What does financial activity include. The concept of public financial activity. The role of economic standards in fin. state activities

Fin. activity is the main branch of management, the special task of which is to raise funds for all branches of management. With the help of fin. activities are financed by the state.

4. Methods of financial activities of the state.

To mobilize den. state funds apply:

· The method of establishing compulsory payments and taxes. This method is used to find all direct and indirect taxes, mandatory payments, contributions to trust funds.

· Method of voluntary fundraising. Consists in the fact that the state attracts at its disposal temporarily free funds of the population and enterprises by issuing state. loans, cash lotteries, deposits of the population.

· Combination of compulsory and voluntary insurance (insurance institute).

When spending funds:

· Method budget. financing, i.e. irrevocable gratuitous targeted vacation of funds for certain needs.

· Bank lending, i.e. returnable, reimbursable, targeted, urgent leave of funds on bail.

5. Principles of financial activity of Ukraine.

· Planning. Each area of ​​fin. activities are necessarily planned fin. budget plans, enterprises (balance of income and expenses), ministries (consolidated balance of expenses and income), in institutions and organizations - an estimate of income and expenses, in banks - a credit plan and a cash plan.

· Accounting and control. For accounting - the installation of the same accounting methodology (Resolution of the Cabinet of Ministers of Ukraine No. 25 of 93 "On the organization of accounting in Ukraine", ie uniform accounting rules have been established for legal entities and individuals.

Control - it is carried out on behalf of the state (VRU, STA, treasury, local self-government bodies, control and auditing service of the U-ny.)

· Equality of nationalities and nat. minorities, i.e. the requirements, the specifics of small peoples are taken into account.

· Participation of the public in the management of state affairs, i.e. through those whom we have elected (the deputy corps).

· Legality, i.e. compliance with finance. disciplines (the scope of planning, consideration and approval of the budget, its execution, admin. and angle. otv-t.).

6. Composition financial system Ukraine.

Scoop-Th Fin. institutes that unite objectified. fin. relations on the education and use of the corresponding centralized and decentralized funds of monetary medium-in is a fin. Wu's system.

All fin. the system consists of centralized and decentralized. funds.

Centralized-state collects money. Wed-va for performing int. and external. f-ts. Through this fund, the state provides the maintenance of social services. spheres, social protection of the people, the development of nar. households, industries, to-rye contribute to the development of the entire economy of production and non-production. spheres. This includes: state. budget of U-us, local budgets, social fund. insurance and social. protection Pension Fund, Chernobyl Fund, Employment Fund.

Decentralized. funds are the state finance institution. enterprises and branches of the bunkers. households. They are formed from the income of enterprises.

Credit institution: bank loans.

Institute of state credit.

Institute of state and commercial property and personal insurance, for losses from various insurance claims.

Settlement Institute. Necessarily present in each of the named institutes, it bears the character of the established order according to the calculation between the subjects in strictly established forms, the use of which is mandatory for each client.

Ying t monetary circulation is an established form of activity for the issuance of cash for objectified. needs. The procedure for the use of cash is regulated by specials. acts on cash transactions.

Institute of currency calculations provides the shaft. operations, to-rye are connected with the provision of externally-economic. connections.

7. The role of economic standards in financial. activities of the state.

Economic standards are reasonable costs Money per unit, using those. norms expressed in physical and monetary terms, these norms are determined depending on a specific area and for specific purposes.

Contingent network and staff.

The contingent, on the example of our university, is the number or number of students. Network - the number of structural units within a budgetary institution. The staff is calculated based on the contingent and the structure of the unit.

These standards are always minimal and are determined with a saving mode.

8. Subject, science and industry financial law... Sources of financial law.

Fin. law is a scoop of legal norms governing the process of mobilization, distribution and use of centralization. and decentralization. den. resources in order to ensure the tasks and functions of the state. Fin. law regulates a large group of relations associated with objectified. powers of the managerial sphere, regulates the budgetary process, lending and den. system, in-t insurance and tax. system.

Fin. rights are general relations arising in the process of fin. activities, formation, distribution and use of state. centralized funds and decentralized. Funds of all forms of ownership.

Finnish industry law is regulated by definition. The circle of common relations, which differ from other common relations in their particulars. In the industry of fin. law includes a theoretical part, edge studies concepts in Fin. law, the content of the actions of financial-legal norms and financial. legal relations, ways of protecting the interests of the state, legal. and physical persons, the rest of the provisions of science fin. rights, powers of bodies exercising fin. activity and fin. control. The theoretical part is divided into general and specific.

Fin.-legal science proceeds from the basic premises of fin. activities, studying past experience, theoretical research and actions economy. z-new in the present tense. In fin. science developed economy. z-us, aimed at the development of society.

Difference of science fin. rights and fin. right:

Fin. the right is valid on the basis of valid. zak-va;

· Science fin. rights are theoretical foundations;

· Science fin. law studies all in-you fin. right, based on in-you fin. law and is based on the norms of financial law.

Sources of fin. rights:

· Regulatory legal acts(laws, decrees, regulations). All these acts are not limited in space and time.

· All fin. legal acts that are limited in time and space (budget, credit plans of banks, etc.)

9. Financial and legal relations, their content and the most important features.

All relations, to-rye arise in the state-ve with the redistribution of income and the formation of centralized and decentralized. funds are regulated by the relevant groups of norms of financial. right, yavl. fin. legal relationship. They are associated with the emergence, change and termination of Fin. legal relations. To fin.-rights. relationships include:

· The relationship between PU, VRU and CMU regarding the adoption of tax laws. system, specific taxes, budget system, the annual adoption of the Verkhovna Rada of the budget resolution, drawing up, consideration, approval of control on the execution and approval of the report on the execution of state. budget of Wu.

· The relationship between the Verkhovna Rada and local and regional governments regarding annual deductions, general taxes and payments in favor of the local budget (balancing all budgets of the University by means of percentage deductions from the state budget, subsidies).

Finance and financial activities are closely related. This is due to the fact that finance itself cannot be formed without financial activity, and financial activity is primarily aimed at the formation of monetary funds. The financial activity of the state is the activity on the formation, distribution and use of centralized and decentralized funds that ensure the functioning of the state at every stage of its development. Financial activity as a special kind state activities, first of all, is aimed at the creation, distribution and use of funds of funds owned by the state.

Financial activity is necessarily a planned activity, since the state's constant search for additional funds to replenish income with a simultaneous adjustment of expenses can give a positive result only with clear planning. For example, executing the budget of the current year, the financial authorities of the state are already beginning to plan financial activities for the next year. The ultimate goal of financial planning is to achieve a balance for each cash fund.

All monetary funds in the state are divided into centralized and decentralized. Centralized monetary funds include monetary funds that are formed in the state budget system. They are created on a certain territory (for example, a republic, region, district, etc.) and are used for the needs of this territory. The main centralized funds are: the state budget, the budgets of the subjects and local budgets. Decentralized funds are monetary funds of enterprises and organizations of all forms of ownership, which are formed at the expense of their own resources, borrowed funds and are used for production and other purposes.

Decentralized funds are formed only after taxes and other mandatory payments have been paid. Centralized and decentralized funds, despite the fact that they are created separately from each other, are closely interrelated. This is due to the fact that centralized funds receive funds from decentralized funds, and in certain cases carry out the reverse process of financing individual enterprises. At the same time, the priority of centralized funds is due to the fact that the state regulates the conditions for their formation and monitors the creation, distribution and use of these funds.

Financial activities are characterized by organizational and legal features:

1) financial activities are carried out by state bodies of all three branches of government - legislative, executive and judicial, within the limits of their powers;

2) financial activity is cross-sectoral in nature, i.e. covers all areas of the economy. So, the implementation of financial activities in any one sector of the economy is practically impossible, since it is closely related to other sectors (for example, by financing agriculture, the state is forced to send funds to the development of mechanical engineering, the chemical industry, etc.);

3) financial activity is the subject of jurisdiction of both the Russian Federation and the constituent entities of the Russian Federation and local self-government. The subject of jurisdiction of the Russian Federation is the establishment of the foundations of budgetary, tax, credit, foreign exchange policies, as well as federal banks and money issue. The subject of jurisdiction of the constituent entities of the Russian Federation and local self-government includes the adoption and execution of their own budgets, the creation of regional and local extra-budgetary funds, etc. in the field of financing certain types of expenses.

The financial activity of the state directly depends on a number of factors. These factors include:

1) the tasks of the state at a certain stage. The state can set tasks for the development and improvement of various spheres of activity (heavy industry, science, education, etc.) for a specific period and carry out financial activities in accordance with them;

2) the state of the economy, which allows you to carry out financial activities to one degree or another and successfully solve the assigned tasks. At the same time, financial activities can accelerate or hinder economic development;

3) volume financial resources... The state bases its financial activities on real opportunities and real resources at its disposal, as well as on attracted funds;

4) the level of tax collection. Since taxes form a significant part of budget revenues, the state in its financial activities proceeds from the volume of tax revenues.

At the same time, a decrease in the level of tax revenues due to the provision of benefits or loans (primarily for the expansion of production, its reconstruction, technical re-equipment) also affects the scale of financial activities;

5) external economic factor. To a large extent, its influence affects foreign economic activity, however, even within the state, this factor can affect economic processes and financial activities. Thus, in the Russian Federation, such a foreign economic factor as the price of oil on the world market is of exceptional importance for the formation of budget revenues.

There are other factors that affect the financial performance of the state.

Currently, in a market economy, the competitiveness of enterprises and the feasibility of their activities in the future is based primarily on the efficiency of their functioning. The efficiency of financial activities serves as a guarantee of financial attractiveness for external investors, counterparties in financial and economic activities, as well as the owners of the organization. In this regard, it is of great importance to assess the financial performance of the organization in the present, past and future.

The purpose of the work is to show a methodology for a comprehensive analysis and assessment of the effectiveness of financial activities carried out by external users according to Russian data. accounting statements using standard software.

