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Recommendations for improving the solvency of the enterprise. Proposals to improve the solvency and liquidity of the enterprise. Fast and absolute liquidity

The essence and significance of the liquidity and solvency of the enterprise, the methodological basis for their assessment. Technical and economic analysis of the financial performance of the organization. Features formation of the optimal structure of current assets, balance calculation.

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Ways to improve the solvency and liquidity of an enterprise (on the example of LLC" TLT Press" )

Introduction

1. Theoretical and methodological aspects of assessing the liquidity and solvency of an enterprise

1.1 The essence and significance of the liquidity and solvency of the enterprise

1.2 Methodological foundations assessing the liquidity and solvency of the enterprise

1.3 Information base for the analysis of liquidity and solvency of the enterprise

2. Assessment of liquidity and solvency of TLT Press LLC

2.1 Feasibility study of TLT Press LLC

2.2 Analysis financial indicators activities of TLT Press LLC

2.3 Analysis of liquidity and solvency of TLT Press LLC

3.1 Formation of the optimal structure of current assets of TLT Press LLC

Conclusion

List of sources used

Applications

Introduction

financial liquidity solvency balance

In modern economic literature, the term "liquidity" has a wide range of applications and characterizes completely different objects of the economy. In addition to the definitions already given, it is used in combination with other concepts related to both specific objects economic life, and subjects national economy(bank, enterprise, market), as well as to determine characteristic features activities of economic entities (balance sheet of the enterprise, bank balance sheet).

The connection between the categories of money and liquidity is found, for example, in the analysis of the most common object of economic relations - goods. To be liquid, a product must be at least needed by someone, i.e. have a use value and, since it was produced with direct participation human labor, to have a value, the measurement of which is money. At the same time, to examine the turnover of goods, the amount of money should be sufficient. Besides, necessary condition comparison of commodity values in the asset of sale is the presence of an equivalent product - an intermediary capable of maintaining value throughout the entire period of sale and purchase. Under the gold standard, money fulfilled this function, one might say, absolutely. The continuity of the C-D-T chain was practically ensured by a real guarantee, since the seller could exchange the credit instruments of circulation received from the buyer for metal in banks or demand gold in payment for his goods. Subsequently, the liquidity of a commodity was made dependent not only on public recognition of the labor expended on the production of this commodity, but also on the quality, availability and sufficiency of credit instruments that perform the function of money as a means of circulation.

AT modern conditions to maintain the continuity of the process of commodity-money exchange, credit instruments of circulation that have public recognition are used. Since in the process of commodity-money circulation a gap inevitably arises between buying and selling and, consequently, between the moments of the appearance of a debt obligation and its repayment, in the event of serious financial difficulties for the issuer of a debt obligation, the C-D-T chain may be interrupted. This is one of the main aspects that determine the content of the concept of liquidity - the unconditional fulfillment by the borrower of his obligation to the creditor within a certain period.

Solvency and liquidity are the most important characteristics of the financial and economic activity of an enterprise in the conditions market economy. If an enterprise is liquid, solvent, it has an advantage over other enterprises of the same profile in attracting investments, in obtaining loans, in choosing suppliers and in selecting qualified personnel. Finally, it does not come into conflict with the state and society, since it pays taxes to the budget in a timely manner, contributions to social funds, wages- to workers and employees, dividends - to shareholders, and banks are guaranteed the return of loans and the payment of interest on them.

The higher the stability of the enterprise, the more it is independent of unexpected changes in market conditions and, therefore, the less the risk of being on the verge of bankruptcy.

In modern economic conditions, enterprises are required to increase production efficiency, competitiveness of products and services based on the implementation of achievements scientific and technological progress, effective forms of management and production management, overcoming mismanagement, enhancing entrepreneurship, initiative. An important role in the implementation of these tasks is assigned to the analysis of the solvency and liquidity of the enterprise. It allows you to study and evaluate the security of the enterprise and its structural divisions own working capital in general, as well as individual divisions, determine the solvency indicators of the enterprise, establish a methodology for rating the borrowers.

Solvency management requires an answer to the question, what are the real possibilities of the enterprise to pay off short-term obligations and at the same time continue to operate smoothly. In such a formulation of the issue, it becomes relevant to form such a structure of current assets that would contribute both to the timely repayment of obligations and the smooth functioning of the enterprise.

The purpose of the thesis is to analyze liquidity and solvency as the main elements of financial and economic stability, as well as to develop measures to optimize the structure of the company's assets.

In accordance with the purpose of the study, the following tasks were set:

1. Research theoretical aspects assessment of liquidity and solvency of the enterprise.

2. Assessment of the level of liquidity and solvency of TLT-Press LLC

3. Proposal of measures to improve the solvency and liquidity of TLT-Press LLC.

The object of the study is TLT Press LLC.

The subject of the study was quantitative methods for analyzing the financial and economic activities of an organization. Methodological and theoretical basis research served as the works of Russian and foreign scientists in the field financial analysis, statistics, economics of agricultural enterprises.

In the course of the work, methods of intra-company selective economic analysis were used.

One of the ways to improve the solvency and liquidity of an enterprise is to develop an optimal asset structure for TLT Press LLC. To do this, it is necessary to analyze the composition, structure and dynamics of the company's assets, to identify hidden reserves and surpluses. The results of the analysis will become the basis for the formation of the optimal structure of the enterprise's assets.

Work done based on data financial reporting TLT Press LLC for 2010 - 2012, incl. used the company's balance sheet, income statement, income statement Money, an auditor's report on the valuation of the assets of TLT Press LLC and explanatory note to balance.

1 . Theoretical and methodological aspects of assessing liquidity and solvencydacceptance

1.1 The essence and significance of liquidity and solvencyenterprises

The solvency of an enterprise is the most important indicator characterizing financial position enterprises. This is his ability to make the necessary payments and settlements in certain deadlines, depending both on the inflow of funds of debtors, buyers and customers, and on the outflow of funds to make payments to the budget, settlements with suppliers and other creditors of the enterprise - key factor its financial stability. It is especially important for the management of the enterprise, therefore, to conduct a systematic analysis of the solvency of the enterprise for effective management them, to prevent the occurrence and timely termination of already emerging crisis situations.

When assessing the solvency, first of all, it is important to understand to what extent all the current assets of the enterprise cover the existing debt ( overall ratio coatings); to what extent this debt is difficult to cover without attracting material working capital, i.e. at the expense of cash, short-term financial investments and funds in settlements (intermediate coverage ratio) and, finally, what part of short-term debt can actually be repaid with the most mobile amount of assets - cash and short-term financial investments (absolute liquidity ratio).

Solvency is assessed according to the balance sheet data based on the calculation of the following indicators:

Own value working capital;

The ratio of working capital and short-term liabilities (liquidity ratios - determining the quota of working capital, i.e. optimal size working capital);

The ratio of borrowed and equity;

Long-term borrowing ratio;

Interest coverage ratio on loans;

The coefficient of payment readiness (solvency), etc.

The liquidity of a company is general concept than the liquidity of the balance sheet. The liquidity of the balance sheet involves finding means of payment only at the expense of internal sources(realization of assets). But an enterprise can attract borrowed funds from outside if it has an appropriate image in the business world and a sufficiently high level of investment attractiveness.

First of all, the liquidity of an enterprise is the liquidity of its assets, i.e. their ability to be monetized, usually at a market price or with a slight concession in price. The amount of liquidity of assets is also related to the time of their transformation into money: the faster, the higher the liquidity.

