Insufficient working capital. Shortage of working capital: problems and solutions. Analysis of the bank's own funds

The lack of own working capital arises if the value of the current standard exceeds the amount of own and equivalent funds. The lack of own working capital is, as a rule, the result of a shortfall in the planned profit or its illegal, irrational use and other negative factors that have arisen in the course of the organization's commercial activities. The lack of own working capital is covered at the expense of the organization itself, and first of all, a part of the net profit remaining at its disposal is directed to cover the shortcoming.
Borrowed funds in the sources of the formation of working capital in modern conditions are becoming increasingly important and promising. The main form of borrowed funds are short-term bank loans. They cover the organization's temporary additional need for funds. The attraction of borrowed funds is due to the nature of production, complex settlement and payment relations that arose during the transition to a market economy, the need to fill the lack of own working capital and other objective reasons.
Borrowed funds in the form of loans are used more efficiently than own working capital, as they make a faster turnover, have a strictly designated purpose, are issued for a strictly stipulated period, and are accompanied by the collection of bank interest. This encourages the organization to constantly monitor the movement of borrowed funds and the effectiveness of their use. Borrowed funds are attracted not only in the form of a short-term bank loan, but also in the form of accounts payable, as well as other borrowed funds, that is, the balance of funds and reserves of the organization itself, temporarily not used for its intended purpose.
The formation of accounts payable is associated, as a rule, with the unscheduled attraction of funds from other enterprises, organizations or individuals into the economic turnover of the enterprise.

50. Significance and ways to accelerate the turnover of working capital;

Working capital is constantly in motion.

At each point in time, the firm buys, produces, sells, buys again, and so on. This ensures the continuity and continuity of the production and sales process. The volume of working capital should be sufficient for the production of products in the range and quantity requested by the market, at the same time minimal, not leading to an increase in production costs due to excess stocks.

An important requirement for the successful conduct of the economy is the rational use of working capital. The rational use of working capital finds its manifestation in the acceleration of their turnover: the sooner the circulation is completed, the less working capital serves the production process.

The effectiveness of the use of working capital is measured by the indicators of their turnover. The turnover of working capital is understood as the duration of the successive passage of funds through the individual stages of production and circulation. The circulation of working capital ends with the transfer of proceeds to the account of an economic entity.

The turnover of working capital is not the same, which depends on industry affiliation, organization of production and marketing of products, placement of working capital and other factors.

Indicators of turnover of working capital are important for assessing the financial condition. In addition, an increase in the rate of turnover of working capital, other things being equal, increases the attractiveness of the company in terms of investment activity.

In accordance with the stages of the circulation of working capital, there are three directions for accelerating their turnover:

1. At the stage of production stocks:

Establishment of progressive norms for the consumption of raw materials, materials, fuel, energy;

Systematic check of stock status;

Proper accounting and planning of resources;

Replacing expensive types of material resources with cheap ones without compromising quality.

2. At the production stage:

Improving the quality of products;

Reducing production losses;

Integrated use of raw materials and the use of production waste;

Reducing the duration of the production cycle and increasing its continuity;

Compliance with the rhythm of work.

3. In the field of circulation:

Comprehensive supply of the company with raw materials and materials,

Organization of marketing research,

Reduction of receivables and payables,

Acceleration of product sales,

Improving the methods of payment for products.

51. Determination of the planned need for working capital under the article: “Work in progress

The production process must run continuously, and this is ensured by the presence of a permanent backlog in work in progress, i.e. the presence of constant stocks of unfinished products at different stages of its processing:

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For work in progress, the need for own working capital is calculated based on the product of two indicators:

Stock rates in days;

The values ​​of one-day costs for gross production.

The inventory rate in days for completed production depends on two indicators:

The duration of the production cycle;

Cost escalation factor.

The duration of the production cycle is measured by the time from the first technological operation to the complete manufacture of the product, its acceptance in the prescribed manner and transfer to the warehouse of finished products.

The duration of the production cycle is determined by the following factors:

The time of direct processing of the product, for this time, a technological reserve will be created;

The time of transportation of semi-finished products within the workshop, between workshops, as well as the time of transportation to the warehouse - for this time - the transport stock;

The time of accumulation of semi-finished products before the start of each next operation, for these purposes, a working stock is created;

The time spent by semi-finished products in stocks to ensure the continuity of the production process, in case of any failures, an insurance stock is created.

After the duration, the cost increase coefficient is calculated - the need to calculate the coefficient is due to the fact that the objects of labor necessary to create products, as well as other monetary costs, are not involved in production immediately, but in parts. Depending on the intensity of the increase in costs, the need for working capital will be different.

In this regard, there are different types of production:

1) with a uniform increase in costs (they increase equally);

2) with an uneven increase in costs;

3) with a mixed increase in costs (some increase evenly, some unevenly).

The lack of own working capital arises primarily due to the failure to fulfill the savings plan and, therefore, the absence of the main source of their growth, the presence of excess losses, untimely and incomplete financing by the higher organization of the costs provided for by the plan of association (enterprise) and the presence in connection with this immobilization of working capital associated with covering expenses. Excessive withdrawal of part of the profits by a higher organization in the order of redistribution of savings can also be the reason for this.

For replenishment temporary shortage of working capital the borrower provides short-term loans. The totality of such operations forms an autonomous segment of the loan capital market - the money market. The average repayment term for this type of loan usually does not exceed six months. The most actively used short-term loans in the stock market, trade and services, in the mode of interbank lending. [ 7 ]

For replenishment lack of own working capital of the enterprise can get a bank loan. The loan is returned at the expense of funds received from organizational and technical measures aimed at restoring sources of financing, increasing working capital or through the use of reserve funds.

Sources of formation of working capital and financing of their growth.

According to the sources of formation, working capital is divided into own and borrowed.

The authorized capital in the working capital fund is a source of financial resources.

The main source of own funds in the enterprise is profit.

Initially, when an enterprise is created, working capital is formed as part of its authorized capital (capital). They are directed to the purchase of inventories entering production for the manufacture of marketable products. Finished products are delivered to the warehouse and shipped to the consumer. Until the moment of its payment, the manufacturer feels the need for funds. The company also uses other sources of working capital - stable liabilities, accounts payable, loans from banks and other creditors.

As the production program grows, the need for working capital increases, which requires appropriate funding for the increase in working capital. In this case, the source of their replenishment is the net profit of the enterprise.

