What is the company's cash flow. Concept and types of cash flows. Cash flow optimization techniques

Cash flows are the aggregate of distributed over time receipts and payments of funds generated in the course of its economic activities. To be able to rationally direct these flows in the right direction is a quality that a competent manager of an organization must have in order to increase the profitability of a business. We offer formulas for calculating cash flows and methods for their effective optimization.

You will learn:

• What is the cash flow of the enterprise.
• Why manage the company's cash flows.
• What types of enterprise cash flows exist.
• What is cash flow analysis.
• How to analyze an enterprise's cash flows.
• What is a cash flow statement and how is it prepared.
• What factors affect cash flows.
• How to predict the cash flows of an enterprise.
• What types of cash flow budgets exist.

Classification and types of cash flows of the enterprise

The very concept of "cash flow" is collective and includes many different financial flows that ensure the continuous conduct of business processes. For optimal management of all flows in the enterprise, they are divided into separate groups depending on their inherent characteristics.

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1. By types of economic activities in accordance with international accounting standards:

• For operating (core) activities - DP (OD).

The expenditure side includes settlements with suppliers and contractors for goods and services, payments to employees, payments to the budget and off-budget funds, as well as other expenses related to the main activities of the enterprise. Receipts include credits from buyers of goods, refunds or refunds of overpaid tax payments, etc.

• For investment activities - DP (ID).

Accruals and expenses of finance in the implementation of investment operations: income from the disposal of fixed assets and intangible assets, changes made to long-term investment portfolio instruments, and other financial flows associated with the investment activities of the enterprise.

• For financial activities - DP (FD).

Payments and cash receipts related to attracting share and share capital, loans and credits of various maturities, payment of dividends and income from deposits to the owners of the company and other external cash flows of the enterprise.

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2. By the direction of the firm's cash flow:

• Positive - RAP.

The inflow of funds, that is, the sum of all credits received from the economic activities of the enterprise to its current account.

• Negative - MTO.

Cash outflow is the total cost of financial resources incurred as a result of the business of the enterprise.

3. By the method of calculating volume:

• Gross - VAR.

This is a set of receipts and expenditures of the enterprise in a certain period for each of the time intervals.

• Pure - CHDP.

This is the difference arising from receipts and expenditures of funds, also in a specific period and in time intervals. It is this indicator that determines the result of the organization's activities and its financial balance.

4. By the level of sufficiency of volume:

• Excessive - IZDP.

The situation when the receipts of financial flows are significantly higher than the actual needs of the company in the expenses incurred. A characteristic feature is a large positive indicator of net cash flow, which is not used in the operating activities of the enterprise.

• Scarce - DFDP.

The opposite situation, in which the volume of expenses significantly prevails over the level of income. Moreover, even if the net cash flow has a plus sign, but cannot cover all the planned expenses of the organization, the financial flow can be defined as a deficit. If the indicator of net cash flow has a minus sign, this unambiguously defines it as a deficit.

5. By the method of estimation in time:

• The real one is the NDP.

This is the financial flow of the enterprise, which is planned to be received in the future, reduced in value to the real point in time.

• The future is BJP.

This is the cash flow of the enterprise, at a present value at a certain point in the future. It is the basis for calculating the real value of goods and determines the nominal value of the cash flow at a particular moment in the future or in a certain time interval.

6. By the continuity of formation in the period under review:

• Regular - RDP.

It is defined as a cash flow associated with the receipt or expenditure of funds as a result of specific operations that are carried out regularly in a specified time period at clear intervals. These flows include most of the financial transactions at the enterprise: servicing loans, implementing long-term investment projects, etc. Thus, the bulk of the company's cash flows within its life cycle can be characterized as regular.

• Discrete - DDP.

Shows financial receipts and expenses for one-time business transactions for a certain period of time. This indicator can be used, for example, in the case of a single purchase of any real estate, an industrial complex, a franchise license, as well as receiving assistance at no cost. In the case of considering the cash flows of an enterprise within a minimum period of time, any of them can be defined as discrete.

7. By the scale of service of the economic process:

• The cash flow of the firm as a whole is the WFT.

The most generalized type of financial flow, which includes all the others related to the economic activities of the enterprise.

• For separate structural divisions - WPC.

The distribution of the financial flow among various divisions of the firm, which can be defined as separate objects in holistic structure the economic and organizational structure of the enterprise (the so-called centers of responsibility).

• For certain business transactions - DPHO.

In the general structure of the business process at the enterprise, this is the initial object of self-management.

8. According to the stability of time intervals of formation:

• cash flows at irregular time intervals within a certain period. As an example, we can cite the procedure for paying lease payments when, as agreed by the parties to the contract, they are made during the entire period of its validity at various time intervals;
• financial flows at regular intervals within a certain period, which can be characterized as annuity.

The overall financial condition of the company depends on the quality of management of various cash flows.

Factors that determine the important role of effective cash flow management in an organization

1. The financial stability of the organization in the process of business development, as well as its pace, depends on the rational management of cash flows, on their correspondence with each other in time and in volume.
2. A clear organization of cash flows shows the level of "financial health" of the company and helps to achieve a high rate of profitability and profitability of all business processes, since cash flows are used in each of them.
3. Effective management of financial flows makes it possible to reduce the share of credit or other borrowed funds, while maximizing the use of internal resources of the enterprise and reducing the dependence of the speed of business development on external sources of financing.
4. Disruptions in the movement of payments negatively affect the volume of sales of goods, indicators of labor productivity, the creation of material and raw materials, etc., therefore, the effective direction of cash flows affects the improvement of the rhythm of the entire operational process.
5. Actively managing cash flows has a positive effect on profit margins. So, temporarily free financial reserves that are part of working capital, as well as attracted (investment) resources, can be effectively used with a competent approach.
6. Rational cash flow management at the enterprise directly affects the rate of capital use: the faster the turnover, the greater the profit.
7. Effective cash flow management allows you to correlate the receipt and expenditure of funds and thereby reduce or completely eliminate the risk of insolvency of the enterprise.
8. In general, the cash flow at the enterprise can be represented in the form of a "financial blood circulation" system. Thus, if you effectively organize its work, you will have the opportunity to achieve high rates of business profitability.

Calculation of enterprise cash flows and optimization methods

If cash flows at the enterprise are in short supply, this may affect a decrease in the level of liquidity and solvency of the organization, an increase in volumes to counterparties, which will ultimately lead to a low profitability of the company's assets and its own funds.

There are also adverse consequences when there is a surplus of cash flows. This is the non-receipt of possible income from temporarily free funds (for example, they can be invested for a short time), and inflationary losses of unused cash flows. The bottom line is the same - low profitability.

An increase in the volume of cash inflows in the future can be achieved in the following ways:

• additional issue of shares;
• increase equity capital by attracting investors;
• partial or full implementation of financial investment instruments;
• sale or lease of unused real estate of the enterprise and other fixed assets;
• attracting loans for a long time.

To reduce expenditure items in strategic planning, it is necessary:

• reduce or completely eliminate investment;
• reduce the volume and number of existing investment projects;
• reduce the level of running costs of the organization.

For a more efficient use of cash flows in the presence of surplus, it is recommended, on the contrary, to expand investment activities. For these purposes, you can:

• accelerate the development and implementation of real investment programs;
• to increase the expanded reproduction of current non-current assets;
• form an investment portfolio as quickly as possible;
• to partially or fully repay the loan debt ahead of schedule;
• to divide the directions of activity of the enterprise by regions.

At the same time, special attention should be paid to the balance of positive and negative cash flows over time.

Financial flows can be divided according to the level of predictability: they separate completely and insufficiently predictable cash flows. There are also absolutely unpredictable streams, but it makes no sense to study them in the framework of optimization.

The most efficient way to optimize is predictable cash flows that can change over time. For these purposes, methods of synchronization and alignment are used.

Synchronization of cash flows is based on the relationship between positive and negative cash flows. To implement synchronization, it is necessary to increase the level of correlation between both categories of cash flows. Its result is determined using the appropriate coefficient, the value of which should tend to "+1".

KK DP (correlation coefficient of cash flows) is determined by the following formula:

R p.o - possible probabilities of deviation of cash flows from their average value in the planning period;

RAP i- options for the amounts of positive cash flow in certain time intervals of the planning period;

RAP - the average amount of positive cash flow in one time interval of the planning period;

ODP i- options for the amounts of negative cash flow in certain time intervals of the planning period;

MTF - the average amount of negative cash flow in one time interval of the planning period;

δ RAP, δ MTF - root-mean-square (standard) deviation of the sums of positive and negative cash flows, respectively.

An important step in optimizing the company's financial flows is to maximize net cash flow. It is its increase that will ensure the acceleration of business growth rates due to own funds and will reduce the dependence of the level of its development on external sources of financing, while increasing the market value of the company as a whole.

The movement and analysis of cash flows of the enterprise

Cash flow analysis is the determination of the values ​​of incoming and outgoing material assets. The main goal of this process is to analyze the financial stability and profitability of the organization. Its first step is the calculation of cash flows from the main operating activities of the enterprise.

As a result of the analysis of financial flows, it is possible to identify the level of self-sufficiency of the organization, its economic potential, profitability, etc.

Economic sustainability of the organization for the most part depends on cash receipts, which should correspond as much as possible to the volume of existing obligations. If the company does not have the minimum required amount of cash flows, this may be a factor indicating the presence of financial problems. If the situation is reversed and there is an excess of cash, this may be a sign of unprofitable activity.

Such losses can be caused not only by the emergence of lost profits in a situation when temporarily free funds are not invested in assets, but also by the depreciation of money and a high level of inflation in the country. Thus, it is the analysis of cash flows that will help determine the economic state of the business in reality.

When conducting a financial analysis of the company as a whole, the study of cash flows can be attributed to one of the most revealing moments, since it is by the fact of analyzing these data that one can see how optimally the financial management is organized at the enterprise in order to constantly have sufficient funds.

The main report for analyzing financial flows is a statement of cash flows, which, in accordance with the international standard IAS 7, is compiled in the context of the types of activities of the organization (financial, current, investment), and not depending on the sources of funds and their directions spending. Thus, it is this report that serves as the main source of data on cash flows at the enterprise.

The cash flow statement is generated in order to determine how the financial, investment and current activities of the enterprise affect the cash flow in a given time period, and at the same time makes it possible to determine the reasons for changes in the movement of financial flows.

Such a report is a source of important information not only for business owners and leaders of the organization, but also for lenders and investors.

Financial managers use the cash flow statement to determine the level of liquidity of an enterprise, to calculate dividends, analyze certain decisions made in order to implement investment projects.

In turn, creditors and investors study this report to determine the level of competence of enterprise managers who are solving the problem of generating a sufficient amount of funds when calculating dividends and paying off credit debt.

The cash flow statement consists of sections reflecting information on the receipt and expenditure of money with their distribution to the financial, current and investment activities of the enterprise.

1. Current activities means business transactions that ultimately lead to profit. This can be the sale or purchase of goods, works, services that ensure production processes, payment of earnings to employees, tax and other mandatory payments, deduction of interest for the use of borrowed and credit funds.

It is the current activity that is the main channel for making profit, so it should also be the main source of cash flows.

2. Investment activity- these are transactions for the purchase and sale of fixed assets and other intangible assets, securities, the provision of loans and credits, etc.

As part of this activity, positive cash flows include the sale of fixed assets and other assets, as well as the receipt of income from long-term investments. Negative cash flows include purchases of fixed assets, long-term financial investments and other capital investments.

A temporary outflow of funds can be attributed to the usual phenomena in competent business conduct, because you always need to strive to increase production and improve product quality.

3. Under financial activities understand operations of receipt or return of funds from business owners. Here, cash flows from the issue of shares, receipt of loans and credits (both short-term and long-term), other targeted financing, and as an expense - the issuance of dividends, the repayment of credit debt of any urgency, the repayment of bills can be attributed as income.

