Improving the management of working capital of an electric grid company. Improving working capital management. Indicators of the level of use of fixed assets

Improving the working capital management system at Antares LLC

The working capital management policy consists in their rational use, acceleration of their turnover, optimization of the sources of their formation.

Working capital is in constant circulation and in one revolution they go through several stages of their formation:

D Pzap Nprod Gprod D (3.1)

where: D - working capital in cash;

Pzap - production stocks in the form of raw materials, materials, semi-finished products, fuel, etc.;

Nproizv - work in progress;

Gprod - finished products;

D - proceeds from the sale of finished products.

An important problem for the enterprise is to ensure the safety of working capital. In the process of financial planning, it is important to determine the possible presence of a surplus or shortage of working capital at the beginning of the payment period. For this, the sum of the actual availability of the enterprise's own working capital at the beginning of the planning period is compared with its total need. If the planned need exceeds the amount of own working capital, then there is a shortage of own working capital. If the ratio is reversed, there is an excess of working capital.

Own working capital \u003d I and II sections of the balance sheet liability - I section of the asset balance (average annual book value of non-current assets)

Own working capital for Antares LLC in 2011 = 14644 - 11371 = 3273 thous. rub.

Own working capital for Antares LLC in 2012 = 31199 + 584 - 29193 = 2590 thousand rubles.

Own working capital for Antares LLC in 2013 = 30994 + 757 - 31119 = 632 thousand rubles.

Determining the need for current assets is the basis for ensuring the normal process of production and circulation. Hence, the most important element of working capital management is their planning.

In planning practice, several counting methods are used.

The coefficient method is based on the reporting data for the base period, but in the planned year, certain types of current assets are recalculated upward or downward using coefficients established by the enterprise itself.

The analytical method is also based on reporting data, but the recalculation of individual amounts of working capital takes into account upcoming changes in the planned year (production volumes, assortment, prices, tax payments).

The calculation and analytical method for calculating individual norms of raw materials, materials, fuel and energy is based on element-wise calculations according to design and technological documentation.

The direct account method is based on determining the amount of working capital allocated to each element of current assets. Then they are added up, and the total amount of the standard is determined.

The most accurate and objective method for calculating the working capital required by an enterprise is the rationing method. Competent rationing allows you to set the minimum amount of funds that satisfies the need for own working capital and ensures a stable financial condition.

The whole normalization process can be divided into several stages:

calculation of stock norms for individual elements in days;

determination of a one-day expense for individual elements in monetary terms;

calculation of private standards for all elements of normalized working capital;

the summation of individual standards for the elements in the total amount of normalized working capital.

Consider the procedure for calculating the standard for inventories. This complex group includes raw materials, basic materials, semi-finished products, fuel, spare parts.

The norm for the volume of stocks of inventory items is set in days:

The norm itself consists of the time spent by materials in the current (Ntek), insurance (Nstrakh), technological (Ntehn), transport (Ntrans) stocks.

Thus, the norm of commodity - material assets in days:

Ndn = Ntech + Nfear + Ntech + Ntrans (3.2)

The current stock is one of the main elements in the stock rate in days. Its size is affected by the frequency of deliveries of commodity - material assets. Suppose that, according to calculations, the current stock rate at the enterprise under study is eight days, but it is customary to take into account 50%, that is, four days.

The safety stock is the second most important, guaranteeing the continuity of the production process in case of violation of the terms and conditions of delivery. It, in turn, is set at 50% of the current stock, that is, in this example, two days.

A technological reserve is created for the period necessary to prepare inventory items for production (sorting, quality control, drying).

At the enterprise, this stock is determined based on the technology and specialization of production. Let's define it in the amount of 1.5 days.

A transport stock is created if there is a gap between the terms of the cargo turnover and the workflow. For the difference in the timing of the movement of goods and document flow, it becomes necessary to have an additional stock of inventory items. For example, the movement of goods takes 12 days, the time for processing and paying for documents is seven days, the time difference is five days. If the difference is small, then it can be ignored.

Thus, the norm in days, according to Antares LLC, will be:

4 days + 2 days + 1.5 days + 5 days = 12.5 days.

To determine the standard in monetary terms, it is necessary to multiply the stock rate by the arithmetic mean consumption of individual elements of working capital. In this case, these are raw materials, materials, semi-finished products, etc. The calculation is carried out according to the formula:

Nm = RD (3.4)

where: Nm - standard for a specific inventory;

P - average daily consumption of a material element;

D is the inventory standard in days.

The calculation of the average daily consumption is calculated according to the corresponding item of the cost estimate for production, divided by the number of days in the planning period. At the enterprise under study, this calculation will be:

The standard in monetary terms: 12.5 days x 4 thousand rubles. - 50 thousand rubles.

Having thus calculated the standards for each type of inventory items and adding them up, we obtain the general standard for inventory items for Antares LLC.

The calculation of the standard for work in progress has its own specifics: the composition of products, the duration of the production cycle, the cost of production, the nature of the increase in costs.

All sources of financing of working capital are divided into own, borrowed and attracted.

Own funds that form current assets in the process of developing entrepreneurial activity include:

sales profit;

rent;

other types of receipts;

stable liabilities;

financial aid.

The increase in own working capital is associated with an increase in production volumes, an increase in the cost of materials, fuel, and transportation.

Replenishment of current assets is associated with a reduction in working capital due to losses, theft, write-off of receivables.

Borrowed funds are loans from banks, with the help of which the temporary need for working capital is satisfied or their significant increase in order to ensure the planned growth in sales.

Another type of source of funds - borrowed funds from own funds (depreciation, reserve, and also due to accounts payable).

Sustainable liabilities can significantly finance the need for working capital for enterprises with a large wage fund, large payments to the budget. The presence of a temporarily free depreciation fund also helps to reduce accounts payable.

Planned borrowed funds are accounts payable on a commercial loan and advances provided.

Planning loans and borrowings for the current turnover of funds depends on many factors, for example:

From the state of the loan capital market;

The rate of inflation;

Interest rates for loans.

The problems of planning and managing working capital require serious study at the industry level. There are specific features in the management of working capital for small and medium-sized businesses, trade and purchasing firms, etc.

You can use the option of planning the amount of working capital, depending on possible sources: working capital of the enterprise = sources of own funds + long-term loans and loans, fixed assets, losses + stable liabilities. The planned value will reduce the risk of non-payments.

The efficiency of the use of working capital is characterized by a system of economic indicators that determine how appropriate and rationally they are used by the enterprise. The use of working capital is directly related to ensuring the financial stability of the enterprise.

The main indicator of the use of working capital is their turnover.

The working capital of an enterprise passes from one stage to another, making a circuit: cash, inventories, production, finished products, cash. The transition of working capital of an enterprise from one stage to another is called turnover. The time during which working capital goes through all the stages of circulation is the period of turnover of working capital.

Turnover ratio:

where: Np - the planned volume of sales for a given period;

Ksred - the average annual amount of normalized working capital in the planning period.

The turnover ratio can be standard, planned, actual. Comparison of planned and actual turnover allows you to evaluate the dynamics of turnover.

The main advantage of accelerating turnover is the release of part of working capital from circulation.

Another indicator of turnover is the duration of turnover in days:

where: Tob - the duration of one revolution in days;

Fcal - the number of calendar days in a year;

Cob - turnover ratio.

All these indicators characterize the ratio between the volume of products sold for a certain period of time and the average amount of working capital operating in the enterprise's turnover.

The turnover of working capital is one of the most important quality indicators of the enterprise.

The economic significance of accelerating the turnover of working capital lies in the fact that an enterprise can produce and sell the same volume of products with a smaller volume of working capital or produce more products with the same means. The funds released as a result of the acceleration of turnover can be used to increase the rate of expanded reproduction.

The working capital utilization ratio is an indicator that is the inverse of the turnover ratio. It characterizes the amount of working capital per unit (1 ruble, 1 thousand rubles, 1 million rubles) of sold products:

where: Кzagr - load factor;

Cob. funds - the amount of working capital, thousand rubles;

Nreal. etc. - the volume of products sold, thousand rubles.

For a more successful management of turnover, it is necessary to calculate the turnover for certain types of current assets: inventory, work in progress, fuel, cash.

Ensuring the rational use of working capital is the most difficult and extensive part of financial management operations. At the same time, the main goal of financial management is to ensure constant liquidity and solvency. This is due to the fact that current assets serve all stages of the production and business cycle and are in constant motion.

In the management of working capital, well-known tools and methods are used, the main of which are:

Liquidity management;

Accounts receivable management;

Inventory management.

Ensuring sufficient liquidity of current assets is associated primarily with their grouping according to the degree of liquidity. Of course, if the company's assets have a high proportion of cash on settlement, deposit accounts, there is an investment in highly liquid securities, competitive products, then we can assume that their current assets are highly liquid. Worse, if most of the funds are invested in excess stocks of inventory, accounts receivable, products that are not in demand.