The company uses stable liabilities as working capital. They are equated to their own sources, as they are constantly in the turnover of the enterprise, are used to finance its economic activities, but do not belong to it. Sustainable liabilities include:

22. minimum carry-over debt on wages and deductions for social insurance, pension fund, health insurance, employment fund;

23. minimum debt on reserves to cover future expenses and payments;

24. Debts to suppliers for unbilled deliveries and accepted settlement documents, the due date for which has not come;

25. debt of the customer for advance payments and partial payment for products;

26. debt to the budget for certain types of taxes.

When calculating the minimum wage arrears, the period in days between the date of accrual and the date of payment of wages is determined. Then the one-day amount of wage arrears is calculated and multiplied by the minimum number of days during which it is listed in the company's turnover.

As part of the reserve to cover future expenses and payments, a reserve is formed for paying vacations for workers and employees and a repair fund (formed and used at the time of payment for the repair of fixed production assets)

In addition to own and equivalent funds, the source of the formation of working capital can be company's accounts payable(funds that do not belong to the enterprise, but are temporarily in its circulation). If sustainable liabilities can be planned, then accounts payable are not a planned source of working capital formation. Accounts payable are divided into normal, arising in connection with the peculiarities of the settlements, and abnormal, resulting from the violation by buyers of the terms of payment of settlement documents. In the latter case, the buyer, having received inventory items from the supplier and not paying for them on time, uses funds that no longer belong to him in his turnover. Meanwhile, with the current inflation, the speed of making payments between enterprises plays an important role. The delay in payments leads to a slowdown in the turnover of working capital and contributes to the deterioration of the financial condition of the supplier.

Currently, the insolvency of enterprises has reached alarming proportions and tends to grow. The applied methods of solving this problem (mutual offset of non-payments, prepayment, bills) do not yet give the desired effect.

The company's need for working capital does not remain constant throughout the year. It can fluctuate depending on various factors: seasonality of production, uneven supply of goods and materials, untimely receipt of money for shipped products, accumulation of unsold finished products in a warehouse, etc. It is not economically feasible to form working capital only at the expense of owners, because this reduces the ability of the enterprise to finance other costs. Bank loans or other creditors are used as borrowed sources.

Ticket number 5

1. How is the rationing of working capital in work in progress and the peculiarity of its calculation.

2. Determination of the total standard of working capital of corporations.

3. Explain the meaning, the procedure for determining the increase in the working capital ratio and its reflection in the financial plan.

How is the rationing of working capital in work in progress and the peculiarity of its calculation.

Determining the needs of the enterprise in its own working capital carried out in the process of normalization, i.e. determination of the standard of working capital.

Rationing of working capital- the process of determining the minimum, but sufficient (for the normal course of the production process) amount of working capital in the enterprise, i.e. this is establishment of economically justified (planned) reserve norms and standards for the elements of working capital.

The value of the standard is not constant. The size of own working capital depends on the volume of production; conditions of supply and sale; product range; applicable forms of payment. It should be noted that this is one of the most volatile indicators of current financial activity.

Rationing of working capital is carried out in monetary terms. The basis for determining the need for them is production cost estimate for the planned period. However, for companies with non-seasonal nature of production it is advisable to take the data of the 4th quarter as the basis for calculations, in which the volume of production, as a rule, is the largest in the annual program. For businesses with seasonal nature of production- data of the quarter with the lowest volume of production, since the seasonal need for additional working capital is provided by short-term bank loans.

To determine the standard, it is taken into account average daily consumption of normalized elements in terms of money.

The first and perhaps the most important way to reduce the working capital deficit is to work to increase inventory turnover, logistics planning, supply marketing, work with suppliers to defer payments, tighten the terms of supply, including increasing the share of prepayment in the settlement system.

In most theoretical sources, the inventory turnover ratio is calculated as the ratio of the cost of production to the average for the period of inventory, work in progress and finished goods in stock (inventory turnover at cost - Oz): Oz \u003d C / ((Znp + Zkp) / 2)

where C is the cost of products manufactured in the billing period; Znp, Zkp - the value of the balance of inventories, work in progress and finished products in stock at the beginning and end of the period.

The total cost of goods sold during a given period, usually a year (Cost of goods sold rather than sales volume is preferred since the latter includes gross margin, which tends to overestimate the turnover rate), divided by the average inventory during the period. of the same period, gives a number showing how many times the product has been turned around.

More visual and convenient for analysis is the inverse indicator - the period of circulation of stocks in days (Pos). It is calculated by the formula: Pos = Tper / Oz

where Tper is the duration of the period in days.

The higher the inventory turnover, the more efficient is its activity, the less the need for working capital and the more stable the financial position of the enterprise, all other things being equal.

Take into account several types of inventory turnover:

• · the turnover of each item of goods in quantitative terms (by pieces, by volume, by weight, etc.);
• turnover of each item of goods by value;
• turnover of a set of items or the entire stock in quantitative terms;
• The turnover of a set of positions or the entire inventory by value.

Evaluation of turnover is an essential element of the analysis of the efficiency with which the company disposes of inventories. The acceleration of turnover is accompanied by an additional involvement of funds in circulation, and the slowdown is accompanied by the diversion of funds from economic turnover, their relatively longer deadening in stocks (in other words, the immobilization of own working capital). In addition, it is obvious that the company incurs additional costs for storing inventory, associated not only with storage costs, but also with the risk of damage and obsolescence of goods.

As a result, when managing stocks, stale and slow-moving goods, which are one of the main elements excluded from circulation, should be subject to special control and revision.

The value of stocks is taken at the end of the period, as it is usually estimated in dynamics. The value of inventories is correlated not with cost, but with revenue as one of the most important factors for credit analysis (thus providing a unified approach to companies that sell goods and services, because for the latter, most of the expenses are not for cost, but for general commercial and Administrative expenses). Many people believe that correlation with the cost price gives a more accurate result, since there is a trade margin in the revenue, which artificially increases the turnover, but, on the other hand, the uniformity of the approach is preserved (for example, asset turnover is revenue divided by the amount of assets), in addition, this method is convenient when calculating the operating cycle.

In principle, it is possible that at the beginning of the period and at the end of the period, the stocks are equal to zero. Then the turnover rate can be calculated by taking the average value of stocks in the period (of course, if you have access to this data).

