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Methods of managing financial flows in a tourist enterprise. Abstract methods of managing financial flows. Enterprise cash flow management process

B-03059

Novosibirsk State Agrarian University

ISOP

Faculty of Economics

Department of Finance

Course work

in financial management

CASH FLOW MANAGEMENT METHODS

Completed by: student of the 5th year of the 1st group

Ageeva Nadia Mukhamedovna

Supervisor:

Novosibirsk 2007

INTRODUCTION

1. THEORETICAL FOUNDATIONS OF CASH FLOW MANAGEMENT METHODS

2. NATURAL AND ECONOMIC CHARACTERISTICS OF THE COLLECTIVE FARM SPK MALOKRASNOYARSK

3. CASH FLOW MANAGEMENT

3.1. Cash flow analysis methodology

3.2. Factor analysis of cash flows

4. IMPROVING CASH FLOW MANAGEMENT

CONCLUSION

BIBLIOGRAPHY

APPS

INTRODUCTION

In conditions of complete independence and self-financing, profit becomes the main source of existence for any enterprise and its further development. However, profit maximization gives the company the opportunity to maintain a sustainable financial position only if it is confirmed by real resources - cash.

Cash is a limited resource, so it is important to create a mechanism at enterprises effective management their movement, which would help ensure business processes with the necessary level of cash flows and maintain an optimal balance Money by regulating the balance of their receipt and expenditure.

Under the cash flows understand the receipt and disposal of funds that ensure the financial and economic activities of the organization. Cash flow management is one of the key activities of a financial manager.

The main purpose of this term paper is to assess the ability of the organization to manage cash in the amount and within the timeframe necessary for the implementation of planned expenses, identify the causes of the shortage (surplus) of funds and determine the sources of their receipt and directions of spending to control the current liquidity and solvency of the organization.

Based on the goal, the following tasks were identified:

1. Justification of the relevance of the chosen topic, goals and specific tasks for its achievement.

2. Study problematic issues cash flow management methods in the economic literature.

3. Analysis of financial and economic activity economy.

4. The study of cash flow accounting.

5. Analysis of cash flows.

6. Development of ways to improve cash flow management methods.

The work was performed on the actual materials of the activity of the SPK "Malokrasnoyarsky" of the Kyshtovsky district of the Novosibirsk region.

The sources of information for the analysis of cash flows are: balance sheet (form No. 1), income statement (form No. 2), cash flow statement (form No. 4), report on the number and wages of employees of the organization (form No. 5 ),

The main information source is the Cash Flow Statement (Form No. 4). Information about the organization's cash flow is reflected in this report on an accrual basis from the beginning of the year and is presented in the currency of the Russian Federation.

When writing this work, annual reports for 2004-2006 were used.

In the process of implementation, the following research methods were used: economic-statistical, settlement-constructive.

1. THEORETICAL FOUNDATIONS OF CASH FLOW MANAGEMENT METHODS

Implementation of the majority management decisions for conducting business transactions associated with the use of funds to ensure the maintenance of the required volume working capital and allocated for financing non-current assets organizations and long-term financial investments in the activities of other economic entities.

Many economic processes can be represented as a series distributed over time, consisting of positive (receipts) and negative (payments) values. This is the receipt and return of loans, the repayment of various debts, the payment of insurance premiums, etc.

According to Chashchina S.V. financial management of the enterprise is most effectively implemented in the system of financial controlling. The financial control system includes subsystems: budgeting and management accounting. Budgeting is nothing more than current financial planning, covering the operating, investment and financial activities of the enterprise. Accounting as a management function is implemented in the management accounting subsystem.

According to Avanesyants A.L. for effective management of the financial resources of an enterprise, on the one hand, it is necessary to determine a sufficient level and rational structure of current assets, and, on the other hand, the size and rational structure of sources of financing of current assets, i.e. current liabilities.

According to Igonin L.L. significant compression of the real money supply in the course of market reform of the economy causes a significant increase in the total need for money supply. The main components of this need are the demand for money from the manufacturing sector, associated with the replacement of circulating money surrogates with real money, and the need to increase the ruble supply when foreign currency is forced out of circulation.

The importance of studying cash flows at this stage in the development of market relations in Russia is beyond doubt. The only issues that remain unresolved are the implementation of a prospective analysis of cash flows. Prospective analysis and diagnostics of bankruptcy are essentially one problem of finding the optimal path for the development of organizations.

Gurzhiev N.A. in his article considers a range of basic approaches to forecasting financial condition from the position of possible bankruptcy: a) calculation of the creditworthiness index; b) use of a system of formalized and non-formalized criteria; c) forecasting solvency indicators.

Cash flow indicators to the greatest extent reflect financial stability and solvency, both theoretically and practical point view considers Bykova E.V..

In the opinion of Gutov A.V. the cash flow management system at the enterprise is a set of methods, tools and specific techniques of targeted, continuous impact on the part of financial service enterprises on the movement of funds to achieve the goal. Cash flow management is a key element financial policy enterprise, it permeates the entire management system of the enterprise. The importance and importance of cash flow management in an enterprise cannot be overestimated, since not only the stability of an enterprise in a specific period of time depends on its quality and efficiency. But the ability to further development to achieve long-term financial success.

According to Paronyan A.S. cash management involves not only controlling the level absolute liquidity, but also optimization of the average balance of all funds based on calculations of operating, insurance, compensation and investment reserves. At the same time, control over the movement of cash flows should be carried out in accordance with the budget of receipts and expenditure of funds in the elimination of cash gaps.

According to Bondarchuk N.V. , cash management means targeted impact on the part of the subject of management on the cash flows of the organization and includes the following main aspects: cash flow accounting, forecasting and analysis of cash flows.

He also argues that the purpose of cash flow analysis is to prepare information about the volumes, time parameters, sources of income and directions for spending money, which is necessary for informed decision-making on their management, taking into account the influence of objective and subjective, internal and external factors.

Chernov V.A. believes that the analysis of cash flows allows solving the problems of optimal timing and volume of borrowed funds, assessing the feasibility of attracting a loan. This analysis considers 4 groups of indicators:

Receipts;

Expenses (or "payments");

Their difference ("balance" or "balance");

The presence of a balance (“cumulative balance”, “cumulative balance”), corresponding to the availability of funds in the account.

The emergence of a negative balance in the fourth indicator means the emergence of uncovered debts.

Stanislav Morozov highlights the following problems that often arise in cash management:

Managers do not have complete operational information about the sources of cash receipts, about the amounts and terms of upcoming payments;

Financial flows are scattered and inconsistent in time;

There are cases of loss of payment documents, a cash plan is sometimes created on the basis of incomplete information;

The decision on the distribution of funds is made with strong lobbying from various services;

Funding requests often do not match real needs;

Decisions to attract loans are made without a proper assessment of their required amount and maturity.

In accordance with international accounting standards and established practice, two main methods are used to prepare cash flow statements - indirect and direct.

According to Bogatyrev E.I. the indirect method is more common in world practice as a method of compiling a cash flow statement. It includes elements of analysis, as it is based on the compilation of changes in various balance sheet items for the reporting period, characterizing the property and financial position of the organization, and also includes an analysis of the movement of fixed assets, their depreciation and other indicators that cannot be obtained solely from the balance sheet data. . As a result of applying the indirect method, the financial result (net profit) of the organization for the period is required to be the difference between the amounts of funds at the disposal of the organization as of the beginning and end of the reporting period. The direct method is based on information about all transactions made in the reporting period on bank accounts and with cash, grouped in a certain way.

