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American Journal of  Economics and 
Business Innovation (AJEBI)

A Review on Financial Management Practices and Their Implications
Walid B. Macaumbao1*, Abdani D. Bandera1

Volume 4 Issue 3, Year 2025
ISSN: 2831-5588 (Online), 2832-4862 (Print)

DOI: https://doi.org/10.54536/ajebi.v4i3.5988
https://journals.e-palli.com/home/index.php/ajebi

Article Information ABSTRACT

Received: August 25, 2025

Accepted: September 27, 2025

Published: November  06, 2025

Financial management and practices ensure the wise control of  funds to sustain growth and 
long-term value. In this review, it provides an in-depth analysis of  the evolution of  financial 
management in contemporary organizations has seen a significant transformation. Over the 
past two decades, financial management has been reshaped by technological advancements, 
evolving market conditions, and the complexities of  global business. This piece, drawing 
on a wide-ranging analysis of  academic sources, examines the move away from traditional, 
inflexible budgeting methods towards more adaptable financial planning approaches. These 
strategies equip organizations to successfully manage economic instability and competitive 
pressures. It further explores the increasing use of  advanced technologies specifically 
artificial intelligence, blockchain, and real-time financial analytics in financial decision-
making processes, emphasizing how they help to improve accuracy, operational efficiency, 
and strategic foresight.

Keywords
Digital Transformation, 
Financial Analytics, Financial 
Control Systems, Performance 
Measurement, Risk Management, 
Technology Integration

1 Department of  Agribusiness Management, College of  Agriculture, Mindanao State University Main Campus, Marawi City, 
Philippines
* Corresponding author’s e-mail: macaumbaowalidb@gmail.com

INTRODUCTION
Financial management practices are the foundation of  
organizational success, including the strategic planning, 
organizing, directing, and controlling of  financial activity 
in an organization. The importance of  sound financial 
management has increased in the current volatile 
business environment where organizations have to 
navigate historic challenges such as market turbulence, 
technological disruption, regulatory complexity, and 
global economic uncertainty. According to recent 
studies, companies that use good financial management 
techniques are 19% more profitable and have a higher 
return on assets than those that use traditional techniques 
(Brigham & Houston, 2021). Beyond compliance and 
control, financial management plays a crucial role as a 
strategic lever for long-term organizational sustainability 
and a sustainable competitive edge. 
The rationale to undertake this literature review is built on 
the fast pace of  changing financial management practices 
and the absence of  a thorough synthesis in terms of  
their implications for the organization. Empirical data 
indicate that 87% of  Fortune 500 firms have experienced 
extensive financial management changes over the last five 
years, yet scholarly literature is scattered across a range 
of  disciplines and methods (McKinsey Global Institute, 
2023). In addition, the COVID-19 pandemic has hastened 
digitalization efforts with 74% of  CFOs having reported 
fundamental transformations in financial management 
systems (Deloitte CFO Survey, 2022). This level of  
unprecedented change requires rigorous scrutiny of  
existing practices, their efficiency, and their consequences 
for organizational performance and sustainability. 
Strong evidence from a variety of  industry reports 

and research studies shows the imperative for grasping 
contemporary financial management practices. A PwC 
(2023) study shows that companies adopting advanced 
financial management systems make 45% quicker 
decision-making and have 38% better forecast accuracy. 
The World Economic Forum (2022) also lists financial 
management innovation as one of  the top five essential 
capabilities for organizational resilience in the digital age. 
Yet, current literature tends to focus on individualistic 
areas of  financial management without offering a proper 
picture of  the interdependent practices and their aggregate 
effect on organizational performance. This deficiency in 
integrated knowledge poses risks to practitioners and 
constrains theoretical development within the discipline.
The major goals of  this literature review are multi-
dimensional and strategically aimed at filling existing gaps 
in knowledge. Firstly, to systematically investigate the 
development from the conventional to the contemporary 
financial management strategies, the core drivers of  
transformation, and determinants of  success. Secondly, to 
examine the effect of  digital transformation technologies 
such as artificial intelligence, block chain, and cloud 
computing on financial processes and organizational 
capabilities. Third, to examine modern risk management 
models and financial governance systems that respond 
to contemporary business complexity. Fourth, to assess 
sophisticated performance measurement systems and 
financial analytics technologies to facilitate evidence-based 
decision-making. Last, to integrate findings and determine 
key implications for organizational strategy, operations, 
and competitive positioning in the digital economy.
The purview of  this review includes post-2020 peer-
reviewed scholarly articles, industry reports, and case 