Previously, it was certainly believed that the acceleration of the turnover of the warehouse is good. Inventory turnover characterizes the mobility of funds that the company invests in the creation of stocks: the faster the money invested in stocks is returned to the enterprise in the form of proceeds from the sale of finished products, the higher the business activity of the organization. The turnover itself does not mean anything - you need to track the dynamics of the change in the coefficient, taking into account the following factors:

• 1. the coefficient decreases - the warehouse is overstocked;
• 2. the coefficient is growing or very high (shelf life is less than one day) - work "from wheels", which leads to failures in the shipment of goods to customers. It should be noted that some leading vehicle manufacturers demonstrate simply outstanding results of logistical procedures, for example, according to statistics, a part is stored in the warehouse of the Japanese manufacturer Toyota on average 28 minutes.

In conditions of constant shortages, the average value of the warehouse stock may be equal to zero: for example, if demand is growing all the time, and the company does not have time to bring goods. As a result, there are gaps in the warehouse, there are shortages of goods and unsatisfied demand. If the size of the order decreases, the costs of ordering, transporting and processing goods increase. Turnover increases, but availability problems remain. There are options for a justified increase in inventory - during a period of high inflation or expectations of sharp changes in exchange rates, as well as in anticipation of seasonal peaks in buying activity.

If a company is forced to store in a warehouse goods of irregular demand, goods with a pronounced seasonality, then achieving a high turnover is not an easy task. To ensure customer satisfaction, the company will be forced to have a wide range of infrequently sold products, which will slow down the overall inventory turnover. Situations are also possible when the supplier provides a good discount (for example, 5 - 10%) for a significant volume plus a significant deferred payment (in a crisis, such an offer is difficult to refuse).

Also, for the enterprise, the conditions for the delivery of goods play an important role: if the purchase of goods is made using its own funds, then the turnover is very important and indicative. If in a loan, then own funds are invested to a lesser extent or not invested at all - then the low turnover of goods is not critical, the main thing is that the loan repayment period does not exceed the turnover indicator. If the goods are taken mainly on the terms of sale, then first of all it is necessary to proceed from the volume of storage facilities and the turnover for such a store is the last indicator in importance.

Perhaps no less significant method for reducing the working capital deficit is cooperation with external debt collection agencies.

In Belarus, there is no law regulating the activities of collection agencies, although government agencies are increasingly talking about the need to adopt it. Already in March 2009, Prime Minister Sergei Sidorsky "gave the green light" to the creation of a working group to develop the necessary legal documents related to the activities of collection agencies. So far, collection services in Belarus are not a licensed type of activity, and activities of this kind are partially regulated by various legal acts.

The increase in the number of problem loans that emerged at the end of 2008 forced the government to think about the legal regulation of the activities of collection agencies. According to the head of the main department of banking supervision of the National Bank of the Republic of Belarus Sergei Dubkov, this trend is explained by the fact that the last one and a half to two years there has been an active growth in consumer lending in Belarus. As a result, there is an increase in debts on loans. Thus, even a cursory glance at the events taking place in this area is enough to conclude: collection services in Belarus will be in demand, and the existence of a clear legal framework for their implementation would be most welcome.

In the United States today, about 6,500 collection agencies ("collection agencies") are engaged in debt collection. The business associated with the collection of overdue debts was seriously developed in the post-war years of the last century, when a boom in consumer lending, including mortgage lending, a variety of banking services arose, such as credit cards, car loans, etc. Of course, the boom in lending was immediately followed by a wave of arrears. This is how organizations professionally specializing in debt collection began to appear.

Some financial and trading companies operate their own debt collection agencies, others turn to independent agencies. In Belarus, the first law firms, including those specializing in debt collection, began to appear in the early 1990s. it is obvious that before the collapse of the USSR, their appearance was not possible in principle. With the increase in the number of commercial organizations and the expansion of lending practices, the issue of collecting overdue debts has become more and more relevant.

In the world's leading economies, such as the US and the UK, a stable procedure for dealing with problem loans has been established. In the first month of non-payment, the creditor acts independently, calls the debtor and asks to pay off the debt. On the 30th day of debt, the loan is recognized as problematic, increased interest, fines, and penalties are charged on this amount. Day 90 is the last day banks work on problem loans. On the 91st day, an independent collection agency is entrusted with sorting out. On the 210th day of debt, information about the debtor is already coming from the collection agency to the credit bureau, and there a case is started against him.

Factoring can be another effective way to work with accumulated receivables. Three persons usually participate in the factoring operation: the factor (factoring company or bank) - the buyer of the claim, the supplier of the goods (creditor) and the buyer of the goods (debtor). The main activity of a factoring company is lending to suppliers by buying short-term receivables, usually not exceeding 180 days. Between the factoring company and the supplier of the goods, an agreement is concluded that, as the requirements for payment for the supply of products arise, invoices or other payment documents are presented to it. The factoring company discounts these documents by paying the client 60-90% of the value of the claims. After the buyer pays for the products, the factoring company pays the rest of the amount to the supplier, withholding interest from him for the loan and commission payments for the services rendered.

Thanks to the factoring agreement, the supplier can immediately receive payment from the factor for the shipped goods, which allows him not to wait for payment from the buyer and plan his financial flows. Thus, factoring provides the company with real cash, accelerates the turnover of capital, increases the share of productive capital and increases profitability. In addition to financing working capital in factoring, the bank covers a significant part of the supplier's risks: currency, interest, credit risks and liquidity risk.

At the same time, the lender, by entering into a factoring agreement, gets the opportunity to repay the debt after a longer period compared to a commercial loan (in some cases, the debt is extended for additional obligations), partial repayment of the debt is also allowed, which stimulates the purchase of goods through factoring companies.

With the help of factoring, commercial banks and factoring companies expand the range of services provided and increase profits. An alternative to factoring can be the assignment of the right to claim a debt, i.e. its sale to another creditor. In world practice, this form of relationship is quite common due to the fact that the assignment of the right to claim occurs not for the full amount of the debt, but for 20-30% of the amount of the debt, i.e. with a discount. The size of the discount is determined by the so-called quality of the debt, that is, the ability to claim it. In the Republic of Belarus, only banks and non-banking financial organizations have the right to receive an assignment of a claim at a discount, which to a large extent limits the scope of its application for business entities.