To achieve this goal, it was necessary to solve the following tasks:

• determine the purpose, information base, methods for conducting a comprehensive analysis of the effectiveness of financial activities;
• identify and disclose the stages of a comprehensive analysis of the effectiveness of financial activities;
• to show the possibilities of its implementation using standard software tools.

The object of research in this work is the financial activity of an organization as an integral part of economic activity as a whole.

The subject of the research is the efficiency of the organization as a result and the ultimate goal of financial and economic activities.

Due to the limitations in the volume provided for when writing the thesis, the methodology for analyzing the effectiveness of financial activities is disclosed in more detail in terms of the analysis of profitability and analysis of the turnover of the organization's funds. The paper does not consider the methodology for the comparative complex rating assessment of enterprises, as well as the analysis of the extensification and intensification of the use of the organization's resources, since the latter is part of the management analysis of activities, and therefore is not available to external analysts who use information base external accounting data.

The methodology for analyzing the financial condition is considered in relation to a functioning enterprise, the activities of which will not be completely terminated in the foreseeable future. The main attention in the work is paid to the method of complex analysis and assessment of the effectiveness of financial activities based on historical data.

1. The financial activity of the organization as an object of comprehensive analysis

1.1. The concept and information base of a comprehensive analysis of the financial activities of an organization

In numerous works devoted to financial and economic analysis, the term "financial activity" is interpreted from two positions. In a narrower sense, the term "financial activity" can be considered from the point of view of the presentation of data in the "Statement of Cash Flows", in which all activities of the organization are divided into financial, investment and current. Financial activity here is understood as activity related to short-term financial investments: issuance of bonds and other securities of a short-term nature, disposal of previously purchased shares, bonds, etc. for a period of up to 12 months. Investment refers to activities related to capital investments organizations in connection with the acquisition of land, buildings and other real estate, equipment, intangible assets and other non-current assets, as well as their sale, with the implementation of long-term financial investments in other organizations, the issue of bonds and other securities of a long-term nature, etc. The current is understood as the activities of the organization in accordance with the goals and objectives of its creation, which is reflected in constituent documents... Current activities, as a rule, pursue profit-making as the main goal (production of industrial products, construction and installation works, trade, catering, renting out property, etc.), but non-profit organizations current activities, on the contrary, may not be related to making a profit (educational institutions, cultural and sports institutions, procurement of agricultural products, etc.)

On the other hand, the term "financial activity" can be considered somewhat broader, bearing in mind the financial and economic activities of the organization as a whole. Thus, there is an integrated approach to understanding financial activities: all activities of the organization are divided into financial and production. Of course, in comparison with the first option, such a division of activities cannot have a clear boundary. In particular, V.V. Kovalev distinguishes financial and economic activities and, as a result, proposes to distinguish between such components of economic analysis as financial analysis and analysis of economic activities.

So, financial activities- This is an activity associated with the movement of financial resources of the organization. The latter represent cash income and receipts intended to fulfill the financial obligations of the organization to employees, the state, counterparties, credit institutions and other economic entities of the economy; as well as for the implementation of costs in order to develop the processes of expanded reproduction.

The circle of persons involved in the financial activities of the enterprise is not homogeneous, and therefore there is a need to study the economy of the enterprise from different positions. Suppliers and contractors, credit institutions are interested in the question of the financial condition of the enterprise, and, in particular, its solvency; investors and owners are also interested in the financial condition of the enterprise, but first of all, in the efficiency of activities: profitability of investments and dividends; managers - the competitiveness of products (works, services), profitability and turnover of funds; the state - the reliability of the enterprise as a taxpayer, its ability to provide new jobs.

Often, the interest of external users of information is expressed in the consideration of only one of the systems of performance indicators of the organization. For example, the purpose of a bank that provides a line of credit to a company is to analyze liquidity ratios; a potential investor who is considering investing in a company, analyzes profitability indicators and assesses the degree of investment risk. At the same time, the results of the analysis for certain specific purposes cannot reflect a holistic picture of the activities of the organization under study. So, solvency depends on the quality and competitiveness of the goods (services) produced and the rate of turnover of assets; profitability determined by the financial independence of the enterprise; profitability- efficiency of financial activities in general. For example, in the practice of financial analysis, the problem of reconciling the results of certain aspects of financial activities exists between liquidity and profitability, as an indicator of the effectiveness of financial activities. Investing in highly liquid assets is usually characterized by low returns, and, conversely, investing in less liquid assets associated with greater risk will bring higher returns. Thus, we see that in order to assess the financial performance of an enterprise, a comprehensive analysis is required - an analysis of the system of indicators, which allows a comprehensive assessment of the results of the financial activity of an organization.

As you know, the goal of any commercial organization is to generate profits. However, for an external analyst, the value of the income received cannot give an answer to the question: is the amount of profit earned for a given enterprise optimal at a given moment in time, that is, absolute indicators cannot give a complete picture of the performance. It is known that the same results can be obtained by investing a different amount and quality of funds to achieve the goal, or in another way - by choosing more or less effective ways to achieve the goal. Accordingly, the effectiveness of achieving the goal can be interpreted as obtaining a better result at lower costs. As mentioned above, the purpose of the organization's work, and, in particular, financial activities, is to make a profit; hence, financial performance can be defined as getting better quality profit. Qualitative profit means that profit, which, firstly, is more stable from the influence of other factors in relation to the main activity, that is, more predictable; secondly, the quality indicators of which have a positive trend.

So, for the purposes of this work, under comprehensive analysis of the effectiveness of financial activities is understood as a systemic complex research financial condition, which allows to conduct a comprehensive assessment of the financial activities of the organization that meets the information needs of a wide range of users, in order to assess the quality of its activities. The complexity of the analysis implies the use of a certain set of indicators, which "in comparison with individual indicators ... is a qualitatively new formation and is always more significant than the sum of its individual parts, since in addition to information about individual aspects of the described phenomenon, it carries certain information about a new one that appears in as a result of the interaction of these parties ”[see. 23, page 90]. V.V. Kovalev identifies three main requirements that the system of indicators must satisfy: a) comprehensive coverage of the studied object by the indicators of the system, b) the relationship of these indicators, v) verifiability(i.e. verifiability) - the value of qualitative indicators arises when the information base of indicators and the calculation algorithm are clear.

A comprehensive analysis of financial activities can be carried out with varying degrees of detail. The depth and quality of the analysis depend on the volume and reliability of the information at the analyst's disposal. In accordance with the possibilities of access to information resources, two levels of data are distinguished - external and internal. External data contain publicly available information about the object of analysis and are presented to users in the form of accounting and statistical reporting, publications in the media; industry reviews; with some degree of convention, this also includes the materials of the meeting of shareholders, data from information and analytical agencies. Note that the latter source does not always provide reliable data, since it is more of a commercial nature (for example, analytical industry reviews of the RBC agency, which are commercial activities, but are positioned as analytical). Internal data are confidential information of a proprietary nature circulating within the analyzed object. Internal sources of information include management (production) accounting data, accounting registers and analytical transcripts of financial accounting, economic and legal, technical, regulatory and planning documentation.

In some publications devoted to the issues of financial analysis, there is a simplified approach to understanding the information base of financial analysis, which implies the use of only financial (accounting) statements as such. Such a limitation of the information database reduces the quality of financial analysis, and does not allow obtaining an objective external assessment of the effectiveness of the organization's financial activities, since it does not take into account such important factors as the industry affiliation of an economic entity, the state of the external environment, including the market of material and financial resources, trends stock market (when analyzing enterprises created in the form of an open joint stock company).

To analyze the activities of open joint stock companies the following external sources of information can be distinguished:

1. general economic and political information, which are necessary to predict the conditions of the external environment and their possible impact on financial activities;
2. industry information;
3. stock market and real estate market indicators;
4. information on the state of the capital market;
5. information characterizing the interests of the owners of an economic entity, from which it is possible to more accurately understand the goals of the organization's activities: long-term sustainable operation or short-term profit;
6. information about top management;
7. information about key counterparties and competitors;
8. external auditor's report.

When analyzing the activities of a small enterprise, blocks on quotations on the stock market, information on issuers and an external auditor's report "disappear" from the list of sources of external information; Blocks on the foreign economic and political situation are becoming less significant. In the methodology for indirect rating of closed 1 companies, developed by the St. Petersburg Chamber of Commerce and Industry in 2000, the following parameters are determined by which the effectiveness of their functioning is assessed [see 41]:

1. determination of magnitude authorized capital in comparison with the already existing obligations of the company. The authorized capital should not be less than 25% of the company's liabilities. If, nevertheless, the authorized capital is less than 25%, then the enterprise in question, according to the methodology, is a risky partner in major deals, since then there is a possibility that when the obligations under this transaction are fulfilled, the co-owners of the companies will not be liable for the obligations of the company;
2. information about the participation of these firms in prestigious exhibitions and fairs (especially international);
3. information about participation in tenders and winnings of large tenders;
4. availability of a reference on successfully completed orders;
5. the degree of willingness to voluntarily provide, at the request of counterparties, information about the financial condition (balance sheet, tax returns, etc.);
6. the company has certificates according to the ISO-9001 standard, which certifies the compliance of production processes and quality management systems with international standards;
7. information about the founders (if they are disclosed).

Since, due to objective and subjective reasons for an external analyst, there are limitations in the amount of information available for analysis purposes (including for analyzing the effectiveness of financial activities), we consider external financial statements as the basis for analyzing the effectiveness of financial activities.