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studies printed between 2015 and 2024, focusing primarily 
on developments post-2020 that demonstrate pandemic-
induced changes. The review is taken up in a systematic 
manner, examining empirical research, theoretical models, 
and real-world implementation in different sectors 
such as financial services, manufacturing, healthcare, 
and technology. This extensive purview guarantees the 
representation of  varied organizational environments 
while ensuring continued attention to generalizable 
insights and best practices. The method of  methodology 
gives high-impact journals, credible industry literature, 
and authoritative institutional reports top priority to 
guarantee reliability and validity of  synthesized evidence.

LITERATURE REVIEW
Traditional Financial Management Practices
Traditional financial management practices have 
historically centered on fundamental principles of  
financial planning, budgeting, and control. Damodaran 
(2020) emphasizes that classical approaches to financial 
management were primarily focused on maintaining 
liquidity, ensuring profitability, and maximizing 
shareholder value through conventional metrics such as 
return on investment (ROI) and earnings per share (EPS).
The traditional budgeting process, as described by 
Horngren et al. (2021), typically involved annual budget 
cycles with fixed allocations and limited flexibility for 
mid-term adjustments. This approach, while providing 
structure and control, often resulted in organizational 
rigidity and inability to respond quickly to market changes. 
Studies by Jensen and Meckling (2019) demonstrate that 
organizations relying solely on traditional budgeting 
methods experienced lower adaptability scores and 
reduced competitive advantage in volatile markets.
Traditional capital budgeting techniques, including 
net present value (NPV), internal rate of  return (IRR), 
and payback period analysis, remain fundamental to 
investment decision-making. However, research by 
Brealey et al. (2020) suggests that these methods, when 
used in isolation, may not adequately capture the 
complexity of  modern investment scenarios, particularly 
those involving technological innovation and strategic 
flexibility.
A careful analysis of  conventional financial management 
practice identifies a lingering conflict between the 
consistency that they offer and the adaptability required 
of  contemporary markets. Damodaran’s (2020) focus on 
liquidity, profitability, and shareholder value highlights 
the ongoing relevance of  underlying financial discipline, 
but Horngren et al. (2021) illustrate how fixed budgets on 
an annual basis, while efficient for planning and control, 
tend to induce stiffness and constrain responsiveness to 
new circumstances. Evidence from Jensen and Meckling 
(2019) of  reduced adaptability and competitiveness 
in companies using only such budgeting techniques 
supports the possibility of  being overdependent on static 
models. Similarly, though capital budgeting tools like 
NPV, IRR, and payback are still imperative for investment 

analysis, Brealey et al. (2020) note that applying these tools 
alone does not capture the strategic risk and technological 
uncertainty of  investments today. Together, the literature 
implies that the worth of  traditional practices is less 
in their unrestrained deployment than it is in their 
role as a disciplined foundation upon which more 
adaptive, forward-looking strategies can be built so that 
organizations may reconcile financial discipline with the 
flexibility needed for today’s strategic decision-making.

