financial logistics. Financial logistics and its tools Financial logistics

05.03.2021

Financial logistics is system of management, planning and control over financial flows based on information and data on the organization of material flows.

Financial flows mean directional movement of money or resources in logistics systems and between them, necessary to ensure material and information flows.

financial flow- this is a directed movement of financial resources associated with the movement of material, information and other resource flows both within the logistics system and outside it. Financial flows arise when reimbursement of logistics costs and expenses, attraction of funds from funding sources, reimbursement (in monetary terms) for products sold and services rendered to participants in the logistics chain.

The task of managing financial flows in logistics systems is full and timely provision in terms of volumes, terms and sources of financing. These funding sources must meet minimum price requirements.

Financial logistics faces the following tasks:

The study financial market and forecasting sources of funding using marketing techniques;

Determination of the need for financial resources, selection of sources of financing, monitoring of interest rates on bank and interbank loans, as well as interest rates on valuable and government bonds;

Building financial models the use of funding sources and the algorithm for the movement of cash flows from funding sources;

Establishing the sequence and links of the movement of funds within the business and the project;

Coordination of operational management of financial and material flows. First of all, the costs are estimated, for example, for the delivery of goods vehicle. The logistics manager builds material flows taking into account costs;

Formation and regulation of free balances on ruble, currency and budget accounts in order to obtain additional profit from operations in the financial market using highly profitable financial instruments;

Creation operating systems information processing and financial flows.

The principles of financial logistics include:

Self-regulation to achieve a balance of cash flow with the movement of material resources, production and minimization production costs;

Flexibility associated with the possibility of making changes to the financing schedules for the purchase of materials necessary for the implementation of the project of finished products and when adjusting the terms of the order from consumers or partners;

Minimization of production costs while maximizing short cycles of project implementation;

Integration of financing, supply, production and marketing processes in a single project implementation body;

Modeling the movement of cash flows from funding sources to project executors with a turnover of free cash with maximum efficiency;

Correspondence of the volumes of financing with the volumes necessary costs;

Use of software programs and computer networks for financial management;

Reliability of sources of financing and provision of the project with financial resources;

Profitability (through an assessment of not only costs, but also the "pressure" on these costs);

Profitability when placing funds.

For each scheme of movement of material resources, several options for organizing financial flows, different in cost and risk, can be provided. Financial institutions, third-party enterprises, consumers, the state, foreign persons are involved as investors and creditors, each of which offers resources on different terms. Having calculated the moment of the deficit in finances, it is possible to attract resources in the required amount and at the required time and return them when sufficient income is received.

The choice of suppliers and sources of resources, methods of payment for services to carriers, the order of location of goods in the warehouse is also most rational to carry out according to financial parameters, since they provide comparability of heterogeneous estimates. It is possible to assess the feasibility of re-equipping a warehouse terminal by comparing the expected increase in the flow of goods and revenue per unit of time with the amount of required investment. Comparing losses and incomes, the cost of hedging risks and the possibility of their elimination, it is possible to build such schemes for the movement of financial and material flows in which logistics costs will be optimal. Control and correction of deviations in the parameters of financial flows are necessary both for individual participants in logistics activities and for the system as a whole.

The parameters of financial flows also serve as indicators of the well-being and sustainability of enterprises, indicate the effectiveness of logistics activities, and are necessary when planning and organizing relationships with counterparties. So, when drawing up the budget for the current year, they predict the amount of future revenues and necessary investments, calculate profitability and profitability indicators, which are used in the preparation of financial statements, justification for attracting investments and loans, concluding contracts and agreements.

Thus, financial flows perform a number of important functions for ensuring, accounting and coordinating the movement of resources in logistics processes. Financial parameters largely determine the economic viability of enterprises, stability in the market, and the strength of relationships with suppliers and consumers. It is difficult to overestimate the importance of financial flow management for logistics systems.

Financial logistics is a system for managing, planning and controlling financial flows based on information and data on the organization of material flows.

Financial flows are understood as the directed movement of funds or resources in logistics systems and between them, necessary to ensure material and information flows.

Financial flow is a directed movement of financial resources associated with the movement of material, information and other resource flows both within the logistics system and outside it. Financial flows arise when reimbursement of logistics costs and expenses, attraction of funds from funding sources, reimbursement (in monetary terms) for products sold and services rendered to participants in the logistics chain.

The task of managing financial flows in logistics systems is complete and timely provision of volumes, terms and sources of financing. These funding sources must meet minimum price requirements.

Financial logistics faces the following tasks:

studying the financial market and forecasting sources of financing using marketing techniques;

determination of the need for financial resources, selection of sources of financing, monitoring of interest rates on bank and interbank loans, as well as interest rates on valuable and government bonds;

building financial models for the use of funding sources and an algorithm for the movement of cash flows from funding sources;

establishing the sequence and links of the movement of funds within the business and the project;

coordination of operational management of financial and material flows. First of all, the costs are estimated, for example, for the delivery of goods by vehicle. The logistics manager builds material flows taking into account costs;

formation and regulation of free balances on ruble, currency and budget accounts in order to obtain additional profit from operations in the financial market using highly profitable financial instruments;

creation of operating systems for processing information and financial flows.

The principles of financial logistics include:

self-regulation to achieve a balance in the flow of cash resources with the movement of material resources, production and minimization of production costs;

flexibility associated with the possibility of making changes to the financing schedules for the purchase of materials necessary for the implementation of the project of finished products and when adjusting the terms of the order from consumers or partners;

minimization of production costs while maximizing short cycles of project implementation;

integration of the processes of financing, supply, production and marketing in a single body for the implementation of the project;

modeling the movement of cash flows from funding sources to project executors with a turnover of free cash with maximum efficiency;

compliance of the volumes of financing with the volumes of necessary expenses;

use of software and computer networks for financial management;

reliability of sources of financing and provision of the project with financial resources;

profitability (through an assessment of not only costs, but also the "pressure" on these costs);

return on investment.

As you know, a key aspect of logistics activities is the management of material flows: the movement of raw materials, materials, semi-finished products and finished products. Each material flow that occurs during the purchase of materials or the sale of products, the transportation or storage of goods, is accompanied by a financial flow: an investment of finance or compensation for the sale of goods.