The liquidity of the enterprise is mainly influenced by the structure of its assets and capital, as well as the organization and condition of current assets and sources of their formation.

For a preliminary assessment of the liquidity of the enterprise, the data of the balance sheet are involved. The information reflected in the II and III sections of the balance sheet asset characterizes the amount of current assets at the beginning and at the end of the reporting year. Information about the short-term liabilities of the enterprise is contained in Section III of the liability of the net balance.

An enterprise can be liquid to one degree or another, since current assets include the most diverse working capital, among which there are both easy to sell and hard to sell in order to pay off external debt.

The conditions for the normal economic development of an enterprise and its liquidity are:

The presence of a sufficient amount of cash and reserves;

· Opportunities to get extra cash at minimal or affordable cash costs in case of additional costs or inevitable downturns.

In the same time financial results enterprises largely depend on what the company prefers at each specific stage of its development - liquidity or profitability. It is clear that the focus on increasing profitability, as a rule, increases the risk of insolvency and, consequently, a decrease in liquidity, and vice versa, increasing liquidity in proportion to profitability.

With skillful financial management, the primary should be to ensure the liquidity of the enterprise on the basis of an accurate balance of needs and the availability of cash in circulation. This makes it possible to increase profitability for the following reasons:

If the balance is ensured by attracting additional funds, the emerging stability of the situation allows the company to compensate for this by reducing costs and fines, penalties, increase the prestige of the company, and expand the circle of its customers.

If, as a result of balancing the need for cash, their ascent occurs, they can be used for other income-generating purposes.

If the balance occurs as a result of a reduction in inventories and costs of another enterprise, this also leads to the release of funds, a reduction in non-payments, and an improvement in the structure of the enterprise.

With a decrease in liquidity as a result of an imbalance between the need and the availability of funds, the enterprise must take into account the possible consequences:

The risk of insolvency of the enterprise increases, which leads to the complication of its relations with other enterprises, banks, and the budget.

Reducing the volume of commercial credit provided to buyers and customers and the associated payment deferral leads, as a rule, to the loss of a part of buyers and customers and, accordingly, to a decrease in sales proceeds. If the company will focus on the largest buyers, which are not many, and refuse to defer payment to small buyers, the risk of late payment increases.

Decrease in the volume of stocks and, accordingly, finished products also increases the risk of a decrease in sales revenue due to the lack of finished products in stock.

The concepts of "solvency" and "liquidity" are very close, but the second is more capacious. Solvency depends on the degree of liquidity of the balance sheet and the enterprise. At the same time, liquidity characterizes both the current state of settlements and the future. An entity may be solvent at the balance sheet date but have adverse future opportunities, and vice versa.

In conditions of mass insolvency and the application of bankruptcy procedures (declaration of insolvency) to many enterprises, an objective and accurate assessment of the financial and economic state is of paramount importance. The main criterion for such an assessment is the indicators of solvency and the degree of liquidity of the enterprise. Very often, an equal sign is put between solvency and liquidity indicators, however, these concepts are economic categories are not identical.

One of the most important criteria for assessing the financial position of an enterprise is its solvency. According to Kovalev V.V. Solvency is the willingness to repay accounts payable when due for payment with current cash receipts. In turn, Berdnikova T.B. believes that solvency is the ability of an enterprise to timely and in full make settlements on short-term obligations to counterparties. Bank V.R. adheres to a different point of view. and Taraskina A.V., the authors argue that solvency means that an enterprise has cash and cash equivalents sufficient to settle accounts payable requiring immediate repayment. Thus, the following main signs of solvency are distinguished: 1) the presence of sufficient funds in the current account; 2) the absence of overdue accounts payable. The scheme is shown in Figure 1.1.

Figure 1.1 - Signs of solvency

Savitskaya G.V. believes that solvency analysis, carried out on the basis of balance sheet data, is necessary not only for an enterprise for the purpose of assessing and forecasting financial activities, but also for external investors (for example, banks). Before issuing a loan, the bank must verify the creditworthiness of the borrower. The same should be done by enterprises that want to join the economic relations together. It is especially important, according to the author, to know about the financial capabilities of a partner if the question arises of granting him a commercial loan or deferred payment.

When characterizing solvency, attention should be paid to indicators such as the availability of funds in current accounts. in banks, at the cash desk of the enterprise, losses, overdue receivables and payables, credits and loans not repaid on time.

The solvency of an enterprise is determined by its ability and ability to timely and fully fulfill payment obligations arising from trade, credit and other transactions of a monetary nature. Solvency affects the forms and conditions commercial transactions, including the possibility of obtaining a loan.

Kovalev V.V. argues that the presence of insignificant balances on the current account does not mean at all that the company is insolvent, the funds can be credited to the current account within the next few days, especially since some types of assets, if necessary, are easily converted into cash, etc. Therefore, in during the analysis of solvency, calculations are carried out to determine the liquidity of the company's assets, the liquidity of its balance sheet, and absolute and relative liquidity indicators are calculated.

In the economic literature, different authors interpret the concept of liquidity in their own way. For example, Lyubushin N.P. believes that liquidity is the ability of an organization to quickly meet its financial obligations, and, if necessary, quickly realize its funds. Bank V.R., speaking of the liquidity of the enterprise, means that it has working capital in an amount theoretically sufficient to repay short-term obligations, even if with a violation of the repayment periods stipulated by contracts. According to Kovalev V.V. liquidity is a property of the assets of an economic entity, namely mobility, mobility, which consists in their ability to quickly turn into money.

Thus, the following principle is generally accepted: the faster an asset of an enterprise can be converted into money without loss of value, the higher its liquidity. Therefore, most authors associate liquidity with the state of the asset, which can ensure the short-term solvency and creditworthiness of the enterprise, as well as the repayment of borrowed funds.

The assessment of liquidity and solvency can be performed with a certain degree of accuracy. In particular, within the framework of the express analysis of solvency, the author draws attention to the articles that characterize cash on hand and on current bank accounts. They express the totality of cash, i.e. property that has an absolute value, as opposed to any other property that has a relative value. These resources are the most mobile, they can be included in financial and economic activities at any time, while other types of assets can often be included after a certain time period. According to Lyubushkin N.P., art financial management it is precisely to keep only the minimum necessary amount of funds in the accounts, and the rest, which may be needed for current operational activities, in quick-selling assets.

Thus, the author argues that for an express assessment of the financial condition of an enterprise, the more significant the amount of funds in the current account, the more likely it can be argued that it has sufficient funds for current settlements and payments. At the same time, the presence of insignificant balances on the current account does not mean at all that the enterprise is insolvent - funds can be credited to the current account within the next few days, some types of assets, if necessary, are easily converted into cash, etc.

A sign indicating a deterioration in liquidity is an increase in the immobilization of own working capital, manifested in the appearance (increase) of illiquid assets, overdue receivables, bills received overdue, etc. Some of these "assets" and their relative importance can be judged by the presence and dynamics of articles of the same name in reporting.

Insolvency can be either accidental, temporary, or long-term, chronic (Fig. 1.2). Its reasons: insufficient security financial resources, non-fulfillment of the product sales plan, irrational structure of working capital, untimely receipt of payments from counterparties, etc.

Figure 1.2 - Types of solvency

Thus, from a short-term perspective financial condition enterprises are evaluated by indicators of liquidity and solvency, in the most general view characterizing whether it can timely and in full make settlements on short-term obligations to counterparties.

