the execution of the process.

Annex 6

Proposal of the instrument to be applied (survey)

This study aims to recognize the application of the proposed procedure and the ability to use the manuals, we appreciate your honest answer:

1. Do you think that applying this procedure guarantees the dissemination of information at different levels and with the required quality?

Always _________ Yes _________ No _________ Partially _________

2. Is the proposed procedure able to issue reports to the board of directors on set dates and with the necessary information that allows for an accurate analysis of deficiencies to facilitate timely decision-making?

Yes _________ No _________ Partially _________

3. Do you consider this procedure to facilitate the analysis of accounts receivable and payable?

Yes _________ No _________ Partially _________

4. Does this procedure allow for the preparation of technicians and specialists in each job?

Yes _________ No _________ Partially _________

5. Is this procedure a crucial tool for meeting the organization's strategic business objectives in the economic field?

Yes _________ No _________ Partially _________

6. Does this procedure facilitate the development of a new model of economic-financial management at the University, in accordance with the provisions of the Ministry of Education and this tax on guidelines adopted in the VI Party Congress?

Yes _________ No _________ Partially _________

Annex 7

Evaluate the importance of the procedure based on user criteria.

To evaluate the importance of the procedure, taking into account your criteria, we would like to express your appreciation, we propose a scale from 1 to 5, where:

  1. Very bad
  2. Wrong.
  3. Regular.
  4. Well.
  5. Excellent.
Evaluate the importance of the procedure based on user criteria.
Evaluate the importance of the procedure based on user criteria.
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