When preparing and organizing logistics processes, in addition to planning material flows, it is necessary to calculate and think over financial flow patterns. Thus, in international relations, the choice of CIF and FOB delivery terms affects the distribution of freight and insurance costs between the buyer and the cargo supplier. During transportation, the costs for damage to the goods are borne either by the carrier or the supplier - depending on the contractual terms, the actual characteristics of the goods, and the data of the documents of title. Changing the parameters of the storage system affects the safety and quality of the goods, and consequently, the cost of services. Sales of goods on their own, with the help of sales agents, commission agents or consignees requires different costs, provides a different turnover of goods and the duration of the financial cycle.

For each scheme of movement of material resources, several options for organizing financial flows, different in cost and risk, can be provided. Financial institutions, third-party enterprises, consumers, the state, foreign persons are involved as investors and creditors, each of which offers resources on different terms. By calculating the moment of the deficit in finances, it is possible to attract resources in the right amount and at the right time and return them when sufficient income is received.

In order to meet production plans, deliver goods to their destination at the right time, and generate sufficient income from consumers, financing plans must be met. The increase in the cost of materials makes it necessary to attract additional sources of financing or change production technologies. Falling quotes of promissory notes accepted as a pledge of payment for supplies may lead to loss of revenue and disruption of relations between suppliers and consumers. Control and correction of deviations in the parameters of financial flows are necessary both for individual participants in logistics activities and for the system as a whole.

The financial flow is characterized by volume, cost, time and direction. Additional characteristics can be determined based on the specifics and needs of the enterprise and its place in the logistics system. The volume of the flow is indicated in its documentary, electronic or any other support in monetary units. The cost of a flow is determined by the costs of its organization, and time characterizes its availability for impact. Both the time and the direction of the financial flow are determined in relation to the enterprise that organizes it. Distinguish between incoming and outgoing flows in relation to the participants in logistics relations. Let's say receiving an advance payment is an incoming flow, and paying for deliveries is an outgoing flow.

The characteristics of financial flows are based on information about the conditions, terms and nature of the relationship between the participants in the logistics process, data on the parameters of resources and the movement of material flows. For all movements of funds from the enterprise to other participants in the logistics process (consumers and suppliers, between warehouse, port and customs terminals, in logistics junctions of transport flows), the time and volume of receipts and investments, the cost of credit funds are calculated, the directions of the resulting flows are determined, others characteristics required for flow control.

The concept of the resulting financial flow is associated with several flows. Here it is necessary to introduce the concept of a financial transaction - a set of two or more interrelated financial flows. For example, attracting resources, investing them in production and receiving sales proceeds is a financial transaction consisting of at least three flows.

For financial transactions, parameters such as profitability and profitability are determined, showing how effective the impact on flows is. According to financial transactions, you can determine a number of other parameters that are essential for managing financial flows. For example, for a distribution logistics center in which the income and expenditure of financial resources is uneven, it is important to calculate the density of the financial flow, which characterizes the intensity of activity and is determined by the volume of the resulting flow per unit of time. When organizing procurement, you can calculate the time gap between receiving information from the supplier (incoming information flow) and making an advance payment (outgoing financial flow).

financial logistics
Goals and objectives of financial logistics
Optimization of the movement of material flows in logistics systems is largely achieved by improving their service with financial flows. Only financial resources can be converted into any other types: buy goods, services, information, pay staff, etc. with them. In this regard, the effective movement of cash flows is an important condition for the functioning of a book business.
Changes in the size, speed of movement and other parameters of financial flows significantly affect the movement of material flows. For example, increasing the speed of cash flow by speeding up payments can lead to faster receipt of goods in a bookselling company and reduce the required level of inventory of goods. The lack of power of financial flows or the slow speed of their flow to the publishing company can cause a reduction in the range of book products produced by it.
All this indicates the importance of studying and optimizing the movement of financial flows of enterprises. At the same time, it should be noted that the movement of financial flows in relation to their service of flows of goods and services is the least studied area of logistics. In the literature on logistics, financial issues are only mentioned and do not receive sufficient coverage, however, more and more interest in the problem of managing financial flows is shown in financial management.
Financial flows arise and are used in the book business to ensure the efficient passage of book products through the entire logistics cycle of its production and distribution, from the inception of the concept of a future publication to the purchase of a book by a consumer. Financial flows serve the processes of transfer of ownership and movement of raw materials and goods in space and time. With this in mind, we can give the following definition of the logistical financial flow.
Financial flow in logistics is movement financial resources circulating in the logistics system, as well as between the logistics system and the external environment, necessary to ensure the effective movement of the commodity flow.
The financial flow of an enterprise is made up of time-distributed receipts and payments of funds generated in the course of business activities.
Any book business must earn money as a result of the sale of its products (book goods and services), and then invest (invest) the money received in the production of new goods (services). At the same time, a normally operating enterprise should receive profit from its activities. This constantly repeating process is called the cash flow cycle. The cash flow cycle accompanies the logistics cycle of movement of goods (services)

Financial flows are diverse in composition, directions of movement, purpose and other characteristics. In order to optimize their movement in logistics systems, flows must be classified. The classification of financial flows is given in Table. fourteen.

Of greatest importance is the division of flows in the direction of movement. Positive and negative flows are interconnected. The insufficiency of the volumes of one type of flow in a specific period of time causes a reduction in the volumes of another type. Therefore, in the enterprise cash flow management system, they should be considered as a single (complex) management object.

Net cash flow is the most important result of the financial activity of the enterprise, which largely determines its financial stability.

Classification of financial flows.
Classification sign
Direction of travel
1. Positive (cash inflow, cash inflow)
2. Negative (cash outflows, cash outflows)
Calculus Method
1. Gross - the totality of receipts and expenditures of funds
2. Net cash flow - the difference between positive and negative cash flows (between the receipt and expenditure of funds)
By appointment
1. Purchasing - serving the process of purchasing goods
2. Production - service production process
3. Marketing - serving the process of marketing finished products
Frequency of occurrence
1. Regular - regularly occurs in business activities ( wage, tax payments, etc.)
2. Discrete - occurs when performing one-time, single transactions (for example, buying real estate)
Sufficiency level
1. Excessive - cash receipts significantly exceed the real need of the enterprise to spend them
2. Deficient - receipts are significantly lower than the real needs of the enterprise in spending them
Scale
1. For the enterprise as a whole - accumulates all types of funds of the enterprise
2. By certain types enterprise activities
3. By individual structural divisions (responsibility centers) of the enterprise
4. For individual business transactions
Type of economic activity
1. Accompanying the movement of products (payments to suppliers, employees, tax authorities, receipts from buyers of products, etc.)
2. Accompanying investment activity (sale and purchase of fixed assets, real estate, intangible assets)
3. Escort financial activity(obtaining and paying loans, raising additional equity capital, paying dividends)

