Standard working capital in production stocks - 2200 thousand rubles,
normative expenses for future periods - 500 thousand rubles,
product release plan 6000 pcs.,
duration of the production cycle - 30 days;
the production cost of one product is 36 thousand rubles;
cost increase factor - 0.85;
the norm of the stock of finished products in the warehouse is 26 days.
Define:
1. standard of working capital in work in progress;
2. the standard of working capital in finished products;
3. general standard of working capital of the enterprise.
Solution:
1. The standard of working capital in work in progress is determined by the formula:
B - the volume of output in physical terms;
C - the cost of one product;
T pc - the duration of the production cycle;
K n - coefficient of increase in production;
D - the duration of the planning period.
2. The standard of working capital in finished products:
N gp \u003d R × D nz,
Р - one-day production output according to production cost,
D nz - the rate of stock of finished products in days.
Let's find the one-day output of products at the production cost:
N gp \u003d 600 * 26 \u003d 15,600 thousand rubles.
3. The general standard of working capital of an enterprise is the sum of:
Nose. \u003d N pr.z + N np + N gp + N r.b.p.
N pr.z - the standard of inventories,
N np - the standard of work in progress,
N gp - standard stocks of finished products,
N r.b.p. - normative expenses of future periods.
Nose. \u003d 2200 + 15,300 + 15,600 + 500 \u003d 33,600 thousand rubles.
Rhythm, coherence and high efficiency of the use of working capital largely depends on their optimal sizes(as from negotiable production assets, and circulation funds). Therefore, the process is of great importance. normalization of working capital, which refers to the current financial planning at the enterprise.
They normalize working capital in inventories, work in progress, the balance of finished products in the warehouses of the enterprise. it normalized working capital. The remaining elements of working capital are called non-standardized.
In the process of normalization of working capital, the norm and standard of working capital are determined.
Working capital norms characterize the minimum stocks of inventory items at the enterprise and are calculated in days of stock, stock rates of parts, rubles per unit of account.
The standard of working capital establishes their minimum estimated amount, constantly necessary for the enterprise for work. And it is the product of the norm of working capital by the indicator, the norm of which is determined.
Actual stocks of raw materials, cash, etc. may be above or below the standard or meet it - this is one of the most volatile indicators of financial activity.
Failure to meet the standard of working capital may lead to a reduction in production, non-fulfillment of the production program due to interruptions in production and sales of products.
Excess stocks divert money from circulation, testify to shortcomings in logistics, irregular production processes and product sales. All this leads to insufficient or inefficient use of resources.
The working capital ratio for each type of inventories of material assets F ob.n is determined by the formula:
where C about - costs according to the production estimate for the planned period for the i-th type of working capital, rub.;
N about - the stock rate for the i-th type of working capital (days,%, rubles);
D to - the duration of the planned period (number calendar days),
where C i day - average daily consumption
type of working capital, rub.,
When calculating the working capital ratio, it is customary to consider a month equal to 30, a quarter - 90, a year - 360 days.
The rate of stock of fuel, materials, car tires, spare parts, low-value and wearable inventory, tools are determined in days.
The norm of working capital in days for production stocks includes:
The time spent by materials in transit (transport stock) after payment by the enterprise;
Time of unloading, acceptance and storage of materials in storage areas;
Time of laboratory analysis and preparation of materials for consumption (technological reserve);
The residence time of materials in the form of current stock in days (set at 50% of the average interval between two adjacent deliveries);
The residence time of materials in the form of a guarantee (insurance) stock, taken by the grass 50% of the current stock or established empirically.
The working capital ratio for certain types of material resources, which have their own specifics, is determined as follows.
Automotive fuel. The standard of own working capital for the formation of the current stock of automotive fuel includes the presence of automotive fuel in the tanks of vehicles, in the warehouse (in barrels and other tanks) or in the form of paid coupons.
For ATPs that refuel vehicles with fuel at gas stations (gas stations) of oil supply organizations using prepaid coupons, the amount of the current stock of automotive fuel is determined depending on the frequency of coupon acquisition established under the agreement with the oil supply organization. Given that the consumption of automotive fuel (coupons) is made gradually and by the beginning of the next date of purchase of coupons, their balance will be minimal, it is recommended to take the current supply of automotive fuel in the form of paid coupons in the amount of 70% of the cost of a one-time purchase of coupons.
The calculation of the norm of the stock of automotive fuel in days is carried out as follows: the current stock in the storage facilities of the ATP is set at 50% of the average interval between two adjacent deliveries; the fuel supply in the tanks of vehicles H t.a is determined by the formula:
where e is the capacity of the car tank, l.;
n t - fuel consumption rate per 100 km, l;
l ss - average daily mileage of the car, km.
Example 1 It is required to determine the standard of working capital for automobile fuel for the ATP, which has 350 buses of the Ikarus-280 brand, if: the fuel consumption rate for one bus is 44 liters. for 100km. run; the average daily mileage of one bus is 220 km; fuel tank capacity - 250l. ATP has containers for fuel corresponding to a 5-day supply, the frequency of deliveries is in 3 days; annual fuel consumption - 8097.3 liters. at a price of 8.0 rubles. for 1l.
