originalni

naučni UDK 658.153 ; 005.591.1

rad

MENADŽMENT
OBRTNIH SREDSTAVA
KAO FAKTOR
FINANSIJSKE
Prof dr Živan Nikolić
Visoka strukovna škola za
računovodstvo i berzansko
poslovanje, Beograd

STABILNOSTI MSP
zivan.nikolic14@gmail.com

Mr Ivan Raonić
Visoka strukovna škola za
računovodstvo i berzansko
poslovanje, Beograd
ivan.raonic@gmail.com

Rezime

U ovom radu daje se prikaz menadžmenta obrtnim sredstvima, uvažavajući

sve specifičnosti organizacije malih i srednjih preduzeća, kako kapitalne, tako
i kadrovske. Pored toga, biće reči o izračunavanju optimalnog nivoa obrtnih
sredstava za nesmetano odvijanje poslovnih aktivnosti, kao i o osnovnim
pokazateljima koji ukazuju na eventualnu promenu u nivou obrtnog kapitala.
Cilj ovog rada je da prikaže osnovne indikatore koji ukazuju da je došlo do
disbalansa u kvantumu obrtnih sredstava.

Ključne reči: mala i srednja preduzeća, neto obrtna sredstva, koeficijent obrta,
broj dana vezivanja,

JEL: G31, G32, L25

bankarstvo 2 2013

Rad primljen: 28.11.2012.

Odobren za štampu: 01.02.2013.

70
 original
UDC 658.153 ; 005.591.1 scientific
paper

WORKING CAPITAL
MANAGEMENT AS
THE FINANCIAL
STABILITY FACTOR Prof Živan Nikolić PhD
Senior Vocational School for
Accounting and Stock Brokerage,

FOR THE SMEs

Belgrade
zivan.nikolic14@gmail.com

Ivan Raonić MSc

Senior Vocational School for
Accounting and Stock Brokerage,
Belgrade
ivan.raonic@gmail.com

Summary

This paper focuses on the working capital management regarding all the
specificities of the small and medium-sized enterprises organisation, their
capital structure and human resources. In addition, it discusses calculation
of the optimal level of working capital required for the smooth running of
business activities, and the basic indicators identifying potential changes
in the level of working capital. The objective of this paper is to present the
basic indicators that suggest that there is an imbalance in the working capital
quantum.