B-03059

Novosibirsk State Agrarian University

ISOP

Faculty of Economics

Department of Finance

Course work

in financial management

CASH FLOW MANAGEMENT METHODS

Completed by: student of the 5th year of the 1st group

Ageeva Nadia Mukhamedovna

Supervisor:

Novosibirsk 2007

INTRODUCTION

1. THEORETICAL FOUNDATIONS OF CASH FLOW MANAGEMENT METHODS

2. NATURAL AND ECONOMIC CHARACTERISTICS OF THE COLLECTIVE FARM SPK MALOKRASNOYARSK

3. CASH FLOW MANAGEMENT

3.1. Cash flow analysis methodology

3.2. Factor analysis of cash flows

4. IMPROVING CASH FLOW MANAGEMENT

CONCLUSION

BIBLIOGRAPHY

APPS

INTRODUCTION

In conditions of complete independence and self-financing, profit becomes the main source of existence for any enterprise and its further development. However, profit maximization gives the company the opportunity to maintain a stable financial position only if it is confirmed by real resources - cash.

Cash is a limited resource, so it is important to create a mechanism for the effective management of their movement at enterprises, which would help ensure business processes with the necessary level of cash flows and maintain an optimal cash balance by regulating the balance of their receipt and expenditure.

The main purpose of this course work is to assess the organization's ability to manage cash in the amount and within the timeframe necessary for the implementation of planned expenses, identify the causes of the shortage (surplus) of funds and determine the sources of their receipt and directions of spending to control the current liquidity and solvency of the organization.

Based on the goal, the following tasks were identified:

1. Justification of the relevance of the chosen topic, goals and specific tasks for its achievement.

2. The study of problematic issues of cash flow management methods in the economic literature.

3. Analysis of the financial and economic activities of the economy.

4. The study of cash flow accounting.

5. Analysis of cash flows.

6. Development of ways to improve cash flow management methods.

The work was performed on the actual materials of the activity of the SPK "Malokrasnoyarsky" of the Kyshtovsky district of the Novosibirsk region.

When writing this work, annual reports for 2004-2006 were used.

In the process of implementation, the following research methods were used: economic-statistical, settlement-constructive.

1. THEORETICAL FOUNDATIONS OF CASH FLOW MANAGEMENT METHODS

The implementation of most management decisions on conducting business operations is associated with the use of funds that ensure the maintenance of the required amount of working capital and are used to finance the non-current assets of the organization and long-term financial investments in the activities of other business entities.

According to Chashchina S.V. financial management of the enterprise is most effectively implemented in the system of financial controlling. The system of financial controlling includes subsystems: budgeting and management accounting. Budgeting is nothing more than current financial planning, covering the operating, investment and financial activities of the enterprise. Accounting as a management function is implemented in the management accounting subsystem.

According to Igonin L.L. a significant contraction of the real money supply in the course of the market reform of the economy causes a significant increase in the total need for money supply. The main components of this need are the demand for money from the manufacturing sector, associated with the replacement of circulating money surrogates with real money, and the need to increase the ruble supply when foreign currency is forced out of circulation.

Gurzhiev N.A. in his article, he considers a range of basic approaches to predicting the financial condition from the perspective of a possible bankruptcy: a) calculation of the creditworthiness index; b) use of a system of formalized and non-formalized criteria; c) forecasting solvency indicators.

Cash flow indicators reflect financial stability and solvency to the greatest extent, both from a theoretical and practical point of view, E.V. Bykova believes.

In the opinion of Gutov A.V. the cash flow management system at an enterprise is a set of methods, tools and specific techniques for a purposeful, continuous impact on the cash flow by the financial service of an enterprise in order to achieve the goal. Cash flow management is the most important element of the financial policy of the enterprise, it permeates the entire management system of the enterprise. The importance and importance of cash flow management in an enterprise cannot be overestimated, since not only the stability of an enterprise in a specific period of time depends on its quality and efficiency. But also the ability to further develop, to achieve financial success in the long term.

According to Paronyan A.S. cash management involves not only controlling the level of absolute liquidity, but also optimizing the average balance of all cash on the basis of calculations of operating, insurance, compensation and investment reserves. At the same time, control over the movement of cash flows should be carried out in accordance with the budget of receipts and expenditure of funds in the elimination of cash gaps.

According to Bondarchuk N.V. , cash management implies a targeted impact on the part of the management entity on the organization's cash flows and includes the following main aspects: cash flow accounting, cash flow forecasting and analysis.

Receipts;

Expenses (or "payments");

Their difference ("balance" or "balance");

The presence of a balance (“cumulative balance”, “cumulative balance”), corresponding to the availability of funds in the account.

The emergence of a negative balance in the fourth indicator means the emergence of uncovered debts.

Stanislav Morozov highlights the following problems that often arise in cash management:

Managers do not have complete operational information about the sources of cash receipts, about the amounts and terms of upcoming payments;

Financial flows are scattered and inconsistent in time;

There are cases of loss of payment documents, a cash plan is sometimes created on the basis of incomplete information;

The decision on the distribution of funds is made with strong lobbying from various services;

Decisions to attract loans are made without a proper assessment of their required amount and maturity.

In accordance with international accounting standards and established practice, two main methods are used to prepare cash flow statements - indirect and direct.

According to Stanislav Morozov, the indirect method is aimed at obtaining data characterizing the net cash flow of an enterprise in the reporting period. The calculation of the net cash flow of the enterprise by the indirect method is carried out by type of economic activity and the enterprise as a whole. The direct method is aimed at obtaining data characterizing both the gross and net cash flow of the enterprise in the reporting period. It is designed to reflect the entire volume of receipts and expenditures of funds in the context of certain types economic activity and the enterprise as a whole.

However, most of the proposed methodological developments for the analysis of enterprise cash flows are of a retrospective nature. According to Sorokin E.M. direct and indirect methods, which are mainly considered in the economic literature, are used separately from each other. This does not allow revealing the combined effect of direct and indirect factors on the company's cash flows, as well as the deviation of the net cash balance from the net financial result received by the company for the same period of time. Which, in turn, does not make it possible to bring the analytical study to specific measures, and, consequently, to use these methods in predicting cash flows, in determining their possible volume in case of making a particular management decision.

According to G.O. Uspensky, if for some period income exceeds costs, we can talk about net income or about positive cash flows. Otherwise, talk about net expenses or about negative cash flows. Thus, under the cash flow Uspensky G.Oh. implies the entire set of time-distributed flows of future income and expenses associated with the object under study over a given period. At the same time, it should be remembered that if the income stream is an object of taxation, then when constructing the cash flow, it must be presented as it will be after taxes.

According to Uspensky O.G. There are two main types of cash flows:

Debt-free cash flow;

Cash flow for equity.

The cash flow for equity is calculated as follows: it is equal to net income + balance accruals (depreciation, amortization) + increase in long-term debt - increase in own working capital capital investments decrease in long-term debt.

Debt-free cash flow = net income (plus tax-adjusted interest payments) + balance sheet charges (depreciation, amortization) - working capital gain capital investment.

According to Parushina N.V. for analysis great importance has the correct division of cash flow by type of activity: current, investment and financial. Analysis of the cash flow statement can be carried out separately by type of activity and in the relationship of all components to assess the effectiveness of the use of cash and potential bankruptcy.

