Coursework: Management of financial flows on the example of the enterprise "RosSibStroy". Formation and management of enterprise cash flows on the example of Verona LLC Enterprise cash flow management workshop

02.09.2020

COURSE WORK

Management of financial flows on the example of the enterprise "RosSibStroy"

Introduction

In modern economic conditions, the activities of each economic entity is the subject of attention of a wide circle of market participants interested in the results of its functioning. In this regard, the relevance of the topic of this course work is obvious: in order to ensure the survival of the enterprise in modern conditions, management personnel must, first of all, be able to realistically assess the financial condition of both their enterprise and existing potential competitors. Financial condition is the most important characteristic economic activity enterprises. It determines the competitiveness, potential in business cooperation, assesses the extent to which the economic interests of the enterprise itself and its partners are guaranteed in financial and production terms. However, the ability to realistically assess the financial condition alone is not enough for the successful functioning of the enterprise and the achievement of its goal.

The main purpose of this course work is to analyze financial condition IlimLesLine LLC.

In accordance with the goal, the following tasks were set:

1. Determine the essence of finance.

2. Consider the types of finance.

3. Consider the main theories of public finance by foreign and Russian economists

4. Describe the enterprise.

5. Conduct an analysis of the composition and structure of the property and capital of the enterprise.

6. Conduct an analysis of liquidity, solvency and creditworthiness of the enterprise.

7. Spend the financial analysis financial stability in absolute and relative terms.

8. Conduct an analysis of the turnover of the company's funds.

9. Conduct an analysis of Accounts Receivable and Accounts Payable.

10. Analyze and use cash flows.

11. Evaluate effectiveness financial activities.

The formulated goals and objectives predetermined the corresponding structure of practical work.

In the first chapter of the work, theoretical aspects theories of finance, types of finance and the theory of public finance by foreign and Russian economists.

The second chapter analyzes the composition and structure of the property of the enterprise "IlimLesLine", the sources of its formation, as well as solvency and financial stability, creditworthiness and liquidity, turnover of current assets.

The third chapter analyzes the practical significance. The practical significance of this work is the assessment of the effectiveness of the financial activity of the enterprise. Thus, the subject of the study is the financial activity of the enterprise, and the object of the work is the features of the formation of financial flows and the conduct of the financial activity of the enterprise.

When writing a term paper, graphical and tabular methods of data analysis were used.

The analysis of the financial condition of enterprises of various forms of ownership is reflected in many sources of scientific literature, since many scientists dealt with this problem, for example: V.M. Rodionova, L.A. Drobozin, S.I. Berlin, L.A. Bernstein, M.N. Kreinina. and others.

1.1 Essence of finance

Finance is one of the most important economic categories, reflecting economic relations in the process of creating and using funds. Their emergence took place in the context of the transition from a subsistence economy to a regular commodity-money exchange and was closely connected with the development of the state and its needs for resources.

One of the main features of finance is their monetary form of expression and the reflection of financial relations in real cash flow.

The real movement of funds occurs at the second and third stages of the reproduction process - in distribution and exchange.

At the second stage, the movement of value in monetary form occurs separately from the movement of goods and is characterized by its alienation (transfer from the hands of some owners to the hands of others) or the targeted isolation (within one owner) of each part of the value. At the third stage, the distributed value (in monetary form) is exchanged for a commodity form. There is no alienation of value itself here.

Thus, at the second stage of reproduction, there is a one-way movement of the monetary form of value, and at the third stage, there is a two-way movement of values, one of which is in the form of money, and the other is in the form of commodities.

Since at the third stage of the reproduction process there are constantly ongoing exchange transactions that do not require any social instrument, there is no place for finance here.

The area of origin and functioning of finance is the second stage of the reproduction process, at which the value of the social product is distributed according to its intended purpose and business entities, each of which must receive its share in the product produced. Therefore, an important feature of finance as an economic category is the distributive nature of financial relations.

Finance differs significantly from other economic categories that function at the stage of cost distribution: credit, wages and prices.

The primary sphere for the emergence of financial relations is the processes of primary distribution of the value of a social product, when this value breaks down into its constituent elements and various forms of cash income and savings are formed. Further redistribution of value between business entities and specification of its intended use also occurs on the basis of finance.

The distribution and redistribution of value with the help of finance is necessarily accompanied by the movement of funds, which take a specific form of financial resources. They are formed by business entities and the state at the expense of various types of cash income, deductions and receipts, and are used for expanded reproduction, material incentives for workers, satisfaction of social and other needs of society. Financial resources act as material carriers of financial relations, which makes it possible to single out finance from the total set of categories involved in the cost distribution. This occurs regardless of the socio-economic formation, although the forms and methods by which financial resources are formed and used have changed depending on the change in the social nature of society.

The use of financial resources is carried out mainly through special-purpose funds, although a non-fund form of their use is also possible. The advantages of the fund form include: the ability to more closely link the satisfaction of any need with economic opportunities, ensuring the concentration of resources in the main directions of the development of social production, the ability to more fully link public, collective and personal interests.

Based on the foregoing, the following definition can be given: finance is monetary relations that arise in the process of distribution and redistribution of the value of the gross social product and part of national wealth in connection with the formation of cash income and savings from business entities and the state, as well as their use for expanded reproduction , material incentives for workers, satisfaction of social and other needs of society.

The condition for the functioning of finance is the availability of money, and the reason for the emergence of finance is the need for business entities and the state in resources to ensure their activities.

Finances are indispensable because they allow the proportions of production to be adjusted to the needs of consumption, ensuring the satisfaction of constantly changing reproductive needs in the sphere of management. This happens through the formation of special-purpose funds. The development of social needs leads to a change in the composition and structure of monetary (financial) funds created at the disposal of business entities.

With the help of public finances, the scale of social production is regulated in sectoral and territorial aspects, protection environment and meeting other social needs.

Finances are objectively necessary, as they are conditioned by the needs of social development. The state can, given objective necessity financial relations, develop various forms of their use: introduce or cancel different kinds payments, change the forms of use of financial resources, etc. The state cannot create something that is not objectively prepared by the course of social development. It establishes only the forms of manifestation of objectively mature economic relations.

Without finance, it is impossible to ensure an individual and social circulation production assets on an expanded basis, regulate the sectoral and territorial structure of the economy, stimulate the rapid introduction of scientific and technological achievements, and satisfy other social needs.

1.2 Functions of finance

The essence of finance as a special sphere of distributive relations is manifested, first of all, with the help of the distributive function. It is through this function that the public purpose of finance is realized - providing each business entity with the financial resources it needs, used in the form of special-purpose funds.

The objects of action of the distributive function of finance are the value of the gross social product (in its monetary form), as well as part of the national wealth (in monetary form).

Subjects in the financial method of distribution are legal and individuals(state, enterprises, associations, organizations, institutions, citizens) that are participants in the reproduction process, at the disposal of which special-purpose funds are formed.

With the help of finance, the distribution process proceeds in all areas public life- in material production, in the spheres of circulation and consumption. The financial distribution method covers different levels economic management: federal, territorial, local. Financial distribution is inherent in multi-stage, generating different types distribution - on-farm, intra-industry, inter-industry, inter-territorial.

Finance associated with the movement of the value of a social product, expressed in monetary terms, has the property of quantitatively (through financial resources and funds) reflecting the reproduction process as a whole and its various phases. The movement of financial resources, occurring both in stock and non-stock forms, forms the basis of the control function of finance. Since finance "penetrates" everything social production, all its spheres and subdivisions, all levels of management, they act as a universal instrument of control by society over the production, distribution and circulation of the total social product. Thanks to the control function of finance, society knows how the proportions in the distribution of funds are formed, how timely financial resources are at the disposal of different business entities, whether they are used economically and efficiently, etc.

Distributive and control functions are two sides of the same economic process. Only in their unity and close interaction can finance manifest itself as a category of value distribution.

Financial information acts as a tool for implementing the control function of finance. It is contained in the financial indicators available in the accounting, statistical and operational reporting. Financial indicators allow you to see various aspects of the work of enterprises and evaluate the results economic activity. On their basis, measures are taken to eliminate the identified negative aspects.

The control function, objectively inherent in finance, can be realized to a greater or lesser extent, which is largely determined by the state of financial discipline in the national economy. Financial discipline is mandatory for all enterprises, organizations, institutions and officials the procedure for conducting financial management, compliance with established norms and rules, fulfillment of financial obligations.

In financial science, there are a number of debatable issues and, above all, the question of the economic nature and boundaries of financial relations. Some scientists believe that finances arise at the second stage of the reproduction process - during the distribution and redistribution of the value of the social product; others consider finance as a category of reproduction as a whole, including monetary relations at the stage of exchange as part of finance.

However, distribution and exchange are different stages of reproduction, having their own, special economic forms of expression. Therefore, it is more legitimate to consider that different types of monetary relations are expressed in different ways. economic forms: relations associated with the distribution of the monetary form of the value of a social product constitute the content of the category of finance, and relations arising in the process of commodity circulation on the basis of systematically performed acts of sale and purchase take the form of calculations carried out by means of money as a universal equivalent and price as a monetary expression of value .

Nonetheless, financial relations, being distributive, by nature, are at the same time an integral integral part of the entire system of production relations, are organically interconnected with all stages of the reproductive process and can have an impact on them.

1.3 Theories of public finance by foreign and Russian economists

Financial science, which studies economic relations regarding the formation, distribution and use of centralized and decentralized monetary funds at various stages of the development of society, was formed under the influence of research conducted by economists. The financial theories they created were tested by the real needs of society and recognized by science if they reflected the real essence of phenomena and wore certain practical advice for the state and people. In this regard, it is necessary to study various theories of financial categories (government spending, taxes, credit, budget), which form scientific knowledge in the field of finance.

The theoretical provisions developed by scientists underlie the fiscal policy of the state and financial legislation.

Concepts of the classics of political economy. At the dawn of capitalist development, financial concepts occupied an important place in all economic theories. The influence of government spending, taxes, credit and the overall budget on the economy was studied by the classics of political economy (in the UK - W. Petty, A. Smith and D. Ricardo, in France - P. Boisguillebert).

Founder financial science Adam Smith (1723–1790), in his fundamental work An Inquiry into the Nature and Causes of the Wealth of Nations (1776), developed separate provisions on the essence of state finances, which are based on his doctrine of productive and unproductive labor. By his definition, productive labor is labor that is exchanged directly for capital, and unproductive labor is exchanged for income, i.e. wages and profit. Proceeding from this theoretical premise, A. Smith (and D. Ricardo following him) gave a description of the financial categories (expenditures and revenues of the state). He argued that all or almost all of the state income received from taxes is spent unproductively. Therefore, government spending reduces the opportunities for capital accumulation and national income growth. Hence his negative attitude towards taxes. A. Smith comes to the conclusion that it is necessary to reduce the costs of the state, which wastes the created values unproductively and thereby hinders the development of productive forces.

The main postulate of the financial concept of classical bourgeois political economy is the provision of economic favorable conditions for capital accumulation.

Criticizing the policy of public spending, A. Smith recognized that a certain proportion of them is necessary, since they are carried out to protect general conditions production. great attention given in his theory to taxes. He formulated four basic principles for the expedient organization of taxation:

1) taxes are paid in accordance with the abilities and forces of the subjects;

2) the amount of taxes and the timing of their payment must be precisely determined;

3) the time of tax collection is set convenient for the payer;

4) when collecting taxes, minimal costs should be ensured.

Historically, these principles reflected the needs of the emerging bourgeoisie and were directed against the nobility and clergy as the main social groups feudal society, which had great tax privileges, and against the tax arbitrariness of the feudal state. The principles developed by A. Smith were used (although not in full) by the bourgeois states in their tax policy.

Analyzing various types of taxes (indirect, taxes on wages), A. Smith gave them an assessment from the standpoint of economic development society. Indirect taxes on consumer goods led to higher prices for them, as a result, increased production costs, as a result of which their sale decreased and consumption decreased. Assessing the tax on wages, he called it ruinous for the economy, since the taxation of the worker's income leads to an increase in the advanced capital of the entrepreneur or to a reduction in the purchasing power of the worker, which negatively affects market demand.

Thus, Smith's tax concept was subordinated to one goal - to stimulate the accumulation of capital and accelerate the development of productive forces.

Theory of J. Keynes. The economic theory of the English economist John Maynard Keynes (1883-1946), which arose as a need for capitalist production in state regulation, had a huge impact on the formation of the financial concept and development financial policy. Keynesian recommendations with various modifications have been used in practice by many states for a long period. The financial concept of J. Keynes is based on the idea of "effective demand".

Keynes came up with his theory when the economy experienced the worst cyclical crisis of 1929-1933, setting it out in his work "The General Theory of Employment, Interest and Money" (1936). It substantiates the need for state intervention in the economy in conditions of unstable development. The main instruments of such intervention should be financial categories, and primarily public spending. And formation, structure and growth are an important factor in achieving "effective demand". Growth in government spending through taxes and loans could revive entrepreneurial activity and ensure an increase in the national income, as well as the elimination of unemployment. To achieve this goal, according to the author, the state is obliged not only to raise the level of its spending, but also to influence personal and investment consumption.

J. Keynes paid special attention to taxes and their impact on the main “psychological law”, according to which people tend to increase their consumption, but not to the extent that income increased. This leads to a drop in demand for goods and a reduction in production. The state must prevent the manifestation of this law and make up for the missing demand either by increasing its expenditures through tax revenues, loans, or by stimulating private investment in various ways. Its formula is:

Savings + Taxes - Investments + Government Spending

Thus, John. Keynes developed a fundamentally new theory of finance, aimed at regulating the economy in the conditions of monopolization of production. Until the 1970s the basis of the financial policy of most industrialized countries lay the initial provisions of the Keynesian theory of regulation.

Issues of finance in the works of pre-revolutionary scientists. The heyday of Russian financial science came at the end of the 19th – beginning of the 20th centuries, when the most famous works of Russian economists and lawyers I. Yanzhul, I. Ozerov, I. Kulisher, L. Khodsky, V. Lebedev, S. Ilovaisky and others were published.

Russian financial scientists developed both theoretical and practical issues of financial science. In The Theory of Public Finance, they were adherents of a pragmatic approach, supporters of the theory of "satisfaction of collective needs." The main place in the works of scientists was occupied by the study of public finances (it should be noted that in the works of this period, even the question of the finances of the private economy is practically not mentioned). At the same time, the issues of state revenues were studied in sufficient detail: the system of revenues, their development in various states, the procedure and forms of levying taxes to the budget, control over these processes by the state, sources of covering the budget deficit, development of state credit.

Another area that was studied in detail by pre-revolutionary financiers is the budget and local finance. The issues of building a central budget and local budgets, as well as the budget process (especially its cash register).

Social Democratic movement. In the same period, a social democratic trend developed in economics, which was represented by Russian followers of K. Marx and F. Engels. Common to all social democrats was a superficial approach to the study of the phenomena of financial life, based on the binding of theoretical developments to the immediate needs of the political struggle for power. The most prominent representative of this trend was V. Lenin (1870–1924).

The main content of the pre-revolutionary works of V. Lenin is a criticism of the financial policy of Russia. In numerous articles and speeches, he critically examined the system of budget revenues and expenditures, revealed the social characteristics of indirect taxes, and showed the deplorable financial state of the state in the last pre-revolutionary period. In 1917 V.I. Lenin developed the economic platform of the Bolshevik Party, which was adopted by the VI Congress of the RSDLP (b). It pays a lot of attention to the issues of money, finance and credit. In particular, it provided for the nationalization and centralization of banking, the nationalization of the insurance business, the cessation of issuance paper money, refusing to pay external and internal debts, changing the tax system by introducing a high property tax and a tax on property gains, reforming the income tax and establishing effective control over the income of capitalists, imposing high indirect taxes on luxury goods. Almost all of these measures, with the exception of the stabilization of monetary circulation and the reform of the tax system, were carried out during the October Revolution and in the first post-revolutionary years.

All this led to the fact that in the first post-revolutionary period, the study of finance was based mainly on the works of pre-revolutionary economists: I. Yanzhul, I. Ozerov, L. Khodsky and their followers (Y. Torgulov, I. Kulisher, F. Menkov). This state of financial science continued until about the mid-1920s.

Soviet financial science. With the transition to directive methods of managing the economy and finances, there is a need to streamline and unify scientific ideas about finance, and to subordinate them to the class struggle. The result of this is the creation of a science of the finances of the USSR, which proves the advantages of Soviet finances over the finances of capitalist states. The period of formation of this science was quite long - from the end of 1920 to the beginning of the 50s.

Characterizing state of the art financial science in Russia, it should be noted the practical absence of deep theoretical and practical works in this area. The works of some authors are more descriptive than methodological and methodological in nature, while others direct their efforts towards adapting existing views and tools to modern conditions, the works of the third are a compilation of the works of foreign authors.

All this is due to several factors. The fetish of a unified theoretical basis for the study of Marxist political economy has disappeared. Conducting discussions along the old lines has become of little relevance, since all the main arguments of the parties have already been presented. The study of applied issues of finance is significantly hampered by the unpreparedness of most economists to apply modern methodology for studying the phenomena of a market economy and the lack of stable financial information.

