3.3 Improving the management system working capital at the enterprise

An important role in organizing the circulation of enterprise funds is played by its own working capital, which in the reporting year amounted to 114,556 thousand rubles. (mean). In the future, working capital is replenished at the expense of the received profit, which at the end of 2006 amounted to 11,065 thousand rubles. (retained earnings). In addition to profit as its own source of replenishment of working capital, the enterprise has funds equivalent to its own. These are stable liabilities, which in essence are planned accounts payable. During 2007, obligations in the amount of 549,499 thousand rubles arose, and obligations in the amount of 526,179 thousand rubles were repaid. (Form No. 5 of the balance sheet for 2007).

In the turnover of the enterprise, in addition to its own financial resources, there are borrowed funds, which are based on short-term loans banks, the amount of which amounted to 45430 thousand rubles. Liabilities in the amount of 34440 thousand rubles were repaid. Since borrowed funds amounted to 40% of equity enterprises, it would be inappropriate to increase this ratio, which will lead to a non-payment crisis.

At the enterprise, it is necessary to find internal savings reserves that would reduce production costs and increase the economic efficiency of the plant. Such measures for JSC "Mashzavod" include the reduction of selling expenses.

Let's calculate the impact of factors on profit from ordinary activities, namely selling expenses according to the formula (according to Form No. 2 "Profit and Loss Statement" for 2007):

Δ P P (COM.RAS) \u003d V 1 × (UKR 1 - UKR 2) / 100; (27)

where, UKR 1 and UKR 2 - respectively, the levels of commercial expenses in the reporting and base periods,

In 1 - proceeds from the sale in the reporting period.

Δ P P (COM.RAS) \u003d 205605 × 81 / 100 \u003d +166540.05 thousand rubles.

The value (+) means overspending on commercial expenses in the reporting year and an increase in their level by 81 points led to a decrease in the amount of profit from sales by 166,540.05 thousand rubles. Therefore, it should be recommended to reduce the level of commercial expenses as much as possible.

Reducing the time spent by working capital in work in progress is achieved by: improving the organization of production, improving the equipment and technology used, improving the use of fixed assets, especially their active part, saving at all stages of the movement of working capital.

The most important prerequisites for reducing the investment of working capital in the sphere of circulation are: the rational organization of the sale of finished products, the use of progressive forms of payment, the timely execution of documentation and the acceleration of its movement, the observance of contractual and payment discipline.

For the management of receivables, the selection of potential buyers and the determination of the terms of payment for goods provided for in contracts is of great importance. Payment for goods to regular customers can be made on credit. When developing a lending policy for buyers of its products, the company must decide on the following key issues:

1) term of the loan;

2) credit standards;

3) a system for creating a reserve for doubtful debts;

4) payment collection system. This section of work with debtors involves the development of: a) a procedure for interacting with them in case of violation of payment terms, b) criteria values ​​of indicators indicating the significance of violations, c) a system of punishment for dishonest counterparties;

5) the system of discounts provided.

Providing a discount is beneficial to both the buyer and the seller. The first has a direct benefit from reducing the cost of purchasing goods, the second receives an indirect benefit in connection with the acceleration of the turnover of funds invested in receivables.

As practice shows, such a policy of the enterprise inevitably creates incentives for immediate payment for shipped products, which, in turn, accelerates the return of working capital, reduces the average turnover period. accounts receivable and thereby reduce the average size.

Let's consider which economic effect will be obtained from the acceleration of the turnover of accounts receivable of buyers by about 11 days, there will be an increase in the turnover ratio by 1.45 turnover. We believe the statement that the company really has the opportunity to reduce the duration of the turnover by 11 days (from 58.6 days - in 2007 to 47.2 - in 2006, see Table 7), since its growth over the analyzed period occurred exclusively due to the deterioration of payment discipline and the lack of organizational work at the enterprise for settlements with consumers.

360 days: 47 days = 7.66 turnovers;

360 days: 58 days = 6.21 turnovers;

7.66 - 6.21 = 1.45 turns

Thus, reducing the period of receivables turnover and increasing the number of turnovers by 1.45 will ensure the release of working capital in the amount of:

33456.5 / 58.6 × (7.66 - 6.21) = 827.85 thousand rubles.

If the turnover of receivables increased by 1.45 turnover, the amount of receivables of buyers will decrease by 827.85 thousand rubles. When the receivables decrease, therefore, the cash in the enterprise increases, therefore, the enterprise can invest more money in turnover and there will also be an increase in sales proceeds.

In this way, economic calculations according to the proposed solutions in the field of working capital management of JSC "Mashzavod" show that:

1) the use of a supply chain with a fixed order size and ABC analysis in the management of inventories provides a reduction in the amount of turnover of inventories by 399.4 thousand rubles. and the corresponding release of 19570.6 thousand rubles.

2) reduction of the period of turnover of receivables due to a number of organizational measures contributes to an increase in the number of its turnover by 1.45 and the corresponding release of 827.85 thousand rubles.

As a result, the acceleration of the turnover of working capital will release 20,398.45 thousand rubles. (19570.6 thousand rubles + 827.85 thousand rubles) and thus increase the volume of production without additional financial resources.

Conclusion

The problem of ensuring break-even functioning, financing of expanded reproduction - on the one hand, unprofitability and possible bankruptcy of the enterprise - on the other, is one of the main ones.

In order for an enterprise to function effectively, it needs the stability of cash receipts sufficient to pay off suppliers, creditors, its employees, local authorities power, state. So, considering theoretical aspect problem under study, it was found that working capital is the means that serve the process of economic activity, participating simultaneously in the production process and in the process of selling products. In ensuring the continuity and rhythm of the process of production and circulation is the main purpose of the working capital of the enterprise.

Since the financial condition of an enterprise largely depends on the state of working capital, working capital management is becoming extremely relevant today. The financial condition of the OJSC "Mashzavod" for 2006 and 2007 was analyzed and measures were developed to improve the use of working capital at the enterprise.

In the course of the analysis of JSC "Mashzavod" it was revealed that the turnover ratios of working capital amounted to 3.1 and 2.51, respectively, by years, in days - 116 and 143.6. Thus, capital turnover slowed down by 27.6 days. This is due to the formation of excess stocks of material assets, an increase in the amount of funds in receivables and an increase in production volumes by 124.4% in 2006. Additionally attracted to the circulation of capital in the amount of 15763 thousand rubles.

Due to the lack of own working capital, the enterprise attracted short-term bank loans into circulation, the value of which in 2007 amounted to 40% of the total capital.

According to the results of the analysis of liquidity and solvency of the enterprise JSC "Mashzavod" for 2006-2007, the calculation and evaluation of analytical coefficients showed that the financial condition of the enterprise is satisfactory. An enterprise can be considered solvent, since the funds available to it, short-term financial investments and active settlements cover its short-term obligations.

Analysis of the structure and use of working capital of JSC "Mashzavod" made it possible to identify a number of actual problems.

A decrease in the duration of the turnover of working capital led to a decrease in the turnover ratio and an increase in the utilization factor of funds in circulation. The decrease in turnover involved additional cash in circulation.

The increase in the share of receivables, work in progress in the volume of assets led to a slight decrease in the organization's maneuverability. That is, the property of the organization has become much less mobile, as evidenced by the decrease in the indicator of maneuverability.

The next problem of using working capital is that the organization has an unstable structure of sources of financial resources. If at the beginning of the reporting period own resources prevailed in the structure of financial resources of the organization, then at the end of the reporting period the share of own resources decreases.

Accounts payable in its various forms has become a financial source of covering receivables. This led to shifts in the structure of sources of working capital formation, namely, to a low availability of own working capital.

The analyzed enterprise has problems with accounts receivable in its various forms. Accounts receivable of buyers takes the second place in the structure of current assets. Due to the large receivables, a significant part of the advanced working capital is returned to the enterprise with a great delay, or is not returned at all.

Funds directed to replenish working capital are not used to expand production and, as a result, increase the profitability of the enterprise, but to lend to customers.

A large share of receivables significantly slows down the overall turnover and, as a result, not only reduces the mobility and efficiency of working capital, but also solvency in general, which worsens the financial position of the enterprise.

In addition, it should be noted that the average annual cost of stocks of raw materials and materials in 2007 increased by 12840.5 (44.6%). On the one hand, an increase in the share of raw materials and materials adversely affects the economic performance of the organization (increase in storage costs). On the other hand, a high proportion of materials in the warehouse is the acquisition of excess stocks (purchases in the "use") as a result of the irrational use of funds.

Thus, the situation with the structure and use of working capital creates a problem financial stability enterprises, that is, it leads to the attraction of additional expensive sources of financing.

The enterprise can be called liquid, because the coefficients of current, absolute liquidity are higher than the normative values. But at the same time, in order to optimize the structure of working capital, it was proposed to carry out a number of specific measures to improve the use of working capital and increase the financial stability of the enterprise:

1. Reduce the turnover period of inventories and working capital by improving the inventory management system. The paper substantiates the use of a supply chain with a fixed order size based on the ABC analysis, which will ensure the rationalization of the material supply system based on determining the minimum supply value and the threshold value of the remaining inventory for resuming the order. The application of the recommendations made it possible to ensure the release of working capital of 19,570.6 thousand rubles.

2. high value receivables was another significant factor in the organization's activities that determined the decrease in the efficiency of the use of working capital. Organizational measures to improve the management of receivables will increase its turnover, increase the number of turnovers by 1.45 and ensure the release of 827.85 thousand rubles.

3. In total, the acceleration of the turnover of working capital as a result of the proposed recommendations will release 20,398.45 thousand rubles. (19570.6 thousand rubles + 827.85 thousand rubles) and thus increase the volume of production without additional financial resources.

The implementation of these measures will increase the volume of profits, the level of profitability, and, ultimately, will lead to an increase in the efficiency of the enterprise as a whole.

Bibliography

1. Civil Code of the Russian Federation dated November 30, 1994 No. 51-FZ // Consultant Plus Reference System

2. Tax Code of the Russian Federation. Part 1 dated July 31, 1998 No. 146-FZ (with amendments and additions dated July 1, 2005 No. 78-FZ) // Consultant Plus Reference System.

3. Tax Code of the Russian Federation. Part 2 dated 05.08.2000 No. 117-FZ (with amendments and additions dated 07.22.2005 No. 118-FZ) // Consultant Plus Reference System.