Effective cash flow management ensures the financial balance of the enterprise in the process of its strategic development. The rational formation of cash flows helps to increase the rhythm of the enterprise's operating process, and also reduces the company's need for borrowed capital. Cash flow management is important financial leverage ensuring the acceleration of capital turnover, reduces the risk of insolvency of the enterprise. Thus, effective cash flow management contributes to the formation of additional investment resources for financial investments, which are a source of profit. S. Morozov.

However, for the purposes financial control the reflection and disclosure of gross cash is essential. The fact is that the disclosure in the report of the turnover of funds between accounts and sub-accounts allows us to assess the feasibility of "idle circulation" of money: converting foreign exchange funds, maintaining an irreducible cash balance on current and special accounts of the organization, transferring money from a current account to a cash desk and vice versa, believes Khorin A.N. .

According to Makarov V.I. cash flow management is continuously linked to a self-financing strategy, which in modern conditions is the most preferable for ensuring financial stability and maintaining the solvency of the enterprise. This strategy involves the reimbursement of the costs of expanded reproduction mainly at the expense of own sources, i.e. net profit and depreciation charges.

2. NATURAL AND ECONOMIC CHARACTERISTICS

SPK "MALOKRASNOYARSKIY"

SPK "Malokkrasnoyarsky" is located in the northern part of the Kyshtovsky district of the Novosibirsk region. The farm was founded in 1929. As of January 1, 2007, the total land area is 8488 ha, incl. 8488 hectares of agricultural land, which is 100% of the total area of assigned land.

On the farm's land use area 2 locality With. Little Krasnoyarka, p. Little Skyrla. The central estate of the SPK "Malokrasnoyarka" is located in the village. Little Krasnoyarka. The distance from the central estate to the regional center with. Kyshtovka - 60 km, to the regional center of Novosibirsk - 660 km. Communication with regional and district centers is carried out via the West Siberian railway and the highway of all-Russian importance "Baikal".

The points of delivery of agricultural products are: the meat receiving point of Lesnaya Polyana LLC, which is located in the village. Kyshtovka, Kyshtovsky HPP.

The territory of the economy belongs to the zone of moderately cool, sufficiently humid climate. Characteristic features its are: long, cold winters and short, moderately warm summers. Spring is usually cold, with a frequent return of late frosts.

The sum of temperatures above 10˚С is equal to 1900˚С.

The frost-free period is 100 days.

On average, 665 mm of precipitation falls per year, of which 62% (423 mm) falls during the growing season.

The duration of the period with stable snow cover is 155-165 days with an average height of 27-40 cm.

In terms of soil quality, arable land is unequal. On the manes there are chernozem and meadow-chernozem soils. Meadow, solonetsous, solodized, solonchakous and solonchak-marsh-meadow soils and their complexes predominate in the lowered flat areas.

Meadow soils are formed on vast depressions, which are used as natural fodder lands.

Of the bog soils, peat-bog, peat-bog and marsh soils are widely used.

According to the geobotanical zoning, the territory of the economy belongs to the meadow-bog. Bogs occupy 15.2% of the entire territory of the economy. The surface of the swamps is hummocked.

Of the natural vegetation, there are reed grass, fescue, bent grass, timothy grass, foxtail, bonfire, couch grass, yarrow, feather grass and other herbs.

Weed vegetation is represented by sow thistle, milkweed, gill, colza, shepherd's purse, quinoa, wild oats and others.

Forests are located throughout the entire territory of the economy in arrays and separate pegs. Main tree species: birch, aspen, willow. The total population of the farm is 16.3%.

The relief of the territory is a slightly undulating, low, heavily swampy plain. Swamping is facilitated by the lack of runoff and drainage, poor filtering capacity of soils, low water permeability of rocks that are heavy in mechanical composition and make up the surface horizons of the economy.

There are no rivers or streams on the farm.

The depth of groundwater varies from 0.5 to 3 meters, in elevated areas from 5 to 7 meters.

The natural and climatic conditions of the economy allow the cultivation of basic crops.

The presence, composition and structure of the land fund of the SEC "Malokrasnoyarsky" are shown in table 1.

Table 1

Dynamics of the composition, structure of land SPK "Malokasnoyarsky"

Types of agricultural	years
	2004		2005		2006
		%		%		%
1	2	3	4	5	6	7
Total land area -	8488	100	8488	100	8488	100
total s.-x. land	8488	100	8488	100	8488	100
	4495	52,9	4495	52,9	4495	52,9
hayfields	2407	28,4	2407	28,4	2407	28,4
pastures (without deer)	1586	18,7	1586	18,7	1586	18,7

From the data in Table 1, we can conclude that the total area has not changed over the past three years. The share of agricultural land in the total land SEC "Malokrasnoyarsky" during the analyzed period remained at the level of 100%. The structure of agricultural land also did not change over 3 years: the share of arable land remained at around 52.9%, hayfields - 28.4% and pastures - 18.7%.

On the next step characteristics of the enterprise, consider and analyze the number of employees and the size of the wage fund and their dynamics. The dynamics of the composition and structure of employees, as well as the wage fund of the SEC "Malokrasnoyarsky" are reflected in table 2.

table 2

Dynamics of the number of employees, the size of the wage fund

The number of employees in 2006 compared to 2004 decreased by 19 people or 10.3%. The number of workers employed in agricultural production decreased by 15 people or 9.2%.

During the analyzed period from 2004 to 2006. fund wages increased by 1.2 times, that is, by 636 thousand rubles. Similarly, there was an increase in the wage fund for workers employed in the agricultural sector. production. But such an increase in the wage fund was largely due to inflationary processes.

The size and structure of fixed assets are shown in Table 3. High economic indicators can be achieved only if production is provided with fixed assets.

For the period from 2004 to 2006. the size and structure of all fixed assets have undergone some changes. In 2004, the highest proportion - 29.7% - productive livestock, 26.6% - machinery and equipment.

A positive trend is an increase in the cost of all types of fixed assets: buildings and structures by 57 thousand rubles. or by 12.4%, construction by 56 thousand rubles. or 7.7%, machinery and equipment for 76 thousand rubles. or 6.8%, vehicles for 295 thousand rubles. or 59%, working cattle for 17 thousand rubles. or 11.4%, productive livestock by 384 thousand rubles. or 30.7%.

The reason for this trend is that the economy has been acquiring fixed assets in recent years.

A Table 3
The size and structure of fixed assets in SEC "Malokrasnoyarsky"
Type of fixed assets	2004		2005		2006		Changes: in 2006 vs. since 2004 (thousand rubles)
	thousand rubles	%	thousand rubles	%	thousand rubles	%
Building	458	10,9	515	10,7	515	10,1	57
Structures	728	17,3	784	16,3	784	15,4	56
cars and equipment	1119	26,6	1214	25,2	1195	23,5	76
Vehicles	500	11,9	795	16,4	795	15,6	295
working cattle	149	3,6	152	3,2	166	3,3	17
productive livestock	1249	29,7	1361	28,2	1633	32,1	384
Other types of fixed assets	-	-	-	-	-	-	-
Total	4203	X	4821	X	5088	X	885

The cost of production is the most important indicator that reflects the quality of the work of the entire team. The better organized production and labor, the more sensibly and efficiently the land, machines and livestock, material values are used; the higher the yield of agricultural crops and the productivity of animal husbandry, the cheaper it costs the economy 1c of livestock and crop production.

The cost of the main types of products is presented in table 4.

Table 4

The cost of the main types of products, rub./c.

From table 4 it follows that in 2006 compared to 2006 there was an increase in the cost of grain and leguminous crops by 85.15%, hay of perennial grasses - by 109.97%, hay of natural hayfields - by 154.54%, green mass of annual grasses - by 290.31%, haylage - by 1624.93%.