The main goal of optimizing the movement of financial flows in logistics is to ensure the movement of material flows (service flows) with financial resources in the required volumes, at the right time using the most effective sources of financing, i.e. in accordance with the logistical rule of "seven N". This is achieved in two main ways: timely receipt of funds to the enterprise in the amount necessary to finance its further activities; ensuring efficient spending of funds, profitable and consistent with the mission of the enterprise.
Financial logistics in the book business is a section of logistics that studies the optimization of financial flows directed to the acquisition of resources and received by book business enterprises from buyers of book products and partners in the movement of book products in the logistics chain.
Consider what stages the cycle of cash flow in the book business consists of.
Example
The publisher spends money to acquire copyright for an already finished work or finances the creation of a book manuscript. As a result, he receives the manuscript and the right to publish it. Previously, it is advisable for the publisher to spend certain funds on marketing research, which will give him information for making decisions about the acquisition of the manuscript, the form of its publication, circulation, and promotion channels.
The publisher spends money on preparing the manuscript for publication (editing and publishing costs). As a result, he receives the original layout of the publication.
The publisher purchases paper and other printing materials, pays printing costs. As a result, he receives a print run of the book.
The publisher spends money on advertising and promotion of the book, its placement on the book market with the help of supply chains that are most effective for selling this book.
In a number of cases, the publisher finances bookselling enterprises by providing them with trade credits.
In the book business, there are the following forms of financial relationships between publishers and booksellers:
Paying the publisher only for books sold by the bookseller. In this case, unsold books are returned after a certain period of time to the publisher.
Purchase with deferred payment (with or without the right to return unsold books). In this case, the due date is set.
Purchase with simultaneous payment and without the right to return unsold books.
Purchase with prepayment.
Financing of publishing projects: the bookseller or some other firm pays the publisher for the publication of the book and becomes the owner of the circulation.
The bookseller (or some other firm) finances part of the costs (paper, printing, transport services) and participates in an agreed share of the profits from the sale of the circulation.
Only after these cost streams (investment of funds) does the publisher begin to receive money from booksellers for the books they bought (or sold) book products.
As we can see, the expenditure and receipt of funds by enterprises is characterized by significant unevenness (Fig. 43). Therefore, if business leaders do not pay due attention to financial logistics, they may periodically find that at the right time there is not enough money in the company's accounts. You have to take out a loan, and since it needs to be done urgently, there is no time left to search and choose optimal conditions loan money, amounts and terms of the loan. The development of this negative situation further leads to a violation of the schedule of payments on loans, and, consequently, to penalties.
Another situation is also possible - the uncontrolled flow of money to the company's accounts makes it difficult to optimize tax payments and leads to the formation of temporarily free funds. Free funds lose their value over time due to inflation and other reasons. Therefore, the optimization of cash flows should provide for their balance in terms of types, volumes, terms and other characteristics, as well as the growth of the net cash flow of the enterprise. At the same time, cash flows should be subordinated to the fulfillment of the mission of the enterprise, the goals of its activities in the book market.
The need to optimize the cash flow of the enterprise is determined by the following main provisions.
Cash flows are the “financial circulation” of an enterprise; they serve almost all aspects of business activity. Correctly organized cash flows are the most important condition for obtaining effective results of the enterprise.
The financial stability of an enterprise is largely determined by how different types of cash flows are synchronized with each other in time, in the direction of movement, etc. Insolvency can occur even for enterprises that receive a sufficient amount of profit, due to the imbalance of receipts and payments over time.
Rational formation of cash flows helps to increase the rhythm of all logistics processes of the enterprise. Any failure in the implementation of payments adversely affects the formation of stocks of raw materials, labor productivity, the sale of finished products, etc. Efficiently organized financial flows create conditions for optimizing the movement of all other types of flows (material, information, personnel, service).
By actively managing cash flows, you can ensure a more rational and economical use of your own financial resources, reduce the need for borrowed capital.

Cash flow management ensures the acceleration of the capital turnover of the enterprise by reducing the production and financial cycles, reducing the need for capital serving the economic activity of the enterprise.
Synchronization of receipts and payments of money allows to reduce the real need of the enterprise for free cash balances, which contributes to the formation of additional resources that can be directed to investments that are a source of profit.