Solution. 1. The rate of fuel supply in tanks and storage of ATP is determined:
The rate of fuel supply in the ATP storage ranges from the maximum supply - 5 days. to the minimum - 2 days. Under these conditions, the rate of the current stock in the storage
The general norm for the supply of automotive fuel is 2.6 + 3.5 = 6.1 days.
2. The cost of the annual consumption of automotive fuel for ATP C t is determined by multiplying the price C t by the annual fuel consumption n t.g:
3. The standard of working capital for fuel is determined:
Fund of circulating aggregates. The need for working capital for the formation of a fund of working units is determined in monetary terms at an average rate of 3% of the cost of sets of units required for the entire fleet of rolling stock. So, for example, if the cost of sets of units required for the entire fleet of ATP rolling stock is 986 thousand rubles, then the working capital ratio will be equal to 986. 0.03 \u003d 29.6 thousand rubles.
Low-value and wear-out inventory and tools. This article provides for the working capital necessary to cover the cost of low-value and wearable inventory and tools in operation, i.e. from drivers, repair workers, in the distribution pantry, and also in the warehouse in the form of stocks.
Since when tools and inventory are put into operation, 50% of their value is written off as production costs, the need for working capital to create an operating stock will be equal to 50% of their value. On average, the stock rate of low-value and wear-out inventory and tools in stock is assumed to be 30 days, and those in operation - 250 days.
The value of the standard of working capital for low-value and wear-out inventory and tools in operation can also be determined by the direct calculation method based on the current norms for a set of tools for one driver, repair worker, one machine and other norms. In this case, the norm of working capital in monetary terms is determined by multiplying the cost of a set of tools (inventory) by the corresponding number of drivers, repair workers, machine tools. It should also be borne in mind that 50% of their value is immediately written off as production costs.
Example 2 It is required to determine the average annual standard of working capital for low-value and wear-out inventory and tools in the auto repair shop of the ATP according to the following initial data: the number of repair and auxiliary workers - 148, machines and equipment - 235; the cost of a set of tools for one repair worker is 18.5 USD; the cost of a set of tools and fixtures for one machine or piece of equipment - an average of 36 USD; the cost of tools and inventory in the tool-distributing pantry - 16.3 c.u. with a stock rate of 30 days. Here, c.u. means conventional units.
Solution. 1. The cost of a set of tools and fixtures is determined:
2. The standard of working capital is determined for tools and inventory that are in operation F ob.m.e and in stock F mu.ob.z:
In general, the standard of working capital for low-value and wearing out inventory and tools is 5599 + 1400 = 6999 c.u.
Unfinished production. The standard of own working capital for work in progress is allocated by ATP to reimburse the costs of rolling unfinished repairs of vehicles and units, the duration of which exceeds one day. The stock rate in days for work in progress is taken depending on the duration of the repair and the nature of the distribution of costs in the production process.
The rate of working capital for work in progress H n.z is determined by multiplying the average duration of the production cycle (duration of repair) D r.c by the cost escalation coefficient K n.z. , defined as the quotient of dividing the amount of one-time material costs (repair materials and spare parts) and half of all other costs by the total cost of repairing objects whose repair duration exceeds one day.
Example 3 It is required to determine the standard of working capital for work in progress, if: average duration current repair car - 4 days; the average cost of one repair is 120 USD; including one-time costs of 62 USD, and subsequent costs - 58 USD; the total cost of work in progress is 156.7 thousand c.u.
Solution. 1. The coefficient of increase in costs is determined:
2. The stock rate is determined:
3. The standard of working capital for work in progress is determined
Future expenses. The standard for this element of working capital is set in monetary terms in the amount of the balance of these funds at the end of the planning period. In order to calculate the norm for the consumption of future periods Ф b.p, it is necessary to add the planned amount of expenses for future periods for the year Ф pl to the expected balance of these expenses at the beginning of the year Ф j.о and exclude the part to be written off to the cost of transportation in the planned year Ф sp:
Example 4 It is required to determine the standard of ATP working capital for deferred expenses for the planned year, if it is known that their balance is at the beginning of the planned year. is 3.2 thousand USD; planned expenses for the year - 7.8 thousand USD; is planned to be written off to the cost of transport products in the amount of 6.7 thousand c.u.
Solution. The working capital ratio for deferred expenses will be equal.
NP- the cost of products at different stages of the production process.
Factors influencing NP: volume of production, structure of production, duration of the production cycle, s / s of production, rate of increase in costs.
Norm for NP directly proportional to these factors.
The duration of the production cycle includes: time of the production process, transport, technological stocks, time of accumulation of semi-finished products, insurance stock (time from the moment of the first technological operation to the receipt of the GP).
Norm for NP \u003d (TP (s / s) * Tts * Knz) / T
Knz=(Za+0.5*Zo)/Za+zo
TP (s / s) \u003d commercial products at production cost
TC - the duration of the production cycle
T - calculation period
Knz - the coefficient of increase in costs in NP
For - initial costs (stock of raw materials, materials, etc.)
