Basic principles of organization and management of working capital of an enterprise. Working capital management at the enterprise

1.2 Sources of formation of working capital of enterprises.................... 11

1.3 Working capital management model.................................................... 13

1.4 Calculation and assessment of the main indicators of working capital................... 27

1.5 Calculation and assessment of the efficiency of using working capital... 30

Chapter 2 Diagnostics of working capital management indicators of the enterprise Mebel-Pro LLC.................................................... ........................................................ .......... 34

2.1 Calculation of acceleration control indicators working capital............ 34

2.2 Analysis of the dynamics of working capital acceleration management indicators 41

Conclusion................................................. ........................................................ .. 49

List of sources and literature used.................................................... 51

Introduction

Current assets make up a significant share of all assets of the enterprise. The successful entrepreneurial activity of an economic entity largely depends on their skillful management. Management of current assets occupies a special place in the work of a financial manager, since it is a constant, daily and continuous process. Development market relations determines new conditions for their organization. High inflation, non-payments and other crisis phenomena inherent in the Russian economy are forcing enterprises to change their policy in relation to working capital, look for new sources of replenishment, and study the problem of the efficiency of their use.

As with other management objects that fall within the sphere of interests of a financial manager, we are not talking about the material composition of current assets, but about the policy of optimal management of investments in these assets. An underestimation of the amount of working capital entails an unstable financial condition, interruptions in the production process and, as a consequence, a decrease in production volume and profit. In turn, overestimating the size of working capital reduces the enterprise’s ability to make capital expenditures to expand production. Freezing funds (own and borrowed) in any form, be it warehouse stocks of finished products or suspended production, excess raw materials and materials, is very expensive for the enterprise, since free cash can be used more rationally to generate additional income.

At an enterprise, the determination of the need for working capital must be linked to the production cost estimate and the production plan of the enterprise. It should justify the release of specific types of products in the required quantities and in certain deadlines.

Despite the instability of economic relations, the unreliability of suppliers, the difficulties of acquiring high-quality raw materials and components, the production plan must address issues on which the provision of production and the need for working capital depend. Tasks are greatly simplified if strong business ties have already been established with suppliers. And, as a result, the conditions, frequency of supplies of inventory items, and their payment will be easy to take into account when calculating the need for working capital.

Simultaneously with determining the range of suppliers, a complete list of types of raw materials, basic and auxiliary materials, fuel, MBP, spare parts and others is compiled.

The final part of the production plan reflects possible production costs for the production of products, which in total determine the production cost of the product. It is the value of production costs that underlies the determination of the need for working capital.

The relevance of this topic is due to the fact that the optimization and state of working capital is directly related to efficient work enterprise and whether the enterprise will make a profit. In order to effectively manage current assets, you need to consider them as a whole and, most importantly, in the context of individual items.

The purpose of this course work is to develop specific proposals for improving the use of working capital in the enterprise.

The objectives of this course work are: consideration of the structure, composition and dynamics of working capital at the enterprise; determining their optimal size and needs; determination of optimal methods for analyzing working capital; finding the most profitable way to use them; identifying the relationship between working capital profits and cash flow.

The object of study for this course work was a specific commercial enterprise, Furniture-Pro LLC, which is engaged in the production and distribution of household goods (furniture, household goods, repair products, etc.).

The subject of the work is the study of the methodology for managing working capital of an enterprise and indicators (methods of analysis) of working capital turnover.

The information base is accounting documents and reports commercial enterprise Furniture-Pro LLC and articles taken from the Financial Director magazine. Information was also found on Internet sites; www1.minfin.ru; ;

The methodological basis of the course work is the works of Sheremet A.D., Saifulin R.S. and Kolchina N.V. and other authors.

Chapter 1 Working capital management of enterprises

1.1 Working capital of the enterprise. Their composition and structure. Circulation of working capital

Any organization conducting production or commercial activities must have certain real, that is, functioning property or active capital in the form of fixed and working capital.

Working capital should be understood as a balance sheet asset that reveals the subject composition of the enterprise’s property, in particular its current or current assets (material current assets, accounts receivable, free cash), and working capital is a balance sheet liability showing what amount of funds (capital) invested in the economic activities of the enterprise (equity and borrowed capital). Working capital is the funds that support the process economic activity, participating simultaneously in the production process and in the process of product sales.

Or: working capital is assets that are used once in the production process and change their physical form. Their cost is fully included in the cost of products made from them and services provided.

Working capital, according to its role in the process of production and circulation, is divided into circulating production assets and circulation funds.

Working production assets serve the production sector. They materialize in objects of labor (raw materials, materials, fuel, etc.), are embodied in production inventories, work in progress, and semi-finished products of their own making. Along with these elements, there are also deferred expenses necessary for the installation of new equipment, etc.

Production assets are the material basis of production; they serve the sphere of production, completely transfer their value to the newly created product, and at the same time change their original form.

Circulation funds do not directly participate in the production process; their purpose is to provide resources for the circulation process.

Circulation funds consist of finished products and cash.

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

Let's consider the composition of working capital.

a) Inventory - the actual cost of stocks of raw materials, materials, purchased semi-finished products, components, fuel, spare parts, containers and other material assets.

b) Work in progress - products that have not gone through all stages of processing provided for technological process, as well as incomplete products that have not passed testing and technical acceptance.

c) Deferred expenses - costs for the development of new products, fees for subscription publications, payment of rent in advance, etc. These expenses are written off against the cost of production in future periods.

d) Finished products – the actual production cost of finished products intended for sale to customers.

e) Goods – the value of remaining goods intended for sale.

f) Goods shipped - data on the movement of shipped products (goods), in which the supply agreement provides for a moment of ownership that differs from the general procedure.

g) Accounts receivable is a complex item that includes settlements: with buyers and customers, with participants for contributions to the authorized capital, for advances issued, with other debtors.

h) Short-term financial investments – short-term financial investments (for a period of no more than 1 year) in own shares purchased from shareholders.

i) Cash – funds in accounts with credit and banking institutions, in securities, in the cash register of an enterprise.

The totality of the components of the enterprise's working capital, presented in the form of shares and percentages, will reflect the structure of working capital.

As the authors write, Sheremet A.D. and Saifulin R.S. According to the degree of controllability, working capital is divided into standardized and non-standardized. Standardized funds include all circulating production assets, as well as that part of the circulating assets that is in the form of remnants of unsold finished products.

Non-rationed funds include the remaining elements of circulation funds, that is, products sent to consumers but not yet paid for and all types of funds and settlements. The absence of standards does not mean, however, that the size of these elements of working capital can change arbitrarily and indefinitely and that there is no control over them.

The composition of working capital can be considered from the perspective of their liquidity (see Table 1).

The most liquid funds are the amounts for all cash items that can be used to carry out current payments immediately.

Table 1

Composition and structure of working capital by degree of liquidity

Slowly sold working capital are semi-finished products, work in progress, stale goods in warehouses, and doubtful debts.

Circulation of working capital

Being in constant motion, working capital makes a continuous circuit, which is reflected in the constant renewal of the production process.

The movement of working capital can be presented in the form:

D – T …- T – P – T "… - T " – D "

The circulation of capital covers 3 stages: procurement (purchases), production and sales.