Key words: small and medium-sized enterprises - SMEs, working capital,

turnover ratio, cash conversion cycle

JEL: G31, G32, L25

bankarstvo 2 2013

Paper received: 28.11.2012

Approved for publishing: 01.02.2013

71
Uvod
Kreatori ekonomske politike u Srbiji su
proces tranzicije prevashodno oslonili na
privlačenje stranih direktnih investicija (SDI)
i podsticaju razvoja sektora malih i srednjih
preduzeća (MSP), uz sveobuhvatan proces
privatizacije društvene svojine. Pri tome, u cilju
otvaranja novih radnih mesta glavna uloga je
namenjena sektoru MSP, što je razumljivo kad
se zna da MSP čini preko 90% svih preduzeća
u Srbiji. Ovaj sektor pokazuje visok stepen
inovativnost i prilagodljivosti svom poslovnom
okruženju, ali raspolaže ograničenim vlastitim
resursima i ima teži pristup finansijskom tržištu.
Za razliku od velikih firmi, mala preduzeća
imaju nerazvijenu organizacionu strukturu
i ograničen kadrovski kapacitet. U praksi
zaposleni obavljaju po više funkcija u
preduzeću, a često jedno lice je istovremeno
vlasnik i menadžer. Racionalnost i potreba za
novim znanjima, primorava preduzeća da neke
funkcije izmeste iz svoje organizacije i povere
ih specilizovanim agencijama (outsourcing). Na
taj način štede se finansijska sredstva koja bi bila
trošak glomazne organizacije, uz istovremeni
pristup izvorima savremenih znanja i veština.
Problemi nastaju kada vlasnik preduzeća
(preduzetnik) redukuje svoj poslovnu aktivnost
na aspekt individualne preduzimljivosti i
poslovne veštine, što poslovanje uvodi u
stanje inercije, bez studioznog i osmišljenog
menadžmenta. Na dug rok, nije dovoljno samo
proizvesti i prodati proizvod, već je nužno
osmisliti marketing, finansijsko planiranje,
razvoj, i sl. Takav pristup dovodi do situacije
da se poslovne knjige vode zbog zakonski
propisane obaveze, a računovodstvo ne
predstavlja osnovni izvor podataka za donošenje
poslovnih odluka,
već nužno zlo. Slika 1. Prikaz strukture neto obrtnih sredstava
Navedeni
POZICIJA
pristup ima
za posledicu
1. Zalihe
neadekvatnog i
neblagovremenog 2. Potraživanja
suočavanja 3. Kratkoročni finansijski
plasmani
sa kvalitetom
interne ekonomije 4. Gotovina
i izazovima OBRTNA IMOVINA
finansijskog
okruženja. To je, pored ostalog, posledica
odsustva finansijskog planiranja i menadžmenta
obrtnim sredstvima, usled čega nastaje rizik u
poslovanju iznad mogućnosti raspoloživog
kapitala malih preduzeća. Upravljanje obrtnim
sredstvima treba da omogući zadovoljavajuću
likvidnost preduzeća i uštede koje povoljno
utiču na rezultate poslovanja. Dakle, politikom
upravljanja obrtnim sredstvima teži se njihovom
svođenju na optimalni nivo, kako sa aspekta
veličine tako i sa stanovišta strukture (zalihe,
potraživanja, novac).
U ovom radu se razmatraju indikatori koji
omogućavaju upravljanje obrtnim sredstvima
i pružaju mogućnost menadžmentu da
rano spozna probleme, a time i mogućnost
preduzimanja adekvatnih mera. Dakle, pravilno
i kontinurano praćenje predmetnih indikatora
pomaže svođenju obrtnih sredstva na optimalni
nivo i podupire održivu finansijsku stabilnost
preduzeća.
Pojam neto obrtnih sredstava
U širem smislu, obrtna sredstva se mogu
definisati kao poslovna sredstva preduzeća koja
se jednokratnom upotrebom troše u poslovnim
procesima, tako što se njihova vrednost
preobrazi iz robnog u novčani oblik najmanje
jednom u toku godine. Tema ovog rada zahteva
da se obrna sredstva definišu u užem značenju
poznata u teoriji i poslovnoj praksi pod nazivom
neto obrtna sredstva (working capital). Neto
obrtna sredstva predstavljaju razliku između
bruto obrtnih sredstava i kratkoročnih (tekućih)
obaveza.
Ilustracija kategorije neto obrtna sredstva
može se sagledati iz podbilansa Bilansa Stanja
preduzeća:
IZNOS POZICIJA IZNOS
1. Kratkoročne finansijske
500.000,00 200.000,00
obaveze
400.000,00 2. Obaveze iz poslovanja 500.000,00
bankarstvo 2 2013
100.000,00 3. Ostale kratkoročne obaveze 100.000,00
150.000,00 4. Obaveze za porez iz rezultata 5.000,00
1.150.000,00 KRATKOROČNE OBAVEZE 805.000
72
 Introduction
Economic policy makers in Serbia have
based the transition process mainly on the
attraction of foreign direct investments (FDIs)
and incentives for the development of the sector
of the small and medium-sized enterprises
(SMEs), together with a comprehensive process
of privatisation of the socially-owned assets. In
doing this, and with the aim of creating new
jobs, the main role was designated to the SMEs
sector, which is understandable in view of the
fact that SMEs make up for a total of over 90%
of all the enterprises operating in Serbia. This
sector is manifesting a high degree of innovation
in its business approach and adaptability to its
business environment, but it disposes with
limited owned resources and has a rather
constrained access to the financial market.
Opposite to the case of the large-scale
companies, small-sized enterprises have an
under-developed organisational structure and
limited human resources. In practice, staff
employed in the SMEs often perform several
functions within the company, with one and
the same person not infrequently assuming
simultaneously both the role of the owner and
that of the manager of the same enterprise. For
reasons of cost efficiency and new knowledge
and skills required, enterprises are often forced
to outsource some of the functions from their
organisation and entrust them to specialised
agencies (outsourcing). In this way, they
are saving financial resources that would
otherwise be a cost of a heavy organization,
simultaaneously gaining immediate access to
the sources of the state-of-the-art knowledge
and skills.
Problems arise when an owner of the
enterprise (entrepreneur) reduces his business
activities to the aspect of his own individual
entrepreneurship and business skills, which
leads the business to fall in a state of inertia,
without any studious or well designed
management. In a long-term perspective,
it is not sufficient just to produce and sell
bankarstvo 2 2013
the product, but it is necessary to conceive
marketing approach, to have proper financial
planning in place, development objectives, etc.
73
Such an approach results in situations where
business books are kept for legally prescribed
purposes, and accounting is no longer the main
source of data to be used when making business
decisions, but it rather remains a necessary evil.
The above approach also results in an
inadequate and untimely confrontation
with the quality of internal economy and
challenges of financial environment. This is
the consequence, among other, of the absence
of financial planning and working capital
management, thus causing risk to appear in
business operations exceeding capabilities of
capital available for small sized enterprises.
Working capital management should allow
for a satisfactory liquidity of an enterprise and
savings that will have a positive impact on
business results. Hence, the working capital
management policy is aimed at its reduction to
an optimal level, both from the aspect of size
and from the aspect of structure (inventories,
receivables, cash).
This paper will examine indicators that
allow working capital management and offer
the opportunity to the management to have
an early warning of potential problems, hence
the opportunities for undertaking timely and
adequate measures. Therefore, correct and
continuous monitoring of the said indicators is
helping in bringing working capital down to its
optimal level and acts in support of a sustainable
financial stability of the given enterprise.
The notion of net working capital
In a broader sense, working capital may be
defined as business assets of an enterprise which
are spent in a one-off use in business processes,
in the way that their value is converted from the
product into cash form, at least once during the
year. The topic of this work requires working
capital to be defined in a more narrow sense
known in the theory and business practice as
net working capital. Net working capital is the
difference between gross working capital and
the short-term (current) liabilities.
Illustration presenting the category of net
working capital may best be seen from the sub-
balance of the Balance Sheet of an enterprise:
 Neto obrtna sredstva = obrtna imovina -
kratkoročne obaveze
Dakle, neto obrtna sredstva predstavljaju
deo obrtnih sredstava koji je finansiran iz
dugoročnih izvora, što u našem primeru iznosi
300.000,00 dinara.
Veličina neto obrtnih sredstava je bitan
finansijski pokazatelj iz više razloga. Prvo,
zainteresovanim licima pruža informacije o
stepenu likvidnosti posmatrane firme i obimu
poslovnih obaveza. Drugo, neto obrtni fond
implicira viši nivo finansijske stabilnosti
preduzeća, pošto se veći deo obrtne imovine
finansira iz vlastitih izvora. Treće, kreditori
analizom neto obrtne imovine stiču informacije
o visini tuđih izvora u formiranju mase obrtne
imovine preduzeća, kao i mogući kapacitet
novog zaduživanja. Četvrto, analiza neto
obrtnih sredstava u dužem vremenskom
periodu omogućava da se sagleda poslovna
politika preduzeća, kako u pogledu odnosa
prema izdvajanju sredstava (npr. dobit) u
obrtni kapital, tako i o upravljanju njima.
Peto, posmatrani ekonomski agregat na
sintetički način omogućava da se izvede
zaključak o kvalitetu menadžmenta zalihama,
potraživanjima, obavezama i što je najbitnije, da
li firma odbacuje pozitivan novčani tok ili ne.
Prema tome, pozitivan saldo neto obrtnih
sredstava nam govori da je privredni subjekt
u stanju da plati svoje kratkoročne obaveze u
svakom o roku, da je poslovni rizik u poslovanju
sa njim, po tom kriteriju nizak, i obratno.
Razlikujemo više uzroka koji uslovljavaju
negativan saldo neto obrtnih sredstava, a
najčešći su: ulazak firme u zonu prezaduženosti,
pad prodaje, pogoršanje naplate potraživanja,
skraćenje rokova plaćanja dobavljačima,
promena kursa nacionalne valute, itd.
Obim i struktura obrtnih sredstava je
različita u zavisnosti od toga o kojoj grani
privrede se radi. Ovo je naročito važno
pitanje sa aspekta zaliha. Primera radi, u
trgovinskim delatnostima dominira učešće
zaliha robe. U proizvodnim delatnostima
struktura zaliha je prilagođena proizvodnom
procesu, tako da srećemo reprodukcioni i
pomoćni materijal, nedovršenu proizvodnju i
gotove proizvode, dok robe najčešće nema. U
uslužnim delatnostima zalihe se u najvećem
broju slučajeva neće javiti kao bilansna pozicija.
Srećemo proizvodne delatnosti koje zbog
prirode tehnološkog procesa nemaju zalihe
gotovih proizvoda (npr. proizvodnja električne
energije i sl. ). Uočene specifičnosti odraziće se
na obrt zaliha, koji će biti različit u zavisnosti
