The unavoidable fact is that the final performance evaluation of each company is made of numbers, i.e. indicators of its financial standings. The final performance evaluation of the company’s entire business operation, as well as guidelines for further action, are being made in the Economic Affairs Division through standard activities of highly educated staff.
Goals are being set and results of company’s business performance are being monitored within the Planning and Reporting Department. Having in mind the economic climate in the country and market positioning of the company, optimal objectives are being set for each following year in cooperation with all organizational units of the company.
Realization of set objectives is being monitored throughout the year, and insight into company’s successfulness is gained with daily, monthly and annual analysis of business operation, which is a basis for all important business decisions.
Apart from recording operational changes, stock management and expense control are being done by the Accounting Department. Internal Audit oversees operations of all business functions, application of legal and regulatory documents and valid internal procedures.
Through the control by external institutions we continuously receive official confirmation for quality of our work. As a large-scale legal entity, we are required by law to perform audit of our yearly financial statements. We received positive opinions in the reports of independent auditors, which is a confirmation that the financial statements are composed in accordance with accounting regulations and are truly and objectively depicting financial position and business results of the company. A detailed review of our work in the area of abiding tax regulations has been done by inspectors from Tax Administration. There were no remarks to our work in their reports, i.e. the taxes have been regularly and duly calculated and paid.
Faced with insolvency of our customers, we find it hard to achieve the balance between difficult collection of receivables and the necessity to provide resources for paying our payables, all in order to enable the unhindered manufacturing process. Engagement of the company’s financial function is significant. With great support of top management, it contributes to successful dealing with solvency difficulties. Daily contacts with banks create a favorable cooperation climate, which, at most of them, makes Galenika a.d. a highly ranked client they gladly cooperate with.
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