Zo - all other costs
0.5 - coefficient characterizing the uniformity of the increase in subsequent costs
Optimal NP management involves taking into account the following factors: WIP costs (direct costs of raw materials and materials; with established production, standard turnover indicators are used to analyze WIP; production specifics).
GP standard
GP– products that have passed all stages of technological processing at the enterprise, in accordance with applicable standards, specifications, the requirements of the customer, provided for in the contract.
Allocate:
1. Standard GP in the warehouse, which includes the time for picking, accumulation, storage of products, packaging, labeling of products, loading.
Ngp \u003d (TP (s / s) / T) * Sk
Sk - the established standard for the stay of the GP in the warehouse.
2. norm of goods shipped. It is determined for the period of time for issuing invoices and payment documents and their delivery to the bank.
When managing these standards, it is necessary to take into account possible fluctuations in demand for products, the presence of stale and slow-moving goods.
When normalizing working capital, the analytical and coefficient methods, the method of direct counting and their modifications are used. At the same time, the analytical and coefficient methods are applicable to those enterprises that have been operating for more than 1 year, have basically formed a production program, have statistical data for past periods on changes in the value of the planned part of working capital. With the coefficient method, all inventories and costs are divided into those that depend on the volume of production (work in progress, WIP in the warehouse, basic raw materials and materials) and those that do not depend on this volume (spare parts, future expenses, low-value and wearing items).
For the first group, the standard requirement is determined based on the amount of working capital in the base year and the growth rate of production in the coming year.
For the second group, the standard requirement is determined at the level of the average actual balances of working capital for a number of years.
The direct account method is used when organizing a new enterprise and periodically clarifying the need for working capital at existing enterprises. The main condition for the application this method is a thorough study of supply issues and the production plan of the enterprise. After determining the need for working capital, the company must solve the problem of its provision. At the same time, it is important to achieve a situation in which the diversion of funds from circulation would not be one-time and at the same time would not be of a long-term nature.
The amount of working capital released in the process of accelerating turnover can be determined as follows:
1. according to the data on the circulation period of working capital. ObSvysb \u003d (D 1 -D 0) * B 1 / T
D 1, D 0 - duration of 1 period of the current and the previous period, B1-revenue of the current period, T-period;
2. based on information about the fixing coefficient. ObSvysb \u003d (K z1 -K z0) * V
Kz1, Kz0-coefficient of fixing current and past period.
The result with a minus sign means the amount of released working capital. The result with a + sign is the amount of funds additionally involved in the turnover.
Turnover can be accelerated by:
¾ Reducing the time spent by materials on the way from the supplier to the consumer;
¾ Reduction of current and insurance stocks;
¾ Prevention of unreasonable accumulation of excess stocks;
¾ Mechanization and automation of loading and unloading operations;
¾ Reduction of work in progress.
Based on the results of the turnover, the amount of savings is calculated. EobS=V1/Kob1-V1/Kob0
Kob0, Kob1-turnover ratio of the base and current period.
Ways to improve the turnover of ObS.
1. Stage of preparation for production: calculation of scientific reasonable standards and regulations; adjustment of the regulatory framework;
2. Stage of production of products: reduction of the duration of production of products; application of new technologies; cheaper raw materials and materials; new materials; automation of the production process.
3. Stage of circulation: increase in production volumes; adjusting the rhythm of production and sales of products.
Acceleration of turnover is not only an increase in the efficiency of the use of the OPS, but also, in general, a reduction in the cost of production due to the savings in natural-material elements of the OPS and distribution costs.
Rationing of working capital consists in the development of norms for the types of inventory and costs, as well as measures that contribute to improving the efficiency of the use of working capital.
The value of normalization of working capital:
Ensures the continuity and uninterrupted operation of the production process and sales of products;
Allows efficient use of working capital at each enterprise;
Contributes to the strengthening of the economy, the identification and use of on-farm reserves;
Provides optimal need in working capital;
Provides inventory management.
Normalization of working capital is understood as the process of determining the minimum, but sufficient (for the normal course of the production process) amount of working capital in the enterprise.
When normalizing working capital, it is necessary to take into account the dependence on the following factors:
The duration of the production cycle of manufacturing products;
Consistency and clarity in the work of procurement, processing and producing shops;
terms of supply;
Remoteness of suppliers from consumers;
Speed of transportation, type and uninterrupted operation of transport;
Time of preparation of materials for the launch of their production;
Terms of sale of products;
Systems and forms of settlements, speed of workflow, possibilities and forecasting of factoring.
The following elements of working capital are normalized:
Productive reserves;
Unfinished production;
Future expenses;
Finished products in the warehouse of the enterprise;
Cash in hand and in storage.
In the process of normalization of working capital, norms and standards are developed.
Working capital ratio- this is a relative value corresponding to the minimum, economically justified stock of inventory items. It is set in days.
Working capital ratio- This is the minimum amount of money required to ensure the economic activity of the enterprise.
If the norms of working capital can be set for a relatively long period, then the norms are calculated for a specific period of a year (quarter, month, decade).