Undoubtedly, the level of management affects the state of working capital of an enterprise: the presence of demand for products, forms of settlement with suppliers, receivables and payables, reduction of fixed costs, effective pricing policy, acceleration of turnover of working capital, reduction of excess stocks, etc. The current asset management policy provides for:

1) differentiation of the composition of current assets from the standpoint of the features of their financing, i.e. separation:

a) for the constant need for current assets as the minimum amount of working capital for the planned period;

b) variable or seasonal need for working capital;

2) formation of principles for financing certain groups of current assets. Distinguish:

a) a conservative approach - at the expense of own funds and a small share of a long-term loan in the proportion of 70: 30;

b) a moderate approach - at the expense of own funds and a long-term loan and attraction of short-term borrowed capital in the proportion of 50:50;

c) an aggressive approach - at the expense of own and long-term borrowed capital and a significant attraction of borrowed and borrowed funds in the proportion of 30: 70.

The practice of using working capital in Russian conditions shows that the slowdown and lack of working capital are associated with liquidity management.

Current asset management is a prerequisite for the solvency of the enterprise. The liquidity of current assets affects the lack of working capital, their slowdown, increase in receivables.

Distinguish between liquidity management, stocks, receivables, cash.

Ensuring sufficient liquidity of current assets is associated with their division into highly liquid, medium liquid and hard liquid.

Highly liquid - cash, liquid financial investments: medium liquid - short-term receivables, finished products and stocks in the warehouse; hard-to-liquid - long-term receivables, illiquid stocks and costs for a continuous process.

Inventory management can be divided into two parts: the first part is normalized, it is also reporting, which allows you to quickly manage inventory; the second part - knowledge of the general strategy of the enterprise allows you to make adjustments to the formation of reserves.

Accounts receivable management is the most complex process, but there are certain measures, developments, and management procedures here:

1. the company must have people specially introduced to work with debtors;

2. it is necessary to maintain a permanent register of debtors;

3. it is necessary to divide the debtors into groups: the largest, medium, small;

4. break down debtors by terms of receivables:

Short-term - 30 - 50 days - debtors may receive deferrals;

Medium-term - 50 - 90 days - debtors can receive payment discounts, bills of exchange, small delays;

Long-term - 91 - 150 days - can receive collateral, bills.

5. planning the movement of receivables and comparison with actual data;

6. Band works with:

telephone conversations;

Visits to debtors;

Development of debt repayment schemes for debtors;

Development of barter schemes;

Providing services in the sale of products.

The situation in which an enterprise has accounts payable and receivable is rather ordinary for Russian conditions. However, there are basic receivables management techniques that can help you deal with growing debt situations for your customers. Great attention in the management of receivables should be given to the development of flexible contracts with different payment terms.

An important direction in increasing the efficiency of working capital use is cash management, which involves determining the optimal ratio between maintaining current solvency and obtaining additional profit from investing these funds.

There are the following alternatives for increasing cash flow: improving the management of accounts payable and receivables, investing in fixed assets, increasing the selling prices of products, obtaining better targeted loans from suppliers, attracting bank loans to cover the deficit.

Summarizing the experience of LLC "Antares" in financial management allows us to conclude that at the present stage of development there is a transition from solving simple problems (forecasting, analysis, assessment of financial stability) to more complex complex ones (budgeting, capital management, development of financial - economic strategies, etc.). In practice, financial management carried out by the enterprise is implemented through the developed policy, strategy and tactics. Current asset management is the most important activity of financial workers in the enterprise under study. First of all, this is an analysis of the duration of individual cycles of turnover of working capital: ensuring the acceleration of asset turnover, reducing accounts receivable, and increasing the efficiency of the integrated use of current assets.

Conventionally, the process of improving the management of working capital of an enterprise can be divided into two main stages:

• - creation of a system of standards;
• - implementation of the monitoring system.

A working group should be created to develop a system of standards. It should include specialists from the financial and economic service, as well as heads of the production department, the logistics department and the commercial service. These divisions are directly involved in the management of current assets. The main task is to create a methodology for calculating the standards for the following types of current assets:

• - stocks of raw materials and materials;
• - stocks of products in work in progress;
• - stocks of finished products;
• - current accounts receivable;
• - advances given to suppliers and contractors.

Let's consider a technique of valuation of turnaround actives on an example of stocks of materials. The standard of stocks of materials characterizes the maximum allowable value of stocks in stock at any time of the normalized period.

The value of the standard is determined based on the need for materials to fulfill monthly production plans, taking into account the average delivery time. The calculation of the standard for stocks of materials at the end of the month is carried out according to the following formula:

Stocks of materials \u003d P x M x (Tstr + Ttek) / 30

where P is the planned volume of production in a given month (pcs.);

M - material consumption of the normalized area of ​​activity (determined on the basis of technological regulations);

Тstr - the period of storage of the insurance stock (probable time of delay in deliveries) (days);

Ttec - the time of delivery of raw materials and materials under the contract with the supplier (days).

For other types of current assets, the values ​​of the standards are determined by similar formulas (see Table 2).

When determining the standard for the stock of work in progress, it is necessary to reliably determine the rate of increase in costs. It is calculated as the ratio of the cost of work in progress at a certain technological stage to the planned cost of finished products. Cost escalation factors must be calculated for all stages of the production cycle for each type of product.

When implementing the system, the actual values ​​of current assets may differ significantly from the normative ones for a number of reasons.

Table 2 - Methodology for calculating the norms of current assets

Type of asset	The formula for calculating the standard	Conventions
Work in progress (WIP)	WIP \u003d C x P x Tteh x Knz / 30 days.	C - the cost of one-time costs at the beginning of the production cycle (rubles); Tteh - the time of technological holdings of work in progress (determined on the basis of technological regulations) (days); Knz - the coefficient of increase in the cost of work in progress
Stocks of finished goods (Fgp)	Zgp \u003d Tsoh Prh (Tp.batch + Tdoc) / 30 days.	Tso - wholesale price of finished products (rubles); P r - the planned volume of sales of finished products for the month under consideration (pcs.); Tp.batch - the time required to select and complete a batch of finished products (days); Tdoc - the time of registration of settlement documents and documents in transit (days)
Accounts receivable (AR)	DZ \u003d Tsr x P r x% o x To / 30 days.	Tsr - the selling price of finished products with a deferred payment (rubles); Pr - the planned volume of sales of finished products per month (pcs.); %o - the percentage of sales of products with a deferred payment in the total sales volume; That is the time of deferred payment under the contract (days)
Advances issued	Advances \u003d M x P x% p x Tp / 30 days.	M - material consumption of the type of product for the standardized type of materials (determined on the basis of technological regulations); P - the planned volume of production for the month (pcs.); %p - the percentage of prepaid materials purchased in the total volume of purchases; Tp - prepayment term on the basis of concluded contracts (days)

• 1. Lack of reliable operational information. At the time of the introduction of the system of standards, part of the data on the actual state of current assets can only be obtained from accounting. This information is usually delayed by an average of 15-30 days.
• 2. Use in the calculation of expert estimates. To evaluate a number of indicators taken into account when calculating the standards, expert estimates are used (for example, the size of the safety stock of raw materials and materials). Naturally, the heads of departments, acting as experts, in most cases tend to overestimate these values, acting on the principle of "the stock does not pull in the pocket." This may distort the estimated value of the norms of current assets. It may not be possible to estimate the safety stock on the basis of previous periods, since the information necessary for this is often not accumulated.
• 3. Irregularity of sales. For example, the shipment of finished products at the enterprise in the third decade of the month can be more than 70% of the monthly volume. Accordingly, the indicators of receivables and payables at the end of the month are two to three times higher than the average monthly standard.

In order to solve these problems and minimize the gap between the actual size of current assets and the established standards, it is necessary to introduce a unified system for monitoring current assets and redistribute responsibility for the implementation of established standards between the heads of departments.

The monitoring system will provide management:

• - actual data on the size of current assets by types of products and divisions;
• - information about delays in deliveries and payments;
• - the results of the analysis of deviations from the established standards.

Based on the results of the analysis, generate daily, ten-day and monthly reports on the status of current assets. Based on this information, make decisions on attracting loans, changing the conditions of work with suppliers and buyers.

For the current control of the reliability of the actual balances of current assets, their value can be determined by an indirect method.

The actual balance of current assets is determined on the basis of the company's cash flow statement according to the following formula (rubles):

Onk \u003d Onn- Bo + Po

where Onk - the balance of current assets at the end of the period (day, month, quarter, year);

Onn - the balance of current assets at the beginning of the period;

In - revenue from core activities;

Ro - payments for core activities .

The error when using the indirect method is about 10% and is considered acceptable. The appearance of the error is associated with a number of assumptions used in the calculation. For example, this formula does not take into account the receipt of raw materials and materials without prepayment, but payment for previously delivered materials is used, although in fact there is no increase in current assets at this moment.

In addition to controlling the deviations of the actual size of current assets from the normative one, it is possible to track the values ​​of the cost, credit and net cycles. The cost cycle is the sum of the periods of turnover of the company's assets (advance payments, stocks of materials, work in progress, finished products and receivables). Credit cycle -- the sum of periods of turnover of sustainable liabilities, advances received and accounts payable to suppliers. The difference between credit and cost cycles is a net cycle that characterizes the period during which an enterprise must use bank loans or own funds to finance the production process.

