Consideration of Financial Management and Control in Small Companies Focused on Agricultural Production in the Republic of Serbia

Dmitrović, Veljko and Jakovljević, Nemanja and Čavlin, Miroslav and Petrović, Mladen (2025) Consideration of Financial Management and Control in Small Companies Focused on Agricultural Production in the Republic of Serbia. Journal of Agronomy, Technology and Engineering Management, 8 (2). pp. 1479-1489. ISSN 2620-1755

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Abstract

By reviewing a wide range of available literature, and primarily through direct experience and conversations with numerous professional practitioners employed in small agricultural companies in the territory of the Republic of Serbia, it has been established that there are pronounced gaps between the expectations of the owners and the achieved results, which are primarily reflected in the shortcomings in the financial management and control system. Many companies do not attach much importance to the definition and implementation of internal controls, which directly results in numerous shortcomings in the implementation of internal procedures and the loss of financial profit and competitiveness in the global market. The subject of this paper is to examine the attitudes of management representatives in order to consider financial management and control in small companies focused on agricultural production with dominant profiling in the territory of the Republic of Serbia. The aim of the paper is to determine the degree of development and validity of the defined procedures, imbued with the results of their practical implementation in the form of presented resilience to risks and the degree of feasibility of avoiding obstacles and overcoming challenges and threats in an extremely dynamic business environment as it is today. The research was conducted using a quantitative, non-experimental study on 52 agricultural companies. The questionnaire includes questions in the field of applied information systems, defined accounting processes, as well as internal control processes. The results show that there are numerous shortcomings in the defined procedures, which results in a clear and unambiguous need for a clearer definition and implementation of the financial management and control system, in order to realize the advantages and eliminate the shortcomings in order to achieve higher and stronger profits and strengthen the competitive position in the global market. This may be particularly important for the regulatory authorities of the Republic of Serbia, which can undertake additional activities and make greater efforts to increase the level of awareness of the management of small agricultural companies and their training in the implementation of recommendations in the field of financial management and control.

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