4. Abryutina M.S. Modern approaches to assessing the financial stability and solvency of the company // Financial management- No. 6 - 2006. - p. 21.

5. Alekseev S.V. Using the situational approach in managing the company's finances // Financial management. - No. 3. – 2006 – p. eighteen.

6. Alekseeva M.M. Planning of the company's activities. - M.: Finance and statistics, 2006. - 248 p.

7. Anti-crisis management: theory, practice, infrastructure: Educational and practical guide/ resp. Ed. G.A. Alexandrov. - M.: Publishing house BEK, 2006. - 544 p.

8. Anti-crisis management: Textbook / Ed. EM. Korotkov. M.: INFRA M, 2006. - 432 p.

9. Bakanov M.I., Sheremet A.D. Theory of economic analysis. - M.: Finance and statistics, 2007. - 416 p.

10. Barulin S.V. Somofinancing of enterprises in a market economy // Finance. - 2007. - No. 3 - p. 15-3-15.

11. Belov M.S. Deferred income: let's say "no" to the reliability of reporting? // Financial management - №1. - 2007. - p. eleven.

12. Bernstein L.A. Analysis of financial statements: per. from English. – M.: 2006.

13. Blank I.A. Financial management: Training course. – M.: Nika-Center, 2008.

14. Burtsev V.V. Comprehensive analysis of the formation of assortment programs // Financial management - No. 4. - 2006. - p. 12.

15. Bukhonova S.M., Doroshenko Yu.A., Trunova E.V. Application of systems of indicators of the functioning of enterprises for management // Economic analysis - 2007. - No. 9 (24) - p. 10–21.

16. Byasov K.T. Formation of the investment strategy of the corporation // Financial management - №1. - 2006. - p. 12.

17. Vikhansky O.N., Naumov A.G. Management. - M.: INFRA - M, 2007.

18. Ginzburg A.I. Economic analysis - St. Petersburg: Peter, 2007. - 480 p.

19. Goncharov A.I. System of solvency indicators of an enterprise // Finance - 2007. - No. 6.

20. Goryunov E.V. To the problem of quantitative assessments in the economic analysis of the financial condition // Economic analysis - 2006. - No. 10 (25) - p. 52–53.

21. Grachev A.V. Fundamentals of financial stability of the enterprise // Financial management. - 2006. - No. 4 - p. 15.

22. Gruzinov V.P. Enterprise economy. – M.: Higher school. – 2006.-230 p.

23. Daile A. The practice of controlling: Per. with him. / Ed. M.L. Lukashevich, E.N. Tikhonenkova. - M.: Finance and statistics, 2006. - 336 p.

24. Efremov V.S. Organizations, business systems and strategic planning// Management in Russia and abroad. - 2007. - No. 2 - p. 3–26.

25. Zamkov O.O., Tolstopyatenko A.V., Cheremnykh Yu.N. Mathematical methods in economics. – M.: DIS, 2007.

26. Zarov K.G. Operational leverage as a universal tool for making managerial decisions // Financial management - №1. - 2006. - p. fourteen.

27. Ilysheva N.N., Krylov S.N. Analysis of financial attractiveness and crisis management financial resources of the organization // Economic analysis. - 2004. - No. 7 - p. 16–24.

28. Kleiner G. Management of corporate enterprises in the transitional economy // Questions of Economics. - 2007. - No. 8. - from. 66-70.

29. Kovalev V.V. Analysis of enterprise funds and their use // Accounting. - 2006. - No. 10 - p. 10–15.

30. Kovalev V.V. Introduction to financial management. - M.: Finance and statistics, 2006. -768 p.

32. Kovalev V.V., Volkova O.N. Analysis of the economic activity of the enterprise. - M.: PBOYuL Grizhenko E.M., 2005. - 424 p.

33. Quantitative methods of financial analysis: Per. from English. / Ed. S.J. Brown, - M .: 2005.

34. Lipsits I.V. Investment project: methods of preparation and analysis. – M.: 2005.

35. Lumpov N.A. Profit formula and its application in the distribution of fixed costs // Financial management - №5. - 2006. - p. fourteen.

36. Maltsev A.S., Gorbatova L.V. Optimization methods for managing the company's liquidity // Financial management. - No. 3. – 2006 – p. 21.

37. Ovchinnikova T.I., Padalkin V.N., Bulgakova I.N., Kozlova O.A. Discriminant model of the integrated assessment of the financial condition of the enterprise // Financial management - №5. - 2006. - p. 19.

38. Fundamentals of management. Textbook for universities. / Radugin A.A. – M.: Center, 2007.

39. Patlasov O.Yu., Sergienko O.V. Application of Altman Models and Criteria in Analysis financial position enterprises // Financial management - №6 - 2006. - p. 15.

40. Radionov R.A. Operational control of the actual state of stocks // Financial management - No. 1. - 2006. - p. 12.

41. Radionov R.A. Economic mechanisms, providing acceleration of the turnover of funds invested in the stocks of the enterprise // Financial management - №4. - 2006. - p. 12.

42. Raizberg B.A., Fatkhutdinov R.A. Economic management. Textbook. - M .: CJSC "Business School INTEL-SINTEZ", 2005. - 784 p.

43. Savitskaya G.V. Analysis of the economic activity of the enterprise. – M.: INFRA-M. - 2005. - 688 p.

44. Samochkin V.N. Flexible development of the enterprise: analysis and planning. - 2nd ed., Rev. and additional - M.: Delo, 2005. - 376 p.

45. Semenov S.K. Methods of analysis of financial and economic activities of the structural division of the company // Economic analysis - 2004. - No. 10 (25) - p. 46–51.

46. ​​Stoyanova E.S. Financial management: theory and practice. - M .: Perspective, 2006.

47. Walsh K. Key indicators management: how to analyze, compare and control the data that determines the value of the company: Per. from English. - 2nd ed. – M.: Delo, 2007. – 360 p.

48. Financial and Credit Encyclopedic Dictionary / Ed. A.G. Gryaznova. - M.: Finance and statistics, 2005. - 609 p.

49. Financial management: Textbook for universities. / N.F. Samsonov, N.P. Barannikov, A.A. Volodin and others - M .: Finance, UNITI, 2004.

50. Finance and financial management: Textbook for universities / Under. Ed. P.P. Taburchak, A.R. Mamakazina. - St. Petersburg. Chemistry, 2007. - 321 p.

51. Finance of enterprises: Textbook for universities / Ed. N.V. Kolchina. – M.: UNITI-DANA, 2006. – 447 p.

52. Finance. Textbook. Ed. L.A. Drobozina. M.: 2005.

53. Hotinskaya G.I. Capitalization as a factor in strengthening the company's financial stability // Financial management - №4. - 2006. - p. fourteen.

54. Chuprov S.V. Analysis of the standards for indicators of the financial stability of an enterprise // Finance - 2005. - No. 2.

55. Shelobaev S.I. Mathematical methods and models in economics, finance, business. – M.: UNITI, 2006.

56. Sheremet A.D. Methods of financial analysis. – M.: INFRA-M. 2007.

57. Shubina T.V. Profit distribution in a joint-stock company // Financial management - №2. - 2006. - p. 10.

58. Shukaev A.I. Optimization Methods financial management production growth // Financial management - №5. - 2006. - p. 17.

59. Shukaev A.I. Stock optimization for Russian enterprises// Financial management - №2. - 2006. - p. eleven.

60. Enterprise Economics: Textbook / Ed. ON THE. Safronov. - M.: YURIST, 2005. - 584 p.

61. Economic analysis: Textbook for universities / Ed. L.T. Gilyarovskaya. - M.: UNITI - DANA, 2007. - 527 p.

Fundamentals of management. Textbook for universities. / Radugin A.A. – M.: Center, 2007.

Finance of organizations: educational and practical guide / Ed. N.V. Lavrukhina, L.P. Kazantseva, 2002.

Economics of the enterprise (firm): Textbook / Ed. O.I. Volkova - M .: INFRA-M, 2002.

Enterprise Finance: Textbook for High Schools / Ed. N.V. Kolchina.- M.: UNITI-DANA, 2006.

Maltsev A.S., Gorbatova L.V. Optimization methods for managing the company's liquidity // Financial management. - No. 3. - 2006.

Savitskaya G.V. Analysis of the economic activity of the enterprise. – M.: INFRA-M. – 2005.

Finance of organizations: educational and practical guide / Under. ed. N.V. Lavrukhina, L.P. Kazantseva, 2002.

Himself general view the norm of a certain element of working capital is the product of one-day costs by the daily stock rate. Methods of normalization of working capital. There are several methods for normalizing the working capital of an enterprise: a) in inventories Industrial stocks (PZ) - raw materials (1) - basic materials (2) - purchased semi-finished products (3) - auxiliary materials (4) ...

Large interest, look for unscheduled sources of funds, violate financial discipline. The diversion of working capital leads to a slowdown in their turnover, reduces the efficiency of the enterprise, worsens its financial condition. The organization of working capital of an enterprise necessarily includes systematic monitoring of their safety and efficiency of use through audits ...

Conclusions on the analysis of the socio-economic state of the organization

The purpose of LLC "Bashkirgaz" is to ensure uninterrupted gas supply to buyers of the Republic of Bashkortostan in accordance with the concluded agreements, collect payments from gas buyers, manage gas supply regimes, and make a profit.

The revenue of Bashkirgaz LLC for 2010 amounted to 13,386,628 thousand rubles, which is 17% higher than the level of the previous year. The share of cost in revenue is 96.2%. Return on sales increased from 0.8% to 1.7%.

The low liquidity of the balance sheet of Bashkirgaz LLC was revealed, because the first, second and fourth inequalities are not observed, because at the end of 2010 the first, third and fourth inequalities are not fulfilled.

The coefficient of provision with own funds, which characterizes the presence of an enterprise's own working capital necessary for its financial stability at the beginning of the year, is -0.409, at the end of the year it is -0.118, i.e. increased by 0.291. This coefficient is less than the standard value (>0.1). This means that the company does not have enough own working capital necessary for its financial stability. At the analyzed enterprise, this coefficient is significantly lower than the normative level, i.e. the company is unable to timely and in full pay off for short-term debt obligations.

The Company lacks its own working capital and is unable to meet creditors' claims. The autonomy or financial independence of the society is below the level necessary for optimal functioning, i.e. the share of own capital is only 17.5% of the total assets (according to the standard - 50%). Most of the property of Bashkirgaz LLC is formed at the expense of borrowed capital. The calculation results indicate an unsatisfactory structure of the balance sheet.