One of the key tasks of current asset management is to reduce the net cycle as much as possible by increasing the terms for providing commercial loans from suppliers and reducing the turnaround time for inventory and receivables.

Thus, in the system of measures aimed at improving the efficiency of the enterprise and strengthening its financial condition, an important place is occupied by the issues of rational use of working capital.

• Specialty HAC RF08.00.10
• Number of pages 205

1. THEORETICAL AND METHODOLOGICAL BASES OF WORKING CAPITAL MANAGEMENT.

1.1. The economic nature of working capital.

1.2. The process of functioning of working capital.

1.3. Management system for the functioning of working capital.

2. CURRENT CAPITAL OF RUSSIAN INDUSTRIAL ENTERPRISES: STATE,

FACTORS, TRENDS. v2.1. Methodological approach to improving the system of indicators for assessing the state of working capital.

2.2. Analysis of trends in the dynamics of the working capital of Russian industrial enterprises in the conditions of the formation of market relations.

2.3. Factors affecting the functioning of the working capital of industrial enterprises.

3. METHODOLOGICAL APPROACHES TO THE MANAGEMENT OF THE FORMATION AND USE OF WORKING CAPITAL.

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Introduction to the thesis (part of the abstract) on the topic "Improvement of the working capital management system of an industrial enterprise"

The relevance of research. In the last decade, due to institutional changes, a decline in production volumes, an aggravated payment and settlement crisis, and an acute shortage of own working capital, the efficiency of managing the working capital of Russian industrial enterprises has significantly decreased.

The loss of effective management skills by enterprises was greatly influenced by the failure to improve the rationing that underlies short-term lending, analysis and working capital management. The current methodology for analyzing the financial stability, liquidity, and creditworthiness of enterprises from the standpoint of external users of information - suppliers, tax authorities, banks, and others - does not allow us to assess the effectiveness of the use of working capital. At the same time, the use of financial resources in the interests of stable provision of the process of production and sale of products, its expansion and renewal is impossible without improving the system for managing the process of functioning of working capital, which is why the need for its rationalization is constantly increasing. The complexity and versatility of the management system require an integrated approach to its study. All this allows us to conclude that the topic of the dissertation research, devoted to the systematization of existing theoretical approaches to the formation of a working capital management system, the development of directions for its improvement and their practical implementation, is relevant.

The dissertation work was carried out within the framework of the scientific direction of the Voronezh State University "Economic management system: formation and development". The topic of the dissertation was approved by the Academic Council of the Faculty of Economics of the Voronezh State University, Protocol No. 1 dated November 30, 1998.

The degree of development of the research topic. The origin of the theoretical approach to the interpretation of the category of "working capital" dates back to the end of the 18th - beginning of the 19th centuries. For the first time, the division of advanced capital into parts that differ in the duration of turnover is substantiated in the works of W. F. Quesnay. The formation of ideas about this category was facilitated by the release in 1776 of A. Smith's work "A Study on the Nature and Wealth of Nations", where the division of capital into fixed and circulating capital is clearly traced. The theoretical approaches of A. Smith were further developed in the studies of D. Ricardo, J. Ramsey, J. Sh. Sismondi, A. K. Storch, J. Barton, A. E. Cherbulier, J. St. Mill. A great contribution to the formation of ideas about the category of "circulating capital" was made by K. Marx, who characterized the meager content of the process of capital circulation through the processes of advance payment and value creation.

All further evolution of ideas about working capital is closely connected with the development of the views of A. Smith and K. Marx. The concept of financial management, which is being formed within the framework of microeconomics, provides for the widespread use of the category "working capital". Its supporters are J. K. Van Horn, L. A. Bernstein, R. N. Holt, E. S. Hendricksen, as well as N. R. Weizman, N. S. Lunsky, N. A. Blatov. The allocation of working capital by K. Marx only at the production stage formed the basis for the emergence and justification of the category "working capital", which became widespread in the Soviet and Russian economy in the works of E. Mitelman, A. M. Birman, P. A. Parfanyak, I. Usatov. A., Kovaleva V. V., Bunicha P. G., Zhevtyak P. N., Lisitsiana N. S., Sheremeta A. D., Saifulina R. S., Rodionova Yu. A., Kozlova N. V. , Perlamutrova V. L.

In the early 90s, in Russia, under the influence of the theory of financial management and the international accounting system, after a 70-year break, the category "working capital" began to be actively used, however, inadequate interpretation of foreign experience gave rise to a plurality of positions in defining and understanding the economic nature of this category (Kovalev V. V., Efimova O. V., Stoyanova E. S., Blank I. A., Balabanov I. T., Khorin A. N., Belendir M. V.)

The analysis of modern monographic and periodical literature devoted to research issues allows us to conclude that there is insufficient theoretical and practical development of issues related to improving the system for managing the process of functioning of the working capital of industrial enterprises: the development of a comprehensive management mechanism, the revival at a qualitatively new level of the practice of normative determination of the need for working capital , development of a model for the formation of working capital, expansion of analytical capabilities of accounting. This circumstance, combined with the relevance, determined the choice of the research topic, the formulation of its goals and objectives.

The purpose and objectives of dissertation research. The purpose of the work is to substantiate the theoretical approach to the study of the processes of formation, advance payment and use of working capital, the development and testing of methodological recommendations for improving the system for managing the process of functioning of the working capital of industrial enterprises.

In accordance with this goal, the following tasks were set and solved: to reveal the economic nature of working capital, to analyze the existing theoretical approaches to the definition of the category "working capital", the content and structure of the working capital functioning process, to identify the need to clarify these approaches;

To form ideas about the process management system for the functioning of the working capital of an industrial enterprise and the directions for its improvement: an integrated management mechanism; functional content, organizational structure;

Justify the need to change the current system of indicators for assessing the effectiveness of the formation and use of working capital;

To identify trends in the dynamics of the working capital of Russian industrial enterprises in the 90s;

Systematize and classify the factors influencing the process of functioning of working capital;

Develop and test guidelines for determining the regulatory need for working capital for industrial enterprises; develop and test guidelines for building a working capital formation model.

The subject of the study is the system for managing the process of functioning of the working capital of industrial enterprises.

The object of the study is the industrial enterprises of Russia, in general, and the Voronezh region, in particular, including the basic industry - mechanical engineering.

The theoretical and methodological basis of the study are the modern achievements of economic science - the works of domestic and foreign researchers. Legislative and other normative acts of the Russian Federation, reference and methodological literature, periodical press materials, statistical information on industry, including mechanical engineering, of Russia and the Voronezh region were used.

The dissertation research is based on a systematic approach, when performing the work, methods of analysis were used, due to specific tasks: comparative, economic, statistical, logical, graphical and other methods of processing and generalizing information.

Scientific novelty. The most significant, scientifically novel provisions developed in the process of research and submitted for defense are as follows: a theoretical approach has been formed to clarify the content of the working capital functioning process, based on the allocation of “advanced” and “functioning” working capital within its framework; the structure and composition of the complex mechanism for managing the process of working capital functioning, the algorithm for planning and analyzing this process, and the organizational structure of management are proposed; a methodical approach has been developed to improve the system of indicators for assessing the effectiveness of the formation and use of working capital, taking into account the allocation of “advanced” and “functioning” in its composition, sectoral and individual characteristics of industrial enterprises; trends in the dynamics of the working capital of industrial enterprises in Russia in the 90s were identified, the composition was determined and a classification of factors influencing the state of the working capital of industrial enterprises was developed, in the context of the directions and results of their impact on the circulation of capital; guidelines have been developed to determine the need for working capital at enterprises, providing for a combination of refined methods of regulatory planning and optimization modeling; a model for the formation of working capital was created based on optimization of the periods of repayment of receivables and payables and the amount of own working capital.

Theoretical and practical value. The theoretical value of the work is determined by the fact that the conclusions contained in it and the results obtained can be used in further studies of the process of managing the functioning of the working capital of industrial enterprises. Practical recommendations can be applied by managers and specialists of financial and economic services to form an effective system for managing the functioning of working capital, including certain forms of its advance payment.

The provisions and conclusions of the dissertation can also be used in the educational process of higher educational institutions in the preparation of economists and managers in the courses "Financial Management", "Enterprise Finance", "Enterprise Economics", "Accounting".

Approbation of work. The main provisions and conclusions of the dissertation research were tested at problematic seminars of the Department of Labor Economics and Fundamentals of Management of Voronezh State University, at all-Russian scientific and practical conferences (Voronezh 1997-1999.), Interuniversity scientific conference (Voronezh 1997), at annual scientific sessions of VSU.

Publications. The main content of the dissertation is reflected in 11 publications, with a total volume of 2.67 pp. (personally by the author).

Structure and scope of work. The dissertation consists of an introduction, three chapters, a conclusion, a list of references, applications. The list of references includes 193 titles.

Similar theses in the specialty "Finance, money circulation and credit", 08.00.10 VAK code

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Dissertation conclusion on the topic "Finance, monetary circulation and credit", Dmitriev, Alexander Evgenievich

The conclusions made by us based on the results of the analysis of the dynamics of the state of the working capital of industrial enterprises indicate that cash accounts for less than 5% in the structure of current assets, and the second main form of working capital advance is accounts receivable.