od delatnosti kojom se firma bavi.
Možemo konstatovati da je u okviru
mendžmenta obrtnim sredstvima politika
zaliha važan, a kadkad i odlučujući pokazatelj
efikasnog upravljanja obrtnim sredstvima.
Naime, što je stok zaliha veći i njihovo vreme
vezivanja duže, biće potrebno angažovati
veći iznos obrtnog kapitala. Pogrešna odluke
prilikom upravljanja zalihama mogu dovesti
do pogoršanja novčanog toka i ulaska u
zonu nelikvidnosti, povećati zaduženost i
trošak firme, poremetiti tok reprodukcije, i sl.
Ovim ne isključujemo važnost drugih oblika
obrtnog kapitala: potraživanja i novca. Logičan
ekonomski pristup je da naplata potraživanja
bude u što kraćem roku, uz uslov da je dužnik
relativno predvidivog rizika. Novac, kao
univerzalni oblik obrtnog kapitala zamenljiv
za sve druge oblike obrtnih i drugih sredstava,
mora biti pravilno upotrebljavan (ulagan), jer
se do njega najteže dolazi i njemu se, kao cilju,
teži u menadžmentu obrtih sredstava.
Statično posmatranje proračuna neto obrtnih
sredstava može dati neadekvatnu sliku, pa čak i
navesti na pogrešan zaključak da preduzeće ima
višak obrtnih sredstava u odnosu na plaćanje
tekućih obaveza. U poslovnoj praksi situacija
je, po pravilu, nepovoljnija od iskazanog stanja
u bilansima. Tako, na primer, potraživanja po
osnovu prodaje često se ne mogu naplatiti u
ugovorenom roku, već po njegovom isteku.
Zalihe gotovih proizvoda, iako su registrovane
u knjigovodstvu po prodajnim cenama, neće
odbaciti predviđeni prihod, jer je preduzeće
suočeno sa konkurencijom primorano da
odobri rabat kupcima. Za analitičke svrhe je
upravo iz navedenih razloga najracionalnije
u obzir uzeti dimamički pristup zasnovan
na povezanim indikatorima, koji ukazuju na
bankarstvo 2 2013
gotovinski tok kompanije kao sintetizovan izraz
kretanja obrtnih sredstava. Takav pristup će biti
analiziran u nastavku ovog teksta.
74
 Figure 1 Presentation of the net working capital structure
ITEM AMOUNT ITEM
1. Stock 500,000.00 1. Short-term financial liabilities
2. Receivables 400,000.00 2. Business liabilities
3. Short-term financial
100,000.00 3. Other short-term liabilities
placements
4. Cash 150,000.00 4. Tax on gains liabilities
CURRENT ASSETS: 1,150,000.00 SHORT-TERM LIABILITIES:
Net working capital = current assets -
short-term liabilities
Therefore, net working capital is the part of
working capital that is financed from the long-
term sources, which in our case amounts to
300,000.00 dinars.
The size of net working capital is a significant
financial indicator for several reasons. Firstly,
it offers interested parties information on the
degree of liquidity of the observed firm and the
volume of its business liabilities. Secondly, net
working fund implies a higher level of financial
stability of the enterprise, as the major part of
the current assets is being financed from the
own sources of the company. Thirdly, creditors
in their analysis of the net current assets acquire
information on the amount of exterior sources
in the formation of the mass of the current
assets of the company, as well as on the possible
capacity for new borrowing. Fourthly, the
analysis of net working capital over a longer
time period, allows an assessment to be made
of the business policy of the company, both in
respect to the attitude towards allocation of
funds (for example, profit) into working capital,
and on the working capital management.
Fifthly, the observed economic aggregate in a
synthetic way allows a conclusion to be made
on the quality of inventories, receivables, and
liabilities management, and most importantly,
on whether there is non-acceptance of a positive
cash flow or not by the firm.
Therefore, positive balance of the net working
bankarstvo 2 2013
capital tells us that the commercial entity is
capable of repaying its short-term liabilities on
due maturity dates, and that the business risk
in doing business with them, according to this
criterion, is low, and vice versa.
75
We can
distinguish
AMOUNT
several reasons
200,000.00 that cause a
500,000.00 negative balance
of the net working
100,000.00
capital to ensue,
5,000.00 the most frequent
805,000 ones being the
following: venture
of the firm into
the zone of over-
indebtedness, fall in sales, deterioration of
receivables collection, shorter payments dates
due to suppliers, change in the exchange rate
of the national currency, etc.
The volume and structure of working capital
differ depending on the industrial branch
in which the firm operates. This is especially
important from the aspect of inventories. To
give an example, in the trading activities the
predominant is the share of the inventories.
In the production activities the structure of
inventories is adjusted to the production
process, so that we encounter reproduction
and auxiliary material, incomplete production
and finished products, while goods are most
often absent. In the field of services, in most of
the cases inventories will not be present as a
balance sheet item. We are also encountering
production activities where, for reason of the
nature of technological process, there will be
no inventories of final products (for example,
electrical power production, and similar).
The observed specific features will have their
impact on the inventories turnover, which will
differ depending on the activity that the given
firm is engaged in.
We can conclude that within the working
capital management, the inventories
management policy is an important factor,
and at times, even a decisive indicator of an
efficient working capital management. Namely,
the larger the size of inventories and their cash
conversion cycle is longer, it will be necessary to
engage a higher amount of the working capital.
Wrong decisions in inventories management
will cause deterioration of the cash flows and
the entry into the zone of illiquidity, higher
indebtedness, and higher costs incurred by
the firm, a disturbed reproduction flows, etc.
Menadžment obrtnih sredstava
Suština upravljanja obrtnim sredstvima
sastoji se u pronalaženju optimalnih rešenja
u pogledu visine i strukture svih komponenti
ovih sredstava i usklađivanju njihove dinamike,
u cilju obezbeđivanja normalnog odvijanja
poslovanja uz maksimalne finansijske efekte.
Krajnji cilj svakog preduzeća je dostizanje
optimuma obrtnih sredstava kako po obimu
tako i po strukturi, dok je funkcija menadžmenta
sredstvo kojim se može ostvariti taj cilj.
Optimum obrtnih sredstava teži da ostvari
dve važne faunkcije: 1. kontinuirano odvijanje
procesa reprodukcije, uz adekvatno korišćenje
raspoloživih kapaciteta; i 2. angažovanje
obrtnih sredstava uz najniže troškove.
Kao osnovna aktivnost usmerena u
postizanju maksimizacije finansijskih efekata je
svakako upravljanje novčanim tokovima firme.
U redovnim poslovnim aktivnostima čest je
slučaj da preduzeća posluju profitabilno, obim
prodaje je na zadovoljavajućem nivou, a da sa
druge strane povremeno dolazi do nedostatka
novčanih sredstava za plaćanje tekućih
obaveza. Uzrok ovakvom stanju je svakako loše
planiranje i upravljanje novčanim tokovima i
njegovim ekvivalentima. Kao osnovni alat za
upravljanje novčanim tokovima najčešće se
koristi plan novčanih tokova. Plan se formira na
osnovu plana proizvodnje, plana prodaje, planu
troškova i faktora koji opredeljuju vremenski
raspored nočanih priliva i odliva.
Pristup kojim će preduzeće upravljati svojom
obrtnom imovinom, različit je u zavisnosti od
njegove veličine. U malim firmama preduzeća
se pretežno orijentišu na proizvodnju i prodaju,
uz siromašan instrumentarij savremenog
planiranja novčanih tokova. Velika preduzeća
imaju razgranatu organizaciju strukturu u kojoj
se čitavi sektori bave problemom izrade planova
novčanih tokova i upravljanjem obrtnim
sredstvima. Sa druge strane, mala preduzeća
nemaju osnovne preduslove i mogućnosti za
ovakvom internom organizacijiom, a veliki
je znak pitanja da li ovako složenu poslovnu
aktivnost mogu da podvedu pod outsourcing.
Kao što je istaknuto, MSP u svom nastanku
najviše pažnje usmerava na sam proizvod i
njegov plasman. To je faza u kojoj dominiraju
znanja, veštine i iskustvo samog preduzetnika
- vlasnika preduzeća, koji na sebe preuzima
veliki deo ključnih menadžerskih funkcija.
Sektori koji postoje u velikim firmama, kao što
su proizvodnja, nabavka, prodaja, finansije,
unutrašnja organizacija preduzeća itd., sada
se ogledaju samo u jednoj ličnosti - vlasniku
preduzeća. U fazi nastanka preduzeća to se
smatra logičnim rešenjem, imajući u vidu
ograničena sredstava koja stoje na raspolaganju.
Prelomni momenat nastaje kada preduzeće
počinje da širi svoju delatnost, a procedure
upravljanja aktivnostima i funkcijama ostaje isti.
Vlasnik preduzeća to najčešće opravdava time
da je firma još uvek mala, da nema finansijskih
mogućnosti za angažovanje profesionalnih
menadžera, kao i da najviše poverenja ima u
sebe za preuzimanje poslovne odgovornosti i
preduzetničkog rizika. Ovakvo objašnjenje je
moguće opravdati u početnim fazama rasta
i razvoja preduzeća, jer se poslovne odluke
uglavnom zasnivaju na znanjima i iskustvima
preduzetnika stečenim pre ulaska u biznis.
Disbalans između kruto shvaćene vlasničke
funkcije i potrebe za kompetetnim upravljanjem
poslovima preduzeća u njegovim višim fazama
razvoja jedan je od ključnih činilaca destrukcije
efikasnog upravljanja reprodukcijom, uključiv
i obrtna sredstva.
Mesto naučnih metoda i savremenih
principa organizacije rada ustupa se intuiciji i
improvizaciji. Ubrzan rast i razvoj preduzeća
ne prati odgovarajući rast i razvoj menadžerskih
znanja i veština. Takav pristup razvoju
menadžmenta u praksi može da potraje i
duži vremenski period. Preduzetnik, koji je
istovremeno i direktor preduzeća, i dalje sam
odlučuje o svim pitanjima, radi po ceo dan,
nema vremena, i, što je najvažnije, zbog sve
većeg broja i obima operativnih aktivnosti
zanemaruje strateška pitanja rasta i razvoja
preduzeća. Posledica takvog pristupa može
izazvati stagnaciju poslovnih aktivnosti, a u
najgorem slučaju i bankrot samog preduzeća.
Mala i srednja preduzeća bi bolje poslovala
kada bi se angažovali eksperti na koje bi
se preneo značajan obim odlučivanja uz
bankarstvo 2 2013
neophodnu odgovornost i kontrolnu funkciju
vlasnika. Preduzeća sa grupom nevlasnika
u menadžerskoj ulozi bolje će se snalaziti u
kompleksnom okruženju, ali iskustvo je pokazalo
da čak i u takvim organizacijama vlasnici svojim
76
 This does not preclude the importance of other
forms of working capital: receivables and
cash. Logical economic approach is that the
collection of receivables should be conducted
