Financial Management Information Systems in Russia: Current State and Prospects of Development

Active development of information systems of the budget process in Russia and other countries actualizes the importance of research in this area. Without the use of information systems it is difficult to imagine the work of public authorities on budgeting and budget execution. The purpose of the study is to analyze the functioning of information systems that ensure the process of planning, execution and control of the execution of the federal budget and regional budgets, as well as to substantiate the prospective directions of their development. The object of the study is the financial management information systems in the Russian Federation and its constituent entities. In Russia at the regional level there is no unified model of implementation of information systems of public finance management, so the subjects of the Russian Federation acted in two main directions: development of their own information systems and purchase of standard software products from specialized developers. The study reveals that the following directions of development of financial management information systems in the Russian regions are possible: 1) a decentralized approach on the part of federal authorities with the possibility for Russian regions to use their own software solutions; 2) the creation of all-Russian financial management information systems (or a unified financial management information system) to which Russian regions can be connected. The article pays special attention to the second option, taking into account the need for a balanced and responsible policy in this area in order to preserve the regions’ ability to effectively implement the budget process while taking into account the existing practices.