At the first stage (D-T), working capital moves from the form of cash into production (objects of labor, goods).

The second stage (T-P-T ") takes place in the production process. It consists of the transfer into production (P) of purchased material assets, production inventories. At this stage, production value turns into commodity value, and in terms of material composition, from production inventories first turns into unfinished products, and then into finished products (PZ-P-GP).

The third stage (T "- D") (sales) - consists of selling manufactured products and receiving funds. At this stage, working capital moves from the production stage to the circulation stage and again takes the form of cash. The difference between D " and D is the amount of cash income or the financial result of economic activity. The monetary form that working capital takes at the final stage of the circuit is at the same time the initial stage of capital turnover.

The cycle continues constantly, and after its completion a new one begins. The period of turnover of inventories from the moment they enter production, work in progress and finished goods until the moment they are shipped form the production cycle. The financial cycle covers the processes of production and sales of products. It starts with paying for raw materials and supplies and ends with receiving money from buyers.

Thus, we can conclude that the working capital of an enterprise consists of circulating production assets that serve the production sector; and circulation funds, the purpose of which is to provide resources for the circulation process. Working capital carries out a continuous circulation, starting from the stage of purchasing materials for production and ending with the stage of sales of goods.

1.2. Sources of formation of working capital of enterprises

In the process of circulation of working capital, the sources of their formation, as a rule, do not differ. However, the system for the formation of working capital affects the speed of turnover and the efficiency of using working capital. Excess working capital will mean that part of the company's capital is idle and does not generate income. A lack of working capital will slow down the production process, slowing down the rate of economic turnover of the enterprise's assets.

Let's consider the sources of working capital formation:

Own sources (information is presented in the main section 3 of the liabilities side of the enterprise’s balance sheet).

Borrowed sources (information is presented in sections 4, 5 of the balance sheet liabilities, as well as in sections 1, 2 of form No. 5 of the appendix to the annual balance sheet).

Additional sources involved

Appendix No. 3 provides the composition and structure of sources for the formation of working capital.

Own working capital plays an important role in organizing the circulation of enterprise funds; it determines the financial stability of the enterprise. Initially, its formation is carried out at the time of creation of the enterprise. It is provided with fixed and working capital necessary for commercial activities in the amounts determined by the constituent documents. For these purposes, authorized capital is formed at unitary and federal government enterprises.

Part of the funds invested by the founders is used to purchase inventories intended for manufacturing products, performing work, and purchasing goods.

In the future, the replenishment of working capital can be carried out from its own sources received by the enterprise in the course of its activities, mainly from the profit received.

In addition to profit, as its own source of replenishment of working capital, the enterprise has funds equivalent to its own. These are stable liabilities that do not belong to the enterprise, but are constantly in circulation. The enterprise uses them without seeking special additional sources to finance business activities.

Stable liabilities include:

Minimum carryover debt for wages, which is due to the natural discrepancy between the accrual period and the date of payment of wages, transfer of mandatory payments;

Debt to suppliers for uninvoiced deliveries and accepted payment documents, the payment period for which has not yet arrived;

Debt to buyers and customers for advances and partial payment (prepayment) for products, goods, works, services;

Debt to the budget for certain types of taxes, the accrual of which occurs ahead of the payment deadline.

The amount of stable liabilities may change upward or downward. This source of funds is essentially planned accounts payable.

In conditions of complete economic independence, the enterprise may have other own funds in its circulation. These are temporarily unused balances of reserve capital and other funds created at the enterprise.

In addition to its own resources, in the turnover of an enterprise, borrowed funds can be used, the basis of which is short-term loans from banks and other creditors.

Among the funds attracted by an enterprise into economic circulation is accounts payable, which is essentially a free loan provided by other enterprises. Unlike stable liabilities, accounts payable are not a planned source of working capital. Often debt is natural, as it arises due to the peculiarities of settlements. However, in most cases, accounts payable arises as a result of violation of settlement and payment discipline and is a consequence of the enterprise’s failure to comply with payment terms for products.

Thus, the sources of working capital formation are: own sources, borrowed sources and additionally attracted sources. The most important of these are own sources, namely earned profits and sustainable liabilities. Borrowed funds are also an important element in the process of forming working capital of an enterprise.

1.3. Working capital management model

Working capital management is the most extensive part of financial management in the entire system of managing the use of enterprise capital. This is due to the existence of a large number of asset elements, formed through working capital, required by the individualization of management. The importance is also manifested by the high dynamics of transformation of types of working capital; a high role in ensuring solvency, profitability and other target results of the financial activities of the enterprise.

There is a specially developed list of working capital management stages.

Stage I. First of all, it is necessary to analyze the use of working capital in the operating process of the enterprise in the previous period. To do this, we consider the dynamics of the total volume of working capital, the dynamics of the composition of the enterprise’s current assets formed at the expense of working capital. Analysis of the composition of an enterprise's current assets by individual types allows us to assess the level of their liquidity.

The results make it possible to determine the overall level of efficiency of working capital management of the enterprise and identify the main directions for its increase in the coming period.

Stage II. At the next stage, the fundamental approaches to the formation of current assets at the expense of the operating capital of the enterprise are determined. The theory of financial management considers three fundamental approaches to the formation of current assets of an enterprise:

1) Conservative approach - involves the creation of large working capital reserves in case of unforeseen difficulties in providing the enterprise with raw materials, deterioration of production conditions, delays in collection of receivables, etc.;

2) Moderate - aimed at ensuring full satisfaction of the current need for all types of current assets and creating their normalized insurance amounts;

3) Aggressive - consists of minimizing all forms of insurance reserves for certain types of these assets.

Ultimately, all these approaches determine the amount of this capital and the level of its capital intensity in relation to the volume of operating activities.

At stage III, the volume of working capital is optimized. Such optimization should proceed from the chosen type of policy for the formation of current assets, ensuring a given level of efficiency and risk ratio of the use of working capital.

Optimization of the ratio of the constant and variable parts of working capital used in the operating process belongs to stage IV. This is the basis for managing its turnover during use.

V stage. The necessary liquidity of the assets used, formed at the expense of working capital, is ensured.

On final stage(VI stage) ensures an increase in the profitability of working capital. Its size should generate a certain profit when it is used in production and marketing activities.

An integral part of the working capital management process is to ensure the timely use of the temporarily free balance of monetary assets to form an effective portfolio of short-term financial investments. Goals and nature of management certain types current assets formed at the expense of operating capital have their own distinctive features.

Therefore, at an enterprise with a large amount of working capital used, an independent policy for managing certain types of working capital (inventories of goods and materials, accounts receivable and monetary assets) is being developed.

To study the problem in more detail, it is necessary to consider the features of management models for certain types of current assets.

a) Inventory management model.

Managing the inventories necessary for the production process (inventory, work in progress, deferred expenses and finished goods) means determining the need for these inventories to ensure an uninterrupted production process and the implementation of the firm's specific needs for financial resources to create specific types of inventories and rationing.

There are various economic and mathematical models of inventory management. In general, they can be divided into four groups: deterministic, stochastic, statistical and dynamic models.