Not all liquidity indicators meet the standards, which indicates the need for financial measures at the enterprise to improve activities.

The turnover ratio of total assets increased from 8.3 to 9.3 over the reporting period, which indicates an acceleration in the turnover of total assets.

Inventory turnover has significantly decreased by 450.65 times: in 2009 it was 1260.8 times; in 2010, the turnover was 810.2 times, which indicates a slowdown in turnover.

The turnover ratio of own capital during the analyzed period increased from 117 times to 609.7 times.

The amount of receivables at the beginning of 2010 was 794,379 thousand rubles, and at the beginning of 2011 the amount increased and amounted to 849,831 thousand rubles. The share of receivables is increasing and at the beginning of 2011 amounted to 58.84%.

Increasing the efficiency of the use of working capital is ensured by the acceleration of their turnover at all stages of the circulation.

Significant reserves for increasing the efficiency of the use of working capital are laid down directly in the enterprise itself.

So the results integrated approach and systematic analysis of Bashkirgaz LLC provide an opportunity to develop a program of measures to improve the efficiency of current assets management at enterprises and ensure control over its practical implementation.

Based on the calculation study in Chapter 2, it is proposed to improve the management of working capital by the following methods.

1. It is necessary to reduce the material consumption of gas transportation. To do this, it is necessary to pursue a policy of rational and economical use of raw materials and materials. It is also necessary to establish competent work with suppliers, to revise the logistics system. This, in turn, will lead to a reasonable reduction in the cost of gas transportation and to an additional increase in profits.

As a mathematical model, we will take 2 inventory management models: inventory management models (Wilson model) and cash management model (Baumol model).

The inventory management model (Wilson model) will allow Bashkirgaz LLC to minimize the total costs of purchasing, ordering and delivering an order, as well as storing materials.

The application of the cash management model (Baumol model) in Bashkirgaz LLC will show the necessary cash management priorities in a stable business environment. Bashkirgaz LLC, the organization has a certain amount of money that it constantly spends on paying supplier bills, etc. In order to pay bills on time, the organization must have a certain level of liquidity. The price of maintaining the required level of liquidity is the possible income from investing the average cash balance in different kinds government securities. The latter are considered risk-free (the degree of their risk can be neglected).

Mathematical models of inventory management (IM) allow you to find the optimal level of stocks of some material, minimizing the total cost of purchasing, placing and delivering an order, storing the material, as well as losses from its shortage.

The Wilson model is the simplest model KM and describes the situation of purchasing products from an external supplier, which is characterized by the following assumptions:

The intensity of consumption is a priori known and constant;

The order is delivered from the warehouse where the previously produced goods are stored;

The delivery time of an order is a known and constant value;

Each order is shipped in one batch;

The cost of the order does not depend on the size of the order;

The cost of holding a stock is proportional to its size;

Lack of stock (shortage) is unacceptable.

Input parameters of the Wilson model

v – intensity (speed) of stock consumption, [pcs/year];

s is the cost of storing the stock, [thousand rubles];

K - the cost of the order, including the execution and delivery of the order, [thousand rubles];

t – order delivery time, [days].

Output parameters of the Wilson model

Q – order size, [thousand pieces];

L is the total cost of inventory management per unit of time, [thousand rubles/year];

t is the delivery period, i.e. time between order submissions or between deliveries, [days];

h is the order point, i.e. amount of stock in the warehouse, at which it is necessary to place an order for the delivery of the next batch, [thousand pieces].

The inventory level cycles in the Wilson model are graphically shown in Figure 7. The maximum amount of product that is in stock coincides with the order size Q (see Figure 7).

Figure 7. Chart of inventory cycles in the Wilson model

Wilson Model Formulas

where is the optimal order size in the Wilson model;

The cost schedule for KM in the Wilson model is shown in Figure 8.

Figure 8. Graph of KM Costs in the Wilson Model

Cash management model (Baumol model)

Assume the hypothesis that the cash balance of the account is very similar to the balance of inventory, so the optimal order lot (EOQ) model can also be used to determine the target cash balance

It is assumed that the enterprise begins to work, having the maximum and expedient level of funds for it, and then gradually spends them over a certain period of time. The company invests all incoming funds from the sale of materials and services in short-term securities.

As soon as the cash reserve is depleted, that is, it becomes equal to zero or reaches a certain predetermined level of security, the company sells part of the securities and thereby replenishes the cash reserve to its original value.

Thus, the dynamics of the balance of funds on the current account is a "sawtooth" graph (see Fig. 9).

The replenishment amount (Q) is calculated by the formula:

where V is the projected need for funds in the period (year);

c - expenses for converting cash into securities;

r is an acceptable and possible interest income for the enterprise on short-term financial investments, for example, in government securities.

Figure 9. Baumol model

Increasing the efficiency of the use of working capital is ensured by the acceleration of their turnover at all stages of the circulation. The target setting of the current asset management policy is to determine the volume of current assets, the sources of their coverage and the ratio between them, sufficient to ensure long-term production, trade and effective investment and financial activities of the enterprise.

Based on the research, we have developed the following recommendations and measures to improve the management of current assets:

Measures to manage and optimize receivables. Receivables optimization is part of the organization's overall policy for choosing the conditions for the sale of products for a certain period of time, optimizing overall size receivables and to ensure timely collection of receivables to achieve a given level of financial stability of the organization.

1. In order to control the buyer for its reliability and financial stability, its compliance with contractual discipline, to control the fulfillment of contractual obligations by the organization itself (meaning the seller organization), it is proposed to Bashkirgaz LLC to develop a dossier on buyers. A dossier is an approved form of internal accounting (here, an accounting form is a specifically expressed data system, including documents, materials, files and systematically built forms), a set of all available data about the customer (buyer) that is structured in a certain way.

Dossier includes:

All details of the customer, including his name, address (legal and actual) and telephone (fax), payment details;

Data for officials the customer who makes decisions on certain clauses of the contracts (i.e. affecting purchases);

Date and results of preliminary negotiations; data on the results of the analysis of the financial condition and reliability (business integrity);

Data on all contracts concluded with the customer and their actual execution, including operational data on the completeness and timeliness of shipments, on the ratio of the actual and critical level of receivables, on payments for products;

Information on the work carried out on the collection of overdue receivables (calls, notifications, personal visits, debt collection through specialized agencies, sale of debts);

Results of reconciliation of receivables;

Information about disputes (in terms of claims and judicial work);

Statistical data on the frequency of concluding and preferential terms of contracts, on the fulfillment by the customer of contractual obligations (payment and contractual discipline) and other possible information on aspects of the relationship between the organization and the customer.

The accountant for settlements of Bashkirgaz LLC controls compliance with the procedure for limited access to documents, materials and files that form the specified dossier, and ensures their safety.

2. LLC "Bashkirgaz" is recommended to apply modern methods of refinancing receivables. An important method receivables management is securitization, i.e. registration of debts with bills of exchange with their subsequent use as a means of payment. Another method is the direct sale of debt at a discount (discount). The size of the discount is set by agreement of the parties and is the income of the debt buyer.

The efficiency of managing current assets and current liabilities can also be improved by wisely using bills of exchange in order to turn current financial needs into a negative value and accelerate the turnover of working capital. Accounting for bills of exchange is a special banking operation in which the holder of a bill of exchange transfers bills of exchange to the bank by endorsement before the maturity date and receives for this the bill of exchange minus a certain percentage of this amount. This percentage is called accounting, or discount.

The amount of the discount is directly proportional to the number of days remaining from the date of accounting of the bill to the maturity date on it, the face value of the bill and the size of the bank discount rate, and is calculated by formula (2):

where D - discount, rub.;

HB - face value of the bill, rub.;

DP - the number of days from the date of accounting to the date of payment on the bill, days;

US - discount rate of the bank, %

The higher the face value of the bill, the more the bank will retain in the form of a discount. At the same time, the fewer days left until the due date of the bill, the smaller the discount due to the bank.

Methods for reducing receivables for sellers include the use of factoring, forfaiting, prepayment, and providing discounts to buyers in case of early payment.

Thus, at the end of 2011, Bashkirgaz LLC had a significant share of accounts receivable on its balance sheet. The reason for the high receivables is the lack of available cash from buyers at the time of product sales. One of the methods of managing receivables is clearing - settlements by offsetting mutual claims. The condition for such settlements is the mutual supply of materials (works, services) for significant amounts.

Equal amounts of mutual claims of counterparties are repaid, transfers of funds from one account to another occur only in the amount of excess requirements. The advantage of such settlements lies in the decoupling of the chain of non-payments.

The analysis of receivables revealed that Bashkirgaz LLC has debtors to whom Bashkirgaz LLC owes. The list of enterprises is given in table 21.

Table 21

List of debtors-creditors as of December 31, 2011

From the data in Table 21 it can be seen that Bashkirgaz LLC has the opportunity to offset mutual claims for total amount 354 thousand rubles

You can also apply a cession. Assignment is applied if there is no homogeneous counter-debt between enterprises, but it is necessary to set off mutually (i.e., it is necessary to restructure the debt of the debtor enterprise), a counter-debt is created by assigning the right to claim.

According to Article 382 of the Civil Code of the Russian Federation, the assignment of the right to claim is an independent transaction, according to which one party transfers the right to claim a debt to the other party for a fee.

So, to LLC "Bashkirgaz" has a debt of CJSC "Unitrade" in the amount of 3342 thousand rubles. CJSC "Unitrade" cannot pay its debt on time. At the same time, Forward CJSC has a debt to Unitrade CJSC in the amount of 3,300 thousand rubles.

Debt of Unitrade CJSC in the amount of 3342 thousand rubles. Bashkirgaz LLC may transfer (assign the right to claim it under an assignment agreement) to Forward CJSC, which has a sufficient amount of funds in its current account. The transfer fee is RUB 42,000.

3. It is recommended to restructure receivables in pre-trial and judicial procedures. Pre-trial procedure (according to paragraph 2 of Articles 307, 308, 309 of the Civil Code of the Russian Federation). The enterprise addresses the debtor in writing to reconcile the debt (the result is the act of reconciliation). Then he sends claims to the debtor with a demand for repayment of overdue debt, the amount of which is determined by the reconciliation act, within a period that can also be determined by the parties. If the debt is not repaid, the enterprise submits a corresponding claim against the debtor to the arbitration court. The pre-trial procedure includes the assignment of the right to claim and the sale of receivables, which were discussed above. At the same time, if the debtor cannot return the debt, then it is also possible to arrange debt restructuring through the issuance of a pledge on his property or a guarantee of another person.

