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Analysis of the working capital of the enterprise conclusions. Analysis of the organization's working capital (on the example of JSC "mage"). Revenue from sales

Federal Agency for Education

Novosibirsk State University economics and Management

Department of Accounting

Coursework on KEAHD

on the topic: Analysis working capital organizations

Novosibirsk 2010

Introduction	3
1. Characteristics of the working capital of the organization	6
	6
	9
2. Methodology for analyzing the working capital of an organization	11
	11
	14
2.3. Calculation and evaluation of turnover of working capital	16
	19
3. Reserves for increasing the efficiency of the use of working capital	24
Conclusion	27
	33

Introduction

In conditions market economy especially careful analysis requires changes in the composition and dynamics of working capital as the most mobile part of capital, the state of which largely depends on the financial condition of the enterprise. At the same time, it should be borne in mind that a stable structure of working capital indicates a stable, well-established process of production and marketing of products.

The presence of an enterprise's own working capital, its composition and structure, turnover rate and efficiency of use largely determine the financial condition of an economic entity and the stability of its position on financial market, namely: solvency, liquidity, the possibility of further mobilization of financial resources.

The effective use of working capital plays a significant role in ensuring the normalization of the work of an economic entity, increasing the level of profitability of production and depends on many factors. External factors, as a rule, include the general economic situation: tax legislation, conditions for obtaining loans and interest rates on them, the possibility of targeted financing, participation in programs financed from the budget. These factors determine the framework within which any economic entity can use the internal reserves of the rational movement of working capital.

Making a profit today is the result of correct decisions on the proportions of capital investment in working capital, taken even before the start of the company's operating activities. The amount of profit of the enterprise, and hence its further development, depends on how working capital is used.

Working capital is involved in the production process and is one of the main management issues in the enterprise. Rational and economical use of working capital is a top priority for the enterprise. In this regard, the study of problems related to improving the efficiency of the use of working capital of enterprises is of particular importance, since, regardless of the form of ownership, industry and technological features, the scale of production, the movement of the cost of resources and their circulation become possible only thanks to the maintenance of these processes by working capital. .

Efficient use of working capital plays a significant role in ensuring the normalization of the enterprise, increasing the level of profitability of production. In a market economy, its stable structure indicates a stable, well-established process of production and marketing of products.

At present, the change in the efficiency of the use of working capital and the slowdown in their turnover are negatively affected by the disruption of economic ties, violation of contractual and payment discipline and reduced access to loans due to high bank interest. In this regard, the study of problems related to improving the efficiency of the use of working capital of enterprises is of particular importance, since, regardless of the form of ownership, industry and technological features, the scale of production, the movement of the cost of resources and their circulation become possible only thanks to the maintenance of these processes by working capital.

All of the above determines the importance of the analysis of working capital. The tasks of a comprehensive economic analysis of the state and use of the organization's working capital are:

1) determination of the amount of working capital necessary to ensure the continuity of the economic activity of the organization;

2) checking the compliance of stocks of material assets with established standards and identifying excess and unnecessary materials in the composition of production stocks;

3) ensuring the safety of working capital, i.e. identification and minimization of losses of working capital;

4) ensuring the use of working capital for the intended purpose;

5) determining the impact of the organization of material and technical supply and the completeness of the use of material resources on the most important indicators of the organization's work (production output, cost, labor productivity, etc.);

6) substantiation of the effectiveness of the use of working capital by accelerating their turnover and conditional release from circulation;

7) substantiation of the optimal need for material resources;

8) identification of reserves for increasing the efficiency of the use of working capital, etc.

The purpose of this course work is to study the methodology of analysis of working capital. Based on this goal, the following tasks can be set:

1) to characterize the concept of working capital, its economic essence and composition;

2) to characterize the sources from which working capital is formed;

3) determine the sources of providing information necessary for the analysis of working capital;

4) show the methodology for calculating and evaluating the amount of own working capital;

5) disclose the methodology for calculating the need for working capital;

6) show the methodology for calculating and evaluating the turnover of working capital;

7) show the methodology for calculating and evaluating indicators of the effectiveness of the use of working capital;

8) identify reserves to improve the efficiency of the use of working capital.

When writing this term paper, the works of domestic specialists in the field of financial and economic analysis were used: Ionova A.F. and Selezneva N.N., Vasilyeva L.S., Gilyarovskaya L.T. and other authors.

1. Characteristics of the organization's working capital

1.1. Characteristics, composition and economic essence of working capital

The production or operating cycle is understood as the period of time from the moment of acquisition of stocks to the moment of receipt of money from the sale of products.

In the process of turnover of production assets and circulation funds, the following stages of circulation occur:

1st stage of the circulation - the circulation of funds begins with the advance of value in cash for the purchase of raw materials, materials, fuel and other means of production. As a result cash they take the form of inventories, a transition is made from the sphere of circulation to the sphere of production, the cost of raw materials is advanced into production;

The 2nd stage of the circuit takes place in the process of production, where a new product is created with the help of labor power, value is created again, the advanced value changes its form - from the productive form it passes into the commodity form;

3rd stage of the circulation - the sale of manufactured finished products and the receipt of funds. Working capital is again moving from the sphere of production to the sphere of circulation.

The difference between the amount of money spent on the manufacture and sale of products and received from the sale production products, is the cash savings of the enterprise.

The circuit can only take place if there is a certain advanced value in the form of money. Entering the circuit, it no longer leaves it, consistently changing its functional forms. The specified cost in the monetary form represents working capital of the organization. They are a cost category, in contrast to inventory items, working capital is not spent, not spent, not consumed, but advanced, returning after the end of one circuit and entering the next circuit.

Scheme of composition of working capital for manufacturing enterprise shown in Figure 1.1.

Figure 1.1. The composition of the working capital of a manufacturing enterprise

Production stocks are objects of labor prepared for launching into the production process. These include raw materials, basic and auxiliary materials, fuel, fuel, purchased semi-finished products and components, containers, packaging materials, spare parts for current repairs of fixed assets, etc. AT trade enterprises these are commodity stocks, i.e. Goods that, at the time of the balance sheet, have been purchased but not yet sold.

Work in progress and semi-finished products of own manufacture are objects of labor that have entered the production process: materials, parts, assemblies and products that are in the process of processing or assembly, as well as semi-finished products of own manufacture that are not completely finished.

Deferred expenses are intangible elements of working capital, including the costs of preparing and developing new products, which are produced in a given period (quarter, year), but are attributed to products of a future period (for example, the costs of designing and developing technology for new types of products, for rearranging equipment, training personnel, etc.).

Stocks of finished products are stocks of finished products in the warehouse of the enterprise in anticipation of the sale or accumulation of the required transport norm or batch.

Goods shipped but not paid for by the consumer are goods shipped to the consumer in accordance with the supply agreement and which he undertakes to pay upon receipt and verification of the ordered batch.

Accounts receivable - the normal debt of customers to pay for the goods received. This debt may arise from the sale of goods on credit (commodity debtors) or as a result of the issuance of money loans (cash debtors).

Securities and other short-term financial investments are included in working capital if they are marketable assets that are not intended for long-term holding. Such assets often constitute the company's liquid reserves.

Cash includes the firm's balances in bank accounts and cash on hand.

Also, working capital is classified according to the following criteria:

features of planning and organization;

sources of formation;

degree of liquidity.

Depending on the features of planning and organization, working capital is divided into standardized and non-standardized. To normalized belong those elements of working capital, the minimum stocks of which can be calculated with a sufficient degree of accuracy. Non-standardized products include unfinished products, finished products in stock, shipped and unpaid products, cash on hand and on the account of the enterprise, etc. All these are elements of working capital, the minimum stocks of which are difficult to determine.

According to the sources of formation, working capital is divided into own, borrowed and attracted, etc. Own working capital - are formed at the expense of authorized capital and profits of the organization. Borrowed funds are most often bank loans. In addition, an enterprise in some cases can attract funds from other organizations for a certain period of time. For example, an enterprise has received an advance payment for goods (works, services), etc.

According to the degree of liquidity (the rate of conversion into cash) in working capital, there are:

· absolutely liquid funds, including cash and short-term financial investments without short-term loans;

Quickly realizable working capital - short-term loans to other organizations, short-term receivables, goods shipped;

Slowly realizable current assets (include stocks without goods shipped and long-term receivables).

According to statistics, the largest share in the working capital of industry falls on inventories, and they include raw materials, basic materials and purchased semi-finished products, work in progress. The share of inventories and work in progress in industrial organizations accounts for about 80% of the total amount of working capital.

In the stocks of trading and intermediary organizations, goods in the warehouse, goods on the way, and transport organization- fuel and fuel, spare parts for repairs, tools and household equipment. Also, for any organization with its own specifics, any of the types of working capital will be predominant in the composition of stocks.

Sources of information for a comprehensive analysis of working capital are:

· financial statements of the organization (forms No. 1, 2, 4, 5);

· the plan of material and technical supply;

contracts for the supply of raw materials and materials;

forms statistical reporting on the availability and use of material resources;

operational data of the logistics department;

Analytical accounting information on the receipt, expenditure and balances of material resources, etc.

1.2. Sources of formation of the working capital of the organization

Sources of formation of working capital are own, borrowed and additionally attracted funds.

Size Information own sources funds is presented mainly in the section of the balance sheet "Capital and reserves" and in the appendix to the annual balance sheet. Information on borrowed and attracted sources of funds is presented in the liabilities side of the balance sheet in the section "Current liabilities", as well as in the appendix to the annual balance sheet.

Borrowed working capital, with the help of which additional needs for working capital are satisfied, are provided to the enterprise in the form of short-term bank loans or accounts payable.

Working capital loans are used to replenish stocks of raw materials, materials and costs associated with the seasonal production process; temporary replenishment of the lack of own working capital; implementation of settlements and mediation of payment turnover.

Bank funds are in the nature of investment (long-term) loans or short-term loans. They are intended to finance the costs associated with the acquisition of fixed and current assets, the growth of commodity inventories, growth in receivables, tax payments and other extraordinary expenses.

Along with bank loans, commercial loans of other enterprises and organizations, formalized as loans, bills of exchange, commodity credit and advance payment. Short-term loans may be provided by: government agencies, financial companies, commercial banks, factoring companies.

An investment tax credit is a temporary deferral of a company's tax payments. To obtain an investment tax credit, an enterprise enters into a loan agreement with the tax authority at the place of registration of the enterprise.

The employee's investment contribution is the employee's monetary contribution to the development of an economic entity at a certain percentage. The interests of the parties are formalized by agreement of the parties.

The organization's needs for working capital can be covered by issuing debt securities (bonds). The bond certifies the fact of a loan between the bond holder and the person who issued the document.

The optimal ratio of own, borrowed and borrowed sources of working capital helps to strengthen the financial condition of the organization.

2. Methodology for analyzing the working capital of an organization

2.1. Calculation and evaluation of own working capital and net assets

The presence of own working capital (SOS) is determined according to the balance sheet as the difference between equity and non-current assets. At the same time, the value equity enterprises for different purposes is determined by two methods:

1) when assessing the criteria for insolvency (bankruptcy) of an organization, it is taken in the amount of the total III of the section of the balance sheet "Capital and reserves" minus the total of section I of the balance sheet "Non-current assets":

SOS = p. 490 - p. 190;

2) when conducting an economic analysis, the amount of equity is determined as the sum of the result of section III of the balance sheet "Capital and reserves", line 640 "Deferred income" and line 650 Reserves for future expenses and payments, minus the result of section I of the balance sheet "Non-current assets":

SOS = p. 490 + p. 640 + p. 650 - p. 190.

In the process of analysis, the dynamics of own working capital is considered, absolute and relative deviations from the plan and actual data of past years are determined. In the future, when conducting an analysis of financial stability, a comparison is made of the value of own working capital with the company's need for reserves. Comparison of the growth rates of these indicators makes it possible to judge the security of the enterprise with its own working capital.

To determine the share of participation of own funds in the formation of current assets of the enterprise, the following indicators are calculated.

1. The coefficient of security of the enterprise with its own working capital:

calculation of the equity ratio is carried out according to the following formula:

Kobes = (III - I) / I,

Kobes = (III + p. 640, 650 - I) / II,

where III is the result of section III of the liabilities side of the balance sheet “Capital and reserves”;

I - the result of section I of the asset balance "Non-current assets";

II - the result of section II of the asset balance "Current assets";

p. 640 - "Deferred income"

p. 650 - "Reserves for future expenses."

If the value of this ratio is less than 0.1, the balance sheet structure may be considered unsatisfactory, and the enterprise insolvent.

2. The coefficient of provision of stocks with own working capital is determined as follows:

Kobz = (III - I) / p. 210,

Kobz = (III + p. 640, 650 - I) / p. 210,

where I - the result of section I of the asset balance "Non-current assets";

page 210 - "Reserves".

It is believed that the ratio of reserves with own working capital should vary within 0.6 - 0.8, i.e. 60 - 80% of the company's reserves should be formed from its own sources.

3. Agility factor:

Km \u003d (III - I) / III,

Km = (III + p. 640, 650 - I) / (III + p. 640, 650).