Deterministic models include parameters that are set quite precisely. These are costs, prices, need for materials, warehouse costs, etc. The model expresses the dependence of the batch size on the ratio of well-defined elements.

The class of stochastic models includes those in which the need is an uncertain, probabilistic quantity. In such models, demand changes at the beginning of each given period and the distribution of demand across periods is independent.

In the stochastic model, not one period can be considered, but several, with purchases made at the beginning of each of them. The task is to determine the batch size, that is, the quantity of goods purchased in each period. This value depends on the level of inventory of a given product at the beginning of each period.

With a static model, the choice of the optimal strategy is not a determining condition for inventory management. For mass flows of material assets of low value, it is usually possible to limit oneself to approximate calculations, which allows the use of static models. If the size of the inventory at the beginning of the first period is a certain value, then, due to the presence of random demand, the size of the inventory at the beginning of subsequent periods forms a sequence of random variables X1, X2, etc., since it is assumed that the distribution of demand is uniform in all periods.

The above inventory management schemes are mostly applicable to solving problems related to mass flows of predominantly low-value goods. For expensive goods that have relatively little demand, more complex calculations are carried out. If with consumer goods there is no problem of purchasing and replenishing stocks, then with expensive goods the requested material may not be in the warehouse at the right time. Wherein this product may be requested by multiple consumers. In these cases, a scarcity problem arises, which is solved using dynamic programming methods.

When using a dynamic model, the optimal replenishment strategy is determined if following conditions: transport costs for moving from one stage to another are determined in proportion to the amount of material being moved; the costs of maintaining inventories and losses due to shortages, calculated for each enterprise during each individual period. They are a function of the amount of stock at a given stage.

An important indicator is the determination of the standard.

The working capital standard is the minimum required amount of funds to support business activities, which is determined taking into account the need for funds both for core activities and for major repairs. Rationing of working capital should ensure the optimal value of all constituent elements of current assets. It is known that the validity of the policy for the formation of inventory largely determines the financial position of the enterprise, primarily its liquidity and current solvency. Methods for rationing individual elements of industrial inventories are not the same.

The standard for stocks of raw materials (N), basic materials and purchased semi-finished products is calculated on the basis of their average daily consumption (P) and the average stock rate in days. The time spent in current (T), insurance (C), transport (M), technological (A) stocks, as well as in the preparation of stock necessary for unloading, delivery, acceptance and storage of materials (D) is also taken into account. Thus:

N = P * (T + C + M + A + D) (1)

In turn, the current stock is the main type of stock, therefore the rate of working capital in the current stock is the main determined value of the entire stock rate in days. Safety stock is necessary for each enterprise to guarantee the continuity of the production process in case of violation of delivery conditions and deadlines. Transport stock is created for the gap between the period of cargo turnover and document flow. Process inventory is created for a period of time to prepare materials for production, including time for analysis and laboratory testing.

The standardization of working capital in fuel reserves is established similarly to the standard for raw materials, materials and semi-finished products, i.e. based on the stock norm in days of one-day consumption. The standard for working capital in container stocks is determined depending on the sources of receipt and the method of use of the container.

Identifying surplus and scarce resources allows you to avoid unnecessary capital investments in materials for which the need is declining or cannot be determined.

The working capital standard for finished product balances is determined as the product of the working capital standard in days and the one-day output of marketable products in the coming year at production cost. The working capital norm for finished products is calculated separately for finished products in the warehouse and goods shipped for which payment documents have not been submitted to the bank for collection.

The rate of working capital for the stock of finished products in the warehouse is determined for the period of time necessary to complete and accumulate products until required sizes, for mandatory storage of products in a warehouse before shipment, for packaging and labeling of products, for their delivery to the departure and loading station.

With a large range of products, the main types of products are distinguished, constituting 70–80% of the total output. For these leading types of products, the weighted average working capital rate is calculated, which is then applied to all finished products in the warehouse.

Expenses in work in progress include all costs of manufactured products. They consist of the cost of unfinished products, semi-finished products of our own production, as well as finished products that have not yet been accepted by the technical control department.

The amount of the working capital standard allocated for work in progress reserves depends on four factors: the volume and composition of products produced, the duration of the production cycle, production costs and the nature of the increase in costs during the production process. Rationing in work in progress is carried out according to the formula:

where K is the coefficient of increase in costs in production.

The product of the average duration of the production cycle (T) and the cost increase coefficient (K) forms the rate of working capital in work in progress in days. Consequently, the standard of working capital in work in progress will be the result of the product of the standard of working capital and the amount of one-day production.

Unlike work in progress, deferred expenses are written off against the cost of production in subsequent periods. These include costs for developing new types of products, improving production technology, costs for subscriptions to periodicals, rent, etc.

The working capital standard for deferred expenses (N) is determined by the formula:

where P is the carryover amount of deferred expenses at the beginning of the coming year;

P – deferred expenses in the coming year, provided for in the relevant estimates;

C – deferred expenses to be written off against the cost of production in the coming year in accordance with the production estimate.

If, in the process of preparing, developing and manufacturing new types of products, a company uses a targeted bank loan, then when calculating the working capital standard in expenses of future periods, the amounts of bank loans are excluded.

Such a detailed consideration of inventory management models with the help of norms and regulations helps to minimize the cost of maintaining inventories, reducing their surplus, and consequently freeing up cash and accelerating the turnover of the company's working capital.

b) Accounts receivable management model.

Funds in accounts receivable indicate a temporary diversion of funds from the company’s turnover, which causes an additional need for resources and can lead to a tense financial situation. Accounts receivable may be eligible, i.e. due to the current payment system, and unacceptable, indicating shortcomings in financial and economic activities.

Let's look at the item shipped goods. The funds in it make up a significant share of all accounts receivable at companies producing products. They are formed inevitably, since finished products located in the warehouse are shipped to consumers within the established contractual deadlines.

To manage accounts receivable for companies in Russian economic conditions, the following techniques can be used.

1. Exclusion of debtors with a high level of risk from the number of partners of the enterprise. This admission measure is intended both for developed market relations and for the period of formation and development of the market. It should be noted that in the latter case, this method is especially effective.

2. Periodic review of the maximum loan amount. Determining the maximum amount of loans provided should be based on the financial capabilities of the enterprise, the projected number of loan recipients and an assessment of the level of credit risk. The fixed maximum limit on the amount of debt can be differentiated among groups of future debtors, based on the financial condition of individual clients.

3. Using the possibility of paying receivables with bills of exchange and securities. Because waiting for payment in real money can be much more expensive.

4. Formation of principles for the implementation of settlements between the company and contractors for the coming period. When developing acceptable forms of payment, it should be taken into account that when purchasing products, the most effective are settlements using bills of exchange, and when selling products, settlements using a letter of credit.

5. Identification of financial opportunities for the company to provide commodity (commercial) or consumer credit.

6. Determination of the possible amount of current assets diverted into accounts receivable for trade and consumer loans, as well as for advances issued.

7. Formation of conditions for ensuring the collection of receivables. In the process of forming these conditions, the company must define a system of measures to guarantee the receipt of debt. Such measures include: processing a trade loan using a secured bill of exchange; requirement for debtors to insure loans provided for a long period, etc.