The receivables optimization model should take into account, first of all, the impact of the size of receivables on the circulation of working capital, the process of its formation. The need for planning current assets corresponding to the stage of circulation (non-standardized) was noted by many authors: K. Drury, V. V. Kovalev, R. N. Holt and others / 9, 41.63, 160, 176, 186 /.

An analysis of the practical activities of the State Enterprise DST of the South Eastern Railway, as part of the development of a business plan to bring this organization out of bankruptcy, made it possible to identify priority areas in the element-by-element calculation of the need for working capital. One of the main claims brought against the organization by the Insolvency and Bankruptcy Agency and the local press, in addition to the unsatisfactory balance sheet structure, was the presence of excess reserves, inefficient work with debtors to pay off their obligations, the lack of a systematic approach to planning receivables, which thereby undermined the foundations of financial sustainability, doomed to the spontaneous attraction of a large amount of borrowed resources.

This is confirmed by the structure of current assets that have developed as of 01.01.97 (Table 3.1.2).

One of the main goals of the consulting group was to determine the planned and actual needs of the organization in the amount of a carryover stock of material resources.

The calculation was based on methodological recommendations for determining the regulatory need for a functioning working capital

Characteristics of optimization models used in the management of functional forms of working capital

CONCLUSION

The process of functioning of working capital is a necessary condition for ensuring the production and sale of the company's products. The financial and economic situation of an economic entity largely depends on how efficiently its circulation goes. This requires more attention to the formation and improvement of the working capital management system, the creation of a comprehensive management mechanism, a rational algorithm for building management functions, a flexible management structure; and integration of the working capital management system into the system of strategic and operational management of the enterprise.

In the dissertation work, based on the analysis of the evolution of the working capital management system and modern practice of working capital management at the enterprises of the city of Voronezh, theoretical provisions and practical recommendations were developed for the formation and improvement of the system for managing the process of functioning of the working capital of an industrial (including machine-building) enterprise.

As a result of the dissertation research, the following conclusions and recommendations were obtained.

1. Category "working capital" and the content of the process of its functioning. The systematization of the definitions of the category "working capital", adopted in domestic and foreign literature, revealed the disadvantages and advantages of various approaches. An analysis of their evolution made it possible to determine the key issues in assessing the content of the process of functioning of working capital, presented in the works of Adam Smith, David Ricardo, Karl Marx - this is the identification of working capital at the stage of circulation, determining its size and form of location, characterizing the interaction in the process of circulation with the main capital and added value (profit), the use of borrowed funds as sources of financing. The modern economic literature devoted to the management of working capital and working capital does not contain a reasonable approach to assessing the interaction in the process of the circulation of profit, fixed and working capital, and the sources of their formation. The author has formed his own approach, which involves the introduction of the concepts of "advanced working capital" and "functioning working capital". The composition of the sources of financing of the advanced working capital does not include the unused depreciation fund, retained earnings and profit of the current circulation, and "functioning working capital" is taken in the amount of capital that performs the functions of working capital - all current assets, with the exception of those formed due to depreciation and profit of the current circulation .

The amount of "working working capital" of an individual enterprise can be adjusted for overdue receivables and financial investments. It depends on the individual characteristics of the business entity. This approach allows you to allocate the amount of advanced working capital in circulation, and to determine the size of the functioning working capital. Its justification required clarification of the fundamental categories that characterize the process of working capital functioning: forms of advance payment, own working capital (advanced and functioning), turnover period, sources of working capital financing, etc.

Thus, working capital is capital in cash and commodity forms, formed from own and borrowed sources, advanced into current assets that completely change their form during one production and commercial cycle, in order to ensure the production and financial cycle of the enterprise. In the process of functioning, the size of the advanced working capital changes due to the use as a source of its increase in profits and the performance of the function of working capital by a temporarily unused depreciation fund, which is in the form of current assets,

2. Working capital management system. Improving the system for managing the process of working capital functioning is impossible without applying a systematic approach to its research and formation. As a basis for building the system, it is advisable to use the classical management scheme, which combines the control object, the control mechanism and the control organization into the control system, including the control functions and organizational structure.

A comprehensive management mechanism should be based on the methodological basis of production and financial management, provide for the formation of goals and objectives, criteria for assessing their achievement, take into account the transfer of the burden of managing the production and commercial cycle to the stage of circulation.

Due to the peculiarities of the control object, the leading place in the functional content of control should be given to analysis and planning. At present, in the practical activities of industrial enterprises, normative analysis, as more laborious, has given way to coefficient analysis. The reason for this was the disappearance of the base for comparison and analysis - reasonable standards for various indicators that characterize the process of circulation. Without the revival of normative analysis, the effective implementation of the function of analysis is impossible. Its organization must be preceded by the choice of a system of estimated indicators.

The planning process is based on the determination of the need for working capital, which should combine reasonable, enterprise-specific rationing and flexible simulation modeling to correct the standard. These methods should complement each other, playing the role of a feasibility study and financial and economic substantiation of the need for working capital.

The organizational structure of the working capital management system of an industrial enterprise occupies one of the leading places in the management system of economic processes in an enterprise. This is due to the importance and vastness of the tasks solved by working capital (resource provision of the production and financial cycles, advances in various types of current assets). The organizational structure should combine program and functional management, provide for the creation of an analytical center that accumulates all information on the movement of working capital

3. Improving the system of indicators for assessing the effectiveness of the formation and use of working capital. The most important direction in improving the working capital management system should be the development of a set of indicators that characterize the process of its functioning and allow determining the dynamics of advanced and functioning working capital. The author proposes a methodical approach to the formation of evaluation criteria for the process of functioning of working capital, taking into account the composition of management objectives, the introduction of the categories "advanced working capital" and "functioning working capital". The formulas for calculating liquidity and financial stability indicators, the turnover period of working capital and the profitability of its use have been refined, including:

The influence of the size of the functioning and advanced working capital on liquidity indicators is considered;

A methodical approach is proposed to determine the normatively sufficient (minimum) indicator of current liquidity for an industrial enterprise, which provides for the need to cover current liabilities and maintain a functioning working capital for an economic entity to ensure the production and commercial cycle (calculations based on actual materials show that, for example, for mechanical engineering with active the use of buyers' funds, the normative indicator is at the level of 1.2 -1.3);

The interdependence of the coefficients of current liquidity and the provision with own working capital has been proved, an approach has been formed to determine the normatively sufficient level of own functioning working capital for an industrial enterprise;

A methodical approach to determining the value of own functioning working capital according to financial statements has been formed;

The methodology for determining the duration of the period of turnover of functioning and advanced working capital has been refined, using as an indicator of the cost turnover - the cost of production, reduced by depreciation charges accrued for the calculation period;

The methodology for determining the profitability (profitability) of the use of functioning and advanced working capital has been refined, providing for the division of the profit received between fixed and working capital.

Recommendations for improving the main indicators for assessing the rationality of the formation and efficiency of the use of working capital, taking into account the sectoral and individual characteristics of industrial enterprises, have been tested and accepted for use by industrial enterprises in the city of Voronezh.

4. Trends in the dynamics of the working capital of industrial enterprises and factors affecting the efficiency of managing the process of its functioning. Based on the analysis of statistical data and the results of a survey of engineering enterprises and other industries in Russia (including the Voronezh region), obtained by the author as part of the research group of the program grant

INCO Copernicus of the European Community, the main trends in the dynamics of the functioning working capital of industrial enterprises in the 90s were identified:

Reducing the share of working capital in the total capital of enterprises to 3-4%;

Transformation of the main form of advancing working capital from inventories to accounts receivable;

Slowdown of the turnover period of the working capital of industrial enterprises up to the year 2000;

Reducing the size of own working capital;

Reducing the profitability of the use of working capital.

The factors influencing the process of working capital functioning are determined. They have been systematized and classified to meet the objectives of optimizing the impact on the capital circulation of industrial enterprises.

Based on the analysis of the identified trends in the dynamics of the working capital of domestic industrial enterprises and the factors affecting the process of its functioning, the key parameters of the working capital formation model were determined: the prevailing forms of advance payment (stocks and receivables) and the type of funding source (accounts payable).

5. Determining the need for working capital in enterprises. Developed and tested methodological recommendations for determining the need for working capital for the formation of inventories of industrial enterprises. These include:

Combination of rationing and optimization modeling in determining the need for working capital for the formation of stocks of inventory items;

Use in the methodology for determining the norm for the consumption of material resources for the production program of the estimated planning period corresponding to the duration of the production cycle;

The use of a unified approach when determining the need for material resources for the production program, which makes it possible to present semi-finished products in the form of coefficients of material norms, taking into account the order in which materials are launched in accordance with the requirements of the production cycle;

Clarification of the methodology for calculating the transport and current stock of inventory items;

Application in the calculations of the average percentage of transportation and procurement costs, adjusted for the weighted average index of the nature of the cargo (remoteness of suppliers, cargo parameters) and the projected inflation rate.