1.2 Key indicators for assessing liquidity and payment methodbenterprise. Balance liquidity assessment

Liquidity and solvency can be assessed using a number of absolute and relative indicators. The methodology for calculating absolute and relative indicators proposed by V.V. Kovalev deserves the most attention. According to the author, of the absolute main is the indicator characterizing the value of own working capital (SOS).

The SOS indicator characterizes that part of the company's own capital, which is the source of coverage of the company's current assets (ie, assets with a turnover of less than one year). It is a calculated indicator that depends both on the structure of assets and on the structure of sources of funds, and is of particular importance for enterprises engaged in commercial activities and other intermediaries. Ceteris paribus, the growth of this indicator in dynamics is regarded as a positive trend. The main and constant source of increasing own working capital is profit.

The algorithm for calculating the SOS indicator has changed over time. At present, the following algorithm is most widely used, which, by the way, is also used in Western accounting and analytical practice:

SOS = OA-KO, (1.1)

where: OA - current assets;

KO - short-term liabilities (liabilities).

Economic interpretation of the SOS indicator, according to Karapetyan A.L. and Mudrak A.V., it can be like this: it shows how much working capital will remain at the disposal of the enterprise after settlements for short-term obligations. In a sense, this is a characteristic of the freedom of maneuver and the financial stability of an enterprise from a short-term perspective. It is no coincidence that this indicator is often published in dynamics in the annual reports of companies and its growth, all other things being equal, is regarded as a positive trend.

Note that the SOS indicator is analytical in nature, and no matter what algorithm is used to calculate it, the amount of working capital can be calculated only with a certain degree of conventionality.

Liquidity ratios are used to assess the ability of an enterprise to meet its short-term obligations. They give an idea of the company's solvency not only at the moment, but also in case of emergency. According to the author, liquidity indicators characterize the financial condition of an economic entity in the short term, while solvency indicators assess financial opportunities enterprises in the long term.

Relative indicators of liquidity and solvency are shown in table 1. The considered indicators are the main ones for assessing liquidity and solvency. However, there are a number of other indicators of particular interest to the analyst.

The coefficient of security of current activities with own working capital. It shows what part of current assets is financed from the company's own funds and is calculated by the formula:

Table 1.1 - Coefficients used to assess the liquidity and solvency of an enterprise

Coefficient	economic sense	Calculation formula	Notes
Current liquidity ratio (coverage)	Shows the adequacy of working capital that can be used by the company to pay off its obligations	The ratio of current assets to current liabilities
Debt ratio	Shows how many long-term liabilities fall on 1 ruble invested in the assets of the enterprise	The ratio of the value of long-term liabilities to the assets of the enterprise
Critical (quick, urgent) liquidity ratio	Forecasted payment capabilities of the enterprise subject to timely settlements with debtors	The ratio of cash to short-term financial investments (CFI) plus the amount of mobile funds in settlements with debtors to current liabilities.
Absolute liquidity ratio	Shows what part of the short-term debt the company can repay in the near future	Ratio of cash and KFV to current liabilities
Liquidation "price" ratio	Determines the extent to which all external liabilities of the enterprise will be covered	The ratio of all assets of the enterprise to the amount of external liabilities
General balance sheet liquidity ratio	It is applied for integrated assessment liquidity of the balance sheet as a whole	Flask \u003d (A1 + 0.5A2 + 0.3A3) / (P1 + 0.5P2 + 0.3P3) The ratio of all liquid assets of the enterprise to the sum of all payment obligations
Perspective solvency ratio	Determines the forecast of the solvency of the enterprise based on a comparison of future payments and forthcoming receipts	The ratio of long-term loans and borrowings to the value of inventories, VAT, receivables (payments for which are expected in more than 12 months) and other current assets	The growth of this indicator in dynamics is difficult to assess unambiguously
Total solvency ratio	Establishes the share of coverage of loans and borrowings at the expense of tangible intangible assets

Obviously, the value of own working capital depends on many factors, and its increase is due to: reinvestment of profits, a relative decrease in non-current assets, obtaining long-term loans and borrowings, attracting new shareholders. In addition, the more intensively the funds are turned over at the enterprise, the more it needs a relatively significant amount of its own working capital.

Thus, the value of the indicator depends on many circumstances, therefore it is no coincidence that in international accounting and analytical practice there are no generally accepted recommendations regarding the value and dynamics. As for domestic practice, in the regulations relating to the characterization of the degree of satisfaction of the balance sheet structure and the prediction of possible bankruptcy, the recommended lower limit of this indicator is 10%. In other words, if the company's current assets are covered by own funds less than 10%, his current financial situation is considered unsatisfactory.

Maneuverability of own working capital. It characterizes that part of own working capital, which is in the form of cash, i.e. funds with absolute liquidity:

Ceteris paribus, the growth of the MC indicator in dynamics is considered as a positive trend. An acceptable indicative value of the indicator is set by the enterprise independently and depends, for example, on how high the daily need of the enterprise for free cash resources is.

The share of own working capital in covering stocks. Characterizes that part of the cost of inventories, which is covered by own working capital, and is calculated as follows:

This indicator has been known in our country for several decades and has, in particular, great importance in the analysis of the financial condition of trade enterprises. The recommended lower limit of the indicator, which has traditionally developed over the years, is 50%. The economic interpretation of this limit is quite obvious: for current operations, banks can provide concessional lending enterprises in which at least half of the cost of inventories and investments in work in progress is covered by their own funds. Such concessional lending can be implemented by opening a special loan account from which suppliers' invoices are paid and to which proceeds from the sale of products are credited at the same time. In the event that the enterprise does not have funds on the special loan account, the payment of suppliers' invoices is still made, but at the expense of the bank, which thereby lends to the enterprise. Payment for the granted loan is carried out on preferential terms. A similar system, known as overdraft, is widespread in many economically developed countries. Undoubtedly, the given limit is a guideline, and its specific value is determined in loan agreements.

Inventory coverage ratio. Calculated by correlating the value of "normal" (reasonable) sources of coverage of reserves and the amount of reserves. Normal in this case means sources that, at least logically, can be considered as sources of reserve coverage. This includes bank loans for inventory, accounts payable for delivered raw materials, etc. If the value of this indicator is less than one, then the current financial condition of the enterprise is considered unstable. The logic of calculating this indicator and the meaning of using it in the analysis is to check which sources of funds and to what extent are used to cover production (commodity) stocks.

Let's single out the following expanding list of sources of coverage: own working capital (SOS) and normal sources of stock formation (IFZ). The approximate value of the first indicator can be found as the difference between long-term sources of financing and non-current assets, or by formula (1.1).

The IFZ indicator differs from the previous one by the amount of short-term loans and borrowings, as well as accounts payable for commodity transactions, which in a theoretical sense, as a rule, are sources of reserves coverage. The value of JSC is determined by the formula:

Ifz=SOS + BL + CR, (1.5)

where: BL - bank loans and loans used to cover stocks;

CR - settlements with creditors for commodity transactions (suppliers and contractors, bills payable).

For a qualitative assessment of the solvency and liquidity of the enterprise, in addition to calculating absolute and relative indicators, it is necessary to assess the liquidity of the balance sheet.

The main task of assessing the liquidity of the balance sheet is to determine the amount of coverage of the company's obligations by its assets, the period of transformation of which into cash (liquidity) corresponds to the maturity of the obligations (urgency of return).

To analyze the liquidity of the balance sheet, assets and liabilities are grouped according to the following criteria:

By the degree of decreasing liquidity (asset);

By the degree of urgency of payment (repayment) (passive).