This coefficient shows what part of own funds is in a mobile form, allowing relatively free maneuvering of these funds.

The optimal value of this coefficient is 0.5.

The coefficients are analyzed in dynamics, compared with the established standards and can be used when conducting integrated assessment financial stability of the enterprise.

For a comprehensive assessment of the liquidity of the balance sheet, the absolute value of net working capital is determined, which is the excess of current assets over current liabilities.

Net working capital is defined as the difference between current current assets and current short-term liabilities. In turn, current current assets are calculated as the difference between the total of section II of the balance sheet "Current assets" (p. 290) and value added tax on acquired valuables (p. 220).

Current short-term liabilities is the sum of the following indicators of section V of the balance sheet "Current liabilities":

Loans and credits (line 610);

Accounts payable (line 620);

Debt to the participants (founders) for the payment of income (line 630);

Other current liabilities (line 660).

The total algorithm for calculating net working capital is as follows:

(p. 290-p. 220) - (p. 610 + 620, 630, 660).

The absolute value of net working capital as a measure of liquidity can only be used in relation to such indicators as:

The amount of assets;

Sales volume, etc.

Net working capital in the literature is often referred to as working capital (WorkingCapital). The dynamics of its size and composition to a decisive extent determine:

The current financial condition of the organization, its ability to meet its obligations to business partners, the state, founders, and its employees;

Ability to ensure the stability of production and supply.

Signs of a troubled net working capital position are delays in paying suppliers and paying wages; penalties for suppliers and deterioration in the terms of supply (terms, prices, payment procedure); penalties for late payments to the budget and extra-budgetary funds; decline business activity and failure to fulfill obligations to customers; growth in short-term bank loans and increased dependence on the bank.

The turnover of net working capital shows how many times during the year current assets were used to generate income. For example, with an average annual sales volume of CU 4100 and a net working capital of CU 525, it is 4100 / 5252 = 7.8 turnover.

The faster the turnover of net working capital (cash - inventories - work in progress - debtors - cash) with a constant sales volume, the higher the financial result of the activity.

It is possible to accelerate the turnover of net working capital due to the volume of sales and net working capital.

So, in order to increase the volume of sales, you should know better the priorities of target customers; sell products and services in accordance with customer priorities; pursue a consistent policy of qualitative improvement of the portfolio of orders; monitor the execution of contracts and eliminate delays in billing.

The turnover of net working capital can be accelerated by increasing the turnover of inventories, work in progress; improving the coverage of work in progress; reducing the period of collection of receivables.

Acceleration of inventory turnover (materials, components in stock and materials, components in the process of moving, work in progress, finished products in stock) implies sufficient and regularly renewed stock to ensure smooth production, more efficient implementation of the procurement process, the presence of a sufficient stock of finished products to ensure short terms deliveries, the rhythm of production. To this end, it is necessary to conduct a systematic audit of warehouse stocks, to ensure current reporting on the state of the warehouse. It is also desirable to divide stocks into groups according to the criterion of turnover rate; develop stock standards for groups of materials. An important role is played by the sale of illiquid assets at the highest achievable prices. In terms of budgeting, it is advisable to organize procurement planning for the week, month, quarter; analyze suppliers and terms of supply.

In order to accelerate the turnover of work in progress, it is necessary, first of all, to introduce progressive forms of production, to plan and control the movement material flows and workforce for the implementation of contracts, to control and be responsible for downtime, both due to the fault of the performers, and due to the unpreparedness of working areas.

Work in progress coverage shows how much of the work in progress is billed to the customer, that is, how much of the work in progress is financed by the customer. To increase work-in-progress coverage, cycle time should be shortened and billing delays eliminated, contracts should specify billing dates in addition to price, and billing should be as frequent as possible in contracts.

To reduce the time of collection of receivables, it is necessary to establish weekly reporting on the status of receivables, introduce incentives for collecting debts, and encourage an increase in the share of contracts with favorable payment terms.

Thus, net working capital management boils down to:

Optimization of production and warehouse stocks;

Careful selection of customers and control over receivables;

Careful selection of suppliers and obtaining preferential terms of supply;

Drawing up and implementation of the schedule of payment and receipts.

Own working capital is associated with the formation of the financial and operational needs of the company. In the current activities of the company is in need of cash. The difference between funds immobilized in stocks (IM) and receivables (AR) on the one hand, and accounts payable to suppliers (CV) on the other hand, is called financial and operational needs (FEP).

FEP \u003d MZ + DZ - KZ \u003d II - p. 250 - p. 260 - p. 620.

For the enterprise, a deferred payment from suppliers, for wages, from the state is favorable.

Financial and operational needs are affected by:

duration of the production cycle;

· the rate of production (the value of FEP will change with the change in turnover);

· the amount of value added (the lower the value added, the more supplier credit can compensate for receivables).

Negative financial and operational needs for a short period can serve as an additional source of funding.

2.2. Methodology for calculating the need for working capital

Working capital ensures the continuity of the production process, so the composition and volume of needs is determined by the needs of production and circulation.

The calculation of the need for working capital is carried out depending on the time they spend in the sphere of production and circulation.

The time spent in the sphere of production is that period of the production process where current assets are stocks.

The time of circulation of working capital is the period when they are in the form of balances of unsold products, cash in the cash desk of the enterprise, in bank accounts and in settlements with business entities.

The total turnover time of working capital (the duration of one turnover is determined):

in general

Tob \u003d ObS: Vr (hedgehog)

Tob \u003d ObS: Vr × D,

where Tob - time of turnover of working capital;

ObS - working capital;

Vр(hedgehog) - daily sales volume;

Vr - sales volume;

D - the duration of the reporting period.

The shorter the turnaround time, the more efficiently working capital is used. With weak business activity, each ruble of current assets generates less revenue and profit. As a result, it is necessary to attract additional funds for economic turnover and, above all, at the expense of profit.

From the definitions of the total turnover time presented above, it can be seen that the turnover rate characterizes the level of production consumption of funds. The higher this speed, the less the company's need for working capital.

Another parameter is the number of turnovers of working capital, determined by the ratio:

Kob ObS = Vr: ObSsr,

where Kob ObS - the number of turnovers of working capital;

Vr - sales volume;

ObSav - the average annual value of working capital.

This indicator is called the "working capital turnover ratio".

The task of rationing is to determine the need for resources necessary to form the minimum required amount of working capital. Calculation of working capital ratios is carried out annually, as well as in case of changes in production plans and (or) technological processes(new types of raw materials, processing methods, etc.). The norm of working capital characterizes the ratio of the necessary stocks of material and monetary resources and the corresponding indicator of the activity of the association, enterprise.

The calculation of working capital ratios is carried out by three methods:

Analytical, or experimental-statistical, method. Available inventories are adjusted for their actual stocks, excluding unnecessary values;

By the coefficient method - by adjusting the consolidated standard of the previous period for the planned changes in the volume of output and accelerating the turnover of working capital;

By direct account, when the standards are determined for working capital in general and for each element (raw materials and materials in stocks, work in progress, finished products in stock, as well as the general standard for working capital).

The main method is the direct count. The general norm of own working capital is calculated in the amount of their minimum requirement for the functioning of production and the implementation of settlements on time.

Normalization of working capital consists in:

Development and establishment of norms for stocks of all working capital for individual elements, expressed in days;

Development of standards for own working capital in general and for each element in monetary terms.

The standard of own working capital depends on the following cost volume (quantitative) indicators:

Volumes of production and sales of products;

Costs of production, storage and sale of products;

Material costs for certain types of inventory items.

2.3. Calculation and evaluation of turnover indicators

The duration of funds in circulation is influenced by external and internal factors.

External factors - this is the field of activity of the enterprise, industry affiliation, the scale of the enterprise, the economic situation in the country and the associated business conditions of the enterprise.

Internal factors - pricing policy of the enterprise, structure of assets, methodology for estimating reserves.

To assess the turnover of working capital, the following indicators are used.

1. Working capital turnover ratio:

Kob \u003d B: CO,

where Kob - turnover ratio (in revolutions);

B - proceeds from sales; products, works, services (thousand rubles);

SO - the average value of working capital (thousand rubles).

According to the financial statements, this indicator can be calculated as follows:

Kob \u003d B: 0.5 (p. 290 b. n.g. + p. 290 b. k. g.).

The turnover ratio shows the number of turnovers made by working capital for a certain period of time, and characterizes the volume of sales per 1 ruble invested in working capital.

2. Duration of one turnover of working capital:

Tob \u003d COt: B,

where Tob - the duration of the period of circulation of working capital (in days);

SO - the average value of working capital;

t is the reporting period (in days);

B - proceeds from the sale of products.

3. Coefficient of fixing working capital:

Kz \u003d CO: V.

The coefficient of fixing (or loading) working capital - an indicator that is the inverse of the turnover ratio, is used for planning and shows the amount of working capital per 1 ruble of sold products.

When calculating turnover ratios, trade organizations use the indicator of sales of goods at selling prices.

The acceleration of capital turnover contributes to a reduction in the need for working capital (absolute release), an increase in production volumes (relative release) and an increase in profits. As a result, the financial condition of the enterprise improves, solvency is strengthened.

The main factors affecting the size and speed of turnover of working capital of the enterprise are:

The scale of the enterprise (small business, medium, large);

The nature of the business or activity, i.e. the sectoral affiliation of the enterprise (trade, industry, construction, etc.);

The duration of the production cycle (the number and duration of technological operations for the production of products, the provision of services, works);

The quantity and variety of consumed types of resources;

Geography of product consumers and geography of suppliers and subcontractors;

Payment system for goods, works, services;

solvency of clients;

The quality of banking services;

Growth rates of production and sales of products;

The share of added value in the price of the product;

Accounting policy of the enterprise;

Qualification of managers;

Inflation.

The amount of absolute savings (attraction) of working capital can be calculated in two ways.

1. The release (attraction) of working capital from circulation is determined by the formula

ΔСО = СО1 – СО0 × Крп,

where ΔСО is the amount of savings (-) (attracting) (+) working capital;

SO1, SO0 - the average value of the working capital of the enterprise for the reporting and base period;

Krp is the coefficient of production growth (in relative units).

2. The release (attraction) of working capital as a result of a change in the duration of turnover is determined by the formula

ΔCO = (Tob1 - Tob0) × Water,

where Tob0, Tob1 - the duration of one turnover of working capital (in days);

Vodn - one-day sales of products.

The value of the increase in the volume of production due to the acceleration of working capital is determined by the method of chain substitutions:

ΔVr = (Tob1 – Tob0) × CO1.

The influence of the turnover of working capital on the increment of profit ΔР can be calculated by the formula:

ΔР = Р0× Kob1 / Kob0– Р0,

where P0 is profit for the base period;

Kob1, Kob0 - turnover ratios of working capital for the reporting and base periods.

Often, for analytical purposes, it is required to determine private indicators of turnover, while instead of the total amount of current assets, individual constituent elements are used. Partial turnover rates are calculated based on a specific turnover. As a special turnover, indicators are used for inventories - the amount of their consumption for production, for work in progress - the receipt of goods at the warehouse, for finished products - shipment, for shipped products - its sale.

The absolute release (loading) of funds from circulation is the sum of the values of the two indicated factors.

The total amount of the absolute release of working capital, or their loading into circulation, can be determined from the data of the second section of the balance sheet. The difference in the total value of current assets at the beginning and end of the year (quarter, month) will show their total change in the turnover of the enterprise for the analyzed period

Great importance for the efficiency of the use of working capital, it has a calculation of the relative release of working capital (RC), which is defined as the difference between the amount of working capital of the base period (OSB), recalculated (adjusted) for the turnover of sales of products and services of the analyzed (reporting) period (Watch), and the actual value of working capital in the analyzed (reporting) period (OSotch):

OV = OSb × Watch / Vbase - OSotch,

where Vbaz, Watch - turnover on the sale of products and services, respectively, in the base and reporting periods.

Relative release shows how much the actual value of working capital (OSotch) is less (greater) than the amount that would be required by the enterprise in the analyzed period, based on the conditions for their use in the base year (quarter, month). For these purposes, the base value of working capital (OSbase) is adjusted for the rate of growth (decrease) in the volume of sales.

2.4. Calculation and evaluation of the effectiveness of the use of working capital

The efficiency of the use of working capital is characterized by two factors:

an increase in the turnover of working capital;

· Reducing the need for working capital by 1 ruble of output.

The growth of capital turnover contributes to saving this capital (reducing the need for working capital); increase in production volumes and, ultimately, an increase in profits.

As a result of the acceleration of turnover, the material elements of working capital are released, less stocks of raw materials, materials, fuel, stocks of work in progress, etc. are required, and, consequently, the monetary resources previously invested in these stocks and stocks are also released. The released financial resources are deposited on the current account of enterprises, as a result of which their financial condition improves, and solvency is strengthened.

Based on the results of turnover, the amount of savings in working capital (absolute or relative release) or the amount of their additional attraction is calculated.

To determine the amount of relative savings (overspending) of working capital, two approaches can be used.