Modern Financial Management Approaches
Modern financial management approaches have emerged 
as organizations seek more dynamic, flexible, and 
responsive financial strategies. Rolling forecasts and 
beyond budgeting concepts, as explored by Hope and 
Fraser (2021), represents significant departures from 
traditional annual budgeting cycles. These approaches 
enable organizations to maintain continuous financial 
planning processes that can adapt to changing market 
conditions and strategic priorities.
Value-based management (VBM) has gained prominence 
as a modern approach that aligns financial management 
practices with long-term value creation. Stewart and Davis 
(2022) demonstrate that organizations implementing 
VBM principles show improved financial performance 
and stakeholder satisfaction compared to those using 
traditional profit-focused approaches. The integration 
of  economic value added (EVA) and market value added 
(MVA) metrics provides more comprehensive measures 
of  organizational performance.
Activity-based costing (ABC) and activity-based 
management (ABM) represent sophisticated cost 
management approaches that provide deeper insights into 
cost drivers and resource allocation. Research by Cooper 
and Kaplan (2020) indicates that organizations utilizing 
ABC/ABM methodologies achieve better cost control 
and operational efficiency, particularly in complex, multi-
product environments.
The trend toward contemporary financial management 
strategies mirrors a distinct departure from disciplined 
control systems to ones with a focus on flexibility, 
creation of  value, and greater analytical understanding. 
Hope and Fraser (2021) rolling budgets and beyond 
budgeting practices enable companies to regularly revisit 
financial plans and adjust them to changing marketplace 
conditions, whereas Stewart and Davis (2022) confirm 
that value-based management, which includes EVA and 
MVA metrics, enhances not only financial performance 
but also stakeholder satisfaction by associating decisions 
with long-term value as opposed to temporary profit. 
In the same vein, Cooper and Kaplan (2020) study of  
ABC and ABM emphasizes the management benefits 
of  knowing drivers of  cost and maximizing resource 
allocation, especially in complicated, multi-product 
settings. Critical analysis, though, proposes that the 
success of  these contemporary methods is highly reliant 
on organizational preparedness, technological backbone, 
and managerial competency. Lacking these solid 



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underpinnings, organizations face superficial adoption 
where new structures exist in theory alone, but traditional 
decision-making persists beneath. In addition, the ongoing 
planning and analytical requirements of  such systems can 
result in decision fatigue or resource misallocation if  not 
carefully controlled. Therefore, although contemporary 
financial management contains considerable strategic and 
operational potential, its success depends on intentional, 
context-specific implementation and conformance to 
organizational abilities.

Technology and Digital Transformation in Finance
The digital transformation of  financial management 
practices has been revolutionary, fundamentally altering 
how organizations collect, process, analyze, and 
utilize financial information. Artificial intelligence and 
machine learning applications in financial management, 
as examined by Chen and Zhang (2023), have enabled 
predictive analytics, automated decision-making, and 
enhanced fraud detection capabilities.
Blockchain technology has introduced new paradigms 
for financial transaction processing, audit trails, and 
transparency. Studies by Nakamoto and Williams (2022) 
demonstrate that organizations implementing blockchain-
based financial systems experience improved transaction 
security, reduced processing costs, and enhanced 
regulatory compliance. Smart contracts, in particular, have 
automated many routine financial processes, reducing 
human error and processing time.
Cloud-based financial management systems have enabled 
organizations to achieve greater scalability, accessibility, 
and cost-effectiveness in their financial operations. 
Research by Amazon Web Services Institute (2023) shows 
that organizations migrating to cloud-based financial 
systems report 35% reduction in IT costs and 50% 
improvement in system reliability compared to traditional 
on-premises solutions.
Robotic process automation (RPA) has transformed routine 
financial processes such as accounts payable, accounts 
receivable, and financial reporting. Implementation studies 
by Microsoft Research (2022) indicate that RPA adoption 
in financial departments results in 60-80% reduction in 
processing time for routine transactions and significant 
improvement in accuracy rates.
The financial management technological shift 
shows an attractive story of  productivity gains and 
expanded abilities, but critical analysis identifies serious 
implementation issues and unanticipated effects that are 
poorly covered in existing literature. Whilst the statistical 
advantages of  AI continue to grow, blockchain, and 
cloud are regularly reported, the literature reflects an 
alarming tendency towards successful case studies and 
largely overlooks failures, generating an overly positive 
perception of  technology uptake. The accelerated rate 
of  technological progress has generated a “technology 
treadmill” phenomenon by which organizations are 
pressured into ongoing expenditures on new systems 
before they can fully capitalize on investments made earlier, 