In 1998. The Russian Federation adopted the Accounting Reform Program in accordance with International Financial Reporting Standards, approved by Resolution of the Government of the Russian Federation dated March 6, 1998 No. 283, which provides for a set of measures to develop the accounting and reporting system in the Russian Federation in market conditions. The result of the ongoing reform was, for example, changes in the presentation of information in the Profit and Loss Statement, which became more informative when it included items of extraordinary income and expenses, as well as items of deferred tax assets and liabilities (PBU No. 18/02); the structure of the balance sheet has changed, in particular, section III “Losses” has been removed from the asset, information about which has been transferred to section IV, section “Capital and reserves”; since January 2002 enterprises are obliged to maintain accounting records "upon shipment", that is, the facts of financial and economic activities are reflected directly at the time of their commission, and not at the time of settlement of obligations, which complies with the requirements of IFRS; new PBUs have appeared, including those regulating the procedure for reflecting and recognizing the expenses and income of the organization, disclosing information on discontinued operations and its individual segments, etc. more analytically [see. 6].

The information core of the comprehensive analysis of financial activities is the Balance Sheet (Form No. 1) and the Profit and Loss Statement (Form No. 2), although this in no way diminishes the importance of other sources of information. Balance sheet allows the analyst to obtain information about the financial and property status of the organization in the past and to make predictions for the future; Profits and Losses Report is a decoding of one of the balance sheet indicators - retained earnings (uncovered loss) - and allows you to assess through which activity (current, other or extraordinary) one or another financial result of the organization's activities was obtained; Capital flow statement contains information that allows you to track changes in the owners' capital; Cash flow statement important in the analysis of liquidity, since this report contains information about the organization's free funds [see. 17, page 48].

The analysis begins with the study of the information contained in these reporting forms, however, for the sake of correctness and convenience of information processing, it is preceded by a preparatory stage for assessing and transforming the initial data. The procedure for evaluating information is carried out in two directions: identifying arithmetic consistency of data and logical control of their quality. The purpose of the first direction of information assessment is to check the quantitative interconnection of the indicators presented in the documents. Logical data control consists in checking information from the point of view of its reality and comparability of indicators for different periods of time.

The information in the possession of the analyst (external) may be questioned by him due to the unreliability of the source of obtaining this information; in this case, it is necessary to refer to several sources and compare the values ​​of the indicators. The most objective should be recognized accounting information that has passed the audit, since the meaning and purpose of the latter is precisely in establishing and confirming the correctness of the reflection of data on business transactions in accounting registers and, above all, in financial statements. In this case, you should pay attention to the type of audit report (unconditionally positive, conditionally positive, negative). For analytical purposes, a conditionally positive conclusion is comparable to an unconditionally positive conclusion and, depending on the nature of the identified errors, may be acceptable. A negative auditor's report testifies to the unreliability of the reporting data in all its material aspects, and therefore it is inappropriate to carry out an analysis on the basis of such reports, since the financial condition of the enterprise will be deliberately distorted.

As practice shows, today audit reports are not a 100% guarantee of the veracity of data. After a number of recent high-profile accounting scandals that ended in the bankruptcy of large companies, in particular in the United States, more attention has been paid to the quality of companies' financial statements. As follows from the publications in the press, the essence of the distortion of the reporting, admitted by the management of the bankrupt companies, was mainly reduced to the overestimation of proceeds from sales and the underestimation of operating expenses (the scandals are connected with the companies that prepared their reports according to USA GAAP). The result of this practice was the bankruptcy of large companies and the completion of the business of one of the audit and consulting companies of the “big five” - Artur Andersen (in connection with the bankruptcy of Enron) [see. 39].

The reliability of information is, although fundamental, but not the only factor taken into account by the analyst in the analysis. Since when evaluating financial situation enterprise analysis of indicators is carried out for a number of periods, it is important to ensure the methodological comparability of the initial accounting data. In this regard, the analyst needs to familiarize himself with the accounting policy of the enterprise, which is disclosed in the explanatory note to the annual report. Obviously, a change in almost any item in the accounting policy in terms of asset valuation and cost formation will lead to structural changes in both the Balance Sheet and the Profit and Loss Statement, and, consequently, to a change in the dynamics of all indicators calculated on their basis. You should also find out whether during the analyzed period there have been changes in organizational structure enterprises, since this can significantly affect the structure of its property and capital. The analyst should pay particular attention to the issue of comparability of accounting data in the context of inflation. In IFRS, a separate standard IAS 29-90 "Financial reporting in hyperinflationary conditions" is devoted to this issue. The standard says that in a hyperinflationary environment, financial statements are meaningful only when they are expressed in units of measure that are typical at the time the balance sheet is presented. Balance sheet totals are not always expressed in units of measure corresponding to the time of reporting, and are refined by introducing a general price index [Ref. 17, page 32].

The issue of data comparability is reflected in RAS No. 4, which says that if the data for the period preceding the reporting period are incomparable with the data for the reporting period, then the first of the named data must be adjusted based on the rules established by the accounting regulations [see. 2]. Each material adjustment should be disclosed in a note to the Balance Sheet and the Profit and Loss Statement, together with an indication of the reasons for the adjustment.

Another component of the preparatory stage of complex analysis is the process of transforming the initial data. It is about drawing up the so-called analytical balance sheet and profit and loss statement. Evaluation of accounting items and identification of relationships and interdependencies between various indicators of the financial activity of an enterprise allow you to get an idea of ​​its financial position at a certain date - at the beginning and end of the reporting period - while the evolutionary nature of the enterprise's functioning remains hidden from the user's eyes. A deeper analysis of the financial condition is carried out with the involvement of additional off-reporting data, however, the circle of persons who have the ability to work with such information is very limited. As a result of the use of internal data, the negative impact of the static information in the reporting is reduced; the study along with the quantitative (cost) characteristics of the qualitative characteristics of the object under study (for example, according to the methodology of the St. Petersburg Chamber of Commerce and Industry, which we have already described above) improves the quality of the analyst's judgments about the economic well-being (trouble) of the enterprise.

Good information support serves as a guarantee of the correctness and effectiveness of analytical work, but does not fully guarantee the reliability and correctness of the conclusions formulated during the analysis. An important role in the interpretation of information is played by the competence of the person who conducts the analysis.

Comprehensive analysis and assessment of the effectiveness of the organization's financial activities

1.2. Methodology for a comprehensive analysis of the effectiveness of the organization's financial activities: techniques and methods

The purpose of the enterprises' activity during the transition of the Russian economy from the directive-planned to the market one has changed dramatically. So, if earlier the purpose of the organization's activities was to fulfill the state plan, and, therefore, the main indicator was quantitative performance, now the purpose of the work of enterprises (most of which became private during privatization, in the early 90s of the 20th century) is to be competitive and efficient.

Undoubtedly, the market economy has given undeniable advantages for the development of entrepreneurship, and, first of all, for the development of small and medium-sized businesses. But, on the other hand, most enterprises did not have a guaranteed future in the event of the loss of state support (with the exception of strategic facilities). Now, in the presence of serious competition, the assessment of the effectiveness of financial activities has become much more relevant than in the "state planning times", and as a result, a fairly large circle of people needs to assess the effectiveness, which, first of all, include strategic business partners and investors, owners, as well as credit departments of commercial banks, personnel, tax services and government agencies (the management apparatus uses management reporting data for greater information content).

At present, the analysis of small businesses according to external reporting data is not carried out as actively as the analysis of activities large enterprises and corporations: this is due to the fact that the costs of qualitative analysis are high and do not match the size of a small business.

However, let us give a situation when financial analysis is also relevant in a small business. If there is a large number of enterprises in one market segment that are competitive with respect to each other, for example, the franchisee network of the 1C company, which comprises more than 2,600 companies, the external partner is interested in identifying the most efficient organization when investing.

In order to get a fairly complete picture of the effectiveness of the financial activity of the enterprise, in the process of a comprehensive analysis, the analyst needs to get an answer to the following range of questions:

• what are the changes in the composition of property and the sources of its formation for the analyzed period of time, and what are the reasons for such changes?
• What items of the Profit and Loss Statement can be used to forecast financial results?
• what is the profitability of sales; equity and debt capital; assets and including net assets?
• what is the turnover of the organization's property?
• is the business capable of generating income? What is the efficiency of its financial activities?

To get answers to these questions, the analyst should solve a set of problems, which in their consistency represent the method of complex analysis “as a set of rules, techniques and methods for the expedient performance of any work” [see 14, p. 5]. The main components of the analysis methodology are the definition of the goals and objectives of the analysis; circle of interested users of information; methods, techniques and ways of solving the assigned tasks. In our opinion, one of the fundamental points in choosing a comprehensive analysis methodology is the formation of a representative system of interrelated indicators, since initially incorrectly set parameters, despite the high quality of work, will not be able to give stakeholders a full answer to the questions posed and, accordingly, work efficiency analytics will be reduced to zero.

So what are the indicators that determine the effectiveness of an organization's financial performance?

Before answering this question, it should be emphasized once again that in this work we are considering the effectiveness of financial, not economic activity. Note that the term “efficiency” is used by a number of Russian authors in connection with the assessment of financial and economic activities according to management reporting data (A.D. Sheremet, L.T. Gilyarovskaya, A.N. Selezneva, E.V. Negashev, R. S. Sayfulin, G.V. Savitskaya), while special attention in the course of conducting a comprehensive economic analysis is focused on indicators and assessment of the intensification and extensibility of financial and economic activities with a factorial consideration of the impact of such production indicators as capital productivity, resource productivity, material efficiency. Other authors, for example, O.V. Efimova and M.N. Kreinin consider the concept of "efficiency" in the context of financial analysis: the defining indicators here are profitability and turnover. V.V. By assessing the effectiveness of current activities, Kovalev means business activity as a combination of three components: assessing the degree of fulfillment of the plan by the main indicators and analyzing deviations; assessment and maintenance of an acceptable rate of increase in the volume of financial and economic activities; assessment of the level of efficiency in the use of financial resources of a commercial organization; it also includes analysis of profit and profitability. And the term "efficiency" by V.V. Kovalev is defined as "a relative indicator commensurate with the received effect with the costs or resources used to achieve the effect" [see. 23, page 378]. The effect is understood as an absolute effective indicator, and for an enterprise this indicator is profit. In the translated literature, the term “efficiency” is defined by the indicators of the size of total assets, the return on net assets and the return on invested capital [see. 33, pp. 62-76]. R. Kaplan in his work "The Balanced Scorecard" as a whole criticizes the approach to determining the effectiveness of the organization only by financial indicators, and suggests considering the organization's activities according to four criteria: financial, customer relationship, internal business processes and personnel training and development [see ... 19, page 12]. However, this implies the analysis of all the activities of the company, so we will pay special attention to the block "financial activities". With the effectiveness of financial activities, Kaplan distinguishes two indicators: return on investment and the added value of the company [see. 19, page 90].