In the first approach, this value is found as the difference between the amount of working capital that actually took place in the reporting period and its value for the period preceding the reporting period, reduced to the production volumes that took place in the reporting period:

ΔObC = ObC1 – ObC0 × Tr,

where ObS1 - the amount of working capital of the enterprise at the end of the reporting year;

obS0 - the amount of working capital of the enterprise at the end of the base year of operation;

Tr is the coefficient of production growth.

In this expression, ObS0 - the value of the value of working capital - is recalculated using Tr - the coefficient of production growth. The result is the value of the amount of working capital that would be necessary for the enterprise while maintaining unchanged production volumes. The resulting value is compared with the actual value of this indicator in the reporting period.

In the second approach for calculating the relative savings of working capital, they proceed from a comparison of the turnover of working capital in different reporting periods:

ΔObS = B / 360 (Kob1 - Kob0),

where B / 360 - one-day sales;

Kob1 - turnover of working capital in the second reporting period, days;

Kob0 - turnover of working capital in the first reporting period, days.

In this expression (Kob1 - Kob0) - the difference in the turnover of working capital is reduced to the volume of products sold using the coefficient of one-day sales (B / 360).

To determine the value of the increase in the volume of production due to an increase in the turnover of working capital (ceteris paribus), we use the dependence B - the volume of sales of the company's products - from OS - the amount of working capital necessary for the operation of the enterprise:

B \u003d Kob × ObS,

where Kob - the number of turnovers of working capital, i.e. the turnover ratio of working capital, which is equal to

Cob \u003d B / Osr.

In a market economy, finances are the main constraint. If financial resources are available, then the remaining resources necessary to ensure the growth of sales volumes can be acquired.

Let us denote by ΔB the increase in production due to the acceleration of the turnover of working capital. To determine its value, you can use the method of chain substitutions.

Considering that the change in the number of revolutions is an intensive factor affecting the increase (decrease) in the volume of sales of products, the calculations are carried out as follows:

ΔB \u003d ΔKob × ObS1,

where ΔKob = Kob1 – Kob0 is the increase in the number of turnovers of working capital during the reporting period.

Working capital ensures the turnover of all resources in the enterprise. The need for total working capital (current working assets), along with the scale of production, is determined by the time of its turnover. Reducing this time allows you to increase the efficiency of the use of working capital, increase their return (profitability).

The circulation of working capital is associated with the implementation of the entire complex business transactions on:

Purchase of raw materials and materials, components. In the process of these operations, accounts payable are formed;

Compensation, when normal accounts payable are also formed

Payment for services of third parties and credit payments;

Shipment and sale of products and services in which receivables arise;

Payment of taxes and settlements with tax authorities.

To this end, when analyzing the effectiveness of the use of working capital, an analysis is made of the dependence of the profitability of working capital on the indicators of turnover of working capital and profitability of sales (Rpr), which is calculated as the ratio of profit from sales of products (Pr) to the volume of products sold (VR):

Rpr \u003d Pr / Vr;

Rob \u003d P / Os,

that is, the profitability of working capital is directly proportional to the profitability of sales and turnover of working capital. This conclusion is of great importance for the development of an enterprise strategy to improve the financial efficiency of working capital.

When analyzing the effectiveness of the use of working capital, it is necessary to investigate all components of the operating cycle and the financial cycle, to identify and implement reserves for accelerating the turnover of working capital. The operating cycle (Ots) is measured by the time of the full turnover of all funds of the enterprise, including funds in the form of accounts payable for the supply of raw materials and materials.

The financial cycle (FC) is measured by the time from payment for raw materials and materials to the moment the funds are returned, in the form of revenue for products sold:

Ots \u003d Fts + Tkz \u003d Tz + Tdz + Tkz;

Fts \u003d Ots - Tkz \u003d Tz + Tdz,

where Ots - the duration of the operating cycle;

Fts - the duration of the financial cycle;

Tz - the time of circulation of funds included in stocks (warehouse, work in progress, finished products, etc.);

Tdz - the time of circulation of receivables;

Tkz - the time of circulation of accounts payable.

Accelerating the circulation of current assets and reducing the time of the financial cycle depends, therefore, on many factors, primarily related to:

Reducing the time of circulation of funds included in stocks:

Тз = Average value of stocks / One-day turnover at cost price;

Reducing the time of circulation of receivables:

Tdz \u003d Average receivables / One-day turnover for product sales

The time of the operating cycle depends, in addition, on the reduction of the time of circulation of accounts payable:

Tkz = Average accounts payable / one-day turnover for the supply of materials.

All factors affecting the efficiency of the use of current assets of an enterprise can thus be combined into three large blocks:

1) production and technological, affecting stocks;

2) organizational and settlement, determining the amount of receivables;

3) credit-organizational, which determine the volume of attracting resources into circulation in the form of accounts payable.

Analytical work at the enterprise should be aimed at identifying opportunities to accelerate turnover in these critical areas. In addition, it is necessary to take into account as much as possible the fact that the completion of the turnover of resources is the act of selling goods and receiving revenue (its crediting to the current account).

Obviously, the efficiency of economic activity, a stable financial condition can be achieved only with sufficient and coordinated control over the movement of profits, working capital and cash.

The main source of information for analyzing the relationship between profits, working capital and cash flow is the balance sheet, appendix to the balance sheet, profit and loss statement. A feature of the formation of information in these reports is the accrual method, and not the cash method. This means that the income received or the costs incurred may not correspond to the actual "inflow" or "outflow" of cash in the enterprise.

The report may show a sufficient amount of profit, and then the estimate of profitability will be high, although at the same time the enterprise may experience an acute shortage of funds for its functioning. Conversely, the profit may be insignificant, and the financial condition of the enterprise is quite satisfactory. The data shown in the reporting of the enterprise on the formation and use of profits do not give a complete picture of the real process of cash flow. For example, to confirm what has been said, it is enough to compare the amount of balance sheet profit shown in the income statement with the amount of change in cash in the balance sheet. Profit is only one of the factors (sources of formation) of the liquidity of the balance sheet. Other sources are: credits, loans, issue of securities, contributions of founders, etc.

Therefore, in some countries, the cash flow statement is currently preferred as a tool for analyzing the financial condition of the company. This approach allows a more objective assessment of the company's liquidity in terms of inflation and taking into account the fact that the accrual method is used in the preparation of other reporting forms, that is, it involves the reflection of expenses, regardless of whether the corresponding amounts of money are received or paid.

The main financial criterion for the effectiveness of the use of working capital is their profitability (Ros), calculated as a percentage of gross profit (P) to the average cost of working capital (OS) for the analyzed period:

Ros = P / OS × 100% = Profit before tax / 0.5 (line 290 of the beginning - line 290 of the balance sheet).

This indicator characterizes the amount of profit attributable to the ruble of operating working capital, i.e. their financial profitability; can be calculated both relative to the value of own working capital, and their total value.

For the most total reflection real profitability of current assets of the enterprise in the numerator of the fraction, it is advisable to take the amount of net profit (cleared from all taxes and other payments to the budget). This indicator reflects the real financial efficiency of the use of the working capital of the enterprise. The higher this figure, the better.

Profitability of working capital is directly proportional to the profitability of sales and turnover of working capital. This conclusion is of great importance for the development of an enterprise strategy to improve the financial efficiency of working capital. The company has two ways to solve this problem: either the growth of profitability of sales, or the increase in turnover of working capital. Both of these directions maximum effect in their optimal combination in the specific conditions of the enterprise. It should be borne in mind that working capital is the most active part of the total capital of the enterprise and the overall profitability of using the capital of the enterprise as a whole largely depends on their effective use. And the greater the share of working capital in its total volume, the more noticeable the influence of this factor. In practice, increasing the level of financial efficiency of the use of working capital is an important reserve for the growth of the financial stability of enterprises and corporations.

3. Ways and reserves to improve the efficiency of the use of working capital

The financial condition, liquidity and solvency of the organization to a greater extent depend on the level of business activity, the optimal use of working capital, assessment of its size and structure. Due to the fact that current assets form the bulk of the company's liquid assets, their value should be sufficient to ensure the rhythmic and uniform operation of the organization and, as a result, profit.

The use of working capital in economic activity should be carried out at a level that minimizes time and maximizes the speed of circulation of working capital and its transformation into real money supply for subsequent financing and acquisition of new working capital. The need for financing proportionally depends on the rate of turnover of assets.

The lower the turnover of working capital, the greater the need to attract additional sources of financing, since the organization does not have its own funds to carry out business activities. Thus, the indicators of working capital turnover are closely related to the solvency and liquidity of the balance sheet structure.

The main reserves for accelerating the turnover of working capital, taking into account the characteristics of each stage of the circulation, are shown in table 3.1.

As can be seen from Table 3.1, an increase in the efficiency of working capital can be achieved as a result of the impact on manufactured products, the planning system and the organization of production. Significant reserves are also available in the field of organization of production and labor. The correct use of economic incentives is also important. At the production stage, there are three main areas for saving materials by reducing specific costs: improving the design of products, reducing waste during processing (due to the use of more advanced technologies) and eliminating defects, which should lead to a decrease in the material consumption of products.

Table 3.1

Reserves for accelerating the turnover of working capital

reserves	Object of influence	Result
Reducing the material consumption of manufactured products	Manufactured products	Reducing the need for materials, raw materials, components, reducing the share of working capital in inventories
Reducing the duration of the production cycle of manufacturing products	manufactured products and	Reducing the share of working capital in work in progress
Improving the planning and formation of working capital	Technical and organizational level of production	Increasing the accuracy of calculating working capital ratios and strengthening control over their value
Improving the logistics system	Technical and organizational level of production	Reducing the standard of working capital in inventories
Automation and mechanization of loading and unloading and warehouse operations	Technical and organizational level of production	Reducing the standard of working capital in inventories and finished products in the company's warehouse
Improvement of the product marketing system	Marketing system	Reducing the standard of working capital in finished products
Implementation of best practices in material consumption	Organization and production technology	Reducing the need for materials and raw materials

Now consider the stages of working capital optimization.

1. Optimization of the volume of working capital. If the amount of working capital is underestimated, then the company will constantly experience a lack of funds, have a low level of liquidity, interruptions in the production process, loss of profit. On the contrary, the greater the excess of current assets over current liabilities, the higher the liquidity of the enterprise, however, the increase in the amount of working capital compared to optimal need in them leads to a slowdown in their turnover and also reduces the amount of profit. Therefore, the optimization of the volume of working capital should proceed from the chosen type of policy for the formation of current assets, providing a given level of correlation between the efficiency of their use and risk. The optimization process takes place taking into account the results of the analysis of working capital in the previous period. This stage is directly influenced by the planned production volume. The result is the optimal amount of working capital for the coming period.

2. Optimization of the ratio of the constant and variable parts of working capital. Need in certain types current assets and their amount as a whole varies significantly depending on seasonal and other features of the implementation of operating activities. Therefore, in the process of managing current assets, their seasonal (or cyclical) component should be determined, which is the difference between the maximum and minimum demand for them throughout the year. Optimization of the ratio of the constant and variable parts of working capital is based on the results of the analysis of the dynamics of the level of working capital.

3. Optimization of the working capital structure. In the process of optimization, the problem of determining such a structure of working capital, which provides the greatest value of profit and profitability of working capital, is solved. In addition, this structure should ensure the financial stability of the enterprise, which is directly related to the choice of sources of financing for working capital. The result of executing this function is:

· the optimal volume and structure of working capital, which are a quantitative justification for decision-making for a financial manager in the process of planning and operational management of working capital;

· the calculated maximum values of profit and profitability of working capital, which were obtained as a result of working capital optimization.

Conclusion

Working capital is a part of the capital that changes its natural material form and completely transfers its value to finished products during one production cycle.

The main task of working capital is to ensure the continuity, continuity of production and economic activities. Therefore, the size of the working capital of the enterprise, its composition and structure must ensure the fulfillment of this task all the time while products are made from raw materials and sold in the sphere of circulation.

The working capital of the organization, making a circuit, serves both the sphere of production and the sphere of circulation. At the same time, the natural-material form of working capital is constantly changing. In accordance with the functions performed, the in-kind composition of working capital is divided into working capital and circulation funds. Working capital includes: inventories, work in progress, deferred expenses, finished products in stock. Circulation funds include: goods shipped but not paid for, receivables, cash and settlements, securities and short-term investments.

In the process of turnover of production assets and circulation funds, stages of circulation occur. The circulation of funds begins with the advance of value in cash for the purchase of raw materials, materials, fuel and other means of production. As a result, cash takes the form of inventories, a transition is made from the sphere of circulation to the sphere of production, the cost of raw materials is advanced into production. The second stage of the circuit takes place in the process of production, where a new product is created with the help of labor power, value is created again, the advanced value changes its form - from the productive form it passes into the commodity form. The third stage of the circulation is the sale of manufactured finished products and the receipt of funds. Working capital is again moving from the sphere of production to the sphere of circulation.

Sources of formation of working capital are own, borrowed and additionally attracted funds.

At the expense of own sources, the minimum stable part of working capital is formed. The presence of own working capital allows the enterprise to freely maneuver, increase the effectiveness and sustainability of its activities.