There are the following stages of financial flow management:
Accounting for their movement. Like the management of all other types of logistics flows, cash flow management must be provided with the necessary information. This information is provided by accounting.
It should be noted that external consumers should also have financial information about the activities of the company. Owners (current and potential), government organizations, creditors (for example, suppliers of goods that sell them on credit), consumers (clients) are interested in obtaining information about the financial condition of the company. Each of the interest groups uses financial information for their own purposes. Potential owners - to resolve the issue of acquiring shares, suppliers - to determine the terms of supply, government agencies - to control the correct payment of taxes, etc.
Analysis of cash flows based on accounting data.
It is determined whether the enterprise has enough funds, whether they were used effectively, whether a balance was achieved in the flow of receipts and payments of funds, etc.
The analysis should be carried out both for the enterprise as a whole and for individual areas of its activity, as well as for individual structural divisions. As a result of the analysis, the possibilities are revealed:
- reducing the dependence of the enterprise on external sources of raising funds;
- balance of receipts and payments in terms of time and volume;
- the relationship of cash flows by types of economic activity of the enterprise;
- increasing the amount of net cash flow (profit).
Planning of cash flows is carried out both for the enterprise as a whole, and in the context of various types of its activities. Since the development of the financial situation in the future is a process characterized by significant uncertainty, it is advisable to plan in the form of developing several options corresponding to different scenarios for the development of events (optimistic, realistic, pessimistic).
Cash flow control: fulfillment of planned indicators, uniformity of cash flow formation over time, efficiency of cash flow use, enterprise solvency, net cash flow.
As already noted, the main goal of optimizing the cash flow of an enterprise is to ensure its financial stability and competitiveness in the book market. The most important prerequisite for optimization is the study of factors affecting financial flows. There are external and internal factors, or factors of the external and internal environment of the enterprise.
The main external factors include:
book market conditions. The conjuncture to a decisive extent affects the receipt of funds from the sale of products. The higher the demand for book products, the better they sell and the greater the sales revenue stream. A decline in demand, on the contrary, reduces the flow of proceeds from the sale of goods, which can lead to a shortage of funds for the enterprise, the accumulation of significant stocks of products that cannot be sold.
The industry practice of lending to suppliers and buyers of products. This practice determines the established procedure for purchasing products - on the terms of prepayment, cash payment, deferred payment (commercial credit). As we have already mentioned, the main form of relationship between publishers and booksellers is the supply of products on a deferred payment basis.
Taxation system. Its changes affect the volume and nature of the company's tax payments. In recent years, value added tax has been of great importance in the book business. What book production was not subject to this tax, allowed the industry to direct significant funds for the development of the book business.
Conjuncture of the financial and credit markets. The state of the financial market affects the price of the company's shares. In addition, the financial market conditions determine the possibility of effective use of the company's free cash by purchasing shares, and also affects the cash flow from the securities it already has (dividends, interest).
Depending on the conditions of the credit market, the volume of supply by banks of “expensive” or “cheap” (interest rate), “short” or “long” (loan terms) money increases or decreases, which affects the possibility of generating cash flows of the enterprise from this source.
The main internal factors affecting the company's cash flows are:
The duration of the logistics cycle. The shorter the duration of the logistics cycle, the faster the purchased materials turn into finished products and are sold to customers, and the more turnovers the funds make, bringing profit as a result of the completion of each cycle. At the same time, the acceleration of the movement of financial flows not only does not lead to an increase in the need for working capital, but even reduces the size of this need.
Seasonality of demand and sales of products. Significantly affects the formation of cash flows over time, causing the formation of both temporarily free funds and an increase in costs. An example of seasonal fluctuations in the book business is the need to produce and purchase educational and methodological publications by the beginning of the school year, an increase in sales for the New Year holidays and their decline in the summer season.
The financial mentality of the owners and the qualifications of the company's managers. Affect the choice and implementation of the financial policy of the enterprise. The owners distribute the income of the enterprise, decide whether they will actively invest in its development or be directed to other needs. Managers embody the ideas developed by the owners financial policy in life, therefore, the level of their qualification, which determines the effectiveness of their decisions, is of great importance here.
Enterprise life cycle. Different stages of the life cycle of an enterprise are characterized by different volumes and structure of cash flows. The following stages of the life cycle of the company are distinguished:
1) Entering the market. At this stage, the company has a small profit, and sometimes losses, since sales volumes are small, and the costs of organizing production and marketing are very significant.
2) Enterprise growth. This stage is characterized by high rates of increase in the output of products (services) and its sales. This leads to a noticeable increase in profits. There is an active investment of profits in new areas of activity, in the development of new markets, goods, etc.
3) Maturity. At this stage, the enterprise may slow down the pace of economic growth, review the goals of activities and strategies. At the same time, the best enterprises are constantly looking for new competitive advantages, continuously improving their products. This position allows you to increase the duration of the stages of growth and maturity for an unlimited period.
4) Decline in activity. The growth of the enterprise stops, sales volumes, profits decrease, competitiveness and financial stability decrease. All this can lead to the exit of the enterprise from the market. The decline stage can be caused both by objective external factors (for example, a decrease in demand for these goods), and by mistakes made by the company's management, unused opportunities, etc.

Optimization of financial flows
Selling goods or services, the company receives revenue that goes to cover costs, pay taxes. The remaining part forms the profit (or loss, if the proceeds were not enough for the specified payments) of the enterprise. The profit of the enterprise is used for various purposes. At certain moments in the life of an enterprise, it becomes necessary to attract borrowed funds to ensure its activities.
Optimization of financial flows consists of managing the stages of the logistics financial cycle: procurement, production, distribution activities.
In the first stage, money must be optimally invested in materials, goods, information, labor, and other inputs of production.
At the production stage, the invested money is transferred to finished products, while it is necessary to ensure the competitiveness of the goods (services) produced. The costs incurred must create a use value that ensures their coverage and the receipt of the planned profit.
At the stage of sale, goods are converted into cash as they are sold, cash flows begin, and a net cash flow is formed. However, it should be remembered that this process determines not only the direct receipt of cash flows, but also the position of the enterprise in the market, its image, reliability as a business partner, which are also important for performance.
With the proceeds, the logistics cycle is repeated again. The duration of the full turnover of working capital (from their advance to resources to the receipt of money for the goods sold) is characterized by turnover. The rate of turnover of financial flows depends financial position enterprise, its solvency, the need for additional sources of financing, etc. Thus, the optimization of cash flow should be aimed at the implementation of the circulation of financial resources, their uninterrupted and prompt flow from the monetary form into raw materials, finished products, goods and again into the monetary form.
In addition to accelerating the financial cycle, optimizing financial flows involves maximizing the inflow of funds and minimizing the outflow (by reducing the volume or slowing down the outflow rate).
There are three main ways to maximize cash flows received at the end of the logistics cycle of their movement, i.e. as a result of the sale of produced goods and services:
Increasing the difference between the proceeds from the sale of goods (services) and costs. This can be achieved by reducing costs and/or increasing the price of goods. It is necessary to apply this method with caution, since cost reduction can lead to a decrease in the quality of goods (services) to an uncompetitive level, and price increases - to a reduction in the mass of goods sold and a decrease in the speed of cash flow.
Acceleration of cash flow. The faster finished products are produced from purchased raw materials, and the latter are converted into cash receipts as a result of sales, i.e. the faster the logistics cycle is completed, the faster the turnover of funds. The acceleration of cash flow, in turn, leads to the fact that more cash can be obtained from the same initial resources in the same time.
For example, in order to sell books worth 100 thousand rubles. per month, the bookstore can choose one of the following options. Purchase all goods at the same time, ensuring the planned sales volume. To do this, he must immediately spend 70 thousand rubles.
But this option is also possible: the store first buys goods in the same assortment, but in a smaller number of copies, for example, for 35 thousand rubles, and then repeats this purchase again. As a result, the same result (a sale of 100 thousand rubles) can be achieved by using half the amount of money.
The acceleration of cash flow also occurs due to the acceleration of the sale of goods, so in some cases it is advisable to increase costs (for example, by more fast delivery goods) or lower prices to shorten the cycle time and ultimately make a profit faster.
Elimination of unnecessary expenses, losses and damage to goods. Improving the logistics process of the enterprise, it is necessary to constantly monitor that there are no unnecessary operations, links, structures that lead to unjustified costs. In addition, due consideration should be given to safeguarding materials, goods and other property. When solving these problems, as well as those mentioned above, it is necessary to apply the concepts of trade-offs, total costs, and others. For example, the free access of buyers to goods can lead to an increase in the loss of goods due to theft and an increase in defects, but, on the other hand, it contributes to an increase in sales and an increase in turnover.
In general, it should be noted that the costs of money and other resources do not exist by themselves. They always appear when you need to get some kind of result. Based on this, it is advisable first of all to evaluate not the level of costs, but the ratio between them and the results obtained. Effective cost control requires the use of the principle of common costs, otherwise costs can be reduced at a separate stage by simply moving them to another stage of the logistics cycle. For example, the purchase of cheaper raw materials leads to longer and more expensive processing, savings on transportation costs - to greater costs for increasing inventory etc.
All costs for the production and sale of goods should be considered integrally - as the amount that the consumer must ultimately pay in order to receive goods and benefit from them. The buyer is not at all interested in how the costs are distributed among the participants in the logistics chain (publishers, printers, booksellers); he will buy a book if its price will correspond to his financial capabilities, and also correspond to his assessment - whether the book he buys deserves this product the benefit of the required financial outlays.
etc.................