Considering the above, let's say that in our opinion, the indicators reflecting the effectiveness of the organization are profitability and business activity, determined by turnover.

In the process of a comprehensive analysis, it is important to identify the relationship and interdependence of profitability indicators with other indicators characterizing various aspects of the organization's activities, such as: the equity ratio, liquidity ratios, in particular current liquidity, financial leverage, and to determine the ratio of riskiness and profitability of the company's activities. V.V. Kovalev, speaking about profitability, emphasizes that there are many indicators of profitability and that there is no single indicator of profitability. However, the key indicator of profitability as an indicator of the effectiveness of the organization should be. As such an indicator is the return on equity.

Traditionally, the authors of financial analysis methods as the first and second stages of a comprehensive analysis of financial condition suggest horizontal and vertical balance sheet analysis (and profit and loss statement); the latter, for convenience, can be presented in an aggregated form, that is, with the allocation of enlarged items. The purpose of the horizontal analysis is to assess the dynamics of the value of property, equity and liabilities over time. Horizontal analysis consists in constructing analytical tables in which absolute indicators are supplemented by their relative growth / decline rates. In particular, when conducting a horizontal analysis of the balance sheet, the balance sheet data is taken as 100% as the reference base, then the dynamic series of articles and sections of the balance sheet are built as a percentage of the total. Vertical analysis is necessary to determine changes in the structure of assets and liabilities of the enterprise. As a result of studying the data obtained, a general idea of ​​the financial condition of the object under study is formed. For example, in a comprehensive analysis of efficiency, the analysis of the capital structure acts as a structural analysis: for example, in the study of the profitability of equity capital, a change in the structure towards an increase in borrowed capital reduces the share of equity capital, which is manifested in an increase in the level of profitability.

One of the following methods used in the process of a comprehensive analysis of the effectiveness of financial activities is the coefficient method, which involves the calculation of certain quantitative indicators that allow conclusions to be drawn about qualitative changes in the activities of the organization. When analyzing profitability, it is necessary to take into account the change in the values ​​of the current liquidity ratio, which decreases with an increase in short-term liabilities, and the equity ratio. So, replacing part of equity with borrowed capital, we thereby increase the return on equity, at the same time we lower the level of the current liquidity ratio (at a constant level of current assets) with an increase in the value of short-term liabilities 2. If an enterprise has a current liquidity ratio at a minimum level, then an increase in profitability in this way (an increase in the share of borrowed capital) is fraught with a loss of solvency as a whole. As if in continuation of this M.N. Kreinina says that “the constraints in the form of the minimum required levels of current liquidity and equity ratios…. do not always allow increasing the return on equity by increasing borrowed funds as part of liabilities ”[see 24, page 45]. It is also important to take into account the payment for the use of credit resources (interest for a loan + fines, penalties and penalties are possible). So, if the cost of a loan exceeds the return on borrowed capital, then this is already a consequence of irrational and ineffective management. As a rule, it is believed that the ratio between borrowed and equity capital should be no more than 50%, however, in Western companies, borrowed funds prevail in the ratio of borrowed and equity capital (in contrast to the capital structure of Russian companies). This can be explained by the fact that the cost of borrowed capital in the West is significantly lower than in the Russian economy. It is possible to increase profitability without changing the capital structure, that is, by increasing profits. The next way to increase the growth of profitability while maintaining the level of current liquidity is a simultaneous increase in borrowed capital in terms of short-term liabilities and current assets. However, all of the above ways to increase profitability can be used as a supplement, with low profitability of sales and low capital turnover, high profitability of the latter cannot be achieved.

The profit indicator is important in assessing the efficiency of activities, it directly affects the profitability of the activity: the greater the profit, the higher, other things being equal, the higher the efficiency of using the property and capital of the organization. It should be noted that, depending on the objectives of the analysis, various profit indicators can be taken in the numerator of the profitability formula 3: gross profit, profit before tax, profit from sales, profit from ordinary activities, profit or net profit 4. For the comparability of the analyzed profitability indicators, one should adhere to methodological unity when choosing the type of profit for various types of profitability. It should also be borne in mind that in the denominator of the profitability indicator, the numerical values ​​of the data can be taken on a specific date, for example, at the end of the reporting period, or as an arithmetic mean; the comparability of the analyzed data should be ensured. Thus, the analyst can use any method of calculating profitability indicators, the main thing is to ensure the comparability of the calculated indicators, otherwise, from a methodological point of view, the results of the profitability analysis as a private analysis of efficiency will be incorrect.

In the process of analyzing profitability, it is necessary to pay special attention to the quality of the "net profit" indicator: it is important to determine the composition and structure of income and expenses and analyze them in terms of stability and compliance with the nature of the organization's activities. Items of income and expense not related to current activities are usually classified into: normal, that is, recurring, ordinary and extraordinary 5. Due to the limited information available to an external analyst, it is difficult to distinguish rare and extraordinary items from the composition of income and expenses. It is possible that the analyst can find some useful information for himself in the form No. 5 and in the explanatory note, but only for large enterprises. For small businesses, these forms are not intended to be used in external reporting.

The next of the indicators for assessing the effectiveness of activities is the rate of return on borrowed capital. When studying the profitability of borrowed capital from the point of view of the lender, the value of the payment (interest for using the loan, fines, penalties, penalties) for the loaned funds is taken as the numerator of the coefficient, and from the point of view of the credited enterprise, the amount of the borrowed capital is taken as the numerator. The methodology for calculating this indicator will be discussed in more detail in the first part of the second chapter. The generalizing indicator of the first two is the rate of return on total capital, which can be interpreted as an indicator of the overall “profitability” of the enterprise and the efficiency of using its resources, respectively.

The return on sales, in contrast to the return on equity, on the contrary, decreases with an increase in the amount of borrowed funds and, accordingly, payments for them. It should also be borne in mind that the dynamics of the ratio of income and expenses in the composition of revenue depends on the accounting policy applied at the enterprise. Thus, an organization can increase or decrease the amount of profit by: 1) choosing a method of calculating depreciation of fixed assets; 2) the choice of the method for assessing the material; 3) establishing the useful life of non-current assets; 4) determination of the procedure for attributing overhead costs to the cost of goods sold (works, services) [see. 1].

The next method used in the process of comprehensive analysis of performance is the factorial method. The concept of this method is widely presented in the scientific works of A.D. Sheremet. The essence of the method lies in the quantitative characterization of interrelated phenomena, which is carried out using indicators. The signs characterizing the cause are called factorial (independent, exogenous); the signs that characterize the consequence are called effective (dependent). The totality of factorial and effective features, linked by one cause-and-effect relationship, is a factorial system. In the practical application of this method, it is important that all factors presented in the model are real and have a causal relationship with the final indicator. So, if we consider the return on assets, then, as one of the options, it can be presented in the form of three interrelated indicators: expenses to revenue, profit to expenses and revenue to assets. That is, the profit of the enterprise received from each ruble invested in assets depends on the profitability of the expenses incurred, the ratio of expenses and proceeds from sales and the turnover of capital invested in assets. Of the total number of factor models of return on equity, the most widely used model is the DuPont model. In this model, the return on equity is determined by three indicators: return on sales, asset turnover and the structure of sources of funds advanced to a given enterprise. The significance of the selected factors from the standpoint of current management is summarized by almost all aspects of the organization's financial and economic activities: the first factor summarizes the Profit and Loss Statement; the second factor is the balance sheet assets, the third factor is the balance sheet liability.

Functional relationships in factorial models can be divided into four groups, that is, they can be expressed in 4 different models: additive, multiplicative, multiple and mixed relationships.

The additive relationship is represented as an algebraic sum of factor indicators:

As an example, according to the Profit and Loss Statement, the calculation of the amount of net profit, which is an algebraic amount of 6: (+) Income from ordinary activities, (-) expenses from ordinary activities, (+) operating income, (-) operating expenses, (+) non-operating income, (-) non-operating expenses, (-) the amount of income tax and other mandatory payments, (+) extraordinary income, (-) extraordinary expenses. In this case, we considered an aggregated model for calculating net profit: for example, expenses from ordinary activities can be disaggregated into the cost of goods and services sold, commercial and administrative expenses. The degree of detail of the factorial model is determined by the analyst in each specific case, depending on the tasks to be solved.

The multiplicative relationship is expressed as the effect on the effective indicator of the product of factor indicators:

As an example, consider the return on assets, the factor indicators of which can be represented as the product of asset turnover and return on sales.

The multiple relationship is presented as a quotient from the division of factor indicators:

y = x1 / x2

For example, you can take almost any ratio as the ratio of two comparable indicators: for example, return on equity as the ratio of profit and equity; equity turnover as the ratio of revenue to the amount of equity.

The combined relationship is a different variation on the first three models:

y = (a + c) x b; y = (a + c) / b; y = b / (a ​​+ c + d x e)

An example of a combined relationship is the return on total capital, which is the ratio of the sum of net profit and payments for borrowed funds provided to the enterprise to the sum of short-term, long-term liabilities and equity.

For modeling the above factorial systems, there are such techniques as: dismemberment, lengthening, expansion and contraction of the original models. The most common example of an extension technique is the DuPont model, which we have already discussed above. To measure the influence of factors on the effective indicator, various methods of factor calculations are used as a method of deterministic analysis: chain substitutions, the method of absolute and relative differences, index and integral methods, the method of proportional division.