in the shortest possible time, on condition that
the obligor is of a rather predictable level of
risk. The cash, as a universal form of working
capital, is exchangeable for other forms of
working and other capital resources, must be
correctly used (placed), as it is the hardest to
obtain and it is a target aimed at in the working
capital management.
Statistical assessment of the net working
capital calculation may give an inadequate
picture, and even lead to a wrong conclusion
that the enterprise has a surplus of working
capital in respect to the payment of current
liabilities. In the business practice, the situation
is, as a rule, more unfavourable that the one
presented in the balance sheets. Hence, for
example, receivables from the sales are often
uncollectible in the contracted term, but only
after it has expired. Finish goods inventories,
although recorded in the accounting books
according to their sales prices, will not generate
the forecasted revenue, as the company, faced
with competition, will be forced to approve a
discount to its buyers. For analytic purposes,
actually for the above stated reasons, the most
rational procedure is to take into consideration
the dynamic approach based on linked
indicators which point out at the company’s
cash flow as a synthesised expression of
movement of the working capital. Such an
approach will be analysed further in this paper.
Working capital management
The essence of the working capital
management is in finding optimum solutions
regarding the size and structure of all the
components of these funds and harmonising
their dynamics, for purpose of securing normal
running of business operations, by achieving
maximum financial effects. The ultimate goal of
every company is to achieve optimum level of
bankarstvo 2 2013
working capital, both in size and in structure,
while the management function is the means for
reaching that end. The working capital optimum
tends to achieve two important functions: 1. A
continuous development of the reproduction
77
process, together with an adequate engagement
of available capacities; and 2. To engage working
capital at minimum cost.
The basic activity aimed at the achievement
of the maximised financial effects is certainly
the company’s cash flows management. In
regular business activities it often occurs that
the company is working profitably, that the
volume of sales is at a satisfactory level, while
on the other hand, what appears at times is
the shortage of money funds for payment of
current liabilities. The cause for such a situation
is certainly poor planning and cash flows and
their equivalents management. As the basic tool
for the cash flows management what is often
used is the cash flow plan. The plan is formed
on the basis of the production plan, sales plan,
costs plan and factors determining the time
schedule of cash inflows and outflows.
The approach that the company will adopt
for managing its working assets will differ
depending on working assets size. In case
of small-sized firms, companies are mainly
focusing on production and sales, having
at their disposal a rather modest set of tools
for modern planning of cash flows. Large-
scale companies have a well branched out
organisational structure where entire sectors
engage in problems of designing cash flow
plans and working capital management. On
the other hand, small-sized companies do not
have the basic prerequisites and opportunities
for setting up such an internal organisation, and
it is under a great question mark whether they
can engage in outsourcing of such a complex
business activity.
It was already stated that the SMEs, in
their initial phase of development, focus
greatest attention on the product itself and
its placement. This is the phase in which
predominant are knowledge, skills and
experience of the entrepreneur himself - the
owner of the company, who takes upon himself
the major part of key managerial functions.
The sectors that are present is large companies,
such as production, supplies, financial sectors,
internal company organisation, etc., are in our
case reflected in one person alone - the owner
of the company. In the phase of company
incorporation this is deemed to be a logical
solution, bearing in mind the limited resources
menadžerima samo povremeno daju slobodu
u donošenju odluka, dobro čuvajući autoritet
svoje vlasničke funkcije. Činjenica da najveći broj
vlasnika preduzeća nije sklon da delegira važne
odluke na zaposlene menadžere nesumnjivo
predstavlja značajan ograničavajući faktor
njihovom uspešnijem razvoju.
Jedan od mogućih pravaca i ponuđenih
opcija svakako je menadžment novčanih
tokova, odnosno obrtnim sredstvima
u globalu. Definitivno je to svojevrstan
izazov koji se postavlja pred mala i srednja
preduzeća i centralna tema oko koje se vrti
gro poslovnih aktivnosti. Neophodno je dati
odgovor na pitanja koliki je iznos neto obrtnih
sredstava potreban za održavanje poslovne
(reproduktivne) aktivnosti, a da se u isto vreme
održava likvidnost.
U daljem toku rada biće ponuđen alternativni
metod menadžmenta obrtnim sredstvima
prilagođen potrebama MSP.
U skladu sa organizacionom strukturom
MSP i zahtevima održivosti poslovanja,
najpodesniji pokazatelj menadžmenta obrtnih
sredstava je broj dana vezivanja obrtnog
kapitala, odnosno, koliko je dana potrebno
da se početno novčano ulaganje u proizvodni
ciklus ponovo konvertuje u novčana sredstva.
Dakle, radi se o svojevrsnoj meri efikasnosti
upotebe neto obrtnih sredstava.
Kružno kretanje obrtnih sredstava može se
grafički prikazati na sledeći način:
Slika 2. Dijagram toka kružnog kretanja obrtnih sredstava
Pitanje broja dana vezivanja obrtnih
sredstava u ekonomskoj teorija se objašnjava
većim brojem različitih pokazatelja. Polazeći
od specifičnosti malih preduzeća, kadrovskih,
organizacionih i materijalnih ograničenja,
kao i od potrebe pojednostavljivanja modela
podesnom razumevanju širokom broju
preduzetnika i vlasnika, u ovom radu biće
obrađena tri osnovna racija, i to:
a. Koeficijent obrta zaliha - dobija se kada se
u odnos stave cena koštanja realizovanih
proizvoda (nabavna vrednost prodate robe)
i prosečno stanje zaliha,
b. Koeficijent obrta kupaca (potraživanja) -
dobija se kada se u odnos stave prihodi od
prodaje i prosečno stanje potraživanja,
c. Koeficijent obrta dobavljača (obaveza)
- dobija se kada se u odnos stave ukupna
vrednost svih nabavki (cena koštanja
realizovanih proizvoda) i prosečno stanje
obaveza iz poslovanja.
Izračunavanje broja dana vezivanja obrtnih
sredstava
Pogledajmo sada na hipotetičkom primeru
preduzeća ABC Beograd koliki je broj dana
vezivanja obrtnih sredstava:
bankarstvo 2 2013
78
 that are available.
The crucial moment is when the company
starts expanding its activities and yet
the procedures of business activities and
functions management remain the same. The
owner of the company most often explains
this by saying that the firm is still a small
one, that it has no financial capabilities to
engage professional managers, but also that
he has the most confidence in himself when
undertaking business responsibilities and the
entrepreneurial risks. Such an explanation may
be justified in the initial phases of growth and
development of an enterprise, as the business
decisions are mainly based on knowledge
and experience that the entrepreneur has
acquired before he had ventured into the field
of business. The imbalance between strictly
perceived proprietary function and the need
for competent company business management
in its higher development phases is one of the
key factors of the destruction of an efficient
management of reproduction, including
working capital.
Instead of scientific methods and modern
principles of work organisation, what is applied
is intuition and improvisation. An accelerated
growth and development of a company is
not always accompanied by an adequate
growth and development of managerial
knowledge and skills. Such an approach to
the management development in practice
may take some time and even last for a longer
time period. Entrepreneur, who is at the same
time company director, still remains the only
one who is deciding on all the matters, who
works all day long, who lacks time, and most
importantly, because of a growing number and
scope of his operational activities, is neglecting
strategic matters of growth and development
of the company. The consequence of such an
approach may cause stagnation of business
activities, and in the worst case scenario may
even induce bankruptcy of the company itself.
bankarstvo 2 2013
79
Small and medium sized enterprises would
be better off if they are to engage experts
to undertake significant scope of decision-
making issues, together with the necessary
responsibility and control function in the
hands of the company owner. Companies with
the group of non-proprietary persons holding
managerial roles will manage better in a
complex business environment, but experience
shows that even in such organisations owners
allow their managers freedom of decision
making only rarely, carefully guarding the
authority of their proprietary function. The fact
remains that the largest number of company
owners is not inclined to delegate important
decisions to their employed managers, which
is a significant limiting factor to their more
successful development.
One of the possible lines of engagement
and options offered is certainly the cash flow
management, i.e. an overall working capital
management. This is definitely a particular
challenge placed before small and medium-
sized enterprises and the central topic around
which the core of business activities revolves.
Answer must be given to the question what is
the net amount of working capital needed for
keeping-up business (reproductive) activities,
while at the same time maintaining liquidity.
Further in this paper we will offer an
alternative working capital management
method adjusted to the needs of the SMEs.
Concurrent with the organisational structure
of the SMEs and requirements for sustainable
business operation, the most appropriate
working capital management indicator is
the number of days in the cash conversion
cycle, i.e. the number of days necessary to the
initial money invested in production cycle
to be converted again into cash. Hence it is a
question here of the particular measure of the
net working capital engagement efficacy.
Cyclic movement of working capital may be
graphically presented in the following manner:
Figure 2 Cyclic working capital movement graph
 Slika 3. Preračun broja dana vezivanja obrtnih sredstava preduzeća ABC Beograd

