Kreinina, M. N. Why is it necessary to study financial management? Investment is

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1. Calculation of the financial cycle.

2. Coefficients of autonomy and bankruptcy forecast.

3. Analysis of movement and forecasting of cash flow.

4. Indicators of profitability of the enterprise.

5a. Analysis and management of production inventories.

5b.Types of financial stability of the enterprise.

6. Analysis and management of receivables.

7. Coefficients of current, urgent and absolute liquidity.

8. Basic theories of capital structure (traditional and the theory of Modigliani-Miller).

9. Coefficients of accounts receivable and payable at the enterprise.

10. Evaluation of common and preferred shares.

11. Formation of a policy for the management of funds of the enterprise.

12. Methods for evaluating investment projects.

13. Problems of intra-firm financial planning.

14. Classification of financial instruments and markets.

15. Indicators of the property status of the organization.

16. The basic concept of the price of capital.

17. The structure of the balance and its characteristics.

18. Valuation of bonds.

19.Problems of formation and renewal of fixed capital in the organization

20. Method of calculating the critical volume of sales.

21. Tax policy of the enterprise.

22. Interest rates and methods of their calculation.

23. Sources of formation of own circulating assets.

24. Methods for predicting the possible bankruptcy of an enterprise.

25. Financial reporting and analysis financial condition enterprises.

26. Leveridge and his role in financial management.

27. The system of indicators of profitability of the enterprise.

28. Information support of financial management.

29. Estimation of balance sheet liquidity.

30. Financial planning in the enterprise.

31. Stocks of the enterprise and their structure.

32. The essence of planning cash flows.

33. Coefficients of provision with own circulating assets, forecast of bankruptcy.

34. Goals and objectives of financial management.

35. profit and its types.

36. The essence of working capital management. The significance of cash management.

37. Types of financial stability of enterprises.

38. Choice of working capital management policy.

39. Coefficients of autonomy, the ratio of own and borrowed funds, maneuverability

40. Place and role of finance in social production.

41.Break-even point.

42. Working capital: basic concepts.

43 Liquidity ratios: current, urgent and absolute

44. Forecasting indicators of solvency.

45. Own and borrowed resources of the enterprise.

46. ​​Calculation of the creditworthiness index.

47. The essence of the regulation of working capital.

Calculation of the financial cycle.

Working capital in the course of its use can be in different forms. Each enterprise buys raw materials, processes them, manufactures finished products and sells them on credit. We can say that funds go through a full operating cycle.

Cash flow in the course of the operating cycle goes through the following main stages, sequentially changing its forms:

- funds are used to purchase raw materials and supplies;

- stocks of raw materials, as a result of direct production activities, are transformed into a stock of finished products;

- stocks of finished products are sold to buyers and, before their payment, are converted into accounts receivable;

- the collected (paid) receivables are again converted into cash, some of which, until their production demand, can be stored in the form of highly liquid short-term financial investments.

The production cycle begins from the moment raw materials and materials arrive at the warehouse of the enterprise and ends at the time of shipment of the finished product to the buyer.

The duration of the production cycle of a commercial organization is determined by the following formula:

PPC = OSM + ONZP + OGP, where PPC is the duration of the production cycle in days;

OSM - the duration of the turnover of the average stock of raw materials, materials and semi-finished products in days; Onzp - the duration of the turnover of the average volume of work in progress in days;

Ogp - the duration of the turnover of the average stock of finished goods in days.

The financial cycle begins from the moment the supplier pays for the purchased raw materials and materials (repayment of accounts payable) and ends when money is received from buyers for the shipped products (repayment of accounts receivable).

The duration of the financial cycle is determined as follows:

Ofc = PPC - OKz = Otmz + Odz - Okz, where OKz is the average balances of accounts payable / production costs; Otmz - average inventory balances / production costs;

Oz - average balances of DZ / sales proceeds.

The operating cycle characterizes the total time during which financial resources are in inventories and receivables.

The duration of the operating cycle is calculated by the formula

Pots = PPC + Odz.