Depending on the degree of liquidity, i.e., the rate of conversion into cash, the assets of the enterprise are divided into the following groups:

A1 - the most liquid assets - the amounts of all items of cash that can be used to perform current settlements immediately. This group also includes short-term financial investments (securities);

A2 - fast-selling assets - receivables, payments for which are expected within 12 months after the reporting date, and other assets, i.e. these are assets that require a certain time to turn into cash.

The liquidity of these assets is different and depends on subjective and objective factors: qualifications of financial workers, relationships with suppliers and their solvency, conditions for providing loans to buyers, organization of bill circulation;

A3 - slow-moving assets (least liquid assets) - these are articles from section II of the balance sheet "Current assets" (stocks minus deferred expenses, value added tax) and long-term financial investments (CFD) from section I of the balance sheet "Non-current assets".

Inventory cannot be sold until a buyer is found, which may take some time. Stocks of raw materials, materials and work in progress may require pre-processing before they can be sold and converted into cash;

A4 - hard-to-sell assets - assets that are intended for long-term use in economic activity over a relatively long period of time. These are the items in the "Non-current assets" section of the balance sheet, with the exception of the CCF, which were included in the previous group, as well as receivables, payments for which are expected more than 12 months after the reporting date.

The first three groups of assets during the current business period can change constantly and refer to the current assets of the enterprise. They are more liquid than the rest of the property.

In the course of analytical work and when determining conclusions, it should be taken into account that this division of assets by the degree of liquidity is rather conditional. Thus, one of the groups may contain such assets that it would be more expedient to reflect in the composition of another group. In addition, in the spatio-temporal context, the value of specific assets, and hence their liquidity, is not a constant and can change depending on various circumstances.

Borodina E.I. proposes to evaluate current assets, in particular inventory items, at the prices of their possible sale. In turn, Kovalev V.V. and Panteleeva I.A. consider that, according to one of the fundamental principles accounting- "temporary unlimited functioning of the enterprise" - assets in the reporting should be valued at cost, and not at liquid value.

Liabilities are grouped according to the degree of urgency of their return:

P1 - the most short-term liabilities - accounts payable and other short-term liabilities.

P2 - short-term liabilities, i.e. short-term borrowed funds;

PZ - long-term liabilities - long-term loans and borrowed funds;

P4 - permanent liabilities - articles of the section "Capital and reserves", as well as articles of the section "Short-term liabilities", which were not included in the previous group. Short-term and long-term liabilities taken together are called external liabilities.

An enterprise is considered liquid if its current assets exceed its short-term liabilities. It can be liquid to a greater or lesser extent, since the composition of current assets includes various working capital, among which there are both easy to sell and hard to sell to pay off external debt. To assess the real degree of liquidity of the enterprise, it is necessary to analyze the liquidity of the balance sheet. The balance is considered to be absolutely liquid if the following conditions are met simultaneously: А1 > П1; A2 > P2; AZ>PZ;A4<П4.

A necessary condition for the absolute liquidity of the balance sheet is the fulfillment of the first three inequalities. The fourth is of a balancing nature, but at the same time it has a deep economic meaning: its fulfillment testifies to the observance of the Minimum condition for financial stability - that the enterprise has its own working capital. If any of the inequalities has a sign opposite to that fixed in the optimal variant, then the liquidity of the balance differs from the absolute one. Theoretically, the lack of funds in one group of assets is compensated by the surplus in another, but in practice, less liquid funds cannot replace more liquid ones.

Comparison of A1 - P1 and A2 - P2 allows you to identify the current liquidity of the enterprise, which indicates solvency (insolvency) in the near future. Comparison A3-LL reflects prospective liquidity, on the basis of which long-term estimated solvency is projected.

A measure of the financial stability of an enterprise is the degree of coverage of non-current assets with capital and reserves, i.e., non-current assets should be formed mainly at the expense of capital and reserves. Thus, according to the authors, it is guaranteed that in the event of a crisis, fixed assets will not be sold in order to fulfill short-term obligations to repay them on time. It follows from this that non-current assets, in principle, should be formed at the expense of short-term liabilities. This principle is called the golden rule of balance.

The above coefficients and models, of course, do not exhaust the whole variety of methods for assessing liquidity and solvency; it is hardly possible to prioritize between these or those indicators. In addition, it should be borne in mind that when analyzing the activities of a particular enterprise, one should, if possible, take into account its specifics - industry, regional, etc.

A feature of the listed liquidity indicators is the presence of established limits for their change, therefore, by comparing their planned or actual values obtained by calculation with the accepted criteria, it is possible to monitor and subsequently regulate the solvency of the enterprise. However, it should be noted that these indicators have disadvantages:

The formulas for calculating the coefficients used and the recommended limits for changing these indicators are not indisputable;

Accounting policy - by shipping method or by payment method - has a significant impact on the value of these indicators;

These indicators are not linked to a very important indicator for the enterprise - value added;

The calculation of indicators at the beginning and end of the reporting period and the identification of their deviations from the standard values does not yet reveal the mechanism for achieving the standard values themselves;

An assessment of the solvency of an enterprise only at the beginning and only at the end of the reporting period does not give an idea of the work of the enterprise for the entire reporting period.

As a result of the foregoing, we can conclude that the purpose of the internal analysis of the liquidity of the enterprise is to ensure the planned receipt of funds and achieve the optimal ratio of own and borrowed funds, the purpose of the external is to establish the profitability of investing in this enterprise. The objectives of the analysis are to identify reserves and eliminate shortcomings in financial and economic activities. A detailed description of the level of liquidity of the enterprise is carried out by calculating the analytical coefficients of absolute, intermediate and current liquidity. However, the scope and analytical capabilities of these coefficients are much narrower than is commonly believed. The main advantages of the coefficients - the simplicity and clarity of calculation - can turn into their disadvantage - the superficiality of conclusions, if the entire analysis of solvency is reduced to determining the values of liquidity ratios. Therefore, a radical increase in the accuracy of liquidity assessment is achieved in the course of internal analysis based on analytical accounting data. At the same time, the calculation of liquidity ratios should be considered as the initial stage of solvency analysis.

The management of the enterprise must have a clear idea of what sources of resources it will carry out its activities and in what areas of activity it will invest its capital. Taking care of providing the business with the necessary financial resources is a key moment in the activity of any enterprise.

The capital of the enterprise is formed both at the expense of its own (internal) and borrowed (external) sources.

Equity capital is characterized by ease of attraction, ensuring a more stable financial condition and reducing the risk of bankruptcy. The need for it is due to the requirements of self-financing of enterprises. It is the basis of their autonomy and independence. The peculiarity of equity capital is that it is invested on a long-term basis and is subject to the greatest risk.

However, it should be borne in mind that equity capital is limited in size. In addition, financing the activities of an enterprise only at the expense of its own funds is not always beneficial for it, especially in cases where production is seasonal. Then, in certain periods, large funds will be accumulated in bank accounts, while in others they will be lacking.

The main source of capital replenishment is the profit of the enterprise. If the company is unprofitable, then equity is reduced by the amount of losses incurred.

In addition, capital is replenished from external sources of equity capital formation, this is an additional issue of shares. Other external sources include tangible and intangible assets transferred to the enterprise free of charge by individuals and legal entities as a charity.

Another form of equity capital increase is debt capital. These are loans from banks and financial companies, loans, accounts payable, leasing, commercial paper, etc.

Attracting borrowed funds into the turnover of the enterprise is a normal phenomenon. This contributes to a temporary improvement in financial condition.