Formation of a report on the movement of material resources involves the identification of cash flows from:

• current activities enterprises;
• his investment activities;
• financial activities of the organization.

To compile this report, the information specified in the balance sheet and the income statement is used, while the latter must be transformed accordingly to determine the cash flows. As adjustments, the amount of income is determined only on the basis of actually received funds, and expenses - only on the amount of real payments.

You can apply direct and indirect methods of adjusting the income statement:

• When using the direct method (Cash Flow), each separate article of the report is converted, as a result of which it becomes possible to identify the actual data on the receipt and consumption of funds.
• To apply the indirect method, you do not need to transform each item, but you need to start the adjustment from the profit or loss indicator for the reporting period of interest. Further, this figure increases by the amount of expenses not related to cash flows (for example, depreciation), and decreases by the amount of similar income.

Before the formation of the cash flow statement, it is necessary to determine which balance sheet items were the main sources of cash receipts and spending (at least during the last two reporting periods). This can be done using a special table that identifies the sources of the formation of cash flows at the enterprise, as well as the directions of their consumption.

Factors affecting the cash flow of the enterprise

The reasons that affect the financial flows of the organization are divided into internal and external.

Internal factors are, first of all, the level of development at which in currently time is the organization, the seasonality of production and sale of products, the duration of production and operating cycles, the urgency of investment projects, the company's amortization strategy, the level of professionalism of top managers.

External factors - the applied taxation system, the conjuncture of the financial and commodity markets, the principles used for settlements, the methods of lending to counterparties (business rules), the possibility of attracting external financing.

The cash flow management system is based on the basic principles:

• planning and control;
• transparency and reliability of information;
• efficiency and rationality;
• liquidity and solvency.

The main principle of cash flow management is the availability of up-to-date and accurate accounting data, the source of which is management and accounting. Such information can include accounts payable and receivable, cash in the cash desk of the organization and on settlement accounts, the procedure for repayment and issuance of borrowed funds, as well as interest payments, the amount of tax and other mandatory payments, funds required for future prepayment purchases, etc. etc.

Such data are accumulated from several sources, therefore it is necessary to ensure their correct reflection in the accounting, because the untimely introduction of primary data or the input of erroneous information can entail consequences for the entire enterprise. However, each company, at its own discretion, decides in what form and with what time intervals this information is accumulated, and also determines the basic principles of document flow.

At the same time, the main goal in managing cash flows is to achieve an optimal balance in the context of their types, volumes, time intervals and other fundamental parameters. To effectively solve such problems, it is necessary to introduce appropriate accounting, planning, control and analysis systems.

Assessment and management of enterprise cash flows

In order to conduct a comprehensive analysis of the "financial health" of the organization, the assessment of cash flows and their strategic planning should be carried out in mandatory... This will determine the following:

• main areas of spending money;
• volume and sources of financial receipts;
• the reasons for the difference between the amount of profit and the actual amount of cash;
• the sufficiency of the organization's own funds for long-term investments.

To assess the actual cash flow, the synchronization of the receipt and expenditure of funds, to identify the dependence of the amount of profit on the management of cash flows, it is necessary to conduct a qualitative full analysis of all sources of their receipt and disposal.

There are the following basic principles of cash flow management:

• Increasing the speed of full turnover of all categories of inventories, eliminating the occurrence of a deficit (may entail a decrease in the level of sales).
• Increase in sales volumes at optimal prices. It should be noted that the constituent parts of the selling price are not only actual costs, but also depreciation costs.
• Paying off accounts payable on time without prejudice to the conduct of business processes in the future.
• Ensuring the timely and prompt return of receivables (at the same time, you should pay attention to the fact that excessive intrusiveness in this matter can lead to a decrease in sales in the future).

There are two main methods for calculating the amount of cash flow.

The direct method is based on the analysis of cash flows on the settlement accounts of the organization and makes it possible to:

• draw conclusions regarding the sufficiency of financial resources to meet current liabilities;
• identify the main sources of cash flows and the areas of their spending;
• determine the relationship between the level of sales and the income received in the reporting period.

This method is used in operational management to control the formation of profits and analyze the sufficiency of financial resources to pay off current liabilities.

However, the direct method will not show the dependence of the profit received on the change in the volume of cash flows at the enterprise, while in comparison with other methods, such an assessment will take a rather long time, and the information obtained will be less meaningful.

It is possible to assess all sources of income and directions of spending the organization's financial resources using the direct method according to the following table:

You should also pay attention to the fact that the total cash flow should correspond to the difference between the opening and closing balance of financial flows for the reporting period.

The indirect method is that the net profit is converted into cash. At the same time, this indicator is adjusted so that it is not influenced by expense items that are not related to the outflow of finance, and income items that do not lead to their inflow.

The indirect method is based on the study of balance sheet items and data from the income statement and at the same time makes it possible to:

• determine the dependence of the volume of net profit on changes in the company's assets in a given period of time;
• establish the relationship between the various activities of the organization.

An important advantage of this method for calculating the amount of cash flow can be called the identification of the dependence of the final financial result of activities on the working capital of the enterprise. For the purposes of long-term planning, the indirect method helps to determine the directions in which "stagnant phenomena" in cash flow are observed and to find the most optimal solution to the identified problems.

The following stages of the formation of a cash flow statement are distinguished by the indirect method:

1. Determine changes for each balance sheet item and identify factors associated with growth or decline in volume.
2. Study of the F-2 report, systematization of sources for income and directions for spending the organization's finances.
3. Accumulation of the received information in the statement of the movement of funds.

It is possible to assess all sources of income and directions of expenditure of the organization's financial resources using the indirect method according to the following table:

The use of this method makes it possible to identify the capabilities of an enterprise to form the main internal financial source - cash flow from current and investment activities - as well as factors that have an impact on this process. At the same time, an additional advantage will be the low labor costs that are required to create a report, because most of the information is already available in other standard reporting forms.

Expert opinion

In practice, cash flow is often analyzed using the direct method.

Dmitry Ryabykh,

The cash flow budget can be presented in the form of a table that contains all the financial receipts and expenses of the organization. Such a table can be formed for any time interval.

There are direct and indirect ways to create such a report. In the first case, cash flows are divided in the context of income and expense items (for example, sales revenue, payment of salaries to employees, transfer of tax payments).

In the second case, current cash flows are calculated based on the net profit indicator, adjusted for changes working capital and depreciation charges.

In most situations, generating a report by an indirect method is easier, but it will not be very convenient to analyze such a report in the future. Based on this, the direct method is most often used to calculate cash flow.

Enterprise cash flow planning and payment calendar development

The sources of cash inflows planned for the next year and the directions of their spending in the context of months represent only the basis for managing cash flows, however, in order to effectively use finances every day, it is necessary to form a so-called "payment calendar".

The main purpose of creating such a document is to determine the exact dates for the receipts and expenses of the company's cash flows, on the basis of which plans and tasks for the employees of the organization will be set.

When forming a payment calendar, the reporting form is divided into two parts:

1. Schedule of planned financial receipts.
2. Schedule of future expenses.

The standard breakdown of the schedule of expenses is daily, however, it is permissible to form a payment schedule in other time intervals (by weeks, by quarters).

In order to effectively manage the company's cash flows, the following types of payment calendar are used:

1. Within the framework of the organization's current activities:

• calendar of collection of receivables - payments are included in it in the amounts and terms specified in the relevant agreements. If there is an overdue debt, it is recommended to include payments in the calendar upon their preliminary agreement by the parties to the contract;
• calendar for payment of taxes - all amounts of taxes and other obligatory payments to the budget and extra-budgetary funds are indicated;
• payroll calendar - most often used in organizations in which wages are paid according to a multi-stage schedule and structure staffing table at the same time it is quite complicated;
• accounts payable repayment calendar - it contains only the section "loan repayment schedule", while the amounts and terms of payments are determined in accordance with the terms of credit agreements (loan agreements);
• calendar for the sale of goods - consists of two sections:

The schedule of expenses related to the implementation (advertising, maintenance of the distribution network, etc.);

Schedule of receipt of payments in payment for the delivered goods (crediting of cash from the sale of products);

• a calendar for the creation of inventories - is formed for the departments that are engaged in the material and technical support of the enterprise. This includes the cost of purchasing materials, raw materials, components, storage and insurance of products, as well as logistics costs. It is allowed to include in such a calendar information on the repayment of accounts payable to counterparties;
• management cost calendar - acquisition costs stationery, software and Supplies for office equipment, travel expenses, postage and other services. The total amount of costs for this item is preliminarily determined by the estimate, and the terms are agreed with the relevant management divisions.

2. Within the framework of investment activities:

• a calendar for creating a long-term investment portfolio, consisting of the following sections:

Chart of expenses for the purchase of long-term investment instruments;

Schedule of receipt of interest and dividends from investment investments;

• the real investment projects implementation calendar also consists of two sections:

Schedule of inflow of resources for investment with the allocation of each of the sources;

Capital cost schedule;

• the calendar for the implementation of individual investment programs consists of similar sections and is formed depending on the centers of responsibility.

3. Within the framework of financial activities:

• the share issue calendar is divided into two types: if such a budget is drawn up before the start of the sale of shares on the primary stock market, it contains only the section “payment schedule for preparing the share issue”; if the calendar is created during the process of the sale of securities, then it should consist of two parts: the sections "schedule of payments to ensure the sale of shares" and "schedule of positive cash flows from the issue of shares";
• the calendar of the issue of bonds - is formed as the need arises in accordance with the principles used to create the calendar of the issue of shares;
• the calendar of amortization of the principal debt on loans - consists of a single section "schedule of amortization of the principal debt". Indicators in such a calendar are divided for each loan agreement separately, according to the terms of which the amounts and terms of debt repayment are determined.

All of the above types of payment calendars can be supplemented depending on the direction of the organization and the intricacies of doing business. Currently, the formation of various payment calendars is very simplified due to the possibility of using special software for this purpose.

Expert opinion

Use management reporting to budget your cash flow

Dmitry Ryabykh,

General Director of the Alt-Invest group of companies, Moscow

The best way to build an evidence-based budget is to use management reports. At the same time, it will not be superfluous to also borrow information from accounting reports, because it is they that reflect the latest data on the entire operating activity of the enterprise. Thus, before forming the cash flow budget, it is necessary to find out how the information in this report should correspond to the data from the accounting reports. To do this, you can use the following rules:

1. The cash flow budget will not necessarily be as detailed as the financial statements, that is, this document will only be based on accounting data.
2. It is necessary to come to the correspondence of the total amounts in the budget with the turnover on the current account of the enterprise, while taking into account all the nuances and paying attention to the slightest inaccuracies, which in the future will help to effectively control the correctness of the budget formation.
3. When analyzing information from financial statements, it is necessary, first of all, to highlight the economic meaning of operations, omitting unnecessary nuances (for example, not to take into account the subtleties of accounting for costs when they are divided into articles).

Expert opinion

Consider the planning horizon when analyzing cash flows

Dmitry Ryabykh,

General Director of the Alt-Invest group of companies, Moscow

The planning horizon should be considered in budgeting using the following principles:

• for long-term plans (for example, for 5 years), the payment schedule is drawn up approximately, taking into account the expected turnover volumes;
• for short-term plans (from several weeks to several months), the payment schedule is formed by a direct method, indicating clear amounts and terms for both income and expenses of the enterprise. To do this, it is necessary, within the framework of each separate contract, to describe in detail the payment schedule, as well as information on the shipment of products or the performance of work / provision of services;
• for drawing up an annual plan, a mixed approach is most often used, in which some of the sections are planned using the direct method, and most of the payments are determined according to the principle of turnover (indirect method).

Thus, the longer the planning period, the less specifics in the budget (data from financial or accounting statements) and the more approximate calculations.