2011. 2012.

Bilans uspeha

Prihodi od prodaje 715.000 620.000

Cena koštanja realizovanih proizvoda 620.000 525.000

Bilans Stanja - Aktiva

Obrtna imovina 300.000 255.000

Zalihe 150.000 130.000

Potraživanja 60.000 50.000

Kratkoročni finansijski plasmani 7.000 10.000

Gotovina i gotovinski ekvivalenti 80.000 20.000

AVR 3.000 5.000

Bilans Stanja - Pasiva

Kratkoročne obaveze 105.000 50.000

Kratkoročne finansijske obaveze 0 20.000

Obaveze iz poslovanja 105.000 30.000

Ostale kratkoročne obaveze i PVR 0 0

Obaveze za poreze iz rezultata 0 0

NOS 195.000 205.000

Koeficijent obrta
cena koštanja realizovanih stanje zaliha na kraju i
koeficijent obrta
1. Zalihe proizvoda početku perioda

620.000 prosek (130.000 i 150.000) 4,4

stanje potraživanja na
prihodi od prodaje koeficijent obrta
2. Kupci kraju i početku perioda

715.000 prosek (50.000 i 60.000) 13

cena koštanja realizovanih stanje obaveza na kraju i

koeficijent obrta
3. Dobavljči proizvoda početku perioda

620.000 prosek (30.000 i 105.000) 9,19

Broj dana vezivanja - dobija se kada se broj dana u godini podeli sa koeficijentom obrta

broj dana koeficijent obrta broj dana vezivanja

1. Zalihe
365 4,4 82

broj dana koeficijent obrta broj dana vezivanja

2. Kupci
365 13 28

broj dana koeficijent obrta broj dana vezivanja

3. Dobavljči
365 9,19 40

Broj dana vezivanja obrtnih sredstava (1+2-3) 70 dana

bankarstvo 2 2013

Dakle, poslovni ciklus preduzeća traje 70 robni oblik u cilju procesa reprodukcije, ponovo
dana, odnosno potrebno je 70 dana da početno dobije svoj prvobitni (novčani) oblik.
novčano ulaganje, koje se transformisalo u Iz gornjeg primera daće se, takođe, samo

80

The matter of the cash conversion days in
economic theory is explained by a number
of various indicators. Starting from the
specificity of the small sized enterprises, their
staff, organisational and material limitations,
and the need to simplify the model making
it understandable to a broad spectrum of
entrepreneurs and proprietors, this paper will
examine the three basic ratios, as follows:
a. Inventories turnover ratio - is obtained
when the ratio is based on the price of
product made (supply value of goods sold)
and the average balance of stocks.
b. Buyer turnover ratio (receivables) - is
obtained when ratio is based on sales
revenues and average balance of receivables.
c. Supplier turnover ratio (liabilities) - is
obtained when ratio is based on total value
of all supplies (cost price of goods produced)
and average balance of business operations
liabilities.
Calculation of the number of cash
conversion cycle days
Let us examine a hypothetical ABC Belgrade
company and the number of days in cash
conversion cycle in their case:

Figure 3 Calculation of the number of days in the cash conversion cycle for the ABC Belgrade company

2011 2012
Income statement
Sales revenues 715,000 620,000
Cost price for products made 620,000 525,000
Balance sheet - Assets
Current assets 300,000 255,000
Inventories 150,000 130,000
Receivables 60,000 50,000
Short-ter financial placements 7,000 10,000
Cash and cash equivalents 80,000 20,000
AVR 3,000 5,000
Balance sheet - Liabilities
Short-term liabilities 105,000 50,000
Short-term financial liabilities 0 20,000
Business operations liabilities 105,000 30,000
Other shrt-term liabilities and PVR 0 0
Gain tax liabilities 0 0
Net working capital 195.000 205.000

Turnover ratio
Cost price of products made Inventories at end and beginning of period Turnover ratio
1. Inventories
620.000 Average (130.000 and 150.000) 4,4
Receivables balance at end and beginning of
Sales revenues Turnover ratio
2. Buyers period
715.000 Average (50.000 and 60.000) 13
Balance of liabilities at end and beginning of
Cost price of products made Turnover ratio
3. Suppliers period
620.000 Average (30.000 and 105.000) 9,19

Number of conversion days - is obtained when the number of days in a year is divided by
turnover ratio
Number of days Turnover ratio Conversion days no.
1. Inventories
365 4,4 82

Number of days Turnover ratio Conversion days no.

bankarstvo 2 2013

2. Buyers
365 13 28

Number of days Turnover ratio Conversion days no.

