Cash flow is. Classification and types of cash flows Who is responsible for cash flows in the enterprise

Purpose and objectives of cash flow management

Topic 8. Cash flow management of the organization

The implementation of all types of financial and business operations of the organization is accompanied by the movement of funds - their receipt or expenditure. This continuous process is defined by the concept cash flow.

Cash flow- a set of time-distributed cash inflows and outflows.

Management Goal cash flows - Ensuring the financial balance of the organization in the process of its development by balancing the volume of receipts and expenditures of funds and their synchronization in time.

Tasks of cash flow management:

formation of a sufficient amount of funds of the organization in accordance with the needs of its economic activity;

optimization of the distribution of the volume of generated financial resources of the organization in the areas of economic activity;

Ensuring a high level of financial stability and solvency of the organization;

· maximizing the growth of net cash flow, ensuring the specified pace of development of the organization;

· minimization of losses in the value of funds in the process of their economic use.

There are the following types of cash flows.

· By type of activity allocate cash flows from current (operating), financial and investment activities.

· Direction of cash flow allocate positive cash flow, characterizing the totality of cash receipts and negative cash flow, characterizing the totality of payments.

· By calculation method allocate gross cash flow, representing the totality of receipts and expenditures of funds and net cash flow, representing the difference between positive and negative cash flows.

· According to the degree of continuity single out regular ones, i.e. providing for equal intervals between payments and irregular (discrete).

· By volume sufficiency allocate excess cash flow, representing the excess of cash inflows over their outflows and deficit cash flow, in which cash receipts are lower than the organization's needs for spending them.

The organization's cash flows in all forms and types, and, accordingly, the total cash flow are the most important independent object of financial management.

The system of key indicators characterizing the cash flow includes:

the volume of cash receipts;

the amount of money spent;

the volume of net cash flow;

the amount of cash balances at the beginning and end of the period under review;

check amount of funds;

· Distribution of the total amount of cash flows of certain types for certain intervals of the period under review. The number and duration of such intervals are determined by the specific tasks of analyzing or planning cash flows;

· assessment of factors of internal and external nature, influencing the formation of cash flows of the organization.

Cash flow is carried out in three types of activities:

current (main, operational) activity;

· investment activities;

· financial activities.

Current (main, operating) activities- the activities of the organization, pursuing the extraction of profit as the main goal, or not having the extraction of profit as such in accordance with the subject and objectives of the activity, i.e. the production of industrial, agricultural products, the performance of construction work, the sale of goods, the provision of public catering services, harvesting agricultural products, leasing property, etc.

Inflows from current activities:

receipt of proceeds from the sale of products (works, services);

Receipts from the resale of goods received by barter;

Receipts from the repayment of receivables;

advances received from buyers and customers.

Outflows from current activities:

payment for purchased goods, works, services;

Issuance of advances for the purchase of goods, works, services;

payment of accounts payable for goods, works, services;

· salary;

payment of dividends, interest;

· payment according to calculations on taxes and fees.

Investment activities- activities of the organization related to the acquisition of land, buildings, other real estate, equipment, intangible assets and other non-current assets, as well as their sale; with the implementation of own construction, expenses for research, development and technological development; with financial investments.

Inflows from investment activities:

receipt of proceeds from the sale of non-current assets;

receipt of proceeds from the sale of securities and other financial investments;

income from the repayment of loans granted to other organizations;

receiving dividends and interest.

Outflows from investment activities:

payment for acquired non-current assets;

payment of acquired financial investments;

· issuance of advances for the acquisition of non-current assets and financial investments;

granting loans to other organizations;

· Contributions to authorized (share) capitals of other organizations.

Financial activities- the activity of the organization, as a result of which the value and composition of the organization's own capital, borrowed funds change.

Cash inflows from financing activities:

Receipt from the issue of equity securities;

income from loans and credits provided by other organizations.

Outflows from financial activities:

repayment of loans and credits;

Repayment of financial lease obligations.

The cash flows generated by the current activities of the organization often go into the sphere of investment activities, where they can be used to develop production. However, they can also be directed to the sphere of financial activity for the payment of dividends to shareholders. Current activities are quite often supported by financial and investment activities, which ensures additional capital inflow and the organization's survival in a crisis situation. In this case, the organization ceases to finance capital investments and suspends the payment of dividends to shareholders.

The cash flow from current activities is characterized by the following features:

current activity is the main component of all economic activity of the organization, therefore, the cash flow generated by it should occupy the largest share in the total cash flow of the organization;

forms and methods of current activities depend on industry characteristics, therefore, in different organizations, cash flow cycles of current activities can vary significantly;

· Operations that determine the current activity are distinguished, as a rule, by regularity, which makes the monetary cycle quite clear;

· Current activity is focused mainly on the commodity market, so its cash flow is related to the state of the commodity market and its individual segments. For example, a shortage of inventories in the market can increase the outflow of money, and overstocking of finished products can reduce their inflow;

current activities, and hence its cash flow, are inherent in operational risks that can disrupt the cash cycle.

Fixed assets are not included in the cash flow cycle of current activities, since they are part of investing activities, but it is impossible to exclude them from the cash flow cycle. This is explained by the fact that current activities, as a rule, cannot exist without fixed assets, and in addition, part of the costs of investment activities is reimbursed through current activities through depreciation of fixed assets.

Thus, the current and investment activities of the organization are closely related. The cash flow cycle from investing activities is the period of time during which cash invested in non-current assets will return to the organization in the form of accumulated depreciation, interest or proceeds from the sale of these assets.

The cash flow from investing activities is characterized by the following features:

· the investment activity of the organization is subordinate in relation to the current activities, so the inflow and outflow of funds from investment activities should be determined by the pace of development of current activities;

Forms and methods of investment activity are much less dependent on the industry characteristics of the organization than current activities, therefore, in different organizations, the cycles of cash flows of investment activities are usually almost identical;

· the inflow of funds from investment activities in time is usually significantly distant from the outflow, i.e. the cycle is characterized by a long time lag;

investment activity has various forms (acquisition, construction, long-term financial investments, etc.) and different directions of cash flow in certain periods of time (as a rule, initially outflow prevails, significantly exceeding inflow, and then vice versa), which makes it difficult to represent its cash flow cycle flow in a fairly clear pattern;

· investment activity is associated with both commodity and financial markets, the fluctuations of which often do not coincide and can affect the investment cash flow in different ways. For example, an increase in demand in the commodity market may give the organization an additional cash inflow from the sale of fixed assets, but this, as a rule, will lead to a decrease in financial resources in the financial market, which is accompanied by an increase in their value (percentage), which, in turn, may lead to an increase in the cash outflow of the organization;

· the cash flow of investment activities is affected by specific types of risks inherent in investment activities, united by the concept of investment risks, which are more likely to occur than operational risks.

The cash flow cycle of financial activity is the period of time during which money invested in profitable objects will be returned to the organization with interest.

The cash flow from financing activities is characterized by the following features:

financial activity is subordinate in relation to the current and investment activities, therefore, the cash flow of financial activities should not be formed to the detriment of the current and investment activities of the organization;

the volume of cash flow of financial activities should depend on the availability of temporarily free cash, so the cash flow of financial activities may not exist for every organization and not constantly;

financial activity is directly related to the financial market and depends on its state. A developed and stable financial market can stimulate the financial activity of the organization, therefore, provide an increase in the cash flow of this activity, and vice versa;

· financial activities are characterized by specific types of risks, defined as financial risks, which are characterized by a special danger, therefore, they can significantly affect the cash flow.

The cash flows of the organization are closely related to all three types of its activities. Money constantly "flows" from one activity to another. The cash flow of current activities, as a rule, should fuel investment and financing activities. If there is a reverse direction of cash flows, then this indicates an unfavorable financial situation of the organization.

The implementation of all types of financial and business operations of the organization is accompanied by the movement of funds - their receipt or expenditure. This continuous process is defined by the concept of cash flow.

The organization's cash flow is a set of time-distributed receipts and payments of cash generated by its economic activities.

The organization's cash flows in all forms and types, and, accordingly, the total cash flow are the most important independent object of financial management. This is determined by the role that cash flow management plays in the development of the organization and the formation of the final results of its financial activities.

Cash flows that ensure the normal economic activity of the organization in almost all of its areas can be represented as a system of "financial blood circulation" (Fig. 22.1). Efficiently organized cash flows are the most important symptom of "financial health", a prerequisite for achieving high final results of an economic entity, and contribute to an increase in the rhythm of economic and investment activities.

Effective cash flow management:

• ensures the financial balance of the organization in the process of its development. The pace of this development and financial stability is largely determined by how different types of cash flows are synchronized in volume and time. The high level of such synchronization provides a significant acceleration in the implementation of the company's strategic development goals;
• reduces the organization's need for borrowed capital. By actively managing cash flows, you can ensure a more rational and economical use of your own financial resources, reduce the organization's dependence on attracted loans;
• reduces the risk of insolvency.

Even for successfully operating organizations, insolvency can arise as a result of the imbalance of various types of cash flows over time. Synchronization of receipts and payments of funds is an important part of the anti-crisis management of an organization in the event of a threat of bankruptcy.

Active forms of cash flow management allow the organization to receive additional profit generated directly by its cash assets. First of all, we are talking about the effective use of temporarily free cash balances as part of current assets, as well as accumulated investment resources in the implementation of financial investments.

A high level of synchronization of receipts and payments of funds in terms of volume and time makes it possible to reduce the actual need of the organization for the current and insurance balances of funds serving the operational process, as well as the reserve of investment resources formed in the process of real investment.

Thus, the effective management of the organization's cash flows contributes to the formation of additional investment resources for the implementation of financial investments, which are a source of profit.

« Organization cash flow» is an aggregated concept that includes numerous types of flows serving economic activities. Cash flows can be classified according to the following criteria.

1. By the scale of servicing the business process

• on the organization as a whole. This is the most aggregated type of cash flow, accumulating all types of cash flows that serve the business process of the organization as a whole;
• for certain types of business activities of the organization - operating, investment and financial;
• for individual structural divisions (responsibility centers) of the organization;
• for individual business transactions. In the economic process of the organization, this type of cash flow is considered as the primary object of independent management.