The constant increase in cost is a negative point. The prime cost of crops is primarily influenced by two factors: yield and costs per 1 ha.

The cost of milk in 2006 compared with 2004 decreased by 0.9 times or by 3.09%, 1 centner of cattle growth increased by 1.4 times or by 38.07%. Although the average daily increase in cattle has increased, the costs remain high, so the cost of the increase in cattle continues to increase.

The increase in the cost of agricultural products also largely depends on inflationary processes in the country.

The yield of crops and the productivity of livestock are the most important quality indicators of the enterprise. The importance of productivity as an economic indicator lies in the fact that it reflects the degree and efficiency of land use, the results of production intensification.

The yield of agricultural crops, reflected in table 5, varies from year to year. The yield of cereals and legumes decreased in 2006 by 19.78%, of spring cereals by 26.37%. This is due to the fact that in 2006 there were very favorable natural conditions. The maximum yield of perennial grasses - 20.0 c/ha was achieved in 2006. In the period from 2004 to 2006, hay yield increased (by 1.5 times or by 4 c/ha).

Table 5

Dynamics of crop yields, c/ha

Table 6

Dynamics of animal productivity

For three years, the milk yield per average annual cow varied from year to year. And in 2003, in comparison with 2004, the milk yield increased by 1.1 times or by 10.82%, while the average daily increase decreased by 9.56%.

Table 6 shows that the gross increase in cattle in 2005 compared to 2004 increased from 865c in 2004 to 900c in 2005. Then in 2006 there was a significant decrease due to a reduction in livestock and death a large number animals. The average annual number of dairy herds, fattening animals reached its peak in 2006 and amounted to 421 heads.

In 2006, the number of animals for growing and fattening decreased compared to 2005 by 48 heads or 5.9%.

The final stage of the economic activity of an agricultural enterprise is the distribution of manufactured products, their sale and reimbursement of the cost in cash. Profit (loss) of the enterprise is mainly determined by the results of implementation.

Main characteristics financial activities enterprises are presented in table 7. The table shows that in the reporting year the economy received a profit in the amount of 2089 thousand rubles. Compared to 2004, the amount of profit increased by 1034.15%. The proceeds from the sale of products, works and services increased by 1.4 times compared to 2004. The cost of sold goods, products, works and services increased 1.1 times. There were no operating income and expenses in 2004. The amount of operating expenses in 2006 amounted to 298 thousand rubles.

Table 7

Financial results of activity of SPK "Malokrasnoyarsky", thousand rubles

Index	years			Changes: 2006
Index	2004	2005	2006	thousand rubles	%
Sales proceeds products, works, services	6254	8457	9000	2746	+43,1
Cost of sales goods, works, services	8813	9507	10015	1202	+13,64
Profit (loss) from sales	-2559	-1050	-1015	1544	+39,66
Operating income	-	80	3402	3402	-
Operating expenses	-	27	298	298	-
Non-operating income	2396	2863	-	-2396	-
non-operating expenses	39	-	-	-39	-
Profit (loss) from ordinary activities	-202	1866	2089	2291	+1034,15
Extraordinary Income	-	-	-	-
extraordinary expenses	-	-	-	-
Net profit	-202	1866	2089	2291	+1034,15

One of the important criteria for the financial position of an enterprise is its solvency, which is commonly understood as the ability to pay for its obligations. A solvent company is one whose total assets are greater than its total external liabilities.

The ability of an enterprise to pay its debts is called liquidity, in other words, an enterprise is considered liquid if it is able to meet short-term external obligations by realizing current assets. Table 8 shows solvency indicators .

Table 8

Assessment of the solvency of the enterprise

Index	years
Index	2004	2005	2006
Cash, thousand rubles	79	18	23
Short-term financial investments, thousand rubles	-	-	-
Accounts receivable, thousand rubles	1505	1364	1213
Reserves, thousand rubles	5596	7424	8769
VAT, thousand rubles	-	-	-
Accounts payable, thousand rubles	5970	4946	3884
Short-term credits and loans, thousand rubles	704	132	72
Absolute liquidity ratio	0,01	0,004	0,01
Quick liquidity ratio	0,23	0,27	0,31
Current liquidity ratio	1,08	1,73	2,53

Liquidity ratios are used to analyze the current solvency of the enterprise. The most important of them include:

1) The absolute liquidity ratio is calculated as the ratio of cash and short-term financial investments to the entire amount of short-term financial debts of the enterprise (section V of the liabilities side of the balance sheet).

This ratio shows what part of the short-term debt the company can repay in the near future. This is the most stringent liquidity criterion. The value of the coefficient is considered sufficient if it exceeds 0.2.

In the economy, this ratio is too low. With a minimum standard of 0.2, the values of this coefficient show that the economy in the period under review is not able to pay off its short-term debt in the near future at the expense of the most liquid assets.

2) Quick liquidity ratio is calculated as the ratio of cash, short-term investments and receivables to short-term liabilities. The value of the coefficient is considered sufficient if it is greater than 0.6.

Over the years, this ratio is low.

From the data in Table 8, we can conclude that in recent years the company has had the opportunity to pay off its short-term obligations at the expense of cash, short-term investments and receivables.

3) Current liquidity ratio, calculated as the ratio working capital businesses to its short-term debt. Reflects the predicted payment capabilities of the enterprise, subject to timely settlements with debtors.

According to the current Guidelines for assessing the financial condition of enterprises and establishing an unsatisfactory balance sheet structure, approved by the Federal Service for the Financial Recovery of Enterprises, an enterprise can be declared insolvent if the value of the current liquidity ratio is lower than or equal to 2. This ratio shows what part of the enterprise's debt can be repaid not only at the expense of cash, but also at the expense of expected receipts for shipped products, works and services.

Analyzing these indicators of the coefficient, and predicting the payment capabilities of the enterprise, subject to timely settlements with debtors, it can be concluded that it is impossible to repay the debt in a timely manner.

This coefficient for the period under review varies from year to year, reaching a maximum of 2.53 in 2006.

But in other years, this coefficient was recognized as sufficient. This means that the economy was able to pay off its short-term obligations at the expense of current assets.

3. CASH FLOW MANAGEMENT

3.1. Cash flow management methodology

An analysis of the movement of cash flows allows you to study their dynamics, compare the amount of receipts with the amount of payments (deductions), draw a conclusion about the possibilities of internal financing, and contribute to ensuring sustainability and solvency in the current and future periods.

The amount of money received is called positive cash flow. Making payments (spending money) is called negative cash flow.

The difference between positive and negative cash flows is called clean cash flow. The excess of positive flows over negative ones (surplus) forms reserve cash, and the excess of negative flows over positive (negative balance) leads to deficit Money.

In case of excess of positive flows over negative ones, the organization receives competitive advantages required for current and prospective development. The availability of free cash increases the current solvency.

Cash flow analysis allows you to determine where the organization generates cash, and where it is spent.

Analysis of cash flow significantly complements the methodology for assessing solvency and liquidity and allows you to realistically assess the financial and economic condition of an economic entity.

In the analysis of cash flow, direct and indirect methods are used.

Straight method reveals the absolute amounts of receipts and expenditures of funds. The starting element is sales revenue. That is, the profit and loss statement (Form No. 2) is analyzed using this method from top to bottom. Therefore, the direct method is sometimes called the "upper" method.