The judicial procedure (according to Article 11 of the Civil Code of the Russian Federation) of the process of restructuring receivables begins with the filing of an appropriate claim with the arbitration court. The claim must show:

Fulfillment of an obligation (clause 1, article 396 of the Civil Code of the Russian Federation).

Compensation for losses (actual damage and lost profits) (Article 393 of the Civil Code of the Russian Federation).

Collection of interest for the use of other people's money as a result of the debtor's unlawful evasion of their return. At the same time, it is necessary to take into account that: it is necessary to prove that this money was used; compensation for losses in this case is made in a part exceeding the amount of interest due to the creditor for the use of other people's money.

If it is known (or it turns out) that the financial condition of the debtor is unstable, then during the arbitration process (at any stage of it), the plaintiff has the right to apply to the court for taking measures to secure the claim (clause 1, article 75 of the Arbitration Procedure Code of the Russian Federation). This measure can subsequently prevent possible problems with the execution of a court decision (for example, seizure of the debtor's property or bankruptcy of the debtor-debtor). If it is known that the debtor's financial condition is bad or he has declared voluntary liquidation, then it is necessary to file a bankruptcy claim.

4. LLC "Bashkirgaz" can be recommended to create reserves for doubtful debts. The allowance for doubtful debts can be used by an organization to cover losses from bad debts. The outstanding debt that is uncollectible is written off at the expense of the created reserve. The basis for creating a reserve is the results of the inventory of receivables carried out at the end of the reporting (tax) period. Formation of the amount of the reserve for doubtful debts in table 22.

Table 22

Formation of the reserve amount for doubtful debts

The amount of the created reserve for doubtful debts cannot exceed 10% of the proceeds from the sale of the reporting period, determined in accordance with Article 266 of the Tax Code of the Russian Federation. Enterprises making a decision to create reserves for doubtful debts should carefully weigh the appropriateness of such a decision, taking into account both the amount of receivables and the possibility of optimizing taxation of profits, as well as the complexity of the accounting process and the likelihood of differences in accounting and tax accounting. Also, the company should pay attention to the completeness of the formation of accounting policies for the purposes of accounting and tax accounting.

5. In addition, Bashkirgaz LLC is recommended to change the type of credit policy. Currently, the credit policy of Bashkirgaz LLC is characterized by a moderate type. In connection with the global financial crisis, the company should tighten the conditions for granting commodity credit to buyers, i.е. switch to a conservative type of credit policy. So, for example, at the moment the installment plan provided wholesale buyers, ranges from 1 to 6 months. Bashkirgaz LLC is recommended:

Reduce the terms for providing a commercial (commodity) loan by 2 times, i.e. up to 1-3 months;

Provide a loan upon full repayment of the previous debt;

The amount of the loan provided should not exceed 50 thousand rubles, for regular customers- 100 thousand rubles;

Introduce a system of discounts for early repayment of receivables.

Inventory management activities.

1. In order to reduce stocks, Bashkirgaz LLC is recommended to provide discounts to wholesale buyers not in monetary terms as a reduction in the obligation to pay for the material, but in the form additional bonus to pay for the material. This system of discounts will allow LLC Bashkirgaz to get rid of "stale" materials, when, for example, when buying two units of material, the third one is given as a gift. For example, three pairs of shoes for the price of two or, having bought a phone, the buyer receives a gift of his choice. At the end of 2009, the amount of discounts to customers in monetary terms (as a reduction in the obligation to pay for the material) amounted to 2,306 thousand rubles.

2. According to the results of the inventory of the property of Bashkirgaz LLC as of 01.12.08. identified material assets that have not been used in economic activities for 2 years, totaling 561 thousand rubles. These assets must be sold at least at book value and this will lead to an acceleration of inventory turnover.

Based on the results of the analysis, it can be concluded that in 2014 the organization functioned quite successfully, stably, and there is a tendency to improve the financial condition of the organization.

Accounts receivable and accounts payable play an important role in the sources of funds of OOO TMK Garant. Therefore, in the course of the analysis of calculations, it is reasonable to study the composition and structure of receivables and payables, as well as the changes that have occurred.

Accounts receivable at the end of 2014 amounted to 24,067,000 million rubles, and the excess of accounts payable was 25,304,000 million rubles. Mutual payments per person, but not to the detriment of the organization, since the total excess of accounts payable is 1,237,000 million rubles. This situation does not entail a deterioration in the financial position, since LLC TMK Garant uses this debt as borrowed sources at the time of study.

It is necessary to monitor the ratio of receivables and payables: the high predominance of receivables poses a threat to the financial stability of the organization and makes it necessary to raise additional funds; excess of accounts payable over accounts receivable can lead to the insolvency of the organization;

Control the diversification policy in relation to debtors, i.e. focus on increasing their number to reduce the risk of non-payment by one or more large customers;

Constantly monitor the status of settlements on overdue debts;

Classify buyers depending on the type of product, volume of purchases, solvency, history of credit relations and proposed payment terms;

Possessing up-to-date data on overdue debts, it is necessary to start claim work - send notifications - claims with all calculations of penalties for overdue debts;

Develop various models contracts with flexible payment terms, in particular, providing customers with discounts for early payment, because a decrease in price leads to an expansion of sales and intensifies the inflow of cash.

One of the more effective measures proposed in the work and allowing to maximize profits and reduce the risk of overdue receivables is a system of discounts and penalties for such counterparties as: Elektroavtomat OJSC, Federal State Budgetary Educational Institution of Higher vocational education"Kazan National Research Technological University", Federal State Institution "Military Commissariat of the Republic of Tatarstan", Joint-Stock Company"KZSK-Silicon". Also, improving the direction of receivables is to assess the reliability of the buyer. The organization needs to create a system of scoring the reliability of the counterparty based on the analysis of work with him. All customers were grouped into four groups according to the level of reliability: risk; increased attention; reliable clients; "gold" clients. To make the final decision on the provision of commercial credit to a particular supplier in an organization, you can create a special structural subdivision- credit committee or credit commission. One of the activities for managing receivables is to ensure the effectiveness of the motivation system aimed at reducing the volume of overdue receivables, on the interest of each employee in achieving the planned level of receivables.

When forming the policy of accounts payable management, it is necessary to purposefully change some terms of settlements with such creditors as: Alesia LLC, Diias JSC, Formula SB LLC, Trade House TINKO LLC. As a way to solve the problem, I propose either an increase in the amount of payments to debtors, or a decrease in the amount of payments to creditors. To increase the number of days of accounts payable turnover and reduce payment costs, suppliers need to reconsider contractual relationship with suppliers.

New terms of settlements with creditors, which assume a long period of use of accounts payable, allowing to ensure the sufficiency of funds in all periods as of the date of the report.

The implementation of a number of simple and effective measures to improve work with creditors allows you to improve the results of the organization, including the state of solvency and liquidity of assets. These measures relate, first of all, to the choice of a supplier, the coordination and selection of delivery terms, the improvement of control over transactions with creditors, and the motivation of personnel.

Let's make a calculation economic efficiency from the proposed measures to improve the management of working capital in OOO TMK Garant.

1. Carrying out a set-off of mutual claims. Thus, the amount of accounts receivable in the asset balance will decrease, and the amount of accounts payable in the liabilities side of the balance sheet will decrease.

2. Conclusion of an assignment agreement. As a result of concluding an assignment agreement, LLC TMK Garant will have an increase in the amount of cash and a decrease in the amount of receivables.

In addition, the received amount of funds is recommended to be directed to the repayment of accounts payable.

As a result, in the liabilities side of the balance sheet, accounts payable and retained earnings will decrease, and in the asset side of the balance sheet, the amount of accounts receivable will decrease.

3. Providing discounts not in monetary terms, as a reduction in the obligation to pay for the material, but in the form of an additional bonus in paying for the material.

4. Realization of surplus inventories at book value.

As a result of the sale of unused inventory items, OOO TMK Garant will increase sales proceeds and cash balances and reduce inventories.

An increase in equity and working capital will reduce the level of accounts payable. This will also affect the values ​​of financial ratios, bringing their values ​​to more rational values, which will allow the organization to maintain at the proper level both short-term and long-term solvency. The terms of possible repayment of obligations will be reduced, which will allow attributing this organization to the solvent class. The ratio of accounts receivable to accounts payable will take on a rational value, where accounts receivable exceeds accounts payable. Financial stability will increase, which will positively affect the creditworthiness of the organization, the degree of risk in the organization's activities in terms of non-repayment of debts and a low level of solvency is minimized. By reducing the cost of goods/works (services) of LLC TMK Garant by increasing the volume of their implementation and reducing the cost of their implementation, profitability will increase, and therefore the level of profitability and efficiency of LLC TMK Garant as a whole.

Building a more efficient system in the company financial planning will prevent erroneous actions and use those features that have not been used before. Allows you to predict financial activity organization, form the structure of income and costs, ensure its constant solvency. Consequently, the financial stability of the organization and its creditworthiness class will increase.

The proposed measures should improve the reputation of the borrower, the creditworthiness class, which in turn will make it possible to get preferential loans, that is, the loan limit will increase, the interest on the loan and the possibility of obtaining a loan without collateral will decrease, and the chances of obtaining a loan will also increase. The organization will become more attractive to investors, banks and suppliers.

3.2 Proposals for the development of credit policy

OOO TMK Garant

At the moment, the development and implementation of credit policy plays an important role in increasing the efficiency of working capital management in any organization.

The credit policy is a set of rules governing the provision of deferred payment to the organization's customers, and a list of actions to collect receivables.

Most often, the goal of credit policy is to provide the organization's customers with competitive conditions in order to increase the organization's sales and profitability. The objective of credit policy is to strike a balance between the need to minimize the risk of insolvency and the need to maximize the return on the organization's assets.

A properly developed credit policy makes it possible to significantly increase cash flow and compensate for the risk that LLC "TMK Garant" takes, giving a deferred payment for goods / services.

The development of the credit policy of the organization involves the solution of the following tasks:

The period of time during which the client is given a deferred payment (determining the term for granting a loan);

Determination of debt limits (based on credit rating client);

System of work with receivables (indicators reflecting violations, reminders, claims, etc.);

Availability and amount of discounts provided for payment before the due date.