2. By type of economic activity in accordance with international accounting standards, the following types of cash flows are distinguished:

• on operating activities. This cash flow is characterized by cash payments: to suppliers of raw materials and supplies; third-party performers of certain types of services that provide operational activities; wages - to the personnel involved in the operational process, as well as managing this process; tax payments of the organization to the budgets of all levels and extra-budgetary funds; other payments related to the implementation of the operational process. At the same time, this type of cash flow reflects the receipt of funds from buyers of products; tax authorities in order to recalculate overpaid amounts and some other payments provided for by international accounting standards;
• for investment activities. It characterizes the payments and receipts of funds associated with the implementation of real and financial investment, the sale of retiring fixed assets and intangible assets, the rotation of long-term instruments of the investment portfolio and other similar cash flows serving the investment activities of the organization;
• on financial activities. Such a flow characterizes the receipts and payments of cash associated with attracting additional equity and share capital, obtaining long-term and short-term loans and borrowings, paying cash dividends and interest on deposits of owners and some other cash flows associated with external financing of the economic activity of the organization.

3. By direction of movement There are two types of cash flows:

• positive cash flow characterizing the totality of cash inflows to the organization from all types of business transactions (cash inflow);
• negative cash flow, reflecting the totality of cash payments by the organization in the process of carrying out all types of business transactions (cash outflow).

These types of cash flows are interrelated: the insufficiency of volumes in time of one of them causes a subsequent reduction in the volumes of the other. Therefore, in the organization's cash flow management system, they represent a single object of financial management.

4. By the method of calculating the volume distinguish the following types of cash flows:

• gross cash flow characterizing the totality of receipts or expenditures of funds in the period under review in the context of its individual intervals;
• net cash flow representing the difference between positive and negative cash flows (between the receipt and expenditure of funds) in the period under review for its individual intervals. Net cash flow largely determines the financial balance and growth rate of the market value of the organization. Calculation of net cash flow for the organization as a whole, for individual structural units (responsibility centers), various types of business activities or individual business transactions is carried out according to the formula

NDP \u003d MDP ODP,

where NPV - the amount of net cash flow in the period under review;
RAP - the amount of positive cash flow (cash receipts) in the period under review;
ODP - the amount of negative cash flow (expenditure of funds) in the period under review.

Depending on the ratio of the volumes of positive and negative flows, the amount of net cash flow can be characterized by both positive and negative values, which ultimately affect the formation of the balance of monetary assets.

5. According to the level of sufficiency volume, the following types of cash flows can be represented:

• excess cash flow, in which cash receipts significantly exceed the organization's real need for purposeful spending. Evidence of excess cash flow is a high positive net cash flow that has not been used in the course of the organization's business activities for a long time;
• scarce cash flow, when cash receipts are significantly lower than the actual needs of the organization in their purposeful spending. Even with a positive value of the amount of net cash flow, it can be characterized as scarce if this amount does not provide the minimum need (checksum) for cash in all areas of the organization's business activities.

6. According to the method of evaluation in time distinguish the following types of cash flows:

• real cash flow, which characterizes the cash flow of the organization as a value reduced by value to the current point in time;
• future cash flow, which characterizes the organization's cash flow as a value reduced to a specific future point in time.

Both types of cash flows reflect the value of money over time.

7. By continuity of formation in the period under review are:

• regular cash flow, i.e. the flow of receipt or expenditure of funds for individual business transactions, which in the period under review is carried out constantly at separate intervals of this period. Most types of cash flows generated by the operating activities of the organization are regular in nature (flows associated with servicing a financial loan in all its forms, cash flows that ensure the implementation of long-term real investment projects and
• discrete cash flows. They characterize the receipt or expenditure of funds associated with the implementation of individual business operations of the organization in the period under review, for example, a one-time expenditure of funds associated with the acquisition of property, the purchase of a franchise license, the receipt of funds in the form of gratuitous assistance, etc.

These types of cash flows of the organization differ only within a specific time interval. With a minimum time interval, all cash flows of the organization can be considered as discrete. Conversely, within the life cycle of an organization, the majority of its cash flows are regular.

8. By stability of time intervals formation of regular cash flows are:

• flows with uniform time intervals within the considered period.
• flows with non-uniform time intervals within the considered period. An example of such a cash flow can be lease payments when the parties agree on uneven payment intervals throughout the term of the lease agreement.

Thus, the system of key indicators characterizing the cash flow includes:

• volume of cash receipts;
• the amount of money spent;
• the amount of net cash flow;
• the amount of cash balances at the beginning and end of the period under review;
• checksum of funds;
• distribution of the total amount of cash flows of certain types for certain intervals of the period under review. The number and duration of such intervals are determined by the specific tasks of analyzing or planning cash flows;
• assessment of factors of an internal and external nature that affect the formation of the organization's cash flows.

You will learn:

• What is the cash flow of the enterprise.
• Why manage the cash flow of the enterprise.
• What are the types of business cash flows.
• How to carry out cash flow analysis.
• What factors affect cash flows.
• How to optimize the cash flow of the enterprise.

Reasonably organized cash flows of the enterprise ensure the smooth running of the operating cycle, increase production volumes and increase sales. At the same time, each violation of payment discipline negatively affects the formation of production reserves of raw materials and materials, the degree of labor productivity, the sale of finished products, the market position of the enterprise and other factors. Even fairly profitable companies may experience insolvency due to an imbalance in time of various cash flows (hereinafter referred to as CF).

Having capital and not using it is not the CEO's style. Therefore, we have prepared an article that will help you decide where you can invest, and where it is better not to apply at all.

In the article you will also find a handy table showing the risks and returns of various investment instruments.

The Role of Enterprise Cash Management

The cash flow of an enterprise is a set of receipts of financial resources and payments in a specified period of time, formed in the course of economic activity. It reflects the movement of money, which in some cases are not taken into account when determining profit. In addition, DP includes tax payments and penalties (penalties), investment costs, depreciation costs, advances and borrowings.

The inflow of money comes from the following sources:

• proceeds from the sale of goods (services) and the performance of work;
• growth of authorized capital due to additional issue of shares;
• obtaining loans, credits, income from the issue of corporate bonds, etc.

The net inflow of DC (cash stock) reflects the difference between all receipts and deductions of the money supply.

Figuratively, the cash flow is presented in the form of a financial "blood flow" of the economic organism of the subject. A well-established system of cash flows of an enterprise is a paramount indicator of economic well-being, a condition for obtaining high final results of its activities.

In the difficult circumstances of the current economy, caused by sanctions, price hikes and the instability of the ruble, the most important task of financial management is the effective management of material resources.

Effective management of the company's cash flows ensures its financial balance and profitability in the course of strategic progress. The speed of economic recovery and the economic stability of the organization are largely determined by the degree of mutual stability and synchronization of the scales of different types of DP in time intervals. The high level of this consistency and consistency allows you to optimize and improve the quality of financial management, as well as significantly accelerate the achievement of the strategic goals of the subject.

In general, the optimal organization of the company's cash flows will help to balance its operating process as much as possible. Each failure in making payments negatively affects the formation of industrial reserves of raw materials and materials, the degree of labor productivity, the sale of finished products, the market position of the enterprise and other factors. At the same time, well-organized and optimized DPs contribute to a steady increase in the scale of production and sale of goods, and improve the capitalization of the business.

Types of cash flows of the enterprise

The concept of "cash flow" combines various types of flows associated with business activities. For purposeful and fruitful management of DPs, they should be classified in a special way according to several key features.

1. According to the volume of economic activity, there are cash flows:

• DP enterprises- the largest and summing indicator for this feature, which reflects all financial receipts and expenses of the organization as a whole.
• DP structural unit- a more specific indicator of the company's cash flows, indicating the movement of finances in departments, services, branches and representative offices of the company.
• DP of each operations- specific operational accounting of the movement of cash cash of a legal entity.

1. By type of economic activity, DPs are divided into:

• general cash circulation flow - the total amount of cash received or paid;
• current(operational) cash flow of the enterprise - transfers to suppliers of raw materials (materials); contract performers of certain services to ensure the main and other work; payment of salaries to personnel performing the operational process and managing it;
• investment flow - the receipt of money and payments associated with the implementation of specific and financial investments, the sale of retiring intangible assets and fixed assets, the replacement of long-term financial assets of the securities portfolio and other similar DPs associated with the investment activities of the organization;
• flow financial activities– income and expenses aimed at attracting auxiliary share or equity capital, acquiring long-term and short-term loans (credits), paying dividends in cash and interest rates on owners’ deposits, and a number of other DPs that accompany external financing of economic activity.

1. Direction of movement:

• incoming DP (inflow) contains the sum of all financial receipts recorded for a particular reporting period;
• outgoing DP (outflow), on the contrary, implies all payments made over a certain period of time.

1. According to the form of carrying out, the cash flows of an enterprise are:

• in cash(transfer of money from hand to hand by the organization);
• non-cash(the movement of money is reflected only in).

1. According to the area of ​​circulation, DP is divided into:

• external– receipts and payments to individuals (legal entities). Due to this flow, the balance of money in the enterprise increases or decreases;
• domestic- the movement of financial cash within the enterprise itself. This flow provides an internal circulation of real money, so it cannot influence the balance.

1. According to the duration of DP can be:

• short-term(when an organization invests money for a period not exceeding one year);
• long-term(when deposits are made for a period of a year or more, this cash flow is classified as long-term).

1. According to the scale, the cash flows of the enterprise are divided into:

• scarce(when there is a lack of funds to pay off their own debts). The flow will be classified as scarce if, even with a positive balance, the organization does not have enough money to meet its needs;
• optimal(when a balance is formed from the income received, sufficient to fully repay all the obligations of the company);
• redundant(when the total amount of income exceeds the cost of meeting all needs). In this case, the company creates a positive balance.

1. By type of currency, DP can be formed as follows:

• in national currency(a flow is considered as such if the banknotes of the state where the company is located and operates are involved in the calculations);
• in foreign currency(such a flow has the right to exist if the banknotes of another country are used in the turnover of the enterprise).

1. The predictability of a company's cash flows is defined as:

• planned DP (if it is possible to predict in advance when the money will go to the company, how much it will be, and also to establish approximate expenditure items for these funds);
• unplanned DP (when there is an unexpected, unplanned movement of the money supply).

1. According to the continuity of creation, streams are:

• regular, determining the received or consumed cash for each business transaction (DP of one type), which in a particular period are carried out systematically at a fixed interval;
• discrete, reflecting the received or used cash, which is aimed at performing certain business operations of the company in a specific time period.

11. According to the constancy of time intervals, the creation of a DP can have:

• uniform time intervals within the study period (annuity-type flows);
• uneven time intervals within the study period. Such cash flows of the enterprise, for example, can be schedules of leasing payments for leased property with uneven intervals of their implementation during the life of the asset, agreed upon by both parties to the agreement.

12. According to the time assessment method, financial flows are divided into:

• real, qualifying DP organizations as a single commensurate value tied in value to a specific point in time;
• future flows (a single commensurate value of the company's financial movement, tied in value to some future point in time). The wording "future" DP indicates its certain nominal volume in the future (or within the intervals of a given period), which is the basis for discounting to bring it to true value.