Outsourcing of some functions, such as company accounting, legal support, debt collectors, car drivers, etc., can become quite a significant tool.

Outsourcing is the transfer by a firm of certain processes or functions to a third-party company on the basis of an agreement. Outsourcing today is a great opportunity to save your money, which has become quite widespread in Belarus.

After all, it is true that lawyers, bookkeepers and other employees need to be paid a salary, and a lot of it. This salary, as a rule, is a salary that does not depend on the results of work. In the case of outsourcing, the company pays for the result, for the specific work done, and not just for the concluded contract and an 8-hour stay at the workplace. But in addition to wages, this includes renting a room, and equipping a workplace, and the labor costs of personnel officers and a cleaning lady, and many other little things that result in large sums.

But the owner of the enterprise must be aware that it is necessary to reduce not only employees, but also the least efficient business segments. In this case, the reduction in costs and required working capital will be the result of a more general solution. In my opinion, in the following sections, it makes sense to segment a business in order to reduce its scale in the first place:

• 1) Business areas with the lowest profitability;
• 2) In the direction of client orientation:
  • Industries,
  • regions,
  • consumption potential,
  • Loyalty,
  • · Solvency.
• 3) By product types:
  • commodity groups,
  • · Trade marks,
  • models,
  • · Import - domestic production,
  • Hi end - low end,
  • · turnover,
  • return on investment,
  • · Services.
• 4) According to the complexity and cost of promotion:
  • High-cost - low-cost,
  • effective - ineffective,
  • Image - trade,
  • Promotion channels.
• 5) By sales channels:
  • The end consumer is a trading partner,
  • · Outlets,
  • · Sales methods: telemarketing, sales representatives, Internet and so on.
• 6) In terms of logistics costs:
  • paid and free services,
  • · Sale from a warehouse - under the order.

Since companies often do not have complete information about the performance of all segments, and there is no time to collect this data, the intuition and experience of company leaders should be used when choosing reduction segments.

Quite often, enterprises in their activities use such a method as risk insurance. Risk insurance is the protection of the property interests of the enterprise in the event of an insured event (insured event) by special insurance companies (insurers). Insurance occurs at the expense of monetary funds formed by them by receiving insurance premiums (insurance contributions) from insurers.

In the process of insurance, the enterprise is provided with insurance protection for all the main types of its risks (both systematic and non-systematic). At the same time, the amount of compensation for the negative consequences of risks by insurers is not limited - it is determined by the value of the insurance object (the size of its insurance assessment), the sum insured and the amount of insurance premium paid.

When resorting to the services of insurers, the company must first of all determine the object of insurance - the types of risks for which it intends to provide external insurance protection.

The composition of such risks is determined by a number of conditions:

• § risk insurability. Determining the possibility of insuring their risks, the company must find out the possibility of insuring them, taking into account the insurance products offered by the market;
• § Mandatory risk insurance. A number of risks, in accordance with the conditions of state regulation of the economic activity of enterprises, are subject to compulsory insurance;
• § the existence of an insurable interest of the enterprise. It is characterized by the interest of the enterprise in insuring certain types of its risks. Such interest is determined by the composition of the risks of the enterprise, the possibility of their neutralization due to internal mechanisms, the level of probability of a risk event, the amount of possible damage for individual risks and a number of other factors;
• § impossibility to fully compensate for risk losses at the expense of own resources. The enterprise must provide full or partial insurance for all types of insured catastrophic risks inherent in its activities;
• § high probability of occurrence of risk. This condition determines the need for insurance coverage for certain risks of their admissible and critical groups, if the possibility of their neutralization is not fully ensured by its internal mechanisms;
• § unpredictability and uncontrollability of risk by the enterprise. The lack of experience or a sufficient information base sometimes does not allow within the enterprise to determine the degree of probability of a risk event occurring for individual risks or to calculate the possible amount of damage for them. In this case, it is better to use the risk insurance system;
• § Acceptable cost of insurance protection at risk. If the cost of insurance protection does not correspond to the level of risk or financial capabilities of the enterprise, it should be abandoned by strengthening the appropriate measures to neutralize it through internal mechanisms.

The insurance services offered on the market that provide insurance for the risks of an enterprise are classified according to forms, objects, volumes, and types.

The forms are divided into compulsory and voluntary insurance.

Compulsory insurance is a form of insurance based on the legal obligation of its implementation for both the insured and the insurer.

The main object of compulsory insurance at enterprises is its assets (property), which are part of operating fixed assets. This is due to the fact that the loss of uninsured operating fixed assets, which are formed mainly from equity, can cause a significant decrease in the financial stability of the enterprise. Therefore, in a more extended interpretation, it is insurance against the risk of a decrease in the level of financial stability of an enterprise, associated with a possible decrease in the share of equity capital.

Voluntary insurance is a form of insurance based only on a voluntarily concluded agreement between the insured and the insurer based on the insurable interest of each of them. The principle of voluntariness applies to both the enterprise and the insurer, allowing the latter to evade insurance of dangerous or unprofitable risks for him.

The objects distinguish between property insurance, liability insurance and personnel insurance.

Property insurance covers all major types of tangible and intangible assets of an enterprise.

Liability insurance - insurance, the object of which is the liability of the enterprise and its personnel to third parties who may suffer losses as a result of any action or inaction of the insured. This insurance provides insurance protection for the enterprise against the risks of losses that may be imposed on it by law in connection with the damage caused by it to third parties - both individuals and legal entities.

Personnel insurance covers the company's life insurance of its employees, as well as possible cases of loss of their ability to work, etc. Specific types of this insurance are carried out by the enterprise on a voluntary basis at the expense of its profits in accordance with the collective labor agreement and individual labor contracts.

By volume, insurance is divided into full and partial.

Full insurance provides insurance protection for the enterprise against the negative consequences of risks in the event of an insured event.

Partial insurance limits the insurance protection of an enterprise against the negative consequences of risks both by certain sums insured and by a system of specific conditions for the occurrence of an insured event.

By types, property insurance, insurance of credit risks, deposit risks, investment risks, indirect risks, financial guarantees and other types of risks are distinguished.

Property (assets) insurance covers all tangible and intangible assets of the enterprise. It can be carried out in the amount of their real market value if there is an appropriate expert assessment. Different types of these assets can be insured with several (rather than one) insurers, which guarantees a stronger degree of reliability of insurance protection.