2. Evaluation of the financial activity of an enterprise on the example of RosSibStroy LLC

2.1 Characteristics of the enterprise RosSibStroy LLC

The company is a commercial organization. Full corporate name: RosSibStroy Limited Liability Company.

In accordance with the law Russian Federation the enterprise owns separate property, recorded on its independent balance sheet, can acquire and exercise property and non-property rights on its own behalf, bear the obligation to be a plaintiff and defendant in court.

RosSibStroy LLC has civil rights and civil obligations necessary for the implementation of any types of activities not prohibited by the legislation of the Russian Federation, has the right to open bank accounts in the Russian Federation and abroad in the prescribed manner.

The enterprise management structure is such that the executive management body is the board of directors, to which the president is subordinate. The President, in turn, controls the Vice President for Production, Sales and Finance.

2.2 Analysis of the property of the enterprise and the sources of its formation

One of the main tasks of the analysis is to ensure the financial stability of the organization. This task should be solved both by developing a mechanism for stable financing of the organization, and by creating incentives to rationalize the use of funds within.

Thus, the term "financial activity" characterizes the dynamics of the enterprise, intermediate financial results.

A universal document reflecting how financial position enterprise, and the results of its financial activities, is the balance sheet.

Table 1. Analysis of the property of the enterprise

indicators	conditional designation	2006		2007		∆
indicators	conditional designation	å	d%	å	d%	∆±	rate ∆%	∆d%
I Fixed capital
1.intangible assets	ON THE	3000	8,49	10000	18,68	7000	233,3	10,19
2. fixed assets	OS	4500	12,73	3500	6,53	-1000	-22,2	-6,2
3.long-term fin. invest.	DFW	17000	48,11	18950	35,4	1950	11,47	-12,71
4. others	10831	30,65	21079	39,37	10248	94,6	8,72
TOTAL	VA	35331	2,77	53529	2,65	18198	51,5	-0,12
II Working capital
1. stocks and VAT	W+VAT	49047	3,96	276034	14,08	226987	462,8	10,12
2. overdue deb. debt	PDZ	17580	1,42	300000	15,31	282420	1606,5	13,89
3.receivables	DZ	200000	16,17	8450	0,43	-191550	-95,7	-15,74
4.short-term fin. invest.	KFV	42896	3,47	50000	2,55	7104	16,56	-0,92
5. cash	DC	926868	74,96	1324766	67,61	397898	43	-7,35
TOTAL	OA	1236391	97,22	1959250	97,34	722859	58,4	0,12
Property	WB	1271722	100	2012779	100	741057	58,2	-

In the reporting period, the property of the enterprise increased by 741057 or 58.2%, including the fixed capital increased by 18198 or 51.5%, and working capital by 722859 or 58.4%

The following changes took place in the composition of fixed capital:

1. there was an increase in HA by 7000 or 2 times, DFA by 1950 or 11.47%, others by 10248 or 94.6%

2. there was a decrease in the OS by 1000 or 22.2%

The following changes have taken place in the composition of working capital:

1. there was an increase in Z+VAT by 226987 or 4 times, PDZ by 282420 or 16 times, KFI by 7104 or 16.56%, DS by 397898 or 43%

2. there was a decrease in DZ by 191550 or 95.7%

The type of property structure, that is, the ratio of fixed capital to working capital, equal to 2.77 / 97.22 corresponds to the type 20/80 and is a “heavy” property structure for 2006, which means that the enterprise works beyond its capabilities and poor sales of products, that is great overstocking. For 2007, the situation in the composition of property remains the same: the ratio of fixed capital to working capital, equal to 2.65 / 97.34, corresponds to the type 20/80, is a “heavy” property structure for 2007, which means the operation of the enterprise beyond its capabilities and poor sale of products, that is, a large overstocking.

Table 2. Analysis of the composition and structure of the enterprise's capital

indicators	Conv. designation	2006		2007		∆
indicators	Conv. designation	å	d%	å	d%	∆±	rate ∆%	∆d%
BUT	B	1	2	3	4	5	6	7
I. Equity	SC	1959800	56,5	2364598	46,79	404798	20,65	-9,71
II. Borrowed capital	ZK	1508498	43,49	2688931	53,2	1180433	78,25	9,71
1. long-term obligations	BEFORE	683464	45,3	893111	33,21	209647	30,67	-12,09
2. current liabilities	KO	825034	54,6	1795820	66,78	970786	117,66	12,18
2.1.short-term borrowings	GLC	30000	3,63	35418	1,97	5418	18,06	-1,66
2.2. credit ass + other short term obligatory	KZ+PKP	777848	94,2	518586	28,87	-259262	-33,33	-65,33
2.3. funds and reserves	FIR	17186	2,08	1241816	69,15	1224630	7125,74	67,07
CAPITAL	OA	3468298	100	5053529	100	1585231	45,7	-

In the reporting period, the company's capital increased by 1585231 or 45.7%, including equity increased by 404798 or 20.65%, and borrowed capital increased by 1180433 or 78.25%.

The following changes took place in the structure of the LC: an increase in DO by 209647 or 30.67%, an increase in KO by 970789 or 1.17 times

The following changes have taken place in the composition of the KO:

1. GLC increase by 5418 or 18.06%, F&R by 7125.74 or 71.25 times

2. reduction of short circuit + PKP by 259262 or 33.33%

2.3 Assessment of the solvency of the enterprise and the liquidity of its balance sheet in absolute and relative terms

The concept of solvency can be identified with the concept of liquidity, since solvency is the ability to pay for one's short-term obligations at the expense of various elements working capital, which in turn have different liquidity.

Analysis of the liquidity of the balance allows you to evaluate the payment capabilities of the institution in the long term - the ability to repay not only short-term, but also long-term obligations, as well as the availability of own working capital.

To determine the liquidity of the balance sheet, it is necessary to compare the results of the asset and liability groups. The balance is considered absolutely liquid when the following ratios take place:

If one or more inequalities are not met, the balance sheet is not perfectly liquid (to a greater or lesser extent). At the same time, the liquidity of the balance sheet is estimated as minimally sufficient if at least the last inequality is satisfied. In this case, the company can finance current activities at the expense of equity and the future has the ability to restore solvency.

The solvency of the enterprise is analyzed in the short and long term. The assessment of the ability to repay short-term obligations (solvency in the short term) is based on an analysis of the liquidity of assets. Assessment of the ability to pay for all types of obligations (solvency in the long term) is based on the analysis of the liquidity of the balance sheet.

To assess the solvency of the balance sheet items are grouped: assets - according to the degree of their liquidity (the rate of conversion into cash), liabilities - according to the degree of maturity of obligations.

A 1 - ALA (absolutely liquid assets)

A 1 \u003d DS + KFV (1)

A 1 2006 \u003d 926868 + 42896 \u003d 969764 rubles.

A 1 2007 \u003d 1324766 + 300000 \u003d 1624766 rubles.

A 2 - UAVs (quickly liquid assets)

A 2 \u003d DZ + POA (2)

A 2 2006 \u003d 145106 + 0 \u003d 145106 rubles.

A 2 2007 \u003d 8450 + 0 \u003d 8450 rubles.

A 3 - MRA (slowly realizable assets)

A 3 \u003d Z - RBP + DFV (3)

A 3 2006 \u003d 2175470–1884535 + 17000 \u003d 307935 rubles.

A 3 2007 \u003d 3040750–1311100 + 18950 \u003d 1748600 rubles.

A 4 - TRA (hard to sell assets)

A 4 \u003d VA - DFV + RBP + PDZ + VAT (4)

A 4 2006 \u003d 35331–17000 + 1884535 + 110580 + 145106 \u003d 2045493 rubles.

A 4 2007 \u003d 53529–18950 + 1311100 + 300000 + 26034 \u003d 1671713 rubles.

WB \u003d A 1 + A 2 + A 3 + A 4 (5)

WB 2006 = 969764 + 145106 + 307935 + 2045493 = 3468298 rubles.

WB 2007 = 1624766 + 8450 + 1748600 + 1671713 = 5053529 rubles.

Liabilities, depending on the urgency of payment, are divided as follows:

P 1 = NSO (most urgent obligations)

P 1 \u003d short circuit + PKP (6)

P 1 2006 \u003d 777848 + 0 \u003d 777848 rubles.

P 1 2007 \u003d 518586 + 0 \u003d 518586 rubles.

P 2 \u003d KO (short-term obligations)

P 2 = GLC (7)

P 2 2006 = 30,000 rubles.

P 2 2007 = 35418 rubles.

P 3 \u003d TO (long-term obligations)

P 3 2006 = 683464 rubles.

P 3 2007 = 893111 rubles.

P 4 \u003d PP (permanent liabilities)

P 4 \u003d SK + FIR (9)

P 4 2006 \u003d 1959800 + 17186 \u003d 1978986 rubles.

P 4 2007 \u003d 2364598 + 1241816 \u003d 3606414 rubles.

WB \u003d P 1 + P 2 + P 3 + P 4 (10)

WB 2006 \u003d 777848 + 30000 + 683464 + 1976986 \u003d 3468298 rubles.

WB 2007 \u003d 518586 + 35418 + 893111 + 3606414 \u003d 5053529 rubles.

Table 3. Assessment of the liquidity of the balance sheet of the enterprise in absolute terms

BUT	2006	2007	P	2006	2007	A-P		∆±
BUT	2006	2007	P	2006	2007	2006	2007	∆±
A1	969764	1624766	P1	777848	518586	191916	1106180	914264
A2	145106	8450	P2	30000	35418	115106	-26968	-142074
A3	307935	1748600	P3	683464	893111	-375529	855489	1231018
A4	2045493	1671713	P4	1976986	3606414	68507	-1934701	-2003208
WB	3468298	5053529	3468298	5053529	-	-	-

Since A2>P2 for 2006 and A2<П2 за 2007 год то увеличившаяся на 142074, это означает, что предприятие в 2007 году не сможет оплатить свои обязательства за счет возврата денежной задолженности по отгруженной продукции за определенный период времени, но так как А1>P1 for 2006 and 2007 increased by 914264, then the company will be able to pay all its loans and borrowings from its own funds, that is, it is current liquid.

Since A3<П3 за 2006 год, но А3>P3 for 2007 increased by 1231018, that is, in the future the company has promising liquidity, that is, it has enough cash to pay for its loans.

Since A4>P4 in 2006 means that outside current assets entirely funded by borrowed funds. Also, current assets are formed by short-term and long-term liabilities. Consequently, the company in 2006 is not liquid and financially dependent on external sources financing.

A4 comparison<П4 за 2007 год увеличившаяся на 2003208 говорит о том, что в отчетном периоде основной капитал и часть оборотного сформированы за счет собственных средств. А это означает, что предприятие является абсолютно ликвидным и финансово независимым от внешних источников финансирования.

We will analyze the solvency by such absolute indicators as:

1. K ldp - cash flow liquidity ratio. It shows how much% the company can pay its short-term obligations. The normal level of the coefficient is 0.1 - 0.2

2. K al - absolute liquidity ratio. Normal level 0.2 - 0.5

3. To bl - quick liquidity ratio. Normal level 0.6 - 0.8

4. K tl - coefficient of current or general liquidity. Shows how much the company can pay for short-term liabilities with all current assets that the company has during the reporting period. Normal level 1 to 2

Table 4. Analysis of solvency by relative indicators

K ldp \u003d DS / KO (KZ + KZS + PKP) (11)

K ldp2006 = 926868/777848+30000=1.14

K ldp2007 \u003d 24766 / 518586 + 1311100 \u003d 2.39

K al \u003d DS + KFV / KO (12)

K al2006 \u003d 926868 + 42896 / 825034 \u003d 1.17

K al2007 \u003d 1324766 + 300000 / 1795820 \u003d 0.9

K bl \u003d DS + KFV + DZ + POA / KO (13)

K bl2006 \u003d 926868 + 42896 + 145106 / 825034 \u003d 1.35

K bl2007 \u003d 1324766 + 300000 + 8450 / 1795820 \u003d 0.9

K tl =OA-PDZ+RBP+VAT/KO (14)

K tl 2006 \u003d 3432967–110580 + 1884535 + 32047 / 825034 \u003d 1.69

K tl 2007 \u003d 5000000–300000 + 1311100 + 26034 / 1795820 \u003d 1.87

For 2006:

Because the value of Kldp is greater than the norm (1.14>

Since the value of Cal is above the norm (1.17>

Since the Kbl value is above the norm (1.35>

<1.69<2) и показывает, что предприятие покроет краткосрочные обязательства всеми оборотными активами, которые есть у предприятия в течение отчетного периода (1 год). Также можно сделать вывод, что предприятие является абсолютно платежеспособным.

For 2007:

Because the value of Kldp is greater than the norm (2.39> 0.2), then the enterprise has excess funds that do not participate in turnover and do not bring additional income.

Since the Cal value is above the norm (0.9> 0.5), this indicates a lack of funds invested in securities

Since the Kbl value is above the norm (0.9>0.8), this indicates that the enterprise does not rationally use the issuance of a commercial loan and ships products in excess of the standards, thereby freezing its funds in settlements with counterparties.

The value of Ktl corresponds to the norm (1<1.87<2) и показывает, что предприятие покроет краткосрочные обязательства всеми оборотными активами, которые есть у предприятия в течение отчетного периода (1 год). Также можно сделать вывод, что предприятие является абсолютно платежеспособным.

2.4 Analysis of the creditworthiness of the enterprise

Creditworthiness is the ability to repay loans and interest on them in a timely manner.

The base indicator for the calculation is the sales proceeds, since the bank that serves this enterprise can see the actual receipt of proceeds to the client's account.

Creditworthiness is assessed using the following indicators:

1. Ratio of relative sales proceeds to net current assets:

K 1 \u003d Vr / ChTA (OA-KO) (15)

K 1(2006) =454789/(3432967–825034)=0.11

K 1(2007) =234306/5000000–1795820=0.07

2. Coefficient of the ratio of sales proceeds and equity, adjusted for the amount of intangible assets:

K 2 \u003d Vr / SK-N (16)

K 2(2006) =454789/1959800–3000=0.14

K 2(2007) =234306/2364598–10000=0.09

3. Ratio of accounts payable to net equity:

K 3 \u003d KZS + KZ + PKP / SK-ON (17)

K 3(2006) =30000+777848/1959800–3000=0.41

K 3(2007) =35418+518586/2364598–10000=0.23

Table 5. Assessment of the creditworthiness of the enterprise

Since all the ratios do not correspond to the optimal level, the company is not creditworthy.

This is justified by the fact that for 1 rub. In 2006, the HOA accounted for only 11 kopecks. revenue, and in 2007 - 7 kopecks, which is much lower than the optimal level. Also for 1 rub. own capital in 2006 accounted for 14 kopecks, and in 2007 - 9 kopecks. This means that, although the situation has slightly improved, but the proceeds invested in the IC are insufficient for the financial activities of the enterprise.

The ratio of sales proceeds to NTA is below the norm by 24.93 rubles, while by 2007 it was below 4 kopecks. The coefficient of the ratio of proceeds from sales and equity is lower by 19.86, while in 2007 there was a decrease by 5 kopecks.

In addition, for 1 rub. own capital in 2006 accounted for 41 kopecks, then in 2007 the company became more credit-dependent, since 1 rub. own funds accounts for 23 kopecks. borrowed.

2.5 Analysis of the financial stability of the enterprise in absolute and relative terms

Financial stability is a broader concept than solvency and creditworthiness, since it characterizes the ability of an enterprise to repay its obligations, maintain an optimal ratio of equity and debt capital, while the enterprise's income steadily exceeds its expenses.

Thus, the following groups are used to calculate absolute indicators of financial stability.

I Availability of various sources of financing for the enterprise:

1. Availability of own working capital

SOS \u003d SK - VA (18)

SOS 2006 = 1959800–35331=1924469

SOS 2007 = 2364598–53529=2311069

2. Availability of own and long-term sources

SD = SOS + TO (19)

SD 2006 = 1924469+683464=2607933

SD 2007 =2311069+893111=3204180

3. Availability of common sources

OI = SD + GLC (20)

OI 2006 = 2607933+30000=2637933

OI 2007 =3204180+35418=3239598

II Presence of surpluses (deficiencies) of various sources:

1. Surplus (shortage) of own working capital to cover stocks

SOS \u003d SOS - Z (21)

SOS 2006 =1924469–2175470= -251001

SOS 2007 = 2311069–3040750= -729681

2. Excess (shortage) of own and long-term sources to cover reserves

SD \u003d SD - Z (22)

SD 2006 = 2607933–2175470=432463

SD 2007 = 3204180–3040750 = 163430

3. Excess (shortage) of common sources to cover stocks

OG = OG – G (23)

OI 2006 =2637933–2175470=462463

OI 2007 =3239598–3040750=198848

We calculate the financial stability of IlimLesLine LLC in absolute terms.