Such a classification will help to form a qualified cash flow management, analyze the company's cash flows and plan them.

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4 principles of enterprise cash flow management

The most important component of a unified financial management system is the organization of the company's cash flows. It helps to realize a variety of tasks of financial management and pursues its main goal.

The process of coordinating the DP of an enterprise is based on a number of principles, the main of which we will consider below.

1. Informative reliability.

Like any management system, enterprise cash flow management must have a sufficient information base. However, its creation causes some difficulties, since there is no direct financial reporting based on uniform accounting methods. Even more complicates the task of forming a reliable reference base for control over the organization's DP is the discrepancy between the methods of conducting Russian accounting and international standards and the practice of foreign countries. Under such circumstances, the implementation of the principle of informative reliability is associated with difficult calculations that require unified methodological approaches.

2. Balance guarantee

Cash flow management of an enterprise is associated with their numerous types and options, identified during the classification. They pursue the same goals as management, providing for the creation of balanced DPs in the organization in terms of types, scale, timing and other important characteristics. Compliance with this principle is due to the optimization of financial flows in the process of their management.

3. Ensuring efficiency.

The main cash flows of the enterprise are characterized by a noticeable unevenness of the receipt of money and their use in the context of specific periods of time, which leads to the formation of large and temporarily free financial assets. In essence, these unused balances of money serve as a kind of unproductive assets (before they are spent on the economic process), losing their value over time as a result of inflation and other negative reasons. The introduction of the principle of efficiency into the management of DP implies the fruitfulness of their use with the help of financial investments of the enterprise.

4. Liquidity guarantee.

Significant unevenness of some types of DP causes a temporary shortage of funds for the company, which negatively affects its solvency. Therefore, when controlling financial flows, their liquidity should be maintained at the proper level during the analyzed period. The fulfillment of this principle occurs due to the reasonable synchronization of positive and negative DP for each time interval in a given period.

The main goal of accounting for the cash flows of an enterprise is to create its financial balance in the course of promotion by balancing the amounts of receipt and use of money, as well as their distribution over time.

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What is the purpose of managing the cash flow of an enterprise

Given the above principles, it is possible to ensure high efficiency in managing the cash flows of an enterprise.

The organization of DP is based on a complex system of principles and methods for developing and implementing guiding strategies regarding the creation, planning and use of funds, as well as ensuring their turnover in order to maintain the financial stability of the company, its unshakable growth.

Like all practical methods of financial management, cash flow management has the main goal of increasing the company's market value. Its main task is to guarantee financial stability during the development of the structure by balancing the amounts of receipt and use of money, as well as their distribution over time.

In the process of achieving its fundamental goal, the management of the DP is called upon to solve a number of key tasks.

1. Creation of a large stock of financial resources of the enterprise to meet its needs in further economic activity. To accomplish this task, it is necessary to calculate the required amount of funds for the future period, determine the sources for their formation in the required quantities, and minimize the costs of attracting them.
2. Optimization of the division of the company's available cash by types of economic activity and methods of use. When performing this task, the necessary commensurability is observed in the allocation of money for the development of operational, financial activity and investments. And for each area of ​​activity of the enterprise, the most promising areas for investing material resources are selected, where the maximum final results of management and the general goals of strategic development will be achieved.
3. Formation of high financial stability while moving forward. This is ensured in several ways: by creating a well-thought-out structure of capital formation channels and, above all, by the ratio of the volume attracted from own and borrowed sources; optimization of the scale of the inflow of money in terms of further terms of their return; accumulation of a sufficient amount of finance involved on a long-term basis; appropriate restructuring of obligations to return money in a crisis state of the enterprise.
4. Maintaining stable solvency. To accomplish this task, first of all, it is required: effective management of balances of financial assets (equivalents); creation of the required volume of their spare (insurance) part; uniform flow of money to the organization; consistency in the formation of incoming and outgoing DP; the most favorable means of payment for settlements on economic transactions with counterparties.
5. Maximum growth of the company's net cash flow to ensure the planned pace of its economic development with self-financing. This task is realized by creating a turnover of funds that forms a record profit in the course of financial, operational activity and investments; productive depreciation policy of the organization; prompt sale of unused assets; reinvestment of temporarily idle money.
6. Reducing losses in the cost of DS during their economic use by the organization. Financial assets (their equivalents) lose their value over time under the influence of inflation, risks, etc. For this reason, when forming the company's cash turnover, it is necessary to avoid the accumulation of excess capital (unless business practice requires it), diversify the forms and methods of consuming financial resources, do not allow certain material risks or provide for their insurance.

All these tasks of managing the cash flows of an enterprise are strongly interconnected, despite the fact that some of them are incompatible (for example, maintaining stable solvency and reducing the loss in the cost of DS when using them). Thus, in the course of managing the DP, individual moments are subject to mutual optimization for a better implementation of the main goal.

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Improving the cash flows of the enterprise and the formation of a policy for managing them

The efficiency of cash flow management of the enterprise is ensured by the implementation of a special policy as part of a unified financial strategy of the organization.

This policy is formed according to a number of key stages.

1. Analysis of the cash flow of the enterprisein the previous period.

The main goal of such an analysis is to determine the degree of sufficiency in the accumulation of financial resources, the productivity of their use, the consistency of positive and negative DP in time and volume. The study of DP is carried out throughout the enterprise, according to its main types of economic activity, for certain structural divisions (the so-called responsibility centers).

In the initial phase of the analysis, the dynamics of a single monetary turnover of the organization is studied, for which the rate of its growth is commensurate with the rate of increase in assets, the scale of production and sale of goods. To determine the degree of formation of DP in the course of the economic activity of the enterprise, the characteristic of the specific volume of money turnover per unit of assets used is used. It is calculated by the formula:

Udoa \u003d (ODP + RDP) : A,

wherein:

Udoa - the specific volume of the organization's money turnover per unit of assets used;

NFP - set of negative gross CF (use of financial resources) in a particular period;

RAP - the totality of positive gross DP (inflow of financial resources) in a particular period;

A - the average price of the organization's assets in a particular period.

An increase in this parameter in dynamics indicates that the company's cash flows are more intensively generated in the course of its management and vice versa.

The second stage of the analysis is devoted to the dynamics of the size and structure of the formation of a positive DP (inflow of financial resources) of the organization for each source separately. The main goal at this stage is to study the sources of material income by type of economic activity of the organization.

CUod =RAP : RAP,

wherein:

KUod is the coefficient of use of operating activities in creating a positive DP of the enterprise in a particular period;

RAP - the total set of positive DP of the organization in a particular period;

RAPo - a set of positive DP of the organization regarding operating activity in a particular period.

When studying the dynamics of the scale and structure of the formation of a positive DP on the operating activity of the organization, emphasis should be placed on the ratio of sources of cash profits from the sale of goods and other similar activities.

In the third phase of the analysis, the dynamics of the volume and composition of the negative DP (use of financial resources) of the company for each type of cost is studied. Here, first of all, it turns out how harmoniously these expenses were distributed among the key types of economic activity of the organization, whether they are regular or unscheduled, and how objectively necessary.

QUID \u003d ODPi: ODP,

wherein:

KUid is the ratio of the use of investment activity in creating a negative DP in a particular period;

ODP - the total set of negative DP of the organization in a particular period;

ODPi - the amount of the negative DP of the organization for investment activity in a particular period.

In the fourth phase, the ratio of the total volume of positive and negative DP for the whole enterprise is analyzed. In this case, the formula for the balance sheet model of the financial flow of an organization of this type is used for calculation:

DAn + PDP \u003d ODP + DAK,

wherein:

DAn - the amount of financial assets of the organization at the beginning of the period under study;

ODP - the total amount of negative DP of the organization in a particular period;

RAP - the total volume of positive DP of the organization in a particular period;

DAK - the total financial assets of the organization at the end of the period under study.

As we can see from this equation, an indicator of the imbalance of certain types of cash flows of an enterprise, causing a deterioration in its financial condition in terms of solvency, is a reduction in the volume of tangible assets at the end of the period under study (relative to their amount observed at the beginning).

The fifth phase of the study gives an idea of ​​the dynamics of the formation of the value of net CF as the most important indicator of the effectiveness of general financial management, the purpose of which is to increase the market value of the company.

A separate place in this analysis is given to the quality of pure DP - the total indicator of the structure of the sources of its creation. The calculation of the quality of the net DP of the organization is carried out according to the formula:

UKchdp = ChPrp: NDP,

wherein:

MCvp is the quality level of the organization's pure DP;

NPR - the total net profit from the sale of goods in the study period;

NPV - the total amount of the organization's net CF in the study period.

The sixth stage of analysis examines the uniformity of the creation of the company's DP over certain time periods of a specific period. In view of the fact that the irregularity of the occurrence of financial flows in time creates a series of serious economic, commercial and investment risks or becomes their reflection, the studied time intervals should be the smallest (no more than a month).

To calculate the uniformity with which the company's cash flows are formed for some time fragments of the analyzed period, indicators of the standard standard deviation and the variation index are used.

The standard deviation of the DP in a particular period is calculated by the formula:

wherein:

σ dp is the standard standard deviation of DP in the study period;

DPt - the sum of DP in certain time periods of the study period;

Pt is the specific weight of the time interval t in the cycle under study (frequency of deviation formation);

DP - the average set of DP in one interval of the study period;

n is the total number of intervals in the study period.

We determine the coefficient of variation of DP in the period of interest to us, using the following formula:

СVdp = σ dp: DP,

wherein:

СVdp - coefficient of variation of DP in a specific time period;

σ dp is the standard standard deviation of DP in the studied interval of action;

DP - the average set of DP in one interval of the study period.

In the seventh phase, the synchronism of the creation of positive and negative DP is analyzed for individual intervals of the period of interest to us. The need for this study is due to the fact that with a large unevenness in the creation of different financial flows in certain periods of time, the enterprise accumulates decent amounts of monetary assets that are not yet used, or there is a temporary shortage of them.

The eighth stage of the analysis determines how liquid the company's cash flows are. The most generalized indicator of their mobility reflects fluctuations in the liquidity ratio of SEs in certain time intervals of the period of interest to us. This value is calculated by the formula:

KLDp \u003d RDP: ODP,

wherein:

KLdp - index (coefficient) of the organization's DP liquidity in the study period;

RDP - total gross positive DP in the studied interval;

NDP is the total gross negative DP in the study period.

When conducting an analysis, the dynamic liquidity ratio of the financial flow can be supplemented with the characteristics of current and absolute liquidity (solvency).