8. Formation of a system of penalties for late fulfillment of obligations by counterparties - debtors.

9. Determination of the procedure for collecting receivables. This procedure should provide for the timing and form of preliminary and subsequent reminders from the counterparty to the debtors about the payment date, the possibility of prolonging the debt, the period and procedure for debt collection and other actions.

When assessing the total debt of an enterprise to its counterparties, one should not lose sight of cases of hidden receivables that arise when the enterprise settles with suppliers on prepayment terms.

c) Cash management model.

Management of monetary assets or cash balances is constantly at the disposal of the enterprise and forms an integral part of the functions general use working capital. The size of the balance of monetary assets that an enterprise operates determines the level of its absolute solvency, affects the duration of the operating cycle, and also characterizes, to a certain extent, the investment potential of the enterprise making short-term financial investments at the expense of working capital.

The main goal of financial management in the process of managing monetary assets is to ensure the constant solvency of the enterprise. In this, the function of monetary assets as a means of payment is realized, ensuring the implementation of the goals of forming their operating, insurance and compensation balances. The priority of this goal is determined by the fact that neither big size current assets and equity capital, nor a high level of profitability of economic activities can insure an enterprise against the initiation of a bankruptcy claim against it if, due to a lack of monetary assets, it cannot pay off its urgent financial obligations within the stipulated time frame. Therefore, in the practice of financial management, the management of monetary assets as part of working capital is often identified with the management of solvency.

Along with this main goal, an important task in the process of managing monetary assets is to ensure the effective use of temporarily free funds, as well as the formed investment balance.

Taking into account the main goal of using working capital in the process of managing monetary assets, an appropriate financial policy is formed. In the process of its formation, it should be taken into account that the requirements for ensuring the constant solvency of the enterprise determine the need to create a high asset of monetary assets, i.e. pursues the goal of maximizing their average balance within the financial capabilities of the enterprise. On the other hand, when storing monetary assets in national currency, they are significantly susceptible to loss of real value from inflation, which determines the need to minimize their average balance.

The monetary asset management model consists of the following stages. The first stage allows you to assess the state of the average balance of monetary assets from the standpoint of ensuring the solvency of the enterprise, as well as determining the efficiency of their use:

The degree of participation of monetary assets in working capital and its dynamics in the previous period are assessed;

The average turnover period for assets in the period under review is determined, which makes it possible to characterize the role of monetary assets in the total duration of the operating cycle;

The level of absolute solvency of the enterprise is determined for individual months of the previous period;

The level of diversion of the free balance of monetary assets into short-term financial investments is determined.

Second stage: calculations are made of the required size of individual types of this balance in the previous period:

The need for the operating balance of monetary assets is determined, which characterizes the minimum amount necessary to carry out business activities;

The need for the insurance balance is determined based on the calculated amount of the operating balance and the coefficient of unevenness of cash flows to the enterprise for individual months of the previous period;

The need for a compensating balance of monetary assets is determined in the amount determined by the banking service agreement;

The need for the investment balance is determined based on financial capabilities.

The third stage is carried out only at those enterprises that conduct foreign economic activity. It consists of separating the currency part from the overall optimized need for monetary assets in order to ensure the formation of the currency fund necessary for the enterprise.

The fourth stage is carried out in order to ensure the constant solvency of the enterprise, as well as to reduce the average need for balances of monetary assets. The main method of regulating the average balances of monetary assets is to adjust the flow of upcoming payments:

The range of fluctuations in the balance in the context of individual decades is studied;

Ten-day terms of cash expenditures are regulated, which allows minimizing the balance of monetary assets within each month and for the quarter as a whole;

The results obtained are optimized taking into account the expected size of the insurance balance of these assets;

They are reducing cash payments;

Acceleration of collection of receivables occurs:

Open a “credit line” at the bank;

The collection of received cash is being accelerated.

Fifth stage: a system of measures is being developed to minimize the level of losses of alternative income during storage and anti-inflation protection.

At the final stage, the total level of the balance of monetary assets ensuring the current solvency of the enterprise is monitored.

The control system for monetary assets must be integrated into the overall system for controlling the use of capital of the enterprise.

Let's also consider the following general methods of working capital management:

1) Analytical method;

2) Coefficient method;

3) Direct counting method.

The analytical method involves determining the need for working capital in the amount of their average actual balances, taking into account the growth of production volumes. In order not to record shortcomings of past periods in the organization of working capital, it is necessary to analyze the actual balances of production inventories in order to identify unnecessary, redundant, illiquid, as well as all stages of work in progress to identify reserves for reducing the duration of the production cycle. Study the reasons for the accumulation of finished products in the warehouse and determine the actual need for working capital. In this case, it is necessary to take into account the specific operating conditions of the enterprise in the previous year (price changes).

With the coefficient method, inventories and costs are divided into those that directly depend on changes in production volumes (raw materials, materials, costs of work in progress, finished goods in the warehouse) and those that do not depend on it (inventories, interbank supplies, deferred expenses). For the first group, the need for working capital is determined based on the size in the base year and the growth rate of production in the coming year. If an enterprise analyzes the turnover of working capital and seeks opportunities to accelerate it, then the real acceleration of turnover in the planned year must be taken into account when determining the need for working capital. For the second group of working capital, which does not have a proportional dependence on the growth of production volumes, the need is planned at the level of their average actual balances for a number of years.

If necessary, you can use analytical and coefficient methods in combination. First, using an analytical method, determine the need for working capital, depending on the volume of production, and then, using the coefficient method, take into account changes in production volume.

The direct counting method provides for a reasonable calculation of inventories for each element of working capital, taking into account all changes in the level of organizational and technical development of the enterprise, transportation of goods and materials, and the practice of settlements between enterprises. This method is very labor-intensive and requires highly qualified economists and the involvement of employees of many enterprise services (supply, legal, product sales, production department, accounting, etc.) in standardization. But this allows you to most accurately calculate the company’s need for working capital.

The direct counting method is used when organizing a new enterprise and periodically clarifying the working capital needs of existing enterprises. The main condition for its use is a thorough study of supply issues and the production plan of the enterprise. It is important to have stability of economic relations, since the frequency and guarantee of supply is the basis for calculating stock norms.

1.4 Calculation and assessment of working capital turnover indicators

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

1. Working capital turnover in days.

where About ok is the duration of the circulation period of working capital (in days);

C about – working capital (funds);

D – reporting period (days);

RP – volume of product sales.

Turnover in days allows you to determine how long working capital goes through all stages of circulation at a given enterprise. The higher the turnover in days, the more economically financial resources are used. However, with high turnover, the risk of non-payments and disruptions in the supply of raw materials, materials, goods, etc. increases.

2. Direct turnover ratio (number of revolutions):

Where: RP – volume of product sales;

C about – working capital (funds).

Comparison of turnover ratios over the years allows us to identify trends in the efficiency of using working capital. If the number of turnovers made by working capital increases or remains stable, then the enterprise operates rhythmically and uses monetary resources rationally. A decrease in the number of turnovers made in the period under review indicates a drop in the rate of development of the enterprise and its unfavorable financial condition.