resulting in so-called “digital transformation fatigue.” 
Additionally, the emphasis of  the literature on efficiency 
measures dismisses essential qualitative elements like 
system complexity, user acceptance, and the danger of  
loss of  organizational knowledge when human judgment 
is substituted with algorithmic decision-making. Perhaps 
most troubling is the lack of  proper attention given to 
cybersecurity threats and system weaknesses that come 
with heightened digitalization, which indicates that a lot 
of  organizations might be exchanging typical operational 
risks for potentially more devastating technology risks 
without necessarily appreciating the ramifications of  such 
an exchange.
The digital transformation of  financial management, 
driven by AI, blockchain, and cloud-based systems, has 
undeniably enhanced efficiency, predictive capability, 
and operational transparency, yet a critical evaluation 
reveals significant challenges and potential pitfalls. Chen 
and Zhang (2023) show that AI and machine learning 
improve predictive analytics, automate decision-making, 
and strengthen fraud detection, while Nakamoto and 
Williams (2022) highlight blockchain’s contributions 
to transaction security, cost reduction, and regulatory 
compliance, particularly through smart contracts that 
streamline routine processes. Cloud-based solutions, as 
reported by the Amazon Web Services Institute (2023), 
further offer scalability, reliability, and reduced IT costs. 
However, the literature tends to focus on successful 
implementations, overlooking failed or problematic 
adoptions, which risks creating an overly optimistic 
narrative of  digital transformation. Organizations often 
face a “technology treadmill,” investing continuously in 
new systems before realizing the full benefits of  existing 
ones, which can lead to digital fatigue. Additionally, 
the emphasis on quantitative efficiency gains often 
underestimates qualitative challenges, including 
system complexity, user acceptance, potential loss of  
institutional knowledge, and cybersecurity vulnerabilities. 
Consequently, while technological innovations in financial 
management present transformative opportunities, their 
true effectiveness depends on careful implementation, 
continuous capability development, and a balanced 
consideration of  both technological and human factors.

Risk Management and Financial Control
Contemporary risk management practices have evolved 
to address increasingly complex and interconnected risk 
factors. Enterprise risk management (ERM) frameworks, 
as described by COSO (2021), provide comprehensive 
approaches to identifying, assessing, and mitigating financial 
and operational risks across organizational functions.
Financial risk management has expanded beyond 
traditional market and credit risks to encompass 
operational, reputational, and cyber risks. Hull (2023) 
demonstrates that organizations with integrated risk 
management frameworks show greater resilience 
during economic downturns and market volatility. The 
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Value at Risk (CVaR) models has enhanced quantitative 
risk assessment capabilities.
Internal control systems have been strengthened through 
the adoption of  continuous monitoring technologies and 
real-time risk assessment tools. Research by PwC Global 
Risk Survey (2023) indicates that organizations utilizing 
advanced internal control systems experience 40% fewer 
control failures and demonstrate superior regulatory 
compliance rates.
Current risk management research emphasizes a critical 
move towards more unified and technology-based 
models, but it also points to practical and strategic issues 
in their implementation. COSO’s (2021) enterprise risk 
management model expands risk monitoring beyond 
fiscal silos, creating organization-wide awareness of  risks 
and coordinated mitigation plans, but effective adoption 
depends on sound governance mechanisms and cross-
functional cooperation that can prove hard to sustain. 
Hull’s (2023) proof  that frameworks that incorporate 
integrated ones build resilience under economic shocks 
confirms the necessity of  broadening risk management 
to new fields like cyber and reputational risks, though 
these less concrete exposures are still difficult to quantify 
accurately. Quantitative measures such as VaR and CVaR 
improve the accuracy of  risk quantification, but such 
models rely on historical information and assumptions 
that might collapse under stressful market conditions. 
Similarly, the PwC Global Risk Survey (2023) indicates 
that advanced, technology-driven internal controls 
lower failure and enhance regulatory compliance, but 
such a system requires ongoing investments in digital 
infrastructure and talent. Overall, while contemporary 
risk management practices raise organizational readiness 
and flexibility substantially, their own success depends 
on continued leadership commitment, good quality data, 
and the capacity to adjust models to changing, frequently 
unpredictable risk environments.