Indirect the method consists in adjusting net profit or loss by the amount of non-monetary transactions, transactions related to the disposal of long-term assets. The amount of change in current assets or current liabilities. The calculation of cash flows in it is based on the net profit indicator with appropriate adjustments for items that do not reflect the movement of real cash. It is based on the study of the income statement (form No. 2) from the bottom up. Therefore, it is also called "lower".

When carrying out analytical work, direct and indirect methods complement each other and give a real idea of the cash flow of the organization for the billing period.

We will consider the analysis of cash flow by the direct method using the example of SEC Malokrasnoyarsky. We analyze cash flows by type of activity (current, investment, financial). To do this, we use table 9.

In this table, we examine the structure of positive and negative cash flows for the organization as a whole. When analyzing by the direct method, the initial data for filling in the tables are taken from the cash flow statement (form No. 4) for the relevant items.

The balance (balance) of cash at the end of the period can be determined by adding to the balance of cash at the beginning of the period the total net change in cash.

Table 9

Cash flow of SPK Malokrasnoyarsky

by type of activity, thousand rubles

Indicators	2004			2005			2006
Indicators
Cash balance funds at the beginning of the period	1			79			18
Movement of funds for current activities	4796	4718	+78	6813	6874	-61	9639	9634	+5
Movement of funds for investment activity	-	-	-	-	-	-	-	-	-
Movement of funds for financial activities	-	-	-	-	-	-	-	-	-
Total net change in cash	4796	4718	+78	6813	6874	-61	9639	9634	+5
Cash balance at the end of the period	79			18			23

From table 9 it follows that the balance of funds for the analyzed period increased by 22 thousand rubles.

The lack of funds from investment is covered by net cash flows from current activities, allowing to carry out the necessary expenses for all types of activities.

At the same time, the presence of a positive net flow from current activities is most important for the long-term financial stability and solvency of the organization, since this type of activity is the main one.

A positive aspect is the increase in the cash balance for 2004 - by 78 thousand rubles. In 2005, the cash balance decreased by 61 thousand rubles.

In table 10, we determine the specific weight of each item of receipts and expenditures of funds by the ratio of the value of the corresponding item to the sum of all cash receipts.

Table 10

Vertical analysis of receipt and expenditure of funds

Indicators	2004		2005		2006
Indicators	thousand rubles	%	thousand rubles	%	thousand rubles	%
Cash inflow - total including:	4796	100	6813	100	9639	100
proceeds from the sale of goods, products, works, services	4796	100	6631	97,33	6193	64,25
proceeds from the sale of fixed assets and other property
advances received from buyers (customers)
budget appropriations and other targeted financing	3230	33,51
free of charge
loans received
loans received
dividends, interest on financial investments
other supply	182	2,67	216	2,24
Spending money including:	4718	98,37	6874	100,90	9634	99,95
to pay for purchased goods, works, services	3400	70,89	4521	66,36	5462	56,67
for wages	1260	0,26	2075	30,46	2151	22,32
contributions to state off-budget funds
for issuance of accountable amounts
for advance payments
to pay for equity participation in construction
to pay for machines, equipment and vehicles
for financial investments
for the payment of dividends, interest on securities
for budgeting
to pay interest and principal on loans received
other payments, transfers, etc.	58	0,01	278	4.08	2021	20,97
Change in cash	+78	+1,63	-61	-0,90	+5	+0,05

From table 10 it follows that the source of income in 2004 is 100% sales revenue.

The main source of positive flows in 2005 and 2006 is sales revenue (respectively 97.33% and 64.25%) and other income (2.67% and 2.24%).

In 2006 the situation changed: the receipt of funds increased due to budget appropriations and other targeted financing is 33.51%.

Net cash flow (excess of receipts over expenditures) in 2004 and 2006 amounted to 1.63% and 0.05%, respectively, in the total amount of receipts, and in 2005 there was a different situation: net cash outflow (excess of expenditures over receipts) amounted to 0.90%.

The 2006 results showed that the organization is able to generate positive cash flows sufficient to cover the required costs. It is able to create cash reserves (net cash flow).

The indirect method is aimed at obtaining data characterizing the net cash flow of the enterprise in the reporting period. The source of information for the development of this method of reporting on the cash flow of the enterprise is the balance sheet and the income statement.

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

By operating activities the basic element for calculating the net cash flow of an enterprise by the indirect method is its net profit received in the reporting period. By making adjustments, net income is then converted into net cash flow.

The formula used to calculate this indicator for operating activities, in general view as follows:

NDP = CHP + A - ∆KFV - ∆DZ - ∆Z + ∆KZ, where:

CHDP- the amount of net cash flow of the enterprise for operating activities in the period under review;

PE - the amount of net profit of the enterprise;

BUT- the amount of depreciation deductions;

∆KFV– change in the amount of short-term financial investments;

∆DZ- change in the amount of accounts receivable;

∆Z- change in the amount of reserves;

∆KZ- change in the amount of accounts payable.

For investment activities the amount of net cash flow is determined as the difference between the amount of sale of certain types of non-current assets and the amount of their acquisition in the reporting period.

The calculation of this indicator for investment activity is carried out according to the formula:

NPDi = - ∆OS - ∆NA - ∆NKZ - ∆DFV - ∆Pr, where:

CHPDi - the amount of net cash flow of the enterprise on investment activities in the period under review;

∆OS- change in the amount of fixed assets;

∆NA– change in the amount of intangible assets;

∆NKZ– change in the amount of unfinished capital investments;

∆DFV – change in the amount of long-term financial investments;

∆Pro– change in the amount of other non-current assets.

For financial activities the amount of net cash flow is defined as the difference between the amount of financial resources attracted from external sources, and the amount of the principal debt, as well as dividends (interest) paid to the owners of the enterprise.

The formula by which the calculation of this indicator for financial activity is carried out:

NDPf = ∆SK + ∆DK + ∆KK, where:

NDPf- the amount of net cash flow of the enterprise on financial activities in the period under review;

∆SK– change in the amount of equity capital;

∆DC– change in the amount of long-term loans and borrowings;

∆КК – change in the amount of short-term loans and borrowings.

The amount of cash flows in these three areas of the enterprise forms a net cash flow. The amount of net cash flow can be viewed as the potential amount of cash that an enterprise should have at its disposal based on the results of its activities.

This indicator is calculated by the formula:

NDP \u003d NDP + NPI + NDPf.

The use of the indirect method of calculating the cash flow allows you to determine the potential for the formation of the main internal source financing of its development - net cash flow from operating and investment activities, as well as to identify the dynamics of all factors influencing its formation.

Let's calculate the net cash flow for SEC "Malokrasnoyarsky" using the indirect method. To do this, we will use auxiliary tables to calculate the net cash flow by type of activity (operating, investment, financial).

Table 11

Calculation of net cash flow for the main activity, thousand rubles

Table 11 shows that in 2004 compared with 2005 and 2006. the amount of net cash flow was much higher and amounted to 4285 thousand rubles, due to high accounts payable 4331 thousand rubles.

In 2005, the amount of net cash flow was negative and amounted to 519 thousand rubles.

In 2006, there is a noticeable decrease in the amounts of receivables and payables. This had a significant impact on the amount of net cash flow for this year.

There is no cash flow from investment and financial activities in SEC Malokrasnoyarsky.

Based on the data in tables 11, net cash flow for the enterprise as a whole.

Table 12

Calculation of net cash flow for the enterprise, thousand rubles

Table 12 shows that the net cash flow calculated by the indirect method for 2006 amounted to 332 thousand rubles. Compared to 2004, net cash flow decreased by 3953 thousand rubles, and compared to 2005 it increased by 851 thousand rubles. It should be borne in mind that in 2005 the amount of net cash flow was negative and amounted to 519 thousand rubles.