An effective credit policy of an organization should be a very significant tool for managing the receivables of TMK Garant LLC.

In modern financial and commercial practice, the sale of goods (works, services) with deferred payment has become widespread.

As a result of such operations, receivables are formed on the accounts of the organization. LLC "TMK Garant" is important to prevent excessive investment (freezing) of its funds in receivables.

Otherwise, this may lead to an excessive diversion of financial resources, a decrease in the level of solvency of the organization, an increase in debt collection costs and, as a result, a decrease in the profitability of working capital and used capital.

With an increase in sales on credit, management may face serious problems due to a shortage of cash. Since in this case TMK Garant LLC deprives itself of mobility, there is a risk of insolvency. Such liquidity problems are the result of an insufficient amount of capital to provide the necessary amount of cash to pay for their own debts.

The provision of longer deferred payment terms can significantly affect the level of "quality" of receivables and increase the risk of default. Setting more stringent loan terms can lead to a negative customer reaction and lower sales. The period for which a deferred payment is given should objectively depend on two factors:

1) conditions of work with suppliers. In order to prevent cash gaps and a constant shortage of funds to pay its obligations, the payment deferral provided to the organization's customers cannot be longer than the deferment received by TMK Garant LLC when working with its main suppliers. Those. the repayment period for accounts payable must be longer than the collection period for receivables;

2) market conditions, that is, the conditions in which competitors operate. If the market is dominated by shipments with a deferred payment of 30 days, then in order to maintain its competitiveness, LLC TMK Garant will not be able to work on prepayment.

The organization's accounts receivable means that part of the goods is released to customers without preliminary calculation, that is, in essence, the organization gives customers free credit. A delay in the receipt of funds from several large buyers can create serious financial difficulties for the organization, since its solvency is completely dependent on the good faith of the buyer.

In order to reduce the receivables of TMK Garant LLC, it is advisable to improve the system of settlements with buyers, including mandatory control over the period of formation of receivables, operational work with delaying payment (telephone message, official letters), use of a system of discounts, advance payment, use of a bill of exchange form of payment.

LLC "TMK Garant" is interested in reducing the amount of receivables, as this entails an acceleration of the turnover of working capital in the sphere of circulation, and, consequently, a more efficient use of working capital in general.

Reducing, for example, the size of accounts receivable for commodity transactions improves the indicator of fulfillment of the supply plan under contracts, plans for profit and profitability. The reduction of working capital in other calculations means a more complete use of them for their intended purpose, since they do not leave the sphere of production.

Funds in receivables indicates a temporary diversion of funds from the organization's turnover, which causes additional need for resources and can lead to a tense financial condition. In the process of managing receivables, LLC TMK Garant, as a forecast, should develop such a flexible system of contracts that would provide for either prepayment for products (full or partial), or issuance of an interim invoice, or flexible pricing depending on the inflation index, and assess the impact these measures on financial results.

The amount of receivables of the organization is affected by:

The total volume of sales and the share of sales in it on the terms of subsequent payment;

Terms of settlements with buyers and customers;

Receivables collection policy, payment discipline of buyers;

State of Accounting: The accountant should target as many buyers as possible in order to reduce the risk of non-payment by one or more large buyers.

The growth of receivables associated with an increase in the grace period of payment entails losses due to changes in the purchasing power of funds.

In conditions of inflation, any deferred payment leads to the fact that the organization actually receives only a part of the cost of the products sold.

Therefore, it becomes necessary to evaluate the possibility of providing a discount for early payment.

Considering the above, we will evaluate the financial efficiency of the credit policy of TMK Garant LLC, in other words, we will calculate the effect of granting a deferred payment for products sold.

LLC "TMK Garant" at the moment it is advisable to evaluate the change in the current credit policy of the organization in order to release working capital and receive additional profit from the sale of products.

The new credit conditions provide for a 3.5% discount when customers pay for products within 14 days. In this case, the total period of deferred payment is 90 days. Sales and expenses are carried out by OOO TMK Garant on a daily basis throughout the year.

It is assumed that the change in the credit policy will be reflected in the growth of sales volumes of OOO "TMK Garant" by 22%.

Let us calculate the effectiveness of changing the credit policy and the amount of working capital released as a result of sales growth.

The increase in sales volumes in case of a change in the credit policy of LLC TMK Garant will be: 11,000,000 thousand rubles. * 22% = 2,420,000 thousand rubles

Average term the turnover of receivables in case of a change in the credit policy of TMK Garant LLC:

0.7 * 14 days + (1-0.7) * 90 days = 36.8 days

Let's calculate a number of changes in the level of the average amount of accounts receivable of TMK Garant LLC.

Forecasted level of accounts receivable:

RUB 11,000,000 thousand + 2,420,000 thousand rubles. / 365 days * 36.8 / 365 days \u003d 36,767.12 * (36.8 / 365) \u003d 36,767.12 * 0.1 \u003d 3,676.712 thousand rubles.

Profit from the increase in sales of products of LLC "TMK Garant":

RUB 2,420,000 thousand * (1-0.902) = 237,160 thousand rubles.

The opportunity costs of LLC TMK Garant in connection with the application of the new conditions of the credit policy amounted to:

(11,000,000 thousand rubles + 2,420,000 thousand rubles) * 0.7 * 0.035 = 328,790 thousand rubles

Since the total amount of profit from additional sales and the amount of opportunity savings (from the release of funds from receivables) exceeds the amount of opportunity costs, therefore, TMK Garant LLC may decide to change its credit policy.

An analysis of the data in Chapter 2 allows us to conclude that if measures are taken to improve the management of current assets, LLC TMK Garant will be able to improve the structure of the balance sheet. So, the share of own capital will increase and, accordingly, the share of borrowed capital will decrease. Significantly reduced the amount of accounts payable.

LLC TMK Garant is given the opportunity to improve the composition and structure of current assets. In the composition of current assets, high-risk assets (accounts receivable, unused material assets) will decrease. Accounts receivable will decrease. The organization's inventory will be reduced.

The efficiency of the use of working capital after the implementation of measures will increase. Thus, the turnover of working capital accelerated. The acceleration of the turnover of working capital is associated with an increase in the turnover of inventories of turnover and receivables. The duration of the turnover of current assets has decreased. At the same time, the period of collection of receivables was reduced. The shelf life of inventory will be reduced. The share of cash in the total amount of current assets will increase, that is, the share of low-risk current assets has increased.

In chapters 3.1 and 3.2, we proposed measures to improve the management of the solvency and creditworthiness of the LLC TMK Garant organization. Now it is necessary to evaluate the effectiveness of the proposed measures.

In our opinion, it is advisable for this organization to choose an aggressive model of working capital management, that is, to increase current assets by increasing the growth of work, services, increase cash, equalize the ratio of receivables and payables.

Conclusion

The problem of working capital management is relevant for any economic system. Modern organizational structure most economic entities hides the control object and makes it poorly localized for the manager. As a result, working capital management is practically not carried out, and its dynamics depends on external and random internal influences. In this context, the problem of a consistent combination of the goals of economic activity efficiency and the solvency of organizations is of extreme importance - one of the key problems of working capital management. practice shows that today many decisions are made solely with a focus on improving performance, while cases of complete loss of solvency and competitiveness as a result of such a policy are already known.

The relevance of the chosen topic is due to the fact that the problems of working capital management, its formation and effective use studied by many domestic and foreign scientists. At the same time, most authors consider the issues of working capital management in conditions of relative economic stability. In addition, the specifics of the Russian economy does not accept the automatic transfer of existing approaches to working capital management, especially those borrowed from foreign experience. In modern economic conditions effective management working capital becomes one of the prerequisites for the normal functioning of organizations.

The analysis was carried out on the basis of the financial statements of the organization, namely, the balance sheet and income statement for 2013 and 2014. As part of systems approach applied techniques and methods of analysis (tabular, financial ratios, balance sheet, comparison, observation, determination of absolute and relative values) and synthesis, grouping and comparison, scientific abstraction; in the practical part of the study, calculation and analytical methods, methods of structural and dynamic analysis were used.

The empirical base of the study was made up of documents and materials and data from periodicals, monographic scientific literature, expert developments and assessments of Russian and foreign scientists-economists, as well as analytical and own calculation materials.

Low liquidity of the balance sheet of OOO TMK Garant was revealed.

Not all liquidity indicators meet the standards, which indicates the need for financial measures in the organization to improve activities.

Turnover of production at the beginning of 2014 the inventory turnover ratio was 4.58, and at the end of 2014 it was 4.74. Then we see the growth dynamics for the year, it increased by 0.16.

The turnover ratio of own capital during the analyzed period has not changed.

The amount of accounts receivable at the beginning of 2013 was 543,000 thousand rubles, and at the beginning of 2014 the amount increased and amounted to 20,255,000 million rubles. The share of receivables increased. Increasing the efficiency of the use of working capital is ensured by the acceleration of their turnover at all stages of the circulation.

Significant reserves for increasing the efficiency of the use of working capital are laid down directly in the enterprise itself.

Thus, the results of an integrated approach and systematic analysis by OOO TMK Garant make it possible to develop a program of measures to improve the efficiency of managing current assets at enterprises and ensure control over its practical implementation in the following areas:

Improving the organization of material and technical supply with the aim of uninterrupted and rhythmic provision of production with material resources;

Reducing the duration of the operating cycle due to the intensification of production (using the latest technologies, mechanization and automation production processes, improving productivity levels, better utilization of production capacity enterprises, labor, material resources, etc.), as well as increasing control over the movement of the most important categories of stocks;

Acceleration of the process of shipment of products and processing of settlement documents, the use of promising forms of refinancing receivables, effective forms of regulation of the average balance of cash assets (reduction of cash settlements, opening a "credit line" in the bank), the creation of clear control systems for the movement of receivables and cash, development of non-cash payment mechanisms.

Based on the research, we have developed the following recommendations and measures to improve the management of current assets:

Measures to manage and optimize receivables.

Receivables optimization is part of the organization's overall policy to choose the conditions for the sale of products for a certain period of time, optimize the total amount of receivables and ensure timely collection of receivables to achieve a given level of financial stability of the organization.

1. In order to control the buyer for its reliability and financial stability, its compliance with contractual discipline, to monitor the fulfillment of contractual obligations by the organization itself (meaning the seller organization), LLC TMK Garant is invited to develop a dossier on buyers.