The significance of this topic lies in the fact that we have defined enterprise finance from the very beginning as cash funds and cash flows. Flows ensure the functioning of funds. Without the cash flows that everyone has money fund- authorized capital, accumulation and consumption fund, etc., - these funds would not be capable of functioning: they were not formed and were not used. Therefore, an important component of enterprise financial management is cash flow management. The success of managing the company's finances depends on the ability to distribute, use and replenish funds.

The importance of cash flow management also stems from the fact that they serve business processes. Therefore, cash flow management ensures the acceleration of capital turnover, allows you to increase profits, thereby giving financial stability to the enterprise and the rhythm of its functioning, and also allows you to reduce the need for borrowed capital and act on the principles of self-financing.

If the borrowed capital is attracted under the conditions of a well-functioning cash flow management system, then it is used in the general channel of flow management with the greatest return and is returned to the lender without complications for the enterprise. In a word, the state of cash flows as a kind of monetary "blood circulation" system reflects the financial "health" of the enterprise.

Cash flow management includes cash flow accounting, forecasting, analysis of cash flows and their regulation.

Cash flow - it is a continuous flow of funds, representing their receipt (inflow) and expenditure (outflow). This movement is distributed in time and volume. Serving economic activity, it is itself generated by this activity.

The purpose of cash flow management is to ensure the balance (equilibrium) of receipts and expenditures of funds and to maintain their optimal balance.

Managing cash flows means solving the following tasks:

1. Establish sources of income and directions for spending funds;

2. Investigate factors affecting cash flows (internal, external, direct, indirect, etc.);

3. Analyze the reasons for the shortage or excess of funds and take measures to bring them into compliance;

4. Improve the mechanism for regulating and controlling cash flows.

Synchronization of receipts and payments in size and in time allows you to reduce the reserve balance of funds, optimizing its size, and invest free funds, turning them into additional source arrived.

Cash flows can be classified:

1. NS O scale servicing business processes and, accordingly, be subdivided into general cash flow accumulating all types of cash flows of the enterprise as a whole, for certain types economic activity, by separate structural divisions(responsibility centers) of the enterprise, for individual business transactions;

2. NS O typeseconomic activity distinguish these types of cash flows:

- on operating activities(current) - somehow, payments to suppliers of raw materials and materials, wages, tax payments, etc., and receipts from product buyers, tax refunds, etc .;

- for investment activities- investments in long-term assets (land plots, buildings, equipment, etc.), investments in the authorized capital of other organizations and subsidiaries and, accordingly, receipts from the sale of long-term assets and income from investment investments;

- for financial activities- receipts related to attracting additional share capital and share capital through the placement of new shares and bonds, the use of credit, etc., and the payment of dividends and interest, redemption of own shares, redemption of bonds and own bills, return of loans and payment of interest on them, etc.

Cash flow schemes for these types of activities are presented in Appendix No. 1.

3. NSO directions cash flows are distinguished positive cash flow (inflow, receipts) and negative cash flow (outflow, payments).

4. NSO calculus allocate gross cash flow as a set of receipts or expenditures of funds in a certain period and clean cash flow as the difference between receipts and expenditures of funds.

Net cash flow reflects their ratio and is calculated using the formula:

- in short supply cash flow - receipts below the actual needs for spending cash. Even with a positive value of the amounts of net cash flow, it can be characterized as a deficit if the amount received does not meet the minimum need of the enterprise for cash.

A negative value of the amount of net cash flow automatically makes it in deficit. In financial analysis, it is advisable to determine the degree of sufficiency not only for each type of activity separately, but also as a set of all types of activity. In this case, the deficit in cash flows for some types of activities is offset by positive cash flows for others.

6. By method of estimation in time allocate present (current) and future (discounted) cash flows reflecting the assessment of the value of money over time. It is different due to the natural depreciation of money. For example, at the beginning of the twentieth century, an expensive suit made of natural fabric cost $ 50 in the United States. And today such a suit costs about 3000. Therefore, the purpose of the discount is to reflect the decline in the purchasing power of money in the future.

7. By continuity of formation consider: regular, i.e. carried out constantly, including with a uniform and uneven time interval (in most cases, the company's cash flows are regular, and the time interval can be violated with a change in the economic situation) and discrete - as a one-time receipt or expenditure of funds (gratuitous assistance, acquisition of another enterprise, etc.).

8. V depending on prices distinguish cash flows at current prices;cash flows in forecast prices and cash flows in deflated prices(reduced to the price level of a fixed moment).

9. By form of implementation are divided into cash and non-cash cash flows.

10. By sphere of circulation share to external and internal(between divisions of the enterprise).

11. By predictability - on planned and emerging spontaneously (due to some extraordinary events).

The continuity of cash flows gives rise to the recurrence of cash flows, which means their cyclicality. During the cycle, cash invested in assets is returned as a result obtained during the operation of these assets (for example, revenue from the sale of goods and services or interest on capital invested). The cash flow serving each type of enterprise activity has its own cycle - for current activities, for investment activities, for financial activities.

The cycle for current activities (production and commercial cycle) will be the time period from the moment of investing in pre-production stocks (purchasing raw materials, materials, etc.) to their receipt from the recipients of products and services (debtors). The cycle for investment activities will be measured by the time parameters of the investment of funds in non-current assets before receiving returns from them. Etc. In order to more accurately determine the cycles of cash flows, it is necessary to link them with the circulation of economic assets as the material basis of cash flows.

Then the turnover of capital elements will be in sight: on current activities- stocks of raw materials and materials - from the moment they are received from the supplier to transfer to production, including the time spent in the warehouse of the enterprise; finished products - from the moment of completion of its creation to the moment of sale, including the time it remains in storage; the turnover time of accounts receivable - from the moment of its sale to the receipt of funds for these products.

That is, the financial cycle time is calculated using the formula:

FC = WHO + AIR - WOKZ,

where WHO is the time of stock circulation;

VZD - time of circulation of accounts receivable;

VOKZ - time of circulation of accounts payable.

In turn:

WHO = ZAP avg × 360 / Cp

AIR = DZ sr × 360 / V

VOKZ = KZ sr × 360 / Cp,

where ZAP cf is the average value of the reserves;

DZ Wed and KZ Wed - average values ​​of accounts receivable and payable;

Cn - full cost of products sold;

B - proceeds from the sale of products or services.

Operating with cycles allows you to ensure the balancing of cash flows in time, to seek reserves for generating cash flows at all stages of the circulation of economic assets of the enterprise.

Cash flow cycles depend on a number of conditions, including:

Industry specific features of the enterprise (technological cycle);

Features of the market in which the company sells its products and purchases what it needs for industrial consumption;

The economic conditions in the country (tax policy, inflation, interest rates, etc.);

The level of general management of the enterprise and the financial policy pursued.

However, the immediate goal of cash flow management is to shorten the financial cycle. Naturally, it will be based on shortening the production cycle (from the moment of purchasing working capital and reducing the time production process before the shipment of finished products), reducing the turnover time of receivables (from the moment the goods are shipped to the recipient until the funds are credited to the current account of the manufacturer).

In practice, cash flows and their support are much more complex than schematic representations. For example, inventories and fixed assets can act as a means of payment and take the form of money bypassing the production process.

A special element in the presented scheme is accounts payable. It does not apply to household items. But varying it allows you to regulate the cash flow cycle and serves as a short-term source of increasing the available cash from the enterprise.

The focus of cash flow regulation and management is the ratio of receivables and payables. First of all, it is necessary to strive to reduce accounts receivable, to provide debtors with a loan for an acceptable period and not to allow its delay. But at the same time, remember that the use of deferred payment and installments, which inevitably generate accounts receivable, can increase the volume of sales of products.

And this is a positive moment in the "build-up" of accounts receivable. Lenders need to seek a loan for a period exceeding the maturity of the receivable, and use the funds received with maximum efficiency. Otherwise, the company faces penalties for non-payment of accounts payable and the loss of counterparties, and even technical bankruptcy.

Ensuring the financial equilibrium of the enterprise by balancing the volumes of receipt and expenditure of funds and their synchronization in time is carried out through:

Regular construction of schemes of emerging cash flow cycles;

Analysis of each component of individual cash flow cycles and its optimization;

Control and, if necessary, restructuring of cash flow cycles.

The calculation of the feasibility of organizing cash flows and their effectiveness can be carried out by two methods - direct and indirect.

Direct method - provides data on gross and net cash flow in the reporting period. It reflects the entire volume of receipts and expenditures of funds for certain types of economic activity (current, investment, financial) and for the enterprise as a whole.

That is, the essence of the direct method is to characterize the inflow and outflow of funds for a certain period through the state of the balance of funds at the beginning and at the end of this period, taking into account the size of the turnover of funds. For this, data is used accounting and reporting, characterizing all types of receipts and expenditures of funds.

This method has advantages and disadvantages. The advantages are:

Providing operational information and the ability to assess the adequacy of funds for payments on current obligations;

Opportunities to identify the main sources of positive flows and the direction of negative flows;

Opportunities to identify items with the highest positive and negative cash flow results;

Possibilities of monitoring and regulating the state of cash flows as a generalizing indicator of accounting registers (General ledger, order journals and other documents);

Possibilities of forecasting the state of cash flows and the solvency of the enterprise.

The disadvantage is the labor intensity in the absence of electronic information processing and errors in the reliability of the efficiency of the organization of cash flows, since some lines in the financial statements are not broken down according to the classification of the types of activities of the enterprise (payment of wages, payments of a social nature).

Therefore, from the point of view of identifying the reasons for the discrepancy between financial results and free cash balances, as well as the state of profitability of the enterprise from various activities, the indirect method is more preferable.

Indirect method- provides the calculation of net cash flow based on the use of net profit as a basic element, obtained in the reporting period, then converted into an indicator of net cash flow. Such a calculation is carried out for the types of economic activity and the enterprise as a whole. The indirect method allows you to determine the main financial source of an increase in net cash flow according to the types of activities and to identify the dynamics of all factors affecting its formation.

The inflow of funds consists of net profit, depreciation, the amount of decrease in individual items of the balance sheet asset and the increase in items of accounts payable.

The formula used to calculate net cash flow from operating activities is as follows:

where CFop - the sum of the company's net cash flow from operating activities in the period under review;

State of emergency - the amount of the company's net profit;

Aos - the amount of depreciation of fixed assets;

Ana - the amount of amortization of intangible assets;

DZ - decrease (increase) in the amount of accounts receivable;

Z tm - decrease (increase) in the amount of inventories that are part of current assets;

KZ - increase (decrease) in the amount of accounts payable;

R - increase (decrease) in the amount of the reserve and other insurance funds.

Theoretically cash flow for ordinary activities for normally functioning enterprises, their outflow should exceed. This is due to the process of increasing the cost of capital in the course of production activities, since the value received will be greater than the initial entrepreneurial advance.

But in fact, there is a whole set of factors that determine the possible excess of outflow over inflow, including the timeliness of settlements of debtors, price changes for sold finished products and purchased pre-production stocks (there may be so-called "scissors" not in favor of the enterprise), timeliness of settlements of banks servicing the transfers of debtors, changes in exchange rate differences used in the calculation of currencies for enterprises carrying out foreign economic activity and etc.

With the normal development of business, accounts payable and receivable approximately coincide in size, - the financiers say. (see VV Kovalev Management of cash flows, profit and profitability. M., 2008, p. 20).