Rationing of working capital includes:
Determination of working capital stock norms in days;
Determination of standards for all working capital in monetary terms, including for each element.
General working capital ratio or the total need for working capital of the enterprise(Ntotal) is defined as the sum of private standards calculated for individual elements of working capital according to the formula:
Ntotal \u003d Npz + Nnp + Nbr + Ngp + Nds,
where Npz - the standard of industrial stocks; Nnp - the standard of work in progress; Nbr - normative expenses of future periods; Ngp - the standard of finished products; VAT - the standard of cash at the cash desk and in storage.
The standard of industrial stocks consists of current, insurance, transport and technological stock.
current stock(TK) is designed to provide the production process with material resources between two deliveries. Its value is usually determined within half of the average interval between deliveries. The maximum value of the current stock in physical units (tons) is calculated on the basis of the stock rate in days (T n) and the average daily consumption of materials (P day) in tons. In this case, the maximum value of the current stock is determined by the formula:
TZ \u003d T n x R day
Safety stock(SZ) can be calculated in two ways: by the average deviation of the actual delivery time from the planned one or by the time required for urgent ordering and delivery of material resources from the supplier to the consumer. With an aggregated estimate, it can be taken in the amount of 50% of the average daily consumption of the material (Rd) multiplied by the gap in the supply interval (I pp), i.e. the difference between the actual delivery time (If) and planned (Ipl) and is determined by the formula:
SZ \u003d Rsut (If - Ipl) * 0.5
The need to have a safety stock is explained by the constant violation of the terms of supply of material resources by the supplier. If this violation is related to transport organization a transport stock is created, including those working capital that are diverted from the date of payment of the supplier's invoice until the arrival of the goods at the warehouse.
Transport stock(T r Z) is created in case of exceeding the terms of cargo turnover in comparison with the terms of document circulation. Its calculation is carried out similarly to the calculation of the safety stock according to the formula:
T r Z \u003d Rsut * (If - Ipl) * 0.5
Technological reserve(T ex Z) is created when the supplied material resources do not fully meet the requirements of the technological process and must undergo appropriate processing before being put into production (for example, removal of rust from the surface of the metal) and is determined by the formula:
T ex W \u003d (TK + SZ + T r Z) * K those
where K those is the material manufacturability coefficient, which is set as a percentage by a commission of representatives of suppliers and consumers.
Scope of supply of material(Npz) is equal to the sum of four reserves and is determined by the formula:
Npz \u003d TZ + SZ + T r Z + T ex Z
Calculation of the supply of material in terms of value(Npz st) is determined by the formula:
Npz st \u003d C m, * Npz
where Cm is the purchase price of the material.
General norm of production stocks is determined by the formula:
Npz total =∑Зj,
where Zj is the production stock for separate species(group) material.
Example: Determine the cost of supplying material resources if the average daily consumption of the material is 7.2 tons, the price of 1 t C m \u003d 10 thousand rubles, the planned delivery interval I pl \u003d 9 days, insurance stock SZ \u003d 3 days, transport stock T p Z \u003d 2 days, technological margin T ex Z = 3%.
Current stock: 7.2*9=64.8 tons Safety stock: 7.2*3*0.5=10.8 tons Transport stock: 7.2*2*0.5=7.2 tons Technological reserve: (64.8 + 10.8 + 7.2) * 0.03 = 2.48 tons. 48 \u003d 85.28 tons. The cost of supplying material resources: 10 * (64.8 + 10.8 + 7.2 + 2.48) \u003d 852.8 thousand rubles.
The standard in working capital for work in progress (N np) is determined by the formula:
H np \u003d V d * T p * K s
where B d - average daily output at cost, thousand rubles; T p - the duration of the production cycle; K z - the coefficient of increase in costs.
The increase in costs in the production process can occur evenly and unevenly.
With a uniform increase in costs, i.e. to enterprises with a uniform output cost escalation factor is determined by the formula:
where a - initial costs (for raw materials, materials, purchased semi-finished products); c - all other costs; 0.5 is a coefficient characterizing the uniformity of the increase in subsequent costs.
Working capital ratio for deferred expenses is determined by the formula:
N bp \u003d O n + Z bpl - Z spl,
where O n - the balance of deferred expenses at the beginning of the planned year (thousand rubles); З bl - expenses of future periods in the coming year, provided for by the relevant estimates (thousand rubles); Csp - deferred expenses to be written off to the cost of production of the coming year in accordance with the production estimate (thousand rubles).
Working capital ratio in stocks of finished products(Ngp) is the product of the planned cost of the average daily output of marketable products by the time from its receipt to the warehouse to departure from the station, taking into account the time for issuing transport settlement documents according to the formula:
N gp \u003d GP one * N g,
where GP one - one-day production of finished products at cost (thousand rubles); N g - the norm of the stock of finished products (days).
Example: Turnover of goods by purchase prices for the quarter 1,900 thousand rubles, the stock rate of goods is 3 days. Determine the standard in working capital for stocks of goods thousand rubles.
GP one \u003d 1900/90 \u003d 21 thousand. rub.
N gp \u003d 21 * 3 \u003d 63 thousand rubles.