The ninth phase of the analysis shows how effective the company's cash flows are. The general indicator of this assessment is the efficiency index of the organization's DP, calculated in accordance with the formula:

Kedp \u003d NDP: ODP,

wherein:

КЭдп - index (coefficient) of the efficiency of the organization's DP in the study period;

NPV - the total net DP of the enterprise in the studied period of time;

ODP - the total gross negative DP of the organization in the studied interval.

These generalizing indicators can be supplemented with several commonly used characteristics, such as the index of profitability of spending the average balance of financial assets for short-term cash investments; profitability index of spending the average balance of cumulative investment reserves in long-term financial investments, etc.

The results of the analysis make it possible to identify reserves for optimizing the organization's DP and their distribution for the future period.

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2. The study of factors affecting the movement of cash flows of the enterprise.

During this study, which determines the rules for the formation of the organization's DP in the future period, it is proposed to distribute all factors into internal and external.

In the group of external factors, the main ones are the following:

• commodity market conditions. The instability of the situation of this market affects the fluctuation of the main component of the positive DP of the enterprise - the amount of money received from the sale of goods;
• stock market position. The nature of this conjuncture determines, first of all, the possibility of creating financial flows through the issuance of securities of the enterprise (shares, bonds);
• the procedure for taxation of organizations. Fiscal deductions form a significant part of the negative DP of the organization, and the approved schedule for their implementation affects the temporary nature of this flow;
• the reality of attracting funds from free targeted financing. This opportunity, as a rule, is provided to state organizations of various subordination.

In the group of internal factors, the main place is given to the following:

• organization life cycle. In each of its phases, not only different volumes of financial flows are formed, but their types also change (according to the content of the sources for creating a positive DP and the purpose of a negative DP);
• duration of the operating cycle. The shorter it is, the higher the turnover of money invested in current assets, which means that the volume and intensity of positive and negative financial flows of the organization grow;
• seasonality of production and sales. This factor is important in the formation of the company's cash flows along the length, affecting their liquidity in relation to certain periods of time;
• depreciation strategy of the organization. The methods of depreciation of fixed assets used by it and the terms of depreciation of intangible assets form depreciation DPs of varying intensity, which are not directly serviced by cash.

3. Argumentationtype of management of financial flows of the enterprise.

This justification is carried out on the basis of the results of the analysis of the organization's DP in the previous period and the study of a number of factors that determine their formation.

In financial theory, there are several main types of enterprise DP management strategy.

• The aggressive policy of DP management is characterized by high growth rates of incoming VA, mainly from loan sources, with a rather low reinvestment of the net financial flow (a significant part of which goes to pay dividends and interest to owners).
• A moderate strategy for the management of the company's DP has deliberate proportions of involving its own and borrowed financial resources for the development of its economic activity.
• The conservative policy of analysis and management of the company's cash flows has minimized the amount of attraction of DS from loan sources. This strategy is aimed at restraining the development of the economy of a business entity, while at the same time reducing the degree of financial risks associated with the creation of cash flows.

4. Electionmethods and directions for optimizing the enterprise's DP for the implementation of the chosen policy of control over them.

This optimization is one of the defining functions of managing financial flows, which allows increasing their productivity in the near future.

The main tasks that are solved at this stage of regulation of DP:

• disclosure and use of reserves that reduce the company's dependence on external sources of raising funds;
• a guarantee of a more perfect balance of positive and negative DPs in terms of content and time;
• creation of a stronger relationship of financial flows by types of economic activity of the enterprise;
• increase in the quality and amount of net DP generated in the course of the organization's business activities.

5. Planning of cash flows of the enterprise in the context of their individual types.

Such planning is predictive in nature due to the uncertainty of a number of its initial prerequisites. Therefore, cash flows for the future are established in the form of multivariate planned calculations of these indicators under various scenarios for the development of individual factors (optimistic, realistic, pessimistic). The methodological foundations of this planning are set out in subsequent special sections.

6. Implementation of effective control over the implementation of the chosen strategy of the organization enterprise cash flows.

Objects of this control: implementation of planned targets to achieve the required amount of financial resources and their use for approved purposes; the regularity of the creation of monetary movements in time; tracking the effectiveness of DPs and their liquidity. These characteristics are controlled by monitoring the day-to-day financial activities of the organization.

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Optimization of enterprise cash flows

One of the most significant and complex stages of financial management of a company is the optimization of cash flows. It is a procedure for choosing the most profitable forms of managing the DP, taking into account the circumstances and characteristics of the economic activity of the organization.

1) Consistency of the volume of financial flows.

This direction of optimizing the DP of the enterprise allows you to create a reasonable proportionality of the filling of positive and negative cash flows.

Deficit and excessive cash flows have a negative impact on the economic activity of the company.

Methods for balancing the deficit DP are designed to increase the volume of positive and reduce the negative movement of finance.

In the future, an increase in the filling of positive DP can be obtained as a result of taking such measures as:

• mobilization of strategic investors to increase equity capital;
• additional issue of shares;
• long-term lending;
• implementation of a part (or all) of financial investment instruments;
• sale (lease) of free fixed assets.

In the future, a reduction in the filling of the negative financial flow can be obtained through the following actions:

• reducing the volume and content of existing investment programs;
• termination of financial investments;
• reduction in the size of the organization's fixed costs.

Methods of matching the company's excess cash flow are closely related to the intensification of its investment activity. In combination with these methods, you can use:

• expanding the scale of increased reproduction of non-current operating assets;
• reduction of time for the development of feasible investment projects, as well as the start of their implementation;
• conducting territorial diversification of the company's operations;
• early repayment of long-term financial loans (credits);
• intensive registration of a portfolio of financial investments.

2) Optimizationcash flowsenterprises over time.

This direction of optimizing the DP will create the required level of solvency of the organization in each of the segments of the prospective period with a simultaneous reduction in the volume of insurance reserves of monetary assets.

Synchronization of financial flows is designed to smooth their filling in each interval of the studied time period. The optimization method will help to some extent get rid of cyclical and seasonal discrepancies in the formation of DC (positive and negative), at the same time increasing liquidity and streamlining the average balances of DC.

Accelerating the mobilization of finance in the short term can be carried out by implementing the following measures:

• increase in price discounts for cash settlement on goods sold to customers;
• receiving full (incomplete) prepayment for manufactured products with high market demand;
• speeding up the issuance of commercial (or commodity) credit to consumers;
• reduction of collection time for unpaid receivables.

Delaying payments in the short term can be implemented through the following actions:

• use of float;
• extension of the terms for obtaining a commercial (or commodity) loan by the enterprise (by agreement with suppliers);
• replacing the purchase of long-term assets in need of renewal with leasing or renting;
• restructuring the portfolio of issued financial loans by replacing their short-term types with long-term loans.

The results of optimizing the company's cash flows over time are expressed using the correlation index, which tends to +1 during this process.

3) Maximizing net DP.

This optimization method is considered the most significant and reflects the results of its previous stages.

An increase in the net financial flow causes an acceleration in the rate of economic growth of an enterprise on the principles of self-financing, reduces the dependence of such development on third-party sources of formation of financial resources, and increases its exchange value.

The addition of a company's net DP is possible through several significant activities, such as:

• reduction of fixed costs;
• reduction of variable costs;
• maintaining an effective pricing policy to increase the profitability of operating activities;
• reduction of the amortization period of applied intangible assets;
• activation of claim work for timely and full collection of fines.

The results of optimizing the company's cash flows are displayed in the comprehensive planning for the creation and use of finance in the future period.

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Planning the cash flow of an enterprise or how to draw up a financial plan

The results of the optimization of the DP should be taken into account when preparing the annual financial plan of the organization, broken down into quarters and months.

The main goal of such a plan, along with the receipt and use of DS, is the ability to provide for the cash flows of the enterprise in time for each type of economic activity, as well as maintaining stable solvency in all segments of the year. This planning document is presented in the form of a payment calendar.

The financial mechanism for the operational management of the flow of funds in the work of the company allows you to create payment calendars of several types.

• Calendar (budget) of share issue.

This type of payment schedule is of two types. If it was approved prior to the sale of the shares on the original securities market, it contains a single section "Schedule of payments to ensure the preparation of the issue of shares." When the budget is formed for the time of the sale of shares, it consists of two sections - "Schedule of receipt of funds from the issue of shares" and "Schedule of payments to ensure the sale of shares."

• Budget (calendar) of the bond issue.

This planning document is drawn up periodically and is formed according to principles similar to those described above for the case of equity shares.

• Payment calendar for amortization of accounts payable.

This type of operational financial plan has only one section in the form of a principal amortization schedule. Its indicators are grouped for each loan that requires repayment. The amounts and terms of payments are approved in accordance with the requirements of loan agreements signed with commercial banks or financial institutions.

The decision to apply for a loan is made in the presence of the maximum economic feasibility of this method of third-party financing, among other available opportunities to compensate for the cash gap (increase in advance payments from customers, change in commercial lending conditions, increase in stable liabilities).

So, the effective organization of cash flows of an enterprise in its financial activities requires the development of a special management strategy in the context of general economic policy.

CEO speaking

Use management reporting to budget cash flow

Dmitry Ryabykh, General Director of Alt-Invest Group of Companies, Moscow

The budget, which contains actual information, is best formed from management reporting. But do not ignore the indicators of accounting forms, as they indicate the most accurate and up-to-date data on all financial movements of the company. Before proceeding with the cash flow budget, you should find out with what accuracy its indicators should correspond to accounting reports. For example, you can use three rules.

1. The cash flow (cash flow) budget is based on accounting figures, however, it does not require exact copying of all accounting data into it. It doesn't have to be as detailed as the accounting forms.
2. When processing accounting indicators, it is necessary to reflect the economic essence of financial transactions, discarding unimportant details (for example, the subtleties of posting costs).
3. It is necessary to strive for the coincidence of the final figures with the data on the turnover on the accounts of the enterprise. Any little things are important here, since knowing the details will help to check the correctness of the budget, detecting errors in a timely manner.

Information about the expert

Dmitry Ryabykh, General Director of Alt-Invest Group of Companies, Moscow. Alt-Invest has been operating in the market of consulting services and software for analysts since 1992. Until 2004, the company acted as the department of economic analysis of the research and consulting firm "Alt", in May 2004 this business was separated into an independent structure. Today, Alt-Invest is not only Russia's leading developer of software for evaluating investment projects, but also the only company offering a combination of software products and training, as well as consulting services in the field of investment and financial analysis and planning. Dmitry Ryabykh is a member of the Board of Directors of CFA Russia, in 2015 he was elected Chairman of the Technology Council of the CFA Institute. Received a technical education at Moscow State Technical University. Bauman, studied finance as part of the CFA program (now on the board of directors of the CFA Society Russia), completed an Executive MBA course at the University of Oxford. Dmitry Ryabykh takes part in the work of the Investment Policy Council of the RF Chamber of Commerce and Industry. Co-author of the books "Financial Diagnostics and Project Evaluation", "Business Planning on a Computer". Scientific editor of translations of foreign literature on finance and management.