The formation of working capital occurs at the time of the organization of the enterprise, when creating its authorized capital. The source of education in this case is the invested funds of the founders of the enterprise. In the future, the minimum need of the enterprise for working capital is covered from its own sources: profit, authorized capital, accumulation fund and targeted financing. However, due to a number of objective reasons(inflation, growth in production volumes, delays in paying customer bills, etc.) the company has temporary additional needs for working capital, which cannot be covered from its own sources.

In these cases, financial support for economic activity comes from borrowing sources: bank and commercial loans, loans, investment tax credit, investment contribution of employees of the enterprise, bonded loans and other sources equivalent to own funds, the so-called sustainable liabilities. Funds that do not belong to the enterprise, but are constantly in its circulation, serve as a source of the formation of working capital in the amount of their minimum balance. These include: the minimum monthly wage arrears to employees of the organization, reserves to cover future expenses, the minimum carry-over debt to the budget and extra-budgetary funds, creditors' funds received as prepayment for products (works, services), buyers' funds for pledges for returnable packaging, carry-over balances of the consumption fund, etc.

In the analysis of working capital, the company's need for working capital is assessed and compared with the amount of available financial sources. Moreover, the analysis of working capital monitors not only the dynamics, but also the structure as a whole by types of sources, the detailing of the internal structure of individual elements.

The expediency of attracting a specific financial source is based on a comparison of the profitability indicators of investments of this type and the cost (price) of the source. This is especially true for borrowed money.

The change of priorities in the market conditions entails a change in the need of the enterprise for working capital, making them unstable. In this connection, it is almost impossible to cover these needs exclusively from our own sources. Experience shows that it is often more justified to use borrowed funds than own ones.

Information on the size of own sources of funds is presented mainly in the section of the balance sheet “Capital and reserves” and in the appendix to the annual balance sheet. Information on borrowed and attracted sources of funds is presented in the liabilities side of the balance sheet in the section "Current liabilities", as well as in the appendix to the annual balance sheet. In general, the following sources of information are distinguished for the analysis of working capital: financial statements of the organization (forms No. 1, 2, 4, 5), logistics plan, contracts for the supply of raw materials and materials, statistical reporting forms on the availability and use of material resources, operational data of the logistics department, analytical accounting information on the receipt, consumption and balance of material resources, etc.

In the process of analysis of working capital, the dynamics of own working capital is considered, absolute and relative deviations from the plan and actual data of past years are determined. In the future, when conducting an analysis of financial stability, a comparison is made of the value of own working capital with the company's need for reserves. Comparison of the growth rates of these indicators makes it possible to judge the security of the enterprise with its own working capital.

The second stage of the analysis is the assessment of factors affecting the level of own working capital. The factors are the structural elements that form both section III of the balance sheet "Capital and reserves" and non-current assets of the enterprise. To determine the share of participation of own funds in the formation of current assets of the enterprise, the following indicators are calculated: the ratio of the enterprise's own working capital, the ratio of stocks of own working capital, the coefficient of maneuverability. The coefficients are analyzed in dynamics, compared with the established standards and can be used in a comprehensive assessment of the financial stability of the enterprise.

For a comprehensive assessment of the liquidity of the balance, the absolute value of net working capital (it is also often called net working capital), which is the excess of current assets over current liabilities, is determined. The dynamics of its size and composition to a decisive extent determine: the current financial condition of the organization, its ability to meet its obligations to business partners, the state, founders, and its employees; the ability to ensure the stability of production and supplies. Signs of a troubled net working capital position are delays in paying suppliers and paying wages; penalties for suppliers and deterioration in the terms of supply (terms, prices, payment procedure); penalties for late payments to the budget and extra-budgetary funds; decrease in business activity and failure to fulfill obligations to customers; growth in short-term bank loans and increased dependence on the bank.

The turnover of net working capital shows how many times during the year current assets were used to generate income. The faster the turnover of net working capital (cash - inventories - work in progress - debtors - cash) with a constant sales volume, the higher the financial result of the activity. It is possible to accelerate the turnover of net working capital due to the volume of sales and net working capital.

Management of net working capital comes down to: optimization of production and warehouse stocks; careful selection of customers and control over receivables; careful selection of suppliers and obtaining preferential terms of supply; drawing up and fulfilling the schedule of payment and receipts.

The organization's working capital management is based on determining the optimal volume and structure of current working assets, sources of their coverage and the ratio between them, ensuring the stable and efficient operation of the enterprise. Working capital ensures the continuity of the production process, so the composition and volume of needs is determined by the needs of production and circulation. The calculation of the need for working capital is carried out depending on the time they spend in the sphere of production and circulation. The shorter the turnaround time, the more efficiently working capital is used. With weak business activity, each ruble of current assets generates less revenue and profit. As a result, it is necessary to attract additional funds for economic turnover and, above all, at the expense of profit.

All current assets are divided into standardized and non-standardized. The normalized ones include circulating production assets (materials, work in progress) and part of the circulation funds - finished products in stock. The task of rationing is to determine the need for resources necessary to form the minimum required amount of working capital. The norm of working capital characterizes the ratio of the necessary stocks of material and monetary resources and the corresponding indicator of the activity of the association, enterprise. The calculation of working capital standards is carried out by three methods: analytical, or experimental-statistical, method; coefficient method; by direct counting. The main method is direct counting. The general norm of own working capital is calculated in the amount of their minimum requirement for the functioning of production and the implementation of settlements on time.

The duration of the funds in circulation is influenced by external and internal factors. External factors - this is the field of activity of the enterprise, industry affiliation, the scale of the enterprise, the economic situation in the country and the associated business conditions of the enterprise. Internal factors - pricing policy of the enterprise, structure of assets, methodology for estimating reserves. To assess the turnover of working capital, the following indicators are used: the turnover ratio of working capital, the duration of one turnover of working capital, the coefficient of fixing working capital.

Accelerating the turnover of working capital allows you to reduce the need for them and use the released funds to solve other problems of the enterprise. An increase in the turnover ratio of working capital, which is equal to the number of turnovers of working capital during the year, means a decrease in the organization's need for working capital.

The fixing ratio (the reciprocal of the turnover ratio) characterizes the share of working capital per 1 ruble of products sold. In a successful organization, it should tend to decrease.

The duration of one turnover of working capital is an indicator equal to the number of days of one turnover of working capital. The shorter the turnaround time, the less the organization's need for its own normalized working capital. The released funds can be used for the development of other industries or solutions social tasks, as well as to increase production volumes without attracting additional funds.

The efficiency of the use of working capital is characterized by two factors: an increase in the turnover of working capital; a decrease in the need for working capital by 1 ruble of output. Based on the results of turnover, the amount of savings in working capital (absolute or relative release) or the amount of their additional attraction is calculated.

The efficiency of the use of working capital lies not only in accelerating their turnover, but also in reducing the cost of production by saving natural-material elements of working capital assets and distribution costs. Since generalizing performance indicators industrial enterprises are the amount of profit and the level of overall profitability, it is necessary to determine the impact of the use of working capital on these indicators.

The circulation of working capital is associated with the implementation of the entire range of business operations for: the purchase of raw materials and materials, components; wages; payment for services of third parties and credit payments; shipment and sale of products and services in which receivables arise; payment of taxes and settlements with tax authorities. To this end, when analyzing the effectiveness of the use of working capital, an analysis is made of the dependence of the profitability of working capital on the indicators of turnover of working capital and profitability of sales, which is calculated as the ratio of profit from product sales to the volume of products sold.

Increasing the efficiency of working capital can be achieved as a result of the impact on manufactured products, the planning system and the organization of production. Significant reserves are also available in the field of organization of production and labor. The correct use of economic incentives is also important. At the production stage, there are three main areas for saving materials by reducing specific costs: improving the design of products, reducing waste during processing (due to the use of more advanced technologies) and eliminating defects, which should lead to a decrease in the material consumption of products.

At the implementation stage, attention should be paid to the indicator of the share of finished products in the total amount of working capital. As practice shows, a high share of finished products in the warehouse is typical for insolvent enterprises (up to 60% of the value of current assets). In order to achieve the efficiency of economic activity, it is necessary to achieve a decrease in this indicator.

The leaders of the organization, in order to increase the efficiency of its activities, should organize constant monitoring of compliance with the standards and dynamics over time of actual unit costs and turnover of working capital. The fact is that material costs in many cases have a significant share in the total production costs, which, in turn, significantly affect profit.

List of sources used

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The working capital of an enterprise is working capital that is in material, industrial stocks, cash, securities, receivables. The working capital of an organization is the value advanced in cash for the systematic formation and use of working capital and circulation funds in the minimum required amount to ensure that the organization fulfills the production program and the timeliness of settlements.

The main components of current assets: inventories, value added tax, receivables, short-term financial investments, cash and other current assets.

Inventory (stocks) are subdivided:

production stocks: raw materials, basic materials, purchased components that require the cost of living labor to turn them into finished products, auxiliary materials that give products the necessary properties or presentation or serve to care for chemical analysis equipment, fuel, energy, fuel, containers etc.;
work in progress - those products that at the time of calculation are at any particular stage of manufacture. This stock includes, in one volume or another, the cost of inventory items, as well as the amount of labor expended on manufacturing, etc. In terms of economic content, work in progress includes deferred expenses, most of which are associated with the preparation of production and the development of new products. The costs of future periods take into account that part of the costs, which in subsequent periods will be included in the cost of production;
finished products and stocks of finished products - the cost of goods finished in production and ready for sale: as well as the balance of finished products in the warehouse. The costs of its manufacture are included in full: the cost of completing the finished product, the cost of its packaging is also included in the cost of production.

The organization, investing in the formation of stocks, bears the cost of storing these stocks, and this is associated with the risk of deterioration and obsolescence of goods. The value of inventories may change due to changes in the rate of inflation.

Accounts receivable - unpaid invoices for delivered products (or invoices receivable); promissory notes receivable that are essentially securities, debts of subsidiaries and affiliates, etc.

Cash in cash on the current account of the organization, as well as funds in settlements (cash, current account, foreign currency account, securities, other cash, settlements with other organizations). This is the most liquid part of current assets.

The working capital of the organization is divided into:

circulating production assets - objects of labor (raw materials, basic and auxiliary materials, semi-finished products, fuel, fuel, packaging and packaging materials) and some tools of labor (low-value and quickly worn out items that function for less than a year, have cost restrictions);
circulation funds - finished products in stock; goods shipped; cash in the cash desk of the enterprise and in bank accounts, receivables; funds in other accounts. The main purpose of circulation funds is to provide resources for the circulation process.

Economic entity working capital

One of the conditions for the continuity of production is the constant renewal of its material basis - the means of production. The continuity of movement occurs in the form of a cycle. In its turnover, working capital consistently takes: monetary, productive and commodity forms, which corresponds to their division into production assets (means of production) and circulation funds (finished products, cash in settlements). In the process of turnover, the following stages of circulation occur:

1st stage of the circulation - the circulation of funds begins with the advance of value in cash for the purchase of raw materials, materials, fuel and other means of production. As a result, cash takes the form of inventories, a transition is made from the sphere of circulation to the sphere of production, the cost of raw materials is advanced into production;

2nd stage of the circuit - takes place in the process of production, where a new product is created with the help of labor power, value is created again, the advanced value changes its form - from the productive form it passes into the commodity form;

The 3rd stage of the circulation is the sale of finished products and the receipt of funds. Working capital is again moving from the sphere of production to the sphere of circulation.

The difference between the amount of money spent on the manufacture and sale of products (DSZ) and received from the sale of manufactured products (DSP) is the cash savings of the enterprise (DN):

DN \u003d chipboard - DSZ.

The circuit can only take place if there is a definite value to be advanced in the form of money. Entering the circuit, it no longer leaves it, consistently changing its functional forms. The specified cost in the monetary form represents working capital of the organization. They are a cost category, unlike inventory items, working capital is not spent, not expended, not consumed, but advanced, returning after the end of one circuit and entering the next circuit.

The purpose of circuit analysis is to determine in what specific sizes the advanced value is in each form, to reveal the limits of change in the advanced funds in one circuit.

Analysis of the state of working capital

An analysis of the state and use of working capital should provide answers to the following questions:

what is the structure of working capital;
what funds are used to finance the current activities of the organization;
what is the need for working capital;
what sources should be used to cover the need for working capital;
how effectively the resources of the organization are used in a certain period of activity and in dynamics, etc.

Let's take a look at the steps listed below.

1. Analysis of the dynamics of changes in working capital

To identify the dynamics of working capital, we use the organization's balance sheet (f. 1, p. 210 - p. 290) and the horizontal method of analysis, which allows us to determine:

absolute change in working capital:

ΔOBS = OBS 1 - OBS 0;

relative change or growth rate:

Tpr (OBS) \u003d ΔOBS: OBS 0 * 100%,

where OBS 0 , OBS 1 - the values of working capital in the base and reporting periods;

relative savings in the use of working capital.

