Suchergebnisse

Working capital is a financial metric which represent operating liquidity available to a business, organizational or other entity including governmental entities. Along with fix assets such as plant and equipment, working capital is considered a part of operating capital. Collaborator gets the information in working capital because of important changes. Liquidity management is one of the essential features of working capital to keep up ability of a company to pay frequently in short-term. Decision makers needed to indicators and correlations that can keep efficiently determining the real situation and identify the problems of funding in time. It is very complex task to achieving this goal because the use of various indicators and perspectives are essential to measure liquidity. For this, management and structure of organization developed by companies that provide framework to measure the liquidity. To facilitate this, the study draws attention to correlation that anticipates the actual liquidity position of a company more exactly. The database which created and identified of the annual financial statement reporting responsibility that was introduced by the Act in 2000 can be used to analyze company data on a yearly basis. Changes in indicators will be examined frequently during financial year. We need monthly or quartly data and the addition of a suitable accounting information system for the managers to frequently get those created data that are essential for decision making and to receive information about the accomplishment of their department. The aim of study is to show the difference between the emanations of company liquidity results using only year-end data and when liquidity indicators are being accommodated a monthly basis.

Traditional financial indicators calculated from financial statements cannot provide adequate information for the management, do not support strategic decisions. The reason for this is the methodology used in producing financial statements and the operational logic of financial accounting. Financial accounting thinks in terms of business year that is 12 months. It deals with events of the past, more accurately, with so called economic activities. Financial accounting evaluates such economic activities in terms of monetary processes, which means that the traditional financial indicators have their limits in application. Could it mean that traditional financial indicators cannot be used in the long-term strategic decision making? In our study we point out two connections between financial indicators and strategic decision making. Firstly, we focus on financial indicators used in supported strategic decision making, in strategic indicator systems. Secondly, we focus on cases in which financial indicators complement the methods of strategic decision making, add something to the tools available in strategic management.

Forecasting financial indicators (indexes/prices) is a complex and a quite difficult issue because they depend on many factors such as political events, financial ratios, and economic variables. Also, the psychological facts or decision-making styles of investors or experts are other major reasons for this difficulty. In this study, a generalized behavioral learning method (GBLM) was employed to forecast financial indicators, which are the indexes/prices of 34 different financial indicators (24 stock indexes, 2 forexes, 3 financial futures, and 5 commodities). The achieved results were compared with the reported results in the literature and the obtained results by artificial neural network, which is widely used and suggested for forecasting financial indicators. These results showed that GBLM can be successfully employed in short-term forecasting financial indicators by detecting hidden market behavior (pattern) from their previous values. Also, the results showed that GBLM has the ability to track the fluctuation and the main trend.

Taking into consideration the slow increase of incomes and limited investments IN Montenegrin hotel industry, the purpose of this paper is to research the potential sources of efficiency via analysis of financial indicators in hotels in Montenegro. The special focus is given to analysis of the following indicators: operating revenue, revenue per room, room occupancy, investments, room rates, payroll etc. Using available secondary and primary data from hotels, government bodies and relevant international organizations, several factors are identified that affect the financial efficiency of SMEs in Montenegrin hotel industry. Key findings indicate that hotel industry in Montenegro is experiencing limited financial efficiency, especially in terms of following financial indicators: low average annual growth rate of the operating revenues per room of just 4% in period 2008-2013; room occupancy has grew from average annual 37% in 2008 to 39.5% in 2013; decrease in average investment in 2013 comparing to 2012 for 54.6%, together with negative prognosis for future investment till end of 2015; and serious regional disbalance in sense of key indicators (e.g. operating revenue, gross operation profit) in seaside, central and northern area of Montenegro, where level of demand in Northern (Mountain) region is still below the Montenegrin average, etc. The contribution of this research comes from the analysis of financial indicators and accounting system of hotel industry in Montenegrin, which provides the guidance and ideas for further improvements in the important sector of tourism.