Credit risk insurance (or settlement risk) is insurance in which the object is the risk of non-payment (late payment) on the part of product buyers when providing them with a commodity (commercial) loan or when delivering products to them on terms of subsequent payment.

Deposit risks are insured in the process of making short-term and long-term financial investments by an enterprise using various deposit instruments. The object of insurance is the risk of non-repayment by the bank of the amount of principal and interest on deposits and certificates of deposit in the event of its bankruptcy.

Investment risk insurance is insurance, the object of which is various risks of real investment (risks of untimely completion of design work on an investment project, untimely completion of construction and installation work on it, failure to reach the planned design production capacity, etc.).

Indirect risk insurance is insurance that includes insurance of estimated profit, insurance of lost profits, insurance of exceeding the established budget of capital or current costs, insurance of lease payments, etc.

Insurance of financial guarantees -- the object of insurance is the risk of non-return (late return) of the amount of the principal debt and non-payment (late payment of the established amount of interest). Financial guarantee insurance assumes that certain obligations of the enterprise related to the attraction of borrowed capital will be fulfilled in accordance with the terms of the loan agreement.

Other types of risk insurance - the object is other types of risks that are not included in the traditional types of insurance.

According to the insurance systems used, insurance is distinguished at the actual value of the property, insurance under the proportional liability system, insurance under the "first risk" system, insurance using a franchise.

Insurance at the actual value of property is used in property insurance and provides insurance protection in the full amount of damage caused to the insured types of assets of the enterprise (in the amount of the sum insured under the contract, corresponding to the size of the insurance valuation of the property). Thus, under this insurance system, the insurance indemnity can be paid in the full amount of the financial damage suffered.

Proportional liability insurance provides partial insurance coverage for certain types of risks. In this case, the insurance compensation for the amount of damage incurred is carried out in proportion to the insurance coefficient (the ratio of the insurance amount determined by the insurance contract and the size of the insurance assessment of the insurance object).

Insurance under the "first risk" system. The "first risk" is understood as the damage incurred by the insured upon the occurrence of an insured event, estimated in advance when drawing up the insurance contract as the amount of the sum insured specified in it. If the actual damage exceeded the stipulated sum insured (the insured first risk), it is indemnified under this insurance system only within the limits of the sum insured previously agreed by the parties.

Unconditional deductible insurance. The deductible is the minimum part of the damage incurred by the insured that is not compensated by the insurer. When insuring using an unconditional deductible, the insurer in all insured events pays the insured the amount of insurance compensation minus the amount of the deductible, leaving it with him.

Insurance with conditional deductible. With this system of insurance, the insurer is not liable for damage incurred by the company as a result of the occurrence of an insured event, if the amount of this damage does not exceed the amount of the agreed deductible. If the amount of damage exceeded the amount of the deductible, then it is reimbursed to the enterprise in full as part of the insurance compensation paid to it (that is, without deducting the amount of the deductible in this case).

Self-insurance (internal insurance, redundancy) is a method of risk reduction based on the reservation by the enterprise of a part of its resources and allowing to overcome the negative consequences, as a rule, for the same type of risks.

In self-insurance, enterprises create funds (risk funds), which, depending on the purpose of the appointment, can be in kind or in cash. For example, farmers and other agricultural entities create natural insurance funds: seed, fodder, etc. Their creation is caused by the likelihood of adverse climatic and natural conditions.

Self-insurance becomes necessary in the following cases:

• § the economic benefit from its use is obvious in comparison with other methods of risk reduction;
• § it is impossible to provide the required reduction or coverage of the company's risks within the framework of other risk management methods.

The main forms of self-insurance are:

• § formation of the reserve (insurance) fund of the enterprise. It is created in accordance with the requirements of the legislation and the charter of the enterprise. The purpose of its creation is to cover unforeseen expenses, accounts payable, expenses for the liquidation of an economic entity; to pay interest on bonds and dividends on preferred shares in case of insufficient profit for these purposes. At least 5% of the amount of profit received by the enterprise in the reporting period is directed to its formation;
• § formation of targeted reserve funds. For example, a price risk insurance fund (for a period of temporary deterioration in market conditions); fund of markdown of goods at trade enterprises; a fund for the redemption of bad receivables on credit operations of the enterprise, etc. The list of such funds, the sources of their formation and the amount of deductions in them are determined by the charter of the enterprise and other internal regulations;
• § formation of reserve sums of financial resources in the system of budgets brought to various centers of responsibility. Such reserves are usually provided for in all types of capital budgets and in a number of flexible current budgets;
• § formation of a system of insurance stocks of material and financial resources for individual elements of the company's current assets. Insurance stocks are created for monetary assets, raw materials, materials, finished products. The size of the need for insurance reserves for individual elements of current assets is established in the process of their normalization;

undistributed balance of profit received in the reporting period. Prior to its distribution, it is considered as a reserve of financial resources directed, if necessary, to eliminate the negative consequences of individual risks.

Leasing is an equally important means of combating the shortage of working capital. It is customary to distinguish the following forms of leasing:

• operational leasing (rent) - allows you to purchase the necessary fixed assets (equipment, cars, etc.) for use at minimal cost
• Financial leasing - 1) is the acquisition of ownership of fixed assets with the attribution of their value to costs and with payment by installments. 2) this is the acquisition of ownership of fixed assets with payment by installments (in installments). At the same time, the cost of acquired fixed assets is charged to expenses
• · returnable financial leasing - the Bank acquires fixed assets from an enterprise (individual entrepreneur) with their further leasing to the same enterprise (individual entrepreneur). At the same time (Main advantages), the lessee has free cash (on the current account) and tax benefits.

As a rule, the use of leasing provides greater efficiency than the attraction of credit funds from banks or the use of own funds diverting them from other purposes. However, in general, both the loan option and the leasing option make it possible to reduce the company's costs for the acquisition of fixed assets due to the lower cost of borrowed resources compared to the weighted average cost of the company's capital. At the same time, it should be noted that the attraction of credit resources, unlike financial leasing, is reflected in the financial performance of the enterprise and, above all, in the capital structure of the enterprise.

A fairly common type of activity to overcome the shortage of working capital is the receipt of credit funds by banks or other non-bank credit organizations.