To assess the change in the cost of working capital, taking into account the volume of production (sales proceeds), the indicator of the relative deviation (savings or overspending) of working capital is calculated using the formula:

OTE (OBS) \u003d OBS 1 - OBS 0 * Tr (V); Tr (B) \u003d B 1: B 0,

where B 1 , B 0 - sales revenue in the reporting and base periods.

If the value of the OTE (OBS) indicator is less than zero, then in the reporting period there was a relative saving in the use of working capital compared to the level of quality of their use in the base period.

Let's determine the change in the value of current assets using the data of the balance sheet, which shows the balance of working capital on a specific date in f. 1, p. 290.

OBS 0 = 800 thousand rubles; OBS 1 = 871.5 (thousand rubles).

Change in current assets in general:

absolute:

ΔOBS = OBS 1 - OBS 0 = 871.5 - 800 = 71.5 (thousand rubles);

relative:

Tpr (OBS) \u003d 71.5: 800 * 100% \u003d 8.94%.

During the reporting period, working capital increased by 71.5 thousand rubles, or by 8.94%.

Similarly, the change in each component of current assets is estimated. The dynamics of changes in the main components of current assets is presented in table. 8.1.

Table 8.1. Dynamics of changes in the components of current assets (thousand rubles)

Index	Basis	Report	Abs. devi.	Growth rate, %
1. Current assets (p. 290)	800	871,5	71,5	8,94
2. Stocks (p. 210)	590	615,5	25,5	4,32
2.1. Inventories (p. 211)	450	461	11	2,44
2.2. Finished goods and goods for resale (p. 214)	70	72	2	2,86
2.3. Work in progress (p. 213)	40	42,5	2,5	6,25
3. Accounts receivable (line 230 + line 240)	85	89,5	4,5	5,29
4. Short-term financial investments (p. 250)	20	22	2	10
5. Cash (page 260)	95	133,5	38,5	40,53

The increase in current assets by 8.94% is primarily due to an increase in cash by 38.5 thousand rubles, or by 40.53%, with an increase in inventories by 25.5 thousand rubles, or by 4.32% , including inventories by 11 thousand rubles, or by 2.86%.

When conducting an analysis, it is necessary Special attention pay attention to the change in the value of working capital actually functioning in economic activity (OBSR), the value of which is determined as the difference between current assets and overdue receivables (over 12 months):

OBSR \u003d OBS - PDBZ.

Balance value: f. 1 (p. 290 - p. 230);

OBSR 0 = 784 thousand rubles; OBSR 1 = 863.5 thousand rubles.

Change:

absolute:

ΔOBSR = 863.5 - 784 = 79.5 (thousand rubles);

relative:

Tpr (OBSR) \u003d 79.5: 784 * 100% \u003d 10.14%.

The amount of working capital actually functioning in economic activity increased by 79.5 thousand rubles, or by 10.14%, during the reporting period, which is a positive factor.

Estimation of change in the value of current assets, taking into account the growth rate of production volume or sales proceeds:

OTE (OBS) \u003d OBS 1 - OBS 0 * (B 1: B 0) \u003d

871.5 - 800 * (3502: 2604) \u003d 871.5 - 1075.88 \u003d -204.38 (thousand rubles).

In the reporting period, when using working capital, they had a relative savings of 204.38 thousand rubles, working capital, compared with the previous period, was used more intensively.

2. Analysis of the structure of working capital

The composition and structure of working capital depend on the influence of factors such as production (in mechanical engineering, where the production cycle is quite long, a significant proportion is work in progress; in light, Food Industry a significant proportion are raw materials and materials); economic and organizational order.

To analyze the structure of working capital, the specific weights of the constituent elements of working capital in their total cost are determined using the vertical analysis method according to the formula:

di = OBSi: OBS,

di - share of working capital component;

OBSi - the value of the working capital component;

OBS - cumulative value working capital.

Knowing the share of each main component in current assets, we can draw certain conclusions about the level of resource management. So, for example, a significant share of receivables indicates an insufficient level of receivables management, a significant share of inventories may be due to the fact that:

the organization increases the volume of purchases of raw materials and materials due to rising prices for the main types of raw materials and the unreliability of the main suppliers;
the organization has increased significantly the volume of production, which leads to an increase in material resources;
inefficient inventory management, etc.

To assess the dynamics of the structure, a horizontal method is used, which allows you to determine.

The essence of working capital

Definition 1

Working capital includes the financial resources of the company, which are intended for the formation of current assets. The use of these funds is carried out within each cycle of reproduction for a certain short period of time. As a rule, such a period of time is not more than one year.

The main purpose of working capital, as well as working capital, is to ensure production process through equipping the enterprise with objects of labor, as well as ensuring current payments for the resources consumed and the provision of services to the enterprise by other companies.

Circulating and non-current assets differ in the nature of their reproduction and in the methods of transferring value to a newly created product.

Features of working capital

The main feature of working capital is a short service life and a price that is immediately attributed to production costs. Such capital is spent on the purchase of raw materials and materials, products that are intended for sale, as well as semi-finished products and components.

Working capital is a value expression for various objects of labor, the turnover of which occurs in the production process at a time.

Objects of labor transfer all their price to the manufactured products, creating its cost price. Working capital can be represented in the form of working capital consumed by the enterprise in the course of its activities.

The main feature of working capital is that they are consumed in one interval in the normal production cycle.

Working capital includes:

Production inventories, including raw materials and semi-finished products, materials, fuel and electricity, components and spare parts, finished products and work in progress costs,
Accounts receivable with a term of one year,
Cash on hand and in accounts
short-term financial investments,
Other current assets.

Working capital analysis

In the process of analysis, working capital is divided into working capital and circulation funds.

Working capital consists of inventories, funds in production and deferred costs. Industrial stocks may include raw materials and materials, fuel and semi-finished products, auxiliary substances, low-value and wearing items.

Definition 2

Circulation funds include unsold products that are in warehouses, shipped but not paid for products, goods for resale, cash on hand, on the current account.

The main purpose of the analysis of working capital is to determine the most optimal size and clear structure of working capital.

Sources of funding are also analyzed. Thus, working capital can be divided into fixed and variable capital.

Fixed capital includes current assets, the need for which practically does not change during all production cycles.

Permanent capital consists of the minimum amount of current assets and is an indispensable condition for the normal production activities of the enterprise.

Variable capital consists of an additional current asset, which is necessary for the implementation of various unforeseen operations.

An important indicator of the analysis is the net working capital used in the financial calculations of the company. With the help of net working capital, the value of the amount of capital, which is free from all short-term liabilities, is characterized. Another name for net working capital is working capital, which is necessary to sustainably support the financial stability of an enterprise.

In the case when working capital exceeded the amount of short-term liabilities, we can say that the company is easily able to pay off its liabilities. Such an enterprise has reserves for its functioning.

Own working capital may indicate how much of the current assets the company finances through its own funds. The presence of a mandatory and sufficient amount of equity capital is the most important characteristic of the company's financial stability.

Remark 1

The amount of equity can be determined by subtracting the amount of current liabilities from the amount of current assets. With an insufficient amount of capital, there is a significant decrease in the constant part of assets, an increase in the variable part of assets. This situation may indicate an increase in the financial dependence of the company, as well as its instability.

The state of this indicator also affects the liquidity ratio, which characterizes the ratio between the value of current assets and attracted capital.

Working capital indicators

In order to assess the turnover of working capital, several indicators are used. The most important of the indicators is the turnover ratio, which reflects the speed of turnover and shows the number of revolutions that the working capital makes for the corresponding period of time.

The turnover ratio formula is as follows:

$Ko = RP / OS$

$KO$ - turnover indicator, turnover;
$RP$ - proceeds from the sale of finished products, works, services, rubles;
$OS$ – average value of working capital, rub.

Using the duration of one revolution, you can show the number of days that it takes to complete one circuit. This ratio is defined by the formula:

$DO = Dcap / KO$

$DO$ - duration of one turn, days;
$Dcap$ - the number of capital days in the billing period, days.

Another important indicator is the working capital fixation ratio, which is the reciprocal of the turnover ratio. The fixing coefficient reflects the amount of working capital, which is contained in each ruble of sold products. This indicator is calculated using the following formula.

Composition, structure and classification of the organization's working capital. Brief description of JSC "MAGE", accounting of working capital. Assessment of the possibility of implementing the proposed measures for the effective use of working capital.

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Introduction

1.1 Composition, structure and classification of the working capital of the organization

2.2 Accounting for working capital

2.3 Methodology for analyzing the composition and structure of working capital

2.4 Methodology for analyzing the effectiveness of the use of working capital

Chapter 3. Analysis of the effectiveness of the use of working capital of JSC "MAGE"

3.1 Analysis of the composition and structure of working capital for 2009-2011

3.2 Analysis of the effectiveness of the use of working capital of JSC MAGE

Conclusion

Bibliographic list

INTRODUCTION

Relevance this study is that in a market economy, especially careful analysis requires changes in the composition and dynamics of current assets as the most mobile part of capital, the state of which largely depends on the financial condition of the enterprise. At the same time, it should be borne in mind that a stable structure of working capital indicates a stable, well-established process of production and marketing of products. The effective use of working capital plays a significant role in ensuring the normalization of the work of an economic entity, increasing the level of profitability of production and depends on many factors. External factors, as a rule, include the general economic situation: tax legislation, conditions for obtaining loans and interest rates on them, the possibility of targeted financing, participation in programs financed from the budget. These factors determine the framework within which any economic entity can use the internal reserves of the rational movement of working capital.

Making a profit today is the result of correct decisions on the proportions of capital investment in working capital, taken even before the start of the enterprise's operating activities. The amount of profit of the enterprise, and hence its further development, depends on how working capital is used. Working capital is involved in the production process and is one of the main management issues in the enterprise. It is generally known that for the normal functioning of each business entity, working capital is primarily cash used by the enterprise to acquire working capital and circulation funds. Rational and economical use of working capital is a top priority for the enterprise. In this regard, the study of problems related to improving the efficiency of the use of working capital of enterprises is of particular importance, since, regardless of the form of ownership, industry and technological features, the scale of production, the movement of the cost of resources and their circulation become possible only thanks to the maintenance of these processes by working capital. .

At present, the disruption of economic ties has a negative impact on the change in the efficiency of the use of working capital and the slowdown in their turnover; violation of contractual and payment and settlement discipline and reduced access to loans due to high bank interest - in this regard, the study of problems related to improving the efficiency of the use of working capital of enterprises is of particular importance, since regardless of the form of ownership, industry and technological features, scale production, the movement of the value of resources and their circulation become possible only thanks to the maintenance of these processes with working capital.

The foregoing is the relevance of the topic of this final qualification work "accounting and analysis of the working capital of the organization" (on the example of JSC "MAGE").

The methodological foundations of the thesis work were regulations on accounting for current assets, as well as the works of domestic and foreign assets on the research topic.

Research methods: linear, vertical, coefficient analysis.

Object of study - open joint-stock company"MAGE".

The subject of the study is the accounting and analysis of the organization's working capital (on the example of MAGE JSC).

The purpose of this final qualifying work is to consolidate the acquired knowledge of accounting and analysis of the activities of the working capital of the enterprise.

To achieve the goal, the following tasks were set:

Composition, structure and classification of the organization's working capital.

Sources of working capital formation and efficiency of its use.

Working Capital Accounting

Methodology for analyzing the composition and structure of working capital

Efficiency Analysis Methodology

The practical significance of this final qualification work lies in the possibility of implementing the proposed measures for efficient use working capital in the activities of OAO MAGE. Subject of study: working capital management system. The practical significance of this final qualification work lies in the possibility of implementing the proposed measures for the effective use of working capital in the activities of MAGE JSC.

working capital

Chapter 1 Theoretical Foundations of Working Capital

1.1 Composition, structure and classification of the working capital of the enterprise

Capital is the means that a business entity has to carry out its activities for the purpose of making a profit Kondrakov, N. P. Accounting: textbook / Kondrakov N. P. - M .: INFRA, 2010 .- P. 43.

Working capital can be defined as a component of productive capital, which includes a part of constant capital (raw materials, materials, fuel, work in progress) and all variable capital. In other words, circulating capital includes the value of objects of labor (constant capital) and variable capital expended on the purchase of labor power. At the same time, the constant has the property of self-expansion due to the receipt of surplus value, and the variable can only be reproduced in the same volume.

Contemporary Western Approaches financial management basically based on the concept of current assets - the working capital of the enterprise, considering the fixed capital as funds, resources for investment in order to generate income, funds invested in the enterprise in the form of equity capital (authorized fund) or in the form of other forms of long-term financing, then they consider productive capital simply as money, abstracting from the material forms of the existence of capital and its movement.

So, working capital is the means that serve the process of activity, participating simultaneously in the production process and in the process of selling products.

A feature of working capital is that it is not spent, is not consumed, but is advanced in different kinds current costs of an economic entity. The purpose of advance payment is to create the necessary inventories, backlogs of work in progress, finished products and conditions for its implementation. Thus, working capital, intended to ensure the continuity of the production process and the sale of products, can be characterized as a set of funds advanced for the creation and use of working capital and circulation funds.

According to the functional purpose, or role in the process of production and circulation, the working capital of an enterprise is divided into working capital and circulation funds. Based on this division, working capital can be characterized as funds invested in working capital and circulation funds and making a continuous circulation in the process of economic activity.

