The Impact of Quality Management Systems on the Efficiency of Current Assets Management in Small Commercial Enterprises

Abstract

Purpose: Financial security and high profits are the basic goals set by the owners and managers running an enterprise. To achieve them, management tools and systems should be introduced to improve the efficiency of resource management that the company has. By optimizing the level of current assets one can reduce costs, which has a positive effect on the company profits and the level of financial liquidity. Therefore, improving the efficiency of wealth management is an important element of business management. The purpose of the article is to show how standardized quality management systems affect the efficiency of managing current assets and their basic components Design/Methodology/Approach: The analysis was carried out on a group of 159 trade companies. The research period covered the years 2015-2017.The enterprises surveyed were divided into those that implemented quality management systems (52 enterprises) and those that do not use this type of solutions (107 enterprises).Then, analyzes were made and the results obtained by the associated enterprises in individual groups were compared. The analysis of financial indicators and basic statistical methods (average, median) were used as the basic research tools. Findings: The introduction of quality management systems is designed to improve the efficiency of business management, also has the large impact on costs. The decrease in costs reduces the price of products and goods sold. Practical Implications: The results demonstrate that quality management systems have the significant impact on the price, which is the most important criterion for buying goods or services Originality/Value: Analysis showed that enterprises which use quality management systems manage their assets more efficiently compared to enterprises that do not use quality management systems