Financial Cycle Calculation is the basis for planning and cash management. The company must constantly strive to reduce the production and financial cycle. For this, they can use various measures: rationing of working capital; reduction in production costs; optimization of inventories; optimization of the delivery of raw materials and supplies; optimization of delivery and storage of finished products; accounts receivable management; cash management; reduction of the production cycle; reducing the need for inventory; effective pricing policy; application of a logical approach, etc.

The choice of an option for reducing production and financial cycles is made on the basis of comparing the effectiveness of each option. Reducing the duration of these cycles allows you to reduce the need for working capital.

Autonomy and bankruptcy forecast coefficients.

Autonomy coefficient.

The autonomy ratio shows the share of equity in the liabilities of the company's balance sheet, i.e. the degree of independence of the enterprise from borrowed funds. A high equity ratio reflects minimal financial risk and good opportunities for attracting additional funds from outside. The growth of this coefficient indicates an increase in the independence of the enterprise. Theoretically, the standard value of the coefficient should be equal to or exceed 0.5 (50%). This means that all obligations of the enterprise can be covered by its own funds. The growth of the coefficient in the general case indicates an increase in the independence of the enterprise.

The bankruptcy forecast coefficient (Kpb) is calculated using the formula: Kpb = (Znds + NLA - P5) / WB, where Znds - stocks and VAT; NLA - the most liquid assets; P5 - short-term liabilities; WB - balance currency.

The coefficient shows the ability of the enterprise to pay off its short-term liabilities, subject to the favorable sale of reserves. The higher the value of the indicator, the lower the risk of bankruptcy.

Financial management - financial management of business entities, financial analysis, planning, as well as finding and allocating capital. It covers all major areas of finance and applies to all segments of the financial market. Financial management is also a type of management activity. It is a system of influence of the subject of financial management (financial manager) on his object in order to improve the latter. In addition, financial management is a form of entrepreneurship.

Financial management is interconnected with cost accounting, marketing, planning.

Self-financing has had a significant positive impact on the economy of enterprises. However, its capabilities in the context of administrative management are limited. Certain elements of cost accounting, in particular self-sufficiency and self-financing, ruble control, material responsibility, material interest, have achieved great development in a market economy. Cost accounting is necessary not only for a state enterprise in conditions of public ownership of the means of production, but also for a private enterprise, a commercial organization in conditions of private ownership.

Cost accounting as a method and style of management is in many ways similar to management. However, one should not assume that cost accounting cancels or replaces management, just as management does not cancel cost accounting. There is competition here, which creates a fertile ground for the development of cost accounting and management at the same time.

Marketing means market research, sales system. Marketing is not only the science of selling, but also of managing, it is a type of human activity aimed at satisfying needs and wants through exchange. In the 50s of the last century, marketing theory merged with management theory. As a result, the applied science of company management on the principle of marketing emerged, which was called "market management theory". Marketing is the concept of managing the development, production and marketing of a product. Marketing affects management, interacts closely with it and is intertwined. Their interconnection guarantees the success of entrepreneurship.

Planning is a system of planning decisions of a firm, which, as a participant in the market system, is forced to obey the price mechanism, the law of supply and demand, since it cannot reverse their actions.

By using planning, the firm eliminates the costs that it could have if all actions within the firm were performed on the basis of purchase and sale. By canceling such a relationship, she avoids additional costs.

Planning is one of the functions of management. Financial management brings together the planning of material, technical, labor and financial resources, ensuring their balance. Financial planning in our case has an intra-company orientation and is reflected in a special section of the business plan.

Topic 6. Financial planning and forecasting

Question 1. Strategic, long-term and short-term financial planning

Kreinina M.N. Financial management: Textbook. pos. - M .: Delo and Service, 1998 .-- 304 p., Pp. 195-212.

9.1. Planning the income and expenses of the enterprise

Financial planning covers the most important aspects of the enterprise; it provides the necessary preliminary control over the education and use of material, labor and monetary resources, creates the necessary conditions for improving the financial condition of the enterprise.