Based on the calculations of these groups of indicators, the type of financial stability of the enterprise is determined. There are four types of financial stability in total:

Type I - "Absolute financial stability", if З< СОС + КЗС (+ 10%) (АФУ)

Type II - "Normal financial stability", if H ≈ SOS + GLC (NFU)

Type III - "Pre-crisis financial condition", if Z ≈ SOS + GLC + + DKZS (1/2 GLC)

IV type - "Unstable financial condition" (on the verge of bankruptcy) Z > SOS + KZS + DKZS (1/2 KZS)

In 2006, the enterprise had an unstable financial crisis (type 4) as Reserves (2175470 rubles) > SOS + KZS + DKZS (1026843 rubles). Therefore, we can say that the enterprise does not have its own working capital financing, as well as there is a lack of own funds and long-term sources, as well as general sources to cover reserves

By 2007, the situation remains the same, and the company reaches an unstable financial crisis on the verge of bankruptcy (type 4), this is due to the fact that Reserves (3,040,750 rubles) > SOS + KZS + DKZS (2,364,196 rubles)

According to the calculations, this enterprise has the fourth type of financial stability, that is, the enterprise is on the verge of bankruptcy. What does the excess of the company's reserves over its income mean. This is due to the presence of shortcomings in 2006 and 2007 of various sources of financing the enterprise, such as: own working capital in the amount of 251,001 rubles. in 2006 and 729681 rubles. in 2007, own and long-term sources for 432,463 and 163,430 rubles. in 2006 and 2007, respectively, as well as general sources for 462,463 rubles. in 2006 and 198848 rubles. in 2007.

In the system of relative indicators of financial stability, institutions distinguish a number of coefficients that are calculated at the beginning and end of the year and are considered in dynamics.

I Coefficients that determine the security of the enterprise with its own working capital:

1. Ratio of own working capital

K OOS \u003d (SK - VA) / OA (24)

TO OOS2006 \u003d (1959800–35331) / 3432967 \u003d 0.56

TO OOS2007 = (2364598–53529)/5000000=0.46

The normal level of this coefficient is >0.1.

2. Reserves coverage ratio (25)

TO OZ \u003d (SK - VA) / Z

K OZ2006 \u003d (1959800–35331) / 2175470 \u003d 0.88

K OZ2007 \u003d (2364598–53529) / 3040750 \u003d 0.76

The normal level of this coefficient is 0.6–0.8.

3. Agility factor

K M \u003d (SK - VA) / SK (26)

K М2006 = (1959800–35331)/ 1959800=0.98

K М2007 = (2364598–53529)/ 2364598=0.97

The normal level of this coefficient is >0.5.

II Coefficients characterizing the state of equity capital:

AND PA \u003d VA / SK (27)

AND PA2006 =35331/1959800=0.018

I PA2007 =53529/2364598=0.022

The normal level of this coefficient is ≈0.45

2. Coefficient of the real value of the property

K RSI \u003d (OS + SiM + NP) / WB (28)

K RSI2006 =(4500+16354+200000)/3468298=0.063

K RSI2007 =(3500+471810+57840)/5053529=0.1

The normal level of this coefficient is >0.7

3. Ratio of long-term borrowed funds

K DPS = DO/(SC + DO) (29)

K DPS2006 \u003d 686464 / (1959800 + 686464) \u003d 0.28

K DPS2007 \u003d 893111 / (2364598 + 893111) \u003d 0.274

The normal level of this coefficient is 0.7–0.8

ІІІ Coefficients that determine financial independence:

1. Autonomy coefficient

K A \u003d SK / WB (30)

K A 2006 \u003d 1959800 / 3468298 \u003d 0.56

K A 2007 \u003d 2364598 / 5053529 \u003d 0.46

The normal level of this coefficient is 0.55–0.6

2. Equity to debt ratio

K C \u003d (DO + KZS + KZ + PKP) / SK (31)

K C2006 \u003d (686464 + 30000 + 777848 + 0) / 1959800 \u003d 0.76

K C2007 \u003d (893111 + 35418 + 518586 + 0) / 2364598 \u003d 0.61

Coefficient level<0,3

3. Funding sustainability ratio

K UV \u003d (SC + DO) / WB (32)

K UV2006 =(1959800+686464)/ 3468298=0.76

K UV2007 =(2364598+893111)/ 5053529=0.64

The normal level of the coefficient is 0.7–0.9

Applying the theory, we will analyze the financial stability of this enterprise in terms of relative indicators.

Table 6. Analysis of financial stability by relative indicators

To	2006	2007	∆		WELL	↓KU
To	2006	2007	∆±	Change rate	WELL	2006	2007	∆±
I
K oss	0,56	0,46	-0,10	-17,86	0,1<	+	+	+
K oz	0,88	0,76	-0,12	-13,64	0,6–0,8	0,08	+	+
K m	0,98	0,97	-0,01	-1,02	0,5<	+	+	+
II
And pa	0,018	0,022	0,004	22,22	≈0,45	-0,432	-0,428	0,004
To rsi	0,063	0,1	0,04	58,73	0,7<	-0,637	-0,6	0,037
K dps	0,28	0,274	-0,006	-2,14	0,7–0,8	-0,42	-0,426	-0,006
III
K a	0,56	0,46	-0,100	-17,86	0,55–0,6	+	-0,09	0,09
K s	0,76	0,61	-0,150	-19,74	0,3<	+	+	+
K uh	0,76	0,64	-0,120	-15,79	0,7–0,9	+	-0,06	0,06

After analyzing the I group of indicators characterizing the security of the enterprise with its own working capital, on the basis of the calculations, we can conclude that the enterprise is conditionally provided with its own working capital, i.e. conditionally financially stable.

Since the CEP, although not very high, still corresponds to a normal level and in 2006 it was 0.56%, and in 2007 - 0.46%, which means that the enterprise is sufficiently provided with its own funds, but the trend in 2007 is deteriorating by 10%, i.e. increased by 10% borrowed capital in circulation. To OZ exceeds the norm in 2006 by 8%, which means that the reserves are fully purchased at their own expense.

After analyzing the second group of coefficients characterizing the state of equity, we see that the state is unsatisfactory, therefore, the conditionally unstable state of equity. And PA is below the norm by 43.2% in 2006 and by 42.8% in 2007, which means the asset is unstable. RCI is below the norm by 63.7% in 2006 and by 6% in 2007. This shows that the value of the property is too low, which worsens the state of financial stability. Also, K DPS is less than the norm in 2006 by 42% and by 42.6% in 2007, which means that the company does not have enough sustainable long-term borrowed funds.

Thus, after analyzing the third group of coefficients characterizing the financial dependence of the enterprise, we can conclude that the enterprise is financially stable in 2006. This is justified by the fact that K A in 2006 corresponds to the norm and is equal to 56%, and in 2007 it is less than the norm, which shows an increase in 2007 of borrowed capital in the total volume of the enterprise's resources.

2.6 Analysis of asset and capital turnover indicators

Each enterprise has a cyclical nature of output, which begins with the purchase of raw materials and other assets that are involved in the production process, and then the products created in it are sold, and the money returns to the beginning of the production cycle with an increment.

The basic formula for the turnover of capital (assets):

K about \u003d Vr / A (K) (33)

The turnaround time is also calculated:

D o \u003d 365 / K about (34)

In theory, they consider the turnover of various types of capital and assets and conclude which of the elements slows down the turnover.

Turnover analysis is carried out in the context of several groups:

I Turnover and duration of turnover outside current assets. They also consider the turnover of fixed assets and long-term financial investments:

K obOA2006 =288423/35331=8.16, K obOA2007 =234306/53529=4.37, D oVA2006 =365/8.16=45, D oVA2007 =365/4.37=84, K obOS2006 =288423/4500 =64.094, K obOS2007 =234306/3500=66.94, D OS2006 =365/64.094=6, D OS2007 =365/66.94=5, K obDV2006 =288423/17000=16.96, K obDV2007 =234306/ 18950=12.36

The normal level for this group of coefficients is 2 for K o and 182.5 for D o.

II Turnover and duration of turnover of current assets. They also consider the turnover of inventories, raw materials and materials, finished products, normal and general receivables, short-term financial investments and cash:

1.K obOA2006 =288423/3432967=0.08, K obOA2007 =234306/5000000=0.04, D oOA2006 =365/0.08=4562, D oOA2007 =365/0.04=9125

2. K ObZ 2006 =288423/2175470=0.13, K ObZ 2007 =234306/3040750=0.07, D OZ 2006 =365/0.13=2808, D OZ 2007 =365/0.07=5214

3. K obSiM 2006 =288423/16354=17.63, K obSiM 2007 =234306/471810=0.49, D oSiM 2006 =365/17.63=21, D oSiM 2007 =365/0.49=745

4. To obGP 2006 =288423/74581=3.86, To obGP 2007 =234306/1200000=0.19 , To obGP 2006 =365/3.86=94, To obGP 2007 =365/0.19=1921

5. K obPDZ+DZ 2006 =288423/110580+145106=1.12, K obPDZ+DZ 2007 =234306/300000+8450=6.75, D oPDZ+DZ 2006 =365/1.12=326, D oPDZ +DZ 2007 =365/6.75=54

6. K obDZ 2006 = 288423/145106=1.98, K obDZ 2007 = 234306/8450=27.72, D oDZ 2006 = 365/1.98=184, D oDZ 2007 = 365/27.72=13

7. K oKFV 2006 =288423/42896=6.72, K oKFV 2007 =234306/300000=0.78, D oKFV 2006 =365/6.72=54, D oKFV 2007 =365/0.78=468

8. K obDS 2006 =288423/926868=0.31, K obKFV 2007 =234306/1324766=0.17, D cFV 2006 =365/0.31=1177, D cFV 2007 =365/0.17=2147

The normal level for this group of coefficients is 4 for K o and 91.25 for D o.

III group:

1. To obSK 2006 =288423/1959800=0.14, To obSK 2007 =234306/2364598=0.09, D oSK 2006 =365/0.14=1177, D oSK 2007 =365/0.09=2147

2. To oDO 2006 =288423/686464=0.42, To oDO 2007 =234306/893111=0.26, To oDO 2006 =365/0.42=869, To oDO 2007 =365/0.26=1404

3. To obKZS 2006 = 288423/30000=9.61, To obDO 2007 = 234306/35418=6.61, D okKZS 2006 = 365/9.61=38, D okKZS 2007 = 365/6.61=55, 21

4. To obKZ 2006 =288423/777848=0.37, To obKZ 2007 =234306/518586=0.45, D oKZ2006 =365/0.37=986.5, D oKZ2007 =365/0.45=811, one

5. To obZPP 2006 = 288423/31186=9.25, To obZPP 2007 = 234306/54184=0.43, D oZPP2006 = 365/9.25=39.5, D oKZ2007 = 365/0.43=848, eight

6. To obZPO 2006 =288423/378345=0.76, To obZPO 2007 =234306/28634=8.18, D oZPO2006 =365/0.76=480.2, D oKZ2007 =365/8.18=44, 62

7. K obFiR2006 = 288423/17186=16.78, K obFiR2007 = 234306/1241816=0.188, D o2006 = 365/16.78=21.75, D oFiR2007 = 365/0.188=1941.5

8. K oKO 2006 =288423/825034=0.35, K oKR 2007 =234306/1795820=0.13, D oKO2006 =365/0.35=1043, D oKO2007 =365/0.13=2807.7

9. K obSC+FiR2006 =288423/1959800+17186=0.146, K obSC+FiR2007 =234306/2364598+1241816=, D cSC+FiR2006 =365/0.146=2500, D cSC+FiR2007 =365/0.064=365/0.064=

10. K obSK+DO2006 =288423/1959800+686464=0.108, K obSK+DO2007 =234306/2364598+893111=0.071, D oSK+DO2006 =365/0.146=3379.6, D oSK+DO2007 =365/0.064= 5140.8

All changes in turnover ratios are presented in Appendix No. 1 "Analysis of asset and capital turnover indicators".

Inflow:	2006		2007		changes∆
Inflow:	∑	share	∑	share	∆+/-	temp∆	∆Share
1. Funds received from buyers, customers	260340	90,45	320470	93,16	60130	2,99	2,71
2. Other income	27470	9,5	23514	6,83	-3956	-28,1	-2,67
	287810	64,14	343984	59,53	56174	-7,19	-7,61
1. Proceeds from the sale of fixed assets	2574	2,55	26340	18,4	23766	621,56	15,85
2. Proceeds from the sale of securities	32630	32,4	55770	38,96	23140	20,24	6,56
3. Dividends received	64500	64,05	60395	42,2	-4105	-34,72	-22,45
4. Interest earned	254	0,25	239	0,16	-15	-36	-0,09
5. Proceeds from the repayment of loans provided to other organizations	734	0,72	371	0,259	-363	-64,02	-0,461
	100692	22,44	143115	24,77	42423	10,38	2,33
1. Proceeds from the issue of shares or other equity securities	51718	85,92	81351	89,69	29633	4,38	3,77
2. Proceeds from loans and credits provided by other organizations	8471	14,07	9351	10,3	880	-26,79	-3,77
	60189	13,41	90702	15,69	30513	17	2,28

For 2006, the cash inflow for all types of activities is 60,189 rubles, and for 2007, 90,702 rubles. Of these, most of the income falls on income from current activities - 64.14% and 59.53%, respectively. Investment activities accounted for 22.44% and 24.77% in 2006 and 2007, respectively. In 2006, financial activity income accounted for 13.41%, and in 2007, 15.69%.

The analysis shows that 90.45% of income from current activities in 2006 falls on funds received from buyers and customers, and in 2007, respectively, 93.16% fall on the same income. Thus, 64.05% of the cash flow from investment activities in 2006 is accounted for by dividends, in 2007 the same revenue is 42.2%. Considering financial activity for 2006, proceeds from the issue of shares or other equity securities, we see that it accounts for 85.92% in 2006, and 89.69% in 2007.

Table 15. Analysis of cash outflows by composition and structure

Outflow:	2006		2007		changes∆
Outflow:	∑	share	∑	share	∆+/-	temp∆	∆Share
1. Funds directed to: - to pay for purchased goods, services, raw materials
- for wages	2789	16,86	1737	14,07	-1052	-2,79	-16,525
- to pay dividends, interest	5870	35,5	2893	23,44	-2977	-12,06	-33,971
- for taxes and fees	4141	25,04	2564	20,77	-1577	-4,27	-17,034
Total Current Activities:	16534	20,99	12342	9,06	-4192	-11,93	-56,85
1. Acquisition of subsidiaries	347	1,08	5155	5,89	4808	4,81	445,1
2. Acquisition of fixed assets, profitable investments in tangible assets and intangible assets	6161	19,19	5171	5,91	-990	-13,28	-69,2
3. Acquisition of securities	2131	6,64	5818	6,64	3687	0,00	0,1
4. Loans granted to other organizations	23451	73,07	71417	81,56	47966	8,49	11,6
Total Investment Activities:	32090	40,74	87561	64,26	55471	23,52	57,7
1. Repayment of loans and credits	30000	99,53	35418	97,428	5418	-2,10	-2,1141
2. Repayment of financial lease obligations	141	0,47	935	2,572	794	2,10	449,807
Total Financial Activities:	30141	38,27	36353	26,6799	6212	10,81	-30,28
Total:	78765	100	136256	100	57491	-78765	―

Based on the analysis of the outflow of funds, we can conclude that the outflow of funds for all types of activities is 78,765 rubles in 2006, and 136,256 rubles in 2007. Most of the expense falls on the payment of dividends and interest in 2006, which amounted to 35.5%, and in 2007 - 23.44%. Expenses of current activity accounted for 9.06% in 2007 and 20.99% in 2006, which indicates an increase in cash outflow. For financial activities 38.27% and 26.67% in 2006 and 2007 respectively.

In order to understand which inflow finances which outflow, it is necessary to make a comparative analysis of inflows and outflows.

Chart 1. Cash flow analysis for 2006

Chart 2. Cash flow analysis for 2007

The analysis also shows that most of the expenses for current activities account for payment for purchased services, goods, raw materials in 2007 - 41.71%, and for the payment of dividends and interest in 2006 - 35.5%. In 2006, 73.07% of the expenses of investment activity fell on loans provided to other organizations, and in 2007, 81.56%. Also, most of the expenses of financial activities go to repay loans and credits - 99.53% in 2006 and 97.42% in 2007.

Another direction in the analysis of cash flows is the calculation of the share of profit in any flow, i.e. determine which of the streams brings the company the largest share of profits.

Now let's calculate the share of profit in the flow from current, investment and financial activities and in the total net cash flow.

Table 16. Analysis of profit in cash flows

Kind of activity enterprises	2006	2007	∆
Kind of activity enterprises	2006	2007	±∆	Temp∆
1. Net cash flows from current activities	331642	271276	-60366	-18,20
2. Net cash flows from investing activities	239	254	15	6,28
3. Net cash flows from financing activities	84883	58020	-26863	-31,65
4. Total net cash flows	472079	397898	-74181	-15,71
5. Profit before tax	234794	185274	-49520	-21,09
6. The share of profit before tax in NPV from current activities	70,8	68,3	-2,5	-3,53
7. The share of profit before tax in the NPV from investment activities	98240	72942	-25298	-25,75
8. Share of profit before tax in NPV from financial activities	276,6	319,3	42,7	15,43
9. Share of profit before tax in total cash flow	49,73	46,56	-3,17	-6,37

Since in 2006 the share of profit before tax in the total net cash flow was 49.73%, and in 2007 - 46.56%, this indicates that the company misuses funds. This is due to the fact that the company from the net cash flow for current activities, which in 2006 was equal to 139,360 rubles, received only 80.40% of profit, and in 2007 from the net cash flow for current activities, which was equal to 178,760 rubles - 81.27% . It can be seen from this that the company uses the funds received from current activities for other purposes, but nevertheless there was an increase in the share of profit by 1.08% in 2007 compared to 2006.