Determining the methodically justified size of the carry-over stock of inventory items underlies the development of a policy for attracting working capital for the formation of stocks, which provides for the construction of a schedule (monthly, quarterly) for additional demand or release of capital.

6. Formation of working capital on the basis of optimizing the periods of repayment of receivables and payables and the amount of own working capital. The model of working capital formation proposed by the author is based on the definition of a rational correlation between the periods of turnover of accounts payable and receivables with a certain amount of own working capital and the standard value of the carry-over stock of inventory items.

The resulting model allows you to determine the period of turnover of receivables that meets the requirements of the circulation, which is formed under the influence of the actual or projected period of turnover of accounts payable, the presence and increase in own working capital and the regulatory need for a rolling stock, calculated taking into account the methodological recommendations shown above. It makes it possible to assess the impact of a change in the period of turnover of receivables on the need for own working capital (release or attraction) and the period of turnover of accounts payable (possibility of faster repayment or focus on advance payments).

The findings are confirmed by the results of approbation of the methodological recommendations developed in the dissertation research at a number of industrial enterprises in the city of Voronezh in 1996-2001 (SE Drostroytrest South Eastern Railway, JSC UPMASH, JSC MC Rezon, JSC Avtomatika, JSC GSKB Zernoochistka) ,

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Proposals for improving the management of working capital of Rosneft Oil Company

Effective management of current assets is important for the company for the following reasons:

The amount of working capital in many companies is more than half of all its assets;

Optimal management of working capital leads to an increase in income and reduces the risk of a company's cash deficit;

The solution of issues related to working capital is a continuous process and requires, in comparison with other management processes, more time. The amount invested in each current asset position is subject to change on a daily basis and must be carefully controlled to ensure the most productive use of funds;

Proper management of current assets will maximize the rate of return and minimize commercial risk.

The purpose of developing proposals for improving the management of working capital of the enterprise of OAO NK Rosneft, and, accordingly, increasing the efficiency of the organization, first of all, is to create a rational resource management system that will be aimed at achieving the general tactical and strategic goals of its activities.

When implementing reforms in the organization, the strategic tasks of improving the efficiency of working capital management will be:

* management of accounts receivable using factoring operations;

* profit maximization, optimization of the capital structure and, consequently, ensuring its financial stability.

First of all, for the implementation of these tasks it is proposed:

* carefully choose enterprises - contractors, customers;

* Clearly provide for settlement issues in the terms of contracts;

* constantly monitor the level of stocks and possibly reduce it if necessary, selling unnecessary property to the side.

* explore possible production reserves in order to improve quality, develop new lines of business for the company, as well as reduce costs and thereby increase profits.

It is also necessary to provide for reducing the impact of risks on the company's activities.

Let's consider these directions in more detail.

1. One of the important ways to improve the financial situation will be to reduce the level of receivables.

Accounts receivable management is not limited directly to the change in specific indicators, it should be considered in a complex with the competent leadership of the top manager.

Accounts receivable are planned to be divided according to the terms of occurrence:

· 0-30 days - work with such debt is planned as part of operational analysis and control;

· 90 days or more - work with such debt through a collection agency.

Quite effective debt management of debtors is possible if there is independent control, for example, by a factoring organization. In the framework of factoring services, the factor bank usually checks the payment discipline, as well as the business reputation of the buyer, checks the timeliness of payment for deliveries by debtors, manages various risks for various deliveries with deferred payments, helps suppliers to correctly build a tariff and limit policy.

The main task of factoring is to provide such a system of relationships with buyers, in which suppliers could provide competitive deferred payments to customers without experiencing a shortage of working capital. Perhaps this is due to early financing of deliveries with deferred payments by the factor bank in a mode convenient for suppliers.

The factoring scheme looks like this:

1. Deliveries of goods on terms of deferred payments.

2. Assignment of the right to claim debts for deliveries to the Bank (or the Factor).

3. Financing from the amount of the delivered goods (up to 90%) immediately after delivery.

4. Payment for delivered goods.

5. Payment of balances of funds for deliveries minus the commission of the Factor.

Financing is carried out on the day of submission of documents for the shipped goods. The amount of early payment is up to 90% of the delivery amount. The rest of the funds (from 10%) minus the commission of the Factor is returned after the buyers pay for the supplies.

Therefore, the supplier gets the opportunity to plan his financial flows without dependence on the payment disciplines of buyers, with confidence in the unconditional receipt of funds from the bank against accepted waybills for delivery with deferred payment.

Factoring is often comparable to a loan, although these financial products are designed to meet the different needs of providers. Therefore, early payments that are received as part of factoring services are usually used by organizations to finance activities, and credit resources - as investment or innovative.

Factoring has a number of advantages over loans. Factoring services do not require collateral and a large number of documents. It is only necessary to notify buyers about the change of details in case of payment for the delivery. The repayment of a loan is fully incorporated directly into its essence, which requires the supplier himself to accumulate and withdraw from its circulation an appropriate amount of monetary resources. Factoring directly implies the return of funds by buyers.

The loan amount here is determined immediately, and the amount of financing is not limited, it is possible to increase it as the volume of customer sales increases. Consequently, with factoring, the supplier directly receives the money in the required amount and for the required period. Also, repayment of a loan does not directly guarantee the receipt of a new one, and with factoring, this is systematic.

As part of the factoring system, along with financing, the banking organization manages the receivables of suppliers, freeing the latter from a lot of practical and analytical work. Receiving from the bank all the comprehensive information that is sufficient to make qualified management decisions, the employees of the supplier company can directly pay attention to the development of sales, production, solving organizational, economic and other issues, and studying markets.

Benefits of factoring:

Additional unsecured financing

Acceleration of accounts receivable turnover

Reduction of losses in case of delay in payments by the buyer

Simplification of cash flow planning

· Increasing turnover

Strengthening control over the payment of current debt

Possibility to offer customers flexible payment terms

Timely payment of taxes and contracts of suppliers due to the availability of working capital in the required amount

It is also important to note that in factoring, the bank directly covers the main risks incurred by the supplier or arising in connection with shipment with a deferred payment - the risk of late payment and non-payment by the buyer of the delivery.

Evaluation of the effectiveness of factoring in the activities of organizations fully shows all the advantages of such a financial instrument. It is enough to analyze the increase in sales of products with the condition of almost unlimited funding and organizational support. In addition, the bank's commission for factoring reduces the amount of revenue from individual deliveries, but an increase in the number of shipments greatly increases the final volume of revenue, and, therefore, turns out to be a positive moment in influencing the relative and absolute performance of the company.

Immediately after the conclusion of the agreement (as a rule, within 3 days), the bank transfers to the supplier's account from 80% of the debt amount, and the rest - from 20%, minus interest on the loan and commission, is transferred after collection of the debt.

The interest rate for a loan does not differ from the usual rate for short-term loans - 18% per annum, and the amount of commission is from 3% of the debt amount.

The commission is a fee for bank services, which consist in the analysis and assessment of the supplier's requirements for customers (debtors), control over the implementation of payments, transfer of funds received to the supplier's account, and other services that are provided for by the factoring agreement. Unlike payments on interest on a loan, commissions, like payments for other services, are subject to VAT.

Consider a factoring operation that is beneficial for Rosneft Oil Company, as it accelerates the turnover of funds and does not require significant costs.

The total amount of problem debt is 485 million rubles, the bank under the factoring agreement will provide 80% (that is, 388 million rubles), and the debt can be collected in 98 days, then with a commission of 3%, the supplier's expenses will be:

a) interest on a loan:

388 * 18 * 98 / 365 * 100 \u003d 19 million rubles.

b) commission:

485 * 3% = 15 million rubles;

c) total: 19 + 15 = 34 million rubles.

Additional cash inflow will be 485 - 34 = 451 million rubles.

The application of this operation will lead to a positive effect on the following parameters:

Accelerating the turnover of receivables;

Growth of profitability of current assets;

Growth of financial stability (reduction of expenses on bank loans).

Effective management of receivables is one of the important and necessary conditions for the further successful operation of the organization, as it directly creates the prerequisites for the rapid growth of the business and the growth of the financial capabilities of the enterprise. The existing turnover is accelerated, then free cash is accumulated, the necessary accounts are paid off on time, the organization can pay accounts payable at the same moment as competitors. Rosneft's financial stability will be strengthened as the credit risk associated with the payment of debtors will be reduced.

2. The next important step is to optimize the cost level of the oil company. Cost reduction is planned in three directions:

Operating expenses;

Capital expenditures;

uncontrollable expenses.

Operating expenses are expected to be reduced by reducing the cost of services and materials used in production.

Among non-controllable expenses, it is planned to pay special attention to the costs of transportation and taxes.

One of the main proposals will be to optimize the level of working capital by normalizing them.

The proposed working capital rationing policy includes:

1. Development and implementation of integrated automation based on the calculation of the optimal value of working capital standards.

2. Scientifically substantiated regulation of the optimal value of reserves for each type of material resources.

3. Clarification of the norms and standards of working capital in case of changes in technology and organization of production, changes in prices, tariffs, and other indicators.