As one of the examples of factor calculations, we will solve the four-factor model of the return on equity using the method of absolute differences:

Return on equity

Rsk = P / SK = P / N N / A A / ZK ZK / SK = x y z q

F (x) = x y0 z0 x q0 = P / N N / A 0 A / ZK 0 ZK / SK 0
F (y) = y x1 z0 q0 = N / A P / N1 A / ZK 0 ZK / SK 0
F (z) = z x1 y1 q0 = A / ZK P / N1 N / A 1 ZK / SK 0
F (q) = q x1 y1 z1 = ZK / SK P / N1 N / A 1 A / ZK1

Balance deviations

F = F (x) + F (y) + F (z) + F (q)

As can be seen from the model, the return on equity depends on the return on sales, asset turnover, the ratio of assets to debt capital and the level of financial leverage. However, a high value of profitability does not mean a high return on capital used, just as the insignificance of net profit in relation to capital or assets (part of capital or part of assets) does not mean a low return on investment in an organization's assets. The next defining moment of efficiency is the rate of turnover of assets and capital of the enterprise.

Turnover as an indicator of efficiency in factor models is influencing the level of profitability. With a comprehensive analysis of turnover, such indicators are distinguished:

• turnover ratio as the ratio of revenue to the analyzed indicator;
• indicator of the average turnover period in days, as the ratio of the analyzed period in days to the turnover ratio;
• release (involvement) of additional funds into circulation.

Speaking about the turnover ratio as the ratio of revenue to the analyzed indicator, it should be noted the use of alternative turnover indicators, in which the revenue indicator is replaced by specifying indicators: for example, with inventory turnover and accounts payable, you can take the cost of sold products, works, services as a qualifying indicator; when analyzing accounts receivable - the turnover for the repayment of accounts receivable; when analyzing the turnover of cash and short-term financial investments - the turnover of cash outflows and short-term financial investments [see. 31, page 113].

When analyzing the turnover, the analyzed indicators should be divided into two enlarged groups: 1) the indicators of the turnover of the assets of the enterprise and 2) the indicators of the turnover of the enterprise's capital.

In the group, asset turnover indicators, of course, the greatest emphasis should be placed on turnover working capital, that is, current assets. So, let us highlight the main elements of the turnover of current assets: inventory turnover, accounts receivable turnover, short-term financial investment turnover and cash turnover. Inventory turnover characterizes the speed of movement of material assets and their replenishment and, as a result, how successfully the capital of the enterprise is used. An increase in this indicator can be interpreted as an irrationally chosen management strategy: some of the current assets are immobilized in stocks, the liquidity of which is low, and funds are also diverted from circulation, which can lead to an increase in accounts receivable. On the other hand, an increase in inventory turnover can be disclosed as an investment in inventories of the company's monetary assets during a period of high inflation. If the enterprise in the analyzed period increases production volumes, then the production volume and, as a consequence, sales and revenue volumes, do not yet have time to reach the level of increase in inventories. Upon receipt from the marketing department of information about the estimated increase in prices for raw materials and materials (as an integral part of stocks) from suppliers, the managers of the enterprise may decide to increase the purchase of raw materials and materials in the current period at lower prices. To obtain more detailed information, a detailed analysis of inventory turnover is important: raw materials and materials, finished goods and goods shipped, costs in work in progress, due to the fact that changes in finished goods and, for example, in raw materials are interpreted in different positions. 7

The increase in the turnover of receivables may be a consequence of the improvement of the payment discipline of the enterprise and the tightening of the policy for receiving overdue receivables; also an increase in turnover may be associated with an absolute decrease in accounts receivable with a decrease in the turnover of the enterprise and difficulties in selling products (in the event that the current decreases). When analyzing the turnover of accounts receivable, it is very important to detail accounts receivable by date of return and separate the overdue from the current one. It should be noted that the longer the period for repayment of receivables, the higher the risk of non-repayment. Among analysts and accountants, the ratio of the absolute value and indicators of turnover of accounts payable and receivable is interpreted from different positions. So, if it exceeds the receivable, then, according to analysts, the company uses funds rationally; the point of view of accountants is that accounts payable should be repaid regardless of the volume of accounts receivable.

A decrease in the rate of cash turnover and short-term financial investments may signal an analyst about a slowdown in the use of highly liquid assets and, as a result, ineffectiveness of financial activities. An exception in this case may be deposits that are part of short-term financial investments, while the slowdown in the turnover of deposits is compensated by high income and, as a result, by an increase in their profitability.

When analyzing the indicators of the organization's capital turnover, one can single out the turnover of accounts payable and loans and borrowings. An increase in the turnover of accounts payable may reflect an improvement in the payment discipline of the enterprise to the budget, suppliers, off-budget funds, and personnel. A decrease in this indicator can be caused by the opposite reasons - like a decrease in payment discipline due to a lack of funds. However, an increase in the turnover of accounts payable with a decrease in the absolute value of accounts payable may mean a deterioration in relationships with suppliers (if we consider a separate element of accounts payable) and, as a result, a reduction in the terms and volume of commercial loans provided to the analyzed enterprise. The turnover ratio of loans and borrowings serves as an indicator of changes in the payment discipline of an enterprise already in relation to banks and other lenders. If the average turnover period in days of short-term loans and borrowings is more than a year, then we can say that either the organization has erroneously underestimated the amount of debt on long-term loans and Penalty to the bank. In our opinion, it is advisable to compare the absolute values ​​of short-term loans and borrowings with accounts payable and their turnover ratios: usually, accounts payable currently replaces short-term bank loans and borrowings.

The next step after calculating and analyzing the turnover rate and the turnover rate in days should be to identify the involvement or release of enterprise funds in relation to the previous period. This is how absolute and relative release are distinguished. With the turnover of circulating assets, when the actual balances of circulating assets are less than the standard or the balances of the previous period with a reduction or excess of the volume of sales for the period under study, an absolute release occurs. Relative release takes place in cases when, in the presence of circulating assets within the limits of the need for them, an accelerated growth of production of goods, works, services is ensured.

The method of complex analysis of the effectiveness of financial activities considered by us above allows the analyst to assess the efficiency and riskiness of enterprise management based on the indicators of profitability and turnover based on external reporting data. Thus, financial risk and efficiency exist in constant interdependence: getting the maximum return on capital and a high level of profitability requires the enterprise to use not only its own, but also borrowed funds; the attraction of borrowed funds causes the enterprise to financial risk... An increase in the absolute value of accounts payable and, as a consequence, a decrease in its turnover, on the one hand, may affect the overall solvency of the enterprise, on the other hand, with effective management, short-term liabilities in the form of loans and borrowings with "free" accounts payable can be replaced.

2. Evaluation of the effectiveness of the organization in a comprehensive analysis

2.1. Profitability and profitability as indicators of the effectiveness of the organization's financial activities

Profitability indicators as one of the main indicators of the effectiveness of financial activities allow to collectively reflect the "quality" of the financial condition of the organization and the prospects for its development. The wording: “profitability indicators increased by x% in the organization Y compared to the reporting period” is insufficient when interpreting the results of the analysis, therefore, when analyzing profitability, it is important not only to directly calculate profitability indicators and use a dynamic method, determining changes in the profitability indicator over time, but and pay attention to the following points: 1) "quality" of profitability indicators; 2) the correct grouping of profitability indicators by large groups to identify a tendency to change not individual disparate indicators, but its influence on the group of indicators as a whole.

When determining the qualitative side of profitability indicators, we will consider in detail the set of elements that represent the numerator and denominator of these indicators. For the purposes of grouping profitability indicators, we will proceed from the concept of financial activity, which we gave in the first chapter of this work: financial activity is a part of the financial and economic activity of an organization, expressed in terms of financial indicators, with a conditional division of all activities into financial and production.

The structure of profitability indicators in general is a ratio of profit (as economic effect activity) to resources or costs, i.e. in any considered indicator of profitability, profit acts as one of the constituent factors. Proceeding from this, to determine the "quality" of profitability indicators, it is necessary to investigate the "quality" of profit as a quantitative indicator that directly affects profitability, determining from which (main or other) activity this profit was obtained.

The profit of the organization and the factors that form it: income and expenses - are reflected in the financial statements form No. 2 “Profit and Loss Statement”. Based on the objectives of the interpretation of the indicator "profit" in the financial and economic literature, the following concepts are distinguished: economic and accounting profit. Economic profit (loss) 8 is an increase or decrease in the capital of owners in the reporting period. If we consider the situation that in the reporting period independent appraisers the increase in the business reputation of the organization was determined by +10000 thousand rubles, then, subject to the principle of continuous activity, this amount cannot be accepted for accounting, since according to PBU 14/2000 "Accounting for intangible assets", goodwill is subject to accounting only when the organization is sold as a whole and is defined as "the difference between the purchase price of the organization (as the acquired property complex as a whole) and the value of all its assets and liabilities according to accounting data. balance ". The definition of profit in the framework of the accounting approach can be formulated based on the definition of income and expenses in accordance with PBU 9/99 "Income of the organization" and PBU10 / 99 "Expenses of the organization", as a positive difference between income recognized as an increase in economic benefits as a result of the receipt of assets or extinguishment of liabilities, resulting in an increase in the capital of this organization, and expenses recognized as a decrease in economic benefits as a result of the disposal of assets or the occurrence of liabilities, resulting in a decrease in the capital of this organization (when recognizing income and expenses, contributions are not taken into account at the decision of the owners of the property). So, the above allows us to say that in quantitative terms, the indicators "economic profit" and "accounting profit" do not coincide. The reason for this is that when determining accounting profit, they proceed from the principle of conservatism, which does not take into account projected income, and when calculating economic profit, future income is taken into account. According to RAS 9/99 and 10/99, the income and expenses of the organization are divided into: income (expenses) from ordinary activities, operating, non-operating and extraordinary income (expenses). Income and expenses other than ordinary activities, according to RAS 9/99 and 10/99, are considered other income (expenses), and extraordinary income (expenses) are also included. The types of activities that an organization has the right to engage in are indicated in its constituent documents. Practice shows that today most organizations in the Charter have an open list of activities, since included the wording that the organization can engage in all types of activities that do not contradict the laws of the Russian Federation. In such a situation, the distinction between income and expenses from ordinary and other activities is somewhat difficult. In this case, when analyzing it is recommended to resort to the principle of materiality, and if the amount of operating income "significantly affects the assessment of the financial position and financial performance of the organization, cash flow, then these receipts should form revenue, not operating income [see. 10, page 94]. Of course, a similar approach should be used when determining the types of expenses: if, as a result of the expenses incurred, income attributable to the ordinary activities of the organization is received, then the amount of expense refers to current expenses.