The net cash flow from investment activities is used by the enterprise very efficiently, since out of 40,120 rubles invested in 2006, the return was 2.7 times more, and out of 42,900 rubles invested in 2007 - 3.4 times. That is, the rate of change was 21.26%.

The net cash flow from financial activities is also used efficiently, since out of loans received in 2006 in the amount of 4900 rubles, the return was 22.9 times more, and in 2007 and loans received in the amount of 5810 rubles - 25 times. That is, there was also an increase in the share of profit in 2007 compared to 2006 by 3.10%.

Thus, in order to increase the share of profit before tax in the total net cash flow, it is necessary to rationally use the funds received from the current activities of the enterprise.

Another area of analysis of the company's cash flows is the optimization of cash flows.

The problem of optimizing the cash flows of the state, enterprise and population was first developed by the American economist William Baumol, who received the Nobel Prize in 1952 for this theory. The theory is considered ideal, because it does not take into account fluctuations in cash flows in the context of days and weeks. Baumol assumed that an enterprise starts its activity with a certain amount of money that it spends over a certain period of time, i.e. funds for current expenses. Funds above this optimal level should be invested in short-term securities, and as the limit of funds is spent, the enterprise converts part of the securities into the optimal amount of money to cover current expenses.

Baumol came up with the following cash flow optimization formula:

; (35)

Q \u003d (2 * 136256 * 7.34) 1/2 / 0.2 \u003d 3162.46 rubles.

Q - The optimal amount of funds in the current account for current expenses;

V is the need for funds for current expenses during the period (the sum of outflows for 2007);

c - the amount of remuneration to the stock broker for the conversion of securities into money (1% of the amount of short-term financial investments for 2007);

r is the acceptable rate of return on securities (0.2).

K=.136256/3162.46=43

As well as the period of conversion of one transaction: P to =.365/43≈9

Thus, the optimal amount of cash for the current expenses of this enterprise, calculated according to the model of William Boumol, is 3162.46 rubles. With outflows of 596,030 rubles. the company needs to make 1 conversion transaction every 40 days, i.e. 9 conversion operations per year. The graph shows that approximately 24 days after the start of each new conversion period (40,80,120,160 days, etc.), the head of the enterprise needs to inform his broker about the need to replenish the company's current account in the amount of 3162.46 rubles. for the remaining 16 days.

3. Evaluation of the effectiveness of the financial activities of the enterprise.

The concept of efficiency is the most complex and diverse in all economic science and there is no consensus on this issue.

Efficiency can be assessed both qualitatively and quantitatively. To assess the effectiveness of financial activities, efficiency indices are used, on the basis of which the efficiency matrix considers the effective (inefficient) use of financial resources to obtain a performance indicator, which is sales revenue.

The calculation of the efficiency index is based on the calculation of the following indicators:

where I Z is the cost index and I P is the results index.

(38)

(39)

where 1 is the actual result (2007) and 0 is the planned result (2006).

We calculate the indexes of results and costs and determine the area of resource use efficiency in the efficiency matrix.

Table 17. Calculation of indexes of results and costs and determination of the area of efficiency in the use of resources

Indicators	Conv. Symbol	2006	2007	Iz,p	Ie	area of effectiveness
1. Revenue	VR	288423	234306	0,81	–	resources
2. Non-current assets	VA	35331	53529	1,52	1,865		4
3. Current assets	OA	3432967	5000000	1,46	0,961		5
4. Equity	SC	1959800	2364598	1,21	0,828		5
5. Borrowed capital	ZK	1494312	1447115	0,97	0,803		1
6. Profit from sales	Pr from Pr	234794	185274	0,79	1,073	1	dependent results
7. Profit before tax	Pr to n/a	39062	226939	4,42	0,760	1
8. Net profit	state of emergency	39062	172474	4,42	0,760	1

Based on the analysis, it was revealed that net profit is used most effectively, since the efficiency index for this resource is the smallest and is equal to 0.76. Borrowed capital is not used very efficiently, since the efficiency index is 0.803. Non-current and current assets are also effectively used, since 186.5 kopecks of these resources were invested for each ruble of proceeds. and 96.1 kop. respectively, which indicates the efficient use of equipment, raw materials and supplies.

Considering the dependent results, we see that the sales profit shows the effectiveness of the use of production resources and the effect of this use is not high, since the efficiency index is greater than 1, i.e. equals 1.073. Profit before tax shows the use of resources that do not belong to the enterprise, or are used not for production activities, i.e. shows the receipt of other income from investment and financial activities and the efficiency index for profit before tax tells us about the inefficient use of other resources and is equal to 0.760.

Considering the growth of net profit and revenue, we see that, on the one hand, net profit is growing at a faster rate than sales revenue - 4.42 and 0.81, respectively - therefore, we can talk about the efficiency of the financial activity of the enterprise, but on the other hand, the highest growth rates net profit speaks of the efficient use of other financial resources.

The Resource Efficiency Matrix consists of 6 areas:

1. Area 0 - unmanaged area or area of inefficient use of resources and costs;

2. Area 1 - area of extensive use of costs, i.e. costs grow at a faster rate than the result grows;

3. Area 2 - the area of inefficient reduction of resources and costs, when the result is reduced at a faster pace than the costs are reduced;

4. Area 3 - the area of effective cost and resource reduction, when costs are reduced at a faster rate than the result;

5. Area 4 - area of partially intensive use of resources and costs, i.e. and outputs and costs increase or decrease at roughly equal rates;

6. Area 5 - area of intensive use of resources and costs, i.e. As results increase, costs decrease.

1. Matrix of efficiency in the use of financial resources;

2. The matrix of the efficiency of the use of production resources (dependent results).

Based on the analysis, it can be seen that all financial resources are used inefficiently, except for those in 5 and 4 areas, so you should pay attention to borrowed capital, profit from sales, profit before tax and net profit.

Conclusion

Based on the analysis of the enterprise IlimLesLine LLC, in conclusion, the following conclusions can be drawn:

After analyzing the composition and structure of the property of the enterprise, we see that the type of property structure, that is, the ratio of fixed capital to working capital, equal to 2.77 / 97.22 corresponds to the type 20/80 and is a “heavy” property structure for 2006, and for 2007 year 2.65 / 97.34, which means that the enterprise is working beyond its capabilities and poor sales of products, that is, a large overstocking.

As for the type of capital structure, in 2006 the ratio of equity to debt is 56.50/43.49, which corresponds to the type 55/45, that is, it is the optimal capital structure of this enterprise. As for 2007, the ratio of equity to borrowed capital is 46.79 / 53.20, that is, the type of capital structure corresponds to the type 45/55, which means it is satisfactory, therefore, the enterprise does not have a very stable capital structure, which control over short-term loans.

Having considered the analysis of the liquidity of the enterprise, it can be seen that the fixed capital and part of the working capital are formed at the expense of own funds, which means that the enterprise has its own capital in working capital. From which it follows that both in 2006 and in 2007 the enterprise is absolutely liquid.

Considering the assessment of the enterprise's creditworthiness, we see that the enterprise is not creditworthy, since all the coefficients do not correspond to the optimal level.

We calculate the financial stability of IlimLesLine LLC in absolute terms. In 2006, the enterprise had an unstable financial crisis (type 4). Therefore, it can be said that the enterprise does not have its own working capital, and there is also a lack of own funds and long-term sources, as well as general sources to cover stocks.

In the system of relative indicators of financial stability, institutions distinguish a number of coefficients that are calculated at the beginning and end of the year and are considered in dynamics. After analyzing the I group of indicators characterizing the security of the enterprise with its own working capital, on the basis of the calculations, we can conclude that the enterprise is conditionally provided with its own working capital, i.e. conditionally financially stable. After analyzing the second group of coefficients characterizing the state of equity, we see that the state is unsatisfactory, therefore, the conditionally unstable state of equity. This shows that the value of the property is too low, which worsens the state of financial stability. Also, K DPS is less than the norm in 2006 by 42% and by 42.6% in 2007, which means that the company does not have enough sustainable long-term borrowed funds. Thus, after analyzing the third group of coefficients characterizing the financial dependence of the enterprise, we can conclude that the enterprise is financially stable in 2006.

Based on the analysis of all the data, we can conclude that this enterprise is conditionally stable.

Analyzing the turnover of funds in enterprises, we can say that After analyzing the 1st group of indicators - the turnover of VA, we see that the turnover ratio of non-current assets in 2006 is 6.16 higher than the norm, therefore there are large surpluses of non-current assets, including fixed assets and long-term financial investments. After analyzing the 2nd group of indicators - the turnover of OA, we see that the turnover ratio of current assets is very small and amounts to 0.08% in 2006 and in 2007 it decreases to 0.04, which indicates a low use of inventories, turnover of receivables and cash and short-term financial investments are more likely to turn around and bring more income. After analyzing the 3rd group of indicators - capital turnover, we see that the equity turnover ratio is also below the norm by 2.8 times and by 2007 it is reduced by 5%, which indicates a low authorized, additional and reserve capital.

Next, we analyze accounts receivable and accounts payable in comparison. After analyzing the data obtained, we see that in 2006 accounts payable exceeds accounts receivable, both short-term and long-term by 1,595,039 rubles. and 643069 rubles. respectively. Thus, all accounts payable are 20.3 times larger than accounts receivable, which exceeds the normal level of 10-20%. This suggests that the company uses its own funds irrationally, ineptly conducts its business, freezes funds in settlements with counterparties. In 2007, the situation worsens; accounts payable exceeds accounts receivable by 21.7 times. This is justified by the fact that the share of long-term accounts payable in the composition of accounts payable increased by 3.22 times. This means that the company needs to pay attention to this type of debt and use its funds more rationally to generate more income and timely payment for various obligations.

Now let's calculate the share of profit in the flow from current, investment and financial activities and in the total net cash flow. The net cash flow from investment activities is used by the enterprise very efficiently, since out of 40,120 rubles invested in 2006, the return was 2.7 times more, and out of 42,900 rubles invested in 2007 - 3.4 times. The net cash flow from financial activities is also used efficiently, since out of loans received in 2006 in the amount of 4900 rubles, the return was 22.9 times more, and in 2007 and loans received in the amount of 5810 rubles - 25 times. Thus, in order to increase the share of profit before tax in the total net cash flow, it is necessary to rationally use the funds received from the current activities of the enterprise.

The optimal amount of cash for the current expenses of this enterprise, calculated according to the model of William Boumol, is 3162.46 rubles. With outflows of 596,030 rubles. the company needs to make 1 conversion transaction every 40 days, i.e. 9 conversion operations per year. The graph shows that approximately 24 days after the start of each new conversion period (40,80,120,160 days, etc.), the head of the enterprise needs to inform his broker about the need to replenish the company's current account in the amount of 3162.46 rubles. for the remaining 16 days.

Bibliographic list

1. "Finance", Ed. V.M. Rodionova. Textbook. - M.: Finance and statistics, 1995.

2. Financial and credit dictionary, ed. Garbuzova V.F., Finance and statistics, 1994.

3. Finance: Textbook for universities / Ed. prof. L.A. Drobozina. - M.: UNITI, 2002. - 527 p.

4. Berlin S.I. Theory of Finance. - M.: Prior, 1999

5. Bernstein L.A. Analysis of financial statements: Per. from English. - M.: Finance and statistics, 1996

6. Boldyreva V.O. On modern methods of financial analysis. // Business and banks. - 1998 - No. 6.

7. Bykadorov V.L., Alekseev P.D. Financial and economic condition of the enterprise. - M.: "PRIOR", 1999

8. Kreinina M.N. The financial condition of enterprises. Assessment methods. - M .: Publishing house "DIS", 1997

9. Markaryan N.A. Gerasimenko G.P. The financial analysis. - M.: "PRIOR", 1997

10. Sheremet A.D., Saifulin R.S. Methods of financial analysis. – M.: INFRA-M, 1995

Finance: Textbook for universities / Ed. prof. L.A. Drobozina. - M.: UNITI, 2002. - 527 p.

Send your good work in the knowledge base is simple. Use the form below

Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.

Introduction

The topic of the thesis is relevant, because in the modern world, money is an integral element that accompanies all business operations for the supply of goods, the provision of services. The result is monetary settlements that are carried out continuously. Therefore, the rational organization of settlements contributes to the uninterrupted renewal of the circulation of enterprise funds.

Settlements are carried out both in cash and in non-cash form, while the main share falls on the latter. The choice of a specific form of payment is due to the specifics of the business transaction, the legal status of the participants in the transaction and other factors. Organizations prefer to use a non-cash form of payment, since the existing legally established requirements for the amount of a cash transaction, and in addition, this significantly reduces the need for cash.

Effective cash management in modern conditions can bring additional income to the organization, which is due to the possibility of investing free cash in short-term financial investments. Despite the importance of the issue under consideration, many enterprises do not pay close attention to the issue of optimizing the cash balance.

The purpose of the thesis is to analyze the formation and management of the company's cash flows and develop a project for their optimization. In accordance with the goal, the following tasks are solved in the thesis work:

to study the theoretical foundations of the formation and management of enterprise cash flows;
study the cash flow management policy;
to study ways to optimize cash flows in enterprises;
present the organizational and economic characteristics of the enterprise;
to analyze the financial condition of the enterprise;
to study the effectiveness of the formation and management of cash flows of the enterprise;
conduct an economic justification for optimizing cash flows;
consider a project to increase the positive cash flow of the enterprise;
calculate the proposed project.

The subject of the study is the cash flows of the enterprise.

The object of the study is Verona LLC.

The diploma work consists of: introduction, three chapters, subchapters, conclusion and bibliography.

When writing the work, the following methods were used: economic analysis, historical, abstract-logical, deduction, induction, synthesis.

The main source of information is the accounting and reporting data of the enterprise under study, regulatory, educational and methodological, scientific literature.

1.1. Economic content of cash flow and its types

When considering the features of the policy of formation and management of cash flows, two concepts are distinguished: "cash" and "cash flow".

It is customary to understand the funds that are in cash, on current accounts in the bank, including foreign currency accounts, as cash. Cash is needed to make current payments.

The cash flow of an enterprise is a set of receipts and payments of funds distributed over separate intervals of the considered period of time, generated by its economic activity, the movement of which is associated with time, risk and liquidity factors.

At the same time, cash flow is understood as an aggregated value that includes various types of flows. All of them are designed to serve the economic activity of the enterprise.

The economic activity of any enterprise is inextricably linked with the movement of funds. Each business transaction causes either the receipt or expenditure of funds. Cash serves almost all aspects of operating, investing and financing activities.

The continuous process of cash flow over time is a cash flow, which is figuratively compared with the "financial blood circulation" system that ensures the viability of the organization. The results of the main (operational) activity of the enterprise, the degree of its financial stability and solvency, competitive advantages necessary for current and future development depend on the completeness and timeliness of providing the process of supplying, manufacturing and marketing products with financial resources.

Currently, there is a broad classification of cash flows. The classification proposed by I.A. Blank, is reflected in Table 1.

Table 1. Classification of cash flows of the enterprise according to the main features

Signs of the classification of cash flows of an enterprise	Types of cash flows of the enterprise
1	2
1. By the scale of servicing the economic process	Cash flow for the enterprise as a whole Cash flow for individual structural divisions of the enterprise Cash flow for individual business transactions
2. By type of economic activity	Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities
3. By direction of cash flow	Positive cash flow Negative cash flow
4. According to the method of calculating the volume of cash flows	Gross cash flow Net cash flow
5. By the nature of the cash flow in relation to the enterprise	Internal cash flow External cash flow
6. By the level of cash flow sufficiency	Excess cash flow Deficient cash flow
7. By the level of balance of volumes of interrelated cash flows	Balanced cash flow Unbalanced cash flow
8. By time period	Short term cash flow Long term cash flow
9. By importance in the formation of the final results of economic activity	Priority cash flow Secondary cash flow
10. According to the method of evaluation over time	Real cash flow Future cash flow

Cash flows from core activities are associated with current operations for the receipt of sales proceeds, payment of supplier invoices, obtaining short-term loans and borrowings, payment of wages, settlements with the budget.

Cash flows (outflows) in the process of investment activity, as a rule, are directed to the acquisition of fixed assets, intangible assets.

Answer within 5 minutes!Without intermediaries!

Cash flows from financial activities - receipts and payments of cash associated with the attraction of additional equity or share capital, obtaining long-term and short-term loans and borrowings, payment of dividends and interest on deposits of owners in cash, and some other cash flows associated with the implementation of external financing of economic activity of the organization.