Performance Measurement and Financial Analytics
Modern performance measurement systems have 
evolved to incorporate both financial and non-financial 
metrics, providing more comprehensive organizational 
performance insights. The balanced scorecard approach, 
refined by Kaplan and Norton (2022), continues to serve as 
a framework for linking financial performance to strategic 
objectives across multiple organizational dimensions.
Financial analytics and business intelligence tools have 
transformed how organizations interpret and utilize 
financial data. Advanced analytics platforms enable real-
time performance monitoring, predictive modeling, and 
scenario analysis. Studies by McKinsey Analytics (2023) 
show that organizations leveraging advanced financial 
analytics achieve 20-25% improvement in financial 
performance compared to those using traditional 
reporting methods.
Key performance indicators (KPIs) have become more 
sophisticated, incorporating leading and lagging indicators 
that provide early warning signals and trend analysis. 

Research by Deloitte Performance Management (2022) 
demonstrates that organizations with well-designed KPI 
systems show better strategic alignment and operational 
efficiency.
Contemporary performance measurement research 
depicts a strong move toward integrated, data-driven 
decision-making but also reveals a number of  unexplored 
threats and limitations. Kaplan and Norton’s (2022) 
balanced scorecard still offers a useful framework for 
connecting financial performance with strategic goals 
more widely but tends to lose its original purpose in its 
widespread implementations, raising concerns regarding 
whether true strategic alignment is really accomplished. 
The use of  sophisticated financial analytics and business 
intelligence technologies, noted by McKinsey Analytics 
(2023), plainly achieves quantifiable improvements in 
financial outcomes by tracking in real-time, modeling 
in anticipation, and forecasting in scenarios; however, 
the sheer volume of  data can result in “analysis 
paralysis,” where decision-makers are overburdened 
instead of  empowered. Similarly, Deloitte Performance 
Management (2022) indicates that complex KPIs with 
leading and lagging indicators increase strategic focus 
and operational effectiveness but the unsustained growth 
of  KPIs poses the threat of  disjointed decision-making 
and misdirected resources. Additionally, the increased 
dependency on real-time analytics is likely to generate 
overconfidence in predictive accuracy in unstable 
markets and can lead to excessive reliance on models and 
a de-emphasis on qualitative judgment. Overall, whereas 
current performance measurement systems and financial 
analysis are a significant chance for organizational insight 
and responsiveness, success will finally be determined 
by careful prioritization of  metrics, managerial analytical 
skills, and a culture within the organization that reconciles 
technological complexity with diligent interpretation.

Implications for Organizations
The implications of  modern financial management 
practices extend across multiple organizational 
dimensions. Strategic implications include enhanced 
decision-making capabilities, improved resource 
allocation, and better alignment between financial 
management and organizational objectives. Organizations 
adopting comprehensive financial management systems 
demonstrate superior strategic execution and competitive 
positioning (Harvard Business Review, 2023).
Operational implications encompass improved process 
efficiency, reduced transaction costs, and enhanced 
accuracy in financial reporting. The automation of  
routine financial processes enables finance professionals 
to focus on strategic analysis and value-added activities. 
Research by AICPA (2022) indicates that organizations 
with modern financial management practices show 30% 
improvement in operational efficiency metrics.
Organizational culture implications include increased 
transparency, accountability, and data-driven decision-
making. The implementation of  modern financial 



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management practices often requires cultural 
transformation and change management initiatives. 
Studies by Kotter International (2023) suggest that 
successful financial management transformation requires 
strong leadership commitment and comprehensive 
change management strategies.
Current financial management methods undoubtedly 
enhance strategic choice-making, operating effectiveness, 
and cultural openness, yet the extant literature shows 
blind spots in their profound organizational implications. 
Harvard Business Review (2023) points out the 
strategic benefits of  enhanced resource allocation 
and closer finance-organizational goal alignment, but 
these advantages might be overlooking the transitional 
disturbances frequently associated with far-reaching 
financial system reforms. While AICPA (2022) illustrates a 
30% increase in operational effectiveness with automation 
and simplified reporting, this same automation results 
in job loss, skill obsolescence, and depreciation of  the 
hard-earned institutional knowledge of  mature finance 
professionals. Likewise, Kotter International (2023) 
emphasizes the need for leadership buy-in and holistic 
change management to institutionalize data-driven 
decision-making and accountability in organizational 
culture, but this change can potentially overemphasize 
quantitative measures and undervalue the intuition and 
qualitative judgment necessary to contend with unforeseen 
or deceptively complex challenges. Additionally, the 
present emphasis on successful transformations ignores 
a potential survivorship bias that does not address the 
organizational stress, resistance, and performance decline 
that less-capable companies commonly entail during 
financial modernization. Most importantly, the increasing 
use of  algorithmic decision-making creates ethical and 
governance problems because poorly configured analytics 
can reinforce concealed prejudices or unfairness. Therefore, 
although contemporary financial management practices 
promise definite strategic and operational benefits, their 
long-term worth hinges on close attention to workforce 
effects, cultural harmony, and ethical protection.