For investment activities the amount of net cash flow is determined as the difference between the amount of sales of certain types of non-current assets and the amount of their acquisition in the reporting period. The formula by which this indicator of investment activity is calculated is as follows:

where CFin - the sum of the company's net cash flow for investment activities in the period under review;

Ros - the amount of the sale of retired fixed assets;

Rna - the amount of the sale of retired intangible assets;

Rdfi - the amount of implementation of long-term financial instruments of the investment portfolio of the enterprise;

Rca - the amount of re-sale of previously purchased own shares of the enterprise;

Dp - the amount of dividends (interest) received by the company on long-term financial instruments of the investment portfolio;

Pos - the amount of acquired fixed assets;

D NCS - the amount of the increase in capital construction in progress;

Mon - the amount of the acquisition of intangible assets;

Pdf - the amount of acquisition of long-term financial instruments of the investment portfolio of the enterprise;

Vsa - the amount of redeemed own shares of the enterprise.

By financial activity the amount of net cash flow is determined as the difference between the amount of financial resources attracted from external sources and the amount of the principal debt, as well as dividends (interest) paid to the owners of the enterprise. The formula for calculating this indicator for financial activity is as follows:

where CF f - the sum of the company's net cash flow for financial activities in the period under review;

Psk - the amount of additionally attracted from external sources own share capital or share capital;

PDK - the amount of additionally attracted long-term credits and loans;

Pkk - the amount of additionally attracted short-term credits and loans;

BCF - the amount of funds received in the manner of gratuitous targeted financing of the enterprise.

Vdk - the amount of payment (repayment) of the principal debt on long-term credits and loans;

VKK - the amount of payment (repayment) of the principal debt on short-term credits and loans;

Du - the amount of dividends (interest) paid to the owners of the enterprise (shareholders) on the invested capital (shares, shares, etc.).

The amount of net cash flow for these types of activities represents its total size for the enterprise in the reporting period for all types of activities.

The advantage of the indirect method when used in operational management is that it allows you to establish a correspondence between the financial result and the use of own working capital. In the long term, the indirect method allows you to identify the most problematic areas of cash flow management and economic activities of the enterprise, i.e. the formation of immobilized (unused) funds.

But, perhaps, the most important advantage of this method is that cash flow management when using own, borrowed and borrowed funds is aimed at the final result of the enterprise's activities - receiving net income.

But this method is not without its drawbacks. For there is no absolute unity of factors that simultaneously affect the state of cash flows and the state of profit. So, early retirement of non-current assets, including fixed assets, leads to a decrease in profit by the amount of their residual value. But this operation does not generate cash flow. In addition, it is necessary to take into account the existing discrepancy in the time of expenses and receipt of income and their reflection in the financial statements, and the real movement of funds for these operations.

For example, according to accounting data, an enterprise can be profitable, but at the same time experience certain difficulties in paying urgent obligations. The point here is in the specifics of the reflection of information in the reporting, ahead of the real movement of funds, because it depends on the method of calculation used. Cash flow information is generated on a cash basis and reflects the fact of their movement. The resulting profit is, firstly, a calculated indicator, and secondly, it can be determined before the receivables are repaid.

The liquidity ratio of the cash flow is also applied, in which the main reference point is the dynamics of the balances of the company's monetary assets, the size of which ensures absolute solvency.

It is calculated using the formula:

where PDS - cash receipts;

DO - cash balance;

RDS - spending of funds.

If the size of the net cash flow is correlated with the amount of money spent, then we get an indicator - the coefficient of the efficiency of the cash flow.

The effectiveness of a positive cash flow can also be expressed in terms of the ratio of profit to the size of this flow. This profitability ratio is calculated based on the positive cash flows of various activities.

The state of the enterprise's cash flows is significantly influenced by the types and forms of cash settlements used. They affect the rate of money turnover. Thus, the use of cash settlement ensures the receipt of funds at the time of the transaction. Cashless settlement involves the movement of payment documents through banks serving counterparties, which requires more time.

Even exercise cashless payments v different forms(payment orders and claims, advances, checks, on terms of acceptance and without it, letters of credit with all their varieties) has a noticeable effect on the speed of money movement due to various labor costs in processing these payment documents and a different procedure for transferring funds.

To manage current cash flows, a cash flow plan, an income and expense plan, a budgeting system, a payment calendar, and a cash plan are used.

The cash flow of an enterprise is a set of receipts and payments of funds distributed over time, generated by its economic activities.

Prerequisites:

1. Effectively organized cash flows of an enterprise are a prerequisite for achieving high results of its economic activity.

2. Effective cash flow management ensures the financial stability of the enterprise.

3. Effective cash flow management helps to reduce the company's need for borrowed capital.

4. Effective cash flow management ensures the reduction of the risk of insolvency of the company.

The cash flow of the enterprise includes many types of these flows serving economic activities.

The cash flows of the enterprise are classified according to the following main characteristics:

1) By the scale of service of the economic process:

· Cash flow for the enterprise as a whole is the most general type of cash flow, which collects all types of cash flows;

· Cash flow for individual structural parts of the enterprise;

· Cash flow for individual business transactions.

2) By type of economic activity:

· Cash flow from operating activities. It is characterized by:

Cash payments to suppliers of raw materials and supplies;

To third-party contractors of certain types of services that provide operational activities;

Tax payments of the enterprise to the budgets of all levels and to off-budget funds.

· Cash flow from investment activities. It is characterized by:

Payments and receipts of funds related to the implementation of real and financial investment;

Sale of retired fixed assets and intangible assets.

· Cash flow from financial activities. It is characterized by:

Receipts and payments of funds related to the attraction of additional share capital or share capital;

Obtaining long-term and short-term loans and borrowings;

Payment in cash of dividends and interest on the owners' deposits.

3) By the direction of cash flow:

· Positive cash flow, which characterizes the totality of cash inflows to the company;

· Negative cash flow, which characterizes the totality of cash payments by the enterprise.

4) By the method of calculating volume:

· Gross cash flow, which characterizes all receipts or expenditures of funds;

· Net cash flow, which characterizes the difference between positive and negative cash flows.

5) By the continuity of formation:

· Regular cash flow, which characterizes the flow of receipts or expenditures of funds for individual business transactions;

· Discrete cash flow characterizing the receipt or expenditure of funds associated with the implementation of single business operations of the enterprise.

6) By the level of sufficiency of volume:

· Excessive cash flow, in which cash receipts significantly exceed the real need of the enterprise;

· Deficit cash flow - in which cash inflows are significantly lower than the real needs of the enterprise.

7) By the method of estimation in time:

· Present cash flow, which characterizes the enterprise's cash flow as a single comparable value, reduced in value to the current moment of time.

· Future cash flow, which characterizes the enterprise's cash flow as a single comparable value, reduced in value to a specific upcoming moment in time.

The classification of enterprise cash flows allows for accounting, analysis and planning of cash flows in enterprises.

1.2.1 Cash flow management

Cash flow management is a system of principles and methods for the development and implementation of management decisions related to the formation, distribution and use of funds and the organization of their turnover, aimed at ensuring the financial balance of the enterprise and its sustainable growth.

The main goals of cash flow management of an enterprise are to increase the market value of the enterprise and ensure a constant financial balance of the enterprise. In the implementation of these goals, the management of the company's cash flows is aimed at solving the main tasks:

1. Formation of a sufficient amount of financial resources of the enterprise in accordance with the needs of its forthcoming economic activity. Its implementation is possible in the following ways:

By determining the need for the required amount of financial resources of the enterprise;

Establishing a system of sources of their education;

Ensuring that the cost of attracting them to the enterprise is minimized.

2. Improving the distribution of the formed volume of the enterprise's monetary resources by types of economic activities and areas of use. In the implementation of this task, the necessary expediency is provided in the direction of the enterprise's financial resources for the development of various types of its activities.

3. Ensuring a high level of financial stability of the enterprise in the process of its development. This task is provided by:

Formation of an expedient structure of sources of attracting funds;

The ratio of the volume of their attraction from own and borrowed sources;

Optimization of the volume of raising funds for the forthcoming terms of their return;

The formation of a sufficient amount of monetary resources.

4. Maintaining the constant solvency of the enterprise. This task can be accomplished by:

Effective management of balances of cash assets and their equivalents;

Ensuring the uniformity of cash flow to the enterprise;

Choosing the best means of payment in the settlements of business transactions.

5. Maximizing net cash flow. Maximization provides a given rate of economic development of an enterprise on a self-financing basis. This task can be accomplished by:

Creation of cash flow of the enterprise;

Choosing an effective depreciation policy of the enterprise;

Timely disposal of unused assets.

6. Ensuring the minimization of losses in the value of monetary funds in the process of their economic use at the enterprise.

All the considered tasks of cash flow management are interrelated, despite the fact that some of them are equal to each other. As a result, in the process of managing the company's cash flows, individual tasks must be optimized among themselves for the most effective implementation of its main goal.

1.2.2 Methods for estimating cash flow

The main methods for calculating the amount of cash flow of an enterprise are the direct method, the indirect method and the matrix method.

Let's take a closer look at each of these methods.

1) Direct method. The analysis of the movement by this method allows one to judge the liquidity of the enterprise, which makes it possible to draw operational conclusions regarding the sufficiency of funds for the payment of current liabilities, as well as the implementation of investment activities. This method is based on the analysis of cash flows on the accounts of the enterprise. The direct method can be used for:

Control over the process of generating profits;

Conclusions regarding the adequacy of funds for payments on current obligations.

Disadvantages:

Does not disclose the relationship of the obtained financial result;

Does not disclose changes in the absolute amount of the enterprise's funds;

Time consuming;

The resulting reporting is less useful.

This method is aimed at obtaining data characterizing the gross and net cash flow of the company in the reporting period. It is designed to reflect the entire volume of receipts and expenditures of funds for individual types of economic activity and throughout the enterprise as a whole.

2) Indirect method. The essence of this method is to convert the amount of net profit into the amount of cash.

Indirect method:

· Based on the analysis of balance sheet items and the statement of financial results;

· 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 company for the reporting period;

Allows you to establish a correspondence between the financial result and your own working capital;

· Allows you to identify the most problematic "places of accumulation" of frozen funds;

· To develop ways out of the current situation.

The indirect method is aimed at obtaining data characterizing the company's net cash flow in the reporting period. The main methods for reporting the company's cash using the indirect method are:

Reporting balance:

Income statement.

3) Matrix method. The matrix model is a rectangular table, the elements of which reflect the relationship of objects. Matrix balance is a derived format from the standard form of a firm's balance sheet.

Algorithm for constructing a matrix balance:

1) The size of the balance matrix is ​​selected;

2) Conversion of the standard balance into the aggregated balance is carried out;

3) A 10x10 matrix is ​​built, into which data from the aggregated balance sheet is transferred.

4) For each asset item, a source of funding is selected, balance sheet totals are verified horizontally and vertically of the matrix;

5) The "Difference matrix balance" is being built;

6) The "Balance of cash receipts and expenses of the enterprise" is being built.

1.2.3 Planning cash flows of the enterprise

Correct planning of the company's cash flows is the main problem facing every new company. If enterprises do not solve this problem, then at a certain moment they will not have enough cash, which will lead to the bankruptcy of the enterprise. When an enterprise receives a payment or makes a payment of funds, then the amount of cash changes. The main task of the plan of cash receipts and payments is to plan the synchronization of receipt and expenditure of funds.

Development of a plan for cash receipts and payments:

· Has an impact on the projected flows of payments in relation to credit institutions, investors;

· Allows you to control liquidity;

· Initiates the development and implementation of appropriate organizational, financial and economic measures for balancing means of payment.

Elements included in financial planning:

· Calculation of cash flows based on the stock of means of payment at the beginning of the period;

· Maintenance of the current balance of cash receipts and payments by planning payments by months;

· Calculation of volumes of external financing and definancing;

· Calculation of liquidity reserves to determine the desired stock of means of payment at the end of the period.

When planning the flow of funds (if specific goals are outlined), it is determined when and how much money will be received (paid) in order to ensure the efficient operation of the enterprise.

Planning income and expenses will help you to attract loans in the most optimal way or invest temporarily free funds at a profit. Only real income and expenses planned for a specific period need to be included in the plan. This should be the actual money paid.