In order to optimize the amount of reserves during normalization, the following points should be taken into account:

1. Do not include in the valuation of inventory items that have been in warehouses without movement for more than a year, as well as those inventory items that exceed the annual period of their use.

2. Do not include excesses of inefficiently used property in the valuation of inventories and inventories.

To optimize inventory management, it is recommended to take into account the following set of measures for working with inventory:

1. Rationing of stocks for each type of material resources for structural and functional divisions and services of the enterprise.

2. Creation of a data bank of underutilized reserves in the context of functional units.

3. Develop measures to involve in the production and sale of unused stocks by the functional services of the enterprise.

4. Bringing to the structural and functional divisions and services of a hard task for the sale of non-liquid assets.

5. Conducting quarterly inventories of stocks with a shelf life of more than 1 year in warehouses in order to identify excess excess, inefficiently used property.

6. Based on the results of the inventory and technological audit, carry out work to involve in the production of inventory with a shelf life of more than a year on the terms of the possibility of replacement.

7. Periodic (at least once a quarter) analysis of inventory turnover, compliance with inventory standards.

8. Determining the need for financial resources for the purchase of goods and materials to ensure control over the targeted and rational use of working capital and stock standards.

9. Ensuring further improvement of the planning of commodity-money flows.

10. Attracting creditors.

The mechanism for achieving optimization of inventory management is also the organization of work on holding a tender for the purchase of inventory directly from suppliers, bypassing intermediaries.

To identify suppliers offering the highest quality material assets at the lowest prices, as well as to develop new forms of procurement, competitive bidding (tenders) is organized. The purpose of the tender for the purchase of MPZ is to achieve the optimal ratio of parameters: price, quality, timeliness of deliveries.

During the tender for the purchase of MPZ, special attention should be paid to the following aspects:

Compliance with the required level of quality of supplied values ​​by suppliers;

Checking the reliability of suppliers;

The minimum price of the supplied materials;

Compliance of the supplied materials with the technological requirements of regulatory documentation for products;

Optimal payment terms for the enterprise.

For effective inventory management, it can also be recommended to optimize the organization's cost management. Cost management is achieved by minimizing costs, namely by managing the structure and rational use of material, labor, energy resources, financial resources for all types of activities and includes the use of the following optimization mechanisms:

1. Norms, cost standards based on calculations are approved and maintained in the machine version. Norms, standards are adjusted taking into account the results of the implementation of organizational and technical measures, rationalization proposals, inventions.

2. Planning of all types of variable costs for the production of services on the basis of norms and standards.

3. Calculation of the need for resources and cost planning for the creation of a new product, development of production capacities, ensuring product quality.

Based on the fact that the measures above planned to increase sales revenue by 13.8%, cost by 13.7%, we will draw up a plan of income and expenses for the planned year.

Table 11 - Forecast of income and expenses of OJSC "NK Rosneft" in the planning period

Name of indicator		Planned period	Change, %
Cost of sales
Gross profit (loss)
Selling expenses
Management expenses
Profit (loss) from sales
Income from participation in other organizations
Interest receivable
Percentage to be paid
Other income
other expenses
Profit (loss) before tax
Current income tax
Change in deferred tax assets
Change in deferred tax liabilities
Net profit profit (loss)

As a result of calculations, the amount of net profit will be 1,406,199 thousand rubles.

Imagine changes in the main financial indicators in the planning period (Figure 12)

Figure 12 - Changes in indicators of income and expenses in the planning period

Also, to improve the financial condition of the enterprise, it is advisable to reduce the level of stocks by optimizing storage facilities or improving logistics. They can be reduced by 20%. In monetary terms, they will amount to 76,849 million rubles.

A decrease in the level of stocks will entail a proportional decrease in accounts payable in terms of settlements with suppliers, since most contracts with them for the supply of materials are concluded with a delay. Inflationary processes may affect the level of accounts payable, but only slightly, since the organization mainly has long-term contracts with reliable suppliers.

Let's display the planned accounts payable in table 12.

Table 12 - Forecast accounts payable for the planning period

The increase in the level of wages will occur in the amount of inflation for the planned period - 4.5%. Accordingly, the debt to the staff will increase by the corresponding percentage. The debt to other creditors is planned to be reduced by 10%, as it contains overdue debt that is not claimed for collection. kDebt on taxes and fees will increase due to the increase in income tax.

Thus, accounts payable will decrease by 2.55%.

As mentioned above, the decrease in the level of receivables is planned for 485 million rubles. up to the amount of 847,198 million rubles.

Taking into account the changes in the above indicators, we will compile the forecast balance sheet of the Rosneft Oil Company, which is reflected in Table 13, in order to calculate the effectiveness of the actions described above based on this balance sheet.

Table 13 - Forecast balance sheet of OAO NK Rosneft for the planned period, thousand rubles.

Name of indicator		Planned period
I. NON-CURRENT ASSETS
Intangible assets
fixed assets
Construction in progress
Research results
Long-term financial investments
Deferred tax assets
Other noncurrent assets
TOTAL for Section I
II. CURRENT ASSETS
Value added tax on acquired valuables
Accounts receivable
Short-term financial investments
Cash
Other current assets
TOTAL for section II
BALANCE (sum of lines 190 + 290)
III. CAPITAL AND RESERVES
Authorized capital
Own shares repurchased from shareholders
Revaluation of non-current assets
Extra capital
Reserve capital
Retained earnings (uncovered loss)
TOTAL for Section III
IV. LONG TERM DUTIES
Loans and credits
Deferred tax liabilities
Estimated liabilities
Other long-term liabilities
TOTAL for Section IV
V. SHORT-TERM LIABILITIES
Loans and credits
Accounts payable
revenue of the future periods
Estimated liabilities
Short-term financial instruments
Other current liabilities
TOTAL for Section V

Thus, at the end of the planned period, the enterprise will have an increase in free cash to the amount of 1,951,374 thousand rubles.

The following changes have taken place in the property structure. Non-current assets increased by 700,000 thousand rubles. or 20.9%. Current assets increased by 2,259,831 thousand rubles, or 138.62%. The following changes have taken place in the structure of funding sources. Equity capital increased by 1,406,199 thousand rubles. Short-term liabilities increased by 153,633 thousand rubles, or 11.68%. Long-term liabilities have not changed. The balance currency increased by 1,559,831 thousand rubles, or 31.32%.

Let's analyze how the financial condition of the enterprise will change as a result of the above changes, for which we will compile table 14.

Table 14 - Forecast financial condition

Indicators
1. Own capital (sources of own funds):
2. Non-current assets.
3. Availability of own working capital (clause 1 - clause 2)
4. Long-term loans and borrowings
5. Availability of own working and long-term borrowed capital (permanent working capital) (clause 3 + clause 4)
6. Short-term loans and credits
7. The total amount of own working and borrowed capital
8. Total inventory (including VAT on purchased valuables)
9. Surplus (+), lack (-) of own working capital for the formation of reserves (clause 3 - clause 8)
10. Surplus (+), lack (-) of own working capital and long-term borrowed capital for the formation of reserves (clause 5 - clause 8)
11. Surplus (+), deficiency (-) of the total amount of own working capital and long-term borrowed capital for the formation of reserves (clause 7 - clause 8)
12. Three-component indicator of the type of financial stability.
13. Type of financial stability	Normally stable financial condition	Absolutely stable financial condition

Thus, all the considered measures to improve the management of working capital can lead to an increase in individual parameters (increase in the turnover of working capital) and an improvement in the financial condition as a whole.

Based on the results of the analysis, it can be concluded that in 2014 the organization functioned quite successfully, stably, and there is a tendency to improve the financial condition of the organization.

Accounts receivable and accounts payable play an important role in the sources of funds of OOO TMK Garant. Therefore, in the course of the analysis of calculations, it is reasonable to study the composition and structure of receivables and payables, as well as the changes that have occurred.

Accounts receivable at the end of 2014 amounted to 24,067,000 million rubles, and the excess of accounts payable was 25,304,000 million rubles. Mutual payments per person, but not to the detriment of the organization, since the total excess of accounts payable is 1,237,000 million rubles. This situation does not entail a deterioration in the financial position, since LLC TMK Garant uses this debt as borrowed sources at the time of study.

It is necessary to monitor the ratio of receivables and payables: the high predominance of receivables poses a threat to the financial stability of the organization and makes it necessary to raise additional funds; excess of accounts payable over accounts receivable can lead to the insolvency of the organization;

Control the diversification policy in relation to debtors, i.e. focus on increasing their number to reduce the risk of non-payment by one or more large customers;

Constantly monitor the status of settlements on overdue debts;

Classify buyers depending on the type of product, volume of purchases, solvency, history of credit relations and proposed payment terms;

Possessing up-to-date data on overdue debts, it is necessary to start claim work - send notifications - claims with all calculations of penalties for overdue debts;

Develop various models of contracts with flexible payment terms, in particular, providing customers with discounts for early payment, because a decrease in price leads to an expansion of sales and intensifies the inflow of cash.