Financial planning in the enterprise is interconnected with planning economic activity and is built on the basis of other indicators of the plan (volume of production and sales, cost estimates for production, capital investment plan, etc.). However, drawing up financial plan is not a simple arithmetic conversion of production indicators into financial indicators.

In the process of drawing up a draft financial plan, a critical approach to indicators is taken production plan, the on-farm reserves not accounted for in them are identified and used, methods are found for more efficient use of the production potential of the enterprise, more rational use of material and monetary resources, improving the consumer properties of products, etc.

In the process of developing a financial plan, the following are determined: costs of products sold, proceeds from sales, cash accumulations, depreciation, the amount and sources of financing for investments planned for the planned period, the need for working capital and the sources of its coverage, distribution and use of profits, relationships with the budget, extra-budgetary funds, banks.

Financial planning at the enterprise has the following target focus:

1. Provision of financial resources and funds for the activities of the enterprise.

2. Increase in profits from core activities and other activities, if any.

3. Organization of financial relationships with the budget by off-budget funds, banks, creditors and debtors.

4. Ensuring a real balance of planned income and expenses.

5. Ensuring the solvency and financial stability of the enterprise.

The traditional form of a financial plan is a balance of income and expenses. The work on drawing up a financial plan is carried out in several stages:

the first stage is an assessment of the execution of the financial plan for the previous period;

the second stage - consideration of the projected production indicators, on the basis of which the financial plan will be drawn up;

the third stage is the development of a draft financial plan.

For the sake of greater efficiency and taking into account inflation, it is advisable to draw up a balance of income and expenses for the quarters of the planned year.

To draw up a balance of income and expenses, it is necessary to have the following calculations as a basis: proceeds from sales; profit and directions of its spending; needs for own circulating assets; the amount and use of depreciation; the sizes and directions of use of the repair fund, etc.

The balance of income and expenses can be drawn up in the context of the following items.

I. Income and receipts of funds.

1. Revenue from the sale of products (works, services)

including: 1.1. Profit from sales.

2. Income from non-operating transactions.

3. Other operating income.

4. Depreciation.

5. Repair fund.

6. Funds deducted from the cost of production:

6.1. For the payment of taxes and other mandatory payments attributed to the cost price.

6.2. To pay interest on loans.

7. Increase in stable liabilities.

8. Surplus working capital at the beginning of the planning period.

9. Income from the initial issue of shares.

10. Other income.

Total income and receipts of funds.

11. Expenses and deductions.

1. Costs of sold products and services at full planned cost, including losses from sales.

2. Value added tax paid to suppliers.

3. Capital investments.

4. The cost of repairing fixed assets.

5. Deductions from profit for accumulation and consumption.

6. Rent.

7. Contributions to the reserve and other special funds.

8. Other operating expenses.

9. Other non-operating expenses.

Total expenses and deductions.

III. Relationship with the budget, extra-budgetary funds and banks.

1. Income tax.

2. Value Added Tax.

3. Property tax.

4. Other taxes included in the cost price and paid on account of financial results.

5. Payments to off-budget funds.

6. Repayment of long-term bank loans.

7. Payment of interest on loans.

Total payments.

1. Income and receipts of funds.

2. Costs, deductions and payments.

The balance of income and expenses is formed on the basis of an analytical generalization of the results obtained in the process of calculations for each of its items. Therefore, the work on drawing up a balance of income and expenses is not a simple filling of its articles with the corresponding digital data obtained as a result of calculations and summing up the results for each of the sections. With such work, it is impossible to achieve a balance between income and expenses and ensure targeted and efficient use of financial resources.

In the process of forming the balance of income and expenses, the following tasks should be solved:

• identification of the company's reserves and the mobilization of internal resources, which make it possible to increase profitability, solvency, accelerate the turnover of assets and capital and solve other issues related to improving the financial condition of the enterprise;
• more efficient use of profits and other income;
• increasing the efficiency of investments and the investment attractiveness of the enterprise.

The work should begin with drawing up the section "Income and receipts of funds", with determining their total size, analyzing the composition, structure and rate of change in comparison with similar data for the corresponding period preceding the planned one. In the event of a decrease in any types of income and receipts, it is necessary to analyze the reasons for this, and also check the calculations in order to avoid errors.