3. The inverse of the turnover ratio is the loading (consolidation) factor of working capital.

Characterizes the amount of working capital per 1 ruble. sold products. This indicator is also called the working capital ratio:

The lower the working capital utilization rate, the more efficiently they are used.

Comparison of turnover and load ratios over time allows us to identify trends in changes in these indicators and determine how rationally and effectively the working capital of the enterprise is used. Turnover indicators can be calculated for all working capital and for individual elements, such as inventories, work in progress, finished and sold products, accounts receivable.

4. Inventory turnover is calculated as the ratio of production costs to the average amount of inventory; work in progress turnover - as the ratio of goods received to the warehouse to the average annual volume of work in progress; turnover of finished products - as the ratio of shipped or sold products to the average value of finished products; Fund turnover in calculations is the ratio of sales revenue to average accounts receivable.

The general formula for calculating the standard for an individual element of working capital can be expressed as follows:

where is the standard of own working capital for the element;

– working capital norm for this element;

– one-day consumption of a given element (turnover per element/duration of turnover in days)

So, the turnover of working capital is characterized by a number of interrelated indicators: the duration of one turnover in days, the turnover ratio and the load factor. Comparison of these coefficients will allow us to determine how efficiently and effectively the working capital of the enterprise is used.

1.5 Calculation and assessment of the efficiency of using working capital

Effective use of working capital plays a big role in ensuring normal operation enterprises, increasing the level of profitability of production and depends on many factors. In modern conditions, huge Negative influence The efficiency of the use of working capital and the slowdown in their turnover are influenced by factors of the crisis state of the economy:

Decrease in production volumes and consumer demand;

High inflation rates;

Severance of economic ties;

Violation of contractual and payment discipline;

High level of tax burden;

Reduced access to credit due to high bank interest rates.

All of these factors influence the use of working capital, regardless of the interests of the enterprise.

A general indicator of the efficiency of using working capital is the profitability indicator (P ok), calculated as the ratio of profit from sales of products (P rp) or other financial result to the amount of working capital (C ok):

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

The turnover of working capital may accelerate or slow down. When turnover slows down, additional funds are involved in turnover. The effect of accelerating turnover is expressed in a reduction in the need for working capital due to improved use and savings, which contributes to an increase in production volumes and, ultimately, an increase in profits. Acceleration of turnover leads to the release of part of working capital ( material resources, cash), which are used either for production needs or for accumulation in a current account. Ultimately, the solvency and financial condition of the enterprise improves.

The release of working capital as a result of accelerating their turnover can be absolute or relative. Absolute release is a direct reduction in the need for working capital, which occurs in cases where the planned production volume is achieved with a smaller volume of working capital compared to the planned requirement.

Absolute release is defined as follows:

Where. – average balance of working capital in the base and planning periods, rub.

The relative release of working capital occurs in cases where, in the presence of working capital within the planned requirement, the production plan is exceeded. At the same time, the growth rate of production volume reflects the growth rate of working capital balances. The relative release can be calculated using the formula:

where is the amount of released working capital,

– the difference between the turnover time of the reporting year with the base year

– one-day actual implementation

– the difference between the retention coefficients for the reporting and base years.

Calculation of working capital savings (E about) can be done in various ways:

1st method. With this approach, the value is found as the difference between the amount of working capital that actually occurred in the reporting period and its value for the period preceding the reporting period, reduced to the production volumes that occurred in the reporting period:

Where. – average balances of working capital in the base and planning periods, rub.;

K growth – product growth coefficient.

2nd method. With this method of calculating the value of relative savings of working capital, they proceed from a comparison of the turnover of working capital in different reporting periods.

where RP is the volume of products sold (revenue from sales)

– difference in turnover of working capital in the planning period and base periods

360 is the number of days in a calendar year.

3rd method.

Where. – turnover ratio in the planning period

. – turnover ratio in the base period.

Now let’s look at one of the most modern ways to effectively use an enterprise’s working capital – the banking product cash management. Instead of centralizing treasury functions independently, introducing total control over all processes and operations related to the management of financial flows, which inevitably leads to an increase in operating costs, an enterprise can transfer part of the treasury powers to a bank that has a cash management product. This will significantly speed up the process of turnover of enterprise funds. Depending on the degree of centralization of treasury functions and its own needs, the company may limit itself to more simple products cash management (management of interest rates, account balances) or choose more complex ones (centralization of cash flow management, documentary operations, all work with debtors and creditors, etc.).

Thus, the assessment of the efficiency of using working capital is carried out through its turnover indicators, which can accelerate or slow down. An increase in turnover leads to capital savings, an increase in production volumes and an increase in profits. Also, for a more efficient use of the company’s working capital, you can use the services of banks, namely the cash management product, which will significantly reduce operating income.

Chapter 2 Diagnostics of working capital management indicators of the enterprise LLC "Furniture-Pro"

2.1 Calculation of acceleration control indicators working capital

Furniture-Pro LLC was registered in 1993. The form of ownership of the enterprise is private. The founders of the company are individuals. Authorized capital enterprise is 8,000 rubles. Since 1997, the company has been engaged in the production and wholesale of paving slabs. The average number of employees at the enterprise is 50 people, of which 36 people are main workers, 8 people are engineers, 6 people are administrative managers.

The company produces about 10,000 m2 of six types of paving slabs and curb stones in a single-shift operation. The company leases fixed assets from another organization. Sales of products are mainly seasonal. The main buyers of the company's products are organizations and individuals in the city of Chelyabinsk and the Chelyabinsk region, as well as other constituent entities of the Russian Federation. The main competitors of the enterprise in the market are: concrete goods plant 1, Palmira LLC, Entos LLC.

In 2008, sales revenue amounted to 198,758 thousand rubles, the cost of product sales amounted to 157,454 thousand rubles, and net profit amounted to 107 thousand rubles. The Company is a legal entity from the moment of its state registration, has current and other accounts in credit institutions, including in foreign currency. The company owns property (material assets and financial resources), which is accounted for on its independent balance sheet. The company's property is formed from the funds of the founders (participants) invested in the authorized capital, from additional contributions to the company's property, sponsorship funds, income from production and economic activities, short-term loans, as well as other income.

Let's find the total volume of current assets

OAp beginning = 16454 + 6500+52044 = 74998 thousand rubles.

OAp end = 25247+6106 +93069 = 124460 thousand rubles.

Let's calculate the turnover ratio of all assets using formula 5.

K a1kv = 49689.5 / 75002 = 0.66251 revolutions

K a2kv = 55689.5 /106558 = 0.52262 revolutions

K a3kv = 43689.5/105689 = 0.41338 revolutions

K a4kv = 49689.5 / 124456 = 0.39925 revolutions

Let's calculate the turnover ratio of current assets using formula 5.

K rev1kv = 49689.5 / 74998 = 0.66254 revolutions

K rev2kv = 55689.5 /106554 = 0.52264 revolutions

K rpm = 43689.5/105678 = 0.41342 rpm

K rpm = 49689.5 / 124423 = 0.39936 rpm

Let's calculate the duration of one turnover of all assets using formula 4.