2. This organization is recommended to apply modern methods of refinancing receivables. Methods for reducing receivables for sellers include the use of factoring, forfaiting, prepayment, and providing discounts to buyers in case of early payment.

5. In addition, this organization is recommended to change the type of credit policy. Currently, the credit policy of TMK Garant LLC is characterized by a moderate type. In connection with the global financial crisis, the company should tighten the conditions for granting commodity credit to buyers, i.е. switch to a conservative type of credit policy. So, for example, at the moment, the installment plan provided to wholesale buyers is from 1 to 6 months. OOO TMK Garant recommends:

Reduce the terms for providing a commercial (commodity) loan by 2 times, i.e. up to 1-3 months;

Provide a loan upon full repayment of the previous debt;

Introduce a system of discounts for early repayment of receivables.

Inventory management activities.

1. In order to reduce stocks, the organization is recommended to provide discounts to wholesale buyers not in monetary terms as a reduction in the obligation to pay for the material, but in the form of an additional bonus in payment for the material. This discount system will allow LLC TMK Garant to get rid of "stale" materials, when, for example, when buying two units of material, the third one is given as a gift.

2. The use of the inventory management model (Wilson model) will allow OOO TMK Garant to minimize the total costs of purchasing, placing and delivering an order, as well as storing materials.

Cash management activities.

1. It is proposed to ration funds using known methods. As a result of the proposed activities, a forecast balance was obtained and the calculation of the main financial indicators was carried out.

Calculation of the forecast balance allows us to conclude that if measures are taken to improve the management of current assets, OOO TMK Garant will be able to improve the structure of the balance sheet.

LLC TMK Garant is given the opportunity to improve the composition and structure of current assets. In the composition of current assets, high-risk assets (accounts receivable, unused material assets) will decrease.

Calculations of current asset management indicators indicate that the efficiency of the use of current assets after the implementation of measures has increased. The acceleration of the turnover of current assets is associated with an increase in the turnover of inventories and receivables. The share of receivables in the total volume of current assets decreased. At the same time, the period of collection of receivables was reduced. The shelf life of inventory has been reduced by a week. The share of cash in the total amount of current assets increased, i.e. the share of low-risk current assets increased.

An assessment of the impact of the above measures on the values ​​of financial indicators showed that the values ​​of financial ratios changed in better side. So the absolute liquidity ratio, showing what part of short-term liabilities can be repaid with available cash and short-term financial investments.

So, the implementation of the proposed measures will allow the organization of TMK Garant LLC to improve the structure of current assets and significantly increase the efficiency of their use. When implementing these measures, the organization will become an organization with optimal absolute and urgent liquidity (solvency), financially stable and less dependent on borrowed capital, it will have opportunities for financial maneuvering. As a result of the proposed measures, this organization is given the opportunity to improve the composition and structure of current assets. In the composition of current assets, high-risk assets (accounts receivable, unused material assets) will decrease, the share of low-risk assets (cash) will significantly increase. Borrowed funds as a result of the measures taken will be reduced by a significant amount. It also provides an opportunity to optimize income tax payments by creating reserves for doubtful debts.

Bibliography

1. Federal Law No. 129-FZ of November 21, 1996 (as amended on November 23, 2009) "On Accounting" (adopted by the State Duma of the Federal Assembly of the Russian Federation on February 23, 1996)

2. The federal law dated July 26, 2006 No. 135-FZ "On investment activities in the Russian Federation, carried out in the form of capital investments"

3. Order of the Ministry of Finance of the Russian Federation dated October 6, 2008 No. 106n (as amended on March 11, 2009) "On Approval of Accounting Regulations" (together with the "Accounting Regulations" Accounting Policy of the Organization "(PBU 1/2008)", "Regulations on Accounting "Changes in Estimated Values" (PBU 21/2008)") (Registered in the Ministry of Justice of the Russian Federation on October 27, 2008 No. 12522)

4. Order of the Ministry of Finance of the Russian Federation dated October 6, 2008 No. 107n "On Approval of the Accounting Regulation "Accounting for Loans and Credits Expenses" (PBU 15/2008)" (Registered in the Ministry of Justice of the Russian Federation on October 27, 2008 No. 12523)

5. Order of the Ministry of Finance of the Russian Federation dated November 19, 2002 No. 114n (as amended on February 11, 2008) "On Approval of the Accounting Regulation "Accounting for Corporate Profit Tax Calculations" PBU 18/02" (Registered in the Ministry of Justice of the Russian Federation on December 31, 2002 No. 4090 )

6. Order of the Ministry of Finance of the Russian Federation of 09.06.2001 No. 44n (as amended of 03.26.2007) "On Approval of the Regulations on Accounting "Accounting for Inventories" PBU 5/01" (Registered in the Ministry of Justice of the Russian Federation on 19.07.2001 No. 2806)

7. Order of the Ministry of Finance of the Russian Federation of March 30, 2001 No. 26n (as amended of November 27, 2006) "On Approval of the Accounting Regulation "Accounting for Fixed Assets" PBU 6/01" (Registered in the Ministry of Justice of the Russian Federation on April 28, 2001 No. 2689)

8. Order of the Ministry of Finance of the Russian Federation of May 6, 1999 No. 33n (as amended of November 27, 2006) "On Approval of the Accounting Regulation "Organization Expenses" PBU 10/99" (Registered in the Ministry of Justice of the Russian Federation on May 31, 1999 No. 1790)

9. Order of the Ministry of Finance of the Russian Federation dated 06.05.1999 No. 32n (as amended on 11.27.2006) "On approval of the Regulation on accounting "Income of the organization" PBU 9/99" (Registered in the Ministry of Justice of the Russian Federation on 31.05.1999 No. 1791)

10. Order of the Ministry of Finance of the Russian Federation of November 19, 2002 No. 115n (as amended on September 18, 2006) "On Approval of the Regulations on Accounting" Accounting for the costs of research, development and technological work"PBU 17/02" (Registered in the Ministry of Justice of the Russian Federation on December 11, 2002 No. 4022)

11. Order of the Ministry of Finance of the Russian Federation dated October 16, 2000 No. 92n (as amended on September 18, 2006) "On Approval of the Regulations on Accounting" Accounting state aid"PBU 13/2000"

12. Order of the Ministry of Finance of the Russian Federation of July 6, 1999 No. 43n (as amended on September 18, 2006) "On Approval of the Regulations on Accounting "Accounting Statements of an Organization" (PBU 4/99)"

13. Order of the Ministry of Finance of the Russian Federation dated October 31, 2000 No. 94n (as amended on September 18, 2006) "On approval of the Chart of Accounts for accounting of financial and economic activities of organizations and Instructions for its application"

14. Antsiferova I.V. Accounting financial accounting: Textbook / I.V. Antsiferova. - 4th ed., revised. and additional - M.: Publishing and Trade Corporation "Dashkov and Co", 2009.- 800 p.

15. Alekseev A., Duke I. National features of the formation of working capital // EKO. -1997 - No. 10 - p. 53-58

16. Analysis of financial statements: Proc. allowance / Ed. O.V. Efimova, M.V. Miller. - M.: Omega-L, 2004. - 408 p.

17. Babaev Yu.A., Petrov A.M. International Standards financial reporting: textbook. - M .: TK Velby, Publishing House Prospekt, 2007. -352 p.

18. Basovskiy L.E., Basovskaya E.N. Complex economic analysis economic activity: Proc. Benefit. - M.: INFRA - M, 2009. - 366 p.

19. Belolipetsky, V. G. Financial management: tutorial/ V. G. Belolipetsky. - Moscow: KnoRus, 2008. - 446 p.

20. Bobyleva A. Z. Financial management. Problems and Solutions; Case, Academy of National Economy - Moscow, 2014. - 336 p.

21. Blank I.A. Fundamentals of financial management. T. 1. - K .: Nika-Center, 1999.

22. Blank I. A. Management financial risks; Nika Center - Moscow, 2014. - 448 p.

23. Accounting: Textbook / A. S. Bakaev, P. S. Bezrukikh, N. D. Vrublevsky and others; ed. P. S. Bezrukikh - 4th ed., Rev. and additional - M.: Accounting, 2004.

24. Breil R., Myers S. Principles corporate finance: Per. from English. N. Baryshnikova. - M.: CJSC "Olimp-Business", 2007. - 1008 p.

25. Van Horn JK Fundamentals of financial management: TRANS. from English. / Chief editor. series Ya.V.Sokolov. - M.: Finance and statistics, 1997. -800s.

26. Vasil'eva L.S., Petrovskaya M.V. The financial analysis. - M.: KNORUS, 2006.

27. Vakhrushina M.A. Management analysis: selection of the optimal solution. - M.: Omega-L, 2005.

28. Getman V.G., Terekhova V.A. Accounting financial accounting: Textbook. - M .: Publishing and trading corporation "Dashkov and Co", 2009. - 496 p.

29. Gorelik O.M., Paramonova L.A., Nizamova E.Sh. Management accounting and analysis. / Tutorial. – M.: KNORUS, 2007. -256 p.

30. Damodaran A. Investment appraisal. Tools and methods for valuation of any assets. - M.: Alpina Business Books, 2007. - 1340 p.

31. James S. Van Horn, John M. Wahovich, Jr. – Moscow: Williams, Fundamentals of Financial Management: [translated from English] /2010. – 1225 p.

32. Dodon D.P. Management of financial and logistics flow in modern realities // International banking operations. 2009. No. 6.

33. Dodon D.P. Why forfaiting, or How to free up working capital? // International banking operations. 2009. N 4. S. 65 - 70.

34. Drogovoz P.A. Cost management of an innovative industrial enterprise; MSTU im. N. E. Bauman - Moscow, 2012. - 240 p.

35. Ermasova N. B. Financial management; Higher education- Moscow, 2014. - 480 p.

36. Esipov V.E., Makhovikova G.A., Terekhova V.V. Business valuation. 2nd ed. - St. Petersburg: Peter, 2008. - 464 p.

37. Efimova O.V. The financial analysis. - 4th ed., revised. and additional - M.: Publishing house "Accounting", 2002. - 528 p.

38. Efimova O. V. Analysis of current assets of the organization // Accounting. - 2000. - No. 10.

39. Zudilin A.P. Analysis of the economic activity of enterprises in developed capitalist countries. - M.: Publishing house of RUDN University, 1995.

40. Ivashkevich VV, Semenova IM Accounting and analysis of receivables and payables. - M.: Publishing house "Accounting", 2003.