In the process of drawing up the section "Expenses and deductions", it is necessary for a number of its articles to check the interconnection of the planned amounts of expenses and deductions with the sources of covering them with the corresponding income and receipts of funds provided for in the first section of the balance of income and expenses. The costs of products and services sold in the second section of the balance sheet must be fully covered by the proceeds from their sale. If the proceeds from the sale of products and services are less than the costs of the products sold, then in the first section there will be no profit from sales, and in the second section, in the amount of the planned costs of the sold products, losses appear in the composition of these costs in the amount of the excess of costs over revenue.

The cost of repairing fixed assets should be equal to the amount of the repair fund shown in the first section of the balance of income and expenses. In the case of planning expenses for the repair of fixed assets in an amount less than the size of the repair fund, the second section of the balance of income and expenses provides for an additional item - "Free balance of the repair fund", which reflects the amount of excess of the repair fund over the cost of repairs.

If for the planned period capital investment are not provided or their intended amount is less than the depreciation contained in the first section of the balance sheet, then the free balance of these funds cannot be used to cover other planned costs and payments. Not used for its intended purpose, this balance of funds is shown in the second section of the balance of income and expenses under the item "Balance of funds intended for investments".

After filling in all the items of the balance of income and expenses and summing up the results for each of the sections, the degree of balance between them is checked. To do this, it is necessary to compare the total of the first section "Income and receipts" with the sum of the results of the second and third sections. In the absence of equality, it is necessary or to find additional sources incomes and receipts of funds, or to revise the planned expenses and deductions for the second and third sections of the balance in the direction of their reduction.

9.2. Drawing up the planned balance of the enterprise

The amount of assets and liabilities in the planning period may change in comparison with the baseline under the influence of a number of factors. Each item of assets and liabilities should be calculated taking into account the factors affecting precisely its value. In this case, it is important for us to take into account those factors that are associated with changes in proceeds from sales in general, prices for products sold, natural sales volume, profit from sales and other activities, prices for raw materials, materials and services consumed in the course of the enterprise's activities, terms of settlements with debtors and creditors.

The listed factors have a direct impact on the most dynamic elements of assets and liabilities - on inventories, accounts receivable, cash, accounts payable. Non-current assets are less affected by these factors, but they can also change for some other reason.

Intangible assets and especially long-term and short-term financial investments are not directly affected by the dynamics of sales proceeds, prices for the Company's products and raw materials, etc. Fixed assets and construction in progress may change, for example, under the influence of changes in production, but this should there should be very significant qualitative shifts in technology, volume and range of products, etc.

The capital and reserves, long-term liabilities and short-term loans of banks also change for reasons of a different nature, however, it is necessary to bear in mind the possible increase in capital and reserves by channeling there a part of the profit received in the planning period.

Considering the planning of the balance sheet of the enterprise, let's leave aside possible changes in its investment policy, in relations with banks, etc. Let us take into account only those factors that change most often and are directly related to the main activity.

Let us assume that in the planning period it is assumed that there is a possibility of increasing prices for the enterprise's products and selling the natural volume of production equal to the base one. Then the proceeds from sales will increase by 10%, and the profit from sales will be:

24021 x 1.1 -21599 = 4824 thousand rubles.

Such a calculation is correct if the prices for raw materials, materials and services consumed by the enterprise in the course of its activities do not change, and the level of remuneration of employees of the enterprise does not change. But, according to experts, the prices of consumed resources will be higher than in the base period by an average of 2.7%, and labor costs for various reasons will increase by 23.6%. Contributions to off-budget funds will grow to the same extent. The rest of the cost elements will not change, since they are not associated with either a change in sales proceeds or a change in prices.

Material costs as part of the cost of products sold are planned in the amount of 4950 thousand rubles, i.e. 18.7% of sales proceeds; labor costs and deductions to off-budget funds - 10882 thousand rubles, i.e. 41.2% of sales proceeds; depreciation of fixed assets will remain at the basic level, amounting to 2,330 thousand rubles, or 8.8% of sales proceeds. Thus, data on the dynamics of sales proceeds and its components can be summarized in the following table.

