DESIGN OF A FINANCIAL DATABASE FOR STORING FINANCIAL STATEMENTS’ DATA

Abstract

In today’s highly competitive world, the pursuit of accurate, on-time, up-todate, and complete information has become a cornerstone of the business's success. By gathering and organizing structured and relevant data, different by their nature, origin, volume, and scope, databases remain to be a valuable and trustworthy source of information in many areas. In the sphere of financial management, financial databases play a key role not only in evaluating the financial health of a business and in analyzing a business’s performance but also in research and financial modeling. The paper aims to propose a generic relational database design suitable for the acquisition of relevant data about financial statements of business subjects based on therelational data model and using the methodology of designing relational databases, including the first two phases: the conceptual and the logical design. The resulting relational database schema can be easily implemented in any relational database management system, whilst the physically implemented database can provide a solid platform for organizing, storing, processing, and retrieving valuable financial information using SQL scripts.