3.2. Factor analysis of cash flows

In addition to direct and indirect methods of cash flow analysis, the works of domestic analysts suggest using factor analysis of cash flows, built on the basis of the coefficient method. Within the framework of this method, it is proposed to study the dynamics of various coefficients. It is assumed that this will identify positive and negative trends that reflect the quality of the organization's cash management, as well as develop the necessary measures to optimize them.

In this regard, the following coefficients are proposed:

Sufficiency of net cash flow;

Profitability of spent funds;

Profitability of received funds;

Profitability of the average cash balance.

Cash flow adequacy ratio ( cd) is calculated by the formula:

Kd \u003d P / R * 100%, where:

P- the amount of cash inflows (receipts);

Return on money spent (er)

Er \u003d F / R * 100%, where:

R- the amount of cash outflows (payments).

Return on cash received (Ep) is calculated using the following formula:

Ep \u003d F / P * 100%, where:

F- the financial result of the enterprise;

P- the amount of cash inflows (receipts).

Return on cash balance (Eo) is calculated using the following formula:

Eo \u003d F / Osr * 100%, where:

F- the financial result of the enterprise;

Osr - average cash balance.

Let's calculate these indicators for SPK Malokrasnoyarsky. To do this, we will make the following table.

Table 13

Calculation of profitability ratios for SEC "Malokrasnoyarsky"

Index	Designation	2004	2005	2006
The amount of cash inflows (receipts), thousand rubles	P	4796	6813	9639
The amount of cash outflows (payments), thousand rubles	R	4718	6874	9634
Financial result of the enterprise, thousand rubles	F	-202	1866	2089
Average cash balance, thousand rubles	osr	79	18	23
Cash flow adequacy ratio	cd	101,65	99,11	100,05
Return on money spent	Er	-	27,15	21,68
Return on cash received	Ep	-	27,39	21,67
Return on cash balance	Eo	-	10366,67	9082,61

Analyzing the data in the table, the following conclusions can be drawn. The cash flow adequacy ratio characterizes the return on invested funds. In 2004 and 2006 revenues cover expenses by 100.65% and 100.05% respectively, and in 2005 by only 99.11%.

Profitability ratios characterize the level of cash return in financial results. It should be noted that in relation to 2004, the profitability ratios cannot be calculated due to the negative financial result.

The amount of money spent in profit for 2005 was 27.15%, and in 2006 - 21.68%.

The amount of cash income in the amount of profit also decreases. Compared to 2005, in 2006 there was a decrease of 5.72%. A similar situation occurred with the amount of cash balances.

4. IMPROVING CASH FLOW MANAGEMENT

Active forms of cash flow management enable the company to receive additional profit by generating directly its cash assets. First of all, we are talking about the effective use of temporarily free cash balances as part of current assets, as well as accumulated investment resources for financial investments. A high level of synchronization of receipts and payments of funds in terms of volume and time makes it possible to reduce the real need of the enterprise for the current and insurance balances of cash assets, as well as the reserve of investment resources formed in the process of real investment.

Cash flow management is especially important for an organization in terms of the need to:

Working capital management (assessment of short-term cash requirements and inventory management);

Planning of time parameters of capital costs;

Capital requirements management (financing from own funds or bank loans);

Cost management and optimization in terms of a more rational distribution of enterprise resources in the production process;

Management of economic growth.

The following problems are possible in cash management:

Lack of complete operational information on the sources of cash receipts, on the amounts and terms of forthcoming payments;

Financial flows are scattered and inconsistent in time;

Funding requests often do not match real needs;

Decisions to attract loans are made without the necessary assessment.

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

CONCLUSION

Application financial management in the agrarian sector, the economy can significantly reduce production losses, eliminate unprofitable industries and increase the output of the competitiveness of agricultural products, mainly at the expense of own funds.

Being the most liquid asset, cash can be used at any time to pay off accounts payable (for example, pay supplier bills), purchase materials or equipment. In other words, cash can easily be transferred to other assets or used to pay off liabilities.

In the course of the analysis, the cash flows of the enterprise were determined by two methods: direct and indirect. As a result of the analysis performed by the direct method for 2006, we received a net cash flow in the amount of 5 thousand rubles, and as a result of the indirect method, we received a net cash flow in the amount of 332 thousand rubles.

In the course of the conducted factor analysis, we can conclude that in 2006 there is a positive trend, since, compared with the previous analyzed years, income covers expenses by 100.05%.

It should be emphasized that cash flows do not depend on the calculation method, and with the direct and indirect methods, they reflect the relationship of the financial result, the change in assets and liabilities of the balance sheet with the change in the cash position, in other words, they allow answering the question of what the money went for.

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Cash flow is a time-distributed cash flow arising from business activities or individual transactions of an entity.

According to the direction of movement, the DP is divided into:

Inflow (CIF-cash inflows) and outflow (COF-cash outflows)

From the calculation method:

1) Gross (the totality of all payments and receipts)

2) Net (cash flows - CF)

By type of economic activity: ("1" Method of constructing a cash flow statement)

1) Cash flows from operating (main) activities (CFFO-cash flow from operations) - funds received from the sale of goods and services produced, minus the amounts spent on these operations.

Cash proceeds from the sale of products; repayment of Dt debt; proceeds from the sale of barter; advances from buyers.

Supplier invoice payments; salary payment; payment of interest on a loan; payment to the budget; social contributions.

2) Cash flows from investment activities (CFFI - cash flow from investments) - investment of funds in different kinds long-term assets, to other firms, as well as proceeds from the sale of fixed assets, interest and dividends from financial assets and amounts from their redemption (sale)

Sale of fixed and intangible assets; dividends, % of financial investments; return of financial investments.

Acquisition of fixed assets and intangible assets; capital investments; long-term financial investments.

3) Cash flows from financial activities (CFFF-cash flow from financing) - funds received from attracting long-term and short-term loans, selling shares, shares, shares, as well as used to pay owners, pay off debts.

Short-term credits and loans; long-term credits and loans; proceeds from the issue of shares; special-purpose financing.

Return of short-term and long-term credits and loans; dividend payment; repurchase of own shares.

"2" Method of constructing a report on the sources and uses of funds

It can be easily obtained from the balance sheet. An increase in A means the use of cash and vice versa, an increase in P is an inflow and a decrease in items of P is an outflow.

7. Financial planning at the enterprise: principles, content, goals, objectives.

In the general case, the essence of planning in an enterprise is the systematic setting of goals and the development of measures aimed at their implementation.

Financial planning is an essential and integral part common system company planning. It formulates ways and means to achieve the set goals, focusing on the main elements of investment, financial and operating policies.

The main goal of financial planning is to determine the possible volumes of financial resources, capital and reserves based on forecasting the amount of cash flows from own, borrowed and attracted funds stock market funding sources.

The main task of planning is to improve the efficiency of economic activity in the future through:

Definitions of the most promising directions development of the enterprise, contributing to the increase in its value and the growth of the welfare of the owners;

Target orientation, integration and coordination of all business processes and activities individual divisions, services and employees;

Identification of potential risks and reduction of their level;

Increasing flexibility, adapting to changes in the external economic environment, etc.

Development financial plan give a chance:

Express the goals set in the form of specific cost indicators;

Ensure the interaction of various departments of the enterprise;

Determine and analyze various scenarios for the development of the company and, accordingly, the volume of investments and ways to finance them;

Outline a program of measures and actions in case of adverse events;

Check the consistency of the goals set, their feasibility and availability of the necessary resources, etc.

