Accounting and Analytical Support for Cost Management in the Company's Balanced Scorecard System

Abstract

The relevance of the problem of inefficient cost management is determined by constant economic changes, the rapid development of technologies, and growing competition. The inability of enterprises to adapt to new digital conditions leads to financial losses, irrational use of resources, and a decline in competitiveness. Such dynamics inevitably lead to bankruptcy. Under these conditions, when the latest technologies are transforming conventional, standard business models, it is critically important to develop modernized accounting and analytical support. The aim of the article is to systematize the existing scientific and practical approaches to cost management and to develop a comprehensive analytical dashboard for strategic cost controlling based on the balanced scorecard, adapted to the modern conditions of digitalization. Methods of system-structural analysis and logical modeling were used. The study examined the development of scientific and practical approaches to enterprise optimization, their current state, the structural components of the classical balanced scorecard model, and the impact of the latest technologies on the efficiency of accounting and analytical support of enterprises. Based on the results of the study, eight key approaches to cost optimization were identified. Based on the analysis, the best integrated tool was selected – the balanced scorecard. Using the classical model as a foundation, a template for an analytical dashboard for strategic cost management controlling within the balanced scorecard system was developed. It was found that the isolated and fragmented use of classical methods of cost management and optimization is currently insufficiently efficient. This determines the necessity of introducing a single integrated tool. The scientific and practical feasibility of using the balanced scorecard as a single integrated controlling tool has been substantiated. The classical model, which is no longer sufficiently relevant in modern conditions, was expanded with the latest indicators of the digital economy. It is proposed to implement the developed template of the strategic cost controlling analytical dashboard at enterprises. This will ensure the balancing of short-term financial goals with long-term ones, allowing enterprise managers to respond promptly and effectively to unpredictable environmental changes and identify unproductive costs at all levels of product creation or service provision.