Revolving production assets of enterprises consist of three parts:

Production stocks are the objects of labor necessary to start the production process, consisting of raw materials, basic and auxiliary materials, fuel, fuel, spare parts and components;

Work in progress (objects of labor that entered the production process: materials, parts, assemblies and products) and semi-finished products of own manufacture;

Deferred expenses are intangible elements of working capital assets, including the costs of preparing and developing new products.

Along with the listed material elements involved in inventories or work in progress, working capital assets are also represented by deferred expenses necessary to create backlogs, install new equipment, etc.

Thus, circulating production assets serve the sphere of production, fully transfer their value to the newly created product, while changing their original form. And all this - during one production cycle or circulation.

Another element of working capital is circulation funds. They are not directly involved in the production process. Their purpose is to provide resources for the circulation process, to serve the circulation of enterprise funds and to achieve unity of production and circulation. Circulation funds include: finished products in warehouses, goods in transit, cash and funds in settlements with consumers of products, in particular, receivables. Khokhlov V.V. Features of the management of working capital of Russian enterprises. - M.: Higher school, 2009 - p. 34

Combining circulating production assets and circulation funds into a single category - working capital is due to the fact that, firstly, the reproduction process is the unity of the production process and the process of product sales. Elements of circulating capital continuously move from the sphere of production to the sphere of circulation and again return to production. Secondly, the elements of circulating funds and circulation funds have the same nature of movement, circulation, which is a continuous process.

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

The funds of the enterprise can be used both in its internal turnover and outside it (accounts receivable, long-term and short-term financial investments, cash in accounts).

The composition and structure of borrowed funds has a great influence on the financial condition of the enterprise; the ratio of long-term, medium-term and short-term financial obligations.

Attracting borrowed funds into the turnover of an enterprise is a normal phenomenon. This contributes to a temporary improvement in his financial condition, provided that they are not frozen for a long time in circulation and are returned in a timely manner. Otherwise, overdue accounts payable may arise, which ultimately leads to the payment of fines and a deterioration in the financial situation.

Working capital can be in the sphere of production (stocks, work in progress, deferred expenses) and in the sphere of circulation (finished products in warehouses and shipped to customers, funds in settlements, short-term financial investments, cash on hand and in bank accounts, goods and etc.). Capital can function in monetary and material forms. In the period of inflation, the presence of funds in the form of money leads to a decrease in their purchasing power, because. they are not revalued due to inflation.

Depending on the degree of exposure to inflationary processes, all balance sheet items are classified into monetary and non-monetary. Monetary assets -- balance sheet items that reflect funds and liabilities in the current monetary value. Therefore, they are not subject to revaluation. These include cash, deposits, short-term financial investments, funds in settlements. Non-monetary assets -- fixed assets, capital construction in progress, inventories, work in progress, finished products, goods for sale. Their real value changes with time and price changes and therefore requires revaluation.

Depending on the degree of risk of investing capital, working capital is distinguished with:

Minimal investment risk (cash, short-term financial investments);

Low investment risk (accounts receivable minus doubtful debts, inventories minus stale, balances of finished products minus not in demand, work in progress);

High investment risk (doubtful receivables, stale stocks, finished products that are not in demand).

From a legal standpoint, capital should be considered as the ratio of property and liabilities arising from the formation of this property.

From a financial point of view, the capital of an enterprise should be defined as the time-varying ratio of an enterprise's assets to its debts. Therefore, the basis for developing the principles of accounting for the capital of an enterprise should be an objective legal basis, and for the calculation, evaluation and analysis of the state and movement of capital, it is necessary to use financial approaches more often.

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

At the first stage, the advanced and invested capital is used to acquire the means of production, objects of labor and labor power, this is done in the form of money, in the sphere of circulation. At the second stage, in the process of production, the components of the first stage are turned into a commodity, while the value of this commodity exceeds the value of its constituent parts, since it contains, in addition to the advanced capital, surplus value. Therefore, the movement of funds in the process of circulation in the first and second stages is reflected in the form of expenses. In the third stage, implementation - in the form of income. Thus, the surplus value arising in the process of production is expressed in the form of income brought by capital. This process can be defined as the layering of operating profit on advanced, invested capital in a circular process.

Circulation is a process that takes place constantly and represents a turnover of capital. Having completed one circuit, circulating capital enters into a new one, i.e. the circuit is uninterrupted and there is a constant change in the forms of the advanced value. At the same time, at each given moment of the circulation, working capital functions simultaneously at all stages, ensuring the continuity of the production process. Advance value in various parts simultaneously exists in many functional forms - monetary, productive, commodity.

The acceleration of circulation releases (mobilizes) funds. At the same time, there is a direct relationship between the amount of capital and the time of its turnover. The longer the turnover period lasts, the greater the amount of funds in circulation. Consequently, the faster capital completes the circuit, the more enterprise receives and sells products with the same amount of capital for a certain period of time. A delay in the movement of funds at any stage leads to a slowdown in capital turnover, requires additional investment of funds and can cause a significant deterioration in the financial condition. Abryutina, M.S. Analysis of the financial and economic activities of the enterprise / M .: Delo and service, 2008. -C 67.

The target setting for working capital management is to determine its volume and structure, the sources of their coverage and the ratio between them, sufficient to ensure long-term production and effective financial activity of the enterprise. The grouping of enterprise assets is shown in Figure 1.

With a low level of working capital, production activities are not properly supported, hence the possible loss of liquidity, periodic disruptions in work and low profits. At some optimal level of working capital, profit becomes maximum. A further increase in the amount of working capital will lead to the fact that the company will have at its disposal temporarily free, inactive current assets, as well as excessive financing costs, which will lead to a decrease in profits.

Rice. 1 - Grouping of enterprise assets

Despite the important role of capital as a substance that forms business in the process of applying labor and entrepreneurial initiative to capital, the study of the formation, movement and reproduction of capital in the studies of modern specialists is not given due attention. Often, capital is considered only as something derivative, playing a secondary role, and the process of the enterprise's activity is placed in the first place. In this case, the role of capital is naturally belittled, and it is capital that is the basis for the emergence and implementation of the enterprise's activities, since it is capital that brings income to the enterprise in the process of its functioning, movement, and not the activity of the enterprise itself. Only capital has the property to generate income. This happens not because of its rarity, but due to the fact that capital is a material substance, a mechanism capable of generating income, since it sets in motion labor and ideas, embodying them in an entrepreneurial initiative.

1.2 Sources of working capital formation and efficiency of its use

In the course of the analysis of the sources of capital formation, their value is determined, the structure and dynamics are studied, and the balance ratios between individual groups of capital sources are assessed. The sources used by enterprises to form capital are divided into own, borrowed and gratuitously received.

Own funds include funds invested in the enterprise by owners or participants (authorized capital), retained earnings and equity funds created by the enterprise. At the same time, since the sources of capital formation are of a different nature, the principles for assessing their value should be different.

The authorized capital reflected in the balance sheet is the minimum advanced capital for the creation and start-up of the enterprise, otherwise it can be called starting capital. The formation of the authorized capital of the enterprise is possible both in the form of cash and in the form of tangible and intangible assets. It is part of the amount of equity contributed by the founders (participants) at the time of the establishment of the enterprise. The size of the formed authorized capital is determined, as a rule, by the capabilities of the owners - the founders and the necessary conditions for the implementation of this type of business. At the same time, the minimum amount of the authorized capital of the enterprise is established in accordance with the requirements of Russian legislation.

The cost of the owners' contribution to the authorized capital of the enterprise should be estimated at the nominal value of the contribution and reflect the amount actually advanced to the enterprise. Therefore, accounting for the authorized capital should be carried out at the nominal value of the shares or the contribution of the founders to the authorized capital of the enterprise. Equity funds of the enterprise also belong to the equity of the owners of the enterprise and are created by their decision, while having various reasons for the formation. By the nature of formation, funds are divided into two categories: obligatory funds (reserves) and those created for the purpose of redistributing profits to increase equity capital, consumption or investment.

The reserve capital is created by the decision of the owners in the amount reflected in founding documents in accordance with the requirements of the law, through the use of net profit, and is intended to cover possible losses and losses resulting from extraordinary (unplanned) circumstances.

Additional capital reflects the size of the increase in current capital as a result of the revaluation of fixed assets, the occurrence of share premium, and also to account for the increase in the capital of the enterprise due to property received free of charge. Additional capital funds can be used to increase the authorized capital, to cover the losses of the enterprise, to distribute to the founders. The additional capital is not used for current consumption by the enterprise and serves to maintain a certain level of the value of the capital of the enterprise. Accounting for funds and retained earnings generated by the enterprise should be made in the balance sheet, while they should be shown in accounting registers at the actual, current value for the enterprise.4

It is necessary to include all the funds attracted by the enterprise, regardless of where they are received from and at what price, to borrowed sources of capital. Borrowed sources of capital are: bank loans, loans provided by other investors, financing from the state budget and temporarily attracted funds from creditors. They should be accounted for at present value at the time the funds are received.

Temporarily attracted funds (accounts payable) arise within the framework of the resulting commodity credit, depending on the terms of payment and the conscientiousness of partners, as well as delays in remuneration of employees of the enterprise, etc. This type sources of capital is valued at the current value at the time of occurrence.

The general structure of the sources of capital of an enterprise can be represented using the diagram shown in Figure 2.

The source of capital formation of the enterprise - advanced capital - gives the enterprise an abstract right to dispose of assets. At the same time, on the basis of ownership, sources of capital are divided into own and borrowed. In order to conduct an external, financial analysis, capital, with its existing division into equity and attracted, must be evaluated in the unity of the sources of its formation, in general, as attracted capital.4

So, the sources of formation of working capital are own, borrowed and additionally attracted funds. At the expense of own sources, as a rule, the minimum stable part of working capital is formed. The presence of own working capital allows the organization to freely maneuver, increase the effectiveness and sustainability of its activities.

Funds received free of charge by the enterprise are manifested in the form of financing from budgets of various levels, as well as in the form of sponsorship from various organizations, financial assistance received from institutions. Kovalev, V.V. Financial analysis: Money management. Choice of investments. Reporting analysis./ - M.: Finance and statistics, 2009, -p.32

Rice. 2 - Scheme of the structure of sources of capital

The formation of working capital occurs at the time of the creation of the organization, when its authorized capital is formed. The source in this case is the investment funds of the founders of the organization. In the future, the organization's minimum need for working capital is covered by its own sources: profit, authorized capital, reserve capital, accumulation fund and targeted financing. However, due to a number of objective reasons (inflation, growth in production volumes, delays in paying customer bills, etc.), the organization has temporary additional needs for working capital. When it is impossible to cover these needs from own sources, the financial support of economic activity is accompanied by the attraction of borrowed sources: bank and commercial loans, loans, investment tax credit, investment contribution of employees of the organization, bonded loans, as well as sources equated to own funds, the so-called sustainable sources. liabilities. These are funds that do not belong to the organization, but are constantly in its circulation. These funds serve as a source of formation of working capital in the amount of their minimum balance. These include: the minimum monthly wage arrears to employees of the organization, reserves to cover future expenses, the minimum carry-over debt to the budget and extra-budgetary funds, creditors' funds received as prepayment for products (works, services), buyers' funds for pledges for returnable packaging, carry-over balances of the consumption fund.

Borrowed funds are mainly short-term bank loans, with the help of which temporary additional needs for working capital are satisfied. The main directions of attracting loans for the formation of working capital are: lending to seasonal stocks of raw materials, materials and costs associated with the seasonal production process; temporary replenishment of the lack of own working capital; implementation of settlements and mediation of payment turnover. Berdnikova, T.B. Analysis and diagnostics of the financial and economic activities of the enterprise: tutorial. / - M.: INFRA-M, 2008.-C 69

Bank loans are provided in the form of investment (long-term) loans or short-term loans. The purpose of bank loans is to finance expenses associated with the acquisition of fixed and current assets, as well as financing the organization's seasonal needs, temporary growth in inventories, receivables, tax payments, and extraordinary expenses. Short-term loans can be provided by government agencies, financial companies, commercial banks, factoring companies.

Along with bank loans, the sources of financing of working capital are also commercial loans of other organizations, issued in the form of loans, bills of exchange, commodity credit, advance payment.

The investment tax credit is provided to the organization by the authorities state power and represents a temporary deferment of the organization's tax payments. In order to receive an investment tax credit, an organization enters into a loan agreement with the tax authority at the place of registration of the organization.

The investment contribution of employees is a monetary contribution of an employee to the development of an economic entity at a certain percentage. The interests of the parties are formalized by an agreement or a regulation on an investment deposit.

The needs of the organization in working capital can also be covered by issuing debt securities or bonds. The bond certifies the loan relationship between its holder and the person who issued the document. Bonds assume urgency, repayment and payment with a fixed, floating or evenly increasing coupon rate, as well as with a zero coupon (interest-free bonds). The payment of income on interest-free bonds is made once when the securities are redeemed at the redemption price. According to the terms of the loan bonds are classified into short-term (1-3 years), medium-term (3-7 years), long-term (7-30 years). The bonds of the organization are highly profitable securities, although their reliability is lower than that of other securities.