Chapter 13

The importance of optimizing the movement of financial flows of enterprises. Definition of financial logistics and its purpose. The concept of financial flow. Classification of financial flows. Stages of the cash flow cycle in the book business. Financial stability of the enterprise. Stages of financial flow management. External and internal factors affecting the financial flows of the enterprise. Stages of the logistics financial cycle. Ways to maximize cash flows received at the end of the logistics cycle. The main factors affecting the speed of movement of financial flows. The financial image of the company.

Goals and objectives of financial logistics

Optimization of the movement of material flows in logistics systems is largely achieved by improving their service with financial flows. Only financial resources can be converted into any other types: buy goods, services, information, pay staff, etc. with them. In this regard, the effective movement of cash flows is an important condition for the functioning of a book business.

Changes in the size, speed of movement and other parameters of financial flows significantly affect the movement of material flows. For example, increasing the speed of cash flow by speeding up payments can lead to faster receipt of goods in a bookselling company and reduce the required level of inventory of goods. The lack of power of financial flows or the slow speed of their flow to the publishing company can cause a reduction in the range of book products produced by it.

All this indicates the importance of studying and optimizing the movement of financial flows of enterprises. At the same time, it should be noted that the movement of financial flows in relation to their service of flows of goods and services is the least studied area of logistics. In the literature on logistics, financial issues are only mentioned and do not receive sufficient coverage, however, more and more interest in the problem of managing financial flows is shown in financial management.

Financial flows arise and are used in the book business to ensure the efficient passage of book products through the entire logistics cycle of its production and distribution, from the inception of the concept of a future publication to the purchase of a book by a consumer. Financial flows serve the processes of transfer of ownership and movement of raw materials and goods in space and time. With this in mind, we can give the following definition of the logistical financial flow.

Financial flow in logistics - this is the movement of funds circulating in the logistics system, as well as between the logistics system and the external environment, necessary to ensure the effective movement of the commodity flow.

The financial flow of an enterprise is made up of time-distributed receipts and payments of funds generated in the course of business activities.

Any book business must earn money as a result of the sale of its products (book goods and services), and then invest (invest) the money received in the production of new goods (services). At the same time, a normally operating enterprise should receive profit from its activities. This constantly repeating process is called the cash flow cycle. The cash flow cycle accompanies the logistics cycle of movement of goods (services) (Fig. 42
).

Net cash flow is the most important result of the financial activity of the enterprise, which largely determines its financial stability.

Table 14

Classification sign	Flow type
Direction of travel	Positive(cash inflow, cash inflow) Negative(cash outflows, cash outflows)
Calculus Method	Gross- the totality of receipts and expenditures of funds Net cash flow- the difference between positive and negative cash flows (between the receipt and expenditure of funds)
By appointment	Purchasing- serving the process of purchasing goods Industrial- service production process Marketing- service process of sales of finished products
Frequency of occurrence	Regular- regularly arises in economic activities (wages, tax payments, etc.) Discrete- arises during the implementation of one-time, single transactions (for example, the purchase of real estate)
Sufficiency level	Excess- receipts of funds significantly exceed the real need of the enterprise for their spending In short supply- receipts are significantly lower than the actual needs of the enterprise in spending them
Scale	For the enterprise as a whole- accumulates all types of funds of the enterprise For certain types of enterprise activities For individual structural divisions(responsibility centers) of the enterprise For individual business transactions
Type of economic activity	Accompanying the movement of products(payments to suppliers, employees, tax authorities, receipts from buyers of products, etc.) Accompanying investment activity(sale and purchase of fixed assets, real estate, intangible assets) Accompanying financial activity(obtaining and paying loans, raising additional equity capital, paying dividends)

The main goal of optimizing the movement of financial flows in logisticsis to ensure the movement of material flows (flows of services) with financial resources in the required volumes, at the right time using the most effective sources of financing, i.e. in accordance with the logistical rule of "seven N". This is achieved in two main ways: timely receipt of funds to the enterprise in the amount necessary to finance its further activities; ensuring efficient spending of funds, profitable and consistent with the mission of the enterprise.

Financial logistics in the book business - this is a section of logistics that studies the optimization of financial flows directed to the acquisition of resources and received by book business enterprises from buyers of book products and partners in the movement of book products in the logistics chain.

Let's consider which stages consists of a cash flow cycle in book business.

In book business, there are forms of financial relationships between publishers and booksellers:

Paying the publisher only for books sold by the bookseller. In this case, unsold books are returned after a certain period of time to the publisher.

Purchase with deferred payment (with or without the right to return unsold books). In this case, the due date is set.

Purchase with simultaneous payment and without the right to return unsold books.

Purchase with prepayment.

Financing of publishing projects: the bookseller or some other firm pays the publisher for the publication of the book and becomes the owner of the circulation.

The bookseller (or some other firm) finances part of the costs (paper, printing, shipping) and participates in an agreed share of the profits from the sale of circulation.

Only after these cost streams (investment of funds) does the publisher begin to receive money from booksellers for the books they bought (or sold) book products.

As you can see, the expenditure and receipt of funds of enterprises is characterized by significant unevenness (Fig. 43
). Therefore, if business leaders do not pay due attention to financial logistics, they may periodically find that at the right time there is not enough money in the company's accounts. You have to take a loan, and since this needs to be done urgently, there is no time left to search and select the optimal conditions for borrowing money, amounts and terms of the loan. The development of this negative situation further leads to a violation of the schedule of payments on loans, and, consequently, to penalties.