Table 9.1. - Change in revenue from sales, costs of products sold and profit from sales in the planning period compared to the baseline

1. The state of the stocks of the enterprise: is there a surplus or shortage of stocks in comparison with the required requirement and whether it is planned to eliminate the surplus or shortage in the planning period, if they occur in the base period.

2. The state of accounts receivable: is there any overdue or uncollectible in its composition and whether the repayment is expected to be overdue. In addition, does the composition of debtors or the terms of settlements with them change, leading to an acceleration or deceleration of the turnover of accounts receivable as a whole.

3. The state of accounts payable: is there any overdue in its composition and is it supposed to be repaid, if any. In addition, does the composition of creditors-suppliers and the terms of settlements with them change, leading to an acceleration or deceleration of the turnover of accounts payable to suppliers? Finally, are there any overdue accounts payable to other creditors (budget, off-budget funds, etc.).

Depending on the circumstances listed, the planned amounts of accounts receivable and payable inventories may differ materially.

Taking into account the foregoing, we will determine the planned size of reserves If, as in our company, the overwhelming part of the reserves is raw materials and materials, then the entire basic balance sheet value of reserves can be calculated without a large error based on the rate of change material costs and restocking. If significant reserves are presented finished products or goods shipped, then they must be planned by direct account based on the prospects for sales and payment for the products of the enterprise (Table 9.2).

Table 9.2 - Calculation of the planned size of the company's stocks

Explanations for the calculation.

1. In page 5, the normal inventory turnover is calculated, provided that the shortage of inventories on the balance sheet is eliminated. Without changes in technology and composition of products, such turnover remains in the planning period.

2. Necessary stocks for the planning period in line 3 gr. 4 and 5 are determined by dividing material costs by the normal inventory turnover (4950: 3.55 = 1394 thousand rubles).

3. If the shortage of stocks is eliminated, the balance sheet value of stocks will be equal to normal (line 1 column 5); while maintaining a shortage of reserves, their balance sheet value should, at least, increase in proportion to the increase in material costs for the products sold: 1155 x 4950/4818 = 1187 thousand rubles. (this is due to the rise in prices for raw materials and supplies).

If there were surplus stocks on the balance sheet of the enterprise, the calculation would be the same, but the minimum result would correspond to the normal, and the maximum - to the actual state of stocks.

Let us now calculate the planned amount of accounts receivable. Since here it is necessary to take into account both the actual composition and the turnover, we will make two calculations.

Table 9.3 - Calculation of the planned amount of accounts receivable, taking into account its condition

Explanations for the calculation.

1. The calculation is made on the basis of unchanged contractual conditions with the Debtors and the previous composition of debtors.

2. It is assumed that the minimum amount of accounts receivable in the planning period is possible in the absence of overdue and bad debts (the first will be repaid, the second written off). P. 1 gr. 3 received: (4500 - 300 - 10) x 26423/24021 = 4510 thousand rubles; p. 1 gr. 4: 4500 x 26423/24021 = 4950 thousand rubles.

Let us introduce one more factor into the calculation of the planned amount of receivables: a change in the composition of debtors or the terms of settlements with previous debtors changed the turnover of receivables and eliminated overdue and bad debts. Let's say the turnover will be 6.5 times in the planning period instead of 5.9 times in the base period. Comparison of the planned turnover with the baseline in the absence of overdue and bad debts requires taking into account exactly 5.9 times, and not 5.3 times. Then the minimum planned value of accounts receivable is: 4510 x 5.9 / 6.5 = 4094 thousand rubles. instead of 4510 thousand rubles.

Taking into account similar factors, it is planned to pay accounts payable to suppliers (Table 9.4).

Table 9.4 - Calculation of the planned amount of accounts payable to suppliers

Explanation of the calculation.

P. 1 gr. 3 and 4, taking into account the same turnover and the absence of overdue accounts payable to suppliers, is calculated as follows: 281 x 4950/4818 = 289 thousand rubles.