2.2.4. Efficiency in the use of working capital: indicators,
ways to improve
To analyze the use of working capital, estimates financial condition industrial enterprise and the development of organizational and technical measures to accelerate their turnover, a system of indicators is used that characterize the real process of the movement of working capital and the amount of their release (Fig. 2.2).
Rational and efficient use of working capital contributes to financial stability enterprise and its solvency. Under these conditions, the enterprise timely and fully fulfills its settlement and payment obligations, which allows it to successfully carry out business activities.
Key performance indicators for the use of working capital
turnover ratio ratio ratio
(turnover time) turnover loading turnover efficiency
(rate of turnover) of funds or return on working capital
Rice. 2.2.2. Indicators of the use of working capital
Example: The volume of products sold at the cost of production for the reporting year amounted to 60,000 thousand rubles. with the amount of working capital at the end of the reporting year 5,000 thousand rubles. Profit from the sale of commercial products 1500 thousand rubles.
1. Turnover of working capital:
O o \u003d (5000 x 360) / 60000 \u003d 30 days
The duration of one rotation is 30 days.
2. Turnover ratio:
Ko \u003d 60000 / 5000 \u003d 12 revolutions
Working capital made 12 turnovers per year.
3. Working capital utilization factor:
Kz \u003d 5000 / 60000 \u003d 0.08
For 1 rub. sold products account for 0.08 rubles. working capital.
4. Working capital efficiency ratio:
Kef \u003d 1500 / 5000 \u003d 0.3
For 1 rub. working capital accounts for 0.3 rubles. arrived.
The economic result of accelerating the turnover of working capital is the release of part of these funds from circulation.
Release of working capital may be absolute and relative. Determining the amount of release of working capital is shown in fig. 2.2.3.
Release of working capital
absolute release relative release
working capital working capital
Rice. 2.2.3. Release of working capital
Example. The actual volume of marketable output at cost in the current year is 2500 thousand rubles, the actual amount of all working capital at the end of the current year is 2800 thousand rubles, the volume of marketable output for the coming year is 3600 thousand rubles. with an estimated acceleration of the turnover of working capital by 4 days.
Under these conditions, the turnover of working capital in the current year will be:
O = 2800 / (2500 / 360) = 40 days
The amount of working capital, based on the volume of marketable products in the planned year and turnover in the current year, will be determined in the amount of 4,000 thousand rubles.
(36000 x 40) / 360
The amount of working capital, based on the volume of marketable products, in the coming year, taking into account the acceleration of their turnover, will be 3,600 thousand rubles.
3600 x (40 - 4) / 360
The relative release of working capital as a result of the acceleration of turnover in the coming year will be equal to 400 thousand rubles.
Accelerating the turnover of working capital and releasing them as a result of this in any form will allow the enterprise to allocate funds for the development of the enterprise without attracting additional financial resources.
When analyzing the work of an industrial enterprise, various indicators of the useful use of material resources are used:
The indicator (coefficient) of the output of finished products from a unit of raw materials;
The indicator of raw material consumption per unit of finished product;
The coefficient of use of materials (the ratio of the net mass of the product to the standard or actual consumption);
Material consumption (the ratio of the cost of raw materials, fuel, materials, energy, etc. to the volume of production);
Material efficiency (the ratio of production volume to the cost of raw materials, fuel, materials, energy, etc.);
The better raw materials, materials and other material resources are used, the lower the material intensity and the higher the material efficiency.
To reduce the material consumption of products, it is necessary:
Improve the use of objects of labor;
Reduce waste;
Do not produce defective and low-quality products;
Prevent loss of material resources;
Use cheaper substitutes for resources that do not reduce product quality.
One of the main directions of increasing the efficiency of production is to improve the use of working capital, i.e. an increase in the volume of sold products with a constant cost of working capital or a decrease in the amount of working capital with a constant volume of sold products.
Improvement in the use of working capital can be achieved through:
economical and rational use material resources;
Optimization of the size of inventories and backlogs of work in progress;
Accelerating the turnover of working capital.
AT modern conditions one of the most important tasks of the enterprise is acceleration of working capital turnover .
At the stage of production stocks - this is the use of economically justified stock standards, the approximation of suppliers of raw materials, materials, semi-finished products, components to consumers; use of direct links; extension wholesale trade materials and equipment, complex mechanization, automation of loading and unloading operations in warehouses.
At the stage of work in progress - this is the acceleration of the development of the achievements of scientific and technological progress, the development of standardization, unification, typification; improvement of forms of organization industrial production, the use of more economic structural materials; improving the system of economic incentives for the economical use of raw materials and fuel and energy resources.
At the stage of circulation - this is the approach of consumers to its manufacturers; improvement of the settlement system; increase in the volume of sold products made under direct orders; production of products from the saved materials.