Taking into account the above classification, the process of strategic management of the enterprise's cash flows is organized. The cash flow management strategy is part of the overall development strategy of the enterprise, which is aimed at increasing its market value.

At the same time, the cash flow management process includes a number of interrelated stages:

formation of cash flows;
distribution of cash flows;
use of cash flows.

The importance of cash flow management lies in the fact that it allows you to balance the receipts and expenditures of funds as much as possible, which ultimately affects the overall solvency of the enterprise.

Ensuring financial balance, therefore, is the main goal of the cash flow management strategy, which is achieved by solving the following tasks (Table 2).

Table 2. The system of main tasks aimed at realizing the main goal of enterprise cash flow management

The main goal of cash flow management

The main tasks of strategic cash flow management

Ensuring constant financial stability and solvency of the enterprise

Formation of cash flow, which will be sufficient to conduct core business
Optimal distribution of cash flow between different types of activities
Ensuring the liquidity and financial stability of the enterprise throughout the entire period
Ensuring the solvency of the enterprise throughout the entire period
Ensuring an increase in net cash flow, since it is it that is the main internal source of enterprise development
Minimization of financial losses of funds in the course of the enterprise's activities

Formation of a sufficient amount of financial resources of the enterprise in accordance with the needs of its future economic activity. This task is implemented by determining the need for the required amount of financial resources of the enterprise for the coming period, establishing a system of sources of their formation in the envisaged volume, ensuring minimization of the cost of attracting them to the enterprise.
Optimization of the distribution of the formed volume of the enterprise's monetary resources by types of economic activity and areas of use. In the process of implementing this task, the necessary proportionality is ensured in the direction of the enterprise's financial resources for the development of its operating, investment and financial activities; within the framework of each type of activity, the most effective directions for the use of financial resources are selected, ensuring the achievement of the best final results of economic activity and strategic goals for the development of the enterprise as a whole.
Ensuring a high level of financial stability of the enterprise in the process of its development. Such financial stability of the enterprise is ensured by the formation of a rational structure of sources of raising funds, and first of all, by the ratio of the volume of their attraction from own and borrowed sources; optimization of the volume of attraction of funds in terms of the forthcoming terms of their return; the formation of a sufficient amount of financial resources attracted on a long-term basis; timely restructuring of obligations for the return of funds in the conditions of the crisis development of the enterprise.
Maintaining the constant solvency of the enterprise. This task is solved primarily through the effective management of the balances of cash assets and their equivalents; formation of a sufficient volume of their insurance (reserve) part; ensuring the uniformity of cash flow to the enterprise; ensuring the synchronism of the formation of incoming and outgoing cash flows; choosing the best means of payment in settlements with counterparties for business transactions.
Maximization of net cash flow, ensuring the specified pace of economic development of the enterprise on a self-financing basis. The implementation of this task is ensured by the formation of the cash turnover of the enterprise that generates the largest amount of profit in the course of its operating, investment and financial activities; selection of an effective depreciation policy of the enterprise; timely disposal of unused assets; reinvestment of temporarily free cash.
Ensuring the minimization of losses in the value of funds in the process of their economic use at the enterprise. Monetary assets and their equivalents lose their value under the influence of time factors, inflation, risk, etc. Therefore, in the process of organizing cash flow at an enterprise, one should avoid the formation of excessive cash reserves (if this is not caused by the needs of economic practice), diversify the directions and forms of use of monetary resources, avoid certain types of financial risks or ensure their insurance.

The tasks presented in Table. 2 are interconnected. In this regard, when forming a cash flow management policy, it is necessary to optimize them among themselves, which will make it possible to get as close as possible to the goal of this direction of financial policy.

Cash flow management is an important area of financial work in the enterprise. At the same time, this area of financial work includes studying the dynamics of the production and financial cycle, assessing the change in net cash flow, the ratio of positive and negative cash flow by periods. In addition, an estimate of the optimal cash balance is required.

Thus, having studied the essence of the cash flow and the need to manage it, we will consider the features of cash flow management in the enterprise.

1.2. Cash flow policy

Effective cash flow management requires the formation of a special policy for this management as part of the overall financial strategy of the enterprise. Such a policy is developed according to the following main stages

The cash flow management policy is part of the overall economic strategy of the enterprise, which ensures the formation of priority goals for the organization of its cash flow and the choice of the most effective ways to achieve them.

The policy of cash flow management can be represented as a master plan of action in the field of organization of the cash flow of an enterprise, which determines the priorities of the directions and types of these flows, the nature of the formation and use of cash resources that ensure the envisaged overall economic development of the enterprise.

Summarizing the above, we can state that the cash flow management policy is a systemic concept that links the development of the operating, investment and financial activities of an enterprise.

The process of developing a cash flow management policy is the most important component of the overall system of strategic choice of an enterprise, the main elements of which are the mission, general strategic development goals, a system of functional strategies in the context of individual activities, methods of forming and distributing cash resources.

At the same time, the cash flow management policy is in a certain subordination with other elements of the strategic choice of the enterprise.

The cash flow management policy is part of the overall financial strategy of the enterprise. At the same time, the cash flow management policy should be based on a comprehensive analysis of the cash flow.

STAGES OF CASH FLOW ANALYSIS:

Analysis of the dynamics of changes in the cash balance
Analysis of the composition and structure of positive cash flow
Analysis of the composition and structure of negative cash flow
Cash flow balance analysis
Analysis of the formation of net cash flow
Analysis of the uniformity of the formation of cash flows
Analysis of the synchronism of the formation of cash flows
Cash flow liquidity analysis
Cash flow efficiency analysis

Ensuring complete and reliable accounting of the company's cash flows and the formation of the necessary reporting.

Let's consider approaches to drawing up a cash flow statement.

The indirect method is aimed at obtaining data characterizing the net cash flow of the enterprise in the reporting period. The source of information for the development of financial statements of the enterprise by this method are the balance sheet and income statement. The calculation of the net cash flow of the enterprise by the indirect method is carried out according to the types of economic activity of the enterprise as a whole.

The results of calculating the amount of net cash flow for operating, investment and financial activities allow us to determine its total size for the enterprise in the reporting period. This indicator is considered according to the following formula (1):

Find out the cost of writing such a work!

Answer within 5 minutes!Without intermediaries!

NPV p = CHDP o + NPV and + NDP f (1)

NPV p- the total amount of net cash flow of the enterprise in the period under review;

CHDP o- the amount of net cash flow of the enterprise for operating activities;

NPV and- the amount of net cash flow of the enterprise for investment activities;

NDP f- the amount of net cash flow of the enterprise for financial activities;

Using the indirect method allows you to assess what potential the company has, since it is the net cash flow that acts as the main internal source of financing for the company. In addition, this method allows for a factor analysis of the influence of individual factors on the change in net cash flow.

In practice, the direct method is most often used, which reflects data not only on net cash flow, but also on gross cash flow. At the same time, calculations are carried out for three types of activities: current, investment and financial. For each direction, an outflow and inflow of funds are formed, after which a balance is displayed, which is a net cash flow.

The differences between the two methods under consideration (direct and indirect) apply only to the main (current activity).

Optimization of cash flows is the process of choosing the best forms of their organization in the enterprise, taking into account the conditions and characteristics of the economic activity of the enterprise.

The basis for optimizing the cash flows of an enterprise is to ensure a balance between the volumes of their positive and negative types.

To this end, an assessment of the uniformity of cash flow formation is carried out on an ongoing basis.

To assess the liquidity of the cash flow, it is customary to use the cash flow liquidity ratio.

In order for the cash flow to be liquid, the value of the indicator should be above one. This will contribute to the growth of the cash balance, which, as a result, is the reason for the positive net cash flow.

1.3. Ways to optimize cash flows in enterprises

One of the most important and difficult stages of enterprise cash flow management is their optimization.

Optimization of cash flows is the process of choosing the best forms of their organization in the enterprise, taking into account the conditions and characteristics of the implementation of its economic activities.

The analysis process ends with the optimization of cash flows by choosing the best forms of their organization in the enterprise, taking into account external and internal factors in order to achieve their balance, synchronization and growth of net cash flow.

First of all, it is necessary to achieve a balance between the volumes of positive and negative cash flows, since both the deficit and the excess of cash resources negatively affect the results of economic activity.

With a deficit cash flow, the liquidity and solvency of the enterprise decrease, the growth of overdue accounts payable to suppliers of raw materials and materials, the increase in the share of overdue debts on financial loans received, delays in payment of wages (with a corresponding decrease in the level of staff productivity), an increase in the duration of the financial cycle, and in ultimately - in reducing the profitability of the use of equity capital and assets of the enterprise.

Find out the cost of writing such a work!

Answer within 5 minutes! Without intermediaries!

Make a calculation

The methods of balancing the scarce cash flow are aimed at ensuring the growth of the positive volume and reducing the volume of the negative ones.

The growth of positive cash flow in the prospective period can be achieved through the following activities:

attraction of strategic investors in order to increase the volume of own capital;
additional issue of shares;
attracting long-term financial loans;
sale of a part (or the entire volume) of financial investment instruments;
sale (or lease) of unused types of fixed assets.

Reducing the volume of negative cash flow in the prospective period can be achieved through the following measures:

reducing the volume and composition of real investment programs;
refusal of financial investment;
reducing the company's fixed costs.

With excess cash flow, there is a loss of the real value of temporarily free cash, as a result of inflation, capital turnover slows down due to idle cash, part of the potential income is lost due to lost profits from the profitable placement of cash in the operating or investment process.

Equalization of cash flows is aimed at smoothing their volumes in the context of individual intervals of the period under consideration.

This optimization method eliminates, to a certain extent, seasonal and cyclical differences in the formation of cash flows (both positive and negative), while simultaneously optimizing the average cash balances and increasing the level of liquidity.

The results of this method of optimizing cash flows over time are evaluated using the standard deviation or coefficient of variation, which should decrease during the optimization process.

To achieve a balance of scarce cash flow in the short term, measures are being developed to accelerate the attraction of funds and slow down their payments.

Measures of a short-term nature to balance the deficit cash flow.

Measures to accelerate the attraction of funds

Ensuring partial or full prepayment for products that are in high demand in the market
Reducing the terms of granting commodity credit to buyers
Increasing the amount of price discounts when selling products for cash
Acceleration of collection of overdue receivables
Use of modern forms of reinvestment of accounts receivable (accounting for bills of exchange, factoring, forfaiting)

Measures to slow down cash payments

An increase in agreement with suppliers with suppliers of the terms for granting a commodity loan to an enterprise
Using a float (the period of passage of issued payment documents before paying them) to slow down the collection of own payment documents
Acquisition of long-term assets under leasing
Restructuring of received loans by converting short-term into long-term

Since these measures, by increasing the level of absolute solvency of the enterprise in the short term, can create problems of scarcity of cash flows in the future, measures should be developed in parallel to balance the scarce cash flow in the long term.

Long - term measures to balance the deficit cash flow .

Measures to reduce negative cash flow

Reducing the amount of fixed costs of the enterprise
Reducing the volume of real investment
Reducing the volume of financial investments
Transfer of social and cultural facilities to municipal ownership

Measures to increase positive cash flow

Additional issue of shares
Additional bond issue
Attraction of long-term loans
Attracting strategic investors
Sale of part of long-term financial investments
Sale or lease of unused types of fixed assets

The results of optimizing the company's cash flows are reflected in the system of plans for the formation and use of funds in the coming period.

Synchronization of cash flows should be aimed at eliminating seasonal and cyclical differences in the formation of both positive and negative cash flows, as well as at optimizing average cash balances.

The final stage of optimization is to provide conditions for maximizing the net cash flow of the enterprise, the growth of which exceeds the level of self-financing of the enterprise, reducing dependence on external sources of financing.

An increase in the amount of net cash flow of an enterprise can be achieved through the implementation of the following main measures:

reducing the amount of fixed costs;
reducing the level of variable costs;
implementation of an effective tax policy that ensures a reduction in the level of total tax payments;
implementation of an effective pricing policy that ensures an increase in the level of profitability of operating activities;
using the method of accelerated depreciation of fixed assets used by the enterprise;
reduction of the amortization period of intangible assets used by the enterprise;
sale of unused types of fixed assets and intangible assets;
strengthening claims work in order to fully and timely collect penalties.

Find out the cost of writing such a work!

Answer within 5 minutes! Without intermediaries!

Course work

« Cash flow management

on the example of LLC PKF "Strateg-E»

Performed:

Introduction……………………………………………………………………………..3

1. Theoretical foundations of cash flow management……………………..5

1.1. The concept of cash flows, their composition and classification. The role of cash flows in the business process………………………………………………………..5

1.2. Methodical approaches to the analysis of cash flows……………………...12

2. Analysis of cash flows on the example of LLC PKF "Strateg-E"…………….20

2.1. Analysis of funds at the enterprise …………………………………20

2.2. Cash flow management using the cash flow analysis of LLC PKF "Strateg-E" based on direct and indirect methods………………….26

2.3. The main directions for improving the management of cash flow…………………………………………………………………………………….35

Conclusion…………………………………………………………………………….38

List of references……………...……………………………………………………………………………………………40

Applications……………………………………………………………………………44

Introduction

At present, when the financial position of many Russian enterprises is extremely unstable, for their financial and accounting services, one of the main objects of analysis and management should be cash flows, which are understood as all receipts and payments of funds carried out by the enterprise in the course of its current, investment and financial activities.

In general, the cash flow of an enterprise is a set of cash receipts and payments distributed over separate intervals of the considered period of time, generated by its economic activity, the movement of which is associated with time, risk and liquidity factors.

Even for successfully operating organizations, insolvency can arise as a result of the imbalance of various types of cash flows over time. Synchronization of receipts and payments of funds is an important part of the anti-crisis management of an organization in the event of a threat of bankruptcy.

Active forms of cash flow management allow the organization to receive additional profit generated directly by its monetary assets. We are talking, first of all, about the effective use of temporarily free cash balances as part of current assets, as well as accumulated investment resources in the implementation of financial investments.

Therefore, the goal of cash flow management is to obtain the necessary volume and parameters that give an objective, accurate and timely description of the directions of receipt and expenditure of funds, volume, composition, structure, objective and subjective, external and internal factors that have a different effect on the change in cash flows. . The above factors determine the relevance of the topic of the work.

The purpose of the course work is to study theoretical and methodological approaches to managing the monetary assets of an enterprise and develop recommendations for PKF "Strateg-E" LLC to improve the efficiency of cash management.

To achieve the goal, the following tasks were solved in the work

The concept of cash flows, their composition and classification. The role of cash flows in the business process

Methodological approaches to the analysis of cash flows

Analysis of funds at the enterprise on the example of LLC PKF "Strateg-E"

Cash flow management using the cash flow analysis of PKF "Strateg-E" LLC based on direct and indirect methods

The main directions for improving the management of cash flow

The object of research in the work is the financial and economic activity of LLC PKF "Strateg-E". The subject is the organization's cash flows.

The theoretical and methodological basis for the performance of the work were regulatory documents, as well as the work of such domestic specialists in the field of financial management as Kovalev V.V., Selezneva N.N., Ionova A.F., Blank I.A., Stoyanova E.S. ., Efimova O.V., Sheremet, A.D., Gilyarovskaya L.G., and others.

1. Theoretical foundations of money management

1.1. The concept of cash flows, their composition and classification. The role of cash flows in the business process

In the course of business activities, organizations constantly conduct settlements with suppliers for fixed assets, raw materials and other inventory items and services rendered, purchased from them, with buyers for goods purchased by them, customers for work performed and services rendered. With credit institutions, enterprises and organizations conduct settlements on loans and other financial transactions, with the budget for various kinds of payments, with other legal entities and individuals for various business transactions. These payments are made in cash. And the very movement of funds in the process of settlements is characterized by the term "cash flow".

Users of financial statements often operate with terms that do not coincide with those that directly reflect accounting concepts (for example, monetary assets, cash flows (inflow, outflow), cash, financial assets, monetary aggregates, etc.). In system accounting, the main category of money capital is cash - the organization's funds in cash, settlement, currency and special bank accounts, transfers in transit, as well as financial investments of the organization.

AT table 1 the interrelation of financial - economic and accounting concepts is shown, which facilitates the identification of terms. Accounting terms were chosen as key (explanatory) terms, since they are the ones that have the property of clarity, are consistently applied and recognized by all users.

Table 1

Types of money capital of a commercial organization and their relationship

Articles accounting balance and (sub)accounts accounting	Cash funds	Cash funds and them equivalents	Cash (monetary) assets	High- liquid assets	Pure liquid assets

Estimated accounts
Currency accounts
Special accounts
Transfers to way
Deposit deposits up to demand
Highly liquid market securities
Other short-term financial attachments
Short term accounts receivable debt
VAT on acquired values
Debt budget and public extrabudgetary funds
Banking overdrafts, advances received and other short-term borrowing

Money (banknotes) is a universal means of payment, an extremely highly liquid asset used freely in settlements between all participants in market relations - cash banknotes, coins and non-cash money in banks in national and foreign currencies.