If in the planning period the composition of suppliers or the contractual terms of settlements with them changes, which leads to a change in the turnover of accounts payable, then the calculated value changes in inverse proportion to the application of the number of revolutions in the same way as we calculated the accounts receivable above.

Payables payable for labor, social insurance and security, as a rule, depends on the established frequency of settlements, respectively, with the employees of the enterprise and extra-budgetary funds. Therefore, it can be calculated for the planning period based on the amount at the end of the base period, increased in proportion to the increase in labor costs and deductions to off-budget funds as part of the costs of products sold in the planning period. The basic amount of accounts payable for deductions to off-budget funds and wages in accordance with our balance sheet data and the growth rates of these costs is: (384 + 180) x 123.6 / 100 = 697.1 thousand rubles.

It is more difficult and time-consuming to determine the planned amount of accounts payable to the budget with a sufficient degree of accuracy. If the company has no overdue debts to the budget, then the base amount reflects the required amount of debts, corresponding to the established frequency of payments to the budget for various types of taxes. However, due to the change in sales proceeds and profits in the planning period compared to the baseline period and the preservation of the size of all other objects of taxation, it is necessary to calculate the increase in profit tax, VAT and all other taxes, the amounts of which depend on the proceeds from sales, the profit of the wage fund. This is done by direct counting, based on the specific data of each enterprise. In our case, the increase in income tax, VAT, transport tax, deductions for the maintenance of the housing stock and social and cultural facilities will total 236.5 thousand rubles. Then, for Calculation, you need to determine the percentage of payables for these taxes to the total amount of payments due for them in the base period. At our enterprise, it is equal to 11.5%. This means that the increase in accounts payable to the budget is 236.5 x 11.5 / 100 == 27.2 thousand rubles. Of course, this value is calculated with some tolerance. But for the preparation of the planned balance sheet, the error can be ignored, since the debt to the budget, as a rule, is not a quantitatively decisive part of the accounts payable of the enterprise.

Thus, we calculated the planned amount of assets and liabilities, which change under the influence of changes in sales proceeds, prices for purchased raw materials, materials and services, and the level of wages. These factors operate at every enterprise constantly, therefore they must be taken into account when drawing up any planned balance sheet.

As noted above, other reasons are possible under the influence of which assets and liabilities change, but they are of a different nature and are mainly associated with changes in investment and financial policy enterprises. If such reasons exist, non-current assets, capital and reserves, long-term liabilities, bank loans, short-term financial investments may change.

In our calculations, we proceed from the fact that such changes did not take place in the planning period compared to the baseline. If they were, then the calculation of changes in the named elements of assets and liabilities is carried out by direct count and is not difficult.

Based on the calculations made, we will draw up the planned balance of the enterprise. It should be borne in mind that in the planned balance sheet, drawn up on the basis of only changes in assets and liabilities, the total amounts of property value and funding sources do not necessarily coincide. On the contrary, as a rule, they do not coincide, and either a surplus or a lack of funding sources is revealed in comparison with the required amount of assets. Only after that it is possible to decide on the direction of the planned profit to replenish the sources of financing, if it turns out that it is necessary. Therefore, for now, at this stage of planning, we do not consider in more detail the size of the planned profit of the enterprise. When compiling the balance sheet, we will also take into account that capital and reserves in the base period occupy a very large share in funding sources. The company uses very few borrowed sources. It is hardly advisable to increase capital and reserves even more, even if the opportunity exists.

When drawing up the planned balance sheet, we will take into account that we have calculated stocks and receivables at the minimum and maximum levels. VAT on purchased materials will increase in proportion to the increase in the cost of inventories, i.e., it will be equal to 163 x 1187/1155 = 168 thousand rubles, or 163 x 1394/1155 = 197 thousand rubles. Growth Money we take in proportion to the growth of sales proceeds, i.e. 84 x 1.1 = 92 thousand rubles.