At the same time, if the enterprise's funds are created mainly from short-term liabilities, then its financial position will be unstable, since short-term capital needs constant operational work aimed at monitoring their timely return and attracting other capital into circulation for a short time.

The financial position of the enterprise and its stability largely depend on how optimal the ratio of equity and debt capital is.

Also, the financial condition of the enterprise and its stability largely depend on what kind of property the company has, in what assets the capital is invested, and what income they bring to it.

The state of inventories has a great influence on the financial condition of the enterprise and its production results. For the normal course of production and marketing of products, stocks must be optimal. An increase in specific reserves may indicate:

Expansion of the scale of the enterprise;

The desire to protect funds from depreciation due to inflation;

Inefficient inventory management, as a result of which a significant part of the capital is frozen for a long time in stocks, its turnover slows down.

In addition, there are problems with liquidity, deterioration of raw materials and materials increases, storage costs increase, which negatively affects the final results of operations. All this indicates a decline in business activity of the enterprise.

At the same time, the lack of reserves (raw materials, materials, fuel) also negatively affects the production and financial results of the enterprise. Therefore, each enterprise should strive to ensure that production is provided on time and in full with all the necessary resources and at the same time, so that they are not stale in warehouses.

The placement of enterprise funds is very important in financial activities and improving its efficiency. From what investments are invested in fixed and working capital, how much of them are in the sphere of production and circulation, in monetary and material form, how optimal their ratio is, the results of production and financial activities largely depend on the financial stability of the enterprise. If the created production capacities of the enterprise are not fully used due to the lack of material resources, then this negatively affects the financial results of the enterprise and its financial position.

The same happens if excess production stocks are created that cannot be quickly processed at existing production facilities. As a result, capital is frozen, its turnover slows down and, as a result, the financial condition worsens. Even with good financial results, a high level of profitability, an enterprise may experience financial difficulties if it misuses its financial resources by investing them in excess production stocks or allowing large receivables.

A great influence on the turnover of capital invested in current assets, and, consequently, on the financial condition of the enterprise has an increase or decrease in receivables.

The art of receivables management lies in optimizing its overall size and ensuring timely collection.

Accounts receivable may decrease, on the one hand, due to the acceleration of settlements, and on the other hand, due to a reduction in the shipment of products to customers.

Consequently, the growth of receivables is not always evaluated negatively. It is necessary to distinguish between normal and arrears. The presence of the latter creates financial difficulties, since the enterprise will not feel a lack of financial resources for the acquisition of inventories, payment of wages, etc. In addition, the freezing of funds in receivables leads to a slowdown in capital turnover. Overdue accounts receivable also means an increase in the risk of non-payment of debts and a decrease in profits. Therefore, each enterprise is interested in reducing the maturity of payments due to it.

Payments can be accelerated by improving settlements, timely execution of settlement documents, advance payment, using the bill of exchange form of payment, etc.

Cash management is just as important as inventory and receivables management. The art of current asset management is to keep in the accounts the minimum necessary amount of money that is needed for current operational activities.

An increase or decrease in cash balances in bank accounts is determined by the level of imbalance in cash flows, i.e. inflow and outflow of money. The excess of positive cash flow over negative cash flow increases the free cash balance, and vice versa, the excess of outflows over inflows leads to a shortage of funds and an increase in the need for credit.

Both deficit and excess of monetary resources negatively affect the financial condition of the enterprise. With excess cash flow, there is a loss of the real value of temporarily free cash as a result of inflation; part of the potential income is lost from underutilization of funds in operating or investment activities; the turnover of capital slows down as a result of idle cash.

The presence of excess cash flow for a long time may be the result of improper use of working capital, in order for the money to work for the enterprise, it is necessary to put it into circulation in order to make a profit:

Expand your production, scrolling through them in the working capital cycle;

Update fixed assets, acquire new technologies;

Invest in profitable projects of other business entities in order to receive profitable interest;

Repay bank loans and other obligations ahead of schedule in order to reduce debt service costs, etc.

The shortage of funds leads to an increase in the company's arrears on loans to the bank, suppliers, payroll personnel, resulting in an increase in the duration of the financial cycle and a decrease in the return on equity of the enterprise.

It is possible to reduce the cash flow deficit through measures that help to accelerate the receipt of funds and slow down their payments.

It is possible to accelerate the receipt of funds by switching to full or partial prepayment of products by buyers, reducing the terms for providing them with a commodity loan, increasing price discounts for cash sales, applying measures to accelerate the repayment of overdue receivables (accounting for bills of exchange, factoring, etc.) , attracting bank loans, selling or leasing an unused part of fixed assets, additional issue of shares in order to increase equity capital, etc.

The slowdown in the payment of funds is achieved by acquiring long-term assets on a leasing basis, reissuing short-term loans into long-term ones, increasing the terms for granting a commodity loan to an enterprise by agreement with suppliers, reducing the volume of investment activities, etc.

In the absence of overdue payments, this indicates the organization of a more systematic receipt and expenditure of funds about the organization of a more systematic receipt and expenditure of funds, i.e. about a better balance of cash flows.

Business in any field of activity begins with a certain amount of cash, through which the necessary amount of resources is acquired, the production process and marketing of products are organized.

The effect achieved as a result of the acceleration of turnover is expressed, firstly, in an increase in output without additional attraction of financial resources. In addition, due to the acceleration of capital turnover, an increase in the amount of profit occurs, since it usually returns to a similar monetary form in increments. If the production and sale of products are unprofitable, then the acceleration of the turnover of funds leads to a deterioration in financial results.

Increasing the profitability of capital is achieved by the rational and economical use of all resources, preventing their overspending, losses at all stages of the cycle. As a result, the capital will return to its original state in a larger amount, i.e. with a profit. It is possible to speed up the turnover of capital by intensifying production, making fuller use of labor and material resources, preventing excess stocks of inventory, diverting funds into receivables, etc.

The economic effect as a result of the acceleration of capital turnover is expressed in the relative release of funds from circulation, as well as in an increase in the amount of revenue and the amount of profit.

The main ways to accelerate the turnover of capital:

Reducing the duration of the production cycle due to the intensification of production (using the latest technologies, mechanization and automation of production processes, increasing the level of labor productivity, more complete use of the production capacity of the enterprise, labor and material resources, etc.);

Improving the organization of material and technical supply in order to ensure the uninterrupted supply of production with the necessary material resources and reduce the time spent by capital in stocks;

Current liquidity ratio

Current liquidity ratio or Coverage ratio or General liquidity ratio - a financial ratio equal to the ratio of current (current) assets to short-term liabilities (current liabilities). The source of data is the company's balance sheet (Form No. 1). The coefficient is calculated by the formula:

Current liquidity ratio = Current assets, excluding long-term receivables / Current liabilities

Ktl = (p. 290 - p. 230) / p. 690 or
Ktl = p. 290 / (p. 610 + p. 620 + p. 660)

Ktl = line 1200 / (line 1520 + line 1510 + line 1550)

The ratio reflects the company's ability to repay current (short-term) liabilities at the expense of current assets only. The higher the indicator, the better the solvency of the enterprise. Current liquidity ratio characterize the solvency of the enterprise not only at the moment, but also in case of emergency.

The normal value of the coefficient is from 1.5 to 2.5, depending on the industry. Both low and high ratios are unfavorable. A value below 1 indicates a high financial risk associated with the fact that the company is not able to consistently pay current bills. A value greater than 3 may indicate an irrational capital structure. But at the same time, it must be taken into account that, depending on the field of activity, the structure and quality of assets, etc., the value of the coefficient can vary greatly.