3. Suppliers
365 9,19 40

Cash conversion cycle days (1+2-3) 70 days

81
najosnovniji pokazatelji poslovanja preduzeća.
S tim u vezi, preduzeće ABC Beograd u 2011.
godini ima:
1. NOS u iznosu od 195.000,
2. Stopu bruto dobiti od 15% (prihodi od
prodaje / cena koštanja realizovanih
proizvoda),
3. Stopu NOS po dinaru prodaje od 27% (NOS
/ prihodi od prodaje).
Prezentovane pokazatelje treba uvek
posmatrati u relativnom smislu, imajući pre
svega u vidu položaj preduzeća u okviru grane
u kojoj posluje. Tako na primer, prosečna stopa
bruto dobiti za pojedine grane industrije može
biti 5%, dok za druge grane iznosi 30%. Takođe,
stopa NOS po dinaru prodaje za trgovinske
(maloprodajne) delatnosti iznosi 10 - 15%, dok
za pojedine grane industrije iznosi 20 - 25%.
Identifikacija disbalansa u kvantumu neto
obrtnih sredstava
U prethodnom poglavlju dat je prikaz
stanja u kome se nalazi jedno preduzeće,
kako sa aspekta poslovnog rezultata, tako i
sa aspekta angažovanja obrtnih sredstava.
Ono što je karakteristično za navedeni
prikaz, jeste činjenica da se radi o pretežno
statičnom sagledavanju pozicije preduzeća.
Drugim rečima, na bazi istorijskih podataka iz
finansijskih izveštaja, dat je prikaz pomenutih
pokazatelja.
Sa druge strane, poslovni život jednog
preduzeća je vrlo dinamična stvar, a pred
menadžmentom stoji bezbroj svakodnevnih
izazova u pravcu efikasnog upravljanja
poslovanjem. To dalje znači da pokazatelji iz
prethodnog poglavlja menadžmentu preduzeća
predstavljaju određenu polaznu osnovu i
specifičan okvir u kome će se donositi buduće
poslovne odluke.
Kao što je pomenuto, u savremenom
poslovnom okruženju pred donosiocima
poslovnih odluka u preduzeću nalazi se puno
nepoznanica, a vremena za pravovremeno
reagovanje je vrlo malo. Iz tog razloga,
menadžer u jednom malom preduzeću, sa
ograničenom kadrovskom strukturom i
nedovoljnom informacionom bazom, mora
pred sobom da ima određene indikatore, ili tzv.
signale za rano upozorenje, koji će mu ukazati
da je u menadžmentu obrtnih sredstava došlo
do određenih disbalansa.
Prvi indikator je promena u nivou neto
obrtnih sredstava. U našem primeru visina
NOS na dan 31.12.2011. godine iznosi 195.000.
Ovaj iznos NOS obezbeđuje stopu bruto dobiti
od 15% i stopu NOS po dinaru prodaje od 27%.
Dakle, ukoliko preduzeće želi da održi ovaj nivo
poslovne aktivnosti, NOS u svakom momentu
ne smeju da padnu ispod 195.000.
Značajno je istaći da je u praksi kod malih
i srednjih preduzeća čest slučaj da oni koji
donose odluke, iz neznanja ili neadekvatne
kvalifikacione strukture, zanemaruju ovaj
pokazatelj, odnosno ne vode dovoljno računa o
tome koliki im je obim NOS u svakom momentu.
Bilo da se radi o povlačenju sredstava iz obrta
zarad sopstvene potrošnje vlasnika, bilo da se
radi o povlačenju sredstava zarad investiranja,
neophodan je kontinuirani monitoring obrtnih
sredstava u realnom vremenu kako se ne bi
ugrozilo tekuće poslovanje.
Drugi indikator je broj dana vezivanja
obrtnih sredstava. Kao i kod prethodnog
indikatora, i u ovom slučaju se od menadžmenta
zahteva “real - time monitoring” neto obrtnih
sredstava. S tim u vezi, razmotrićemo dve
studije slučaja.
Prvi slučaj ilustruje situaciju u kojoj je
menadžer (najčešće vlasnik) malog preduzeća
odlučio da poveća obim poslovne aktivnosti za
40%, uz pretpostavku istog broja dana vezivanja
obrtnih sredstava u procesu reprodukcije. Za
finansiranje novog obima posla preduzeću je
potrebna investicija u obrtna sredstva kako je
prikazano u tabeli 1.:
bankarstvo 2 2013
82
 Therefore, the business cycle of the company
lasts 70 days, i.e. 70 days are necessary to pass for
the initial investment made, that was converted
into product form for purpose of reproduction
process, to acquire again its original (cash) form.
The above example gives only the most
basic indicators about the company business.
In this respect it may be concluded that the ABC
Belgrade company, in the year 2011, was in the
following position:
1. NET WORKING CAPITAL was 195,000.
2. Gross rate of return was 15% (sales revenues
/ cost price of products made)
3. NWC rate of 27% per 1 dinar of sale (NWC
/ sales revenues).
The above presented indicators should
always be observed in a relative sense, primarily
bearing in mind the position of the company
within the branch in which it operates. Thus,
for example, the average gross rate of return for
certain industrial branches may be 5%, while
for some other ones it reaches 30%. In addition,
the Net Working Capital per 1 dinar of sale for
trading (retail) activities amounts to 10-15%,
while for some other industrial branches it
amounts to 20-25%.
Identifying imbalance in the net working
capital quantum
In the previous chapter we have presented
the position of an enterprise from the aspect of
business result, but also from the aspect of the
working capital engaged. What is characteristic
for this case is the fact that it is mostly a static
assessment of an enterprise position. In other
words, on the basis of historical data from
financial reports, presentation was given of the
above mentioned indicators.
Business life of an enterprise, however,
is a very dynamic affair, and management
is faced with countless challenges of daily
business life in the sense of efficient business
management. This also means that the indictors
from the previous chapter offer to the company
management a starting position and a specific
framework within which future business
bankarstvo 2 2013
decisions are to be made.
In the contemporary business environment,
as we have already noted, those responsible for
83
making business decisions in an enterprise are
faced with many ambiguities and the time for
timely reaction is very short. For this reason,
manager in a small sized enterprise, with limited
staff resources and an inadequate information
technology basis, must have available certain
indicators, or the so-called early-warning signals,
that will show him that in the working capital
management a certain inequilibrium has occurred.
The first indicator is the change in the
level of net working capital. In our case study
the amount of NWC as of 31 December 2011
amounts to 195,000. This sum of NWC provides
for the gross rate of return of 15%, and the
NWC rate per 1 dinar of sale of 27%. Hence if
the enterprise is willing to maintain this level
of business activity, NWC at no time must fall
below 195,000.
It is important to note that in practice, the
case that often occurs in small and medium-
sized enterprises is that those who are making
decisions, either for the lack of awareness
or because of their inadequate qualification
structure, tend to disregard this indicator, i.e.
they are not taking into account the importance
of knowing at all times what is the size of their
NWC. Whether it is the case of withdrawing
funds from turnover for the sake of personal
consumption of the owner, or the withdrawal
of funds for purpose of making investments, it
is necessary to have a continuous monitoring
of the working capital in real time in order to
safeguard current business from trouble.
The second indicator is the number of days
in the cash conversion cycle. As was the case
with the previous indicator, in this case also it is
required of the management to conduct the “real-
time monitoring” of the net working capital. To
this end, we shall examine two case studies.
The first case study illustrates the situation
where the manager (most often the owner) of
a small sized enterprise, decides to upgrade
the scope of business activities for 40% on the
assumption of the same number of days for
the cash conversion cycle in the reproduction
process. For purpose of financing the new
volume of business of the enterprise it is
necessary to make investment into working
capital as presented in Table 1.
 Tabela 1. Prikaz potrebne investicije u obrtna sredstva za povećanje obima poslovnih aktivnosti