Table 9.5 - Estimated planned balance of the enterprise as of the end date of the planning period (thousand rubles)

The calculation shows that if all the parameters of the planned balance are determined correctly, then the financial situation in the coming period will be favorable for the enterprise: the amount of funding sources exceeds the cost of the required assets, and if stocks and accounts receivable have a minimum calculated value, then this excess is significant. increases. This means that the company does not need to seek additional sources of financing even in the face of increased sales proceeds and prices of purchased material resources.

Obviously, there is no need to direct any part of the profit to increase capital and reserves; profits can be used entirely for other purposes.

With a different balance sheet structure, a different increase or decrease in proceeds from sales and certain types costs of sold products, a different structure of the costs themselves, etc. the conclusions could be completely different. It could turn out that the excess of funding sources over assets is even more significant, or, conversely, the enterprise requires additional sources. Then it would be necessary to increase equity, attract loans and borrowings or change the contractual terms of settlements with suppliers.

9.3. Changes in financial and cash flows due to changes in sales revenue

Let us consider the dependence between the change in sales proceeds, costs and profits, on the one hand, and the change in the assets and liabilities of the enterprise, on the other, according to the largest factor. Such a consideration will be somewhat schematic, but will allow a clearer understanding of the decisive factors that influence this dependence.

Let us accept the following conditions.

1. Accounts receivable turnover - 45 days;
2. Accounts payable turnover -40 days;
3. Inventory turnover - 30 days;
4. Material costs - 50% of sales proceeds;
5. Free profit - 6% of sales proceeds.

Under all these conditions, the sales proceeds are planned to be increased by 100 thousand rubles. What will happen to balance sheet data?

Accounts receivable will naturally increase. If the additional annual cost of products sold is 100 thousand rubles, then the additional receivables will be:

100 x 45/360 = 12.5 thousand rubles.

Inventories will increase in proportion to the increase in material costs as part of proceeds from sales, and taking into account their turnover, the increase in inventories is: 50 x 30/360 = 4.2 thousand rubles.

Accounts payable primarily generated on acquisition material resources, will increase by 50 x 40/360 = 5.5 thousand rubles.

Thus, the increase in assets under the influence of an increase in sales proceeds will amount to 12.5 + 4.2 = 16.7 thousand rubles; an increase in funding sources in the form of accounts payable - only 5.5 thousand rubles. The enterprise needs additional sources of financing in the amount of 16.7 - 5.5 = 11.2 thousand rubles. Even if the free profit of the enterprise is used to increase its own sources ^, the need for additional borrowed funds will be equal to 11.2 - 6 = 5.2 thousand rubles.

Under the same initial conditions, the proceeds from sales do not increase, but decrease by 100 thousand rubles. in the planning period compared to the baseline. Then accounts receivable will correspondingly decrease by 12.5 thousand rubles, stocks - by 4.2 thousand rubles, and accounts payable only by 5.5 thousand rubles. Available sources of funding in the amount of 11.2 thousand rubles. turn out to be superfluous in comparison with the need for assets, and the full profit can be directed to other purposes.

The above example does not mean that in all cases an increase in the volume of sales creates a problem of additional sources of financing, and a decrease removes this problem. Consider other options in which the situation is different (Tables 9.6 and 9.7).

Table 9.6 - Change in the assets and liabilities of the enterprise when the terms of settlements with buyers and suppliers change and the growth of proceeds from sales

The calculation shows that with the same increase in the volume of sales and the same annual need for stocks, the lack or surplus of funding sources is determined only by the ratio of the turnover of receivables and payables and stocks. Let us repeat the conclusion that was already made earlier: for the financial condition of an enterprise in the case of the prospect of increasing its sales volume, it is favorable when the turnover of accounts receivable is faster than the turnover of accounts payable. The lower the specific weight of material costs in the sales proceeds, the larger the gap in the number of days of turnover of receivables and payables is required to ensure coverage by sources of financing of assets associated with an increase in sales. To illustrate this conclusion, in the following calculation, let us take as the initial data options II and III of the previous table, where funding sources exceed assets. Let's change only one condition: the share of material costs in sales proceeds is 40% instead of 55%.