The calculation of the plan components begins with the determination of the amount of cash at the beginning of the period. Then the calculation of receipts and payments related to the current activities of the enterprise is made.

The plan of cash receipts and payments is based on the plan of income and expenses, broken down by month.

In some cases, it is useful to foresee several possible development scenarios and, accordingly, give several options for the plan of income and expenses and the plan of cash receipts and payments.

Table 1

Formulas used to calculate indicators in terms of cash payments and receipts:

where Pr is cash receipts;

P - payments of everything;

D - increase in cash;

He and Ok - the remainder at the beginning and end of the period.

If there are not enough funds on the current account, payment is made in the established order of payments:

1. payment of claims for compensation for harm caused to life and health, as well as claims for the recovery of alimony;

2. payment of severance pay and remuneration of persons working under an employment contract, payment of remuneration under copyright agreements;

3. the claims of creditors for obligations secured by the pledge of the debtor's property are satisfied;

4. payments are made to the budget and extra-budgetary funds;

5. settlements with other creditors.

If there is enough money for urgent payments, then the order of transfer will depend on the criteria:

· The importance of payment for the enterprise and the amount of income expected to receive from this investment of funds;

· The amount of interest or fines and other losses due to late payment.

When choosing criteria, it is necessary:

Highlight their "pluses" and "minuses" depending on the current situation;

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1. Theoretical basis cash flow management of the organization

1.1 Methodology for analyzing cash flows

Cash is the most liquid asset and does not stay long at this stage of the circuit. However, in a certain amount, they must constantly be present in the composition of working capital, otherwise the company will be declared insolvent.

The main purpose of the analysis of cash flows is to identify the reasons for the deficit (excess) of cash flows and determine the sources of their receipt and spending directions to control the current liquidity and solvency of the enterprise. Its solvency and liquidity very often depend on the real money turnover in the form of a flow of cash payments reflected in the accounting accounts 7, p. 124.

The main objectives of cash flow analysis are:

operational, day-to-day control over the safety of cash flows and securities in the cash desk of the enterprise;

control over the use of cash flows strictly for their intended purpose;

control over correct and timely settlements with the budget, banks, personnel;

control over compliance with the payment forms established in contracts with buyers and suppliers;

timely reconciliation of settlements with debtors and creditors to exclude overdue debts;

diagnostics of the state of absolute liquidity of the enterprise;

forecasting the ability of the company to pay off the arisen obligations in a timely manner;

contributing to the competent management of the company's cash flows.

The main source of information for analyzing the relationship between profit, working capital and cash flows is the balance sheet (form No. 1), annex to the balance sheet (form No. 5), the statement of financial results and their use (form No. 2). The peculiarity of the formation of information in these reports is the accrual method, and not the cash method. This means that the income received, or the costs incurred, may not correspond to the real "inflow" or "outflow" of cash flows in the enterprise.

The report can show a sufficient amount of profit and then the profitability estimate will be high, although at the same time the company may experience an acute shortage of cash flows for its functioning. Conversely, the profit may be insignificant, and the financial condition of the enterprise is quite satisfactory. Shown in the company's reporting, data on the formation and use of profit does not give a complete picture of the real process of cash flow.

For example, it is enough to confirm what has been said to compare the value of the balance sheet profit shown in f. No. 2 of the statement of financial results and their use with the amount of changes in cash flows in the balance sheet. Profit is only one of the factors (sources) of formation of balance sheet liquidity. Other sources are: loans, borrowings, issue of securities, contributions of founders, and others. Therefore, in some countries, the preference is now given to the statement of cash flows as a tool for analyzing the financial condition of the company. For example, in the United States, since 1988, a standard has been introduced according to which enterprises, instead of the previously prepared report on changes in financial situation must draw up a statement of cash flows. This approach makes it possible to more objectively assess the liquidity of a company in an inflationary environment and taking into account the fact that the rest of the reporting forms use the accrual method, that is, it involves the reflection of expenses regardless of whether the corresponding sums of money were received or paid.

A cash flow statement is a financial reporting document that reflects receipts, expenditures and net changes in cash flows in the course of current economic activities, as well as investment and financing activities for a certain period. These changes are reflected in such a way that they make it possible to establish a relationship between cash flow balances at the beginning and end of the reporting period.

A cash flow statement is a statement of changes in financial condition prepared using the cash flow method. It makes it possible to assess future cash flows, analyze the company's ability to pay off its short-term debt and pay dividends, and assess the need to attract additional financial resources. This report can be drawn up either in the form of a statement of changes in financial position (with the replacement of the indicator "net current assets" by the indicator "cash"), or in a special form, where the directions of cash flow are grouped in three areas: economic (operational) sphere, investment and financial sphere.

The logic of the analysis is quite obvious - it is necessary to highlight, if possible, all operations affecting cash flow. This can be done in various ways, in particular by analyzing all turnovers for cash flow accounts (accounts 50, 51, 52, 55, 57). However, in the world accounting and analytical practice, as a rule, one of two methods is used, known as direct and indirect methods. The difference between them lies in the different sequence of procedures for determining the value of the cash flow as a result of current activities:

the direct method is based on the calculation of the inflow (proceeds from the sale of products, works and services, advances received, etc.) and outflows (payment of suppliers' bills, return of received short-term loans and borrowings, etc.) of cash flows, i.e. the source element is revenue;

the indirect method is based on the identification and accounting of transactions related to cash flows and a consistent adjustment of net profit, i.e. the initial element is profit.

In practice, two methods of calculating cash flows are used - direct and indirect.

The direct calculation method is based on reflecting the results of transactions (turnovers) on cash flow accounts for a period. In this case, operations are grouped into three types of activities:

current (main) activities - receipt of proceeds from sales, advances, payment of suppliers' invoices, receipt of short-term loans and loans, payment of wages, settlements with the budget, paid / received interest on loans and borrowings;

investment activity - the movement of funds associated with the acquisition or sale of fixed assets and intangible assets;

financial activities - obtaining long-term loans and borrowings, long-term and short-term financial investments, repayment of debts on previously received loans, payment of dividends.

The necessary data is taken from the forms of financial statements: "Balance sheet" and "Statement of cash flows.

Calculation of cash flow by the direct method makes it possible to assess the solvency of the enterprise, as well as to exercise operational control over the receipt and expenditure of cash flows. In Russia, the direct method is used as the basis for the form of the "Statement of cash flows". At the same time, the excess of receipts over payments both for the enterprise as a whole and for the types of activities means an inflow of funds, and an excess of payments over receipts means their outflow.

In the long term, the direct method of calculating the amount of cash flows makes it possible to assess the level of liquidity of assets. In operational financial management, the direct method can be used to control the process of generating proceeds from the sale of products (goods, services) and to draw conclusions regarding the adequacy of cash flows for payments on financial obligations.

The disadvantage of this method is the inability to take into account the relationship between the obtained financial result (profit) and changes in the absolute size of the company's cash flows.

The indirect method is preferable from an analytical point of view, since it allows you to determine the relationship between the profit received and the change in the value of cash flows. The calculation of cash flows using this method is based on the net profit indicator with the necessary adjustments in items that do not reflect the movement of real money in the corresponding accounts.

To eliminate discrepancies in the formation of the net financial result and net cash flow, adjustments are made to the net profit or loss, taking into account:

changes in inventories, accounts receivable, short-term financial investments, short-term liabilities, excluding loans and credits, during the period;

non-cash items: amortization of non-current assets; exchange differences; profit (loss) of previous years, revealed in the reporting period, and more;

other items that should be reflected in investment and financial activities.

For methodological purposes, a certain sequence of such adjustments can be identified.

At the first stage, the impact on the net financial result of non-monetary transactions is eliminated. For example, the disposal of fixed assets and intangible assets causes an accounting loss in the amount of their residual value. It is quite understandable that the transactions of writing off the residual value of the property from the balance sheet do not have any effect on the amount of cash flows, since the associated outflow of funds occurred much earlier - at the time of its acquisition. Therefore, the amount of the loss in the amount of the under-depreciated value must be added to the amount of net profit.

At the second stage, adjustment procedures are performed taking into account changes in the items of current assets and short-term liabilities. The purpose of the adjustments is to show through which items of current assets and current liabilities there was a change in the amount of cash flows at the end of the reporting period compared to its beginning. The increase in the items of current assets is characterized by the use of funds and, therefore, is regarded as an outflow of cash flows. The decrease in the items of current assets is characterized by the release of funds and is regarded as an inflow of cash flows.

1.2 Management of the organization's cash flows

The management of cash assets or the balance of cash flows and their equivalents constantly at the disposal of the enterprise is an integral part of the functions of the general management of current assets of non-profit enterprises.

The size of the balance of monetary assets that the company operates in the course of economic activity determines the level of its absolute solvency (the company's readiness to immediately pay off all its urgent financial obligations), affects the amount of capital invested in current assets, and also characterizes to a certain extent its investment opportunities (the investment potential of the enterprise's implementation of short-term financial investments).

The main goal of financial management in the process of managing monetary assets is to ensure the constant solvency of the enterprise. This is where the function of monetary assets as a means of payment is realized, ensuring the implementation of the goals of forming their operating, insurance and compensation balances. The priority of this goal is determined by the fact that neither the large size of current assets and equity capital, nor the high level of profitability of economic activity can insure an enterprise from initiating a bankruptcy suit against it, if it cannot pay off its own funds within the prescribed timeframe due to a lack of monetary assets. urgent financial obligations.

Therefore, in the practice of financial management, the management of monetary assets is often identified with the management of solvency (or liquidity management).

Cash flow management is also carried out using cash flow forecasting, i.e. receipt (inflow) and use (outflow) of cash flows. The size of cash inflows and outflows in conditions of instability and inflation can be determined very approximately and only for a short period, for example, a month, a quarter.

Estimated receipts are calculated based on the average maturity of invoices and credit sales. The change in accounts receivable for the selected period is taken into account, which can increase or decrease the inflow of cash flows, the influence of non-operating transactions and other receipts is determined.

In parallel, cash outflows are forecasted, i.e. the expected payment of invoices for the goods received, and mainly the repayment of accounts payable. Payments to the budget are envisaged, tax authorities and off-budget funds, payment of dividends, interest, remuneration of employees of the enterprise, possible investments and other expenses.

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

Determination of the minimum required need for cash assets for the implementation of current economic activity is aimed at establishing a lower limit for the balance of required cash assets and is carried out on the basis of a cash flow forecast using the following formula:

where YES min is the minimum required need for cash assets to carry out current economic activities in the coming period;

PR YES - the estimated volume of payment turnover for current business transactions in the coming period;

О YES - the turnover of monetary assets (in times) in a similar reporting period (taking into account the planned measures to accelerate the turnover of monetary assets).

The calculation of the minimum required need for monetary assets can be carried out by another method:

where YES K is the balance of monetary assets at the end of the reporting period;

FR YES - the actual volume of payment turnover for current business transactions in the reporting period.

Analysis of cash flow and its management allows you to determine its optimal level, the ability of the company to pay off its current obligations and carry out investment activities.

The generalized characteristic of the structure of the sources of formation is the quality of the net cash flow. Its high quality is characterized by an increase in the share of net profit received due to an increase in output and a decrease in its cost, and low - due to an increase in the share of net profit associated with an increase in product prices, the implementation of non-sale transactions in the total volume of net profit.

At the same time, it is important to determine the sufficiency of the net cash flow generated in the course of economic activity to finance emerging needs. For this, the ratio of the adequacy of the net cash flow (CD NPV) is used, which is calculated according to the following formula

CD NDP = (3)

where OD is the amount of payments of the principal debt on long- and short-term loans and borrowings of the organization;

Y - index - dividends of the founders;

З ТМ - the sum of the increase in inventories in the structure of the organization's current assets;

D y - the amount of dividends (interest) paid to the owners of the enterprise (shareholders, shareholders) on the invested capital.