It should also highlight other sources of working capital formation, which include the organization's funds that are temporarily not received for their intended purpose (funds, reserves, etc.).

The correct ratio between own, borrowed and borrowed sources of working capital formation plays an important role in strengthening the financial condition of the organization.

The determination of the expediency of attracting a particular financial source is carried out on the basis of a comparison of the profitability indicators of investments of this type and the cost (price) of this source. This problem is especially relevant for borrowed funds.

In the process of circulation of working capital, the sources of their formation, as a rule, do not differ, but this does not mean that the system for the formation of working capital does not affect the speed and efficiency of the use of working capital. An excess of working capital will indicate that part of the organization's capital is idle and does not generate income. Its lack slows down the course of the production process, slowing down the rate of economic turnover of the organization's funds.

The question of the sources of formation of working capital is also important because the market situation is constantly changing, which means that the organization's needs for working capital are not stable. It is often practically impossible to cover them only at the expense of own sources. The attractiveness of the organization's work at the expense of its own sources fades into the background. Experience shows that in most cases the efficiency of the use of borrowed funds is higher than that of own funds. In such conditions, the main task of managing the process of formation of working capital is to ensure the effectiveness of attracting borrowed funds.

In conclusion, we note that among the indicators of the structure of capital sources, the following should be distinguished:

The structure of individual sources of capital and their dynamics over the period:

the value of own sources;

The amount of long-term borrowed sources;

The amount of short-term borrowed sources.

Cost, weighted average cost and cost structure of capital sources.

Aggregate indicator of the cost of sources of capital.

Effect indicator financial leverage, the same as gearing, but in this case it is considered as a money management tool, and not just as an indicator of the structure of capital sources.

How optimal is the ratio of own and borrowed capital, largely depends financial position enterprise and its sustainability.

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

It follows from this: one must strive not only to accelerate the movement of capital at all stages of the circulation, but also to the maximum return, which is expressed in an increase in the amount of profit per ruble of capital. Increasing the profitability of capital is achieved by the rational and economical use of all resources, preventing their overspending, losses at all stages of the circulation. As a result, the capital will return to its original state in a larger amount, i.e. with a profit. Thus, the efficiency of capital use is characterized by its profitability (profitability) - the ratio of the amount of balance sheet profit to the average annual amount of total capital.6

Efficient use of working capital plays an important role in ensuring the normalization of the enterprise, increasing the level of profitability of production and depends on many factors. AT modern conditions a huge negative impact on the change in efficiency Baryshnikov, N. P Accounting, report, taxation. / - M.: Filin, 2008,.-p. Factors that influence the use of working capital and slow down their turnover are: violation of contractual and payment and settlement discipline; high level of tax burden; reduced access to credit due to high bank interest rates. All of these factors are objective and, of course, affect the use of working capital of the enterprise.

At the same time, enterprises have internal reserves to improve the efficiency of the use of working capital. Measures to find such reserves are included in the task financial services. It:

Rational organization of inventories (resource saving, optimal rationing);

Staying working capital in work in progress (implementation the latest technologies, especially non-waste, renewal of the production apparatus, the use of modern cheaper structural materials);

Efficient organization of circulation (improvement of the settlement system, rational organization sales, bringing consumers of products closer to their manufacturers, systematic monitoring of the turnover of funds in settlements).

Solvency, i.e. the ability to repay their debt obligations on time;

Liquidity, i.e. the ability to make the necessary expenses at any time;

Opportunities for further mobilization of financial resources.

Working capital management is important in solving the key problem of the financial condition: achieving the optimal ratio between the growth of production profitability (maximizing profit on invested capital) and ensuring sustainable solvency, which serves as an external manifestation of the financial stability of the enterprise. An extremely important task is the provision of reserves and costs of the enterprise with sources of their formation and maintaining a rational ratio between own working capital and borrowed resources directed to replenish working capital.

The efficiency of capital use is determined by the results of its operation and the relationship with the costs necessary to obtain these results. Currently, the efficiency of capital use, as a rule, means the amount of profit received per ruble of invested capital.

Since the state of capital in the course of the enterprise's activity is constantly changing, in our opinion, in addition to the indicator of the amount of profit received, the efficiency of capital functioning should also be determined by a more general indicator - the amount of capital growth for the period. Therefore, as the main criteria for assessing the efficiency of the use of capital, it is necessary to apply several indicators, namely: the profit received by the enterprise for the reporting period, the change in the indicators of the financial condition as a whole, the indicators of the business activity of the enterprise, and the amount of capital growth of the enterprise for the period.

When determining the efficiency of capital use, both the methods of financial and investment analysis and the methods of complex analysis of capital should be used.

The impact of the amount of capital on other performance indicators of the enterprise can be seen using the diagram shown in Figure 3.

The main objectives of the analysis of the effectiveness of the functioning of capital are:

Determining the impact of profit on capital;

Establishment of capital gains;

Assessment of the impact on the financial position of the enterprise of the state of capital indicators.

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Rice. 3 - The relationship between the amount of capital and other indicators of the enterprise

A generalizing indicator of the effectiveness of the use of working capital is an indicator of its profitability, calculated as the ratio of profit from the sale of products to the amount of working capital:

ROCK \u003d PRP / JUICE * 100%, (1)

where ROCK - profitability;

PRP - profit from the sale of products;

SOK - working capital.

This indicator characterizes the amount of profit received for each ruble of working capital, and reflects the financial efficiency of the enterprise, since it is the working capital that ensures the turnover of all resources in the enterprise.

The duration of one turnover (turnover of working capital) in days is determined by dividing the working capital of the SOK by a one-day turnover, defined as the ratio of the volume of sales to the duration of the period in days or as the ratio of the duration of the period to the number of turnovers of the BER:

OBOK \u003d JUICE: RP / D \u003d (SOCD) / RP \u003d D / BER, (2)

where OBOK - turnover of working capital;

RP - sales volume;

D is the duration of the period in days;

KOB - the number of revolutions.

The turnover rate characterizes the direct turnover ratio (number of turnovers) for a certain period of time - a year, a quarter. This indicator reflects the number of circuits made by the working capital of the enterprise, for example, per year. It is calculated as the quotient of the volume of products sold divided by working capital, which is taken as the average amount of working capital:

BER = RP / SOK (3)

Direct turnover ratio shows the value of sales per 1 ruble of working capital. An increase in this ratio means an increase in the number of turnovers and leads to the fact that: an increase in output or sales volume for each invested ruble of working capital; the same volume of production requires a smaller amount of working capital.

The reverse turnover ratio or working capital utilization factor shows the amount of working capital spent on each ruble of sold products:

KZ \u003d SOB / RP \u003d 1 / BER, (4)

where KZ - load factor;

SOB - the amount of working capital.

To characterize the sources of formation of reserves and costs, several indicators are distinguished.

Own current assets (SOS) - an absolute indicator representing the difference between equity and non-current assets:

SOS = p.490 - p.190 (according to form 1) (5)

Own and long-term borrowed funds (DOS) - is defined as the difference between own and long-term borrowed funds and non-current assets:

SDOS = SOS + p.510 (according to form 1) (6)

The total value of the main sources of formation of reserves and costs of the enterprise (OOS) is an absolute indicator characterizing the sufficiency of normal sources of formation of reserves and costs.

According to various authors, this indicator is calculated in different ways. Some authors (Sheremet A.D., Savitskaya G.V.) believe that it should be calculated by adding the value of short-term loans and borrowings to the previous indicator and is calculated using formula (7). Other authors, such as Kovalev V.V. and Borisov L.N., believe that the total value of the main sources of formation of reserves and costs, in addition to the previous indicator and the value of short-term loans and borrowings, includes a part of accounts payable (attracting commodity loans and advances for work and orders) and is calculated by the formula (eight):

OS = SDOS + p.610 (7)

OOS = SDOS + p.610 + p.621 + p.622 p.627 (8)

* - formulas are filled according to form 1

Stocks and costs (ZIZ) - an absolute indicator that characterizes the availability of stocks and costs in an enterprise in an unfinished state for conducting normal financial and economic activities:

ZIZ = p.210 (according to form 1)

One of the indicators characterizing the financial position of an enterprise is its solvency - this is the ability to pay off its payment obligations in a timely manner. Liquidity indicators are used to assess the solvency of an enterprise.

The liquidity of the balance sheet is the ability of a business entity to turn assets into cash and pay off its payment obligations, or rather, it is the degree of coverage of the company's debt obligations by its assets, the period of transformation of which into cash corresponds to the maturity of payment obligations.

The efficiency of capital use is characterized by its profitability (profitability). To characterize the intensity of the use of capital, the coefficients of its turnover are calculated.

The main profitability indicators are calculated in Table 1.

The analysis of business activity and profitability consists in the study of the levels and dynamics of various financial turnover and profitability ratios, which are relative indicators of financial results.

Table 1

Profitability indicators

Name indicator	Calculation method	Explanations

Profitability of sales	Profit from sale / Sales revenue	Shows how much profit falls on a unit of product sold
2. Profitability	Revenue from sales/	Shows how much profit
core business	Full cost	accounts for one ruble of expenses
3. Overall return on total capital	Balance sheet (net) profit/ Average capital (balance sheet currency)	Shows the efficiency of using all capital
4. Return on equity	Balance sheet (net) profit/ Average equity	Shows the effectiveness of the use of equity capital
5. Payback period of equity	Average equity/ Net profit	Shows how many years the owners will pay back their investments at the current level of profitability
6. Return on investment capital	Balance sheet (net) profit/ Average cost of equity and long-term liabilities	Shows the effectiveness of the use of capital invested in the activities of the organization for a long period of time
7.Fundorability	Balance sheet (net) profit/ Average value of non-current assets	Shows the effectiveness of the use of fixed assets and other non-current assets

Business activity characterizes the results and efficiency of current core activities. Evaluation of business activity is carried out at a qualitative and quantitative level. The main indicators of business activity are calculated in Table 2.

The relationship between the indicators of profitability of total capital and its turnover is expressed as follows:

table 2

Business Activity Indicators

Name indicator	Calculation method	Explanations
1. Labor productivity or output per worker	Sales revenue/average headcount	It characterizes the efficiency of the use of labor resources.
2. Return on assets	Sales revenue/ fixed assets	Characterizes the efficiency of the use of fixed assets
3.Inventory turnover, in turnovers	Cost and distribution costs / avg. productions. reserves	Characterizes the duration of the passage of stocks of all stages of production and sale
4. Accounts receivable turnover	Sales revenue/ Average receivables	Characterizes the speed of repayment of the company's accounts receivable
5. Accounts payable turnover	Cost and distribution costs/ average credit debt	Characterizes the speed of repayment of accounts payable of the enterprise
6. Turnover of equity capital	Sales revenue/ Average cost of capital	Characterizes the turnover rate of the company's own capital

To characterize the sources of formation of reserves, three main indicators are determined:

The presence of working capital -- as the difference between capital and reserves-mi (section III liabilities) and non-current assets (section I asset); characterizes net working capital:

SOS \u003d IIIr P - Ir A, (10)

where SOS - own working capital;

IIIr P - section III of the liabilities side of the balance sheet;

Ip A -- section I of the asset balance;

The presence of own and long-term borrowed sources of formation of reserves and costs (SD) is determined by increasing the previous indicator by the amount of long-term liabilities:

SD \u003d SOS + IVpP; (eleven)

where IVpП - section IV of the balance sheet liabilities.

The total value of the main sources of formation of reserves and costs (OI) - is calculated by increasing the previous indicator by the amount of short-term borrowed funds - page 610 of section V of the liability:

OI \u003d SD + GLC (12)

where KLC - short-term borrowed funds.

Three indicators of the availability of sources of formation of reserves correspond to three indicators of the availability of reserves with sources of their formation:

Surplus "plus" or lack of "minus" own working capital (DSOS) - Fs:

DSOS = SOS-3, (13)

where 3 - stocks (line 210 of section II of the asset balance);

Excess "plus" or shortage "minus" own and long-term borrowed sources of reserves and costs (ASD) -- Ft:

DSD = SD-3; (fourteen)

Surplus "plus" or lack of "minus" of the total value of the main sources of formation of reserves (DOI) - F0:

DPI= GR - 3. (15)

Identification of surpluses (or shortcomings) of sources of funds to cover stocks and costs allows, in turn, to determine the type of financial situation in the organization.