Another situation is also possible - the uncontrolled flow of money to the company's accounts makes it difficult to optimize tax payments and leads to the formation of temporarily free funds. Free funds lose their value over time due to inflation and other reasons. Therefore, the optimization of cash flows should provide for their balance in terms of types, volumes, terms and other characteristics, as well as the growth of the net cash flow of the enterprise. At the same time, cash flows should be subordinated to the fulfillment of the mission of the enterprise, the goals of its activities in the book market.

The need to optimize the cash flow of the enterprise is determined by the following main provisions.

Cash flows are the “financial circulation” of an enterprise; they serve almost all aspects of business activity. Correctly organized cash flows are the most important condition for obtaining effective results of the enterprise.

Financial stability of the enterprise largely determined by how different kinds cash flows are synchronized with each other in time, in the direction of movement, etc. Insolvency can occur even for enterprises that receive a sufficient amount of profit, due to the imbalance of receipts and payments over time.

Rational formation of cash flows helps to increase the rhythm of all logistics processes of the enterprise. Any failure in the implementation of payments adversely affects the formation of stocks of raw materials, labor productivity, the sale of finished products, etc. Efficiently organized financial flows create conditions for optimizing the movement of all other types of flows (material, information, personnel, service).

By actively managing cash flows, you can ensure a more rational and economical use of your own financial resources, reduce the need for borrowed capital.

Cash flow management ensures the acceleration of the turnover of the company's capital by reducing the production and financial cycles, reducing the need for capital serving economic activity enterprises.

Synchronization of receipts and payments of money allows to reduce the real need of the enterprise for free cash balances, which contributes to the formation of additional resources that can be directed to investments that are a source of profit.

There are the following stages of financial flow management:

As already noted, the main goal of optimizing the cash flow of an enterprise is to ensure its financial stability and competitiveness in the book market. The most important prerequisite for optimization is the study of factors affecting financial flows. There are external and internal factors, or factors of the external and internal environment of the enterprise.

The main external factors are:

Book market conditions. The conjuncture to a decisive extent affects the receipt of funds from the sale of products. The higher the demand for book products, the better they sell and the greater the sales revenue stream. A decline in demand, on the contrary, reduces the flow of proceeds from the sale of goods, which can lead to a shortage of funds for the enterprise, the accumulation of significant stocks of products that cannot be sold.

Industry practice of lending to suppliers and buyers of products. This practice determines the established procedure for purchasing products - on the terms of prepayment, cash payment, deferred payment (commercial credit). As we have already mentioned, the main form of relationship between publishers and booksellers is the supply of products on a deferred payment basis.

Taxation system. Its changes affect the volume and nature of the company's tax payments. In recent years, value added tax has been of great importance in the book business. The fact that book products were not subject to this tax allowed the industry to direct significant funds to the development of the book business.

Conjuncture of the financial and credit markets. The state of the financial market affects the price of the company's shares. In addition, the financial market conditions determine the possibility of effective use of the company's free cash by purchasing shares, and also affects the cash flow from the securities it already has (dividends, interest).

Depending on the conditions of the credit market, the volume of supply by banks of “expensive” or “cheap” (interest rate), “short” or “long” (loan terms) money increases or decreases, which affects the possibility of generating enterprise cash flows from this source.

The main internal factors affecting the company's cash flows are:

Selling goods or services, the company receives revenue that goes to cover costs, pay taxes. The remaining part forms the profit (or loss, if the proceeds were not enough for the specified payments) of the enterprise. The profit of the enterprise is used for various purposes. At certain moments in the life of an enterprise, it becomes necessary to attract borrowed funds to ensure its activities.

Optimization of financial flows consists of managing the stages of the logistics financial cycle: procurement, production, distribution activities.

In the first stage, money must be optimally invested in materials, goods, information, labor, and other inputs of production.

At the production stage, the invested money is transferred to finished products, while it is necessary to ensure the competitiveness of the goods (services) produced. The costs incurred must create a use value that ensures their coverage and the receipt of the planned profit.

At the stage of sale, goods are converted into cash as they are sold, cash flows begin, and a net cash flow is formed. However, it should be remembered that this process determines not only the direct receipt of cash flows, but also the position of the enterprise in the market, its image, reliability as a business partner, which are also important for performance.

With the proceeds, the logistics cycle is repeated again. The duration of the full turnover of working capital (from their advance to resources to the receipt of money for the goods sold) is characterized by turnover. The financial position of the enterprise, its solvency, the need for additional sources of financing, etc. depend on the speed of turnover of financial flows. Thus, the optimization of cash flow should be aimed at the implementation of the circulation of financial resources, their uninterrupted and prompt flow from the form of money into raw materials, finished products , goods and again in the form of money.

In addition to accelerating the financial cycle, optimizing financial flows involves maximizing the inflow of funds and minimizing the outflow (by reducing the volume or slowing down the outflow rate).

Exists three main ways to maximize cash flow obtained at the end of the logistic cycle of their movement, i.e. as a result of the sale of produced goods and services:

Increasing the difference between the proceeds from the sale of goods (services) and costs. This can be achieved by reducing costs and/or increasing the price of goods. It is necessary to apply this method with caution, since cost reduction can lead to a decrease in the quality of goods (services) to an uncompetitive level, and price increases - to a reduction in the mass of goods sold and a decrease in the speed of cash flow.

Cash flow acceleration. The faster finished products are produced from purchased raw materials, and the latter are converted into cash receipts as a result of sales, i.e. the faster the logistics cycle is completed, the faster the turnover of funds. The acceleration of cash flow, in turn, leads to the fact that more cash can be obtained from the same initial resources in the same time.

For example, in order to sell books worth 100 thousand rubles. per month, the bookstore can choose one of the following options. Purchase all goods at the same time, ensuring the planned sales volume. To do this, he must immediately spend 70 thousand rubles.

But this option is also possible: the store first buys goods in the same assortment, but in a smaller number of copies, for example, for 35 thousand rubles, and then repeats this purchase again. As a result, the same result (a sale of 100 thousand rubles) can be achieved by using half the amount of money.

The acceleration of cash flow also occurs due to the acceleration of the sale of goods, so in some cases it is advisable to increase costs (for example, for faster delivery of goods) or reduce prices in order to reduce the duration of the logistics cycle and ultimately make a faster profit.

Eliminate unnecessary expenses loss and damage to goods. Improving logistics process enterprises, it is necessary to constantly monitor that there are no unnecessary operations, links, structures that lead to unjustified costs. In addition, due consideration should be given to safeguarding materials, goods and other property. When solving these problems, as well as those mentioned above, it is necessary to apply the concepts of trade-offs, total costs, and others. For example, the free access of buyers to goods can lead to an increase in the loss of goods due to theft and an increase in defects, but, on the other hand, it contributes to an increase in sales and an increase in turnover.