D a1q = 360 / 0.66251 = 543.39 days

D a2kv = 360 / 0.52262 = 688.84 days

D a3q = 360 / 0.41338 = 870.87 days

D a4q = 360 / 0.39925 = 901.68 days

Let's calculate the duration of one turnover of current assets using formula 4.

D ob1kv = 360 / 0.66254 = 543.36 days

D ob2kv = 360 / 0.52264 = 688.81 days

D ob3kv = 360 / 0.41342 = 870.78 days

D ob4kv = 360 / 0.39936 = 901.44 days

The absolute savings in current assets is equal to

ΔOA 1st half of the year = OA 2Q - OA 1Q x Kv p = 106554 - 74998 *(55689.5/49689.5) = + 22500 thousand rubles.

ΔOA 2nd half = OA 4Q - OA 3Q x Kv p = 124423 - 105678 *(49689.5/43689.5) = +18745 thousand rubles.

Let's calculate the inventory turnover ratio using formula 7.

Kz 1kv = 49689.5 / 5049.4 = 9.841 revolutions

Kz 2kv = 55689.5 /6311.75 = 8.823 revolutions

Kz 3kv = 43689.5/6311.75 = 6.922 revolutions

Kz 4kv = 49689.5 / 7574.1 = 6.560 rpm

Let's calculate the duration of one inventory turnover using formula 4.

D z 1 quarter = 360 / 9.841 = 36.583 days

Dz 2kv = 360 / 8.823 = 40.802 days

Dz 3Q = 360 / 6.922 = 52.009 days

Dz 4Q = 360 / 6,560 = 54,874 days

Let's calculate the share of inventories in the total volume of working capital.

Uz 1Q = 5049.4 / 74998*100% = 6.733%

Uz 2kv = 6311.75 /106554*100% =5.924%

UZ 3Q = 6311.75/105678*100% = 5.973%

Uz 4kv = 7574.1 / 124423*100% = 6.087%

Let's calculate the inventory turnover ratio.

Kpz 1kv = 5049.4 / 4132.8 = 1.222 rpm

Kpz 2kv = 6311.75 /5166 = 1.222 rpm

Kpz 3kv = 6311.75/5166 = 1.222 rpm

Kpz 4kv = 7574.1 / 6199.2 = 1.222 rpm

Let's calculate the duration of one turnover of inventories.

Dz 1 quarter = 360 / 1.222 = 294.65 days

Dpz 2Q = 360 / 1.222 = 294.65 days

Dpz 3Q = 360 / 1.222 = 294.65 days

Dpz 4Q = 360 / 1.222 = 294.65 days

Let's calculate the share of material costs in the total cost of production.

Umz 1Q = 4132.8 / 74998*100% = 5.511%

Umz 2Q = 5166 /106554*100% =4.846%

Umz 3Q = 5166/105678*100% = 4.888%

Umz 4Q = 6199.2 / 124423*100% = 4.982%

Let's calculate the accounts receivable turnover ratio.

Kdz 1kv = 49689.5 / 18613.8 = 2.669 revolutions

Kdz 2kv = 55689.5 /23267.25 = 2.393 revolutions

Kdz 3kv = 43689.5/23267.25 = 1.878 rpm

Kdz b4kv = 49689.5 / 27920.7 = 1.780 rpm

Let's calculate the repayment period for receivables.

Ddz 1 quarter = 360 / 2.669 = 134.857 days

Ddz 2Q = 360 / 2.393 = 150.409 days

Ddz 3Q = 360 / 1.878 = 191.721 days

Ddz 4Q = 360 / 1,780 = 202,285 days

Let's calculate the share of accounts receivable in the total volume of working capital

Udz 1kv = 18613.8 / 74998*100% = 24.819%

Udz 2kv = 23267.25/106554*100% =21.836%

Udz 3kv = 23267.25/105678*100% = 22.017%

Udz 4kv = 27920.7 / 124423*100% = 22.440%

Let's calculate the accounts payable turnover ratio.

Kkz 1kv = 49689.5 / 22414.2 = 2.217 revolutions

Kkz 2kv = 55689.5 /28017.75 = 1.988 revolutions

Kkz 3kv = 43689.5/28017.75 = 1.559 revolutions

Kkz b4kv = 49689.5 / 33621.3 = 1.478 revolutions

Let's calculate the duration of one turnover of accounts payable.

Dkz 1Q = 360 / 2.217 = 162.391 days

Dkz 2Q = 360 / 1.988 = 181.118 days

Dkz 3Q = 360 / 1.559 = 230.865 days

Dkz 4Q = 360 / 1.478 = 243.586 days

Let's calculate the share of accounts payable in the total volume of working capital

UKZ 1Q = 22414.2 / 22414.2 * 100% = 24.819%

UKZ 2Q = 28017.75 /28017.75 *100% =21.836%

UKZ 3Q = 28017.75 /28017.75 *100% = 22.017%

UKZ 4Q = 33621.3 / 33621.3 *100% = 22.440%

Let's calculate the accumulation coefficient:

Book 1st half of the year = =6.1

Book 2 half year = =6.49

Let's determine savings or excess consumption of inventory compared to the same period last year using formula 9:

Δ3 = 25247 - = +644.1 thousand rubles.

Let's calculate material productivity.

MO 1Q = 49689.5 / 4132.8 = 12.023 rub./rub.

MO 2Q = 55689.5 /5166 = 10.78 RUR/RUB

MO 3Q = 43689.5/5166 = 8.46 RUR/RUB

MO 4Q = 49689.5 / 6199.2 = RUB 8.015/RUB

Let's calculate material consumption.

IU 1Q = 1/ 12.023 = 0.083 RUR/RUB

IU 2Q = 1 / 10.78 = 0.093 RUR/RUB

IU 3Q = 1 / 8.46 = 0.118 rub./rub.

IU 4Q = 1 / 8.015 = 0.125 RUR/RUB

Let's calculate the amount of increase in production volume at the analyzed enterprise using formula 11:

ΔVp = (1.5974 -1.7724) * 124423 = - 21774.03.

Due to a decrease in working capital turnover, the loss in production volumes amounted to 21,774.03 thousand rubles.

The influence of turnover on the increase in profit P can be found using the formula:

ΔР = - 6.238 - (- 6.238) = 11.86

Current assets at the analyzed enterprise are represented by the following main structural components (Table 2).

table 2

Structure of current assets for 2008 (thousand rubles)

Next, we present derived indicators of the use of current assets. The importance of these indicators lies in the fact that the total inventory turnover depends on the speed at which working capital passes through individual stages and phases of the circulation.

The calculation results are shown in Table 3.

Table 3

Inventory turnover indicators in 2008

2.2 Analysis of the dynamics of working capital acceleration management indicators

The current assets of the enterprise account for 99% of the total structure of assets and this moment it is increasing production rates. The structure of assets of Mebel-Pro LLC is presented in Table 4, and their dynamics in Fig. 1 and 2.

Table 4

Analysis of the asset structure for 2008

Rice. 1 Dynamics of non-current assets

Rice. 2 Dynamics of current assets

The dynamics of asset turnover indicators and the calculation of the influence of factors shaping the turnover of current assets are presented in Table 5.

Table 5

Dynamics of asset turnover indicators and calculation of the influence of factors shaping turnover in 2008

Thus, the turnover of current assets generally increased, this was due to an increase in the turnover of receivables and payables, but the turnover of inventories decreased.