Credits for replenishment of working capital are provided by Belarusian banks mainly for a period of one month to a year. The lending limit is usually set in proportion to the net turnover on the borrower's settlement accounts and, as a rule, does not exceed 2/3 of the average monthly turnover. When determining the size of the credit limit, other cash receipts that the borrower can confirm can also be taken into account. The economic activity and financial position of the enterprise-borrower are analyzed. The interest rate depends on the term and amount of the loan.

As collateral for a loan, which can be provided by both the borrower and third parties, banks consider:

• inventory, raw materials, finished products in stock;
• goods in circulation and processing;
• production equipment and vehicles;
• · real estate;
• securities and debt obligations.

The pledge price of property offered as security is set, as a rule, at a rate not exceeding 70% of the market value. In some cases (for example, real estate, industrial equipment), it is necessary to involve an independent expert appraiser to assess the market value of the property. The pledged property is insured in favor of the bank in one of the insurance companies cooperating with the bank at the choice of the borrower.

As additional security can be considered:

• guarantees of natural persons;
• · Guarantees of enterprises and organizations with a stable financial position.

These types of collateral can be used either singly or in combination.

In general, it should be noted that there are a number of both types of business and individual investment projects, the implementation of which does not require large working capital, and the availability of working capital in general does not have a significant impact on them, for example, doing business and investing in non-traditional energy sources, real estate development, investments in the transportation of oil and gas through pipelines, and some others.

Working capital and working capital - can these concepts be considered identical? How do they affect the efficiency of the enterprise? If you didn’t find the answers to these questions, this article will help you understand the nuances that will make your business successful!

Working capital and their essence

Working capital of an enterprise is a combination of circulation funds and working capital assets. This allows them to serve not only the sphere of circulation, but also the sphere of production. This indicator may refer to the cost category, but it cannot be said that these funds act as a material value, because the production of finished products at their expense is impossible. But since they are value in monetary form, during their circulation they are able to take the form of work in progress, inventories, and even finished products. It should be understood the difference between working capital and the material assets of the enterprise - they are not consumed, not spent, not spent, but are advanced. That is use of working capital assumes that after the end of one cycle of the circuit, they immediately enter the next circle.

The difference between working capital and working capital

Funds, working capital and circulation funds are indicators that exist in constant relationship. However, it should be noted that the task of working capital is reduced to a constant presence at all stages of the company's work, and working capital is present only at the stage of production, where they are completely consumed. That is, we can say that funds participate in the creation of new value only indirectly, while working capital directly affects its formation.

Classification of current assets

All funds can be classified within the following criteria:

1. By place and role in the production process current assets of the enterprise may be located:

In the field of circulation;
- in the field of production.

If we consider the structure and composition of working capital, then in this case we can understand how efficiently and rationally to place them in the sphere of circulation or production. If it is possible to achieve an optimal ratio of working capital in these two areas, then in this case we can say that the funds are used efficiently, and this, in turn, will have a positive effect on the business.

2. According to the degree of planning:

Normalized;
- non-standardized.

In domestic practice, such a concept as the rationing of working capital is known, that is, the process of establishing standards for their elements and determining the planned norms of stocks. As for non-standardized working capital, its size is usually determined promptly.

3. According to the sources of rationing:

Own;
- borrowed;
- involved.

Modern economic conditions in every possible way contribute to the fact that the enterprise could freely dispose of its working capital. They are at the disposal of the company, and its management can lease these funds, transfer them to other organizations, citizens, enterprises, institutions on the basis of permanent or temporary use.

Shortage of working capital and consequences for the enterprise

Today, the preservation of working capital of the enterprise is an urgent and important task for the head. How to determine their excess or deficiency? Working capital and their quantity illustrates the usual financial planning. To do this, it is important to make up the amount of the actual (expected) availability of own working capital. If the planned need is greater than the amount of the company's own working capital, then in this case we can say that working capital is not enough for effective work. It is possible to fill their deficit just by attracting borrowed funds.

Sometimes the ratio is reversed, that is, the funds of the enterprise are in excess. This surplus can be used as a source to finance the increase in working capital.

Why can there be a lack of own funds? Sometimes the reasons are completely independent of the work of the enterprise. But, at the same time, the company itself may suffer excessive losses or carry out an illegal diversion of working capital, for example, in order to finance capital construction. Of course, economic conditions also play an important role in shaping the state of working capital. Thus, an increase in prices for inventory items purchased by enterprises leads to a shortage of their working capital on a large scale. In this case, a bank loan can become a source of replenishment, but in conditions of inflation it is provided only at high interest rates.

If we are already talking about how government policy affects the amount of working capital, we note that it can stimulate the production and financial activities of the company or hinder it. In the first case, the rational use of working capital can also be carried out. And not the last role in this process is played by the tax policy of the country. For example, attributing some tax payments to the cost of services, works or goods, advance payments of income tax or the specifics of paying VAT to the state budget cause a diversion of working capital that goes to non-production costs. In order to make up for the lack of own funds, enterprises begin to look for sources of their receipt: to take loans, violate financial discipline, etc. We can say that the lack of working capital in this case worsens the financial position of the company and reduces the efficiency of its work. That is why the organization of the company's working capital necessarily includes such an item as systematic control over their safety and effective use. This is achieved by conducting audits, checking accounting and operational reporting, working with statistical data, etc.

Ways of formation of working capital of the enterprise

The funds should ensure the implementation of one important task - the movement at all stages of the circuit, due to which the needs of production in material and financial resources will be satisfied, the completeness of calculations and their timeliness will be ensured, which, in turn, will increase the use of working capital.

We have already talked about the important role of working capital in the work of the enterprise. This is especially true for firms operating on the basis of commercial calculation. In this case, they must have operational and property independence in order to be responsible for the decisions made and to operate profitably. The funds themselves are formed immediately after the organization of the company itself. The basis for their formation is the investment funds coming from the founders. Replenishment of own working capital throughout the entire period of operation of the company occurs with the help of profits and stable liabilities. The latter do not belong to the organization, but are constantly in its circulation. They are the source of the formation of working capital, or rather, their minimum balance. Sustainable liabilities can be represented by:

Reserve to cover future expenses;
- payroll arrears to employees;
- prepayment for goods or services;
- carry-over balances of the consumption fund;
- minimum carry-over debt on off-budget funds and the budget.