Cash includes, in addition to money itself, also remittances in transit and, therefore, is broader than the concept of "money".

The organization's cash capital in the form of cash and cash equivalents covers such elements of the organization's short-term investments, which, under certain conditions, are equated in their characteristics to cash. Such financial instruments of the money market include highly liquid assets that can be converted into money without risk - demand deposits, highly liquid marketable securities and commercial paper.

The structure of monetary (cash) assets, in addition to the above, includes other short-term financial investments, funds in settlements with the budget and extra-budgetary funds (as offset amounts accepted in the assessment of tax liabilities).

In accordance with the requirements of Russian regulations, the cash flow statement is formed on the basis of information summarized in cash register accounts, current accounts, foreign currency accounts and special bank accounts. Thus, the main characteristic taken into account when compiling the report is liquidity.

In international standards, the concept of money capital is presented more widely - in the form of cash and cash equivalents, i.e. when compiling the report, in addition to liquidity, temporarily free money directed to financial income instruments is taken into account. The disclosure of such information to users is essential.

In the scientific and educational literature, you can find a sufficient number of classification of cash flows for various reasons. Let us characterize the classification of cash flows according to the main features:

1. The following types of cash flows are distinguished by the scale of servicing the economic process: cash flow for the enterprise as a whole. This is the most aggregated type of cash flow, which accumulates all types of cash flows that serve the business process of the enterprise as a whole; cash flow for individual structural divisions (responsibility centers) of the enterprise. Such differentiation of the cash flow of the enterprise defines it as an independent object of management in the system; cash flow for individual business transactions. In the system of the economic process of the enterprise, this type of cash flow should be considered as the primary object of independent management.

2. By types of economic activity, the following types of cash flows are distinguished: cash flow from operating activities; cash flow from investment activities; cash flow from financial activities.

3. According to the direction of cash flow, two main types of cash flows are distinguished: positive cash flow, which characterizes the totality of cash inflows to the enterprise from all types of business transactions (the term "cash inflow" is used as an analogue of this term); negative cash flow characterizing the totality of cash payments by the enterprise in the process of carrying out all types of its business operations (the term "cash outflow" is used as an analogue of this term).

4. According to the variability of the direction of cash flow
distinguish the following types of cash flows: standard cash flow. It characterizes a type of cash flow in which its direction changes no more than once (beginning or ending it); irregular cash flow. It characterizes a type of cash flow in which its direction changes more than once.

5. According to the volume calculation method, the following types of enterprise cash flows are distinguished: gross cash flow. It characterizes the totality of receipts or expenditures of funds in the period under consideration in the context of its individual intervals; Net cash flow. It characterizes the difference between positive and negative cash flows (between the receipt and expenditure of funds) in the period under consideration in the context of its individual intervals. Net cash flow is the most important result of the financial activity of the enterprise, which largely determines the financial balance and the rate of increase in its market value.

6. According to the nature of the cash flow in relation to the enterprise, it is divided into two types: internal cash flow. It characterizes the totality of receipts and expenditures of funds within the enterprise.
These receipts and payments are associated with transactions contingent on
monetary relations of the enterprise with personnel, founders (shareholders), subsidiaries, etc. All in all
the cash flow of the enterprise, its internal cash flow takes a small share; external cash flow. This type of cash flow serves the operations of the enterprise related to its monetary relations with economic partners (suppliers of raw materials and materials, buyers of products, commercial banks, insurance companies, etc.) and government agencies (tax authorities, customs services, arbitration court, etc.) .P.). The volume of this type of cash flow is the predominant part of the total cash flow of the enterprise.

7. According to the level of cash flow sufficiency, the following types of enterprise cash flows are distinguished: excess cash flow. It characterizes such a cash flow in which cash receipts significantly exceed the real need of the enterprise for their purposeful spending; scarce cash flow. It characterizes such a cash flow, in which cash receipts are significantly lower than the actual needs of the enterprise in their purposeful spending.

8. According to the level of balance of the volumes of interrelated cash flows, the following types are distinguished: balanced cash flow. It characterizes this type of total cash flow for a separate business transaction, structural unit ("responsibility center") or the enterprise as a whole, for which a balance is ensured between the volumes of their positive and negative types (taking into account the provided increase in the cash reserve); unbalanced cash flow. It characterizes such a type of total cash flow for a separate business transaction, structural unit ("responsibility center") or the enterprise as a whole, for which the above-mentioned balance relationship is not provided. Within the framework of the enterprise as a whole, both deficit and excess total cash flow are unbalanced.

Based on the above, it is quite obvious that such a detailed classification of cash flows for various reasons allows more targeted accounting, analysis and planning of cash flows of various types in the enterprise.

Cash flows that ensure the normal economic activity of the organization in almost all of its areas can be represented as a system of "financial blood circulation" ( see: fig. one).

Based on this scheme, the high importance of effectively organized cash flows of organizations is quite obvious, and, therefore, the issue of their management becomes one of the priorities in the analysis and financial management of the enterprise. Even for successfully operating organizations, insolvency can arise as a result of the imbalance of various types of cash flows over time. Synchronization of receipts and payments of funds is an important part of the anti-crisis management of an organization in the event of a threat of bankruptcy.

Active forms of cash flow management allow the organization to receive additional profit generated directly by its monetary assets. First of all, we are talking about the effective use of temporarily free cash balances as part of current assets, as well as accumulated investment resources in the implementation of financial investments.

A high level of synchronization of receipts and payments of funds in terms of volume and time makes it possible to reduce the organization's need for current and insurance balances of funds serving the operational process, as well as a reserve of investment resources formed in the process of real investment.

Stocks of finished goods

Inventory in work in progress

Stocks of raw materials and materials

Paid bills

Permanent assets

Accrued salary

CASH

Depreciation

Release of new acacias

Accounts payable

Sale of goods on credit

Payment of wages

Presentation of payment obligations

Payment for materials

1.2. Methodological approaches to the analysis of cash flows

The analysis of the organization's funds involves the construction of a system of indicators that characterize the availability, composition, structure, movement, turnover and sufficiency of funds.

The system of analytical indicators is based on indicators of the level, dynamics and composition of the organization's funds. This approach is based on an analysis based on the calculation of indicators of the structure and dynamics of cash flows by type of activity of the organization for a number of years. The approach based on the analysis of cash turnover involves the calculation of the cash turnover ratio and the cash turnover period corresponding to the production and commercial cycle. The calculation of solvency indicators is based on the assumption that the liquidity of the organization's current assets affects its current solvency. In addition, it is necessary to calculate cash adequacy ratios based on cash flow analysis based on the direct or indirect method.

The main goal of cash flow management is to ensure the financial balance of the organization in the course of its activities and development by balancing the volume of receipts and expenditures of funds, as well as their synchronization in time.

The basis for this is to ensure a complete and reliable accounting of the organization's cash flows and the formation of the necessary reporting in order to provide financial managers with the necessary information to conduct a comprehensive analysis, planning and control of cash flows.

Analysis of cash flows from current, investment and financial activities, assessment of the structure of cash flows by type are considered in the works of a number of domestic analysts, such as A.D. Sheremet, V.V. Kovalev and others. The most detailed concept of cash flow analysis is presented by economists L.V. Dontsova and N.A. Nikiforova, L.T. Gilyarovskaya and N.S. Plaskova. In the works of these authors, the main problems of cash flow analysis are formed and ways to solve them are highlighted.

Based on the table, we can conclude that the most complete methodology for analyzing cash flows is presented in the textbook by T.G. Gilyarovskaya.

table 2

Approaches to the analysis of cash flows in the works of domestic economists

Analysis Method
Analysis Method	Kovalev V.V., Sheremet A.D.	Efimova O.V.	Gilyarovskaya L.T.	Dontsova L.V., Nikiforova N.A.	Bondarchuk N.V.
1. Indicators of the level, dynamics and composition of cash
2. Assessment of solvency and liquidity indicators
3. Estimation of cash flows based on direct and indirect methods
4. Coefficient method of analysis
4.1. Net Cash Flow Adequacy Ratio
4.2. Cash flow efficiency ratio
4.3. Net cash flow margin
4.4. Positive Cash Flow Profit Ratio
4.5. Return on cash balance
4.6. Cash flow liquidity ratio
5. Cash flow indicators based on turnover

One of the problems of cash flow analysis is determining the amount of cash inflows sufficient for the financial well-being of the organization. It is expedient to carry out the analysis of the sufficiency of the volume of funds by the direct method. A necessary condition for financial stability according to this method is such a ratio of inflows and outflows of funds in the framework of current activities, which provides an increase in financial resources sufficient for investment.

One of the most important criteria for assessing the financial condition of an organization is its solvency. In the theory and practice of applying financial analysis, there are long-term and current solvency. Long-term solvency is understood as "the ability of the organization to pay for its obligations in the long term".

"The ability of an organization to pay for its short-term obligations is commonly called current solvency".

In other words, an organization is considered solvent when it is able to meet its short-term obligations using current assets. Fixed assets, unless they are acquired for the purpose of further resale, in most cases are not considered as sources of repayment of the organization's current liabilities due, firstly, to their special functional role in the production process and, secondly, the difficulty of their urgent sale ( if we are not talking about such fixed assets as passenger vehicles, office design items and some other objects that are highly attractive to the consumer).

The current solvency of the organization is directly affected by the liquidity of its current assets (the ability to convert them into cash or use them to reduce liabilities). Assessment of the composition and quality of current assets in terms of their liquidity is called liquidity analysis.

The organization's current assets can be liquid to a greater or lesser extent, since they include heterogeneous funds, among which there are both easy-to-sell and hard-to-sell external debt repayments.

In this regard, it would be appropriate to conditionally divide the items of assets and liabilities into four groups depending on the degree of their liquidity (table). As part of liabilities, it is possible to distinguish obligations of varying degrees of urgency ( table 3).

Table 3

Classification of assets by degree of liquidity and liabilities of the organization depending on the degree of urgency

	Group of balance sheet items	Designation		Calculation procedure
Organization assets
	Most liquid assets		Amounts for all items of cash; Short-term financial investments	p.260 + p.250
	Marketable Assets		Accounts receivable for which payment is expected within 12 months after reporting; Other accounts receivable	page 240 + page 270
	Slow-moving assets		VAT on purchased assets; Accounts receivable for which payments are expected more than 12 months after the reporting date	lines 210 + 220 + 230
	Hard-to-sell assets		All balance sheet items of section I "Non-current assets"
Organization obligations
	Most urgent obligations		Accounts payable; Debts to participants (founders) for the payment of income; Other current liabilities; Loans not repaid on time	lines 620 +630 +660
	Short-term liabilities		Short-term loans and credits; Other loans maturing within 12 months after the reporting date
	Long-term liabilities		Long-term loans and borrowings, items in section IV of the balance sheet
	Permanent liabilities		Articles of section III of the balance sheet "Capital and reserves"; Separate articles of section V of the balance sheet “Short-term liabilities not included in the previous groups; Revenue of the future periods; Reserves for future expenses	Lines 490 + 640 + 650

Therefore, one of the ways to assess liquidity at the preliminary analysis stage is to compare certain elements of an asset with elements of a liability. For this purpose, the obligations of the organization are grouped according to their degree of urgency, and its assets - according to the degree of liquidity (realizability).

The assignment of certain items of working capital to these groups depends on the specific conditions: the organization's accounts receivable include very heterogeneous items, and one part of it may fall into the second group, the other into the third; with different duration of the production cycle, work in progress can be assigned either to the second or third group, etc.

An organization is considered liquid if its current assets exceed its short-term liabilities. The real degree of liquidity of the organization and its solvency can be determined on the basis of the analysis of the liquidity of the balance sheet.

At the first stage of the analysis, the table 3 groups of assets and liabilities are compared in absolute terms. The balance is considered liquid under the condition of the following ratios of groups of assets and liabilities: A1 ≥ P1, A2 ≥ P2, A3 ≥ P3, A4 ≤ P4.

Moreover, if the first three inequalities are met: A1 ≥ P1, A2 ≥ P2, A3 ≥ P3, i.e. current assets exceed external liabilities, then the last inequality is also fulfilled: A4 ≤ P4, which confirms that the organization has its own working capital.

In the process of analysis, the most urgent obligations (which are due in the current month) are compared with the value of assets with the maximum liquidity (cash, marketable securities). At the same time, part of the urgent liabilities that remain uncovered should be balanced by less liquid assets - accounts receivable of organizations with a stable financial position, easily marketable inventories and other current assets, which, in relation to a particular organization, can be recognized as highly liquid. Other short-term liabilities are related to such assets as other debtors, finished goods, inventories.

The solvency or insolvency of the organization with the possible initiation of bankruptcy proceedings largely depends on how the correspondence between these groups of assets and liabilities is ensured.

An insolvent organization can be recognized even if there is a sufficient excess of asset items over its liabilities, if the capital is invested in hard-to-sell asset items. And although the delay in payments may be a temporary phenomenon, it can serve as the beginning of the termination of all payments in the event of a stable discrepancy between the terms of turnover of the obligations of the organization and its property.

The analysis of solvency based on the assessment of liquidity is carried out not only by absolute, but also by relative indicators. From the point of view of the analysis of funds attributable to group A1 - the most liquid assets - the absolute liquidity ratio (term ratio) is important.

Absolute liquidity ratio (term ratio) is calculated as the ratio of cash and marketable foam securities (A1) to short-term debt (P1 + P2).

The term ratio shows how much of the current debt can be repaid on the balance sheet date or other specific date.

In practice, it is difficult to define marketable securities. As a general rule, the possibility of including an asset in the calculation of the indicator under consideration depends on the fulfillment of such conditions as the minimum maturity and the absence of the risk of losing the principal amount.

At the same time, in the practice of analysis, this group of assets is often mistakenly equated to the balance sheet item “Short-term financial investments”. It is known that this article includes short-term investments in associated companies, own shares repurchased from shareholders, investments in securities of other organizations, government securities, loans provided, as well as financial investments of the enterprise in joint activities.

The incorrectness of the inclusion of such items as investments in shares of other organizations and, moreover, loans provided to other organizations in the structure of fast-moving assets is explained, in particular, by the fact that the value of shares is subject to changes, investments in dependent companies, as a rule, characterize the investment goals of management, rather than the purpose of managing current solvency, finally, the possibility of returning a previously granted loan at the time of the need for this seems unlikely.

Note that the values of the specified coefficient, which are in the range of 0.2-0.3, are approximately considered normal (permissible).

In addition to the absolute liquidity ratio, the system of relative indicators includes intermediate liquidity ratios, the overall coverage ratio and the overall solvency ratio, which are formed by increasing the numerator and denominator of the liquidity ratio for the assets and liabilities of the respective groups according to the principle of decreasing liquidity and maturity of liabilities.

Liquidity indicators make it possible to assess the degree of solvency of the enterprise at the current moment, but at the same time they do not make it possible to establish the risk of payments in the near future due to the excess of debt on upcoming payments over the amounts of funds that the enterprise will have by this date. Therefore, the analysis of solvency should be supplemented by drawing up a payment calendar and an estimated balance.

The payment calendar is compiled, as a rule, for a month, with a breakdown of the amount of receipts and payments by five days. In the analytical table, on the one hand, upcoming receipts are shown:

Revenue from product sales;

Payment of bills;

Repayment of receivables, etc.

Upcoming receipts are shown with distribution in calendar sequence by five days.

On the other side of the table, the upcoming payments of the enterprise are reflected in the same time interval:

Interest on a loan;
Urgent obligations to suppliers;
wages of workers and employees, etc.

For each five-day period, the sum of the excess of receipts over payments on an accrual basis or the lack of funds to pay for obligations, indicating the insolvency of the enterprise during this period, is separately reflected. It should be noted that the payment calendar does not give an accurate assessment of the company's solvency on the reporting dates, since the receipt of funds may deviate from the estimated dates. However, its compilation facilitates the development of measures to ensure the solvency of the enterprise for intermediate dates.

To assess solvency, a balance sheet is also drawn up. Drawing up the settlement balance is carried out according to the same principle as the payment calendar, but it covers a longer period of time, taking into account the state of receivables and payables on the balance sheet date. It compares receivables and payables in terms of general taxes, economic substance and due dates. If accounts receivable exceeds accounts payable, then this indicates that it not only absorbed all the funds taken from creditors, but also diverted a part of its own funds from economic turnover, equal to the active balance of the settlement balance. Conversely, the excess of accounts payable over accounts receivable indicates that part of the funds received from creditors in excess of the amount provided to debtors is involved in economic turnover.

The grouping of debtors and creditors by payment terms from three months to six, from six to one year allows you to find out in what calendar periods the enterprise has a threat of non-payments and, therefore, it is necessary to make appropriate management decisions to prevent them.

Thus, with the help of the settlement balance, the analysis of solvency is carried out in the future, and the payment calendar allows you to solve problems and operational analysis.

2. Analysis of cash flows on the example of LLC PKF "Strateg-E"

2.1. Analysis of cash in the enterprise

LLC PKF "Strateg-E" was organized in October 1995. At the moment, the enterprise has the status of a limited liability company, which, in accordance with legislative acts and constituent acts, owns separate property, which is accounted for on its independent balance sheet. The founder of the company at the time of its creation is its general director.