Introduction

Cash flow is the movement of cash in real time, in fact, cash flow is the difference between the amounts of cash receipts and payments of the company for a certain period of time, as the financial year is taken for this period. Cash flow management is based on the concept of cash circulation. For example, money is converted into inventory, receivables and back into money, closing the cycle of a company's working capital. When the cash flow is reduced or blocked completely, the phenomenon of insolvency occurs. An enterprise may feel a lack of funds even if it formally remains profitable (for example, the terms of payments by the company's customers are violated). It is with this that the problems of profitable, but illiquid companies that are on the verge of bankruptcy are connected.

1. Types of cash flow in the enterprise, its classification

The concept of "cash flow of the enterprise" is aggregated, including in its composition numerous types of these flows that serve economic activities. In order to ensure effective targeted cash flow management, they require a certain classification. Such a classification of cash flows is proposed to be carried out according to the following main features:

1. By the scale of servicing the economic process the following types of cash flows are distinguished:

cash flow through the enterprise in a chain. This is the most aggregated type of cash flow, which accumulates all types of cash flows that serve the business process of the enterprise as a whole;

cash flow for individual structural divisions (responsibility centers) of the enterprise. Such differentiation of the cash flow of the enterprise defines it as an independent object of management in the system of organizational and economic construction of the enterprise;

cash flow for individual business transactions. In the system of the economic process of the enterprise, this type of cash flow should be considered as the primary object of independent management.

2. By type of economic activity in accordance with international accounting standards, the following types of cash flows are distinguished:

cash flow from operating activities. It is characterized by cash payments to suppliers of raw materials and materials; third-party performers of certain types of services that provide operational activities: wages to personnel involved in the operational process, as well as managing this process; tax payments of the enterprise to the budgets of all levels and extra-budgetary funds; other payments related to the implementation of the operational process. At the same time, this type of cash flow reflects the receipt of funds from buyers of products; from tax authorities in order to recalculate overpaid amounts and some other payments provided for by international accounting standards;

cash flow from investment activities. It characterizes payments and cash receipts associated with the implementation of real and financial investment, the sale of retired fixed assets and intangible assets, the rotation of long-term financial instruments of the investment portfolio and other similar cash flows serving the investment activities of the enterprise;

cash flow from financial activities. It characterizes the receipts and payments of cash associated with raising additional equity or share capital, obtaining long-term and short-term loans and borrowings, paying cash dividends and interest on deposits of owners and some other cash flows associated with the implementation of external financing of the economic activity of the enterprise.

3. By direction of cash flow There are two main types of cash flows:

positive cash flow characterizing the totality of cash inflows to the enterprise from all types of business transactions (the term "cash inflow" is used as an analogue of this term);

negative cash flow characterizing the totality of cash payments by the enterprise in the process of carrying out all types of its business operations (the term "cash outflow" is used as an analogue of this term).

Characterizing these types of cash flows, you should pay attention to the high degree of their relationship. Insufficiency of volumes in time of one of these streams causes the subsequent reduction of volumes of other type of these streams. Therefore, in the enterprise cash flow management system, both of these types of cash flows represent a single (complex) object of financial management.

4. According to the method of calculating the volume

gross cash flow. It characterizes the totality of receipts or expenditures of funds in the period under consideration in the context of its individual intervals;

Net cash flow. It characterizes the difference between positive and negative cash flows (between the receipt and expenditure of funds) in the period under consideration in the context of its individual intervals. Net cash flow is the most important result of the financial activity of the enterprise, which largely determines the financial balance and the rate of increase in its market value.

The calculation of the net cash flow for the enterprise as a whole, its individual structural divisions (responsibility centers), various types of economic activities or individual business transactions is carried out according to the following formula:

NDP \u003d PDP-ODP,

NPV - the amount of net cash flow in the period under review;

RAP - the amount of positive cash flow (cash receipts) in the period under review;

NFP - the amount of negative cash flow (expenditure of funds) in the period under review.

As can be seen from this formula, depending on the ratio of the volumes of positive and negative flows, the amount of net cash flow can be characterized by both positive and negative values ​​that determine the final result of the corresponding economic activity of the enterprise and ultimately affect the formation and dynamics of the balance of its monetary assets. .

5. By the level of volume sufficiency distinguish the following types of cash flows of the enterprise:

excess cash flow. It characterizes such a cash flow in which cash receipts significantly exceed the real need of the enterprise for their purposeful spending. Evidence of excess cash flow is a high positive value of net cash flow that is not used in the process of carrying out the economic activity of the enterprise;

scarce cash flow. It characterizes such a cash flow in which cash receipts are significantly lower than the actual needs of the enterprise in their purposeful spending. Even with a positive value of the amount of net cash flow, it can be characterized as a deficit if this amount does not meet the planned need for spending money in all the envisaged areas of the enterprise's business activities. The negative value of the amount of net cash flow automatically makes this flow scarce.

6. According to the method of evaluation over time distinguish the following types of cash flow:

real cash flow. It characterizes the cash flow of the enterprise as a single comparable value, reduced in value to the current point in time;

future cash flow. It characterizes the cash flow of an enterprise as a single comparable value, reduced in value to a specific future point in time. The concept of future cash flow can also be used as its nominal identified value in the upcoming moment of time (or in the context of intervals of the future period), which serves as a discounting base in order to bring it to the present value.

The considered types of cash flow of the enterprise reflect the content of the concept of estimating the value of money in time in relation to the business operations of the enterprise.

7. By the continuity of formation in the period under review distinguish the following types of cash flows of the enterprise:

regular cash flow. It characterizes the flow of receipt or expenditure of funds for individual business transactions (cash flows of the same type), which in the period under consideration is carried out constantly at separate intervals of this period. The nature of the regular are most types of cash flows generated by the operating activities of the enterprise: flows associated with servicing a financial loan in all its forms; cash flows that ensure the implementation of long-term real investment projects, etc.;

discrete cash flow. It characterizes the receipt or expenditure of funds associated with the implementation of individual business operations of the enterprise in the period under review. The nature of a discrete cash flow is a one-time expenditure of funds associated with the acquisition of an integral property complex by an enterprise; purchase of a franchise license; the receipt of financial resources in the manner of gratuitous assistance, etc.

Considering these types of cash flows of the enterprise, you should pay attention to the fact that they differ only within a specific time interval. With a certain minimum time interval, all cash flows of the enterprise can be considered as discrete. And vice versa - within the framework of the life cycle of an enterprise, the predominant part of its cash flows is of a regular nature.

Figuratively, the cash flow can be represented as a system of "financial circulation" of the economic organism of the enterprise. Efficiently organized cash flows of an enterprise are the most important symptom of its "financial health", a prerequisite for achieving high final results of its economic activity as a whole.

Cash flow management is not just survival management, but dynamic money management, taking into account changes in value over time. In the process of circulation, working capital inevitably changes its functional form and, as a result of the sale of finished products, turns into cash. Funds are mainly kept on the settlement (current) account of the enterprise in the bank, since a significant part of the settlements between economic entities is carried out in a non-cash manner. In small amounts, cash is in the cash desk of the enterprise. In addition, buyers' funds may be in letters of credit and other forms of payment until they end.

Thus, the composition of cash accounted for in current assets includes: cash, current account, foreign currency account, other cash, as well as short-term financial investments.

Cash- these are the most liquid assets, which in a certain amount must be constantly present in the composition of working capital, otherwise the enterprise will be declared insolvent.

Cash management is carried out with the help of cash flow forecasting, i.e. receipts (inflow) and use (outflow) of funds. Determining cash inflows and outflows in conditions of instability and inflation can be very difficult and not accurate enough, especially for a financial year.

The amount of expected cash receipts from the sale of products is calculated taking into account the average term for paying bills and selling on credit. The change in receivables for the selected period is also taken into account, which may increase or decrease the cash inflow. In addition, the impact of non-operating transactions and other receipts is determined.

In parallel, an outflow of funds is forecasted, i.e. estimated payment of invoices for goods (services) received, mainly repayment of accounts payable. Payments to the budget, tax authorities, payment of dividends, interest, remuneration of employees of the enterprise, possible investments and other expenses are envisaged.

As a result, the difference between the inflow and outflow of cash is determined - net cash flow with a plus or minus sign. If the outflow amount is greater, then the amount of short-term financing in the form of a bank loan or other income is calculated to ensure the projected cash flow.

The forecast of expected receipts and payments is drawn up in the form of analytical tables, broken down by months or quarters. Based on the value of net cash flows, the necessary measures are taken to optimize cash management.

Analysis and management of cash flow make it possible to determine its optimal level, the ability of the enterprise to pay off its current obligations and carry out investment activities. The financial condition of the company and the ability to quickly adapt in cases of unforeseen changes in the financial market depend on the effectiveness of cash management.

Cash flow management is part of financial management and is carried out within the framework of the financial policy of the enterprise, understood as the general financial ideology that the enterprise adheres to in order to achieve the general economic goal of its activities. The objective of the financial policy is to build an effective financial management system that ensures the achievement of the strategic and tactical goals of the enterprise.

In the activities of any enterprise, the three most important financial indicators are:

1) proceeds from sales;

2) profit;

3) cash flow.

The totality of the values ​​of these indicators and trends in their change characterizes the efficiency of the enterprise and its main problems.

Consider the difference between cash flow and profit.

Revenue - accounting income from the sale of products or services for a given period, reflecting both monetary and non-monetary forms of income.

Profit - the difference between the recorded income from sales and the costs accrued on products sold.

Cash flow - the difference between all the cash received and paid by the enterprise for a certain period.

Cash flow enterprise is a set of time-distributed receipts and payments of funds generated by its economic activity.

The difference between the amount of profit received and the amount of cash is as follows:

- profit reflects monetary and non-monetary income recorded during a certain period, which does not coincide with the actual receipt of cash;

- profit is recognized after the sale is made, and not after the receipt of cash;

- when calculating profit, production costs are recognized after its sale, and not at the time of their payment;

- cash flow reflects the movement of funds that are not taken into account in calculating profits: depreciation, capital expenditures, taxes, penalties, debt payments and net debt, borrowed and advanced funds.

Cash is the most liquid part of working capital. This is what is used to pay all obligations. Cash flow management is closely related to the strategy of increasing the company's market value, since the market value of a company or asset depends on how much the investor is willing to pay for them, which, in turn, depends on what cash flows and risks the asset or company will bring to the investor in future.

Thus, the market value of an asset or company is determined by:

- the cash flow generated by the asset or company in the future;

- distribution in time of this cash flow;

– risks associated with the generated cash flow.