Godišnji Broj dana Koeficijent Potrebna OS

R. br. Vrsta obrtnih sredstava
promet vezivanja obrta (3/5)

1 2 3 4 5 6

1 Zalihe sirovina i materijala (roba) 896.000,00 82 4,45 201.293,15

2 Potraživanja 1.001.000,00 28 13,04 76.789,04

(A) Potrebna OS 278.082,19

3 Dobavljači 896.000,00 25 14,60 61.369,86

4 Dobit 133.000,00 28 13,04 10.202,74

(B) Izvori iz tekućeg poslovanja 71.572,60

(C) Investicije u obrtna sredstva (A-B) 206.509,59

Izvor: Autorski prikaz

Do sada je nivo NOS iznosio 195.000 što je
bilo dovoljno da se zatvori tekuća finansijska
konstrukcija. Sa povećanjem obima posla za
40%, potreba za NOS takođe raste za 40%, tj.
na 206. 510. Dakle, sada je pred menadžerima
preduzeća izbor, koju odluku doneti sa aspekta
načina finansiranja nedostajućih sredstava.
Najbolje je prvo iskoristiti unutrašnje rezerve
koje postoje u preduzeću, odnosno, povećati
obrt zaliha i kupaca, istovremeno smanjiti obrt
dobavljača, a onda odabrati adekvatan eksterni
izvor finansiranja sa najpovoljnijom cenom.
Ne sme se izgubiti iz vida da svako eksterno
finansiranje umanjuje dobit firme. Naravno,
uvek se plan povećanja obima posla od 40%
može korigovati naniže, pa onda nije potrebno
tražiti dodatne izvore finansiranja.
Drugi slučaj je situacija u kojoj je obim
aktivnosti ostao isti, ali je došlo do pogoršanja
opštih uslova privređivanja. Uzećemo za
primer da je usled pogoršane likvidnosti došlo
do kašnjenja u plaćanju od strane kupaca,
smanjenih porudžbina naših proizvoda, a
dobavljači su dodatno smanjili rokove plaćanja.
Kako je došlo do značajnijeg probijanja rokova,
broj dana vezivanja obrtnih sredstava se
značajno povećao. Za finansiranje ovako nastale
nepovoljne situacije, preduzeću je potrebna
investicija u obrtna sredstva kako je prikazano
u tabeli 2.:

Tabela 2. Prikaz potrebne investicije u obrtna sredstva usled pogoršanja poslovne klime

Godišnji Broj dana Koef.

R. br. Vrsta obrtnih sredstava Potrebna OS
promet vezivanja obrta
1 2 3 4 5 6 (3/5)
1 Zalihe sirovina i materijala (roba) 640.000,00 123 2,97 215.671,23
2 Potraživanja 715.000,00 42 8,69 82.273,97
(A) Potrebna OS 297.945,21
3 Dobavljači 640.000,00 38 9,73 65.753,42
4 Dobit 95.000,00 42 8,69 10.931,51
bankarstvo 2 2013

(B) Izvori iz tekućeg poslovanja 76.684,93

(C) Investicije u obrtna sredstva (A-B) 221.260,27
Izvor: Autorski prikaz

84
 Table 1 Presentation of the investment necessary in the working capital for purpose of
upgrading the volume of business activities

Cash Working
Item Annual Turnover
Working capital type conversion capital
No. turnover ratio
cycle days required (3/5)

1 2 3 4 5 6

1 Raw material stocks (goods) 896,000.00 82 4.45 201,293.15

2 Receivables 1,001,000.00 28 13.04 76,789.04

(A) Working capital required 278,082.19

3 Suppliers 896,000.00 25 14.60 61,369.86

4 Profit 133,000.00 28 13.04 10,202.74

(B) Resources from current business 71,572.60

(C) Investments in working capital (A-B) 206,509.59

Source: Presentation by author

Up till now, the level of the Net Working
Capital amounted to 195,000 which were
sufficient for closing the current financial
structure. With an increased volume of work
for 40%, the Net Working Capital requirements
also grew for 40%, i.e. to 206,510. Hence, the
company management is now faced with the
choice, which is the decision to be made from
the aspect of financing the absent funds. The
best way to do this is to use first the internal
reserves which are present in the company, i.e.
to increase the inventory/buyer turnover, and at
the same time to decrease the supplier turnover,
and then to select an adequate external source
of financing with the most favourable price. It
must always be borne in mind that any external
financing is decreasing company’s profit.
The plan to increase the volume of company
business for 40%, of course, can always be
downsized, so it would not be necessary to
search for additional financing sources.
The second case study deals with the
situation where the volume of activities has
remained the same, but where the global
business circumstances have deteriorated. Let
us take as the example a deteriorated liquidity
caused by defaulting in their payments by
the buyers, lower level of orders placed for
our products, with the suppliers additionally
shortening payment maturity dates. As a
substantial delays in payments have occurred,
the number of cash conversion cycle days
has significantly increased. For financing of
such an adverse situation, the company needs
investment into working capital as presented
in Table 2:

Table 2 Presentation of investment into working capital required due to deteriorated business
climate

Cash Working
Item Annual Turnover
Working capital type conversion capital
no. turnover ratio
cycle days ratio
1 2 3 4 5 6 (3/5)
1 Raw material stocks (goods) 640,000.00 123 2.97 215,671.23
2 Receivables 715,000.00 42 8.69 82,273.97
(A) Working capital required 297,945.21
bankarstvo 2 2013