41. Ionova A.F., Selezneva N.N. The financial analysis. - M.: TK Velby, Prospekt Publishing House, 2006.

42. Kalinina E. M., Lapina O. G., Ryabova R. I., Shnaiderman T. A. Recommendations for the application of PBU 18/02 "Accounting for income tax calculations". - M.: IPB of Russia: Information agency "IPB-BIPFA", 2004.

43. Kirichenko, T.V. Financial management: study guide / T.V. Kirichenko. - Moscow: Dashkov i K°, 2009. - 625 p.

44. Kovalev V.V. Financial management: theory and practice. - M.: TK Velby, Prospekt Publishing House, 2007. - 1024 p.

45. Kovalev, VV Financial management course: textbook / VV Kovalev. - Moscow: Prospect, 2011. - 478 p.

46. ​​Kotelkin, S. V. International financial management: textbook / S. V. Kotelkin. - Moscow: Master: Infra-M, 2010. - 604 p.

47. Copeland T., Kohler T., Murin J. The cost of companies: assessment and management: Per. from English. - 3rd ed., revised. and additional - M.: CJSC "Olimp-Business", 2005. - 576 p.

48. Kreinina M.N. Financial condition enterprises. Assessment methods. - M.: ICC "DIS", 1997.

49. Leontiev V. E., Bocharov V. V., Radkovskaya N. P. Financial management; ELITE - Moscow, 2011. - 560 p.

50. Lyubushin N.P., Leshcheva V.B., Dyakova V.G. Analysis of the financial and economic activity of the enterprise. - M.: UNITI-DANA, 2001.

We were convinced of the inefficiency of working capital management of Quick Service Restaurants LLC and identified the reasons for the inefficiency. In this connection, we propose the following plan to improve the working capital management system.

First of all, we will highlight five key principles for improving management.

Working capital management always requires coordination of activities and coordination of interests of various departments. Building a clear interaction between departments is more important than optimizing the activities of each of them individually.

Improving working capital management is a continuous process. It has to do with constant change. external conditions, and with periodic changes in the very criteria of "perfection", which can be influenced by a change in the company's development strategy, its market position, volume of operations, etc.

Working capital management is closely related to risk management, both financial and operational. This, on the one hand, allows the use of risk management mechanisms in working capital management. And on the other hand, it requires taking into account the dilemma "more income - more risk" when choosing solutions.

In the vast majority of cases, direct transfer of an effective integrated solution for working capital management from one company to another is not possible. Although a solution for an individual site, for example, working with temporarily free cash or managing a warehouse for raw materials and materials, can be useful in another organization.

For search effective solutions for working capital management and their subsequent implementation, modern software and related information infrastructure.

It is worth adding that the fifth principle follows logically from the first three: it is necessary to obtain and consolidate information from many sources and conduct a comprehensive data analysis; information must be processed promptly, regularly and with reasonable labor costs; to calculate indicators and compare the effectiveness of possible solutions, easily reconfigurable software that supports complex computational algorithms should be used.

In order to better understand the place of the proposed solutions, we propose to apply the following working capital management structure (Fig. 3.2.)

Rice. 3.2. Working capital management

1. Block "Cash management", includes:

financing,

transfer of funds, which is especially important for companies with an extensive branch network or for holding structures,

investment.

2. Block "Management of settlements with customers and suppliers" or the management of receivables and accounts payable, and the management of accounts payable is no less important than accounts receivable.

Cash management and settlements with counterparties can be combined into cash flow management.

Accordingly, the following blocks belong to the management of commodity flows.

3. Block "Management of warehouse structure and transport logistics".

4. Block "Management of warehouse balances", including the management of warehouses of raw materials and materials, semi-finished products and work in progress, finished products.

The division of the problem of working capital management into blocks, in our opinion, is necessary to simplify the search for solutions and for the subsequent distribution of responsibility among the company's divisions, but only a general solution has value. It should be noted that best solution for working capital management as a whole, as a rule, is not a collection of the best options for managing individual blocks. The methodology for coordinating decisions in the required "proportion" is developed on the basis of the strategic and operational development goals of each specific company, as well as taking into account the plan for achieving these goals.

Cash Management is usually the most developed and informationally provided, at least with the help of the "Bank-Client" systems. However, it is worth considering one additional mechanism each for financing, moving funds and investing.

In our opinion, when managing cash, one should not forget about the possibility of using short-term financing of payments with the help of “overdraft” lending or a revolving line of credit. Such an agreement with the bank can significantly increase the actual liquidity of the company, although it will require additional costs. The presence of an information system makes it possible to calculate the average balances for previous periods and correlate them with the possible costs of credit operations, reduce current balances to the optimal level.

The next task is to exclude counter payments in mutual settlements between the Head Office (HO) and branches or within the holding. Some companies to ensure full control over cash flows use the following diagram settlements: all income of branches is mandatory transferred to the account of the GO, the expenses of the branches are either paid by the GO, or the funds are transferred to the branch in a targeted manner. Integration of data on current cash balances by branches and civil defense organizations with the help of information technologies eliminates counter payments, allows you to control cash flows, as well as organize the transfer of funds directly from one branch to another.

Finally, when considering the “Cash Management” aspect, it is worth paying attention to such a type of short-term investment as an overnight deposit. Its advantage is that the company can always place the remaining funds at the end of the trading day on a deposit, and the next day either use them for payments, or leave them on a deposit account for another day, or rather overnight.

Of course, these tasks do not look difficult, but imagine that there are more than a dozen bank accounts, the conditions for lending and investing in each bank are different, and the task of managing funds must be solved daily.

Solving the problem of working capital management, companies are often limited to the analysis accounts receivable. Our experience shows that it is important to pay attention not only to the reduction of receivables, but also to the possibility of increasing accounts payable. So, for example, a situation is likely when the customer is ready to pay a higher price or order a larger volume when providing a deferred payment, respectively, you can try to get a deferred payment for raw materials and materials. Or, conversely, the customer can make an advance payment subject to a discount, and then it is important to understand what kind of discount can be obtained from the supplier. To conduct such an operational analysis, it is required that the full terms of contracts are available for calculation, both with customers and with suppliers, and one of the solutions is the creation of a unified information system.

We should not forget about the possibility of short-term financing, always comparing its cost in advance with possible losses, for example, for providing discounts to customers. It should also not be overlooked that with the development of the financial sector of the Russian economy, new services appear. For example, factoring financing, which, in essence, is the repurchase of receivables on certain conditions or the provision of financing for goods sold with deferred payment.

Thus, there is again a need to quickly compare the costs of various types of financing, compare financing costs with potential income, and choose the least expensive method. All these are classic tasks for an information system. And an additional advantage of automating such work is also the support for the registration and accounting of various payment methods, including, in particular, automatic calculation and provision of discounts, accounting for factoring operations.

Based on existing experience, it can be stated that the task formation of warehouse infrastructure and the corresponding supply chains is the least formalized and automated. However, this business function significantly affects both the overall capital turnover and the company's profitability.

We highlight three main points that require at least an assessment of their impact on working capital.

Quantity, size, geography of warehouses and the cost of their maintenance.

Type and cost of transport services, travel time, potential alternatives to existing modes of transportation.

The presence of an imbalance in warehouse balances for the same commodity items in different warehouses.

Inventory management- The topic is well developed, but no less important than the others. The largest number of departments is involved in the management of warehouse balances. Warehouse balances are difficult to control - for example, it is almost impossible to conduct a "complete" inventory at a large enterprise in a reasonable time. For example, during the closure of a large manufacturing enterprise, several tens of tons of raw materials, tools, semi-finished products were taken out of warehouses after the warehouses were “empty” according to accounting.

Coordination of warehouse management along the entire technological chain.

Regular analysis of discrepancies between the forecast and actual balances, identifying the causes of deviations and developing measures to reduce the impact of negative factors.

An integrated Information system enterprise management.

Economic calculations on the proposed solutions in the field of working capital management of Quick Service Restaurants LLC show that:

1) the use of a supply chain with a fixed order size and ABC analysis in the management of inventories provides a reduction in the amount of turnover of inventories by 399.4 thousand rubles. and the corresponding release of 1957.6 thousand rubles.

2) reduction of the period of turnover of receivables due to a number of organizational measures contributes to an increase in the number of its turnover by 1.87 and the corresponding release of 827.85 thousand rubles.

As a result, the acceleration of the turnover of working capital will release 2785.45 thousand rubles. (1957.6 thousand rubles + 827.85 thousand rubles) and thus increase the volume of production without additional financial resources.

Improving the working capital management system at Antares LLC

The working capital management policy consists in their rational use, acceleration of their turnover, optimization of the sources of their formation.

Working capital is in constant circulation and in one revolution they go through several stages of their formation:

D Pzap Nprod Gprod D (3.1)

where: D - working capital in cash;

Pzap - production stocks in the form of raw materials, materials, semi-finished products, fuel, etc.;

Nproizv - work in progress;

Gprod - finished products;

D - proceeds from the sale of finished products.

An important problem for the enterprise is to ensure the safety of working capital. In the process of financial planning, it is important to determine the possible presence of a surplus or shortage of working capital at the beginning of the payment period. For this, the sum of the actual availability of the enterprise's own working capital at the beginning of the planning period is compared with its total need. If the planned need exceeds the amount of own working capital, then there is a shortage of own working capital. If the ratio is reversed, there is an excess of working capital.

Own working capital \u003d I and II sections of the balance sheet liability - I section of the asset balance (average annual book value of non-current assets)

Own working capital for Antares LLC in 2011 = 14644 - 11371 = 3273 thous. rub.

Own working capital for Antares LLC in 2012 = 31199 + 584 - 29193 = 2590 thousand rubles.

Own working capital for Antares LLC in 2013 = 30994 + 757 - 31119 = 632 thousand rubles.

Determining the need for current assets is the basis for ensuring the normal process of production and circulation. Hence, the most important element of working capital management is their planning.

In planning practice, several counting methods are used.

The coefficient method is based on reporting data for the base period, but in the planned year is coming recalculation of certain types of current assets in the direction of increase or decrease using coefficients established by the enterprise itself.

The analytical method is also based on reporting data, but the recalculation of individual amounts of working capital takes into account upcoming changes in the planned year (production volumes, assortment, prices, tax payments).

The calculation-analytical method for calculating individual norms of raw materials, materials, fuel and energy is based on element-by-element calculations according to design and technological documentation.