Financial resources related to the sphere of distribution are an important element of reproduction and form the basis of the material and cash flow management system of an enterprise. The financial resources of the enterprise are in constant motion, the management of which is carried out within the framework of financial management. In turn, the cash flows of the enterprise represent the movement (inflows and outflows) of funds on the settlement, currency and other accounts and in the cash desk of the enterprise in the course of its economic activity, collectively making up its cash flow. In this regard, the pace of strategic development and the financial stability of an enterprise are largely determined by the extent to which inflows and outflows of funds are synchronized with each other in time and in volume, since a high level of such synchronization contributes to the accelerated implementation of the selected goals.

Indeed, the rational formation of cash flows ensures the rhythm of the operating cycle of the enterprise and the growth of production and sales. At the same time, any violation of payment discipline adversely affects the formation of inventories of raw materials and materials, the level of labor productivity, the sale of finished products, the position of the enterprise in the market, etc. Even for enterprises that successfully operate in the market and generate a sufficient amount of profit, insolvency can occur as a result of the imbalance of various types of cash flows over time.

An important factor in accelerating the turnover of the company's capital is the management of cash flows. This is due to a reduction in the duration of the operating cycle, a more economical use of own funds and a decrease in the need for borrowed sources of funds. Consequently, the efficiency of the enterprise depends entirely on the organization of the cash flow management system. This system is created to ensure the implementation of short-term and strategic plans of the enterprise, maintaining solvency and financial stability, more rational use of its assets and sources of financing, as well as minimizing the cost of financing business activities.

The concept of "enterprise cash flow" includes numerous types of these flows, and classification is necessary to ensure their effective management.

By the scale of servicing the business process

- cash flow for the enterprise as a whole - the most aggregated type of cash flow, which accumulates all types of cash flows serving the business process of the enterprise as a whole;

- cash flow for certain types of economic activity of the enterprise - the result of differentiation of the total cash flow of the enterprise in the context of certain types of its economic activity;

- cash flow for individual structural divisions (responsibility centers) - defines the enterprise as an independent object of management in the system of organizational and economic construction of the enterprise;

- cash flow for individual business transactions - is considered as the primary object of independent management.

By type of economic activity in accordance with international accounting standards, the following types of cash flows are distinguished:

- cash flow from operating activities - is characterized by cash payments to suppliers of raw materials and materials; third-party performers of certain types of services that provide operational activities; wages to the personnel involved in the operational process, as well as managing this process; tax payments of the enterprise to the budgets of all levels and extra-budgetary funds; other payments related to the implementation of the operational process. At the same time, this type of cash flow reflects the receipt of funds from buyers of products; from tax authorities in order to recalculate overpaid amounts and some other payments provided for by international accounting standards;

- cash flow from investment activities - characterizes payments and cash receipts associated with the implementation of real and financial investment, the sale of retired fixed assets and intangible assets, the rotation of long-term financial instruments of the investment portfolio and other similar cash flows serving the investment activities of the enterprise;

- cash flow from financial activities - characterizes the receipts and payments of funds associated with attracting additional equity and share capital, obtaining long-term and short-term loans and borrowings, paying dividends and interest on deposits of owners in cash and some other cash flows associated with the implementation external financing of economic activity of the enterprise.

The characteristics of the main cash flows for certain types of economic activity of the enterprise within its total cash flow are presented in Table. 2.1.

Direction of cash flow There are two main types of cash flows:

1) positive - characterizing the totality of cash inflows to the enterprise from all types of business transactions (the term "cash inflow" is used as an analogue of this term);

2) negative - determines the totality of cash payments by the enterprise in the process of carrying out all types of its business operations (the term "cash outflow" is used as an analogue of this term).

Insufficiency of volumes in time of one of these streams causes the subsequent reduction of volumes of other type of these streams. In the enterprise cash flow management system, both of these types of cash flows represent a single (complex) object of financial management.

Table 2.1Cash flow components

By the method of calculating the volume

- gross - characterizes the totality of receipts or expenditures of funds in the period under consideration in the context of its individual intervals;

- net - determines the difference between positive and negative cash flows (between the receipt and expenditure of funds) in the considered period of time in the context of its individual intervals. Net cash flow is the most important result of the financial activity of the enterprise, which largely determines the financial balance and the rate of increase in its market value. The calculation of the net cash flow for the enterprise as a whole, its individual structural divisions (responsibility centers), various types of economic activities or individual business transactions is carried out according to the following formula:

NDP \u003d MDP - ODP,

where NPV is the amount of net cash flow in the period under review; RAP - the amount of positive cash flow (cash receipts) in the period under review; NFP - the amount of negative cash flow (expenditure of funds) in the period under review.

Depending on the ratio of the volumes of positive and negative flows, the amount of net cash flow can be characterized by both positive and negative values ​​that determine the final result of the corresponding economic activity of the enterprise and ultimately affect the formation of the balance of its monetary assets.

By volume sufficiency level distinguish the following types of cash flows of the enterprise:

- excess - characterizes such a cash flow in which cash receipts significantly exceed the real need of the enterprise for purposeful spending. Evidence of excess cash flow is a high positive value of net cash flow that is not used in the process of carrying out the economic activity of the enterprise;

- scarce - defines such a cash flow in which cash receipts are significantly lower than the actual needs of the enterprise in their purposeful spending. Even with a positive value of the amount of net cash flow, it can be characterized as a deficit if this amount does not meet the planned need for spending money in all the envisaged areas of the enterprise's business activities. The negative value of the amount of net cash flow automatically makes this flow scarce.

According to the method of evaluation in time distinguish the following types of cash flows:

- real - characterizes the cash flow of the enterprise as a single comparable value, reduced by value to the current point in time;

- future - defines the cash flow of the enterprise as a single comparable value, reduced in value to a specific future point in time. The concept of "future cash flow" can also be used as its nominal value in the upcoming moment of time (or in the context of the upcoming intervals of the future period), which is used for discounting in order to bring it to the present value.

By the continuity of formation in the period under review distinguish the following types of cash flows of the enterprise:

- regular - characterizes the flow of receipt or expenditure of funds for individual business transactions (cash flows of the same type), which in the period under consideration is carried out constantly at separate intervals of this period. Most of the cash flows generated by the operating activities of the enterprise have this type: flows associated with servicing a financial loan in all its forms; cash flows that ensure the implementation of long-term real investment projects, etc.;

- discrete - determines the receipt or expenditure of funds associated with the implementation of individual business operations of the enterprise in the period under consideration. The character of a discrete cash flow is a one-time expenditure of funds associated with the acquisition by an enterprise of an integral property complex, the purchase of a franchise license, the receipt of funds in the form of gratuitous assistance, etc.

With a certain minimum time interval, all cash flows of an enterprise can be considered as discrete, and vice versa - within the life cycle of an enterprise, the predominant part of its cash flows is regular.

By stability of time intervals the formation of regular cash flows are characterized by the following types:

- a regular cash flow with uniform time intervals within the period under review - is in the nature of an annuity;

- regular cash flow with uneven time intervals within the period under review - a schedule of leasing payments for the leased property with uneven time intervals agreed by the parties for their implementation throughout the asset leasing period.

Liquidity or change in the company's net credit position during a certain period distinguish the following types of cash flows:

- liquid - is one of the indicators by which the change in the financial position of the enterprise is assessed over time and characterizes the change in the net credit position of the enterprise during the period. However, the net credit position - it is a positive difference between the amount of loans received by the enterprise and the amount of cash;

- illiquid - characterized by a negative change in the net credit position of the enterprise during the period. At the same time, the net credit position is understood as the negative difference between the amount of loans received by the enterprise and the amount of cash.

When deciding on the possibility of issuing short-term loans, the bank is interested in the liquidity of the company's assets and its ability to generate funds necessary for payments on loans.

Liquid cash flow is closely related to the indicator of financial leverage, which characterizes the limit to which the company's activities can be improved by bank loans. Liquid cash flow is calculated using the formula

LDP \u003d - [(DKk + KKk - DSK) - (DKn + KKn - DSN)],

where LDP - liquid cash flow; DKk, DKn - long-term loans at the end and beginning of the period, respectively; KKk, KKn - short-term loans, respectively, at the end and beginning of the period; DSK, DSN - cash, respectively, at the end and beginning of the period.

According to the features of the alternation of inflows and outflows in time cash flows can be:

– relevant – in them, the flow with a “minus” sign changes to a flow with a “plus” sign once. Relevant cash flows are typical for standard, typical and most simple investment projects in which, after the stage of initial investment of capital, i.e. cash outflows, followed by long-term receipts, i.e. cash inflow;

- irrelevant - they are characterized by a situation where the outflow and inflow of capital alternate.

By the nature of balance

– to softly balanced - is based on the balance of the deficit flow in the long term, when, outside of one financial year, the deficit of the flow on investment activities is overcome and the flows on operating and financial activities are subordinated to this. This type of balance is associated with the investment orientation of the development of the company;

- tightly balanced - is based on the balance of the deficit flow in the short term according to the system of "accelerating the attraction of funds - slowing down the payment of funds", when within one financial year the deficit of the flow in operating activities as the main activity is overcome and short-term financial and investment activities are subordinated to this. This type of balance is associated with maintaining current financial stability, solvency and liquidity, and is focused on short-term investments of a speculative nature.

By degree of risk cash flows are:

– high-risk - represent a stream of innovative projects, especially at the initial stage of their life cycle, which is associated with risky investments in innovation. At the same time, the highest riskiness of cash flows is observed in financial and investment activities before the payback point or return on investment of the project is passed, and the lower riskiness is observed in operating activities;

– low risk - exist in the traditional activities of the firm, especially during the peak of the life cycle, which is associated with the stable generation of high incomes during the "cream skimming" period. At the same time, the low riskiness of cash flows is observed in operating activities.

Predictability distinguish the following types of cash flows:

- predictable - when the company's activities are carried out in a relatively stable financial, economic and political environment, many external negative factors are neutralized, and internal factors are predicted according to the history of sustainable development within the framework of representative statistical samples, i.e. systematic risks are neutralized by government policy, and technical internal risks are predicted with a high degree of probability;

- unpredictable - when the company's activities are carried out in an unstable financial, economic and political environment, many external negative factors manifest themselves as uncertainties, and internal factors are predicted due to unrepresentative statistical samples by expert methods, i.e. systematic risks have a high level of uncertainty and are almost unpredictable due to the crisis in government stabilization policy, while technical internal risks are predicted with a low degree of probability.