The full official name of the company is Limited Liability Company Production and Commercial Company "Strateg-E".

Many documents indicate the abbreviated name of the company, approved by the charter - LLC PKF "Strateg-E".

In accordance with the charter, its main activity of LLC PKF "Strateg-E" is to make a profit by meeting the needs of enterprises, organizations, as well as citizens in various goods and services, developing an industrial infrastructure that is adequate to the conditions of a market economy.

The priority direction of the company's activity is: installation and maintenance of security, fire-fighting equipment, video surveillance systems, construction and installation works in new construction, expansion, reconstruction and technical re-equipment, trading activities.

To assess the structure and dynamics of funds by type of activity, we will compose table 4.

The analysis of the structure and dynamics of cash funds of LLC PKF "Strateg-E" by type of activity for 2 years indicates that with minimal cash balances at the beginning and end of the periods, the volumes of receipts and expenditures in the analyzed period are very significant. The volume of cash receipts in 2006 increased compared to 2005 by 16,098 thousand rubles. and amounted to 36819 thousand rubles. The growth rate was 177.69%.

Table 4

Indicators of the structure and dynamics of funds of LLC PKF "Strateg-E" by type of activity for 2005 and 2006

Index		Growth rate of the amount of cash, %	Specific weight, %
Index	Absolute deviation (+, -)	Growth rate of the amount of cash, %		Deviation (+, -)

1. Cash balance at the beginning of the year
2. Receipt of funds, total
including by type of activity
current
Investment
financial
3. Spending money, total
including by type of activity
current
Investment
financial
4. Cash balance at the end of the year

100% of cash inflows in both 2005 and 2006 are proceeds from current activities.

As for the directions of spending funds by type of activity, we also note the growth in spending on current activities (14,501 thousand rubles). Cash flow for current activities amounted to 21,722 thousand rubles. in 2005 at 36223 thousand rubles. in 2006

The share of spending money on current activities was 100% in both 2005 and 2006.

In the course of further analysis, we will consider the structure of cash inflow and outflow using analytical tables ( Table 5.6).

The total cash inflow of OOO PKF "Strateg-E" increased in 2006 compared to the previous year by 16,098 thousand rubles. and amounted to 36819 thousand rubles. or by 77.69%. The main direction of receipt of funds in both years was the proceeds received from buyers and customers, the absolute value of which amounted to 20,718 thousand rubles. and 32320 thousand rubles. in 2005 and 2006 respectively. Receipts from buyers increased in 2006 compared to 2005 by 56%. The share of funds received from buyers and customers decreased, amounting to 99.98% in 2005 and 87.78% in 2006. This trend is due to an increase in other income from LLC PKF "Strateg-E" by 4496 thousand rubles.

Table 5

Cash inflow structure of PKF Strateg-E LLC

for 2005 -2006

Indicators	Amount of cash, thousand rubles		Growth rate, %	Specific weight, %
Indicators		Deviation (+,-)	Growth rate, %		Deviation (+,-)

1. Funds received from buyers, customers
2. Revenue from sales of fixed assets
3. Proceeds from the sale of securities and other financial investments
4. Received dividends, interest, other income
5. Miscellaneous income
5. Total cash receipts

Analysis of the cash outflow structure of LLC PKF "Strateg-E" ( table 6) logically continues the analysis of the inflow structure.

The amount of cash outflow reached 36,223 thousand rubles by 16,254 thousand rubles. or 183.21% increased the outflow in the direction of payment for purchased goods, works, services. The following items grew at the highest rates: payment for purchased goods (growth rate 183.21%), payment of taxes (117.43%), payment of dividends (100.00%).

Table 6

Analysis of the cash outflow structure of OOO PKF "Strateg-E" for 2005-2006.

Indicators	Amount of cash, thousand rubles		Growth rate, %	Specific weight, %
Indicators		Deviation (+,-)	Growth rate, %		Deviation (+,-)

1. Payment for purchased goods, works, services, raw materials and other current assets
2. Pay
3. Calculations for taxes and fees
4. For the payment of dividends
4. For other expenses
5. Total money spent

There have been changes in the structure of cash outflow associated with an increase in the share of outflow for payment for purchased goods, works, services, while a decrease in the share of outflow for wages and other expenses.

The share of the outflow for payment for goods in 2006 amounted to 69.36%, having increased by 28.52 percentage points. compared to the previous year. On the contrary, the share of the outflow for wages decreased and amounted to 12.20% in 2006 from 22.37% in 2005.

The outflow of cash to pay for other expenses decreased by 2115 thousand rubles, and its share by 15.54 p.p. At the end of 2006, other expenses amounted to 8.68% of the cash outflow.

So, in the structure of the outflow, the outflow from the main activities of the enterprise dominates, however, in the structure of the inflow, the inflow from buyers and customers still has the largest share.

Let's determine the optimal value of the cash balance of LLC PKF "Strateg-E" at the end of 2006 using three methods.

The sources of information for the analysis will be the balance sheet for account 51 for 2006 and the balance sheet ( Attachment 1).

1. Methodology of E.S. Stoyanova

At the beginning, the minimum necessary need for monetary assets is calculated for the implementation of current business activities.

The estimated volume of payment turnover for current operations is assumed to be equal to the amount of receipts and expenditures of funds for current activities in 2006 according to the balance sheet:

PR yes = 33 million rubles.

The turnover of monetary assets in 2006 is 92.44 turnovers.

YES min \u003d 33,000,000 / 92.44 \u003d 356988 rubles.

2. Baumol model

The minimum balance of monetary assets is assumed to be zero.

We expect the average amount of expenses for servicing one operation with short-term financial investments to be equal to 15 thousand rubles. (investment costs).

The total expenditure of monetary assets in the coming period is assumed to be equal to the expenditure in the current year, i.e. according to the balance sheet 37790333 thousand rubles. The interest rate on short-term financial investments in the period under review is assumed to be equal to the average yield on trust management in 2006 (18% per annum).

YES max=
=79362 rub.

The average balance of monetary assets is planned as half of their optimal (maximum) balance and will be 79362/2= 39681.19 rubles.

3. Miller-Ohr model

The minimum balance of monetary assets is assumed to be 500 thousand rubles. (minimum actual balance in 2006 according to accounting data).

To calculate the average cash balance, we will use the company's accounting data on actual balances at the end of each month in 2006.

The calculation of the average value of the cash balance and the monthly deviation from the average is presented in the table ( table 7).

Table 7

Estimated data for determining the optimal balance of monetary assets according to the Miller-Or model

	Actual balances at the end of the month, rub.	Deviation from the average, rub.












average value

The sum of the maximum deviation of monetary assets from the average amounted to -535,154.52 rubles.

YES opt=
= 12471 rubles.

The maximum balance of monetary assets in accordance with this model is taken as a threefold amount of YES wholesale, i.e. 12471x3 = 37413 thousand rubles Exceeding this balance determines the need to transform excess monetary assets into short-term financial investments.

Thus, the calculation of the value of the optimal balance of monetary assets by three methods gives a significant spread of results:

Stoyanova's technique - 356988 rubles.

Baumol method - 39681.19 rubles.

Miller-Ora method - 37413 rub.

Average value: (356988 + 39681.19 + 37413) / 3 = 144694 rubles.

It should be noted that the actual cash balances of LLC PKF "Strateg-E" at the end of 2006 are higher than the calculated value by (605016.72-144694) = 460322.72 rubles. This amount can be considered as a reserve for optimizing the cash balance and releasing current assets.

2.2. Cash flow management using the cash flow analysis of PKF "Strateg-E" LLC based on direct and indirect methods

The amount of free cash of the enterprise should be limited from below - to the amount sufficient to repay the obligations of the enterprise, and from above - to the amount necessary for the free choice of development of the types of activities of the enterprise. With a lack of funds, there is a threat of insolvency; excess funds are associated with hidden losses associated with the depreciation of money due to the impact of inflation. Assessment of cash adequacy based on cash flow analysis can be carried out by two methods - direct and indirect.

The direct method is based on Form No. 4 “Cash Flow Statement” and involves summarizing the results of cash flow operations. This form of reporting discloses in detail the movement of funds on the accounts of the enterprise and allows you to quickly determine the sufficiency of funds for payment of current liabilities accounts, as well as the possibility of investment activities.

The analysis is based on the cash flow balance:

Dn + Pd-Rd \u003d Dk

where Дн, Дк - cash balances at the beginning and end of the period, respectively; Pd, Rd, - income and expenditure of funds for the reporting period, respectively.

The receipt and expenditure of funds is deciphered in two directions: by movement operations (vertical section) and by type of activity (horizontal section).

The purpose of the analysis is to identify more "inflow" and "outflow" activities and the causes of surplus and shortage of cash. The reasons for the change in cash balances are established on the basis of compiling the balance of cash flows separately for each type of activity, and then by aggregation.

The method of cash flow analysis by the direct method is quite simple. It is necessary to supplement the form of accounting financial statements No. 4 “Cash flow statement” with calculations of relative indicators of the structure of “inflow” and “outflow” by type of activity.

The direct method of analyzing cash flows by type of activity makes it possible to assess: in what volume, from what sources the received funds were received and what are the directions for their use; whether the organization's own funds are sufficient for investment activities or whether it is necessary to raise additional funds as part of financial activities; whether the organization is able to pay off its current obligations.

The implementation of the direct method is associated with its inherent features: Reflection of the movement of funds on operations gives rise to the problem of the occurrence of a double account, for example, due to such operations as the receipt of funds from the cash desk of an enterprise to a bank account and vice versa. This method is limited, since it does not reveal the relationship between the obtained financial result (net profit) and changes in the amount of cash. However, in the activities of any enterprise there are incomes and expenses that regulate the amount of profit, but do not affect the amount of cash.

Therefore, the financial statements may reflect the receipt of net profit while reducing cash and vice versa.

These shortcomings can be overcome using an indirect method based on the conversion of net income to cash. The calculation is made in such a way that the items of expenses that are not related to the outflow of funds, and the items of income that are not related to the inflow, do not affect the amount of profit remaining at the disposal of the enterprise. Thus, depreciation causes an increase in the cost of sales, and therefore reduces profit. However, this decrease in profits is not related to cash outflows. This means that when calculating the real amount of cash, the amount of accrued depreciation must be added to net profit.

The method of the indirect method is based on the balance sheet and requires the use of analytical accounting data. The cash flow balance used in the indirect method is as follows:

Dn+Pch+(-)Sk+Pd-Rd = Dk

where Pch - net profit of the reporting period; Sk - adjustment items for the amount of net profit.

Adjustment items are related to: discrepancy between the time of reflection of income and expenses in accounting with inflows and outflows of funds for these operations; business transactions that do not directly affect the calculation of the net profit indicator, but cause cash flows; operations that have a direct impact on the calculation of the profit indicator, but do not cause cash flows.

As a result of the above adjustments to the financial result, its value is converted into the value of the change in the cash balance for the analyzed period:

Pkor. = ΔDS

where is Pkor. - adjusted value of net profit for the period; ΔDS - change in cash balances for the period.

To obtain the adjusted amount of net profit for the period, it is necessary to add the amount of adjustments to the amount of profit:

Pkor. \u003d Pch + ΣSk,

where Pch - the amount of net profit of the organization for the period; ΣSk - the amount of adjustments.

It is advisable to carry out these adjustments by type of activity of the organization (current, investment and financial):

ΣSk= Σ SHORt.d. + ΣSk.i.d. + Σ Sk.f.d.,

where ΣSk.d. - the amount of adjustments for current activities; ΣSk.i.d. - the amount of adjustments for investment activities; ΣSq.f.d. - the amount of adjustments for financial activities.

The list of necessary adjustments by type of activity will be presented in the form of a table ( table 8).

Table 8

List of net profit adjustments

Kind of activity	Adjustments
	The amount of depreciation of fixed assets and intangible assets Growth (decrease) in the amount of inventories of tangible current assets, receivables and payables
Investment	Excess (decrease) in the amount of receipt of fixed assets and intangible assets over the amount of their disposal Excess (decrease) in the amount of sale of long-term financial instruments of the investment portfolio over the amount of their acquisition The amount of dividends (interest) received on long-term financial investments The amount of interest paid in connection with investment activities The amount of growth in unfinished capital construction
Financial	Excess (decrease) in the amount of additionally attracted long-term and short-term loans (credits) over the amount of their repayment The amount of funds received in the order of target financing Excess (reduction) of the amount of dividends (interest) received in connection with the implementation of financial activities over the amount paid

Thus, the change in the level of cash over the period occurs as a result of generating the net cash flow of the organization, i.e. the difference between positive and negative cash flows for three types of activities - current, investment and financial:

DSK.p. = DSN.p. + ΔDS,

where ДСк.п. - the amount of funds of the organization at the end of the period, ДСн.п. - the amount of funds of the organization at the beginning of the period, ΔDS - change in the volume of funds of the organization for the period.

There are two inextricably linked reasons for the change in the amount of cash of the organization for the period: the change in net cash flows in all three types of activities of the organization (current, investment, financial) and the change in financial results for all three types of activities of the organization.

The change in net cash flows within the three types of activities of the organization is determined by the formula:

ΔDS \u003d NPV \u003d NPVt.d. + NPI.d. + NDPf.d.,

where NPV - the sum of the total net cash flow of the organization for the period, NPVt.d. - the amount of the net cash flow of the organization for current activities, NPI.d. - the amount of net cash flow of the organization for investment activities, NDPf.d. - the amount of net cash flow of the organization for financial activities.

The change in financial results for all types of activities of the organization is determined by the formula:

Δ DS \u003d Rkor \u003d P + Δ Sk \u003d P + ΔSkt.d. + ΔSki.d. + ΔSk.d.

From the calculations performed using the presented methodology, it becomes clear which business transactions and the financial results generated by them for which type of activity - current, investment or financial - had the greatest impact on the amount of the organization's net cash flow for the period. Thus, the indirect method allows you to find out whether the profit received is enough to service current activities, as well as to establish the reasons for the discrepancy between the amount of profit received and the availability of funds.

Methods for optimizing the scarce cash flow depend on the nature of this scarcity - short-term or long-term. The balance of the deficit cash flow in the short term is achieved by developing organizational measures to accelerate the attraction of funds and slow down their payments.

The information base for the analysis of cash flows of LLC PKF "Strateg-E" by the direct method is the "Cash Flow Statement" (Form No. 4). For cash flow analysis direct method an analytical table was compiled ( table 9).

The analysis of cash flow by the direct method reveals in detail the cash flow in the accounts, which allows us to draw conclusions regarding the sufficiency of funds to pay construction obligations on the accounts, as well as to carry out investment activities.

In 2005, there was an outflow of cash from the current activities of LLC PKF "Strateg-E", which amounted to -1010 thousand rubles. in absolute terms. Consequently, the funds received from the main activities of LLC PKF "Strateg-E" are not enough for its implementation.

Table 9

Analysis of cash adequacy of LLC PKF "Strateg-E" based on the analysis of cash flows by the direct method

Indicators	Amount, thousand rubles
Indicators
1. Current activities
1.1. Cash inflow:
Funds received from buyers, customers
Other supply
1.2. Cash outflow
payment for purchased goods, works, services
salary
payment of dividends, interest
tax and duty calculations
other expenses
1.3. TOTAL: inflow (+), outflow (-) of cash
2. Investment activity
2.1. Cash inflow:
proceeds from the sale of fixed assets and other property
proceeds from the sale of securities and financial investments
received dividends
interest received
Proceeds from the repayment of loans granted to other organizations
2.2. Cash outflow:
acquisition of subsidiaries
acquisition of fixed assets, profitable investments in tangible assets and intangible assets
acquisition of securities and financial investments
paid dividends, interest, credits and loans granted
loans granted to other organizations
2.3. TOTAL: inflow (+), outflow (-)
3. Financial activities
3.1. Cash inflow
Proceeds from the issue of shares or other equity securities
Proceeds from loans and credits granted to other organizations
3.2. Cash outflow
Repayment of loans and credits (without interest)
Repayment of financial lease obligations
3.3. TOTAL: churn (-)
Total: change in cash

In 2006 LLC PKF "Strateg-E" experienced an inflow of cash from its core business, which amounted to 596 thousand rubles.

To calculate cash adequacy based on indirect way corrective procedures should be carried out affecting the vast majority of balance sheets. Calculations should be made on the basis of the assumed general rule: in order to achieve a correspondence between the amount of net profit, it is necessary to increase net profit by the amount of capital increment (own and borrowed sources of funds) and reduce by the amount of increment of assets (non-current and current). Moreover, both positive and negative increments are taken into account.

The calculation of adjustments related to the increment according to the balance sheet data (form No. 1) of LLC PKF "Strateg-E" as of 01.01.2007 is presented in the table ( table 10).