The final financial result of the organization's activities is the indicator of net profit or net loss (retained earnings (loss) of the reporting period), the value of which is formed in several stages in the form No. 2 “Profit and Loss Statement”. Initially, gross profit is determined as the difference between the proceeds from the sale and the cost of goods, products, works, and services sold. When analyzing gross profit, it is important to identify the impact of the dynamics of the share of cost in revenue. Then the profit (loss) from sales is determined as the difference between gross profit and the sum of selling and administrative expenses. This type of profit is involved in calculating the return on sales indicator. At the next stage, profit (loss) before tax is calculated as the difference between the sum of operating and non-operating income and expenses. Further, based on the amount of profit (loss) before tax, taking into account the cost of income tax and other similar mandatory payments, determine the profit (loss) from ordinary activities. Separately, in the Profit and Loss Statement (Section 4), extraordinary income and expenses are highlighted. From an economic point of view, the separation of this information into a separate section allows you to "clean" the final financial result of extraordinary and rarely repeated business transactions that do not allow to correctly reflect the dynamics of the development of the financial and economic activities of the organization. Net profit (loss), formed taking into account the influence of all the above indicators, is calculated as the sum of profit (loss) from ordinary activities and extraordinary income minus extraordinary expenses.

In the process of analysis, it is important to determine how certain types of income and expenses influenced the formation of net profit (loss). Suppose that in the analyzed period compared to the previous period, the increase in net profit in the organization was associated with a significant increase in extraordinary income. In this situation, however, an increase in the net profit indicator should not be considered as a positive moment when assessing the effectiveness of financial activities, since in the future, the organization may not receive such income.

When assessing the effectiveness of the financial activities of a group of organizations, the results of which are presented in the consolidated financial statements, it is also important to analyze the impact of income and expenses on the formation of the net profit (loss) indicator in the context of individual operating and geographic segments to determine the profitability of individual lines of business. This information is disclosed in accordance with the requirements of PBU 12/2000 "Information by segments".

Having determined the "quality" of profit and the procedure for its formation, we will consider the second point in determining the profitability indicators - an enlarged grouping of profitability indicators.

V.V. Kovalev distinguishes between two groups of profitability indicators: 1) profitability as an indicator of the ratio of profit and resources; 2) profitability as the ratio of profit and total income in the form of proceeds from the sale of goods, works, services. The first group includes indicators of return on capital: total, equity, debt; in the second - the profitability of sales [see. 23, page 378].

O.V. Efimova presents a grouping of profitability indicators in accordance with the types of activities of the organization: current, investment and financial. Also, one generalizing indicator is highlighted, which most fully characterizes the effectiveness of the organization's activities - this is the indicator of the return on equity. The indicators that are allocated by the author in accordance with the types of activities are considered from the point of view of their influence on the generalizing indicator. In current activities, such indicators as: return on assets, return on current assets, return on sales and return on expenses are highlighted. V investment activities highlight the return on investment, the return on ownership of the investment instrument and the internal rate of return on investment. The indicators of the return on total capital investment, the price of borrowed capital and the effect of financial leverage (the ratio of borrowed capital to equity) constitute the third group of indicators - the profitability of financial activities. [cm. 18, pp. 363-389].

HELL. Sheremet highlights the return on assets with a breakdown into non-current, current and net assets and return on sales [see. 31, pp. 89-94].

JC Van Horn says that “there are only two types of ROI. Thanks to the indicators of the first type, they evaluate the profitability in relation to sales, and the indicators of the second type - in relation to investments "and, accordingly, distinguishes the indicators of return on sales and return on investment [see. 13, pp. 155-157].

Based on the definition of financial activity given in the first chapter of this work, we propose the following grouping of profitability indicators:

• profitability of net and total assets as one of the main indicators of the effectiveness of the financial and economic activities of the organization
• profitability of current assets
• return on total capital
• return on sales
• return on costs

Let's consider the first group of analyzed indicators - return on assets. The return on total assets is determined by the formula:

When calculating the return on assets, the final financial result is taken as an indicator of profit - net profit. This coefficient shows the effectiveness of the organization's asset management through the return of each ruble invested in assets and characterizes the generation of income by this company. Also, this indicator is another characteristic of resource productivity, but not through the volume of sales, but through profit before tax. [cm. 23, page 382]. Analysis of return on assets includes an analysis of the return on current assets and an analysis of the return on net assets. The indicators of the profitability of current and net assets are determined in the same way as the profitability of total assets, in the denominator of the formula, the average value of the current and net assets is taken, respectively. Let's consider these coefficients in more detail.

Return on net assets is the ratio of net profit to the arithmetic mean of net assets at the beginning and end of the reporting period. Net assets are assets cleared of liabilities, or in other words, it is real equity. When calculating net assets 9 in Russian practice, there are adjusting items both in the assets taken into account for the calculation of net assets and in liabilities taken into account in the calculation of net assets. The amount of net assets is found as the difference between assets, minus the debts of participants in contributions to the authorized capital and the amount of shares repurchased from shareholders, and borrowed capital, less deferred income. Separately, it should be said about the item "Target financing and receipts" in the section "Capital and reserves". If these funds are used in production interests, this item is deducted from the amount of assets when calculating net assets; if this article is aimed at the social sphere, then net assets are not adjusted by the amount of this article. However, considering net assets as a residual value, we cannot say that this is the amount of funds that the owners would receive in the event of the liquidation of the company. The fact is that the calculation of net assets is carried out on the basis of the book value, which may not coincide with their market value.

The return on net assets shows the rationality of capital structure management, the organization's ability to build up capital through the return on each ruble invested by the owners. The owners of the company are primarily interested in increasing the return on net assets, since the net profit per unit of owners' deposits shows the overall profitability of the business selected as an investment object, as well as the level of dividend payments and affects the growth of stock prices on the stock exchange.

We will conduct a dynamic and factor analysis of the return on net assets. A dynamic analysis of the return on net assets will be less influenced by inflation than if we compared the quantitative value of net assets over time. Thus, it is proposed to investigate the return on net assets in the following models:

1. check the influence of the components of profit on the change in the value of net assets To do this, in the numerator of the formula, the indicator of net profit (according to the analytical balance sheet) is taken as the sum of revenue, cost with a "-" sign, administrative and commercial expenses with a "-" sign, operating, non-operating, extraordinary income and expenses, income tax and other similar mandatory payments;
2. create a multiplicative model of return on net assets as the product of return on sales, working capital turnover, current liquidity ratio, ratio of short-term liabilities to accounts receivable, ratio of accounts receivable to accounts payable, ratio of accounts payable to borrowed capital and an indicator that characterizes the financial stability of an organization, as a ratio debt capital to net assets. It is not by chance that the indicators of current liquidity and financial stability have been selected in the model. According to the logic, with an increase in efficiency and profitability, the riskiness of the business increases, therefore it is necessary to monitor certain trends, for example, that an increase in profitability does not entail a decrease in the current liquidity ratio to an unacceptable level and that the organization does not lose its financial stability.

In general, the increase in the return on net assets can be characterized as positive, while changes in the ratio between debt and equity should be taken into account. So, with an increase in the share of borrowed capital in total liabilities, an increase in the return on net assets is not always acceptable, since in the long term, this will affect the financial stability and current solvency (current liquidity ratio) of the organization. A decrease in the return on net assets may indicate an inefficient use of capital and the "death" of a part of capital that is not used and does not make a profit. To identify the structure of debt and equity capital, the effect of financial leverage should be calculated as the ratio of debt to equity.

The next indicator we are considering is the profitability of current assets.

The return on current assets shows the return on each ruble invested in current assets. This is one of the main performance indicators, since it is known that current assets directly create the profit of the organization, while non-current assets create the conditions for the formation of this profit. According to the optimal structure of the organization's assets, the share of current assets should exceed the share of non-current assets, but here it is important to take into account the industry specifics of the analyzed organization. An increase in the profitability of current assets with a constant net profit indicator may indicate a decrease in the share of current assets, which is considered a negative trend. However, if the decrease in the share of current assets was caused by such factors as: a decrease in inventories in the part of finished products, a more rational management of the volume of stocks of raw materials and materials, we can say that this is a positive trend, if maintained in the future, an increase in the organization's net profit can be expected. The outstripping growth rate of net profit in comparison with the growth of current assets in the reporting period indicates an increase in the efficiency of working assets. It should be emphasized once again about the importance of determining the "quality" of net profit.

The following models are proposed for factor modeling:

1. trace the change in the profitability of current assets due to a change in the structure of current assets, while the denominator of the formula takes an enlarged grouping of current assets according to the following elements: stocks, including the amount of VAT (VAT account balance), accounts receivable, short-term financial investments and cash, and the numerator is the amount of net profit. So, if the decrease in the profitability of current assets was caused by an increase in the absolute value of inventories, then this trend, on the one hand, can be characterized as a decrease in the segment of the product sales market, which leads to an increase in the share of finished products in inventories; on the other hand, it is possible that the organization was prudently accumulating stocks at this time when forecasting an increase in the level of prices for them. Therefore, with this trend, one should take into account the dynamics of the turnover of the organization's most liquid assets, cash, and accounts receivable. For a more accurate assessment of the causes and consequences of changes in the profitability indicator of current assets, an in-depth analysis of the organization's current assets should be carried out;
2. if, when studying the “quality” of profit in the return on net assets, there were no significant deviations in relation to the reporting period, then it is not recommended to consider this model in relation to current assets. However, if there have been significant changes in the structure of net profit, this model should also be analyzed. This factor model can be solved by the method of chain substitutions, as a result of which the quantitative influence of each element of profit on the total profitability of current assets is determined 10. According to the level of significance of the elements that form profit, the following indicators can be distinguished in descending order: revenue, cost price, commercial and administrative expenses; operating and non-operating income; extraordinary income and expenses;
3. analysis of changes in profitability of current assets under the influence of profitability of sales and turnover of current assets or analysis of changes in profitability of current assets under the influence of profitability of sales, turnover of equity and the ratio of equity and current assets.