To assess the synchronicity of the formation of positive and negative cash flows for individual intervals of the reporting period, the dynamics of the balances of the organization's monetary assets is considered, reflecting the level of this synchronicity and ensuring absolute solvency, the liquidity ratio of the cash flow (CL DP) of the organization is calculated for individual intervals of the period under consideration using the formula

where RAP is the amount of cash receipts;

YES K, YES N - the amount of the organization's cash balance at the end and beginning of the period under review, respectively;

MTO is the amount of money spent.

The generalizing indicators of the efficiency of the organization's cash flows are the cash flow efficiency ratio (KEDp) and the net cash flow reinvestment ratio (KRchpd), which are calculated using the following formulas:

KEDp = and KRchpd = (5)

where? RI and? Fid - the amount of growth, respectively, of real investments and long-term financial investments of the organization.

The calculation results are used to optimize cash flows, which is the process of choosing the best forms of their organization, taking into account the conditions and characteristics of the implementation of economic activities.

The financial condition of the company and the ability to quickly adapt in case of unforeseen changes in the financial market depend on the efficiency of cash flow management.

In the western practice of financial management, more complex models of cash flow management are used. These are the Baumol model and the Miller-Orr model. However, the application of these models in Russia in the current market conditions (high inflation, a reviving stock market, sharp fluctuations in refinancing rates of the Central Bank of the Russian Federation, etc.) is not possible.

One of the main tasks of cash flow management is to optimize the average balance of the company's cash assets. This optimization is achieved by calculating the required size of certain types of this balance in the coming period.

The need for an operating (transactional) balance of monetary assets characterizes the minimum required amount required to carry out current economic activities. The calculation of this amount is based on the planned volume of negative cash flow from operating activities (the corresponding section of the plan for the receipt and expenditure of cash flows) and the number of turnovers of monetary assets.

where YES about is the operating balance of cash flows,

PO od - the planned volume of negative (the amount of spending cash flows) cash flow from the operating activities of the enterprise,

KO yes - the number of turns of the average balance of cash flows in the planning period.

The need for an insurance (reserve) balance of monetary assets is determined on the basis of the calculated sum of their operating balance and the coefficient of unevenness (coefficient of variation) of cash flows to the enterprise for individual months of the previous year.

where YES c - insurance (reserve) balance of monetary assets,

YES about - the planned operating balance of cash flows,

КВ пдс - coefficient of variation of cash flows at the enterprise.

The need for a compensatory balance of monetary assets is planned in the amount determined by the banking service agreement. However, since the agreement with the bank providing settlement services to non-profit organizations does not contain such a requirement, this type of balance of monetary assets is not planned in the enterprise.

Since this part of monetary assets does not lose its value during storage (during the formation of an effective portfolio of short-term financial investments), their amount is not limited by the upper limit. The criterion for the formation of this part of monetary assets is the need to ensure a higher rate of return on short-term investments in comparison with the rate of return on operating assets.

The total amount of the average balance of monetary assets in the planning period is determined by summing up the calculated requirements in their individual types:

where YES is the average amount of the company's monetary assets in the planning period,

YES o - the average amount of the operating balance of monetary assets,

YES s - the average amount of the insurance (reserve) balance of monetary assets,

YES k - the average amount of the compensation balance of monetary assets,

YES and - the average amount of the investment balance of monetary assets.

Considering that the balances of monetary assets of the last three types are to a certain extent fungible, the general need for them with limited financial resources non-profit organization can be shortened accordingly.

When managing cash flows, a non-profit organization must necessarily solve the problem of ensuring the profitable use of the temporarily free balance of monetary assets. At this stage of the formation of a policy for managing monetary assets, a system of measures is being developed to minimize the level of losses of alternative income in the process of their storage and anti-inflationary protection.

The main of these activities include:

Agreeing with the bank that provides settlement services to the enterprise, the conditions for the current storage of the balance of monetary assets with the payment of a deposit interest on the average amount of this balance (for example, by opening a checking account with the bank);

Use of short-term monetary investment instruments (primarily, deposits in banks) for temporary storage of insurance and investment balances of monetary assets;

The use of high-yield stock instruments for investing the reserve and the free balance of monetary assets (government short-term bonds; short-term certificates of deposit of banks, etc.), but subject to sufficient liquidity of these instruments in the financial market.

When managing cash flows in an organization, financial planning is carried out.

The financial planning system at the enterprise includes:

1) the system of budgetary planning of activities structural units;

2) the system of consolidated (integrated) budget planning of the enterprise.

In order to organize budget planning for the activities of the structural divisions of the enterprise, an end-to-end budgeting system is being developed, combining the following functional budgets, covering the base of financial calculations of the enterprise:

The budget of the wage fund, on the basis of which payments to extra-budgetary funds and some tax deductions are predicted;

The budget of material costs, compiled on the basis of the consumption rates of raw materials, components, materials and the volume of the production program of structural divisions;

Depreciation budget, including directions of its use for major repairs, current repairs and renovation;

Other expenses budget (travel, transportation, etc.);

A budget for repayment of loans and borrowings, developed on the basis of a payment schedule;

Tax budget, which includes all taxes and mandatory payments to the budget, as well as to extra-budgetary funds. This budget is planned for the whole enterprise.

The development of budgets for structural units and services is based on the principle of decomposition, which means that the budget of a lower level is a detail of the budget of a higher level. Consolidated budgets for each structural unit are developed, as a rule, on a monthly basis. In order to evenly provide the enterprise and its divisions with working capital, they indicate daily planned and actual costs, as well as for a month as a whole.

An integral part of financial planning is the definition of responsibility centers - cost centers and revenue centers. Departments in which it is difficult to measure the output of products or which work for internal consumers, it is advisable to transform into cost centers (costs). The divisions that produce products that go to the end user are transformed into profit centers, or revenue centers.

In the system of current financial planning, it is necessary to determine the real receipt of money for the company. This is possible after conducting a cash flow analysis. To do this, you need to have data on the inflow and outflow of cash flows in three areas: ordinary (current) activities, investment activities and financial activities. An inflow is any increase in liabilities or a decrease in active accounts, an outflow is any decrease in liabilities or an increase in active balance sheet items.

Financial planning is the final stage of planning in the enterprise.

Thus, in the process of carrying out its activities, any enterprise should analyze the system of organizing cash flow management to identify the centers of inflow and outflow of cash flows. The main purpose of organizing cash flow management at an enterprise is to identify the reasons for the deficit (excess) of cash flows and determine the sources of their receipt and spending directions to control the current liquidity and solvency of the enterprise. Its solvency and liquidity very often depend on the real money turnover in the form of a cash flow.

2. Analysis of the activities of the organization for managing cash flows on the example of the non-profit organization MC "Palace of Culture of Metallurgists"

non-profit cash flow organization

2.1 Characteristics of the peculiarities of the activities of the Management Company "Palace of Culture of Metallurgists"

The cultural institution "Palace of Culture of Metallurgists" is a non-profit organization. The main activity is the activity of libraries, archives, cultural institutions.

The organization was registered by the Registration Chamber of the Administration of Lipetsk on August 31, 1998.

Full name: Institution of culture "Palace of Culture of Metallurgists". Abbreviated name: Culture institution "DK Metallurgists"

Location of the organization: 398005, Lipetsk, Prospect Mira, 22.

Table 1 - The main indicators of the financial and economic condition of the cultural institution "House of Culture of Metallurgists" in 2010-2012

According to table 1, it can be seen that in 2011 in the cultural institution "House of Culture of Metallurgists" the size of fixed assets increased by 1281 thousand rubles. or by 36.0%, the amount of reserves - 573 thousand rubles. or by 1910.0%, the organization's cash assets decreased by 1416 thousand rubles. or by 81.2%, sales proceeds - by 1,742 thousand rubles. or by 78.8%, net profit - by 517 thousand rubles. or by 74.4%, the accounts receivable of the organization increased by 428 thousand rubles. or by 104.1%, accounts payable - by 653 thousand rubles. or 2612%.

In 2012, in the cultural institution "House of Culture of Metallurgists" the size of fixed assets increased by 1,090 thousand rubles. or by 22.5%, the size of reserves decreased by 29 thousand rubles. or by 4.8%, the organization's funds decreased by 114 thousand rubles. or by 34.7%, sales proceeds increased by 2,235 thousand rubles. or by 475.5%, net profit - by 321 thousand rubles. or by 180.3%, the accounts receivable of the organization decreased by 140 thousand rubles. or by 16.7%, accounts payable - by 34 thousand rubles. or 5.0%.

2.2 Analysis of cash flows of the Management Company "Palace of Culture of Metallurgists"

The main purpose of the analysis of cash flows is to identify the reasons for the deficit (excess) of cash flows and determine the sources of their receipt and spending directions to control the current liquidity and solvency of the enterprise.

Its solvency and liquidity very often depend on the real money turnover in the form of the flow of cash payments reflected in the accounting accounts.

In 2011, the cash flow balance increased by RUB 217 thousand. or 4.1 times. This change was influenced by the cash inflow from current activities in the amount of 1606 thousand rubles. However, there was an outflow of cash flows from investing activities in the amount of RUB 1,389 thousand.

In 2012, the cash flow balance decreased by 71 thousand rubles. or 1.3 times. This change was influenced by cash inflow from current activities in the amount of RUB 978 thousand.

Table 2 - Vertical analysis of receipts and expenditures of cash flows in the cultural institution "House of Culture of Metallurgists" in 2010-2012, thousand rubles.

From table 2 it follows that the main source of cash flows in the cultural institution "House of Culture of Metallurgists" in 2010 was targeted financing - 86.2%.

Among the areas of spending cash flows of the cultural institution "House of Culture of Metallurgists", the main specific weight is occupied by: payment of suppliers' bills (70.5%), staff salaries and contributions to extra-budgetary funds (23.4%), settlements with the budget (3.3%) , financing of the acquisition of the active part of fixed assets (2.1%), other expenses (0.7%).

The net change in cash flows (excess of outflow over inflow) is -48 thousand rubles. or 0.3%.

The main source of cash inflow in 2011 in the cultural institution "House of Culture of Metallurgists" was targeted financing - 87.7%.

Among the areas of spending cash flows of the culture institution "House of Culture of Metallurgists", the main specific weight is occupied by: payment of suppliers' bills (53.5%), staff salaries and contributions to extra-budgetary funds (28.7%), settlements with the budget (4.5%) , for the issuance of accountable amounts (2.8%), financing the acquisition of the active part of fixed assets (9.4%), other expenses (1.3%).

The net change in cash flows (excess of inflow over outflow) is 1.5%.

The main source of cash inflow in 2012 in the cultural institution "House of Culture of Metallurgists" was targeted financing - 83.6%.

Among the directions of spending cash flows of the culture institution "House of Culture of Metallurgists", the main specific weight is occupied by: payment of suppliers' bills (58.8%), staff salaries and contributions to extra-budgetary funds (26.6%), settlements with the budget (5.6%) , for the issuance of accountable amounts (2.7%), financing the acquisition of the active part of fixed assets (5.2%), other expenses (1.1%).

The net change in cash flows (excess of outflow over inflow) is 0.4%.

Expenditure of cash flows decreased by 2,898 thousand rubles, including: for payments to suppliers decreased by 4,596 thousand rubles, for wages increased by 67 thousand rubles, for settlements with extra-budgetary funds - by 49 thousand rubles, for the issuance of accountable amounts - by 410 thousand rubles, for the purchase of fixed assets - by 1013 thousand rubles, for settlements with the budget - by 95 thousand rubles, for other payments - by 64 thousand rubles.

In 2012, cash inflows increased by RUB 4,941 thousand, including:

Targeted financing of the organization increased by 3508 thousand rubles.,

Revenue from current activities - by 1,664 thousand rubles,

Other receipts decreased by 231 thousand rubles.