Table 10

Analysis of cash adequacy of LLC PKF "Strateg-E" based on the analysis of cash flows by the indirect method

	Cash Flow Statement Ratio	Sum (thousand roubles.)
	Net profit before tax
	Amount adjustments:
	depreciation
	exchange losses (exchange difference)
	investment income
	interest expense
	Operating profit before change in turnover capital (line 1 + line 2 + line 3 - line 4 + page 5)
	Change in receivables from buyers and other receivables
	Stock change
	Change in accounts payable to suppliers
	Cash from operating activities (page 6 - page 7 + page 8 + page 9)
	Interest paid
	Income tax paid
	Net cash from operating activities (p. 10 - p. 11 - p. 12)

Based on the results of the analysis carried out by direct and indirect methods, the management of the organization can adjust its financial policy in relations with debtors and creditors, make decisions on the formation of the necessary production reserves, taking into account the available financial capabilities and the level of financial resources.

On the whole, LLC PKF "Strateg-E" for 2006 has a positive net cash flow in the amount of 596 thousand rubles, the net cash flow sufficiency ratio has a positive value. Thus, the net cash flow is sufficient to finance emerging needs, which has a positive effect on the solvency of the enterprise.

Lack of cash flow in OOO PKF "Strateg-E", which may have negative consequences, which are manifested in: a decrease in liquidity and solvency; growth of overdue accounts payable to suppliers of raw materials and materials; increase in the share of overdue debts on received financial loans; delays in payment of wages; an increase in the duration of the financial cycle, and ultimately in a decrease in the profitability of the use of equity and assets of the organization.

The results of calculations are used to optimize cash flows, which is the process of choosing the best forms of their organization, taking into account the conditions and characteristics of economic activity.

In conclusion of this section, we calculate the main indicators of cash turnover - the turnover ratio and the duration of the turnover in days ( table 11).

Due to the fact that the company has practically no cash balances on the account and on hand, the results of the turnover analysis are as follows: the turnover ratio at the end of 2006 was 92.44 turnovers. Thus, cash turns into revenue 92.44 times. This indicator has decreased in comparison with 2005 by 54.83 turnovers. The turnover period in days in 2006 was 6 days. This indicator decreased by 6 days compared to 2005. The decrease in this indicator is due to a decrease in the value of the average cash by 203 thousand rubles. and an increase in sales revenue by 9199 thousand rubles.

Table 11

Calculation of cash turnover indicators of OOO PKF "Strateg-E" for 2005-2006

Indicators	№ form, line number	Meaning		Absolute change
Indicators	№ form, line number	2005 year	2006	Absolute change
1. Sales revenue, thousand rubles.		19180 (Appendix 4)	(appendix 2)
2. Average cash balances	(1, 260 gr.3+1, 260 gr.4)/2
3. Cash turnover ratio	2, 010 / (1, 260 gr.3+1, 260 gr.4)/2
4. Turnover period in days	((1, 260 gr. 3 + 1, 260 gr. 4) / 2) x 360 / 2.010

As a result, LLC PKF "Strateg-E" released funds: Release of funds from circulation = 28379 / 360 x (4-10) = 472.98 thousand rubles.

Thus, as a result of a more efficient use of funds in LLC PKF "Strateg-E", there was a release of funds from turnover in the amount of 472.98 thousand rubles.

2.4. The main directions for improving the management of cash flow

Summarizing the above, we can draw the following conclusions. At the analyzed enterprise, for the purposes of managing cash flows and maintaining liquidity, it is necessary to carry out a monthly cash flow forecast, the implementation of which should be analyzed by economists. The current cash flow planning of LLC PKF "Strateg-E" allows you to optimize their balances and determine the need for additional raising of funds or the possibility of early repayment of loans due to excess liquidity.

In conclusion, we note that for the purposes of effective cash management, it is necessary to ensure an increase in the current liquidity ratio and the total coverage ratio. The low value of these indicators is due to the significant amount of receivables and payables, a significant amount of reserves. In order to manage the obligations of LLC PKF "Strateg-E" it is necessary: to take measures to collect debts for a period of more than 45 days; to confirm the reality of receivables and payables, reconcile mutual settlements; monitor the ratio of receivables and payables; maintain a payment calendar (preferably in the form of a computer program) for the operational management of receivables and payables. A clear understanding of the status of settlements with buyers and customers, government agencies, which will allow timely calculation of overdue debts, general trends in settlement discipline and specific buyers, who are most often among unreliable payers; to expand the system of advance payments, as deferred payment leads to the fact that the organization actually receives only a part of the cost of the work performed, it is recommended to provide discounts for advance payments by LLC PKF "Strateg-E"; provide for penalties in contracts with buyers and customers for non-compliance with the terms of payment; conduct an inventory of accounts payable and take measures to repay overdue debts; develop a provision for working with accounts payable;

A 50% reduction in receivables from PKF Strateg-E LLC will ensure an increase in the total coverage ratio to the level of 0.96, or 20%.

Serious attention should be paid to the level of stocks. Let us calculate the optimal amount of stocks for materials that dominate the structure of working capital of OOO PKF “Strateg-E” based on the data of 2006. The main type of goods for this enterprise is fire detectors. Let's determine the current stock of fire detectors necessary for the normal operation of the enterprise in the period between successive deliveries:

Ztek =

where Mp is the average daily supply of materials, t; Ting - delivery interval - the time between two deliveries.

According to LLC PKF "Strateg-E", the average daily supply of fire detectors is 30 pieces, and the delivery interval from manufacturers is on average 35 days.

Ztek = (30 tons x 35 days) / 2 = 525 pcs.

The company needs a safety stock. We will calculate it, taking into account the fact that the time of their delivery is calculated on average 15 days.

Zstr \u003d Mp (Tpod) \u003d 30 x (15 days) \u003d 450 pcs.

The transport stock must take into account the time of transportation of the material to the work site. In this case, the fuel transportation time can reach an average of 2 days. The annual volume of consumption in 2006 amounted to 20,280 units. fire detectors.

Ztr =
\u003d 20 280 x 2/360 \u003d 113 pcs.

The fuel reserve rate is determined by summing up the current, insurance, and transport reserves.

Stock rate \u003d 525 + 450 + 113 \u003d 1088 pcs.

With an average purchase price of 1 pc. in 2005, 236 rubles, the standard value of the stock in value terms will be 236 x 1088 = 257 thousand rubles.

With the actual average inventory in 2006, the excess inventory of sensors amounted to 347.8 thousand rubles.

Thus, the calculation of the norm of the stock of goods revealed that the analyzed enterprise had an excess stock in 2006 worth 90.8 thousand rubles, which is a reserve for the release of working capital.

Conclusion

The implementation of all types of financial and business operations of the organization is accompanied by the movement of funds - their receipt and expenditure. The company's cash can be defined as the amounts of cash in Russian and foreign currencies belonging to it, which are in cash, on settlement, currency and other accounts in banks. To make management decisions related to cash flow, to achieve the best effect of economic activity, the management of the organization needs constant awareness of the state of cash. Therefore, the purpose of the analysis of funds is to obtain the necessary volume and parameters that give an objective, accurate and timely description of the directions of receipt and expenditure of funds, volume, composition, structure, objective and subjective, external and internal factors that have a different effect on the change in cash flows .

The analysis of the organization's funds involves the construction of a system of indicators that characterize the availability, composition, structure, movement, turnover and sufficiency of funds. The system of analytical indicators is based on indicators of the level, dynamics and composition of the organization's funds. This approach is based on an analysis based on the calculation of indicators of the structure and dynamics of cash flows by type of activity of the organization for a number of years. The approach based on the analysis of cash turnover involves the calculation of the cash turnover ratio and the cash turnover period corresponding to the production and commercial cycle. The calculation of solvency indicators is based on the assumption that the liquidity of the organization's current assets affects its current solvency. In addition, it is necessary to calculate cash adequacy ratios based on cash flow analysis based on the direct or indirect method.

The current cash flow planning of LLC PKF "Strateg-E" allows you to optimize their balances and determine the need for additional raising of funds or the possibility of early repayment of loans due to excess liquidity.

In general, the analysis of working capital management at LLC PKF "Strateg-E" allows us to formulate the following recommendations for this enterprise:

Justified reduction in the amount of accounts receivable and its share in the structure of working capital. Revision of the terms of settlements with the buyers of the enterprise; providing discounts for early payment; tougher penalties for late payments;

Control over the ratio of growth rates of receivables and payables. Prevention of excess of growth rates of accounts receivable over accounts payable;

Reduction of cash balances by an average of 460,322 rubles. to their optimal size;

Increasing the turnover of working capital by increasing the proceeds from the sale and optimizing the amount of working capital in general and individual elements;

Mobilization of the revenue growth reserve in the amount of 1340.12 thousand rubles. by accelerating the turnover of working capital of LLC PKF "Strateg-E".

List of used literature

Federal Law "On Accounting" dated November 21, 1996 No. 129-FZ (as amended)

Regulation on accounting and financial reporting in the Russian Federation, approved. Order of the Ministry of Finance of the Russian Federation of 29.07.98. No. 34n. (with changes and additions.)

Regulation on accounting "Accounting policy of the organization" (PBU 1/98). Approved by Order of the Ministry of Finance of Russia dated December 9, 1998 No. 60n (as amended by Order of the Ministry of Finance of the Russian Federation dated December 30, 1999 No. 107n)

Regulation on accounting "Accounting statements of the organization" (PBU 4/99), approved by order of the Ministry of Finance of the Russian Federation dated 06.07.99 No. 43n.

Order of the Ministry of Finance of Russia dated July 22, 2003 No. 67n "On the forms of financial statements of an organization"

Chart of accounts for financial and economic activities of organizations and instructions for its use. Approved by order of the Ministry of Finance of the Russian Federation of October 21, 2000 No. 94n.

Abryutina M.S., Grachev A.V. Analysis of the financial and economic activity of the enterprise. Educational and practical guide - 2nd ed., Corrected. - M .: "Business and service". - 2001. - 256 p.

Arkhipov V.E. Principles of effective management and marketing. - M.: INFRA-M. - 1998.

Balabanov I.T. Financial management. - M.: Finance and statistics. - 2004.

Blank I.A. Financial management: Training course. - 2nd ed., revised and additional. - K .: Elga, Nika-Center. 2005. - 544 p.

Accounting: Textbook / A.S. Bakaeva, P.S. Bezrukikh, N.D. Vrublevsky and others / Ed. P.S. Armless. 4th ed., revised. and additional - M.: Accounting, 2002. - 719 p.

Vasilyeva L.S. Financial analysis: textbook / L.S. Vasilyeva, M.V. Petrovskaya. - M.: KNORUS. 2006. - 412 p.

Volkov O.I. Enterprise economy. Textbook. / Ed. O.I. Volkov. - M: Infra-M. - 1998.

Money, credit, banks: Textbook / Ed. O.I. Lavrushin. – 3rd ed., revised and supplementary. – M.: KNORUS. - 2004. - 576 p.

Money. Credit. Banks / Ed. Zhukova E.F. - M.: Finance and statistics. -2003.

Dolan EJ Money, banking and monetary policy. - St. Petersburg: Litera plus. - 1994.

Efimova O.V. Financial analysis. - 4th ed., revised. and additional - M .: Publishing house "Accounting". - 2002. - 528 p.

History of economic doctrines / Ed. Avtomonova V., Ananyina O., Makasheva N. - M.: INFRA-M, 2002. - 736 p.

Kamaev V.D. Textbook on the fundamentals of economic theory. - M.: VLADOS. - 2004. - 375 p.

Keynes JM Selected works - M.: Anthology of economic classics. - 1993.

Kovalev V.V. Introduction to financial management. - M.: Finance and statistics. - 2003.

Kovaleva A.M. Finance. Tutorial. / Ed. A.M. Kovaleva. - M: Finance and statistics. - 2000.

Kozlova E.P., Babchenko T.N., Galanina E.N. Accounting in organizations. - 2nd ed. revised and additional - M.: Finance and statistics. - 2002. - 752 p.

Course of Economics / Ed. Raizberga B.A. - M.: INFRA-M. - 2003.

Course of economic theory. General foundations of economic theory, microeconomics, macroeconomics, transition economy: Textbook / Ed. Sidorovich V.A. - M.: Moscow State University. M.V. Lomonosov, DIS Publishing House. - 1997. - 784 p.

Course of economic theory: Textbook - 4th supplemented and revised edition - Kirov: "ACA". - 2000. - 752 p.

Lokhanina I.M. Financial Analysis Based on Accounting Statements: Study Guide; 2nd ed., revised. and additional Yaroslavl State. un-t. city - Yaroslavl. - 2000. - 103 p.

Lyubushin N.P., Leshcheva V.B., Dyakova V.G. Analysis of the financial and economic activities of the enterprise: Proc. manual for universities / Ed. prof. N.P. Lyubushina. – M.: UNITY-DANA. - 2002.

McConnell K.R., Brew S.L. Economics: Principles, problems and politics. - M.: Republic. -1993. - 400 s.

Mill J. Fundamentals of political economy. - M.: Progress. - 1996.

World of money. A short guide to the monetary, credit and tax systems of the West. - M .: JSC "Razvitie". 1992. - 296 p.

Novoselov L.A. Cash settlements in entrepreneurial activity. -M.: YurInforR. - 2005.

Paly V.F. Financial Accounting: Textbook: At 2h. - M.: FBK-PRESS. - 1998.

Savitskaya G.V. Analysis of the economic activity of the enterprise. Textbook. - M.: Infra-M, 2001. - 788 p.

Selezneva N.N., Ionova A.F. The financial analysis. Financial management: Proc. allowance for universities. -2nd ed. revised and additional .- M .: UNITI-DANA. - 2003.

Financial management: theory and practice: Textbook / Ed. E.S. Stoyanova. 5th edition revised. and additional - M .: Publishing house "Perspective". 2004. - 656 p.

Financial Accounting: Textbook / Ed. Prof. V.G. Hetman. - M.: Finance and statistics. - 2002.

Finance / Ed. Drobozina L.A. - M.: UNITI. - 2006.

Economic Analysis: Textbook for High Schools / Ed. L.G. Gilyarovskaya.-2nd ed., add.- M.: UNITY-DANA.- 2002. - 615 p.

Blokhin K.M. Budgeting of cash flow by direct method // Auditorskie vedomosti.2006. No. 2. -S. 12-18

Bondarchuk N.V. Analysis of cash flows from the current, investment and financial activities of the organization // Auditorskie Vedomosti. - 2004 - No. 3. - S. 15-21

Krasavina L.N. Problems of money in economic science // Money and credit. - 2001. - No. 10.

Mizikovsky E.A., Druzhilovskaya T.Yu. Capital change and cash flow // Auditorskie Vedomosti. - 2005. - No. 9 - S. 26-31.

monetary streams and... . 2. Control borrower lending process on the example Moscow Credit... more on the specific example. Company: OOO PCF"ANNA" ... implementation of the optimal strategies distribution of free...

Perfection management solvency on the RUE GLZ Centrolit
Course work>> Management
... on the topic "Improvement management solvency on the enterprise ( on the example ... strategy ... OOO PPTK "Energostroy", Rostov- on the-Don; OOO"Vimperg", Kaliningrad; OOO PCF Vinte-N, Krasnodar; OOO"Aki", Voronezh; OOO ... management monetary streams on the ...
Control investments (1)
Coursework >> Financial Sciences
built on the basis of the analysis method monetary flows. Monetary flow– receipts (positive monetary flow) and spending (negative monetary flow) monetary funds in progress...
Control quality of products and goods on the example Svetlogorsk Pulp and Cardboard Mill
Practice Report >> Marketing
Operation first flow cellulose... on the development of a competent strategies enterprise activities on the ... OOO PCF"VIF", PSP "Apeks-S" on the... arrival monetary funds on the ... management on the mechanism diagrams management product quality; Contemporary control ...

Coursework: Management of financial flows on the example of the enterprise "RosSibStroy". Formation and management of enterprise cash flows on the example of Verona LLC Enterprise cash flow management workshop

Introduction

1.1 Essence of finance

1.2 Functions of finance

1.3 Theories of public finance by foreign and Russian economists

2. Evaluation of the financial activity of an enterprise on the example of RosSibStroy LLC

2.1 Characteristics of the enterprise RosSibStroy LLC

2.2 Analysis of the property of the enterprise and the sources of its formation

2.3 Assessment of the solvency of the enterprise and the liquidity of its balance sheet in absolute and relative terms

2.4 Analysis of the creditworthiness of the enterprise

2.5 Analysis of the financial stability of the enterprise in absolute and relative terms

2.6 Analysis of asset and capital turnover indicators

3. Evaluation of the effectiveness of the financial activities of the enterprise.

Conclusion

Bibliographic list

Send your good work in the knowledge base is simple. Use the form below

Similar Documents

Introduction

1.1. Economic content of cash flow and its types

1.2. Cash flow policy

Find out the cost of writing such a work!

1.3. Ways to optimize cash flows in enterprises

Find out the cost of writing such a work!

Find out the cost of writing such a work!

Course work

Table 4

Indicators of the structure and dynamics of funds of LLC PKF "Strateg-E" by type of activity for 2005 and 2006

for 2005 -2006

Dn + Pd-Rd \u003d Dk

Perfection management solvency on the RUE GLZ Centrolit

Control investments (1)

Control quality of products and goods on the example Svetlogorsk Pulp and Cardboard Mill