The direct account method is based on determining the amount of working capital allocated to each element of current assets. Then they are added up, and the total amount of the standard is determined.

The most accurate and objective method for calculating the working capital required by an enterprise is the rationing method. Competent rationing allows you to set the minimum amount of funds that satisfies the need for own working capital and ensures a stable financial condition.

The whole normalization process can be divided into several stages:

calculation of stock norms for individual elements in days;

determination of a one-day expense for individual elements in monetary terms;

calculation of private standards for all elements of normalized working capital;

the summation of individual standards for the elements in the total amount of normalized working capital.

Consider the procedure for calculating the standard for inventories. This complex group includes raw materials, basic materials, semi-finished products, fuel, spare parts.

The norm for the volume of stocks of inventory items is set in days:

The norm itself consists of the time spent by materials in the current (Ntek), insurance (Nstrakh), technological (Ntehn), transport (Ntrans) stocks.

Thus, the norm of commodity - material assets in days:

Ndn = Ntech + Nfear + Ntech + Ntrans (3.2)

The current stock is one of the main elements in the stock rate in days. Its size is affected by the frequency of deliveries of commodity - material assets. Suppose that, according to calculations, the current stock rate at the enterprise under study is eight days, but it is customary to take into account 50%, that is, four days.

The safety stock is the second most important, guaranteeing the continuity of the production process in case of violation of the terms and conditions of delivery. It, in turn, is set at 50% of the current stock, that is, in this example, two days.

A technological reserve is created for the period necessary to prepare inventory items for production (sorting, quality control, drying).

At the enterprise, this stock is determined based on the technology and specialization of production. Let's define it in the amount of 1.5 days.

A transport stock is created if there is a gap between the terms of the cargo turnover and the workflow. For the difference in the timing of the movement of goods and document flow, it becomes necessary to have an additional stock of inventory items. For example, the movement of goods takes 12 days, the time for processing and paying for documents is seven days, the time difference is five days. If the difference is small, then it can be ignored.

Thus, the norm in days, according to Antares LLC, will be:

4 days + 2 days + 1.5 days + 5 days = 12.5 days.

To determine the standard in monetary terms, it is necessary to multiply the stock rate by the arithmetic mean consumption of individual elements of working capital. In this case, these are raw materials, materials, semi-finished products, etc. The calculation is carried out according to the formula:

Nm = RD (3.4)

where: Nm - standard for a specific inventory;

P - average daily consumption of a material element;

D is the inventory standard in days.

The calculation of the average daily consumption is calculated according to the corresponding item of the cost estimate for production, divided by the number of days in the planning period. At the enterprise under study, this calculation will be:

The standard in monetary terms: 12.5 days x 4 thousand rubles. - 50 thousand rubles.

Having thus calculated the standards for each type of inventory items and adding them up, we obtain the general standard for inventory items for Antares LLC.

The calculation of the standard for work in progress has its own specifics: the composition of products, the duration of the production cycle, the cost of production, the nature of the increase in costs.

All sources of financing of working capital are divided into own, borrowed and attracted.

To own funds forming current assets in the process of development entrepreneurial activity, relate:

sales profit;

rent;

other types of receipts;

stable liabilities;

financial aid.

The increase in own working capital is associated with an increase in production volumes, an increase in the cost of materials, fuel, and transportation.

Replenishment of current assets is associated with a reduction in working capital due to losses, theft, write-off of receivables.

Borrowed funds are loans from banks, with the help of which the temporary need for working capital is satisfied or their significant increase in order to ensure the planned growth in sales.

Another type of source of funds - borrowed funds own funds(amortization, reserve, and also at the expense of accounts payable).

Sustainable liabilities can significantly finance the need for working capital for enterprises with a large wage fund, large payments to the budget. The presence of a temporarily free depreciation fund also helps to reduce accounts payable.

Planned borrowed funds are accounts payable on a commercial loan and advances provided.

Planning loans and borrowings for the current turnover of funds depends on many factors, for example:

From the state of the loan capital market;

The rate of inflation;

Interest rates for loans.

The problems of planning and managing working capital require serious study at the industry level. There are specific features in the management of working capital for small and medium-sized businesses, trade and purchasing firms, etc.

You can use the option of planning the amount of working capital, depending on possible sources: working capital of the enterprise = sources of own funds + long-term loans and loans, fixed assets, losses + stable liabilities. The planned value will reduce the risk of non-payments.

The efficiency of the use of working capital is characterized by a system economic indicators which determine how appropriate and rationally they are used by the enterprise. The use of working capital is directly related to ensuring the financial stability of the enterprise.

The main indicator of the use of working capital is their turnover.

The working capital of an enterprise passes from one stage to another, making a circuit: cash, inventories, production, finished products, cash. The transition of working capital of an enterprise from one stage to another is called turnover. The time during which working capital goes through all the stages of circulation is the period of turnover of working capital.

Turnover ratio:

where: Np - the planned volume of sales for a given period;

Ksred - the average annual amount of normalized working capital in the planning period.

The turnover ratio can be standard, planned, actual. Comparison of planned and actual turnover allows you to evaluate the dynamics of turnover.

The main advantage of accelerating turnover is the release of part of working capital from circulation.

Another indicator of turnover is the duration of turnover in days:

where: Tob - the duration of one revolution in days;

Fcal - quantity calendar days per year;

Cob - turnover ratio.

All these indicators characterize the ratio between the volume of products sold for a certain period of time and the average amount of working capital operating in the enterprise's turnover.

Working capital turnover is one of the most important quality indicators enterprise work.

The economic significance of accelerating the turnover of working capital lies in the fact that an enterprise can produce and sell the same volume of products with a smaller volume of working capital or produce more products with the same means. The funds released as a result of the acceleration of turnover can be used to increase the rate of expanded reproduction.

The working capital utilization ratio is an indicator that is the inverse of the turnover ratio. It characterizes the amount of working capital per unit (1 ruble, 1 thousand rubles, 1 million rubles) of sold products:

where: Кzagr - load factor;

Cob. funds - the amount of working capital, thousand rubles;

Nreal. etc. - the volume of products sold, thousand rubles.

For more successful turnover management, you should calculate the turnover by certain types current assets: inventory, work in progress, fuel, cash.

Ensuring the rational use of working capital is the most difficult and extensive part of financial management operations. At the same time, the main goal of financial management is to ensure constant liquidity and solvency. This is due to the fact that current assets serve all stages of the production and business cycle and are in constant motion.

In the management of working capital, well-known tools and methods are used, the main of which are:

Liquidity management;

Accounts receivable management;

Inventory management.

Ensuring sufficient liquidity of current assets is associated primarily with their grouping according to the degree of liquidity. Of course, if the company's assets have a high proportion of cash on settlement, deposit accounts, there is an investment in highly liquid securities, competitive products, then we can assume that their current assets are highly liquid. It is worse if most of the funds are invested in excess stocks of inventory, accounts receivable, products that are not in demand.

Of course, the level of management affects the state of working capital of an enterprise: the presence of demand for products, forms of settlements with suppliers, receivables and payables, a decrease in fixed costs, effective price policy, acceleration of turnover of working capital, reduction of excess stocks, etc. The current asset management policy provides for:

1) differentiation of the composition of current assets from the standpoint of the features of their financing, i.e. separation:

a) for the constant need for current assets as the minimum amount of working capital for the planned period;

b) variable or seasonal need for working capital;

2) formation of principles for financing certain groups of current assets. Distinguish:

a) a conservative approach - at the expense of own funds and a small share of a long-term loan in the proportion of 70: 30;

b) a moderate approach - at the expense of own funds and a long-term loan and attraction of short-term borrowed capital in the proportion of 50:50;

c) an aggressive approach - at the expense of own and long-term borrowed capital and a significant attraction of borrowed and borrowed funds in the proportion of 30: 70.

The practice of using working capital in Russian conditions shows that the slowdown and lack of working capital are associated with liquidity management.

Current asset management is a prerequisite for the solvency of the enterprise. The liquidity of current assets affects the lack of working capital, their slowdown, increase in receivables.

Distinguish between liquidity management, stocks, receivables, cash.

Ensuring sufficient liquidity of current assets is associated with their division into highly liquid, medium liquid and hard liquid.

Highly liquid - cash, liquid financial investments: medium liquid - short-term receivables, finished products and stocks in the warehouse; hard-to-liquid - long-term receivables, illiquid stocks and costs for a continuous process.

Inventory management can be divided into two parts: the first part is normalized, it is also reporting, which allows you to quickly manage inventory; the second part is knowledge overall strategy enterprises allows you to make adjustments to the formation of stocks.

Accounts receivable management is the most difficult process, but even here there are certain measures, developments, management procedures:

1. the company must have people specially introduced to work with debtors;

2. it is necessary to maintain a permanent register of debtors;

3. it is necessary to divide the debtors into groups: the largest, medium, small;

4. break down debtors by terms of receivables:

Short-term - 30 - 50 days - debtors may receive deferrals;

Medium-term - 50 - 90 days - debtors can receive payment discounts, bills of exchange, small delays;

Long-term - 91 - 150 days - can receive collateral, bills.

5. planning the movement of receivables and comparison with actual data;

6. Band works with:

telephone conversations;

Visits to debtors;

Development of debt repayment schemes for debtors;

Development of barter schemes;

Providing services in the sale of products.

The situation in which an enterprise has accounts payable and receivable is rather ordinary for Russian conditions. However, there are basic receivables management techniques that can help you deal with rising debt situations for your customers. Great attention in the management of receivables should be given to the development of flexible contracts with different payment terms.

An important direction in increasing the efficiency of working capital use is cash management, which involves determining the optimal ratio between maintaining current solvency and obtaining additional profit from investing these funds.

There are the following alternatives for increasing cash flow: improving the management of accounts payable and receivables, investing in fixed assets, increasing the selling prices of products, obtaining better targeted loans from suppliers, attracting bank loans to cover the deficit.

Summarizing the experience of LLC "Antares" in financial management allows us to conclude that at the present stage of development there is a transition from solving simple problems (forecasting, analysis, assessment of financial stability) to more complex complex ones (budgeting, capital management, development of financial - economic strategies, etc.). In practice, financial management carried out by the enterprise is implemented through the developed policy, strategy and tactics. Current asset management is the most important activity of financial workers in the enterprise under study. This is, first of all, the analysis of the duration of individual cycles of turnover of working capital: ensuring the acceleration of asset turnover, reducing receivables, increasing the efficiency of the integrated use of current assets.