You can try to reduce the company's need for working capital, if there is a lack of them. At the same time, this will stimulate their more efficient use. To do this, they simply attract borrowed capital in the form of short-term bank loans to satisfy the company's temporary need for working capital.

Attracting loans for the formation of working capital can be carried out in the following areas:

Mediation and implementation of settlements on payment turnover;
- lending of materials, seasonal stocks of raw materials and expenses, the reason for which lies in the seasonal nature of production;
- temporary replenishment of the lack of working capital of the enterprise.

What do you need to know about working capital?

As you can see, the development of an enterprise is impossible without the use of working capital. That is why, their formation and use must be carried out only on the basis of a detailed analysis. Do not forget about this issue, paying attention only to marketing research or market research - it is important to investigate the processes of effective use of the internal reserves of the company. Together, this will certainly lead to an increase in profits and an increase in the position of the enterprise in the market!

1. Excess (shortage) of own working capital.

ΔSOS year \u003d SOS year - Z (thousand rubles),

where: ΔSOS year - growth, surplus of working capital;

Z - stocks.

ΔSOS 2006 = 4180 - 1389 = 2791;

ΔSOS 2007 = 15226 – 9437 = 5789;

ΔSOS 2008 = 15316 - 3790 = 11526.

The company has a sufficient amount of own funds for the formation of stocks.

1. Surplus (shortage) of own and long-term borrowed sources of financing reserves.

ΔSDI year \u003d SDI year - Z (thousand rubles),

where: ΔSDI year is the surplus (shortage) of own and long-term borrowed sources of reserves financing.

ΔSDI 2006 = 4180 – 1389 = 2791;

ΔSDI 2007 = 15226 – 9437 = 5789;

ΔSDI 2008 = 15316 – 3790 = 11526.

For the entire analyzed period, the enterprise has a sufficient number of its own and long-term sources of financing reserves.

· Surplus (deficiency) of the total value of the main sources of coverage of stocks.

ΔOIZ year \u003d OIZ year - W (thousand rubles),

where: ΔOIZ year - surplus (deficiency) of the total value of the main sources of reserves coverage.

ΔOIZ 2006 = 4788 – 1389 = 3399;

ΔOIZ 2007 = 15226 – 9437 = 5789;

ΔOIZ 2008 = 15316 – 3790 = 11526.

Thus, in the analyzed period, the enterprise has enough main sources of inventory coverage, and by the end of the period this indicator increases significantly.

The dynamics of indicators of coverage with reserves by the main sources of their formation will be reflected in Fig. 2.6.

Rice. Fig. 2.6 - Dynamics of indicators of coverage by reserves by the main sources of their formation of OJSC "Vicom" in 2006 - 2008.

The given indicators of provision of reserves have the corresponding sources of financing. On their basis, it is possible to draw a conclusion about the type of financial stability of the enterprise.

The conclusion is formed on the basis of a threefold model:

M(ΔSOS; ΔSDI; ΔOIZ)

As a result of the calculations, it can be seen that during the entire analyzed period - М(ΔSOS > 0; ΔSDI > 0; ΔOIZ > 0).

This means the following: during the analyzed period, the financial condition of the enterprise is assessed as stable.

Table 2.4

Relative indicators of the financial stability of the enterprise (coefficients of the capital structure) (thousand rubles)

Name of indicator	What characterizes	Recom. value		Meaning
Financial Independence Ratio	The share of equity capital in the balance sheet	0,6	Kfn = SK / WB (total of section III of the balance sheet / total of the balance sheet)	Kfn 2006 = 4288 / 4902 = 0.87; Cfn 2007 = 15376 / 19792 = 0.78; Cfn 2008 = 15463 / 20838 = 0.74.
Debt ratio (financial dependency)	The ratio between borrowed and own funds	0,5-0,7	Kz \u003d ZK / SK (total of section IV + V of the balance sheet / total of section III of the balance sheet)	Kz 2006 = 614 / 4288 = 0.14; Kz 2007 = 4417 / 15376 = 0.29; Kz 2008 = 5376 / 15463 = 0.35.
Working capital ratio	The share of own working capital in current assets	> 0,1	Ko = SOS / OA (formula (1) / result of section II of the balance sheet)	Ko 2006 = 4180 / 4791 = 0.87; Ko 2007 = 15226 / 19643 = 0.78; Ko 2008 = 15316 / 206911 = 0.74.
Agility factor	The share of own working capital in equity	0,2-0,5	Km = SOS / SK (formula (1) / result of section III of the balance sheet)	Km 2006 = 4180 / 4288 = 0.97; Km 2007 = 15226 / 15376 = 0.99; Km 2008 = 15316 / 15463 = 0.99.
Financial tension ratio	The share of borrowed funds in the balance sheet currency	< 0,4	Kfnapr \u003d ZK / WB (total of Section IV + V of the balance sheet / total of the balance sheet)	Kfnapr 2006 =0.13 Kfnapr 2007 = 0.22 Kfnapr 2008 =0.26
Ratio of mobile and mobilized assets	How many non-current assets account for each ruble of current assets	individual	Kc \u003d OA / BOA (total of section II of the balance sheet / total of section I of the balance sheet)	Ks 2006 = 4794 / 108 = 44.39; Ks 2007 = 19643 / 150 = 130.95; Ks 2008 = 20691 / 147 = 140.76.

We will reflect the changes in financial stability indicators in the form of a diagram in fig. 2.7.

Rice. 2.7 - Indicators of the financial stability of the enterprise OJSC "Vinikom" in 2006 - 2008

Relative indicators of the financial stability of the enterprise characterize the degree of dependence of the enterprise on external creditors and investors.

The optimal value of the coefficient of financial independence is Kfn = 0.6. Kfn 2006 = 0.87; Kfn 2007 = 0.78; Kfn 2008 = 0.74. The growth of the coefficient from period to period indicates the growth of the financial independence of the enterprise.

The normal limitation of the coefficient of financial dependence is Kz 0.5-0.7. Kz 2006 = 0.14; Kz 2007 = 0.29; Kz 2008 = 0.35. As a result of the growth of the financial independence of the enterprise, the value of the coefficient, respectively, tended to decrease.

The recommended value of the ratio of own working capital is Ko ≥ 0.1. Ko 2006 = 0.87; Ko 2007 = 0.78; Co 2008 = 0.74. That is, the enterprise throughout the entire period of the study had a sufficient amount of its own working capital.