One of the more effective measures proposed in the work and allowing to maximize profits and reduce the risk of overdue receivables is a system of discounts and penalties for such counterparties as: Elektroavtomat OJSC, Federal State Budgetary Educational Institution of Higher Professional Education "Kazan National Research Technological University ", Federal State Institution "Military Commissariat of the Republic of Tatarstan", Joint Stock Company "KZSK-Silicon". Also, improving the direction of receivables is to assess the reliability of the buyer. The organization needs to create a system of scoring the reliability of the counterparty based on the analysis of work with him. All customers were grouped into four groups according to the level of reliability: risk; increased attention; reliable clients; "gold" clients. To make the final decision on the provision of a commercial loan to a particular supplier in an organization, you can create a special structural unit - a credit committee or a credit commission. One of the activities for managing receivables is to ensure the effectiveness of the motivation system aimed at reducing the volume of overdue receivables, on the interest of each employee in achieving the planned level of receivables.

When forming the policy of accounts payable management, it is necessary to purposefully change some terms of settlements with such creditors as: Alesia LLC, Diias JSC, Formula SB LLC, Trade House TINKO LLC. As a way to solve the problem, I propose either an increase in the amount of payments to debtors, or a decrease in the amount of payments to creditors. To increase the number of days of turnover of accounts payable and reduce the cost of payment, suppliers need to revise their contractual relationships with suppliers.

New terms of settlements with creditors, which assume a long period of use of accounts payable, allowing to ensure the sufficiency of funds in all periods as of the date of the report.

The implementation of a number of simple and effective measures to improve work with creditors allows you to improve the results of the organization, including the state of solvency and liquidity of assets. These measures relate, first of all, to the choice of a supplier, the coordination and selection of delivery terms, the improvement of control over transactions with creditors, and the motivation of personnel.

We will calculate the economic efficiency of the proposed measures to improve the management of working capital in TMK Garant LLC.

1. Carrying out a set-off of mutual claims. Thus, the amount of accounts receivable in the asset balance will decrease, and the amount of accounts payable in the liabilities side of the balance sheet will decrease.

2. Conclusion of an assignment agreement. As a result of concluding an assignment agreement, LLC TMK Garant will have an increase in the amount of cash and a decrease in the amount of receivables.

In addition, the received amount of funds is recommended to be directed to the repayment of accounts payable.

As a result, in the liabilities side of the balance sheet, accounts payable and retained earnings will decrease, and in the asset side of the balance sheet, the amount of accounts receivable will decrease.

3. Providing discounts not in monetary terms, as a reduction in the obligation to pay for the material, but in the form of an additional bonus in paying for the material.

4. Realization of surplus inventories at book value.

As a result of the sale of unused inventory items, OOO TMK Garant will increase sales proceeds and cash balances and reduce inventories.

An increase in equity and working capital will reduce the level of accounts payable. This will also affect the values ​​of financial ratios, bringing their values ​​to more rational values, which will allow the organization to maintain at the proper level both short-term and long-term solvency. The terms of possible repayment of obligations will be reduced, which will make it possible to classify this organization as solvent. The ratio of accounts receivable to accounts payable will take on a rational value, where accounts receivable exceeds accounts payable. Financial stability will increase, which will positively affect the creditworthiness of the organization, the degree of risk in the organization's activities in terms of non-repayment of debts and a low level of solvency is minimized. By reducing the cost of goods/works (services) of LLC TMK Garant by increasing the volume of their implementation and reducing the cost of their implementation, profitability will increase, and therefore the level of profitability and efficiency of LLC TMK Garant as a whole.

Building a more effective financial planning system in the company will prevent erroneous actions and use those opportunities that have not been used before. It will allow you to predict the financial activities of the organization, form the structure of income and costs, ensure its constant solvency. Consequently, the financial stability of the organization and its creditworthiness class will increase.

The proposed measures should improve the reputation of the borrower, the creditworthiness class, which in turn will make it possible to get preferential loans, that is, the loan limit will increase, the interest on the loan and the possibility of obtaining a loan without collateral will decrease, and the chances of obtaining a loan will also increase. The organization will become more attractive to investors, banks and suppliers.

3.2 Proposals for the development of credit policy

OOO TMK Garant

At the moment, the development and implementation of credit policy plays an important role in increasing the efficiency of working capital management in any organization.

The credit policy is a set of rules governing the provision of deferred payment to the organization's customers, and a list of actions to collect receivables.

Most often, the goal of credit policy is to provide the organization's customers with competitive conditions in order to increase the organization's sales and profitability. The objective of credit policy is to strike a balance between the need to minimize the risk of insolvency and the need to maximize the return on the organization's assets.

A properly developed credit policy makes it possible to significantly increase cash flow and compensate for the risk that LLC "TMK Garant" takes, giving a deferred payment for goods / services.

The development of the credit policy of the organization involves the solution of the following tasks:

The period of time during which the client is given a deferred payment (determining the term for granting a loan);

Determination of debt limits (based on the client's credit rating);

System of work with receivables (indicators reflecting violations, reminders, claims, etc.);

Availability and amount of discounts provided for payment before the due date.

An effective credit policy of an organization should be a very significant tool for managing the receivables of TMK Garant LLC.

In modern financial and commercial practice, the sale of goods (works, services) with deferred payment has become widespread.

As a result of such operations, receivables are formed on the accounts of the organization. LLC "TMK Garant" is important to prevent excessive investment (freezing) of its funds in receivables.

Otherwise, this may lead to an excessive diversion of financial resources, a decrease in the level of solvency of the organization, an increase in debt collection costs and, as a result, a decrease in the profitability of working capital and used capital.

With an increase in sales on credit, management may face serious problems due to a shortage of cash. Since in this case TMK Garant LLC deprives itself of mobility, there is a risk of insolvency. Such liquidity problems are the result of an insufficient amount of capital to provide the necessary amount of cash to pay for their own debts.

The provision of longer deferred payment terms can significantly affect the level of "quality" of receivables and increase the risk of default. Setting more stringent loan terms can lead to a negative customer reaction and lower sales. The period for which a deferred payment is given should objectively depend on two factors:

1) conditions of work with suppliers. In order to prevent cash gaps and a constant shortage of funds to pay its obligations, the payment deferral provided to the organization's customers cannot be longer than the deferral that TMK Garant LLC receives when working with its main suppliers. Those. the repayment period for accounts payable must be longer than the collection period for receivables;

2) market conditions, that is, the conditions in which competitors operate. If the market is dominated by shipments with a deferred payment of 30 days, then in order to maintain its competitiveness, LLC TMK Garant will not be able to work on prepayment.

The organization's accounts receivable means that part of the goods is released to customers without preliminary calculation, that is, in essence, the organization gives customers free credit. A delay in the receipt of funds from several large buyers can create serious financial difficulties for the organization, since its solvency is completely dependent on the good faith of the buyer.

In order to reduce the receivables of TMK Garant LLC, it is advisable to improve the system of settlements with buyers, including mandatory control over the period of formation of receivables, operational work with delaying payment (telephone message, official letters), use of a system of discounts, advance payment, use of a bill of exchange form of payment.

LLC "TMK Garant" is interested in reducing the amount of receivables, as this entails an acceleration of the turnover of working capital in the sphere of circulation, and, consequently, a more efficient use of working capital in general.

Reducing, for example, the size of accounts receivable for commodity transactions improves the indicator of fulfillment of the supply plan under contracts, plans for profit and profitability. The reduction of working capital in other calculations means a more complete use of them for their intended purpose, since they do not leave the sphere of production.

Funds in receivables indicates a temporary diversion of funds from the organization's turnover, which causes additional need for resources and can lead to a tense financial condition. In the process of managing receivables, LLC TMK Garant, as a forecast, should develop such a flexible system of contracts that would provide for either prepayment for products (full or partial), or issuance of an interim invoice, or flexible pricing depending on the inflation index, and assess the impact these measures on financial results.

The amount of receivables of the organization is affected by:

The total volume of sales and the share of sales in it on the terms of subsequent payment;

Terms of settlements with buyers and customers;

Receivables collection policy, payment discipline of buyers;

State of Accounting: The accountant should target as many buyers as possible in order to reduce the risk of non-payment by one or more large buyers.

The growth of receivables associated with an increase in the grace period of payment entails losses due to changes in the purchasing power of funds.

In conditions of inflation, any deferred payment leads to the fact that the organization actually receives only a part of the cost of the products sold.

Therefore, it becomes necessary to evaluate the possibility of providing a discount for early payment.

Considering the above, we will evaluate the financial efficiency of the credit policy of TMK Garant LLC, in other words, we will calculate the effect of granting a deferred payment for products sold.

LLC "TMK Garant" at the moment it is advisable to evaluate the change in the current credit policy of the organization in order to release working capital and receive additional profit from the sale of products.

The new credit conditions provide for a 3.5% discount when customers pay for products within 14 days. In this case, the total period of deferred payment is 90 days. Sales and expenses are carried out by OOO TMK Garant on a daily basis throughout the year.

It is assumed that the change in the credit policy will be reflected in the growth of sales volumes of LLC "TMK Garant" by 22%.

Let us calculate the effectiveness of changing the credit policy and the amount of working capital released as a result of sales growth.