Return on Current Assets = P / N N / CK CK / ОA, where (2.3)

P is the net profit;
N - revenue;
CK - equity capital;
ОA - the average value of current assets.

When analyzing the profitability of current assets using the example of a particular organization, it is important to take those indicators, the data of which are essential for the interpretation of the analysis results.

In general, having analyzed the trends in the profitability of total assets, the profitability of current and net assets, it is possible to assess the effectiveness of the organization's management in terms of allocating funds.

In the process of analyzing the next group of profitability - the return on equity - the indicators of the return on total, debt and equity capital are studied.

When analyzing the profitability of equity capital, it is necessary to identify trends in the quantitative change in the components of equity capital: authorized capital, reserve capital, additional capital, net profit and reserves. You should also compare the amount of net assets and authorized capital. So, if the net assets are less than the authorized capital, then the authorized capital of the organization must be reduced to the actual value of the net assets; in the event that the amount of net assets is less than the minimum amount of the authorized capital established by law, the organization is subject to liquidation. As an invested capital, one can consider not only the capital of the owners, but also the organization. This approach assumes that the organization can dispose of long-term liabilities as well as equity due to the long-term nature of the former. Based on this indicator, the return on investment indicator is calculated as the ratio of net profit to the average amount of equity and long-term borrowed capital.

When modeling the return on equity, we propose to use the already classic model developed by analysts at Dupont, in which the return on equity is in direct proportion to the return on sales, asset turnover and the financial independence ratio as the ratio of equity to assets in net valuation. It should be taken into account that the factor of profitability of sales, being an effective indicator of the reporting period, does not make it possible to determine the planned and long-term effect. The third factor influencing the return on equity capital, the coefficient of financial independence, on the contrary, expresses the tendencies of the strategy of financial management of borrowed capital. Thus, a value of this indicator less than 0.5 indicates a sufficiently high level of risk, which implies an orientation towards high profitability of activities, and vice versa, if the value of the indicator of financial independence is higher than 0.5, this indicates a conservative strategy.

You can also analyze the impact on the change in the return on equity of such a factor as borrowed capital. For this, it is proposed to consider the following model:

Return on equity = P / N N / ZK ZK / SK (2.6)

When calculating the return on borrowed capital, it should be borne in mind that we are considering borrowed capital from the perspective of the borrower, not the lender, therefore, the return on borrowed capital is determined by the formula:

If we are a lender, then the return on borrowed capital is determined as:

At the same time, information on the amount of payment for the use of borrowed capital can be obtained from Form No. 4 “Statement of Cash Flows”, line 230 “for payment of loans”.

According to PBU 9/99, operating income includes interest received for the use of the organization's funds, while if the amount of income received exceeds 5% of the total income of the organization, then this income item is shown in the Profit and Loss Statement in the context of operating income separately ... Consequently, if this item of income is not shown in a separate line, and there were income on borrowed capital, then the price of borrowed capital did not exceed 5% of operating income.

When analyzing the profitability of sales of profit in the numerator of the formula, you can consider several types of profit. So, when the ratio of profit from sales to the volume of proceeds is taken, then we get "the purity of the analytical experiment", which consists in the fact that this indicator should not be influenced by elements that are not related to sales, for example, other income and expenses. This indicator allows you to assess the effectiveness of sales management in the process of core business. When considering the ratio of gross profit 11 to revenue, we estimate the share of each ruble received from the sale of products that can be used to cover selling and administrative expenses. The ratio of profit before tax to revenue reveals the influence of non-operating and operating factors. The stronger the influence of operating and non-operating income and expenses, the lower the “quality” of the final financial result of the organization's activities, respectively. The ratio of profit from ordinary activities allows you to identify the influence of the tax factor. And, finally, the ratio of net profit to revenue is the final indicator in the system of indicators of profitability of sales and reflects the influence of the entire aggregate of income and expenses.

Equally important in profitability analysis are cost-benefit indicators. Thus, it is advisable to analyze the relationship of expenses from ordinary activities to sales proceeds. Expenses from ordinary activities are understood as the aggregate value of the cost of goods, works and services produced, administrative and commercial expenses. For a more detailed analysis, it is recommended to consider the following indicators: the ratio of cost to revenue, the ratio of management costs to revenue and the ratio of selling expenses to revenue, on the basis of which conclusions are drawn about the effectiveness of cost management. An increase in ROI can signal problems with cost control. To an external analyst, a deeper analysis of the impact of certain expenses on the effectiveness of sales management, unfortunately, is not available due to the limited amount of information; the internal analyst in the process of such analysis should identify reserves for cost reductions.

2.2 Turnover of property and liabilities as a component of the effectiveness of the organization's financial activities

The efficiency of the organization's financial activities to a large extent depends on the rate of turnover of funds: the faster the turnover, the more, all other things being equal, the organization has more opportunities for increasing income, which means that the efficiency of financial activities is higher.

The turnover rate of individual groups of assets and their total turnover, as well as the turnover of accounts payable and liabilities, differ significantly depending on the scope of the organization (production, supply and sales, intermediary, etc.), their industry affiliation (there is no doubt that the turnover of working capital at a shipyard and at an airline will be objectively different), scale (as a rule, at small enterprises the turnover of funds is much higher than at large ones) and other parameters. The general economic situation in the country, the level of development of its individual regions, the existing system of non-cash payments and the associated business conditions of enterprises have no less impact on the turnover of assets and liabilities.

At the same time, the duration of funds in circulation is largely determined by the internal conditions of the organization's activities, and primarily by the effectiveness of the strategy for managing its assets (or lack thereof). So, the management can choose different models of the strategy of financial management of working capital:

• aggressive, in which the formation of assets necessary for the implementation of economic activity occurs mainly due to short-term accounts payable and liabilities. From the standpoint of operational efficiency, this is a very risky strategy, since maintaining the operability of an organization presupposes a high turnover of assets.
• conservative, which presupposes the use of predominantly long-term sources of financing of current assets (this model, however, in our opinion, is somewhat surreal). Since the timing of the return of borrowed capital is significantly distant in time, the asset turnover, thus, can be relatively low.
• compromise, which combines both of these funding sources.

By changing the chosen model of behavior (this, of course, does not happen chaotically, and the chosen strategy is applied consistently over a certain period of time), financial managers can influence the volume, structure and turnover of the organization's assets and liabilities, and, consequently, affect the efficiency of its activities.

It should be noted that for the internal analyst, the financial policy of the enterprise is an object of close attention and serves as a starting point in the analysis of financial and economic activities. An external analyst on the reporting data can only provide a rough idea of financial policy enterprises, more precisely, about its individual moments lying on the surface, but even such information should be used by them when studying the effectiveness of the organization's financial activities (of course, the analyst in his actions should be guided by the principle of caution). Regarding the turnover of assets and liabilities, we are talking about the fact that an external analyst, using reporting for a number of years and, having identified trends in the dynamics of turnover indicators, can, with some degree of convention, assume that the enterprise will continue to adhere to the same strategy, and in accordance with this cost forecast for the future.

In the process of analyzing turnover, the analyst uses dynamic, coefficient and factor methods for studying turnover indicators. The dynamic research method allows you to identify a temporary change in turnover indicators. The coefficient method of analysis of turnover involves the calculation of indicators of turnover and the duration of one turnover. With the factorial method, we identify the influence of other factors on the effective turnover indicator.

The logic of calculating the indicators of the turnover of assets and liabilities consists in the ratio of the indicator of proceeds from the sale of goods, products, works, services (hereinafter referred to as revenue) and the average value of assets and liabilities for the period. In this case, the average value can be calculated in several ways, as:

• average

  For example,
  average amount of accounts payable = (KZ n.y. + KZ k.y.) / 2, (2.9)
  where KZ n.g., KZ k.g. - respectively, the amount of accounts payable at the beginning and end of the period.

• chronological average

  For example,
  average payables

1 Closed companies, according to world practice, most often mean small and medium-sized businesses

2 It is assumed that part of equity is replaced by short-term debt

3 Profitability is defined as the ratio of profit to assets or capital (to part of assets or part of capital), revenue, etc. For example, return on net assets is defined as the ratio of net profit to net assets.

4 In the practice of analysis, profitability indicators, which use different from net profit indicators, are called intermediate levels of profitability.

5 Extraordinary income / expenses are income / expenses that meet two criteria simultaneously:

- unusual, when the income and expenses of the organization are characterized by a high degree of abnormality and have a nature that is clearly not associated or associated only by chance with ordinary activities

- infrequency, when, based on reasonable arguments, one can hardly expect a repetition of these incomes and expenses in the foreseeable future

6 Under the algebraic sum in this context is also understood the difference of indicators as a sum with a "-"

7 We will consider in more detail the analysis of inventory turnover and other constituent elements of assets and liabilities in the second part of the second chapter. 8 Loss can be interpreted as profit with a "-"

9 Order of the Ministry of Finance of the Russian Federation and the Federal Commission for the Securities Market dated January 29, 2003 No. 10n, 03-6 / pz "On Approval of the Procedure for Assessing the Value of the Net Assets of Joint Stock Companies"

10 Detailed calculations of factor models will be presented on a separate example in the third chapter of the work

11 JC Van Horn considers this indicator as the final indicator of profitability of sales [see. 13, page 155].

Financial activity of the state - this is the implementation by him of the functions of systematic education (formation), distribution and use of monetary funds (financial resources) in order to implement the tasks of socio-economic development, ensure the country's defense and security, as well as use financial resources for the activities of state bodies.