Normal limitation of the maneuverability coefficient: Km = (0.2; 0.5). Km 2006 = 0.97; Km 2007 = 0.99; Km 2008 = 0.99. Thus, we can conclude that the company has sufficient opportunities to maneuver its funds.

The recommended value of the coefficient of financial tension Kfnapr is no more than 0.4. Kfnapr 2006 = 0.13; Kfnapr 2007 = 0.22; Kfnapr 2008 = 0.26. Calculations show that the level of financial tension is growing, which indicates a decrease in the financial stability of the enterprise, however, the current situation does not cause serious concern, the recommended values ​​are observed with a significant excess.

Кс is the ratio of mobile and mobilized assets. Ks 2006 = 44.39; Ks 2007 = 130.95; Ks 2008 = 140.76. 44 rub. 39 kop. current assets accounted for 1 ruble of non-current assets in 2006. 130 rub. 95 kop. current assets accounted for 1 ruble of non-current assets at the end of 2007. 140 rub. 76 kopecks of current assets accounted for 1 ruble of non-current assets in 2008. These ratios show that the assets of the enterprise are characterized by very low immobilization.

The economic efficiency of the enterprise is expressed in terms of profitability (profitability), i.e. profitability ratios show how profitable the company's activities are.

Table 2.5

Profitability ratios of the enterprise (%)

Name	Calculation formula	What characterizes
1. Profitability of product sales 1.1. Return on sales (RRP)	Rrp = (Pr / Crp) * 100 where: Pr - profit from the sale of goods; CRP - total cost of sales (p. 140 / p. 020 f. No. 2)	Shows how much profit from the sale of products falls on one ruble of total costs	Ррп2007 = 7879 / 27221 * 100 = 28.94; Ррп2008 = 145 / 31654 * 100 = 0.46.
1.2. Product profitability (Rizd)	Rizd = (P / Cp) * 100 where: P - profit on costing for a product or group of products; (p. 029 / p. 020 f. No. 2)	Shows the profit attributable to 1 ruble of costs per product (group of products)	Rizd2007 = 14191 / 27221 * 100 = 52.13; Rizd2008 = 8100 / 31654 * 100 = 25.59.
2. Profitability of production (Rp)	Rp \u003d (BP / (OSav + MPZav)) * 100, where: BP - accounting profit (total profit before tax); OSav - the average cost of fixed assets for the billing period; MPZsr - the average cost of inventories for the billing period. (p. 140 f. No. 2 / (p. 120 b. + p. 210 b))	Reflects the amount of profit attributable to each ruble of production resources (tangible assets of the enterprise)	Rp2007 = 78795 / 5535 * 100 = 142.35; Rp2008 = 145 / 6782 * 100 = 2.14.
3. Return on assets (property) 3.1. Return on total assets (Ra)	Ra \u003d (BP / Asr) * 100, where: Asr - the average cost of total assets for the billing period. (p. 140 f. No. 2 / p. 300 b.)	Reflects the amount of profit attributable to each ruble of total assets	Ra2007 \u003d 7879 / 12347 * 100 \u003d 63.81; Pa2008 = 145 / 20315 * 100 = 0.71.
3.2. Return on non-current assets (Pboa)	Pboa \u003d (BP / BOAav) * 100, Where: BOAav - the average annual value of non-current assets. (p. 140 f. No. 2 / p. 190 b.)	Reflects the amount of profit attributable to each ruble of non-current A.	Pvoa2007 = 7879 / 129 * 100 = 6107.75; Pvoa2008 = 145 / 148.5 * 100 = 97.64.
3.3. Return on current assets (Roa)	Roa \u003d (BP / OAcp) * 100, Where: ОАср - the average annual value of current assets (p. 140 f. No. 2 / p. 290 b.)	Shows the amount of accounting profit attributable to each ruble of current assets.	Roa2007 = 7879 / 12218.5 * 100 = 69.48; Roa2008 = 145 / 20167 * 100 = 0.72.
3.4. Return on net working capital (Rchok)	Rchok \u003d (BP / CHOKav) * 100, Where: NEFav - the average cost of net working capital for the billing period (p. 140 f. No. 2 / f. (8))	Shows the amount of accounting profit attributable to each ruble of net working capital.	Rchok2007 \u003d 7879 / 15226 * 100 \u003d 51.75; Rchok2008 = 145 / 15315 * 100 = 0.95.
4. Return on equity (Rsk)	Rsk \u003d (PE / SKsr) * 100, Where: PE - net profit; SKav is the average annual cost of equity capital. (p. 190 f. No. 2 / p. 490 b.)	Shows the amount of net profit attributable to the ruble of equity capital.	Rsk2007 \u003d 5988 / 9832 * 100 \u003d 60.90; Рsk2008 = 87 / 15419.5 * 100 = 0.56.
5. Return on sales (Rsales)	Rsales = (BP / OP) * 100, Where: OP - sales volume. (p. 140 f. No. 2 / p. 010 f. No. 2)	Characterizes how much accounting profit falls on the ruble of sales.	Rsales2007= 7879 / 414129 * 100 = 19.031; Rsales2008 = 145 / 39754 * 100 = 0.36.

Now let's discuss the obtained data.

Return on sales (RRP) decreased by 2008 from 28.94% to 0.46%, which is a negative trend.

The profitability of the product also decreased: Rizd2007 = 52.13%; Rizd2008 = 25.59%.

Profitability of production also increased: Rp2007 = 14.4%; Rp2008 = 24.37%. This indicates that the cost of production has increased significantly.

The return on assets also fell significantly: to 0.71%, i.e. the profit attributable to each ruble of assets decreased.

Return on non-current assets decreased to 97.64%. Thus, the profit received from the use of non-current assets has decreased significantly, which is a negative sign.

Return on current assets also fell: Poa2007 = 69.48%; Roa2008 = 0.72%. As you can see, the profitability of current assets has fallen significantly.

The return on net working capital also fell to 0.95%.

Profitability and profitability of LLC "MONTEK" will become one of the tasks of the graduation project. Chapter 2. The basis for choosing a graduation project. Review of theory and practice on the topic of the graduation project "Profit Management at the Enterprise" Profit as the final financial result at all stages of economic development has always been of great importance for the efficient operation of enterprises and organizations. During the transition to...