By manageability cash flows can be:

– managed - represent the dominance of those cash inflows and outflows that the company can manage, carrying out to a greater extent active operating and passive financial and investment activities in such a way as to develop on the basis of self-sufficiency and self-financing, i.e. financially independent and independent development of the company at the expense of its internal reserves;

- unmanageable - represent the dominance of those cash inflows and outflows that the company cannot manage, carrying out active financial and investment activities mainly in such a way as to develop on the basis of large-scale external borrowings with scanty own funds and internal reserves, i.e. financially dependent development of the company at the expense of other people's funds - with large debts and low net worth.

Controllability cash flows are divided into:

- to controlled - a flow, the inflows and outflows of which can be predicted and controlled, the balance of which is formed at the slightest deviation from the planned level, i.e. "plan - fact - deviation" is minimal in terms of intermediate and final financial results;

- uncontrolled - flow, the inflows and outflows of which cannot be predicted and controlled, the flow balance is formed with a significant deviation from the planned level, i.e. "plan - fact - deviation" as much as possible for both intermediate and final financial results.

Synchronization possible cash flows are:

– synchronized - a flow whose inflows are consistent with the time of outflows over the time period, taking into account seasonal and cyclical differences in receipts and expenditures of funds in such a way that an increase in the level of correlation between positive and negative cash flows is ensured in the pursuit of a value of "+1";

- non-synchronized - a flow whose inflows are not consistent with the timing of outflows over time due to significant seasonal and cyclical differences in cash inflows and outflows in such a way that there is a significant decrease in the level of correlation between positive and negative cash flows, the correlation is negligible, which can mean her absence.

Opportunity to optimize distinguish between cash flows:

– optimized - a flow, the inflows and outflows of which can be aligned and synchronized in time, smoothing the volumes of inflow and outflow in the context of individual intervals of the time period with the elimination of the significant influence of seasonal and cyclical changes in the formation of flows, when the average cash balances correspond to the average financial needs of the company;

- non-optimizable - a flow, the inflows and outflows of which cannot be equalized and synchronized in time, the volumes of inflow and outflow are not smoothed out in the context of individual intervals of the time period due to the significant influence of seasonal and cyclical changes in the formation of flows, when the average cash balances do not largely correspond to the average the financial needs of the firm.

By efficiency in relation to profitability indicators cash flows are divided:

- to efficient - a flow whose soft balance simultaneously contributes to the growth of profitability, especially the return on equity in such a way that the company's sustainable growth is ensured, and financial stability and profitability indicators improve at the same time;

– inefficient but balanced - a flow whose rigid balance occurs due to a decrease or loss of profitability, especially the return on equity in such a way that chronic unprofitability is ensured after covering current liabilities, and the indicator of strengthening current financial stability, solvency, liquidity improves at the cost of loss of profitability.

The considered classification allows more purposefully to carry out accounting, analysis and planning of cash flows of various types in the enterprise.

The main task of the analysis of cash flows is to identify the causes of the lack (excess) of funds, determining the sources of their receipts and directions of use.

Based on the results of the cash flow analysis, conclusions can be drawn on the following issues:

1) in what volume and from what sources the funds were received and what are the main directions of their spending;

2) whether the enterprise, in the course of its current activities, is able to ensure the excess of cash receipts over payments and how stable such an excess is;

3) whether the enterprise is able to pay off its current obligations;

4) whether the profit received by the enterprise is sufficient to satisfy its current need for money;

5) whether the company's own funds are sufficient for investment activities;

6) what explains the difference between the amount of profit received and the amount of cash.

The analysis of the types of cash flows of an enterprise involves their identification by individual types and the determination of the total volume of cash flows of specific types in the period under consideration.

The analysis of the volume of cash flows includes a system of key indicators characterizing the volume of generated cash flows of the enterprise:

- the volume of cash receipts;

- the amount of money spent;

- the volume of cash balances at the beginning and end of the period under review;

– volume of net cash flow;

- the distribution of the total volume of cash flows of specific types for individual intervals of the period under review. The number and duration of such intervals is determined by the specific tasks of analyzing or planning cash flows;

- assessment of factors of internal and external nature, influencing the formation of cash flows of the enterprise.

The most important indicator is the amount of cash flow from the main activity. It is necessary that the amount of funds received be sufficient at least to cover all costs associated with the production and sale of products.

The main purpose of the analysis of cash flows of the enterprise in the previous period is to identify the level of adequacy of the formation of funds, the efficiency of their use, as well as the balance of positive and negative cash flows of the enterprise in terms of volume and time. The analysis of cash flows is carried out for the enterprise as a whole, in the context of its main types of economic activity, for individual structural divisions (responsibility centers).

There are direct and indirect methods for calculating the net flow.

Analysis of the cash flow statement (ODDS) allows you to significantly deepen and adjust the conclusions regarding the liquidity and solvency of the organization, its future financial potential, previously obtained on the basis of static indicators in the course of traditional financial analysis.

The main purpose of the ODDS is to provide information on changes in the volume of cash and cash equivalents to characterize an organization's ability to generate cash.

The organization's cash flows are classified in terms of current, investment and financial activities. ODDS shows the movement of cash, taking into account changes in the structure of cash inflows and outflows, taking into account the balance of balances at the beginning and end of the period, which allows you to determine the organization's ability to maintain and generate net cash flow, i.e. the excess of the volume of cash inflows over the volume of cash outflows, taking into account the balance of balances. The balance of balances allows you to manage the liquidity, solvency and financial stability of the organization. Direct calculation method, based on the analysis of cash flow in the accounts of the enterprise:

- allows you to show the main sources of inflow and direction of outflow of funds;

- makes it possible to draw prompt conclusions regarding the sufficiency of funds for payments on current obligations;

- establishes the relationship between sales and cash receipts for the reporting period.

The direct method is aimed at obtaining data characterizing both the gross and net cash flow of the enterprise in the reporting period. It is designed to reflect the entire volume of receipts and expenditures of funds in the context of individual types of economic activity and for the enterprise as a whole. Differences in the results of calculating cash flows obtained by the direct and indirect methods relate only to the operating activities of the enterprise. When using the direct method of calculating cash flows, direct accounting data is used that characterizes all types of receipts and expenditures of funds.

The principal formula for calculating the amount of net cash flow from the operating activities of the enterprise (NFC) by the direct method is as follows:

CHDP = RP + PPO - Ztm - Zpo.p - ZPau - NBb - NPv.f - PVO,

where RP is the amount of money received from the sale of products; PPO - the amount of other cash inflows in the course of operating activities; Ztm - the amount of money paid for the purchase of inventory items - raw materials, materials and semi-finished products from suppliers; Zpo.p - the amount of wages paid to operational personnel; ZPau - the amount of wages paid to administrative and managerial personnel; NPb - the amount of tax payments transferred to the budget; NPv.f - the amount of tax payments transferred to off-budget funds; PVO - the amount of other cash payments in the course of operating activities.

Calculations of the amount of net cash flow of an enterprise for investment and financial activities, as well as for the enterprise as a whole, are carried out according to the same algorithms as with the indirect method.

The results of the calculations are reflected in table. 2.2.

In accordance with the principles of international accounting, the company chooses the method of calculating cash flows on its own, however, the direct method looks preferable, allowing you to get a more complete picture of their volume and composition.

Net cash flows from investing and financing activities are calculated using the direct method only.

Indirect calculation method net cash flow, based on the analysis of balance sheet items and the income statement, allows you to show the relationship between different types of activities of the enterprise; establishes the relationship between net profit and changes in the assets of the enterprise for the reporting period.

The calculation of the net cash flow of the enterprise by the indirect method is carried out by type of economic activity and the enterprise as a whole.

For operating activities, the basic element for calculating the net cash flow of an enterprise by the indirect method is its net profit received in the reporting period. By making the appropriate adjustments, net income is then converted into net cash flow. The principal formula used to calculate the amount of the enterprise's net cash flow from operating activities in the period under review is as follows:

FDP = CHP + AOS + ANA ± DZ ± Ztmts ± KZ ± R,

where PE - the amount of net profit of the enterprise; AOS - the amount of depreciation of fixed assets; ANA - the amount of depreciation of intangible assets; DZ - increase (decrease) in the amount of receivables; Ztmts - increase (decrease) in the amount of inventories of inventory items that are part of current assets; KZ - increase (decrease) in the amount of accounts payable; P - increase (decrease) in the amount of the reserve and other insurance funds.

The results of the calculations are reflected in the following tabular form (Table 2.3).

Table 2.2 Cash flow statement of an enterprise developed by the direct method

Table 2.3 Statement of cash flows of an enterprise developed by the indirect method

In turn, the use of the indirect method of calculating the NPV - the net cash flow of current (or operating) activities, allows us to show by which non-cash items the amount of net profit (loss) declared by the organization in the income statement differs from the NPV.

The basis for optimizing the cash flows of an enterprise is to ensure a balance between the volumes of their positive and negative types. The results of economic activity of the enterprise are negatively affected by both scarce and excess cash flows.

Negative Consequences scarce cash flow are manifested in a decrease in the liquidity and solvency of the enterprise, an increase in overdue accounts payable to suppliers of raw materials and materials, an increase in the share of overdue debts on financial loans received, delays in payment of wages (with a corresponding decrease in the level of staff productivity), an increase in the duration of the financial cycle, and ultimately – decrease in profitability of the use of own capital and assets of the enterprise.

Negative Consequences excess cash flow are manifested in the loss of the real value of temporarily unused funds as a result of inflation, the loss of potential income from the unused part of monetary assets in the field of their short-term investment, which ultimately also negatively affects the level of return on assets and equity of the enterprise.

The slowdown in cash payments in the short term can be achieved by:

– by using the float to slow down the collection of own payment documents;

- increase, in agreement with suppliers, the terms for granting a commodity (commercial) loan to the enterprise;

– replacement of the acquisition of long-term assets requiring renewal with their lease (leasing);

– restructuring the portfolio of received financial loans by converting their short-term types into long-term ones.

The system of accelerating (slowing down) the payment turnover, solving the problem of balancing the volume of scarce cash flow in the short term (and, accordingly, increasing the level of the absolute solvency of the enterprise), creates certain problems of scarcity of this flow in subsequent periods. In this regard, in parallel with the use of the mechanism of this system, measures should be developed to ensure the balance of the deficit cash flow in the long term.

Volume growth positive cash flow in the long run can be achieved:

– by attracting strategic investors in order to increase the amount of own capital;

– additional issue of shares;

– attracting long-term financial loans;

– sale of a part (or the entire volume) of financial investment instruments;

– sale (or lease) of unused types of fixed assets.

Volume reduction negative cash flow in the long term can be achieved through the following activities:

- reducing the volume and composition of real investment programs;

– refusal of financial investment;

– reducing the amount of fixed costs of the enterprise.