It should be noted that this ratio does not always give a complete picture. Typically, firms with low inventories and easily obtainable bills of exchange can easily operate at a lower ratio than firms with large inventories and sales of goods on credit.

Another way to check the sufficiency of current assets is to calculate urgent liquidity. Banks, suppliers, shareholders are interested in this indicator, since the company may face circumstances in which it will immediately have to pay some unforeseen expenses. This means that she will need all her cash, securities, receivables and other means of payment, that is, part of the assets that can be turned into cash.

Quick (urgent) liquidity ratio

The ratio characterizes the company's ability to repay current (short-term) liabilities at the expense of current assets. It is similar to the current liquidity ratio, but differs from it in that the working capital used for its calculation includes only highly and medium liquid current assets (money in operating accounts, stock of liquid materials and raw materials, goods and finished products, accounts receivable). debt with a short maturity).

Such assets do not include work in progress, as well as inventories of special components, materials and semi-finished products. The source of data is the company's balance sheet in the same way as for current liquidity, but inventories are not taken into account as assets, since if they are forced to be sold, losses will be maximum among all current assets:

Quick liquidity ratio = (Cash + Short-term financial investments + Short-term receivables) / Current liabilities

Quick liquidity ratio = (Current assets - Stocks) / Short-term liabilities

Kbl = (p. 240 + p. 250 + p. 260) / (p. 610 + p. 620 + p. 660)

Kbl = (p. 1230 + p. 1240 + p. 1250) / (p. 1520 + p. 1510 + p. 1550)

This is one of the important financial ratios, which shows what part of the company's short-term liabilities can be immediately repaid at the expense of funds in various accounts, in short-term securities, as well as proceeds from settlements with debtors. The higher the indicator, the better the solvency of the enterprise. The normal value of the coefficient is more than 0.8 (some analysts consider the optimal value of the coefficient 0.6-1.0), which means that cash and future receipts from current activities should cover the current debts of the organization.

To increase the level of urgent liquidity, organizations should take measures aimed at increasing their own working capital and attracting long-term loans and borrowings. On the other hand, a value of more than 3 may indicate an irrational capital structure, this may be due to the slow turnover of funds invested in inventories, the growth of receivables.

In this regard, the absolute liquidity ratio, which should be more than 0.2, can serve as a litmus test of current solvency. The absolute liquidity ratio shows what part of the short-term debt the organization can repay in the near future at the expense of the most liquid assets (cash and short-term securities).

Absolute liquidity ratio

A financial ratio equal to the ratio of cash and short-term financial investments to short-term liabilities (current liabilities). The source of data is the company's balance sheet in the same way as for current liquidity, but only cash and cash equivalents are taken into account as assets, the calculation formula is as follows:

Absolute liquidity ratio = (Cash + Short-term financial investments) / Current liabilities

Cab = (p. 250 + p. 260) / (p. 610 + p. 620 + p. 660)

Cab = (p. 1240 + p. 1250) / (p. 1520 + p. 1510 + p. 1550)

A coefficient value of more than 0.2 is considered normal. The higher the indicator, the better the solvency of the enterprise. On the other hand, a high indicator may indicate an irrational capital structure, an overly high share of non-performing assets in the form of cash and funds in accounts.

In other words, if the balance of funds is maintained at the level of the reporting date (mainly by ensuring a uniform receipt of payments from counterparties), short-term debt as of the reporting date can be repaid in five days. The above regulatory limitation is applied in foreign practice of financial analysis. At the same time, there is no exact justification why, in order to maintain a normal level of liquidity of Russian organizations, the amount of cash should cover 20% of current liabilities.

Net working capital

Net working capital is necessary to maintain the financial stability of the enterprise. Net working capital is defined as the difference between current assets and short-term liabilities, including short-term borrowed funds, accounts payable, equivalent liabilities. Net working capital is a part of working capital formed from own working capital and long-term borrowed capital, including quasi-ownership capital, borrowed funds and other long-term liabilities. The formula for calculating net settlement capital is:

Net Working Capital = Current Assets - Current Liabilities

Chob = p. 290 - p. 690

Chob = p. 1200 - p. 1500

Net working capital is necessary to maintain the financial stability of the enterprise, since the excess of working capital over short-term liabilities means that the enterprise can not only pay off its short-term liabilities, but also has reserves for expanding activities. Net working capital must be above zero.

The lack of working capital indicates the inability of the company to repay short-term liabilities in a timely manner. A significant excess of net working capital over the optimal need indicates the irrational use of enterprise resources.

Formulas for calculating liquidity ratios in accordance with international standards are described in

Financial stability and solvency are the most important characteristics of the financial and economic activities of the enterprise. An enterprise with financial stability has advantages over other enterprises of the same specialization in the field of attracting investments, obtaining loans, choosing suppliers and selecting qualified personnel. Finally, it does not come into conflict with the state and society, as it pays timely taxes to the budget, contributions to social funds, wages - to workers and employees, dividends - to shareholders, and banks guarantee the return of loans and the payment of interest on them.

The stability of the financial stability and solvency of the enterprise depends on a number of factors. These factors include:

A sufficient volume of the most liquid assets (cash and short-term financial investments) to cover the most urgent obligations of the enterprise (as a rule, these are accounts payable);

The optimal size of inventories. With an unreasonably large volume of inventories, there is an outflow of free cash resources into inventories, which reduces the solvency of the enterprise. And the lack of stocks causes a halt in production, a drop in sales volumes, in some cases, the need to urgently purchase the necessary raw materials and materials at inflated prices. The consequence is a shortfall in the company's possible profit;

The implementation of the plan for the production and sale of products allows you to get a sufficient amount of gross proceeds, which is the main source of repayment of the company's obligations. In addition, the implementation of the plan for the production and sale of products, the increase in its cost, failure to meet the profit plan, may lead to a lack of own sources of self-financing, which will adversely affect its financial stability;

The optimal ratio of receivables and payables. Each enterprise should strive for such a ratio of receivables and payables, where their indicators will be approximately equal (or with a slight excess of receivables). A high proportion of accounts receivable will indicate an irrational diversion of funds into accounts receivable. A high share of accounts payable will also be a negative factor indicating the low payment discipline of the borrower enterprise towards suppliers. In turn, the presence of overdue accounts payable may involve the company in legal proceedings;

Financial well-being of the company's clients. Sometimes the cause of insolvency is not the mismanagement of the enterprise, but the insolvency of its customers;

Choosing the optimal taxation regime. A high level of taxation, penalties for late or incomplete payment of taxes can become one of the reasons for the insolvency of a business entity.

Taking into account the above factors, business entities should build their financial management system in such a way as to provide the enterprise with a sufficient amount of free financial resources that allow timely and in full to finance all the current needs of the enterprise.

An analysis of the financial stability and solvency of MegaFon OJSC revealed that during the analyzed period the solvency of the enterprise worsened and, consequently, an unsatisfactory financial condition of the enterprise began to be observed, leading to bankruptcy.

As a result of the analysis, the following trends were identified, which led to a deterioration in the financial condition of the enterprise:

1. Long-term liabilities (long-term loans and borrowings, as well as deferred income, reserves for future expenses and payments) exceed slow-moving assets (stocks, value added tax, receivables (payments for which are expected more than 12 months after the reporting date) and other current assets) for the analyzed period. In other words, the company does not have enough assets to cover long-term liabilities.