Planning is based on a number of principles, of which the main ones are: unity, participation, continuity, flexibility, efficiency

The principle of unity presupposes that planning should be systematic. At the same time, the enterprise is considered as a single, complex, multi-level socio-economic system.

Participation principle means that every subdivision, every employee of the enterprise must, to one degree or another, participate in planned activities.

Continuity principle lies in the fact that the planning process at the enterprise should be carried out systematically, and the developed plans should replace one another and flow organically from one another.

Principle of Flexibility is closely related to the principle of continuity and consists in the possibility of adjusting the established indicators and coordinating key parameters economic activity of the enterprise. Its implementation in practice involves the creation of special reserves, "airbags", etc.

According to the cost efficiency principle on planning should not exceed the results from its application. The implementation of the plan should provide such an option for the production of goods and services, which, given the existing restrictions on the resources used, leads to the greatest economic effect.

Cash flow management is one of the main activities of the company. Cash flow management includes the calculation of the time of circulation of funds (financial cycle), cash flow analysis, its forecasting, determining the optimal level of cash, budgeting cash, etc.

Cash flow management of any commercial organization is an important integral part a common system for managing its financial activities.

Cash flow management allows you to solve various problems of financial management and is subordinate to its main goal.

The main goal of cash flow management is to ensure the financial balance of the enterprise in the process of its development by balancing the volume of receipts and expenditures of funds and their synchronization in time.

Cash flow management involves the analysis of these flows, cash flow accounting, development of a cash flow plan. In world practice, cash flows are referred to as "cash flow".

Enterprise cash flow management process

Cash flow management process The enterprise is based on certain principles, the main of which are:

1. The principle of informative reliability. Like every control system, cash flow management must be provided with the necessary information base. The source of information for the analysis of cash flows, first of all, is the cash flow statement (previously form 4 of the balance sheet), the balance sheet itself, the income statement and appendices to the balance sheet.

2. The principle of ensuring balance. Enterprise cash flow management deals with many types and varieties of enterprise cash flows. Their subordination to the common goals and objectives of management requires balancing the cash flows of the enterprise by types, volumes, time intervals and other essential characteristics. The implementation of this principle is connected with the optimization of the company's cash flows in the process of managing them.

3. The principle of ensuring efficiency. Cash flows are characterized by a significant unevenness in the receipt and expenditure of funds in the context of individual time intervals, which leads to the formation of volumes of temporarily free cash. In essence, these temporarily free cash balances are in the nature of non-productive assets (until they are used in the economic process), which lose their value over time, from inflation and for other reasons. The implementation of the principle of efficiency in the process of managing cash flows is to ensure their effective use by making financial investments of the enterprise.

4. The principle of providing liquidity. The high unevenness of certain types of cash flows generates a temporary shortage of funds, which adversely affects the level of its solvency. Therefore, in the process of managing cash flows, it is necessary to ensure a sufficient level of their liquidity throughout the entire period under review. The implementation of this principle is ensured by appropriate synchronization of positive and negative cash flows in the context of each time interval of the period under consideration.

Taking into account the considered principles, a specific process of managing the cash flows of an enterprise is organized.

Cash flow management system

If the object of management is the cash flows of the enterprise associated with the implementation of various economic and financial transactions, then the subject of management is the financial service, the composition and number of which depends on the size, structure of the enterprise, the number of operations, activities and other factors:

in small businesses Chief Accountant often combines the functions of the head of the financial and planning departments;

in the middle ones, accounting, the department of financial planning and operational management stand out;

in large companies the structure of the financial service is expanding significantly - under the general leadership financial director there are accounting departments, departments of financial planning and operational management, as well as an analytical department, a department of securities and currencies.

As for elements of the cash flow management system, then they should include financial methods and tools, regulatory, information and software:

among financial methods that have a direct impact on the organization, dynamics and structure of the enterprise's cash flows, we can distinguish a system of settlements with debtors and creditors; relationships with founders (shareholders), contractors, government bodies; lending; financing; fund formation; investment; insurance; taxation; factoring, etc.;
financial instruments combine money, loans, taxes, forms of payment, investments, prices, bills of exchange and other stock market instruments, depreciation rates, dividends, deposits and other instruments, the composition of which is determined by the peculiarities of the organization of finance at the enterprise;
legal support of the enterprise consists of a system of state laws and regulations, established norms and standards, the charter of an economic entity, internal orders and orders, and a contractual framework.

In modern conditions necessary condition business success is the timely receipt of information and prompt response to it, so an important element of the company's cash flow management is intra-company reporting.

Thus, the cash flow management system at the enterprise is a set of methods, tools and specific techniques of purposeful, continuous impact on the cash flow by the financial service of the enterprise to achieve the goal.

Enterprise cash flow planning

One of the stages of cash flow management is the planning stage. Cash flow planning helps the professional determine the sources of funds and evaluate their use, as well as identify the expected cash flows, and therefore the growth prospects of the organization and its future financial needs.

The main task of drawing up a cash flow plan is to check the reality of the sources of funds and the validity of expenses, the synchronism of their occurrence, to determine the possible need for borrowed funds. The cash flow plan can be drawn up in a direct or indirect way.

TRIBUTIES	OUTFLOWS
Primary activity
Revenue from product sales	Payments to suppliers
Receipt of accounts receivable	Salary payment
Proceeds from the sale of material assets, barter	Payments to the budget and off-budget funds
Buyers advances	Payments % for a loan
	Consumption fund payments
	Repayment of accounts payable
Investment activities
Sale of fixed assets, intangible assets, construction in progress	Capital investments for the development of production
Proceeds from the sale long-term financial investments	Long-term financial investments
Dividends, % of financial investments
Financial activities
Short-term credits and loans	Repayment of short-term loans, loans
Long-term credits and loans	Repayment of long-term loans, loans
Proceeds from the sale and payment of promissory notes	Dividend payment
Proceeds from the issue of shares	Payment of bills
Special-purpose financing

The need to divide cash flows into three types is explained by the role of each and their relationship. If the main activity is designed to provide the necessary funds for all three types and is the main source of profit, while investment and financial activities are designed to contribute to the development of the main activity and provide it with additional funds.

The cash flow plan is drawn up for various time intervals (year, quarter, month, decade), for the short term it is drawn up in the form of a payment calendar.

Payment schedule- this is a plan of production and financial activities, in which all sources of cash receipts and expenses for a certain period of time are calendar-related. It fully covers the cash flow of the enterprise; makes it possible to link receipts of funds and payments in cash and non-cash form; allows to ensure constant solvency and liquidity.

In the process of compiling a payment calendar, the following tasks are solved:

organization of accounting for the temporary docking of cash receipts and future expenses of the organization;
formation of an information base on the movement of cash inflows and outflows;
daily accounting of changes in the information base;
analysis of non-payments and organization of measures to eliminate their causes;
calculation of the need for short-term financing;
calculation of temporarily free funds of the organization;
analysis financial market from the position of the most reliable and profitable placement of temporarily free cash.

The payment calendar is compiled on the basis of a real information base on cash flows, which includes: contracts with counterparties; acts of reconciliation of settlements with counterparties; invoices for products; invoices; bank documents on receipt of funds to accounts; money orders; product shipment schedules; payroll schedules; status of settlements with debtors and creditors; statutory deadlines for payments on financial obligations to the budget and extra-budgetary funds; internal orders.

To effectively draw up a payment calendar, it is necessary to control information about the balance of funds in bank accounts, funds spent, average balances per day, the state of the organization's marketable securities, planned receipts and payments for the coming period.

