1. National College of Business Administration and Economics; hamza_2019@gmail.com
2. National College of Business Administration and Economics; qasimayub2123@gmail.com
3. National College of Business Administration and Economics; t.yaqoob1232@gmail.com

*             Correspondence: t.yaqoob1232@gmail.com

Keywords: economic crisis; enterprise; financial and accounting management; innovation strategy

1. INTRODUCTION

In the background of the economic crisis of Pakistan, the old financial management model can no longer be feasible in order to the current rapid economic development. Many enterprises still use traditional management methods in accounting management, and the management systems and concepts that are outdated seriously affect the further development of enterprises in Pakistan [1]. Therefore, in response to these problems under the background of the economic crisis of Pakistan, corresponding innovative measures must be taken to improve the corporate accounting management system and uplift the national economy of Pakistan. Therefore, under the huge space for their own development, all enterprises working in Pakistan are also facing unprecedented economic pressure [2]. The internal management mode of the enterprise is an important part of the work to better enhance the enterprise’s own development strength and stability during the internal management process. Doing a good job in internal management-related work is an inevitable choice for long-term and stable development. It plays a very important role in the coordination of various departments within the enterprise, as well as capital operation and management [3]. In today’s ever-changing economic situation of Pakistan, only through the innovative and integrated development of enterprise management mode and the improvement of enterprise management level and operation level can we meet more challenges and create more benefits [4].

2. THE CHARACTERISTICS OF CORPORATE ACCOUNTING MANAGEMENT UNDER THE ECONOMIC CRISIS OF PAKISTAN

The concept of accounting management is advanced globally that has transformed from a government-led economic system to a market-led one. In the traditional planned economic system, although enterprises bear less risk, their growth and development are very slow, and their autonomy is greatly restricted in the process of operation. In the deepening and development of the Pakistani market economic system, the traditional accounting system of enterprises has exposed many shortcomings, especially in the development of network information technology in our country, forcing the accounting management of enterprises to keep pace with the times and fully introduce computer technology into modern in the enterprise financial management work [5]. It has brought the development of enterprise financial management work towards informatization and digitalization. Under the background of the new economy, the collection of financial information and the processing of financial data in corporate accounting management work requires the establishment of advanced accounting management concepts and the use of AI-based technology to effectively improve work efficiency and reduce management costs [6].

2.1 Diversified Management Objects

Traditional enterprise financial management has a certain degree of independence in the process of enterprise operation, and the object of management is relatively single [7]. Under the background of the economic crisis of Pakistan, the financial and accounting management of enterprises gradually faces several issues. In order to constantly improve accounting, management staff should pay attention to the development trend of the entire financial industry and fully learn from the advantages of the market economic system of Pakistan [8].

3- PROBLEMS OF FINANCIAL AND ACCOUNTING MANAGEMENT IN THE ECONOMIC CRISIS OF PAKISTAN

3.1 Lack of Innovation Management System

If an enterprise wants to achieve long-term development, it should first of all continuously establish and improve various management systems of its own enterprise. Only by relying on the system can enterprises be able to carry out various effective management tasks [9]. The innovation of financial and accounting management is also carried out around various indicators of the enterprise, so various innovation systems should be continuously established and improved, especially in the current economic crisis of Pakistan [10]. For example, the innovation evaluation mechanism of these systems is not perfect, resulting in the management innovation of corporate finance and accounting has remained on the surface, lacking an effective system to coordinate.

3.2 Management Methods are Retrograde

With the development of the enterprise economy of Pakistan, the amount of enterprise management information is also increasing day by day, accounting business methods and processes are constantly changing, and there are more and more group companies [11]. With the development of network technology, remote office, and remote management, the difficulty of modern enterprise financial management has also increased, and the management system and requirements have become higher. The traditional management system has fallen behind and cannot meet the requirements of the current enterprise management [12]. Therefore, to solve these problems, enterprises must follow the nee innovative methods and strategies for financial management. In the current economic crisis in Pakistan, all enterprises should take steps to the introduction of more advanced management methods, such as e-commerce, AI-based business technology, and so on [13].

3.3 The Cultivation of Dedicated Skills in Accounting Personnel

The working ability of corporate accounting staff is not limited to the backwardness of corporate accounting management concepts and management methods. The main reason is the professional knowledge and professionalism of accounting staff [14]. The entry threshold for the accounting profession is low. Many people do not have professional skills, excellent working ability, and love and responsibility for accounting work. Especially in the economic crisis of Pakistan, many accounting staff is unable to fully grasp and apply new technologies in their work. In the past, the low working ability and insufficient level of financial and accounting staff led to low work efficiency and frequent mistakes in work, which caused losses to the enterprise and could not satisfy the cultivation and development of enterprise talents [15].

3.4 Single Management Method

In the background economic crisis of Pakistan, the economic activities of enterprises tend to be diversified, and the amount of information in financial management is also increasing. In addition, the business model of enterprises has also undergone many changes, such as the emergence of group enterprises and the increase of remote offices [16]. However, in contrast to this, traditional corporate accounting management methods are single. In the traditional financial and accounting management of enterprises, the use of manpower for the transmission of accounting data and the handling of express delivery information by special personnel are the main management methods. This means of management solely relying on manpower is far from satisfying the rapid development of enterprises [17]. Therefore, if an enterprise wants to change this situation, it must add internet technology to its management methods to greatly improve management efficiency and enterprise operating efficiency [18].