In general, it should be noted that the costs of money and other resources do not exist by themselves. They always appear when you need to get some kind of result. Based on this, it is advisable first of all to evaluate not the level of costs, but the ratio between them and the results obtained. Effective cost control requires the use of the principle of common costs, otherwise costs can be reduced at a separate stage by simply moving them to another stage of the logistics cycle. For example, the purchase of cheaper raw materials leads to longer and more expensive processing, savings on transportation costs - to greater costs for increasing inventories, etc.

All costs for the production and sale of goods should be considered integrally - as the amount that the consumer must ultimately pay in order to receive goods and benefit from them. The buyer is not at all interested in how the costs are distributed among the participants in the logistics chain (publishers, printers, booksellers); he will buy a book if its price corresponds to his financial capabilities, and also to his assessment - whether the benefit he acquires in this product deserves the required financial outlays.

This is an economic category in which the interests of sellers and consumers converge. For consumers, the price of a product is, first of all, an indicator of its consumer properties. For producers, the price is an estimate of the costs they incurred and the expected level of profit. More details on pricing issues are discussed in Sec. 6.4.

In addition to the speed and power of the cash flows coming from the goods sold, the movement of flows within the enterprise must be optimized. Here the question of what is spent and how money is earned at the enterprise, in the context of its centers of responsibility, is investigated. The enterprise responsibility center is one or more structural divisions of the company, in which financial flows that are important for the enterprise are formed. Typically, responsibility centers are divided into revenue centers and cost centers. For example, a bookstore's main revenue center is structural subdivision engaged in the sale of goods in trading floor, cost centers - transport service, warehousing, etc.

The speed of movement of financial flows is affected by the speed of passage of money in mutual settlements between enterprises: each commodity flow must have its own financial flow. For example, a publishing house (seller company), on the basis of a concluded sales contract, supplies a bookstore (buyer company) with the products it purchased (material flow). The bookstore, carrying out the form of payment specified in the contract, pays for the supply of these products (financial flow) (Fig. 44).

As a rule, in mutual settlements, enterprises use funds accumulated in their bank accounts. In this case, the scheme of movement of the financial flow should also include banking institutions (Fig. 45
).

The amount, start and end time of the financial flow is determined by the payment terms established in the sales contract (for example, payment upon receipt of goods, payment after the sale of goods, discounts, etc.). In this case, the company-buyer can use its own or borrowed funds for payment.

Since the bulk of settlements between manufacturers, suppliers and sellers of book products is carried out by making payments through banks, an important factor is the speed of movement of flows in banking institutions, i.e. level of financial and credit service. In addition to the speed of customer service, financial and credit services involve providing enterprises with a variety of payment options, discounts and benefits, various forms and conditions of lending, etc. In this regard, it is important for book business enterprises to work with reliable banks that provide high level financial service.

Optimization of financial flows involves not only accelerating the financial cycle and maximizing the inflow of funds (income), but also the effective management of earned funds - profit. After paying all expenses and paying taxes, the company generates a net cash flow, i.e. the difference between positive and negative cash flows (between the receipt and expenditure of cash). It is spent on two main areas:

is directed for consumption by employees and owners of the enterprise;

accumulates and increases the property of the enterprise.

Consumed part of the profit paid in the form of income to owners, bonuses and benefits to employees of the enterprise, and also goes to social development collective (improvement of social conditions of work and rest).

Capitalized (accumulated) part of profit sent to:

on the development of the enterprise by expanding it, creating new directions and structures, modernizing, introducing modern technologies. These costs should ensure an increase in income and an increase in the speed of movement of financial flows at book business enterprises;

in external financing objects - investing in new enterprises, providing loans, buying shares, securities, etc.

There must be a certain optimum between the consumed and capitalized parts of the profit, which changes at different stages of the development of the enterprise.

The main part of the capitalized profit goes to investments. Investments are the placement of funds in various projects with the aim of increasing the invested capital, generating income. Increasing cash inflows in the future is the main goal of investment activity.

Before investing funds, it is necessary to develop a business plan for the project being invested. A business plan is a document that characterizes the main sources of project financing, marketing, personnel, technological aspects of its implementation, as well as its financial efficiency. It is presented to investors and gives them the opportunity to get acquainted with the planned results of the project, the payback period for invested funds, guarantees for their return, etc.

As a result of optimization of financial flows, financial stability of the enterprise, i.e. stable availability of financial resources sufficient to meet financial obligations, the ability of the company to finance its activities, long-term financial balance. Financial sustainability is achieved through the stable maintenance of a competitive level of profit, which ensures the expanded development of the enterprise, the implementation of the goals of its activities.

In modern concepts of logistics, the development of relations between an enterprise and partners, its behavior during external environment are of great importance for the effective functioning of logistics chains for promoting book products to consumers. One of the main factors in business relationships is financial logistics, which ensures the timeliness and efficiency of financial relationships, mutual settlements with partners, clients, government agencies, investors, borrowers, founders, etc. Accuracy, timeliness, stability financial relations create a positive financial image not only with partners of the company, but also with potential investors, competitors, government agencies. Improving the financial image of the company provides an increase in its stock prices, and therefore growth external sources financing. As the stock price rises, the weight of the firm increases. business world, it becomes more difficult for competitors to absorb it by buying shares.

The financial image of the company consists of the following aspects:

fulfillment by the enterprise of financial and other obligations to suppliers, customers, creditors, the state, etc.;

compliance of the mission and goals of the company with market demands, the needs and interests of consumers and partners, legislation and moral standards and principles of entrepreneurial activity;

quality of financial management (ensuring high rates of development of the enterprise, financial stability etc.).

This article shows the relationship between the maximum and efficient use, a certain movement of financial flows and the activities of companies. Certain schemes for the functioning of financial flows that ensure the unimpeded circulation of funds and other assets are considered. Analyzed such tools of financial logistics as avail, promissory note and acceptance credit, system complex and factoring, which should be considered by companies to reduce costs.