Financial activity of municipalities , carried out through local self-government bodies, is aimed at solving problems of local importance, determined by the legislation on local self-government. It represents the implementation of the function of systematic education (formation), distribution and use of municipal (local) monetary funds in order to implement socio-economic tasks of local importance and provide financial resources for the activities of local governments. A feature of municipal financial activities is the provision of financial means for the fulfillment of the goals and objectives stipulated by the local community, and the delegated powers of the state.

The financial activity of the state should be considered from two sides:

1. as a special type of economic activity;
2. as a kind of government.

Financial activity of the state as a special type of economic activity

Signs characterizing the financial activity of the state as a special type of economic activity:

• issue of banknotes (emission);
• organization and regulation of money circulation in the country;
• settlements.

Money serves as a measure of the value of goods and services, is a universal equivalent that helps to quickly and efficiently exchange one product for another, contributes to the normal operation of economic mechanisms in the field of both public and private business, and helps to satisfy their needs in the most convenient form.

In the process of carrying out financial activities, the state collects (mobilizes) funds, distributes the mobilized funds (redistributes) and creates budget, extra-budgetary, reserve and other monetary funds. This is a very significant sign of the financial activity of the state. At the same time, the state uses various methods: the establishment of taxes and fees, the voluntary attraction of funds from the population through a state loan, lottery, etc.

In this regard, the creation of federal budget as a centralized fund of the Russian Federation, intended to finance functions and tasks of national importance (defense, foreign affairs), as well as for the redistribution financial resources between the constituent entities of the Russian Federation in order to equalize the conditions for their socio-economic development.

The Budget Code of the Russian Federation provides for the creation of the main state non-budgetary funds, which include the Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation, the Federal Fund of Compulsory Medical Insurance and other funds. Financial funds discipline the state, oblige officials use the funds legally and for the purposes specified in the law. The creation of funds in the process of mobilizing funds, their distribution and redistribution is the main direction in the financial activities of the state.

In the process of financial activity, the state spends money. The state carries out expenditures on the army and defense from the federal budget; pays pensions to citizens from the Pension Fund of the Russian Federation; from reserve funds recovers losses incurred by cities and villages as a result of natural disasters, etc.

Spending money, the state:

• applies budget funding, i.e. targeted, gratuitous, irrevocable release of public funds;
• applies bank lending, i.e. issuance of repayable loans, for the use of which citizens and legal entities pay interest;
• pays insurance benefits, etc.

Thus, the financial activity of the state is primarily formed by such types as emission, tax, budgetary, expenditure activities. However, the panorama of the financial activity of the state also shows its other components (types): currency, credit, insurance, financial control, etc.

Financial activity of the state as a type of management activity

The financial activity of the state is a “special branch of government”. In this capacity, the financial activity of the state is:

• imperious, based on the instructions of state (public) authorities;
• state-planned, carried out within a precisely defined time (quarter, year);
• coordinating;
• controlling.

Managerial character financial activity is manifested in the fact that it is carried out on the basis of legal management decisions, both representative and executive bodies authorities. In the hierarchy of such decisions, the leading place belongs to acts of representative bodies, primarily federal laws and laws of the constituent entities of the Federation on budgets, taxes, etc.

The majority of managerial decisions in the field of financial activities of the state are acts of executive authorities, and this is natural, because mainly these bodies carry out financial activities (the Ministry of Finance of Russia, tax services). At the same time, in each specific case, the implementation of financial activities is a hierarchical relationship between two subjects: one of them commands, implements a directing, coordinating, controlling influence, and the other subject falls under his authority. This impact is most noticeable in the tax legal relationship (tax authority - taxpayer), in the budgetary procedural legal relationship (legislative body - authority).

Financial activities are management activities coordinating nature, in the process of implementation of which, depending on the circumstances, an appropriate ratio of the expenditure side to the revenue side of budgets of various levels is established by means of budget regulation: interest deductions from taxes to certain budgets, the provision of grants, subventions and subsidies, etc. However, coordination as a managerial influence in coordinating the actions of various financial bodies can hardly be limited to the budgetary sphere alone. It applies to emission, tax, currency and other areas of financial activities of the state.

Planning is inherently inherent in financial activity as managerial activity. For example, the execution of the budget, both in terms of revenues and expenditures, is carried out strictly according to the plan: each income and each expenditure of the budget are provided for by law and are implemented at the time established by law. In other words, the financial activity of any state organization is carried out not arbitrarily, but on the basis of some financial-planning act: estimates of income and expenses of a budgetary institution, balance of income and expenses of an enterprise, cash plan, etc.

Thus, the financial activity of the state is a planned process of mobilizing funds, creating financial funds, spending funds for the effective fulfillment of its tasks and functions by the state.

An integral part of the financial activities of the state as a management category is financial control activities, which is carried out by the competent authorities of the state (the Ministry of Finance of Russia, the Accounts Chamber of the Russian Federation) in the process of mobilizing funds into state financial funds and their use in the interests of society and the state.

State financial control applies to both state and municipal financial structures and private entrepreneurial activity... Thus, the state authorities of the Russian Federation and state authorities of the constituent entities of the Russian Federation exercise control over the observance of tax and budget legislation by local authorities.

So, the financial activity of the state is the activity of issuing banknotes and organizing monetary circulation in the country, mobilizing funds into state and municipal funds, using them in the interests of society and the state, and this activity is carried out on the basis of managerial decisions, financial planning and control over the correctness of all financial transactions, both state (public) and private structures.

There is one more sign of the financial activity of the state, which should be mentioned separately: this activity is carried out on a strictly legal basis.

Any society to ensure a normal (rather comfortable) level of his life, he carries out many types of specific work. For this purpose, certain organizations are created that jointly carry out a particular mission and act on the basis of certain rules and procedures. An enterprise (organization) is an organizationally separate and economically independent main (primary) link in the production sphere of the national economy that manufactures products, performs work or provides services.

In the practice of management, each enterprise as a complex production and economic system carries out many specific types of activities. Each enterprise independently plans its activities and determines the prospects (strategy) of development, based on the demand for manufactured products (work, services performed) and the need to constantly increase its own profits, and also provides material and technical support for production.

The functioning of the enterprise is accompanied by a continuous circulation of funds, carried out in the form of resource consumption and receipt of income, their distribution and use.

Every business has a specific goal. There may be several goals, they are usually set by the owners, and to achieve it, material and human resources are used, with the help of which financial and economic activities are carried out. That is, in essence, financial and economic activity is a tool for achieving hierarchical, economic and other goals facing a particular enterprise.

Financial and economic activity is a purposefully carried out process of practical implementation of the functions of an enterprise related to the formation and use of its financial resources to ensure economic and social development. It is carried out at all stages of the life cycle of an enterprise: from the moment of its birth to the moment of its liquidation as an independent business entity. The process of carrying out the financial and economic activities of an enterprise is characterized by a wide range of its financial relations with various subjects of the country's financial system.

The financial and economic activity of the enterprise is characterized, first of all, by the quantity and range of products, as well as by the volume of its sales. The volume of products produced directly depends on the availability and quality of production facilities, the availability of the necessary raw materials, materials or components, personnel of appropriate qualifications, and markets for products.

In turn, the volume of products produced affects all other aspects of the financial and economic activities of the enterprise - the cost of products, the amount of profit, profitability production, financial condition of the enterprise.

The financial and economic activity of enterprises is a purposeful activity based on the decisions made, each of which is optimized based on intuition or calculations. The risk of making a decision is understood as the probability of inconsistency of the obtained results of the implemented decision with the set goals.

There are a lot of factors influencing the financial and economic activities of an enterprise or organization. Not all of them can be analyzed. The most important are the available resources - financial, material, personnel.

The purpose of financial and economic activities- getting the best possible results. The tasks that are solved when the goal is achieved are: providing the production process with resources and managing them; organization of the production and technological process; the formation of positive results. The tasks of the management of financial and economic activities are: planning, control, adjustment, analysis, efficiency improvement.

Financial and economic activity acts as an activity, first of all, in relation to its basis - the finances of the enterprise. However, the effectiveness of the organization of finance acts as the financial condition of the enterprise. The latter depends on the effective organization of the entire monetary turnover. Therefore, financial and economic activity as a concept covers a wide range of activities within the enterprise, consisting of control over the provision of cash settlements, receipt of cash income and implementation of expenses, the formation and distribution of cash savings and financial resources.

The various financial and economic activities of the enterprise are carried out on the basis of planned and forecast current and operational financial documents. The objects of planning, regulation and control in them are monetary and financial relations, materialized in the corresponding indicators. The main objects of financial and economic activity are those diverse monetary and financial relations of enterprises, which make up the content of the finances of enterprises.

The efficiency of the financial and economic activity of an enterprise should be understood as its result, obtained or potentially possible in the process of converting certain resources into a final product (work, service). The level of efficiency of the financial and economic activities of an enterprise is characterized by the level of its costs, results and financial condition. That is why, in order to determine the level of efficiency of the financial and economic activities of an enterprise, it is necessary to calculate a set of indicators characterizing its cost intensity, efficiency and financial condition.

To determine the essence of the financial and economic activity of an enterprise, it is necessary to define the main constituent elements of it. These elements are: enterprise finances, the structure of the enterprise's funds, the structure of the enterprise's property, the goals of financial analysis, the subjects of analysis.

Savitskaya G.V. writes that in a market environment, enterprise finance is becoming especially important. The growing role of enterprise finance should be seen as a worldwide trend.

The main purpose of assessing the financial and economic activities of the enterprise, according to V.P. Strazhev, is to obtain a small number of key (most informative) parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors, which will be discussed in the next paragraph of the final qualifying work.