QUESTIONS AND TASKS FOR SELF-CONTROL OF KNOWLEDGE
1. What is meant by working capital of an enterprise?
2. What are the features of the classification of working capital.
3. What is meant by working capital and what is their composition?
4. What are circulation funds and what is their composition?
5. What factors influence the structure of working capital?
6. What are the stages that form the circulation of working capital?
7. What is the essence of the rationing of working capital?
8. What components make up the standard of working capital?
9. How is the effectiveness of the use of working capital assessed?
10. What are the measures to improve the efficiency of the use of working capital.
ADDITIONAL LITERATURE
1. Babuk I.M. Enterprise economy: Tutorial for students of the system of advanced training and training / I.M. Babuk, V.I. Demidov, L. Grintsevich, V.T. Pyko. - Minsk: BNTI, 2002. - 263 p.
2. Gruzinov V.I., Gribov V.D. Enterprise Economics: Proc. allowance.-2nd ed., extra. - M.: Finance and statistics, 2001.
3. Zaitsev N.L. Economics of the organization. - M.: "Exam", 2000.
4. Kozik P. Management of working capital of an enterprise // NEG, No. 38, 2002.p.21.
5. Leshko V. Working capital management // Economics. Finance. Control. - No. 12.-2000 - p. 30-32.
6. Directory of the financier of the enterprise. - 2nd ed., add. and reworked. – M.: INFRA-M, 2000.
7. Economics of the enterprise and industries: Uch. Benefit / Under. ed. A.S. Pelikh. 4th ed. add. and reworked. - Rostov-on-Don: Phoenix, 2001.
8. Economics of the enterprise. Workshop: Textbook / A.N. Senko, E.V. Krum. – Mn.: Vysh. school, 2002.
Today, many companies are faced with the problem of a shortage of funds caused by an unjustified increase in stocks of raw materials and finished products, as well as an intensive growth in receivables. To avoid such problems, it is necessary to properly normalize working capital.
As is known, working capital are the funds used by the company to carry out its ongoing activities. Rationing of working capital is the process of establishing norms (relative values corresponding to the minimum, economically justified stock of inventory and set in days) and standards (the minimum amount of money required to ensure the economic activity of the enterprise) for the normalized group of working capital. In this case, it is necessary to take into account the dependence of the norms on the following factors:
- the duration of the production cycle of manufacturing products;
- consistency and clarity of work of procurement, processing and producing shops;
- supply conditions (duration of delivery intervals, sizes of supplied lots);
- remoteness of suppliers from consumers;
- speed of transportation, type and uninterrupted operation of transport;
- the time of preparation of materials for their launch in production;
- the frequency of launching materials into production;
- conditions for the sale of products;
- systems and forms of settlements, speed of document circulation, the possibility of using factoring.
The norms developed by the company for each element of working capital are valid for several years. However, in case of significant changes in the technology and organization of production, the range and volume of products, the addresses of cooperative enterprises, demand prices and credit policy, they are specified taking into account the relevant reagents.
Note! The norms of working capital characterize the minimum stocks of inventory items, calculated in days of stock or as a percentage of a certain base (commodity products, the volume of fixed assets). As a rule, they are set for a quarter or a year, but they can be valid for a longer period.
When normalizing working capital, several methods are used:
direct account;
analytical;
experimental laboratory;
reporting and statistical;
coefficient.
Direct Count Method based on the actual need for working capital. It is used when it is possible to determine the duration of the business processes that are part of the company's operating cycle. Provides for a reasonable calculation of reserves for each element of working capital, taking into account all changes in the level of organizational and technical development of the company, transportation of inventory items, and settlement practices between enterprises.
Analytical Method estimates of the standard of working capital is established by the actual value of working capital for a certain period, taking into account the adjustment for surpluses and unnecessary stocks, as well as changes in the conditions of production and supply. It is used in those companies where the funds invested in material values and costs, occupy a large specific gravity in total amount working capital.
Experimental laboratory method is based on measurements of the consumption of working capital and the volume of products (works) produced in laboratory and pilot production conditions. Consumption rates are set by selecting the most reliable results and calculating the average value using the methods of mathematical statistics. The most appropriate areas of application of these norms are auxiliary and chemical production, technological processes, extractive industries and construction.
Reporting and statistical method proceeds from the analysis of data from statistical (accounting or operational) reporting on the actual consumption of materials per unit of output (work) for the past (base) period. Recommended for the development of both individual and group
norms of consumption of material and raw materials and fuel and energy resources.
With the coefficient method the standard of working capital for the planned period is established using the standard of the previous period and taking into account adjustments for changes in the volume of production and acceleration of the turnover of working capital. It provides for their division into two groups:
dependent on changes in the volume of production (raw materials, materials, costs of work in progress, finished products in stock);
not dependent on the volume of production (spare parts, low-value and wearing items, deferred expenses).
It should be noted that the following elements of working capital are normalized:
productive reserves;
unfinished production;
Future expenses;
finished products in the warehouse of the enterprise;
cash on hand in storage.
Let us consider in more detail the normalization of each of the elements.