The increase in sales volumes in case of a change in the credit policy of LLC TMK Garant will be: 11,000,000 thousand rubles. * 22% = 2,420,000 thousand rubles

Average turnover period of receivables when changing the credit policy of TMK Garant LLC:

0.7 * 14 days + (1-0.7) * 90 days = 36.8 days

Let's calculate a number of changes in the level of the average amount of accounts receivable of TMK Garant LLC.

Forecasted level of accounts receivable:

RUB 11,000,000 thousand + 2,420,000 thousand rubles. / 365 days * 36.8 / 365 days \u003d 36,767.12 * (36.8 / 365) \u003d 36,767.12 * 0.1 \u003d 3,676.712 thousand rubles.

Profit from the increase in sales of products of LLC "TMK Garant":

RUB 2,420,000 thousand * (1-0.902) = 237,160 thousand rubles.

The opportunity costs of LLC TMK Garant in connection with the application of the new conditions of the credit policy amounted to:

(11,000,000 thousand rubles + 2,420,000 thousand rubles) * 0.7 * 0.035 = 328,790 thousand rubles

Since the total amount of profit from additional sales and the amount of opportunity savings (from the release of funds from receivables) exceeds the amount of opportunity costs, therefore, TMK Garant LLC may decide to change its credit policy.

An analysis of the data in Chapter 2 allows us to conclude that if measures are taken to improve the management of current assets, LLC TMK Garant will be able to improve the structure of the balance sheet. So, the share of own capital will increase and, accordingly, the share of borrowed capital will decrease. Significantly reduced the amount of accounts payable.

LLC TMK Garant is given the opportunity to improve the composition and structure of current assets. In the composition of current assets, high-risk assets (accounts receivable, unused material assets) will decrease. Accounts receivable will decrease. The organization's inventory will be reduced.

The efficiency of the use of working capital after the implementation of measures will increase. Thus, the turnover of working capital accelerated. The acceleration of the turnover of working capital is associated with an increase in the turnover of inventories of turnover and receivables. The duration of the turnover of current assets has decreased. At the same time, the period of collection of receivables was reduced. The shelf life of inventory will be reduced. The share of cash in the total amount of current assets will increase, i.e. the share of low-risk current assets has increased.

In chapters 3.1 and 3.2, we proposed measures to improve the management of the solvency and creditworthiness of the LLC TMK Garant organization. Now it is necessary to evaluate the effectiveness of the proposed measures.

In our opinion, it is advisable for this organization to choose an aggressive model of working capital management, that is, to increase current assets by increasing the growth of work, services, increase cash, equalize the ratio of receivables and payables.

Conclusion

The problem of working capital management is relevant for any economic system. The modern organizational structure of most economic entities hides the object of management and makes it poorly localized for the manager. As a result, working capital management is practically not carried out, and its dynamics depends on external and random internal influences. In this context, the problem of a consistent combination of the goals of economic activity efficiency and the solvency of organizations is of extreme importance - one of the key problems of working capital management. practice shows that today many decisions are made solely with a focus on improving performance, while cases of complete loss of solvency and competitiveness as a result of such a policy are already known.

The relevance of the chosen topic is due to the fact that the problems of working capital management, its formation and effective use have been studied by many domestic and foreign scientists. At the same time, most authors consider the issues of working capital management in conditions of relative economic stability. In addition, the specifics of the Russian economy does not accept the automatic transfer of existing approaches to working capital management, especially those borrowed from foreign experience. In modern economic conditions, effective management of working capital is becoming one of the prerequisites for the normal functioning of organizations.

The analysis was carried out on the basis of the financial statements of the organization, namely, the balance sheet and income statement for 2013 and 2014. Within the framework of the systematic approach, techniques and methods of analysis (tabular, financial ratios, balance sheet, comparison, observation, determination of absolute and relative values) and synthesis, grouping and comparison, scientific abstraction were applied; in the practical part of the study, calculation and analytical methods, methods of structural and dynamic analysis were used.

The empirical base of the study was made up of documents and materials and data from periodicals, monographic scientific literature, expert developments and assessments of Russian and foreign scientists-economists, as well as analytical and own calculation materials.

Low liquidity of the balance sheet of OOO TMK Garant was revealed.

Not all liquidity indicators meet the standards, which indicates the need for financial measures in the organization to improve activities.

Turnover of production at the beginning of 2014 the inventory turnover ratio was 4.58, and at the end of 2014 it was 4.74. Then we see the growth dynamics for the year, it increased by 0.16.

The turnover ratio of own capital during the analyzed period has not changed.

The amount of accounts receivable at the beginning of 2013 was 543,000 thousand rubles, and at the beginning of 2014 the amount increased and amounted to 20,255,000 million rubles. The share of receivables increased. Increasing the efficiency of the use of working capital is ensured by the acceleration of their turnover at all stages of the circulation.

Significant reserves for increasing the efficiency of the use of working capital are laid down directly in the enterprise itself.

Thus, the results of an integrated approach and systematic analysis by OOO TMK Garant make it possible to develop a program of measures to improve the efficiency of managing current assets at enterprises and ensure control over its practical implementation in the following areas:

Improving the organization of material and technical supply with the aim of uninterrupted and rhythmic provision of production with material resources;

Reducing the duration of the operating 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, material resources, etc.), as well as increasing control over the movement of the most important reserves categories;

Acceleration of the process of shipment of products and execution of settlement documents, the use of promising forms of refinancing receivables, effective forms of regulation of the average balance of cash assets (reduction of cash settlements, opening a "credit line" in the bank), creation of clear control systems for the movement of receivables and cash, development of non-cash payment mechanisms.

Based on the research, we have developed the following recommendations and measures to improve the management of current assets:

Measures to manage and optimize receivables.

Receivables optimization is part of the organization's overall policy to choose the conditions for the sale of products for a certain period of time, optimize the total amount of receivables and ensure timely collection of receivables to achieve a given level of financial stability of the organization.

1. In order to control the buyer for its reliability and financial stability, its compliance with contractual discipline, to monitor the fulfillment of contractual obligations by the organization itself (meaning the seller organization), LLC TMK Garant is invited to develop a dossier on buyers.

2. This organization is recommended to apply modern methods of refinancing receivables. Methods for reducing receivables for sellers include the use of factoring, forfaiting, prepayment, and providing discounts to buyers in case of early payment.

5. In addition, this organization is recommended to change the type of credit policy. Currently, the credit policy of TMK Garant LLC is characterized by a moderate type. In connection with the global financial crisis, the company should tighten the conditions for granting a commodity loan to buyers, i.e. switch to a conservative type of credit policy. So, for example, at the moment, the installment plan provided to wholesale buyers is from 1 to 6 months. OOO TMK Garant recommends:

Reduce the terms for providing a commercial (commodity) loan by 2 times, i.e. up to 1-3 months;

Provide a loan upon full repayment of the previous debt;

Introduce a system of discounts for early repayment of receivables.

Inventory management activities.

1. In order to reduce stocks, the organization is recommended to provide discounts to wholesale buyers not in monetary terms as a reduction in the obligation to pay for the material, but in the form of an additional bonus in payment for the material. This discount system will allow LLC TMK Garant to get rid of "stale" materials, when, for example, when buying two units of material, the third one is given as a gift.

2. The use of the inventory management model (Wilson model) will allow OOO TMK Garant to minimize the total costs of purchasing, placing and delivering an order, as well as storing materials.

Cash management activities.

1. It is proposed to ration funds using known methods. As a result of the proposed activities, a forecast balance was obtained and the calculation of the main financial indicators was carried out.

Calculation of the forecast balance allows us to conclude that if measures are taken to improve the management of current assets, LLC TMK Garant will be able to improve the structure of the balance sheet.

LLC TMK Garant is given the opportunity to improve the composition and structure of current assets. In the composition of current assets, high-risk assets (accounts receivable, unused material assets) will decrease.

Calculations of current asset management indicators indicate that the efficiency of the use of current assets after the implementation of measures has increased. The acceleration of the turnover of current assets is associated with an increase in the turnover of inventories and receivables. The share of receivables in the total volume of current assets decreased. At the same time, the period of collection of receivables was reduced. The shelf life of inventory has been reduced by a week. The share of cash in the total amount of current assets increased, i.e. the share of low-risk current assets increased.

Assessment of the impact of the above measures on the values ​​of financial indicators showed that the values ​​of financial ratios have changed for the better. So the absolute liquidity ratio, showing what part of short-term liabilities can be repaid with available cash and short-term financial investments.

Thus, the implementation of the proposed measures will allow the organization of TMK Garant LLC to improve the structure of current assets and significantly increase the efficiency of their use. When implementing these measures, the organization will become an organization with optimal absolute and urgent liquidity (solvency), financially stable and less dependent on borrowed capital, it will have opportunities for financial maneuvering. As a result of the proposed measures, this organization is given the opportunity to improve the composition and structure of current assets. In the composition of current assets, high-risk assets (accounts receivable, unused material values) will decrease, the share of low-risk assets (cash) will significantly increase. Borrowed funds as a result of the measures taken will be reduced by a significant amount. It also provides an opportunity to optimize income tax payments by creating reserves for doubtful debts.

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