Keywords: financial logistics, avalanche loan, acceptance loan, promissory note loan, system complex, factoring, securitization

E.S. panina,

student,

E. V. Romanyuk,

candidate of economics, associate professor of economics department,

Taurida Academy V.I. Vernadsky Crimean Federal University,

Simferopol, Russia

Transport logistics of Crimea region

This article shows the relationship between the maximum and effective use of, certain financial flows and the activities of companies. We consider the different operations of the scheme of financial flows that provide unimpeded circulation of cash and other assets. We analyzed the financial logistics tools such as aval, bill and acceptance credit, factoring and complex system, which should be considered by companies to reduce costs.

key words : financial logistics, aval credit, acceptance credit, bill loan, complex system, factoring and securitization

Modern financial logistics is characterized by certain provisions:

- the "accompanying" term is the financial flow (interpretation according to the Passport of the specialty of the Higher Attestation Commission of the Russian Federation). Although, according to experts, a certain financial flow in the form of an advance payment for a future supply is primary, the term "accompanying" is of secondary importance. But the material flow is considered secondary. Basically, it would be appropriate to talk about a certain triune flow, in which 3 types of flows are equal. These are such flows as financial, material and information;

In the works of most economists, financial logistics does not have any differences from finance and financial management. It can be noted that these concepts are much broader than financial logistics. If financial management is a financial management system of an enterprise, then financial logistics is an apparatus that allows you to increase a certain efficiency of financial flows in an enterprise;

Financial logistics - a certain type of analysis object. But analyzing the scientific and educational literature, there is no analysis of specific financial logistics tools, certain methods and some models for their effective use in the activities of enterprises.

The object of financial logistics are financial flows in the contour of the logistics cycle (accounts receivable, accounts payable), which are closely related to material flows. A certain connection between financial and material flow- criterion for attributing the financial flow to the sphere of financial logistics. The subject of financial logistics is the regulatory financial flows that come from the external financial environment.

There are three directions of the effect of financial logistics:

- reduction of transaction costs for attracting financial resources (transactions of acceptance, avalanche, promissory notes, interaction of the focal company of the supply chain with the financial infrastructure in the form of a bank);

- reduction of the logistics cycle (forfaiting, factoring transactions);

- release of working capital (transactions with warehouse receipts).

We will consider each tool of financial logistics in more detail.

The essence of an avalanche loan is aimed at improving the quality of debt on the part of the buyer. This happens when the supplier does not have a certain confidence in the buyer and he makes a proposal that, before the start of delivery, he is provided with a guarantee in the form of an aval, which is signed and stamped by the avalist, i.e. certain guarantor, on the buyer's promissory note. The buyer bears some logistical costs in the form of a certain aval fee (0-2% of the debt amount)

With the help of a bill of exchange, an acceptance credit is carried out. The bank must pay the bill of their loan money to the borrower, i.e. there is a non-resource nature of lending if the loan repayment period is less than or equal to the period indicated on the bill. This allows the bank to drastically lower the interest rate.

The combination of previous transactions is reflected in promissory note lending. The subject of lending is a simple term bill, which is given by the bank to repay the debt, as well as to move from one participant in the supply chain to another (operations 1.2) (Fig. 1). The object of the loan is the enterprise under study, which repays the debt (1), i.e. finances in working capital in the logistics chain. Some of the cost savings are due to the cashless nature of the transaction. But one of the main cost elements is the discount, which is a payment for a non-monetary form of payment. When evaluating the effectiveness of a bill of exchange loan, one should evaluate and reduce total costs of different directions in dynamics: the discount increases with an increase in the term and transaction costs for a certain financial support of the bank decrease (Fig. 2).

Rice. one. Promissory note loan scheme

This optimization problem is based onfinding such a value of the flow - "injection" into the logistics chain of the enterprise under study in the form of the best term of bill lending t*. At the same time, we obtain a certain economic reserve in the form of a reduction in logistics costs when attracting financial resources (Fig. 2):

Rice. 2. Graphical statement of the promissory note optimization problem

Summing up, we can say that the tools of banking logistics, which is one of the types of financial logistics, are acceptance, bill and aval transactions.

Consider in interaction of the focal company of the supply chain with the financial infrastructure, which will be based on bank. The system complex is a set of a bank supply chain participant as a certain regulator of deviations in the parameters of its financial flows (Fig. 3).

Rice. 3. System complex "focus company-bank": (1) - supply of raw materials; (2) - supply of finished products; (3) - payment for finished products; (4) - payment for raw materials; (5) - provision of financial resources; (6) - return of resources.

The peculiarities of this complex is a certain absence of affiliated relations of the participants. We note a certain difference from FIGs and supply chains, which have vertical integration, a mobile composition of participants, and contractual relations of participants. The complex has the ability to "shift" up or down the chain, depending on the presence of "narrow links". Pairs of flows (1) and (4) in the “Supply” functionality must be coordinated with each other; (2) and (3) in the "Sales" functional. The key reserves of stability are contained in the matching of a pair of flows (3) and (4). Their discrepancy is the reason for the formation of a cash gap. Modern banking products are aimed at reducing the cost of increasing sales by accelerating the turnover of capital (factoring), at the formation of working capital (promissory note credit). Summing up, we can conclude that the bank is the financial infrastructure of the supply chain of an industrial enterprise, which generates “injection” flows into the “narrow links” of circulation funds, and this ensures continuity and stability, as well as a certain cost reduction throughout the chain.

In a factoring transaction, the supplieraims to speed up the logistics cycle through the early sale of debt. But the proceeds are sent to a new deal, which is more profitable. When assessing the effectiveness of a factoring transaction, it is necessary to evaluate and reduce the dynamically multidirectional total costs: with an increase in the term, the costs of insourcing increase (the cost of deadening capital in receivables, logistics risks, stocks of finished products in the contour of the logistics cycle) and the costs of outsourcing in debt management decrease (transaction costs for financial support of the factor company) (Fig. 4).

Rice. four. Organization of factoring

There is an optimization problem that involves finding such a value of the discount rate of the “injection” flow from the factor company into the supply chain of the enterprise under study. At the same time, we will receive an economic reserve in the form of a reduction in logistics costs and a reduction in the logistics cycle by a certain amount (t-t *) (Fig. 5) .

Rice. 5. Graphical statement of the factoring optimization problem

Summarizing all of the above, we can conclude that a certain significance of these models lies in the fact that they allow improving the quality of financial flow management in the direction of accelerating capital turnover and reducing certain costs, which is one of the most important goals in enterprise management, as well as the formation of certain methodological Fundamentals of financial flow management in the concepts of financial and innovative logistics. In modern society, financial logistics plays an important role for many enterprises, because the goal of each is to reduce the cost of production in order to obtain higher profits for the enterprise, which is achieved through these tools.

Bibliographic list

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