4. INNOVATIVE MANAGEMENT MEASURES IN THE ECONOMIC CRISIS OF PAKISTAN

4.1 Innovation Management Concepts

In traditional corporate accounting management, management personnel only manage the circulation of tangible assets and seldom manage intangible assets [19]. For example, intellectual property rights in the development of enterprises are often ignored in financial management. However, with the deepening of the new economic reform process, knowledge assets occupy an important position in the development of enterprises, and effective management of the knowledge economy can promote the rapid development of enterprises under the background of the new economy of Pakistan [20]. Therefore, in the background of the economic crisis of Pakistan, enterprises should innovate the concept of financial and accounting management, focus on managing the knowledge economy, and use advanced information management methods to protect the property rights of the enterprise’s knowledge economy. Through this kind of management concept, the competitiveness of enterprises can be effectively improved, and the development of enterprises in Pakistan can develop stably in the fierce market economy, which has a positive impact on economic growth [21]. In the background of the economic crisis of Pakistan, the innovation level of corporate finance and accounting management is not particularly perfect, so it will directly lead to the reduction of economic benefits of enterprises, and the innovation of corporate finance and accounting management must improve the management level [22]. On the one hand, enterprises must formulate and perfect innovative systems in order to reduce the risk of economic benefits enterprises. On the other hand, enterprises must establish and improve the evaluation mechanism of financial risk indicators in order to be able to timely discover the problems existing in the management of financial innovation and timely control the innovation of corporate financial management under the background of the new economy [23].

4.2 Determining the Objectives of Financial Management

In the economic crisis of Pakistan, the financial and accounting management objectives need to be consistent with the strategic objectives of the enterprise. As a part of enterprise management, accounting management can only ensure that the financial and accounting management objectives are consistent with the strategic objectives of the enterprise to achieve the business management objectives of the enterprise [24]. In the process of business operation, obtaining economic benefits is the basis for the survival of the company, and improving economic benefits is the key. In addition, enterprises should also pay attention to the social goals of enterprises, that is, social responsibility [25]. In the economic crisis of Pakistan, enterprises must do a good job of meeting their own goals to ensure the sustainable, high-quality, and healthy development of enterprises and avoid focusing on current interests instead of long-term interests in the process of production and operation [26]. Therefore, the financial and accounting management objectives of the enterprise must match the overall objectives of the enterprise.

4.3 AI-based Financial Management Systems

Face up to the important role of information management in the financial management of foreign-funded enterprises, fully understand the true meaning and specific operation mode of information management, adjust the financial management policies and regulations of enterprises in a timely manner according to the new requirements of information management, and strive to adapt to the new AI-based accounting management systems [27]. Make full use of the relevant financial and accounting management information systems while improving the efficiency of financial management, master the principles of financial data analysis and financial statement generation in the information system, and improve the efficiency of financial data analysis on the basis of promoting the efficiency of corporate financial management [28]. Effectiveness, providing guidance and a basis for the economic decision-making of enterprises [29].

4.4 Strengthening the Professionalism

In the actual operation process of the enterprise, a series of innovative measures must be taken in the construction of the talent team. In order to improve the employees’ professional skills and related qualities, training activities must be carried out within the enterprise on a regular basis, and after the training is completed, assessment and evaluation should be carried out to test the training results [30]. In terms of training content, it mainly focuses on the learning of accounting expertise, the learning of financial and legal knowledge, the ability to collect and analyze data, and the ability to predict economic prospects [31]. In the economic crisis of Pakistan, all team members should give full play to creativity and passion, and enterprises must formulate sound reward and punishment measures; that is, the evaluation results and work efficiency of employees are directly linked to their salary and bonus [32].

5. CONCLUSIONS

With the rapid development of the global economy, people’s living standards have continuously improved, and a large number of new economic forms have emerged. In the economic crisis of Pakistan, social and economic concerns are becoming more serious. If an enterprise wants to achieve stable development in the current economic crisis of Pakistan, it must do a good job in enterprise management. Financial and accounting management is an important part of it. Strengthening financial and accounting management and innovative management methods are the key to promoting enterprise development in Pakistan. This study discusses the innovative strategies of corporate accounting management in the background of the economic crisis of Pakistan. The development of enterprises is full of opportunities, but at the same time, they are also facing great challenges when the national economy is not stable. To survive and develop, an enterprise must have a certain economic strength and, at the same time, put financial management in a prominent position and effectively control and resolve operational management risks in the management process. With the constantly changing concept of development, actively introducing new technologies, innovating the financial and accounting management mechanism, and continuously improving the overall quality of employees, enterprises can enhance their overall strength and market competitiveness and provide a strong guarantee for long-term stable development. The emergence of innovation strategies is necessary to survive the economic crisis of Pakistan; it is beneficial in the development of enterprise as well as playing a vital role in the economic growth of Pakistan.

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