Tanja Janaćković – Academy of Professional Studies South Serbia, Department of Higher Business School Leskovac, Vlade Jovanovića 8, Leskovac, Serbia
Marko Janaćković – Academy of Professional Studies South Serbia, Department of Higher Business School Leskovac, Vlade Jovanovića 8, Leskovac, Serbia
7th International Scientific-Business Conference – LIMEN 2021 – Leadership, Innovation, Management and Economics: Integrated Politics of Research – CONFERENCE PROCEEDINGS, Online/virtual, December 16, 2021, published by the Association of Economists and Managers of the Balkans, Belgrade; Printed by: SKRIPTA International, Belgrade, ISBN 978-86-80194-54-7, ISSN 2683-6149, DOI: https://doi.org/10.31410/LIMEN.2021
Keywords:
Finance;
Management;
Organization;
Business;
COVID-19;
Growth;
Change
Abstract
The current economic environment poses challenges for the function of financial management and the financial function in general, on several levels. Organizations are required to change existing priorities, with an emphasis on cash management and forecasting activities, as well as risk management. Challenges in the business environment require organizations to raise additional capital. They need efficient financial management that will create an adequate capital structure, in order to react positively to changes in the business environment and use the available financial resources optimally and better meet the requirements in terms of obligations. The COVID-19 pandemic poses a challenge to organizations around the world, forcing them to rethink their existing business models as they struggle to survive. The paper first examines the impact of the COVID-19 pandemic on organizations and their business, and especially on finances and the process of financial management, and then points out the importance and techniques of financial management that are necessary for the success of organizations. This paper aims to point out the importance of efficient financial management and the application of its essential concepts in order to achieve the success and development of business organizations, especially in a challenging environment.
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