Balancing and synchronization of cash flows

The result of developing a cash flow plan can be both a deficit and an excess of cash. Therefore, at the final stage of cash flow management, they are optimized by balancing in volume and time, synchronizing their formation in time, and optimizing the cash balance on the current account.

Both deficit and excess cash flow have a negative impact on the activities of the enterprise. The negative consequences of a deficit cash flow are manifested in a decrease in the liquidity and solvency of an enterprise, an increase in overdue accounts payable to suppliers of raw materials and materials, an increase in the share of overdue debts on financial loans received, delays in paying wages, an increase in the duration of the financial cycle, and, ultimately, in a decrease in profitability of using own capital and assets of the enterprise.

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

According to I. N. Yakovleva, the volume of scarce cash flow should be balanced by:

attracting additional equity or long-term debt capital;
improving work with current assets;
getting rid of non-core non-current assets;
reduction of the enterprise's investment program;
cost reduction.

The amount of excess cash flow should be balanced by:

increasing the investment activity of the enterprise;
expansion or diversification of activities;
early repayment of long-term loans.

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

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

The tightness of the correlation increases due to the acceleration or deceleration of the payment turnover.

The payment turnover is accelerated due to the following activities:

increasing the amount of discounts to debtors;
shortening the period of commodity credit provided to buyers;
tightening credit policy on the issue of debt collection;
tightening the procedure for assessing the creditworthiness of debtors in order to reduce the percentage of insolvent buyers of the organization;
use of modern financial instruments, such as factoring, accounting of bills, forfeiting;
use of such types of short-term loans as overdraft and line of credit.

The slowdown in the payment turnover can be carried out due to:

increasing the term of trade credit provided by suppliers;
acquisition of long-term assets through leasing, as well as outsourcing of strategically less significant areas of the organization's activities;
converting short-term loans into long-term ones;
reduction of cash settlements with suppliers.

Calculation of the optimal cash balance

Cash as a type of current assets is characterized by some features:

routine - cash is used to pay off current financial obligations, so there is always a time gap between incoming and outgoing cash flows. As a result, the company is forced to constantly accumulate free cash on a bank account;
precaution - the activity of the enterprise is not strictly regulated, therefore, cash is necessary to cover unforeseen payments. For these purposes, it is advisable to create an insurance cash reserve;
speculative - funds are needed for speculative reasons, since there is always a small probability that an opportunity for profitable investment will suddenly appear.

However, cash itself is a non-profitable asset, so the main goal of the cash flow management policy is to maintain them at the minimum required level, sufficient for the effective financial and economic activities of the organization, including:

timely payment of suppliers' invoices, allowing you to take advantage of the discounts they provide on the price of the goods;
maintaining a constant creditworthiness;
payment of unforeseen expenses arising in the course of economic activity of the enterprise.

As noted above, if there is a large amount of money on the current account, the enterprise incurs the costs of missed opportunities (refusal to participate in any investment project). With a minimum supply of cash, there are costs to replenish this stock, the so-called maintenance costs (sales expenses due to the purchase and sale of securities, or interest and other costs associated with raising a loan to replenish the balance of funds). Therefore, when solving the problem of optimizing the balance of money on the current account, it is advisable to take into account two mutually exclusive circumstances: maintaining current solvency and obtaining additional profit from investing free cash.

There are several basic methods for calculating the optimal cash balance: mathematical models of Baumol-Tobin, Miller-Orr, Stone, etc.

An important step in cash flow management is the analysis of coefficients calculated on the basis of cash flow indicators. Analysts have proposed quite a lot of coefficients that reveal the relationship of cash flows with balance sheet and income statement items and characterize the financial stability, solvency and profitability of companies. Many of these ratios are similar to those calculated using profit or revenue figures.

The efficiency of the enterprise depends entirely on the organization of the cash flow management system. This system is created to ensure the implementation of short-term and strategic plans of the enterprise, maintaining solvency and financial stability, more rational use of its assets and sources of financing, as well as minimizing the cost of financing business activities.

Main role in cash flow management is given to ensuring their balance in terms of types, volumes, time intervals and other essential characteristics.

The importance and importance of cash flow management in an enterprise can hardly be overestimated, since not only the stability of the enterprise in a specific period of time, but also the ability to further develop, achieve financial success in the long term depends on its quality and efficiency.

Literature:

Bertones M. Knight R. Cash flow management - St. Petersburg: Peter, 2004.
Bykova E.V. Indicators of cash flow in assessing the financial stability of the enterprise. // Finance. - №2, 2000.
Efimova O.V. How to analyze the financial position of the company. - M.: UNITI, .2005.
Kovalev V.V. Cash flow, profit and profitability management: educational and practical guide- M.: TK Velby, Prospekt Publishing House, 2007.
Romanovsky M.V., Vostroknutova A.I. Corporate finance: Textbook for universities - St. Petersburg: St. Petersburg, 2011.

The existence of a company in the market is unrealistic without cash flow management. Therefore, it is important to perfectly master the methods of managing the cash flow and financial resources of the company.

For the effective management of financial flows, the definition of optimal size working capital, since cash is included in its composition. On the one hand, a lack of cash can lead a company to bankruptcy, and the faster the pace of its development, the greater the risk of being left without money. On the other hand, excessive accumulation of funds is not an indicator of well-being, as the enterprise loses the profit that it could receive as a result of investing this money. This leads to the "mortification" of capital and reduces the efficiency of its use.

One of the methods for monitoring the state of cash is to manage the ratio of the balance sheet value of cash in the amount of working capital. The coefficient (percentage) of cash from working capital is determined by dividing the amount of cash by the amount of working capital.

There are several options for accelerating cash receipts:

Speed up the billing process for buyers and customers;

Personal activities of the manager for receiving payments;

Concentration of banking operations (funds are accumulated in local banks and transferred to a special account where they are accumulated);

Receipt of cash from the accounts in which they lie without use.

You can defer cash payments by using settlements with suppliers by checks.

When managing the organization's cash, the following problems often arise:

Managers do not have complete operational information about the sources of cash receipts, amounts and terms of upcoming payments;

Cash flows are scattered and not coordinated in time;

Decisions to attract loans are made without a proper assessment of their required amount and maturity.

These problems can be solved with the help of specialized methods of operational cash flow management of the organization, which include:

Cash flow accounting;

Cash flow analysis;

Budgeting of funds.

The main task of cash flow analysis is in identifying the causes of their deficiency (surplus), determining the sources of their income and areas of use for three types of activities: core, investment and financial. Direct and indirect methods are used to determine cash flows.

direct method is based on the analysis of cash flow on the accounts of the organization and provides the following management options:

Monitoring of the main sources of inflow and outflow of funds;

Information for operational conclusions regarding the sufficiency of funds for payments on current obligations;

Establishing the relationship between sales and cash receipts for the reporting period.

indirect method based on the analysis of cash flows by line of business. It shows where the profit of the organization is embodied or where the money is invested.

Both methods of calculating the amount of cash flow are used both for the purposes of operational management and to identify trends in the development of the organization. In operational management, the direct method can be used to control the process of generating profits and draw conclusions regarding the sufficiency of funds for payments on current obligations.

In the long term, the direct method of calculating the amount of cash flow makes it possible to assess the liquidity of the organization.

The indirect method allows you to establish a correspondence between financial result and own working capital. In the long term, this method allows you to identify the most problematic places where frozen funds accumulate and, based on this, develop ways out of this situation.

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