STOCKS IN INDUSTRIAL INVENTORIES
Productive reserves- these are material resources located at the enterprise, but not entered into manufacturing process. The composition of working capital in inventories:
- raw materials;
- basic materials and purchased semi-finished products;
- auxiliary materials;
- fuel;
- container;
- spare parts;
- low-value and high-wear items (MBP). As part of the IBE, labor instruments with a service life of up to one year are taken into account, including:
o low-value and quick-wearing tools and fixtures;
o low-value household inventory;
o special clothes and shoes;
o special tools and fixtures;
o replacement equipment;
o industrial packaging.
Depending on the purpose of the stock and the need to prepare material resources for use in production, there are current, insurance (or warranty), technological (or preparatory) and transport stocks.
current stock is necessary to ensure the uninterrupted course of production at the enterprise in the period between successive deliveries. The norm of the current stock is taken, as a rule, equal to half of the average interval between two successive deliveries. The maximum value of the current stock (Z current) is determined by the formula:
W current \u003d P cf. day × T, (1)
where P cf. day - the average daily need for this material, natural units of measurement;
T— time between two successive deliveries, days.
Safety stock provided to prevent the consequences associated with supply failures. The safety stock rate is set either within 30-50% of the current rate, or equal to the maximum time for deviations from the supply interval. Insurance, or guarantee, stock (3 lines) is calculated by the formula:
W str = N h. pp × P, (2)
where N h. str - the norm of the safety stock of materials, days;
P - the average daily demand for this type of materials, rub.
Preparatory (technological) stock(Z those) is created in those cases when raw materials and materials entering the enterprise require appropriate additional training: drying, sorting, cutting, picking, etc. The norm of the preparatory stock is determined taking into account specific production conditions and includes the time for receiving, unloading, paperwork and preparation for the further use of raw materials, materials and components. The amount of such stock is determined as follows:
Z those \u003d P cf. day × T c, (3)
where T c is the duration of the technological cycle, days.
Transport stock(3 tr) is formed in case of discrepancies in the timing of the movement of document circulation and payment for them and the time the materials are in transit. Its value is calculated by direct and analytical methods.
The direct count method is used with a small range of consumable material resources coming from a limited number of suppliers. If the supplier is located at a far distance, payment documents for raw materials arrive and are paid by the company before the cargo arrives. Therefore, the size of the transport stock is equal to the time interval between the payment of the invoice and the receipt of raw materials by the company.
With a large number of suppliers and a significant range of consumed resources, the norm of the transport stock is determined by the analytical method. For this, from the data accounting for the last year, the balances of inventory items are taken in transit at the beginning of each quarter, minus the cost of resources delayed in transit beyond the established deadlines.
The general stock rate (Z total) for raw materials, basic materials, purchased semi-finished products is calculated by the formula:
Z total \u003d Z tech + Z str + Z those + Z tr. (four)
Working capital ratio in inventories ( N pz) is calculated by the formula:
N pz \u003d W total × R, (5)
where P is the average daily consumption of working capital, rub.
Example 1
JSC "XXX" works with 40 suppliers with a total delivery cycle of 2000 days. The safety stock rate (Z str) is set at 35% of the current stock rate (Z current). The average daily requirement (P average day) for material (for example, high-grade steel St3) is 50 kg, the price for 1 kg is 48.6 rubles. The duration of the technological cycle is 10 days. Let us determine the standard of working capital in industrial stocks, in this case, in high-grade steel ( N pz).
1. Find the one-day consumption of steel in value terms: Р = 50 × 48.6 = 2430 rubles.
2. The current stock rate (Z current) is equal to: 2000 / 40 / 2 = 25 days.
3. Safety stock rate (3 lines): 25 × 0.35 = 9 days.
4. Norm of a technological stock (Z those): 10 days.
5. General inventory rate (3 total): 25 + 9 + 10 = 44 days.
6. Working capital ratio in inventories ( N pz): 44 × 2430 = 106,920 rubles.
RATE-RATED IN PRODUCTION IN PROGRESS
Unfinished production- products at various stages of processing - from the launch of raw materials, materials and components into production to acceptance by the department technical control finished products. It is determined by the amount of advanced funds invested in the cost of raw materials, basic and auxiliary materials, fuel, electricity, depreciation and other expenses. All these costs for each product increase as you move along the process chain.
NOTE
The amount of working capital employed in work in progress depends on the duration of the production cycle, the cost of manufactured products and the intensity of the increase in costs in the production process.
The rate of working capital employed in work in progress ( N npz), is calculated as follows:
N npz \u003d C av × T c × K n, (6)
where C cf is the average daily output at cost, rubles;
T c is the duration of the production cycle for the manufacture of this product, days;
K n - the coefficient of increase in costs, which characterizes the level of readiness of products as part of work in progress. The need to calculate it is due to the fact that the costs in work in progress are carried out at different times. If they grow evenly, then the cost increase coefficient is found by the formula:
K n \u003d (MZ + 0.5 × R pr) / C plan, (7)
where MZ - planned material costs, rub.;
Р pr - other expenses by cost elements, rub.;
C plan - the planned cost of a unit of production, rub.
With an uneven increase in costs, the coefficient formula changes as follows:
K n \u003d C cf / C prod, (8)
where C cf - the average cost of a product in work in progress;
With prod - the production cost of the product.
