DIGITAL TRANSFORMATION OF CASH FLOW MANAGEMENT IN JOINT-STOCK COMPANIES: METHODOLOGICAL APPROACHES AND PRACTICAL ASPECTS

Abstract

Cash flow management remains one of the functions of corporate financial management most sensitive to operational error, since the solvency and financial stability of a joint-stock company depend directly on the accuracy and timeliness of the decisions taken. This article examines the methodological approaches to the digital transformation of cash flow management in joint-stock companies and the practical aspects of its implementation. Drawing on a systematic review of national and international literature, together with a survey of treasury-management tools applied in international and domestic practice, the article identifies three principal directions of digitalization: automation of the payment calendar and bank-statement reconciliation, the deployment of centralized treasury management systems (TMS), the application of machine-learning techniques to cash flow forecasting, and the robotic automation of routine accounting operations (RPA). The analysis shows that the effectiveness of digital transformation is determined not only by the choice of technological solution but also by the enterprise's methodological readiness — the quality of source data, the standardization of accounting procedures, and the existence of a formalized liquidity-management model. Using joint-stock companies of the Republic of Uzbekistan as an illustrative case, the article reviews the institutional conditions for the digitalization of corporate financial management that have emerged through corporate-governance reform and capital-market development. A three-tier methodological model of digital transformation is proposed, comprising an accounting-automation tier, an analytical-forecasting tier, and a strategic liquidity-optimization tier. The findings are intended to be of practical use to the financial services of joint-stock companies and to further research on corporate finance and the digital economy.