Professionalization of managerial functions in SMEs in Serbia with a special emphasis on the financial function

Managerial knowledge and skills are some of the most crucial factors of the survival and sustainability of small and medium enterprises. Achieving growth and development of small enterprises requires the implementation of a professional approach to management and to the organization. This paper shows the results of an empirical research carried out in the first half of 2020 by having applied the survey method. An e-questionnaire was designed for the purposes of this research and it was distributed to micro, small and medium enterprises and entrepreneurial stores in Serbia. The goal of the research was to examine the occurrence of professionalization of managerial functions in the SME sector in Serbia, with a special emphasis on the financial function. The research results have shown that professionalization of managerial functions in the SME sector of the Republic of Serbia is not sufficiently represented and that with an increase in the level of professionalization of managerial functions becomes a great potential for the promotion of the efficiency and effectiveness of management in small and medium enterprises.

AUDIT MANAJEMEN ATAS PENGELOLAAN PIUTANG USAHA PADA PT. PELABUHAN INDONESIA IV (PERSERO) CABANG SAMARINDA

The purpose of this research is to know whether management audit implementation as financial function toward ship service accounts receivable management in PT. Pelabuhan Indonesia IV (Persero) Samarinda branch is effective. The analysis instrument was comparative method, this method was done by collecting and explaining non-numeric data (qualitative) and then it was compared with relevant theories to get result clarity which can be resulted as conclusion and suggestion. The result of the research analysis showed that management audit implementation as financial function toward ship service accounts receivable management in PT. Pelabuhan Indonesia IV (Persero) Samarinda branch was less effective. The conclusion of this research was there were some flaws in ship service accounts receivable management which needs to be fixed to improve company efficacy.

BASIC ELEMENTS OF THE FINANCIAL FUNCTION IN BUSINESS ENTITIES

Finance and accounting are the essences and the lifeblood of the business doing of business entities. Classical financial mechanisms and instruments are adapted to the contemporary conditions of profitable business doing. The real economy is the basis of the financial economy. Public finance is a special field. Virtual, parallel finance is manifested in contemporary business doing.

Management Accounting Maturity Levels Continuum Model: a Conceptual Framework

Until now, in the financial domain, there were only few attempts made to develop maturity models – a useful tool to identify strengths and weaknesses of certain domains of an organization. The aim of this paper is to present a maturity model for management accounting. The method used to develop the model is an interpretive approach, in which an exploratory sequential mixed method research design was applied to broadly explore and understand data on management accounting systems in various settings and in its historical perspective. This study extends my previous research on development of management accounting and financial leadership (Lebedev, 2014, 2015, 2016, 2018, 2019b, 2019a). The framework traces 10 prototype roles of management accounting along their continuum of maturity (from “non-existent” to “strategic leadership”). Each maturity level reflects the extent to which management accounting creates value for its users based on the support provided for “conversations” among stakeholders, the deepness of leadership “embodied” into the management accounting function, and the effectiveness of management accounting principles and management accounting practices (MAPs) employed. This study contributes to the theory of management accounting by offering a framework for understanding of the evolution of financial function and management accounting. In practical terms, the results of the research could be applied to support decisions in transformation of financial function along its maturity continuum (both conducted internally by managers and/or with external support of consultants and advisors), supporting the process of reconciliation of current practices of a company being transformed to a proposed transformational strategy and chosen direction of implementation.