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Investigating the Application of Digital Tools for Information Management in Financial Control: Evidence from Bulgaria

Author

Listed:
  • Zhelyo Zhelev

    (Department of Control and Analysis of Economic Activities, Tsenov Academy of Economics, 5250 Svishtov, Bulgaria)

  • Silviya Kostova

    (Department of Control and Analysis of Economic Activities, Tsenov Academy of Economics, 5250 Svishtov, Bulgaria)

Abstract

This paper discusses the application of digital information management tools in the context of financial control. In Bulgaria, such research is innovative as it is the first time that digital transformation in crucial financial control institutions, which influence the formation of the revenue part of the state budget and the spending of public funds, has been studied. The study aims to answer the research question of to what extent the application of digital tools in financial control improves its effectiveness. It analyses how modern technologies improve the efficiency and accuracy of information used in financial control institutions. The authors examine the impact of digital tools, such as database management systems, business analytics platforms, and electronic document management tools, on collecting, analyzing, and managing financial and non-financial information. The study uses descriptive statistics and a correlation analysis, which significantly contributes to establishing the relationship between implemented digital tools and improvements in financial control procedures. The results show that despite the conditions created for digitalization in financial control institutions, digital tools are used to a limited extent in the information management process. The study emphasizes the need for continuous investment in digital technologies and training to maximize the benefits of their application in financial control.

Suggested Citation

  • Zhelyo Zhelev & Silviya Kostova, 2024. "Investigating the Application of Digital Tools for Information Management in Financial Control: Evidence from Bulgaria," JRFM, MDPI, vol. 17(4), pages 1-17, April.
    • Handle: RePEc:gam:jjrfmx:v:17:y:2024:i:4:p:165-:d:1377193
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    References listed on IDEAS

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    1. Aleksandrina Aleksandrova & Valentina Ninova & Zhelyo Zhelev, 2023. "A Survey on AI Implementation in Finance, (Cyber) Insurance and Financial Controlling," Risks, MDPI, vol. 11(5), pages 1-16, May.
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    Cited by:

    1. Antonio Dichev & Silvia Zarkova & Petko Angelov, 2025. "Machine Learning as a Tool for Assessment and Management of Fraud Risk in Banking Transactions," JRFM, MDPI, vol. 18(3), pages 1-17, March.
    2. Maya Lambovska & Antoaneta Angelova-Stanimirova, 2025. "Unveiling Challenges to Management Control Systems in Higher Education: A Systematic Literature Review," World, MDPI, vol. 6(3), pages 1-18, July.
    3. Stoyan Prodanov & Svetlana Avrionova & Mariyana Pavlova-Banova & Petko Angelov, 2025. "Socio-Economic Risks Impact on Tax Revenues of EU Member States in the Context of COVID-19," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 20-42.

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