Table 6 shows the calculation of the enterprise's profitability and the factors that influenced its change by quarter.

Table 6

Enterprise profitability and calculation of factors that influenced changes in its level by quarter in 2008.

Return on equity and calculation of the influence of factors on changes in its level by quarter in 2008 are shown in Table. 7.

Table 7

Return on equity and calculation

influence of factors on changes in its level by quarter in 2008.

The turnover of inventories characterizes the speed of movement of material assets and their replenishment. The faster the turnover of capital placed in inventories, the less capital is required for a given volume of business operations.

In order to ensure normal production and marketing of products, inventories must be optimal. The task is to find a “golden mean” between excessively large inventories, which can cause financial difficulties (lack of cash), and excessively small inventories, which are dangerous for the stability of production and, no less important, threaten the image of a reliable supplier in the market, since Having the inventory needed by potential customers can be seen as a means of competition.

Such a problem cannot be solved in conditions of spontaneous formation of reserves. To do this, it is necessary to analyze the state of reserves using a certain methodology that allows you to maintain competitiveness and keep capital investments at a minimum level.

With the optimal option, the accumulation coefficient should be less than 1. The value of the coefficient is greater than 1 (which is observed in this enterprise) indicates the presence of excess inventories of inventory, an increase in the cost of production, with a short supply of purchased semi-finished products and components, and transport difficulties.

In this case, the values ​​of this coefficient indicate a very low value of finished product balances. The reason for this is that the enterprise works only for a specific order.

At the analyzed enterprise during the reporting period, the share of material costs in the cost of production increased slightly. At the end of the period, there was a slight increase in material consumption, and, accordingly, a decrease in material productivity.

The correct ratio between own and borrowed sources of working capital plays an important role in strengthening the financial condition of the enterprise. In the process of analysis, it is important to assess the enterprise’s need for working capital, and then compare it with the amount of available financial sources. The working capital formation system influences the speed and efficiency of working capital use. The economic efficiency of the enterprise is characterized by relative indicators profitability or profitability. This issue is also important because market conditions are constantly changing, which means that the enterprise’s needs for working capital are unstable, and it is often practically impossible to cover them from its own sources. Profit today is an insignificant source in the structure of sources of formation.

Thus, in the process of calculations made, the enterprise has practically no non-current assets.

The company's current assets account for 99% of the total asset structure and it is currently increasing its production rates.

The turnover of current assets in the 2nd quarter tended to decrease, and then increased again, which indicates a positive trend at the enterprise.

The turnover of current assets generally increased, this was due to an increase in the turnover of receivables and payables, but the turnover of inventories decreased.

At the analyzed enterprise during the reporting period, the share of material costs in the cost of production increased slightly. At the end of the period, there was a slight increase in material consumption, and, accordingly, a decrease in material productivity.

Timely receipt and efficient use of material resources ensures uninterrupted operation and increased profits.

At the analyzed enterprise, there is an excess of sources for covering inventories with its own sources of their formation. This means that cash, short-term financial investments and other working capital cover accounts payable and other short-term liabilities of the enterprise.

Conclusion

In the process of the work done, it was found that in any enterprise, working capital management is necessary, first of all, to determine the efficiency of the enterprise. The use of working capital determines how the enterprise should carry out its work, with the help of what means and from what sources. Improving the use of working capital leads to the rhythmic operation of the enterprise, and with ineffective use of working capital, there is an irrational use of the available working capital, which will soon lead to irregular work and a deterioration in the condition of the enterprise.

Any organization has property in the form of fixed and working capital.

During 2008, the company observed a slowdown in the turnover of working capital, which contributes to an increase in the need for working capital. Working capital was released and absolute savings amounted to 11,926 thousand rubles.

Due to a decrease in working capital turnover, the loss in production volumes amounted to 21,774.03 thousand rubles.

The main share of inventories falls on finished products and work in progress. During the reporting period, inventory turnover decreased by 0.21 days and at the end of the year amounted to 7.81 days. This indicates a decrease in the efficiency of inventory management, but there was an increase in the turnover of deferred expenses, and this also characterizes the decline in the enterprise’s production activity. The accumulation coefficient was 6.49, and should be less than 1, which indicates the presence of excess inventories of inventory, rising production costs, short supply of purchased semi-finished products and components, and transport difficulties.

There is an increase in inventories due to an increase in their overall turnover, which may have led to the accumulation of inventories.

The repayment period for accounts receivable by the end of the year increased from 141 days to 168 days, which indicates a deterioration in settlements with customers. Accounts receivable at the enterprise account for more than half of the current assets. By the end of the year, its size increased by 41,025 thousand rubles.

To ensure the uninterrupted production of commercial products for the purpose of subsequent sale and profit, an industrial enterprise needs to have working capital (current assets). Their size should allow the purchase of appropriate materials and components within a certain time frame. Part of the working capital is required to pay workers and pay for consumed energy resources (electricity, heat, hot and cold water) during the production process. Cash costs are also necessary when storing and shipping finished products to consumers.

Some of the working capital (future expenses) is spent on the development of design documentation for samples of new products, on the preparation of technology for their production, on the redevelopment of workshops and reconfiguration of equipment, etc. In cases where it is impossible to avoid attracting others to produce commercial products industrial enterprises(usually this is typical for production especially complex species products), advance payments to related enterprises are required.

In short, organizing an uninterrupted production process at an industrial enterprise is impossible without investing in current operations. However, the features of the formation and use of working capital at Russian industrial enterprises during the formation and development of market relations (and, consequently, in conditions of increased risk) are not sufficiently analyzed in our economic literature and other practical research.

List of sources and literature used

1. PBU No. 19/02 “Accounting for financial investments.”

2. PBU No. 15/01 “Accounting for loans and credits and the costs of servicing them.”

3. PBU No. 5/01 "Accounting for inventories."

4. PBU No. 4/99 "Accounting statements of an organization."

5. Efimova O.V., Melnik M.V. Analysis of financial statements: M., OMEGA-L, 2004.

6. Kovalev V.V., Kovalev Vit.V. Enterprise finance: M., TK Velby, 2003.

7. Kovaleva A.M., Barannikova N.P., Bogacheva V.D. Finance and statistics: M., 1998.

8. Kolchina N.V., Polyak G.B., Pavlova L.N. and others. Enterprise finance. /Ed. prof. Kolchina N.V./ – 2nd ed., revised. and additional: M., UNITY - DANA, 2001

9. Pavlova L.N. Enterprise finance: M., Finance, UNIT, 1998

10. Sheremet A.D., Sayfulin R.S. Enterprise finance: M., INFRA - M, 1999

11. Magazine “Financial Director”: M., No. 11, pp. 38-40

12. Magazine “Financial Director”: M., No. 12, pp. 19-21

annotation

This course work consists of 43 sheets, on which 37 sheets of theoretical part and 6 sheets of calculated data for a commercial enterprise. The methodological basis of the course work is the works of Sheremet A.D., Saifulin R.S. and Kolchina N.V.