Table 9.7 - Change in the assets and liabilities of the enterprise with a change in the share of material costs in the proceeds from sales

Comparison of the last lines of the two previous tables shows that a decrease in the share of material costs while maintaining all other calculation conditions led to a deterioration in the ratio of assets and sources of funding.

It is clear that in each a separate case the growth of proceeds from sales will lead either to a shortage or to a surplus of sources of financing, depending on other indicators of the enterprise. The same conclusion can be made for the case of a decrease in sales proceeds.

Therefore, when predicting the growth or decrease in sales revenue, it is necessary to calculate whether the available sources are sufficient to cover the growing assets (or whether the decrease in sources will turn out to be greater than the decrease in assets). If so, then it is necessary to provide for specific additional sources of financing, or borrowed.

When drawing up the planned balance sheet, it is advisable to calculate the planned level of the company's solvency. In our company, as we have seen, the overall coverage ratio and the current liquidity ratio are quite high in the base period. According to the planned balance, the current liquidity ratio is (minimum) 5957: 2489 = 2.393. Such a level of solvency does not cause concern, and from this point of view, the balance can not be adjusted, especially since the enterprise has a small need for inventories.

Calculations of the increase in assets and liabilities or their decrease contain information on the increase or decrease in the solvency ratios. For example, if current assets increase by 16.7 thousand rubles, and short-term debts increase by 5.5 thousand rubles, this is a factor in the growth of solvency. And vice versa, with the outstripping increase in short-term debts in comparison with the growth current assets it is necessary to check how much the overall coverage ratio or the current liquidity ratio is decreasing.

In general, it should be borne in mind that with any improvement in the terms of settlements with creditors in comparison with the conditions for settlements with buyers, that is, with an acceleration in the turnover of accounts receivable or a slowdown in the turnover of accounts payable, the level of the company's solvency decreases. If before that he was on the verge of critical, it is dangerous for the enterprise, in other cases the faster turnover of accounts receivable compared to accounts payable is favorable from the point of view of its financial condition.

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The object of regulation is the existing financial resources of the enterprise, debt obligations, liquid assets. The task of financial management is to reduce losses and maximize business profitability.

Financial management focuses on strategic goals company, quickly adapts to changes in the situation. Managment structure financial flows closely integrates with the departments of the company to control the amount of profit (loss) for each management decision.

Tasks

From a management point of view, financial management is seen as part of the overall management of the business and as a separate department in the company that performs a narrow list of functions.

• Financial management as a management system includes the creation financial strategy, construction of accounting policies, implementation of accounting software products, constant monitoring of the company's performance. For example, the tasks of financial managers include building a budget, a system of material motivation for personnel.
• Financial management, as a separate department, manages financial assets and risks, monitors cash flows, selects investment projects to participate, and monitors information flows in the company. For example, the appraisal of the acquired fixed assets is carried out after examining the accompanying documentation.

The financial manager determines the investment policy of the company (a list of projects in which assets are invested), manages tangible assets (draws up transactions for the purchase and sale of fixed assets), calculates and pays dividends to shareholders. The constant task of financial management is the classification and accounting of the company's income and expenses, the preparation of analytical reports for the management.

The effectiveness of financial management depends on the quality of external sources of information that are used to collect and analyze indicators. For example, public records of banks and insurance companies, information from competitors, regulatory requirements of supervisors and financial statements of an enterprise must be checked for completeness and accuracy.

Principles

Regardless of the specifics of the company, current and strategic goals of its development, financial management is a systematic activity aimed at solving specific problems by distributing cash flows. The activities of a financial manager are aimed at solving strategic problems, achieving financial well-being in the long term.

• Risk-return trade-off. Treasury considers opportunity costs, overall market performance, projected returns and associated risks before adopting management decisions... For example, investing in startups brings high returns and is accompanied by the risk of losing investments.
• Asymmetry and temporary value of information. Confidential market information obtained from counterparties or supervisors can be beneficial in the short term. For example, a “tax holiday” for R&D companies can be valid for two years.

Financial management presupposes an unlimited time for the operation of the company, strives to meet the interests of business owners and employees, and fairly assess the available sources of funding.