The use of cash flows increased by 5229 thousand rubles, including: for payments to suppliers increased by 3903 thousand rubles, for wages increased by 1119 thousand rubles, for settlements with off-budget funds decreased by 37 thousand rubles, for the issuance of accountable amounts increased by 139 thousand rubles, for the purchase of fixed assets decreased by 340 thousand rubles, for settlements with the budget increased by 446 thousand rubles, for other payments decreased by 1 thousand rubles.

Analysis of cash flows by the indirect method is preferable from an analytical point of view, since it allows you to determine the relationship between the profit received and the change in the value of cash flows.

Based on the results of the analysis of cash flows in the cultural institution "House of Culture of Metallurgists" for 2011, the following conclusions can be drawn by an indirect method:

1. for the reporting period, the amount of net profit decreased by 517 thousand rubles in comparison with the previous one;

2. the inventory balances increased by 573 thousand rubles. in warehouses;

3. accounts receivable increased by 315 thousand rubles;

4. accounts payable increased by 653 thousand rubles;

6. the total change in cash flows from all types of activities amounted to +473 thousand rubles.

Based on the results of the analysis of cash flows for 2012 in the cultural institution "House of Culture of Metallurgists" by an indirect method, the following conclusions can be drawn:

1. for the reporting period, the amount of net profit increased by 321 thousand rubles in comparison with the previous one;

2. the inventory balances decreased by 29 thousand rubles;

3. Decreased accounts receivable by 140 thousand rubles;

4. accounts payable decreased by 334 thousand rubles;

5. the lack of own funds (net profit and depreciation deductions) for the implementation of investment activities was revealed;

6. the total change in cash flows from all types of activities amounted to +982 thousand rubles.

Thus, after analyzing the cash flow in the cultural institution "House of Culture of Metallurgists" it was revealed that the organization is not always able to generate a sufficient amount of cash flows to carry out its activities.

2.3 Analysis of the effectiveness of work on cash flow management in the management company "Palace of Culture of Metallurgists"

The management of cash assets or the balance of cash flows and their equivalents constantly at the disposal of the enterprise is an integral part of the functions of the general management of current assets of the cultural institution "Palace of Culture of Metallurgists".

The main goal of financial management in the process of managing monetary assets is to ensure the constant solvency of the enterprise.

Along with this main goal, an important task of financial management in the process of managing monetary assets is to ensure the effective use of temporarily free cash flows, as well as the formed investment balance.

In the process of managing cash flows, the following indicators of cash flows in the organization are calculated.

According to table 3, it can be seen that the ratio of the participation of monetary assets in total current assets in 2011 decreased by 57%, and in 2012 - by 6%. The period of turnover of monetary assets in 2011 decreased by 27.8 days, and in 2012 - by 4.17 days. The number of turnovers of monetary assets in 2011 increased by 34.98 vol., And in 2012 - by 48.26 vol.

Table 3 - Indicators of the movement and state of cash flows in the cultural institution "Palace of Culture of Metallurgists" in 2010-2012.

All liquidity ratios are higher than their standard values, which is a positive fact.

Let's calculate the planned amount of the operating balance of monetary assets of the culture institution "House of Culture of Metallurgists" in 2013.

20133: 93.41 = 215 thousand rubles.

Let's calculate the planned amount of the insurance balance of monetary assets of the culture institution "House of Culture of Metallurgists" in 2013.

YES c = 215 x 70% = 151 thousand rubles.

The need for a compensatory balance of monetary assets is planned in the amount determined by the banking service agreement. However, since there is no such requirement in the agreement with the bank that provides settlement services to the culture institution "DK Metallurgists", this type of balance of monetary assets is not planned at the enterprise.

The need for an investment (speculative) balance of monetary assets is planned based on the financial capabilities of the enterprise only after the need for other types of balances of monetary assets is fully satisfied.

The total size of the average balance of monetary assets in the planning period is determined by summing up the calculated requirements in their individual types: YES = 215 + 151 = 366 thousand rubles.

Taking into account that the balances of monetary assets of the last three types are to a certain extent interchangeable, the general need for them, given the limited financial capabilities of the culture institution “DK Metallurgists”, can be correspondingly reduced.

When managing the cash flows of the culture institution “House of Culture of Metallurgists”, the problem of ensuring the profitable use of the temporarily free balance of monetary assets is necessarily solved. At this stage of the formation of a policy for managing monetary assets, a system of measures is being developed to minimize the level of losses of alternative income in the process of their storage and anti-inflationary protection.

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In this article, you will learn:

• What are the types of cash flows of the organization
• How the analysis and management of various types of cash flows of the organization is carried out

The success of an enterprise directly depends on the efficiency of capital management. Different types of cash flows of the organization are the main factor of stability and sustainability. They ensure the development of the company's economic activities, profit growth, and achievement of the set goals.

To create conditions for the economic development of an enterprise in a modern market, it is necessary to know the principles and mechanisms of financial management, to apply in practice the most optimal methods of accelerating the movement of various types of cash flows of an organization, and to use analytical methods correctly.

What provide different types of cash flows of the organization

Cash flow (CFT) is a continuous process of movement of cash and non-cash money. All types of business and financial activities of the company are accompanied by income and costs.

The economic activity of each organization is inextricably linked with the inflow and outflow of funds, the receipt of various payments and payments, which are distributed over time.

Different types of cash flows of the organization are combined into a single financial flow, which is an independent object of the resource management system. The strategy of distribution and synchronization of various DPs plays a critical role in the economic development of the enterprise. Financial management is reflected in the bottom line of the company.

Without "financial circulation" it is impossible to ensure the efficient operation of the enterprise in the conditions of the modern market. New companies enter the consumer market every year. But why are some of them successfully developing and increasing profits, while others go to bankruptcy?

A properly organized system of financial resource management, the use of modern methods of allocating funds allows you to optimize not only the economic activities of the company, but also to ensure a profitable investment, create conditions for economic well-being and prosperity, achieve the goals and get high performance.

Effective management of various types of cash flows of the organization provides:

• Financial balance, stability and profitability of the enterprise, which depend on the uniformity of movement and the level of synchronization in terms of volumes and time of different types of cash flows. The higher the level of synchronization, the faster the strategic goals and the company is developing more intensively.
• Rational use of the financial resources of the company, which allows to reduce credit dependence, to minimize the need of the company for borrowed funds.
• Reducing the risk of insolvency, when the organization cannot fulfill its financial obligations in the required amounts on time.

Synchronizing the receipt of money is an essential part of the company's anti-crisis plan. The imbalance of various types of cash flows of an organization increases the risk of insolvency and bankruptcy of even a successful enterprise.

Competent and effective financial management contributes to obtaining additional profits and increasing the assets of the company. It is necessary to include in turnover even temporarily free residual funds and continuously increase investment resources.

With a high level of synchronization of income and expenses in terms of volume and time, the company's real need for the current and insurance balance of funds decreases. Such a management strategy is aimed at reducing the reserves of investment resources that are formed in the process of real investment.

Competent financial management contributes to the discovery of new sources of profit. Effective management of various types of cash flows allows you to create additional resources for investment (investments) - the placement of capital in order to make a profit.

The main types of cash flows of the organization

• Positive (PDP) or cash inflow is the amount that goes to the organization's account from all types of transactions.
• Negative (MTO) or cash outflow is the amount of payments for all types of transactions.
• A single complex object of financial management - RAP and MTO. These two types of cash flows of an organization are closely related. Reduction of one type of cash flow over a certain period of time leads to a violation of synchronization and a reduction in the flow of the second type.

• DP of financial services for the enterprise as a whole.
• DP for financial services of individual structural divisions and CFD (centers of financial responsibility) of the company.
• DP for individual financial transactions that are subject to self-management.

Effective financial management allows you to analyze and timely assess the most vulnerable areas of funds management in order to immediately plan and take appropriate anti-crisis measures.

• DP for current activities. It includes revenues from all completed sales, advances received from customers, payments from ancillary operations, settlements with suppliers, payroll, tax deductions.
• DP for investment activities. This includes all types of financial transactions associated with the purchase of property and the sale of long-term assets.
• DP for financial activities. It combines various credit receipts, loans, repayment of interest on loans, payment of dividends on securities (shares, bills of exchange).

• Internal (VAR) - the movement of money within the enterprise.
• External (VAR) - the movement of funds between the enterprise and its counterparties (suppliers, buyers).

• Aggregate (ATP) - the entire amount of receipts or payments of funds for a period of time by intervals.
• Net (NPD) - the difference between positive (PDP) and negative (NPD) flows over a period of time by intervals.

Net DP is of great importance for determining the market value and financial position of an enterprise; it is used to determine the performance of the company.

Amount of NPP for the period = Amount of PPP (funds received) for the period - Amount of PPP (funds paid) for the period.

The amount of NPP affects the size of the company's financial assets. The NPV indicator can be either positive or negative.

• Balanced (PSA) can be calculated for the enterprise as a whole, for a separate center of financial responsibility, for a specific operation.

The balance between certain types of cash flows of the organization for the period is calculated using the following formula:

RAP amount = MTO amount + Provided increase in the amount of cash reserves.

• Unbalanced (NPD) is a deficit or surplus (surplus) aggregate financial flow. In case of insufficient funds or excess of income over expenses, the balance is not ensured.

• Short-term (KDP) - the calculation is done for a certain period, from the beginning of the receipt of payments to the end, but not more than 1 year.
• Long-term (LTP) - is calculated over a period of more than 1 year, from the beginning of the receipt of payments until the end of a certain period.

Short-term DP refers to the current and partially to financial activities, and long-term DP to investment and partially to the financial activities of the firm. For example, it can be long-term loans or loans. Calculations of KDP and DCF are used for individual operations of the enterprise.

• Priority (PRP) is a high level of NPP or net profit of an enterprise, for example, from the sale of goods.
• Secondary (VAR) - has an insignificant volume, therefore does not significantly affect the financial results of the company (for example, the issuance of accountable funds).

• Current (TDP) - the indicator is compared with the cost at the current time.
• Future (FDP) - the indicator is compared with the cost at a certain future point in time.

Most often, the classification by the method of valuation over time is used in determining the future profit of the enterprise - discounting.

In accordance with international financial accounting standards, the organization's cash flows are divided by types of economic activities:

• DP for operating activities - payments to suppliers of raw materials, deductions for the services of third-party contractors.
• DP for investment activities - payments and receipts when investing.
• DP for financial activities - payments and receipts related to the attraction of equity or other funds, with the receipt of long-term or short-term loans and borrowings.

The above classification is necessary for accounting, effective planning and analysis of the continuous cash flow of an enterprise. Competent financial management is based on a standard financial accounting system.

Other important types of cash flows of the organization

In addition to the above classification system for accounting for financial assets, there are other, no less important types of cash flows of the organization:

• Excessive (IDP) - the amount of financial receipts exceeds the company's needs in spending funds. The presence of a financial surplus indicates insufficient planning and use of enterprise resources. Excessive DP indicates a loss of profits for the firm, since inflation depreciates money.
• Scarce (DCF) - means that the incoming funds are not enough to fully meet the needs of the company. The shortage of funds leads to a deterioration in the financial situation of the enterprise, its economic development slows down, the consequences can be critical.
• Discrete (DCF) - income or expenses of a company associated with the performance of single operations in a certain period, for example, the acquisition of an intangible asset or gratuitous receipts.
• Regular (RDP) - income or expenses of an enterprise associated with ongoing business operations for periods of time.

The company's regular DPs can be even and uneven. This is due to the periodicity of the receipt of funds as a result of the company's economic operating activities.

The considered types of cash flows of the organization may differ only within a certain period of time. With a minimum period of time, all financial flows will be discrete, and with a long period, they can be considered regular.