2. The negative value of prospective liquidity indicates that in the future the analyzed enterprise will not be solvent, which is a negative trend for the enterprise.

3. A decrease in the overall solvency indicator in dynamics, as well as its negative value, indicate an insufficient level of solvency.

4. An increase in the coefficient of maneuverability of functioning capital in dynamics is a negative fact for the organization. The ratio shows that 13.47% of operating capital is immobilized in inventories and long-term receivables.

5. The decrease in the ratio of own funds by the end of the analyzed period and its negative value (-2.65%) indicate the absence or shortage of the organization's own working capital necessary for its financial stability.

Knowing the main problems that led the company to an unsatisfactory financial condition, we can outline a number of ways to improve financial stability and solvency:

1. Since a positive factor in financial stability is the availability of sources of formation of stocks, the main way out of unstable and crisis financial conditions will be: replenishment of sources of formation of stocks and optimization of their structure. This can be achieved in the following ways:

An increase in real equity capital by increasing the size of the authorized capital, as well as by accumulating retained earnings. Such a strategy ensures an increase in financial stability due to the resulting increase in own working capital;

Development of a competent financial strategy of the enterprise, which would allow the enterprise to attract both short-term and long-term borrowed funds, while maintaining optimal proportions between equity and borrowed capital.

2. Also, a positive impact on improving the solvency of the enterprise can have: increased work on the collection of receivables, as a result of which there is an increase in the share of funds, an acceleration in the turnover of working capital, an increase in the provision of own working capital; accelerating the turnover of receivables and, as a result, more rhythmic receipts of funds from debtors, an increase in the "margin of safety" in terms of solvency, etc. In other words, to improve the financial position of the enterprise, it is necessary to direct the forces of the enterprise to reduce and effectively manage receivables and payables. To do this, it is necessary to reduce accounts receivable, and send the proceeds to partial repayment of accounts payable. That is, it is necessary to develop a policy to reduce receivables, which is necessary to increase the profit of the organization, speed up settlements and reduce the risks of non-payment, for this you can use the following methods:

One of the methods of influencing the acceleration of settlements with debtors is the introduction of penalties for the cost of payment into the calculation;

Another method is to provide buyers with discounts in case of early payment.

Consequently, in order to increase the solvency of the enterprise, it is necessary to seek reserves to increase the rate of accumulation of its own sources, to provide material working capital with its own sources. In addition, it is necessary to find the most optimal ratio of financial resources, in which the enterprise, freely maneuvering cash, is able, through their effective use, to ensure an uninterrupted process of production and sales of products, as well as the costs of its expansion and renewal.

Thus, the implementation of these measures will help the company achieve higher financial performance, which will allow it to improve its financial position and improve the main technical and economic performance indicators. All this should positively affect the increase in revenue and profit.

Conclusions and offers

Financial stability reflects the stable excess of income over expenses and the state of resources, which ensures the free maneuvering of the organization's funds and, through their effective use, contributes to the uninterrupted production and sales process, expansion and renewal. It reflects the ratio of own and borrowed capital, the rate of accumulation of own capital as a result of current, investment and financial activities, the ratio of mobile and immobilized funds of the organization, sufficient provision of reserves with its own sources. Financial stability is the main component of the overall sustainability of the organization, as it is a characteristic indicator of a consistently formed excess of income and expenses.

The solvency of an enterprise is characterized by its ability and ability to timely and fully fulfill its financial obligations to internal and external partners, as well as to the state. Solvency directly affects the forms and conditions of commercial transactions, including the possibility of obtaining credit and loans.

An analysis of the financial condition of an enterprise is necessary for an objective characterization of its financial activity and competitiveness, the use of financial resources and production assets, and the fulfillment of obligations to the state and other business entities.

An analysis of the financial condition shows in which specific areas it is necessary to work, and also makes it possible to identify the most vulnerable areas that require special attention and develop measures to eliminate them.

The main purpose of the analysis of the solvency and financial stability of the enterprise is to determine the ability of the enterprise to pay off its obligations in a timely manner as they fall due due to the formed working capital and guarantee its financial independence from external investors due to sufficient own sources of financing.

It can be noted that all the tasks set at the beginning of the work have been achieved, disclosed, since all the theoretical developments necessary for conducting an analysis of the financial stability of the enterprise's solvency have been considered.

As a result of the work carried out, it can be concluded that the company is in a dangerous position. MegaFon OJSC has a fairly large amount of debt, both external (to the state) and internal (to personnel).

Although the organization has its own working capital, which was in excess until the end of the reporting period in 2012, the absolute financial position indicates the irrational use of its own working capital.

In connection with a long-term financial investment (investment in dependent companies), there is a risk of solvency in the future. If this investment does not generate income in the future in a year, then OJSC Megafon will become an insolvent organization.

Thus, when carrying out these activities, the enterprise will be able to achieve higher financial performance, which will allow it to improve its financial position and improve the main technical and economic performance indicators. All this should positively affect the increase in revenue and profit.

List of sources used

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3. Abryutina M.S., Ermolaeva L.K., Ponomarenko A.N. Transition from financial balances of the primary level to distributive operations in the system of national accounts: Textbook. - M.: Goskomstat of Russia, 2009. 4. Astakhov V.P. Analysis of the financial stability of the company and procedures related to bankruptcy. - M.: Publishing house "Os - 89", 2006. 5. Bakanov, M.I. Theory of economic analysis: textbook / M.I. Bakanov, M.V. Melnik, A.D. Sheremet. - 5th ed., revised. and additional - M.: Finance and statistics, 2009. - 536 p.

6. Gilyarovskaya, L.T. Complex economic analysis of economic activity: textbook / L. T. Gilyarovskaya, D. V. Lysenko, D. A. Endovitsky. - M.: Prospekt, 2008. - 360 p.

5. Kovalev V.V. Financial analysis: Methods and procedures. - M.: Finance and statistics, 2009. - 560 p.

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7. Selezneva I.N., Ionova A.F. Financial analysis: Uch. allowance. - M.: UNITI - DANA, 2008. - 479 p.

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11. Sheremet A.D., Saifulin F.C. Methods of complex analysis of economic activity. - M.: Economics, 2007.

12. Economic analysis: fundamentals of theory. A comprehensive analysis of the economic activity of the organization: textbook / ed. N.V. Voitolovsky, A.P. Kalinina, I.I. Mazurova.-3rd ed. revised and additional .- M .: Yurait, 2010.- 507 p.

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Recommendations for increasing the liquidity and solvency of Prefect Stroy LLC

Development of measures to increase the liquidity and solvency of the enterprise

Based on the tasks that Prefect Stroy LLC currently faces, the entire range of measures to strengthen the solvency of the enterprise can be grouped into six large groups (Figure 3.1):

Improving the financing of the enterprise;

Improving the efficiency of using current assets;

Improving the strategy of financial policy at the enterprise;

Improving the tactics of financial policy at the enterprise;

Improving financial planning and forecasting at the enterprise;

Improving internal financial control.

Based on the specifics of the analysis of the financial activity of the object of study and the theoretical foundations of the financial policy of the enterprise, the following directions for improving the methods of managing the working capital of the enterprise in Prefect Stroy LLC are proposed, which can be presented in accordance with Figure 3.1.