3 Suppliers 640,000.00 38 9.73 65,753.42

4 Profit 95,000.00 42 8.69 10,931.51
(B) Resources from current business 76,684.93
(C) Investments in working capital (A-B) 221,260.27
Source: Presentation by author
85
 Za razliku od prethodnog slučaja kada su
menadžeri mogli da promene odluku i smanje
planirani obim aktivnosti, i tako zatvore
finansijski gep, sada takva mogućnost ne postoji
jer su faktori egzogene prirode. I ovde je kod
izbora načina sklapanja finansijske konstrukcije
neophodno prvo krenuti od unutrašnjih rezervi,
jer će sada eksterni izvori biti znatno skuplji
usled pogoršane makroekonomske situacije.
Interne potencijale preduzeća smo već
pomenuli, a na ovom mestu ćemo prikazati
propust koji menadžeri MSP imaju običaj često
da čine, a radi se o aktivnostima usmerenim
ka povećanju obrta potraživanja. Naime,
svako preduzeće želi što pre da naplati svoja
potraživanja, jer se sredstva angažovana u ovoj
fazi mogu koristiti za nov ciklus tek nakon
naplate. U tom smislu, mnoga preduzeća daju
popust (kasa skonto) kupcima ukoliko ovi
izvrše avansna plaćanja za preuzete proizvode
ili robu. To znači da će, na prvom mestu, biti
smanjen rizik naplate, zatim da se smanjuju
ukupna potraživanja prema kupcima, smanjuje
se potreba za kapitalom i na kraju, ništa manje
značajno, smanjuju se administrativni troškovi
praćenja kupaca koji nisu izmirili obaveze.
Tako menadžment preduzeća svesno smanjuje
profit firme za iznos popusta, a sa druge strane
obezbeđuje optimalni nivo NOS za poslovni
ciklus.
Međutim, ono što se u praksi često previđa
jeste cena ovakvog popusta u poređenju sa
cenom kapitala na finansijskom tržištu. Ukoliko,
na primer, preduzeće odobrava kasa skonto od
2,5% za avansna plaćanja, na godišnjem nivou
će to preduzeće koštati oko 35%. Ako je cena
bankarskog kredita 20% na godišnjem nivou,
očigledno je da je doneta pogrešna poslovna
odluka prilikom menadžmenta obrtnih sredstava
koja će koštati preduzeće dodatnih 15%.
U svakom slučaju, prilikom operativnog
sprovođenja poslovne strategije neosporno
je da promene dana vezivanja pojedinih
elemenata kategorije NOS predstavljaju signale
za rano upozoravanje da je došlo do određenih
disbalansa u kvantumu NOS.
Zaključak
Mala i srednja preduzeća su pokretačka
snaga ekonomskog razvoja jedne zemlje.
Poseduju visok stepen fleksibilnosti na promene
uslova poslovanja, a značajan su generator
novih radnih mesta.
Sa druge strane, da bi preduzeća zadržala
optimalan nivo efikasnosti njima moraju da
upravljaju efikasni i kvalifikovani menadžeri.
To svakako predstavlja svojevrstan izazov,
imajući u vidu da mala preduzeća karakteriše
relativno nizak stepen specijalizacije poslova.
Menadžment obrtnim sredstvima je ključno
pitanje i osnovni zahtev koji se postavlja
pred mala i srednja preduzeća. To je svakako
centralna tema na koju odpada najveći deo
aktivnosti usmerenih ka poslovnom odlučivanju
i preduzimanju pravovremenih akcija. Pred
menadžere se postavlja pitanje koliki iznos neto
obrtnih sredstava je dovoljan za održavanje
poslovne aktivnosti, a da se u isto vreme ne
ugrozi likvidnost firme. Da li se odgovor na
navedeno pitanje može dati samo kroz jedan
pokazatelj i da li je promena u kvantumu
obrtnih sredstava isključivo pod dejstvom
objektivnih faktora ili deo odgvornosti snosi
samo preduzeće?
Ekonomska teorija je ponudila veliki broj
pokazatelja, ali su ona prilično uopštena i
podjednako se tiču poslovanja malih i srednjih
preduzeća, sa jedne strane, i velikih preduzeća
sa druge strane.
Pravilo da se do optimalnih rešenja teško
dolazi, pa i ka se dostigne taj cilj teško ga je
održati na duži rok. Naš pristup dostizanja
optimuma obrtnih sredstva i redukcije rizika
od nelikvidnosti počiva na dinaminamičkom
korišćenju nekoliko indikatora koja po svojoj
prirodi mogu najbolje da se implementiraju u
radu malih i srednjih preduzeća. Prvi pokazatelj
je promena u nivou neto obrtnih sredstava,
koji ukazuje na to da ukoliko preduzeće želi da
održi postojeći nivo poslovne aktivnosti, NOS
u svakom momentu ne smeju da padnu ispod
projektovanog nivoa za taj obim poslovnih
aktivnosti. Čest je slučaj da se iz neznanja ili
neadekvatne kvalifikacione strukture, ovaj
pokazatelj zanemaruje, odnosno ne vodi se
dovoljno računa o tome koliki je obim NOS u
bankarstvo 2 2013
svakom momentu.
Drugi pokazatelj je broj dana vezivanja obrtnih
sredstava. Kao i kod prethodnog indikatora, i u
ovom slučaju se od menadžmenta zahteva “real
- time monitoring” neto obrtnih sredstava.
86
 Unlike the previous case presented where
the managers were able to change their decision
and reduce the planned volume of activities
thus closing the financial gap, in this case
such an option is not available as the factors
are of an exogenous nature. It is also necessary
here, when making a choice of the manner in
which the financial structure is to be designed,
firstly to examine internal reserves as in this
situation the external sources of funding will
be substantially more costly because of the
deteriorated macroeconomic climate.
Internal potentials of the company have
already been mentioned, and what we shall
present here are the failures often made by
the SMEs managers, and they are the activities
aimed at an increase in the receivables turnover.
Namely, every company wishes to collect as
promptly as possible its receivables, as the
funds engaged in this phase may be used for
the new cycle only after they are collected. To
that end, many companies offer a discount
(cash discount) to buyers making advance
payments for taken over products or goods.
This means that, primarily, risk of collection
will be reduced, but also reduced will be the
total receivables from buyers, reduced will
be requirements and, ultimately, last but not
least, reduced will be administrative costs for
monitoring buyers who have not settled their
liabilities. Hence the company management
intentionally lowers the company’s profit for
the amount of discount granted, while on the
other hand it provides for an optimum level of
the NWC (net working capital) required for the
business cycle.
However, what is often disregarded in practice
is the price of such a discount in comparison
with the cost of capital on the financial market. In
case, for example, a company is to approve cash
discount of 2.5% for advance payments made, on
an annual level such a company would incur loss
of some 35%. If the cost of banking credit is 20%
at an annual level, it is obvious that the faulty
business decision made in the working capital
management will cost the company additional
bankarstvo 2 2013
15%.
Anyhow, during operational implementation
of business strategy it is undisputable that
the change of the number of days in the cash
conversion cycle of some elements of the Net
87
Working Capital are the early warning signals
indicating that a certain inequilibrium has
occurred in the Net Working Capital quantum.
Conclusion
Small and medium-sized enterprises are the
power engine for the economic development of
any given country. They have a high degree of
flexibility for adjusting to the business climate
changes, and are an important generator of new
employment opportunities.
On the other hand, however, in order for
the companies to maintain an optimum level of
efficacy, they must be managed by efficient and
properly qualified managers. This is certainly a
particular form of challenge bearing in mind the
fact that small sized enterprises are characteristic
for a rather low level of business specialisation.
The working capital management is a key
question and the main requirement placed
before the small and medium-sized enterprises.
This is certainly the central topic occupying
the major part of activities aimed at business
decision-making and undertaking of timely
actions. Managers are faced with the question
of how high should be the amount of working
capital in order to be sufficient for sustaining
business activities, while at the same time not
endangering liquidity of the company. Is it
possible to give the answer to that question
through one indicator alone, and whether
the change in the working capital quantum
is exclusively under the influence of objective
factors, or is it rather a part of responsibilities
to be borne by the enterprise itself?
Economic theory has offered a large number
of indicators, but they are rather generalized
ones and are equally impacting business of
small and medium-sized enterprises, on the
one hand, and business of the large-scale
companies, on the other.
The rule that optimum solution is hard to
find, also applies to the fact that once that target
is achieved it is hardly sustainable on long-term
basis. Our approach to reaching an optimum
quantum of working capital and reduction of
illiquidity risk is based on a dynamic application
of several indicators which by their very nature
may best be implemented in the business of
small and medium-sized enterprises. The first
Literatura / References U svakom slučaju, bilo da se radi o
povlačenju sredstava iz obrta zarad sopstvene
1. DELOOF, M and Jegers, M.: Trade credit, potrošnje vlasnika, bilo da se radi o povlačenju
product Quality, and Intra Group Trade: Some sredstava zarad investiranja, neophodan je
European Evidence, “Financial Management“, kontinuirani monitoring obrtnih sredstava
Vol 25 No 3, 1996, u realnom vremenu kako se ne bi ugrozilo
2. NIKOLIĆ, Živan: Ekonomika preduzeća, poslovanje.
“Fineks“, Beograd, 2007,
3. RAONIĆ, Ivan, POLIĆ, Stanislav R.:
Forenzička revizija u okruženju elektronskog
računovodstva, Novi Ekonomist br. 9,
“Fakultet poslovne ekonomije“, Bijeljina,
2011,
4. SLOVIĆ, Slobodan: Savremeni finansijski
menadžment, “Visoka škola strukovnih
studija za računovodstvo i berzansko
poslovanje“, Beograd, 2010,
5. SOENEN, L. A.: Cash conversion cycle and
corporate profitability, “Journal of Cash
Management“, Vol 13 No 4, 1993,
6. SMITH, M. Beaumont, BEGEMANN, E.:
Measuring Association between Working
Capital and Return on Investment, “South
African Journal of Business Management“,
Vol 28 No 1, 1997.
7. ZIPKIN, Paul, Foundations of Inventoru
Managemen, New York, Irvin/McGraw-Hil
2000,
8. http://www.inventorymagement.com

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88
 indicator is the change in the level of net working
capital indicating that if the company wishes to
maintain the current level of business activity,
the NWK at any moment must not fall below
the level projected for that volume of business
activity. It is frequently the case that out of
lack of knowledge, or because of inadequate
qualification structure, this indicator tends to be
disregarded, i.e. there is no sufficient care taken
about the size of the New Working Capital at
all times.
The second indicator is the number of days
in the cash conversion cycle. As in the case of
bankarstvo 2 2013
89
the previous indicator, in this case as well what
is required of the management is to implement
“the real-time monitoring” of the net working
capital.
Nevertheless, whether it is the case of the
owner withdrawing funds from the business
turnover for the sake of personal consumption,
or whether funds are withdrawn for purpose
of making investments, it is necessary to have
in place a continuous real-time monitoring of
working capital in order to safeguard business
operations from any impediment.