The aim and purpose of this paper is to point out to the quality of financial performance and efficiency of food retailers in Serbia, as well as measures for improvement in the future, based on theoretical knowledge and empirical analysis using AHP-TOPSIS methods. The problem of analyzing the financial performance of all companies, which includes trading companies, is very topical, significant and complex. Consequently, mathematical methods and models have lately been increasingly used. With this insight in mind, this paper investigates the financial performance and efficiency of food retailers in Serbia using AHP and TOPSIS methods. Of all the observed optimization criteria (cost of goods sold, operating costs, gross margin and net profit), the most significant was the cost of goods sold. The most efficient food retailer in Serbia is Aman. The Mercator-S Company is inefficient. In order to improve the efficiency of food retailers in Serbia, it is necessary to apply the Western business models (private brand, multichannel sales, organic food sales and others), the concepts of strategic management accounting and to strengthen the digitalization of business.

Recently, as it is known, the evaluation of the efficiency of agricultural enterprises is being more and more performed on the basis of multi-criteria analysis. With this in mind, this paper analyzes the efficiency of agricultural enterprises in Serbia based on the WASPAS method. The goal and purpose of this is to address this issue as thoroughly as possible and propose adequate measures to improve the efficiency of agricultural enterprises in Serbia in the future. The obtained results of empirical research using the given method show that the efficiency of agricultural enterprises in Serbia has recently significantly improved. It was the best in 2018. It was positively influenced by numerous macro and micro factors.

Under the influence of different factors, the dynamics of the size of the operating profit margin of food trading companies in Serbia varies from comparable global food retailers in various countries. Based on the obtained results of empirical research, we can also conclude that the operating profit margin of the leading food trading companies in Serbia is lower than the in analyzed comparable food retail trade companies from the developed market economies. It points to the conclusion that it is necessary to efficiently manage revenues, costs, profit, assets, and financial structure in order to improve the performance of food trading companies in Serbia in the future. In order to increase the operating profit margin, as a measure of long-term performance, it is necessary to manage the financial structure of the food trading companies in Serbia as effectively as possible. The main objective of this paper is to apply dynamics of size and structure of operating margin of global retailers in Serbia by applying accounting methodology based on data from annual financial statements. It is an increasingly significant non-standard indicator of their performance. Therefore, this indicator will receive increasing attention in the future.

The issue of analyzing the efficiency of agriculture on the basis of multi-criteria decision-making methods is very current, complex and significant. Based on that, this paper investigates the efficiency factors of agriculture enterprises in Serbia using the CODAS method. The AHP method is used to calculate the weight coefficients of the criteria. The AHP method is used to calculate the weight coefficients of the criteria. The goal and purpose of that is to process the given problems through the complex theoretical, methodological and empirical prisms in the function of improving the efficiency of agriculture in Serbia in the future by taking appropriate measures. The theoretical and practical significance of the research of the treated problem in this paper is reflected in the fact that the application of the CODAS method provides a more realistic situation in relation to the ratio analysis in order to improve the efficiency of agriculture in Serbia in the future by taking adequate measures. There are no similar studies in the literature for other countries, which makes international comparison difficult. Research using this method and including the period from 2013 to 2020 has showed that agriculture in Serbia were the most efficient in 2018. Then we have: 2020, 2019, 2017, 2016, 2015, 2014 and 2013. Recently, under the positive influence of numerous macro and micro factors, the efficiency of agriculture in Serbia has significantly improved. The effects of Covid-19 on the performance of agriculture in Serbia have, among other things, been mitigated to some extent with increased electronic sales of agriculture products.

It is well known that the problem of analyzing the efficiency of all companies, including trading companies, is very topical, significant and complex. In the context of the above mentioned, mathematical methods and models are increasingly being applied. With this in mind, this paper explores the effectiveness of food retailers in Serbia using AHP and DEA methods. Of all the observed optimization criteria (cost of goods sold, operating costs, gross margin and net profit), the most significant one was the cost of goods sold. The most efficient food retailer in Serbia is Delhaize Serbia. Mercator-S is inefficient according to DEA analysis. In order to improve the efficiency of food retailers in Serbia, it is necessary to look up to the Western models and apply new business models (private brand, multichannel sales, organic food sales and others) and new concepts of strategic management accounting as well as strengthen the digitalization of business.

The openness of the economy affects the liquidity and solvency of Serbia. Likewise, the degree of exposure to financial risks. Serbia's best external position was in 2009. The following are: 2011, 2007, 2010, 2012, 2013, 2006, 2008, 2014, 2015, 2016, 2017, 2019, 2018, 2021, 2005, and 2020. The worst external position of Serbia was in 2020. By increasing the open economy, the external position of Serbia can be significantly improved.