Analysis of various types of cash flows of the organization

Here you should consider in detail why you need an analysis of the movement of various types of cash flows of the organization (ADF). A well-organized financial accounting of the moments and values ​​of inflows (RAP) and outflows (ODF) of funds at the enterprise allows you to determine the financial stability and profit of the company. This type of analysis is also called operational, since the calculations take into account income and costs from operating (current) activities.

Analysis of inflows and outflows of enterprise funds is an important link in financial management, since it is on its basis that strategic plan development of the company, taking into account the possibilities of self-financing of the enterprise, its financial potential and profitability.

The increase in financial resources directly affects the economic well-being of the enterprise. Without obtaining a stable profit, it is impossible to cover the company's debt obligations. A financial deficit usually leads to a crisis. An excess of free funds usually indicates that the enterprise is unprofitable.

The company's unprofitableness is due to two main factors - inflation and missed investment opportunities. The company can receive additional income from the profitable investment of surplus funds. Analysis of the movement of various types of cash flows of an organization allows you to identify its actual financial position.

Analysis of the aggregate indicators of inflows and outflows of funds is the most important characteristic of the stability and stability of the company. Only an analytical method allows you to determine the effectiveness of financial management and identify the monetary potential of an enterprise.

To analyze the financial condition of the company (to calculate the ADP), it is necessary to calculate the outflow (MTO) and inflow (RAP) of funds for the period of time for which a loan, credit or loan was taken. For example, when borrowing funds for 1 year, the analysis (ADP) is done on an annual basis. If the loan term is up to 90 days, then an analytical calculation (ADP) is made for a quarter.

Elements of financial inflows for the period:

• The profit of the company, received in one specific period.
• Depreciation charged for one specific period.
• Release of funds from: inventories, accounts receivable, fixed assets, other assets.
• Increase in accounts payable.
• Growth of other liabilities.
• Increase in share capital.
• Issuance of new loans.

Elements of an outflow of funds for the period:

• Payments: taxes, interest, dividends, fines and penalties.
• Additional attachments funds in: inventories, receivables, other assets, fixed assets.
• Reduction of accounts payable.
• Decrease in other liabilities.
• Share capital outflow.
• Repayment of loans.

The indicator of the total cash flow (CCF) of the company is the difference between the inflow (CCF) and outflow (CCF) of funds. Any changes in the financial reserves of the enterprise, accounts receivable and payable, other assets and liabilities, fixed assets in one way or another affect the MTO indicator. To determine the real degree of such influence, it is necessary to compare the indicators of residual funds for various items of inventories, debtors, creditors at the beginning and end of a certain time period.

If an increase in the balance of financial reserves, debtors and other assets for a specific period is revealed, then the final result of the calculation is recorded with a “-” sign and indicates an outflow of money. A decrease in the balance of funds is recorded with a "+" sign and indicates an inflow of capital. The growth of creditors and other liabilities is considered as an inflow of funds and is marked with a “+” sign, and their decrease is an outflow with a “-” sign.

When analyzing the movement of various types of cash flows of an organization, it is necessary to take into account some peculiarities in determining the inflow and outflow of funds. This is due to the change in fixed assets. When performing calculations, one should take into account not only the increase or decrease in the value of their balance over a certain time period, but also the final indicator of the sale of part of fixed assets for a specific period. If the selling price exceeds the balance sheet estimate, then this indicates an inflow of funds. If the balance sheet value exceeds the selling price, then we are talking about an outflow.

The inflow or outflow of funds due to a change in the value of fixed assets is calculated using the formula:

Inflow (outflow) of funds due to changes in the value of fixed assets = Cost of fixed assets at the end of the period - Cost of fixed assets at the beginning of the period + Results of the sale of fixed assets during the period.

The indirect analytical method of ADP is based on the grouping of elements of inflow and outflow of funds by areas of management, which, in turn, are divided into blocks:

• enterprise profit management;
• inventory and settlement management;
• financial liability management;
• tax and investment management;
• management of the ratio of equity capital and loans.

ADP by direct analytical method is performed as follows:

Total cash flow (Net cash) = Increase (decrease) in cash as a result of production and economic activities + Increase (decrease) in cash as a result of investment activities + Increase (decrease) in cash as a result of financing activities.

Calculation of the first term:

Revenues and sales - Payments to suppliers and staff + Interest received - Interest paid - Taxes.

Calculation of the second term of the total cash flow:

Proceeds from the sale of fixed assets - Capital expenditures.

Calculation of the third term:

Received loans - Repayment of debt obligations + Issue of bonds + Issue of shares - Payment of dividends.

To perform the BPA, it is necessary to have data for at least three past years. If an enterprise has a stable excess of inflow over outflow of funds, then it can be considered financially stable and creditworthy. The lack of stability and low creditworthiness of the company is indicated by even a short-term excess of outflow over inflow, as well as all fluctuations in the value of the total DP.

If the value of the outflow systematically exceeds the value of the inflow, then the company is characterized as insolvent. A positive total DP (inflows exceeds outflows) indicates the size of the allowable loan that the firm can receive.

Analysis of different types of cash flows of the organization allows you to identify the weak link in financial management. For example, the reason for the outflow may be insufficiently thought out management of financial stocks, settlements (debtors and creditors), financial payments (taxes, interest, dividends).

Identification of deficiencies in capital management is necessary for the correct development of credit conditions, which will be reflected in the loan agreement. For example, if the main reason for the outflow of finance is the excessive diversion of funds into calculations, then maintaining the turnover of accounts receivable during the entire period of using the loan at a certain level may become a favorable condition for lending.

If the reason for the outflow was an insufficient indicator of equity capital, then compliance with a certain standard level of the leverage ratio (leverage) - the management of the company's assets and liabilities in order to make a profit - can be considered as the main lending condition.

It is more convenient to analyze the indicators of inflow and outflow of funds using a report on the movement of funds. In accordance with the international standard IAS7 "Report on changes in the financial position" (enacted in the Russian Federation by Order of the Ministry of Finance of Russia dated December 28, 2015 N 217n), it is the main source of information for analysis (ADP). It is compiled not according to the sources and directions of movement of funds, but according to the areas of activity of the organization - operating (current), investment and financial.

When compiling a statement of cash flows and changes in the financial position of an enterprise, the indicators of cash received by the organization as a result of activities are determined:

• operating (current);
• investment;
• financial.

Balance sheet data and profit and loss statement are used to generate a cash flow statement.

Managing the types of cash flows of the organization

Without competent financial management, it is impossible to effectively manage all the economic activities of the enterprise and successfully resolve the current financial problems.

The management system for various types of cash flows of an organization is based on key principles:

• Informative reliability.

Financial management should be provided with a mandatory information base. The creation of such a base is complicated by the lack of direct financial report based on general methodological principles of accounting.

World standards for the formation of a direct financial report began to be developed only since 1971 and, according to some experts, are still far from complete. In our country, accounting is carried out in ways that differ from those accepted in world practice. This causes certain difficulties and does not allow ensuring the reliability of the information base.

• Ensuring balance.

The management of all types of cash flows of the organization must comply with the general goals and objectives of financial management, as well as ensure a balance of inflows and outflows of funds by type, volume, time periods and other important indicators. This is the only way to optimize the financial planning of the company.

• Ensuring efficiency.

Financial inflows and outflows of any company are characterized by unevenness, which leads to the emergence of free assets in significant volumes. Temporarily idle fund balances are unproductive assets that depreciate over time for various reasons. Effective management of funds should ensure their investment.

• Providing liquidity.

The unevenness of some types of cash flows of the organization causes a temporary lack of finance. This adversely affects the degree of the company's solvency. Therefore, it is very important to ensure the highest degree of their liquidity throughout the entire period of activity. To do this, it is necessary to synchronize the positive (PDP) and negative (NPT) flows in the context of each specific time period.

The primary goal of financial management is to ensure financial balance enterprises. This can only be achieved if a balance and synchronization of inflow and outflow is achieved over time.

Reporting helps to analyze the movement of funds and draw conclusions about the financial condition of the enterprise. Reporting types:

• about the provision of the company with financial resources at any time;
• free from the influence of legal and accounting requirements (intended only for the head or owner of the company);
• covering all areas of the enterprise.

Cash flow (DP) is a cumulatively distributed over time receipts and payments, which are formed as a result of the activities of the enterprise. The financial management of the company should be guided by the main provisions:

• Cash flows support the economic activity of the company in all areas of its work. They are called the "cash circulation" system of the enterprise. The positive results of economic activities are indicative of the "financial health" of the company.
• The financial balance and stability of the enterprise are directly related to its strategic development... The speed of economic formation depends on the degree of synchronization of various types of cash flows of the organization. The higher its level, the faster the strategic goals and objectives of the company are realized.
• The high rhythm of the execution of operational (current) processes allows to increase the company's turnover, to manufacture and sell as many products as possible. Delays in payments negatively affect the creation of a production base - stocks of raw materials, employee performance, and sales of the finished product.
• Active management of all types of cash flows of the organization allows you to reduce the company's needs for loans and borrowings. Financial resources can be formed from internal sources only with a rational and economical attitude to material resources and rational economic activity. This is especially important for young developing companies, since they have limited access to external financial sources (loans, borrowings, loans).
• An increase in the rate of capital turnover occurs due to a reduction in the duration of production and financing cycles, a decrease in the need for financial resources that serve the economic activities of the organization. As a result, the company's profits increase rapidly.
• The risk of insolvency and bankruptcy of the enterprise is significantly reduced. Even with a successful economic activity and making sufficient profits, periods of insolvency may appear. This happens due to the lack of balance between the inflow and outflow of funds over time. Only a well-organized synchronization of the receipt and expenditure of funds can save the organization from the risk of insolvency.
• An enterprise's additional profit is generated by financial assets. Effective use of temporarily released cash balances, well thought out investment funds allows you to accumulate sufficient capital and generate additional investment resources. A high degree of synchronization of receipts and payments in terms of volume and time makes it possible to reduce the company's needs for current and insurance balances of assets that serve the company's operating activities, as well as to form reserve investments.

Example. To calculate the net cash flow (NPF) of an organization, you can use a more complex method. First, you need to find the total indicator of cash flows associated with core activities, finance and investments. The present value can be calculated directly or indirectly.

For planning the internal budget of the company, it is better to use the direct calculation method. To do this, you need to find out the amount of revenue received from the sale of goods or services. The formula also reflects miscellaneous operating expenses and operating expenses and tax payments. But this method of calculation has one drawback - with its help it is impossible to determine the relationship between changes in the volume of funds and the company's income.

The indirect method makes it possible to deeply analyze the financial condition of the organization at the current moment. It allows you to adjust the indicator when accounting for transactions that are not financially oriented. In this case, the obtained value may indicate that the current value of a successful company is more / less than income for a time interval.

An example of calculating the company's cash flow for 1 month (30 days):

1. Primary activity:

• receipts from the sale of products - 450,000 rubles;
• raw material costs - 120,000 rubles;
• staff salary - 45,000 rubles;
• total - 285,000 rubles.

1. Investment activities:

• investments in land - 160,000 rubles;
• investments in assets - 50,000 rubles;
• total - 210,000 rubles.

1. Financial activities:

• obtaining a loan from a bank - 100,000 rubles;
• dividend payments - 20,000 rubles;
• total - 80,000 rubles.

The calculation is performed according to the formula:

DP of the company for 30 days = 285,000 rubles. - 210,000 rubles. + 80,000 rubles. = 155,000 rubles.

The company's cash flow indicator for 1 month of activity is 155,000 rubles.

Knowledge of the classification of all types of cash flows of the organization, the ability to perform all the necessary calculations and analyze the results will help you improve the efficiency of the enterprise. The formulas given in this article will help you to correctly draw up financial statements, will help you avoid mistakes and problems with the tax authorities.