Financial monitoring of contractors using digitalization as a factor of influence on financial and economic result

Abstract

The image, reputation and compliance of the business entity with the law affect the process of obtaining a positive financial and economic result through qualitative changes: a business entity with long experience in the market, impeccable reputation and image, no criminal cases, tax debt, etc., connection with public figures will be more competitive among others, both on the part of suppliers and on the part of buyers for cooperation. This will give the entity a wide choice of counterparties to optimize operations and, as a result, improve the level of financial and economic performance. The financial monitoring of an entity should be characterized by continuous tracking, identification and verification of its counterparties for compliance with the law and data from open registers, which are available through the digitalization of the economy. With the digitalization of the economy, businesses will be able to reduce the number of steps previously required for the operation and monitoring of counterparties. Improve the timing of work, significantly increase the efficiency of its activities and, ultimately, reduce operating costs. The digitalization of the economy will help society create a reliable digital environment, optimize and scale operations, make them consistent and secure. Due to digitalization it becomes possible to rapidly develop innovations, support startups, teach everyone the basics of programming, implement digital technologies in the field of economics.