To improve the financing of the enterprise, it can be proposed to give the structure of liabilities a more rational basis. It is necessary to negotiate with other creditors to extend the repayment periods of accounts payable. At the same time, a plan for repayment of accounts payable for the next year should be drawn up, which is an integral part of the overall financial plan of the enterprise. The company has reserves to pay off accounts payable. This is, first of all, the reduction of receivables, the possibility of a more rational use of fixed assets, and the acceleration of the turnover of working capital.

Figure 3.1 - The main directions for improving the methods of managing working capital of Prefect Stroy LLC

In connection with the current situation, Prefect Stroy LLC may apply a prepayment scheme in relation to buyers. In settlements with suppliers, preferential terms of payment, including payment by installments, should be sought. In general, active work should be carried out to send written warnings, the execution of letters of guarantee from enterprises and organizations in which they undertake to pay off their debts for services with the provision of a repayment schedule should be taken and traced, cases should be filed against persistent non-payers in the arbitration court.

One of the options for solving this problem may be the conduct of financial transactions between a factoring company or a commercial bank and an enterprise, or an assignment agreement, i.e. assignment of claims and transfer of ownership.

In addition, an important factor in the financial recovery of the company is the improvement of contractual work and contractual discipline. Given the massive non-payments between enterprises, it would be appropriate to conclude a collection agreement with a bank for an acceptance form of settlement with buyer enterprises for mandatory deliveries, as well as conclude an agreement with the bank on the automatic calculation of a fine for each day of delay in case of late payment for products with the issuance of a payment request in address of the bank serving the buyer.

In the process of making decisions, the management of the enterprise must remember the following:

Liquidity and solvency are the most important characteristics of the rhythm and sustainability of the current activities of the enterprise;

Any current transactions immediately affect the level of solvency and liquidity;

Decisions made in accordance with the chosen policy for managing current assets and sources of their coverage directly affect solvency.

The current asset management policy of an enterprise should pursue the main goal - ensuring a balance:

Between the costs of maintaining current assets in the amount, composition and structure, which guarantees against failures in the technological process;

Income from the smooth operation of the enterprise;

Losses associated with the risk of loss of liquidity;

Income from involvement in the economic turnover of working capital.

At the same time, the solvency of an enterprise, as mentioned above, is determined by the structure and qualitative composition of current assets, as well as the speed of their turnover and its correspondence to the speed of turnover of short-term liabilities.

It should also be noted that current activities can be financed by:

Increasing own working capital (i.e. directing part of the profit to replenish working capital);

Attraction of long-term and short-term sources of financing.

If we assume that the current activities of the enterprise are financed mainly by sources of short-term financing, then the sources of additional funds may be:

Loans and credits;

Accounts payable to suppliers;

Responsibility to staff.

Thus, if an enterprise slows down the turnover rate of current assets, and the management does not take measures to attract additional financing, it may become insolvent, even if its activity is profitable.

Finding ways to enter new sales markets can be defined as the strategic goal of the financial service of Prefect Stroy LLC.

At the tactical level, decisions are made, the implementation of which is designed to fulfill the strategic line of the enterprise in the field of the use of financial resources.

Financial resources should be used in such a way that the ratio of short-term debt to working capital is maintained at a level necessary to ensure the stable operation of the enterprise.

Operational financial management is aimed at the practical implementation of those decisions that were made at the tactical level. The monthly plan for the movement of funds is formed in such a way that the receipt and expenditure of means of payment in it are balanced (absolute liquidity).

Unlike the tools of the strategic and tactical levels, the tools of operational financial management should provide not only a connection with the previous level, but also the continuity of the management process.

Thus, making daily decisions and efficiently managing financial resources, managers should strive to fulfill plans that are formed as the best ways to achieve tactical and strategic goals, and at the same time not allow significant fluctuations in the level of absolute liquidity.

After analyzing the liquidity and solvency of Prefect Stroy LLC in the second chapter, it turned out that the main part of the company's assets is current assets, which in turn consist of receivables by 99.8%. Such a high share of receivables in the total assets structure reduces the company's liquidity, as well as reduces financial stability and increases the risk of financial losses.

Also, at the end of 2013, the enterprise showed a decrease in the item “Cash and cash equivalents”. Given that this item belongs to the group of the most liquid assets, this led to a decrease in the degree of liquidity of the enterprise for the reporting period.

In this regard, I propose to carry out the following activities. First, the company needs to significantly reduce accounts receivable.

Accounts receivable is the amount of debt owed to a firm, enterprise, company by other enterprises, firms, states that are their debtors, debtors.

The condition for the occurrence of receivables is as follows: if services or goods are sold, but cash is not received.

The reduction of receivables (collection of debts) is proposed to be carried out in several stages:

Determine the cost of the order

Choose the optimal sequence of "contacts" with the client

Contact debtors to identify the causes of debt

Try to eliminate the cause of the debt (replacement of a service (goods), etc.)

In case the client is unable to pay, it is necessary to determine a new payment date, taking into account the penalty and the cost of the debt collection process (staff salaries, fax paper, etc.) and send the client a new invoice indicating the services. The cost of "collection costs" can be included in the cost of new orders for this customer in the future.

If the debtor refuses to repay the debt, it is proposed to proceed to the next stage of claiming receivables - preparation and submission to the court of a statement of claim and accompanying procedural documents.

Due to the reduction of receivables, the company will have additional cash. The second measure is to increase the item “Cash and cash equivalents” to such a level that the enterprise has the opportunity to cover its obligations in full, i.e. became completely liquid.

It is also worth noting that the organization has no financial investments. And this means that the company has no additional income, except for the income from the sale of services. With significant management costs (which we observe at the enterprise), this situation adversely affects the financial stability of the enterprise. The next event that I propose is the investment of funds in investments. These contributions include:

Advertising. This method, of course, requires additional costs, but with the right advertising strategy, it can significantly improve the company's image and increase the number of customers, which will lead to an increase in profits.

Bank deposit. This is the simplest and, at the same time, the most inefficient way. The company deposits money in a bank at a fixed interest rate. Among the advantages of a bank deposit are risk minimization; the disadvantages include low profits.

Business expansion. Its most common form is expansion, i.e. opening branches in neighboring and remote regions. The advantages of such a choice are obvious: income grows, the image of the brand is strengthened, stability comes.

Real estate. The cost of residential and office real estate is growing steadily by 20-30% per year, and successfully covers the inflation rate. However, in this case, there are difficulties with the return of funds. If it is necessary to sell a property, this procedure will take some time, and it will be impossible to receive the required amount promptly.

Stock market. You can use the services of a licensed brokerage company or hire a manager to manage the company's money in the stock market. Both of them are able to save the company's capital even with a drastic drop in quotes.

It is recommended to form an investment portfolio: send part of the money to purchase liquid real estate, and partly take risks. The most important thing is to determine their proportion. Additionally, you need to consider what share of free money to allocate for long-term investments, and what will need to be returned in the near future.

When investing free cash in short-term securities, any enterprise must take into account two mutually exclusive circumstances: maintaining current solvency and obtaining additional profit from investing free cash. Having a sufficient amount of cash in the current account, the company has the ability to pay short-term obligations. But on the other hand, the deadening of financial resources in the form of cash is associated with certain losses - with a certain degree of conditionality, their amount can be estimated by the amount of lost profits from participating in any available investment project.

Therefore, it would not be bad, having previously studied the securities market, to invest in short-term securities. And thus replenish the most liquid assets. This will undoubtedly improve the picture of the organization's solvency, and will also allow you to receive additional income in the near future.

The implementation of the proposed measures will allow Prefect Stroy LLC to increase solvency, liquidity and financial stability in general.

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