Example 2
At the enterprise JSC "XXX" in the work in progress there was a product BUT, the manufacture of which requires basic materials, purchased components that make up material costs, the wages of production workers, as well as other expenses that include overheads, etc. Data for calculating the rate of working capital in work in progress (in the product BUT) are presented in Table. one.
Table 1. Calculation of the norms of working capital employed in work in progress
|
Name |
Designation |
Amount, rub. |
|
Data for calculation |
||
|
Material costs according to the plan |
||
|
Wage production workers |
||
|
Deductions for social insurance |
||
|
other expenses |
||
|
Planned cost |
||
|
Production cost |
||
|
Price of a product in work in progress |
||
|
Average daily output at cost |
||
|
The duration of the production cycle for the manufacture of this product |
||
|
Cost escalation factor (with a uniform increase in costs) |
||
|
Coefficient of increase in costs (with uneven increase in costs) |
||
|
The rate of working capital in work in progress: |
||
|
with a uniform increase in costs |
N npz0 |
|
|
with an uneven increase in costs |
N refinery1 |
|
According to Table. 1 with a uniform increase in costs K n0 = (896,876 + 0.5 × 847,889) / 2,074,090 = 0.64; with uneven - K n1 \u003d 1 440 341 / 1 920 454 \u003d 0.75.
The norms of working capital in the product BUT with a uniform and uneven increase in costs amounted, respectively, N npz0 \u003d 464,551 × 4 × 0.64 \u003d 1,118,250 rubles. and N npz1 \u003d 464,551 × 4 × 0.75 \u003d 1,393,653 rubles.
STANDARDIZATION OF FINISHED PRODUCTS
The next element of normalization of working capital is working capital ratio for finished products- products accepted by the technical control department and handed over to the warehouse of finished products, for which the production cycle has ended. The working capital rate for finished products is determined by the time from the moment the products are accepted to the warehouse until the customer pays for them and depends on a number of factors:
the order of shipment and the time required for the acceptance of finished products from the shops;
the time required for the acquisition and selection of products up to the size of the shipped batch and in the assortment according to orders, orders, contracts;
the time required for packaging, labeling products;
the time required for the delivery of packaged products from the warehouse of the enterprise to the railway station, pier, etc.;
the time of loading products into vehicles;
storage time for products.
Working capital ratio in stocks of finished products ( N gp) in the warehouse is determined by the formula:
N gp = per day × N zgp, (9)
where In days - the average daily output of each product at the production cost, rub.;
N Zgp - the norm of the stock of finished products, days. It includes the time required for the acceptance of products from the workshops, the assembly of the transport batch, the packaging and shipment of products, and the preparation of documentation.
Example 3
Using formula (9), we determine the standard of working capital in stocks of finished products (Table 2).
Table 2. Calculation of the standard of working capital in stocks of finished products at the enterprise JSC "XXX"
RATE OF EXPENSES FOR FUTURE PERIODS
The economic content of deferred expenses consists in the need to finance some of the costs that are made in the present, and will be written off to the cost price in the future.
The composition of deferred expenses includes the following costs: for the development of new types of products and new technological processes; by subscription to periodicals; for rent; for communication; on taxes and fees paid for the future. Working capital ratio for future expenses ( N rbp) is determined by the formulas:
N rbp \u003d R bud. pl - P pl + P s, (10)
where R bud. pl - the amount of funds in deferred expenses at the beginning of the planning period, rubles;
Р pl - expenses incurred in the planning period, rub.;
R c - expenses written off to the cost of production in the planned period, rub.;
N rbp \u003d P 0 + R pl - R cn, (11)
where P 0 - expenses at the beginning of the period, rubles;
Р pl - expenses according to the plan for the year, rub.;
Р cn - expenses to be written off in the planned year, rub.
Example 4
Let's calculate the working capital ratio for deferred expenses (the results are in Table 3).
Table 3. Calculation of the working capital ratio for deferred expenses
GENERAL RATE OF WORKING ASSETS
Completing the rationing process, they establish a total standard of working capital by adding private standards for inventories, work in progress, deferred expenses and finished products.
The average rate of working capital for the enterprise as a whole is calculated by dividing the total rate by the one-day output of marketable products at production cost.
Working capital ratios are calculated in kind (pieces, tons, meters, etc.) and monetary terms (rubles) and in days of stock. The general norm of working capital of an enterprise is calculated only in monetary terms and is determined by summing up the norms of working capital for individual elements:
N total = N pz + N WIP + N rbp + N mr. (12)
Example 5
According to Table. 4, the general standard of working capital for the enterprise JSC "XXX" will be 60,203 thousand rubles.
Table 4. Calculation of the general standard of working capital for the enterprise JSC "XXX"
|
Working capital ratio by elements (items), thousand rubles |
general standard, N common |
|||
|
Productive reserves, N pz |
Unfinished production, N WIP |
Finished products, N G |
Future expenses, N rb |
|
Thus, properly carried out rationing of working capital allows you to economically use financial resources, contributes to the successful implementation economic activity and strengthening the financial condition of the company.
M. V. Altukhova,
Economist at OJSC Rudoavtomatika
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