Methods for optimizing the excess cash flow of an enterprise are associated with ensuring the growth of its investment activity. In the system of these methods can be used:

– increase in the volume of expanded reproduction of operating non-current assets;

– acceleration of the period of development of real investment projects and the beginning of their implementation;

– implementation of regional diversification of the enterprise's operating activities;

– active formation of a portfolio of financial investments;

– early repayment of long-term financial loans.

In the system of optimizing the cash flows of an enterprise, an important place belongs to their balance in time. This is due to the fact that the imbalance of positive and negative cash flows over time creates a number of financial problems for the enterprise. Experience shows that the result of such an imbalance, even with a high level of formation of net cash flow, is the low liquidity of this flow (respectively, the low level of the absolute solvency of the enterprise) in certain periods of time. With a sufficiently long duration of such periods, a serious threat of bankruptcy arises for the enterprise.

In the process of optimizing the cash flows of an enterprise in time, they are preliminarily classified according to the following criteria.

According to the level of "neutralization"(a term meaning the ability of a certain type of cash flow to change over time) cash flows are divided into amenable and not amenable to change. An example of a cash flow of the first type is leasing payments, the period of which can be set by agreement of the parties, an example of a cash flow of the second type is tax payments, the payment deadline of which cannot be violated by the enterprise.

The level of predictability cash flows are divided into completely and insufficiently predictable (absolutely unpredictable cash flows are not considered in the system of their optimization).

The object of optimization is predictable cash flows that can be changed over time. In the process of optimizing cash flows over time, two main methods are used - leveling and synchronization.

Equalization of cash flows is aimed at smoothing their volumes in the context of individual intervals of the period under consideration. This optimization method allows, to a certain extent, to eliminate seasonal and cyclical differences in the formation of cash flows (both positive and negative), while simultaneously optimizing the average cash balances and increasing the level of liquidity. The results of this method of optimizing cash flows over time are evaluated using the standard deviation or coefficient of variation, which should decrease during the optimization process.

Synchronization of cash flows is based on the covariance of their positive and negative types. In the process of synchronization, an increase in the level of correlation between these two types of cash flows should be ensured. The results of this method of optimizing cash flows over time are evaluated using the correlation coefficient, which should tend to the value "+1" during the optimization process.

The correlation coefficient of positive and negative cash flows over time KKdp is calculated using the following formula:

where R p.o - predicted probabilities of deviation of cash flows from their average value in the planning period; RAP i- options for the amount of positive cash flow in certain intervals of the planning period; RAP - the average amount of positive cash flow in one interval of the planning period; ODP i- options for the amount of negative cash flow in certain intervals of the planning period; ODP - the average amount of negative cash flow in one interval of the planning period; ?RCP, ?RCP – mean square (standard) deviation of the amounts of positive and negative cash flows, respectively.

The final stage of optimization is to provide conditions for maximizing the net cash flow of the enterprise. The growth of net cash flow ensures an increase in the pace of economic development of the enterprise on the principles of self-financing, reduces the dependence of this development on external sources of formation of financial resources, and ensures an increase in the market value of the enterprise.

The plan for the receipt and expenditure of funds, developed for the coming year, broken down by months, provides only a general basis for managing the cash flows of an enterprise. At the same time, the high dynamism of these flows, their dependence on many short-term factors determine the need to develop a planned financial document that ensures the daily management of the receipt and expenditure of the enterprise's funds. This planning document is payment schedule.

The payment calendar, developed at the enterprise in various versions, is the most effective and reliable tool for the operational management of its cash flows. It allows you to solve the following main tasks:

- to reduce the forecast options for the plan of receipt and expenditure of funds ("optimistic", "realistic", "pessimistic") to one real task for the formation of cash flows of the enterprise within one month;

- to the maximum extent possible to synchronize positive and negative cash flows, thereby increasing the efficiency of the company's cash flow;

- to ensure the priority of payments of the enterprise according to the criterion of their impact on the final results of its financial activities;

- to ensure the necessary absolute liquidity of the enterprise's cash flow to the maximum extent, i.е. its solvency in the short term;

- include cash flow management in the system of operational controlling (respectively, current monitoring) of the financial activities of the enterprise.

The main purpose of developing a payment calendar (in all its variants) is to establish specific deadlines for the receipt of funds and payments from the enterprise and bring them to specific executors in the form of planned targets. With this goal in mind, a payment calendar is sometimes defined as a "payment plan by exact date."

The most common form of the payment calendar used in the process of operational planning of the enterprise's cash flows is the allocation of two sections in it:

1) the schedule of upcoming payments;

2) the schedule of forthcoming receipts of funds.

However, if the planned type of cash flow is one-sided (only positive or only negative), the payment calendar is developed in the form of one corresponding section.

The time schedule of payments is maintained in the payment calendar, usually daily, although certain types of this planning document may have other periodicity - weekly or ten-day (if such frequency does not significantly affect the course of the enterprise's cash flow or is caused by the uncertainty of payment terms).

The payment calendar within the enterprise is maintained for certain types of business activities, as well as for various types of responsibility centers (structural units and divisions).

Consider the main types of payment calendar in the system of operational cash flow management for the operating activities of the enterprise.

Tax payment calendar is developed for the enterprise as a whole and usually contains only one section - “tax payment schedule” (refundable payments for tax recalculations of funds are usually included in the receivables collection calendar). This payment calendar reflects the amounts of all types of taxes, fees and other tax payments transferred by the enterprise to the budgets of all levels and extra-budgetary funds. As a rule, the last day of the established term for the transfer of tax payments of each type is chosen as the calendar date of payment.

Receivables collection calendar is usually developed for the enterprise as a whole (although if there is a specialized unit - a credit department - it can cover a group of payments only from this responsibility center). For current accounts receivable, payments are included in the calendar in the amounts and terms stipulated by the relevant agreements (contracts) with counterparties. For overdue receivables, these payments are included in this planning document on the basis of prior agreement between the parties. The receivables collection calendar contains only one section - “cash receipt schedule”. In order to reflect the real cash turnover of the enterprise, the date of receipt of funds is the day they are credited to the company's current account (this allows us to exclude the float period in settlements with debtors).

In accordance with the current international practice of reporting and forecasting cash flows, the servicing of financial loans is reflected in the operating (and not financial) activities of the enterprise. This is due to the fact that interest on loans, leasing payments and other expenses of an enterprise for servicing a financial loan are included in the cost of production and, accordingly, affect the amount of generated operating profit. Financial loan servicing calendar is developed as a whole for the enterprise and contains only one section - "schedule of payments related to servicing a financial loan." Amounts and dates of payments are included in the payment calendar in accordance with the terms of credit (leasing) agreements.

Payroll calendar is usually developed at enterprises that use a multi-stage schedule of wage payments to employees of various structural units (branches, workshops, etc.). The dates of such payments are set on the basis of a collective labor agreement or individual labor contracts, and the amount of payments is based on the staffing table and the corresponding cost estimate developed. The specified payment calendar usually contains one section - “schedule of payment of wages”.

Calendar (budget) for the formation of inventories is usually developed for the corresponding cost centers (structural units that carry out the logistics of production). The composition of payments reflected in this calendar usually includes the cost of purchased raw materials, materials, semi-finished products, components, as well as transportation and insurance costs during transportation. If the formed production stocks require special storage modes (cooling, gas environment, etc.), then this type of payment calendar can also reflect the costs of their storage. The specified calendar contains only one section - "schedule of payments associated with the formation of inventories." The amounts and dates of these payments are set in accordance with contracts with contractors or plans for the purchase of inventory items. Usually, these payments also include the repayment of the company's accounts payable for settlements with suppliers.

As part of calendar (budget) of management expenses payments for the purchase of office supplies, computer programs and office equipment that are not included in non-current assets are reflected; travel expenses; postal and telegraph expenses and other expenses associated with the management of the enterprise (except for the cost of remuneration of administrative and managerial personnel, reflected in the salary payment calendar). This type of payment calendar contains only one section - "payment schedule for general economic management." The amount of payments of this calendar is determined by the corresponding estimate, and the dates of their implementation - in agreement with the relevant management services.

Calendar (budget) of product sales usually developed for revenue centers or profit centers of the enterprise. The specified payment calendar contains two sections - "schedule of receipt of payments for products sold" and "schedule of expenses that ensure the sale of products." The first section reflects cash receipts in cash payments for products (if this responsibility center controls the collection of receivables for settlements with customers, then this type of cash receipts is also reflected in the first section). The second section forms the costs of marketing, maintenance of the sales network, advertising, etc.

Consider the main types of payment calendar in the system of operational management of cash flows for the investment activities of the enterprise.

Calendar (budget) for the formation of a portfolio of long-term financial investments consists of two sections - "schedule of costs for the acquisition of various long-term financial instruments of investment" (stocks, long-term bonds, etc.) and "schedule of receipt of dividends and interest on long-term financial instruments of the investment portfolio". The indicators of the first section within the framework of the general cost estimate are set in agreement with the relevant investment managers, and the indicators of the second section - in accordance with the terms of issue of individual financial instruments of the portfolio.

Calendar (capital budget) for the implementation of the real investment program is compiled for the enterprise as a whole, if large-scale investments are not made on separately developed investment projects. This type of operational financial plan contains indicators of two sections - “capital costs schedule” (costs for the acquisition of fixed assets and intangible assets) and “schedule for the receipt of investment resources” (in the context of their individual sources).

Calendar (capital budget) for the implementation of individual investment projects is compiled, as a rule, for the corresponding responsibility centers of the enterprise (investment centers). Its structure is similar to the previous type of calendar with cash flow limited to only one investment project.

In the system of operational management of cash flows for the financial activities of the enterprise, the following types of payment calendar can be developed.

Calendar (budget) of share issue has two varieties - if it is developed before the sale of shares on the primary stock market, then it includes only one section: "Schedule of payments to ensure the preparation of the issue of shares"; if it is developed for the period of the ongoing sale of shares, then it consists of two sections: “Schedule of receipt of funds from the issue of shares” and “Schedule of payments to ensure the sale of shares” (commission to investment brokers, information costs, etc.) .

Calendar (budget) of bond issue developed periodically. The principles of its formation are the same as the previous version of the operational financial plan.

Principal amortization calendar for financial loans contains only one section - "Principal Amortization Schedule". The indicators of this operational financial plan are differentiated in the context of each loan to be repaid. The amount of payments and the timing of their implementation are set in the payment calendar in accordance with the terms of loan agreements concluded with commercial banks and other financial institutions.

The listed types of payment calendar as a form of an operational planning document can be supplemented taking into account the volume and specifics of the economic activity of the enterprise. The enterprise establishes a specific list of types of the payment calendar on its own, taking into account the requirements for the effectiveness of cash flow management.