1.3 Circulation of capital as the main source

Circulation of capital, the movement of self-increasing value in the sphere of production and circulation, during which capital takes three functional forms (monetary, productive and commodity) and goes through three stages. At the end of this process, capital returns to its original form. The first stage in the movement of industrial capital -- the transformation of money capital (M) into productive capital, i.e., the purchase of commodities (C) -- means of production (Cn) and labor power (P) -- is expressed by the formula D -- C< . Первую стадию капитал проходит в сфере обращения. Именно акт купли специфического товара -- рабочей силы превращает деньги в капитал, который возвращается к владельцу в размере, превышающем первоначальную капитальную стоимость на величину прибавочной стоимости. Денежный капитал выражает, т. о., отношения между двумя классами буржуазного общества: рабочими, которые лишены средств производства и вынуждены продавать свою рабочую силу, и капиталистами -- собственниками средств производства. Условием превращения денег в капитал является наличие на рынке специфического товара -- рабочей силы. На первой стадии К. к. возрастания стоимости не происходит. Вторая стадия К. к. -- превращение производительного капитала в товарный -- совершается в сфере производства и выражается формулой... П.... Характеризуется возрастанием капитальной стоимости. Функция капитала в этой форме заключается в производстве стоимости и прибавочной стоимости. Средства производства становятся вещественным носителем постоянного капитала, рабочая сила -- переменного капитала. Стоимость вновь созданного в процессе производства товара уже включает прибавочную стоимость. Третья стадия -- превращение товарного капитала в денежный -- выражается формулой Т"--Д" и происходит в сфере обращения. Функцией товарного капитала является процесс реализации, т. е. превращение произведённой стоимости и прибавочной стоимости из товарной формы в денежную. Превращением товарного капитала в денежную форму завершается К. к.: капитал начинает новый кругооборот в своей первоначальной форме -- денежной. Всякий индивидуальный капитал в каждый данный момент одновременно находится в трёх своих различных функциональных формах и на трёх различных стадиях. Кругооборот промышленного капитала представляет собой, т. о., единство трёх кругооборотов. Движение промышленного капитала не ограничивается единичным кругооборотом. Непрерывное повторение К. к. образует оборот капитала. Непрерывность К. к. определяется условиями капиталистического воспроизводства и его законами. Денежный капитал, являющийся исходной формой промышленного капитала, совершает кругооборот по следующей формуле: Д -- Т -- …П…Т" -- Д". Непрерывность кругооборота денежного капитала -- necessary condition continuity in the production of surplus value. The main function of productive capital is the exploitation of wage workers for the production of surplus value. The formula of its circulation is P ... T "-D" - T "... P". For the uninterrupted movement of industrial capital, the uninterrupted functioning of commodity capital is also necessary: C "-M" - C ... P ... C. capitalist. But this process cannot take place without the sale of commodities as use-values. If the produced commodities do not satisfy social needs, they cannot be sold at a profit for the capitalist, and the circulation process can be interrupted at the first stage. Analysis of industrial capital in the unity of all three of its circuits, first produced by K. Marx, gives a complete characterization of capital capital and reveals the conditions for the continuity of its movement. "The circulation of capital is normal only as long as its various phases pass without delay into one another" (Marx K., see K. Marx and F. Engels, Soch., 2nd ed., vol. 24, p. Continuity is constantly broken and accompanied by crises, is cyclical (see. economic crises). Since money, productive and commodity capital perform different functions in the movement of industrial capital, they can be isolated into independent types of capital. At a certain stage in the development of capitalism, money capital in the form of loan capital and commodity capital in the form of commercial capital separate from industrial capital. The isolation of these forms of capital complicates the movement of industrial capital and sharpens the contradictions of capitalist reproduction.

Chapter 2. Methodology for accounting and analysis of working capital of JSC MAGE

2.1 Brief description of JSC "MAGE"

The Marine Arctic Geological Exploration Expedition was founded in Murmansk in 1972 with the aim of studying the geological structure and determining the prospects for the oil and gas potential of the Arctic shelf. Russian Federation. In 1994 the company was transformed into a joint stock company.

Since 1973 JSC "MAGE" has been systematically carrying out regional geological and geophysical studies on the shelves of the Arctic seas, in the World Ocean and Antarctica.

Only in the period from 2004 to 2011 JSC "MAGE" by order of the Government of Russia carried out regional geophysical surveys in the amount of about 65,000 linear meters. km, including seismic surveys of MOV OGT 2D, refraction, differential hydromagnetic and above-water gravimetric observations. Works covering the northern part Barents Sea, the southern water area of the Kara Sea, the Laptev Sea, the White Sea, made it possible to identify new promising areas and objects in terms of oil and gas and, undoubtedly, will contribute to solving the problem of reproducing the country's resource base. This extensive research continues to the present day.

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1. Tasks, purpose and information support of the analysis of working capital

2. The economic essence of the working capital of the enterprise

3. Analysis of the state and use of working capital

4. Analysis of the effectiveness of the use of working capital of the enterprise

In the property of any enterprise, an important place is occupied by working capital, that is, part of the capital invested in current current assets. The purpose of working capital is to ensure the continuity of the production process and the sale of products, as well as the completeness and timeliness of financing business activities.

The main tasks of working capital analysis:

1. Study of changes in the composition and structure of working capital

2. Grouping of working capital according to the main features

3. Determination of the main sources of working capital formation.

4. Determination of the main indicators of the efficiency of the use of working capital

Based on the tasks set, we formulate the purpose of the analysis of working capital

Information support for working capital analysis:

1. Accounting balance

2. Profit and loss statement

3. Primary and accounting, which decipher and detail individual balance sheet items

The economic essence of working capital

Working capital - cash resources that are advanced to working capital and circulation fords.

Revolving funds take part in the production process once, while changing the natural-material form and completely transfer their value to the newly created product. These include:

1. raw materials, basic materials and purchased semi-finished products;

2. Auxiliary materials

3. Fuel

5. Spare parts for repair

6. Low-value, wear-out items

7. Work in progress in the form of work in progress

8. Prepaid expenses intended to ensure the continuity of production

Circulation funds - associated with the maintenance of the circulation process. These include:

1. Products in the warehouses of the enterprise

2. Shipped products

3. Cash on hand and in bank accounts

4. Accounts receivable

These two components of working capital are closely interconnected and constantly move from the sphere of production to the sphere of circulation and vice versa, and together form working capital, which in the production process makes a complete circuit, consisting of next steps:

1. Acquisition (preparatory stage). At the expense of funds, the objects of labor necessary for the organization of production are bought. The monetary form of working capital is replaced by a commodity one, as funds are transferred from the sphere of circulation to the sphere of production.

2. Production (production stage). At this stage, the acquired working capital is sent directly to the production process, where they exist first in the form of work in progress and semi-finished products, and then in the form of finished products.

3. Sales of finished products (sales stage). However, circulating assets from the sphere of production pass into the sphere of circulation and act in the form of finished products in the warehouse, products shipped by the consumer and in the form of money.

Thus, the completion of the circulation of working capital means not only the end of the production process, but also the beginning of its implementation, that is, the production form of working capital is replaced by cash. After that, the received funds are again used to acquire working capital and put them into production, that is, a new circuit begins.

The time during which working capital makes a complete cycle, that is, they go through all three stages, is called the circulation period of working capital, or the duration of their one turnover.

Unlike OPF, working capital is constantly in circulation, changing its form.

The whole set of working capital is subdivided:

1. Depending on the source of financing: own (working capital that is owned by the enterprise; borrowed working capital (formed after receiving loans from banks)

2. Depending on whether the volume of working capital necessary for the smooth operation of the enterprise can be calculated and controlled: standardized (elements of working capital, according to which norms and standards are calculated and established. These include inventories, work in progress and finished products in stock) and non-standardized (working capital that does not have standards, and their volume is controlled according to actual data. These are products shipped, but not paid for by the consumer, receivables and cash)

Analysis of the state of use of working capital

An analysis of the state and use of working capital should provide answers to the following questions:

1. What is the structure of working capital?

2. At the expense of what funds is the current activity of the enterprise financed?

3. What is the need for working capital?

4. What sources should be used to cover the need for working capital?

5. How effectively are the resources of the organization used in a certain period of time and in dynamics?

Consider the above steps

Analysis of the dynamics of changes in working capital. To identify the dynamics, the organization's balance sheet (form 1) and the horizontal analysis method are used, which allows you to determine:

1. Absolute change in working capital: deltaOBS=OBSotch-OBSbase

2. Relative change, or growth rate: deltaOBS / OBSbase * 100

To assess the change in the cost of working capital, taking into account the volume of production (sales proceeds), the indicator of relative deviation (savings / overspending) is calculated according to the formula: Otk \u003d OBSbase-OBSotch * Tr (v), where Tr (v) \u003d Vbaz-Watch, where B - revenue.

If the received value is Ot<0, то в отчетный период имеет место относительная экономия при использовании оборотных средств по сравнению с уровнем качества их использования в базисный период.

The analysis of the structure of working capital depends on the influence of the following factors: the production cycle, the conditions of the economic and organizational order, that is, to analyze the structure of working capital, it is advisable to determine the proportions of the constituent elements of working capital in their total cost using the vertical method of analysis.

Knowing the share of each component in current assets, we can draw certain conclusions about the level of resource management. For example, a significant proportion of receivables indicates insufficient management of them, and a significant proportion of inventories may be due to:

1. The organization increases the volume of purchases of raw materials and materials due to rising prices for the main types of raw materials and the unreliability of the main suppliers

2. The organization has significantly increased the volume of production, which led to an increase in material resources

3. Poor management of material resources

Sources of working capital formation.

The system of formation of working capital affects the speed of their turnover and efficiency of use. An excess of working capital means that part of the company's capital is idle and does not generate income. The lack of working capital slows down the implementation of the production process and slows down the speed of the economic turnover of the enterprise's funds.

The question of the sources of working capital formation is also important from the point of view of the market situation, which is constantly changing, therefore, the needs of an enterprise for working capital are unstable, and it is almost impossible to cover the needs for them only at the expense of its own sources. Therefore, it is necessary to form working capital by ensuring the efficiency of attracting borrowed funds. Let's present the sources of working capital in the form of a table:

Table 1.

Own sources	Borrowed sources	Additional involved
Authorized capital	Long-term bank loans	Accounts payable:
Extra capital	Long term loans	suppliers and contractors;
Reserve capital	Short-term bank loans	payroll
accumulation fund	Short term loans	Insurance
Social Sphere Fund	Commercial loans	budget
Targeted funding and income	Investment loans	Other creditors
Undestributed profits	Employee investment contribution	Charitable and other receipts

As a rule, the minimum need for working capital is covered by own sources of profit, authorized capital and reserve capital. In conditions of inflation, growth in sales volumes, the enterprise has temporary additional needs for working capital. In these cases, the financial support of the economic activity of the enterprise is accompanied by the attraction of borrowed and additionally attracted funds.

Information on the size of own sources of funds is presented in the balance sheet of the enterprise (section 4) and section 1 of form 3 "statement of capital flows".

Information on borrowed and attracted sources is presented in sections 5 and 6 of the balance sheet and sections 1 and 2 of form 5 “Appendix to the balance sheet”.

Analysis of the effectiveness of the use of working capital

The efficiency of the use of working capital is characterized by the speed of their turnover (turnover) - the time spent on the passage of all working capital at all stages of the cycle. The effect achieved as a result of the acceleration of turnover is expressed in an increase in output without additional financial resources.

The turnover of working capital is calculated by indicators:

1. Duration of one turnover (turnover of working capital in days) - the ratio of the amount of the average balance of working capital to the amount of one-day revenue for the analyzed period

2. The turnover ratio of working capital, or the number of turnovers for the reporting period - characterizes the size of the volume of proceeds from the sale of products per one ruble of working capital and represents the ratio of the volume of proceeds from sales to the amount of working capital

3. To calculate the amount of working capital released from circulation due to the acceleration (deceleration) of the turnover of working capital, it is calculated by the formula: the product of the change in the duration of one turnover by one-day actual revenue

Consider the use of these indicators.

Table 2. Analysis of working capital turnover

Conclusion: According to Table 2, we can draw the following conclusions that the turnover of working capital of an economic entity accelerated by 2.11, that is, from 31.86 to 29.75 days. This resulted in an increase in the turnover ratio by 0.8 turnover from 11.3 to 12.1 turnover. The change in the rate of turnover of working capital was achieved as a result of the interaction of two factors: an increase in the average balance of working capital by 74 and an increase in revenue by 5,000 rubles. Using the method of chain substitution, we calculate the influence of these factors on the howling acceleration of the turnover of working capital.

63000/5133=12,27

12.27-11.3 \u003d 0.97, that is, due to an increase in revenue by 5,000 rubles, the turnover ratio increased by 0.97 turnover

12.1-12.27 \u003d -0.17, that is, due to an increase in the average balance of working capital by 74 rubles, the turnover ratio decreased by 0.17 turnover

0.97-0.17=0.8 turn

Therefore, the revenue was positive, and the average working capital balance was negative.

Factors affecting working capital are divided into two groups:

1. External factors affecting the size and speed of turnover of working capital of the enterprise: the scale of the enterprise (small business, medium, large); nature of activity (industry affiliation); duration (number and duration) of technological operations in the implementation of activities; the quantity and variety of consumed types of resources; geography of product consumers, suppliers and subcontractors; payment system for goods, works, services; solvency of the client; quality of banking services; accounting policy of the enterprise; qualification of managers; inflation

2. Internal factors - arise as a result of the economic activity of this enterprise: non-fulfillment of the turnover plan and violation of its commodity structure; slowdown in turnover; exceeding the standard for inventory and failure to take timely measures to implement them

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