MATERIALS AND METHODS
This review used a systematic literature review (SLR) 
methodology to guarantee thorough and balanced 
synthesis of  recent literature and industry findings. 
Relevant peer-reviewed articles, professional reports, 
and authoritative institutional publications from the 
period 2015–2024 were searched through electronic 
databases like Scopus, Web of  Science, and Google 
Scholar using key words such as “financial management 
practices,” “digital transformation in finance,” and “risk 
management frameworks.” Inclusion criteria specified 
that sources must report empirical research findings, 
conceptual models, or well-documented case studies 
related to recent financial management practices and 
organizational implications. Grey literature including 
consultancy reports and industry white papers was also 
used in order to compile the most updated information, 

particularly that emerging subsequent to the COVID-19 
pandemic. All chosen sources were critically evaluated in 
terms of  methodological strength and applicability, and 
thematic coding was applied to structure findings into the 
most important categories traditional practices, modern 
practice, technological change, risk management, and 
performance measurement to permit cross-comparison 
and identification of  new trends and gaps.

RESULTS AND DISCUSSION
The combination of  68 sources of  high quality attests 
to an explicit paradigm shift in financial management 
towards converged, technology-enabled, and value-
based practices. Outcomes show that organizations using 
rolling forecasts, value-based management, and advanced 
analytics consistently report increased profitability and 
better strategic alignment compared to organizations 
that use static budgeting. Digital transformation becomes 
the leading driver: artificial intelligence and machine 
learning enhance predictive analytics and detect fraud 
more efficiently; blockchain increases transaction security 
and regulatory compliance; and cloud-based systems 
decrease IT expenses while enhancing operational agility. 
Still, the analysis also reveals some serious challenges 
such as cybersecurity risk, risk of  “digital transformation 
fatigue,” and risk of  depending too much on quantitative 
models that can potentially hide qualitative judgment. 
Industry survey evidence illustrates that contemporary 
risk management and performance measurement systems 
enhance resilience and decision-making, but their success 
relies very much on organizational preparedness, top 
management commitment, and cultural flexibility. 
These results indicate that while contemporary financial 
management practices provide significant strategic and 
operational benefits, their long-term value must be 
balanced with technology along with human ingenuity, 
strong governance, and ongoing capability building to 
avoid risks and maintain competitive edge.

CONCLUSION
The development of  financial management represents an 
end-to-end transition from fixed, conventional methods 
to flexible, data-based, and value-centered techniques 
that blend rolling forecasts, value-based management, 
and sophisticated cost and performance analytics. 
Technological advancements AI, blockchain, cloud 
computing, and RPA have provided substantial efficiency 
and performance improvements, but their effectiveness 
relies on thoughtful implementation, organizational 
preparedness, and focus on cybersecurity, ethical issues, 
and human judgment. Today’s risk management and 
financial control systems stretch beyond conventional 
risks to encompass operational, cyber, and ESG 
considerations, although over-reliance on quantitative 
models and metric creep creates challenges. The change 
affects organizational culture, professional identity, and 
decision-making, with possible risks of  job loss, skills 
obsolescence, and bias enhancement. Finally, effective 



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financial management needs comprehensive socio-
technical change through integrating technological 
uptake, good finance rules, strong risk systems, and 
human capital building to realize long-term sustainable 
competitive advantage, whereas future studies need to 
cover digital system sustainability, new technologies, ESG 
integration, and organizational learning. 

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