The paper examines proposals for improving the quality of working capital management. They are considered using the example of a specific enterprise, and actions are also proposed to optimize the work of a financial manager with the working capital of the enterprise.

To ensure continuity of the production process, any enterprise must have a certain amount of working capital. Meanwhile, working capital is understood as the cost advanced in the form of own, borrowed and borrowed funds for the formation of circulating production assets and circulation funds in order to ensure continuity of circulation in the process of expanded reproduction.

• working capital is advanced, and current assets are completely consumed (expended) in the production process, i.e. participate in one production cycle.

  At the same time, the value of current assets (funds) can be many times greater than the amount of own working capital advanced into production;

• working capital serves the entire circuit of the enterprise and is returned in cash form to its turnover, while current assets are completely consumed, being at the appropriate stage of the circuit;
• working capital is in continuous movement simultaneously both in the form of circulating production assets and in the form of circulation funds, but current assets are not.

In the process of circulation, the advanced capital successively takes on various forms of value (monetary - commodity - productive - commodity - monetary) and passes from one stage to another, which corresponds to the division of working capital into working capital invested in circulating production assets and in circulation funds.

Current production assets include production inventories (raw materials, supplies, fuel, containers, spare parts for repairs, semi-finished products, household equipment, tools and fixtures, etc.), assets in production (work in progress, deferred expenses). The main purpose of funds invested in working production assets is to ensure a systematic and rhythmic production process at the enterprise. Thus, circulating production assets serve the production sector, completely transfer their value to the newly created product, while changing their original form.

Circulation funds consist of stocks of finished products (goods) in warehouses, goods shipped, cash in hand, in bank accounts, in transit, accounts receivable, short-term financial investments and funds in other settlements. The main purpose of circulation funds is to provide monetary resources for the systematic implementation of the circulation process both at the enterprise and in all sectors of the economy.

In turn, the continuity of the production process and sales of products requires mandatory reimbursement of these funds from revenue, which creates an economic basis for combining working production assets and circulation funds into a single category - “working capital”.

Elements of working capital continuously move from the sphere of production to the sphere of circulation and again return to production, etc. Thus, being in constant motion, working capital makes a continuous circuit, which is expressed in the constant renewal of the production process. However, the circulation of working capital can occur only if there is an advance value that enters the circuit and does not leave it, i.e. working capital is not spent or consumed, but is advanced for the current activities of business organizations.

Advance available specific case investments. Only if the latter imply costs without any conditions for their return, then an advance is an investment that involves the return of invested funds after the completion of each production cycle or circuit.

As already noted, working capital is in constant motion. Constantly changing your natural form, they go through three stages, which can be conditionally presented as follows: D -> Purchase -> T -> ...T -> P -> T1 -> Sales... T1 -> D1, where D, D1 are money ; T - resources; P - production; T1 - finished products. This process is called the circulation of working capital (working capital).

The structure of working capital is the ratio of the distribution of resources between individual elements (items) of current assets. The structure of working capital reflects the specifics of the operating cycle, and also shows what part of current assets is financed from own funds and long-term loans, and what part is financed from short-term loans. It is not the same in different sectors of the economy.

The structure of working capital depends on a number of factors:

a) production features, namely the composition and structure of production costs, type of production (mass, serial, single), duration and complexity of the production cycle, growth rate of production volumes and sales of products;
b) the nature of the activity;
c) conditions of material and technical supply, namely the frequency and regularity of deliveries, the proportion of components, the type and structure of raw materials consumed, etc.;
d) forms of settlements with suppliers and buyers of goods, settlement and payment discipline;
e) financial condition and accounting policy enterprises;
f) demand for the products of a given enterprise, etc.

Depending on the structure of working capital, the main ways to improve their use are outlined, especially for those elements that have the largest share in the total amount of working capital.

Working capital can be viewed from different perspectives, which necessitates their classification.

Thus, depending on the functional role in the production process, working capital is divided: a) into those advanced into circulating production assets; b) advances to circulation funds.

According to the sources of formation, working capital is divided into own working capital and borrowed working capital. Own working capital - NOS (net working capital - NWC) is part of the organization's own capital (funds), which is used to purchase its working capital (assets) and ensure their circulation. The amount of own working capital on the balance sheet can generally be calculated in the following two ways:

1. SOS = Own capital + Long-term liabilities - Non-current assets;
2. NOC (SOS) = Current assets - Current liabilities of the enterprise.

Let us note that if the concept of own working capital is used to a greater extent to characterize the sources of current assets, then net working capital inherently represents mobile assets acquired at the expense of own funds (excluding short-term liabilities).

Borrowed sources of working capital formation mainly include short-term bank loans and other forms of loans, loans that cover the additional needs of enterprises for working capital. To finance working capital, debt securities are issued and accounts payable are increased.

The feasibility of attracting one or another source of financing for current activities is determined by the financial policy of the enterprise and is carried out on the basis of a comparison of return on investment indicators and the cost (price) of one or another type of source.

By the nature of participation in the operating process, working capital is differentiated: a) into working capital serving the financial cycle of the enterprise (accounts receivable, short-term financial investments, cash); b) working capital serving the production cycle of the enterprise (inventories of raw materials, materials and semi-finished products, volume of work in progress, deferred expenses, etc.).

According to the period of functioning of working capital, fixed and variable parts of working capital are distinguished. The constant part of working capital represents a constant part of their size, which does not depend on seasonal and other fluctuations in the operating activities of the organization and is not associated with the formation of inventory for seasonal storage for its intended purpose.

The variable part of working capital is a changing part of it, which is associated with a seasonal increase in the volume of production and sales of products, the need to form, in certain periods of the enterprise’s economic activity, inventories of inventory items for seasonal storage, early delivery and designated purposes.

To the extent possible, management, including planning and control, working capital is divided into: a) standardized working capital in circulating production assets and finished products in the warehouse; b) non-standardized working capital advanced for products shipped to customers, funds in settlements, cash, short-term financial investments.

According to the degree of liquidity (the speed of conversion into cash), there are: a) absolutely liquid funds (cash, short-term financial investments); b) quickly realizable funds (shipped goods, accounts receivable, other current assets); c) slow-moving assets (inventory).

Determination of the enterprise's planned need for working capital

To ensure a continuous process of production and sales of products, the enterprise needs to invest a certain part of its own capital in current assets. Calculation of the need for working capital is carried out in the process of financial planning. The correct calculation of this need for working capital is of great practical importance, since its minimum required level is established for the sustainable financial position of the enterprise. The criterion for the efficient use of working capital is as follows: they must be minimal, but sufficient to ensure uninterrupted operations.

The organization's need for working capital depends on the volume of production and sales, the scale of activity (business), the duration of the production cycle, the capital structure of the organization, the organization's settlement system with suppliers, credit conditions, the level of logistics, types of raw materials consumed, the growth rate of production volumes and sales of products, level of qualification of managers.

An accurate calculation of an organization's need for working capital can be made by calculating the time spent by working capital in the sphere of production and the sphere of circulation, which depends on the listed factors. The requirement is calculated for each element of working capital; These calculations require data on consumption rates and inventory standards.

The need for working capital is determined through their rationing. The following methods for rationing working capital are known: direct counting method, statistical and analytical method, coefficient method, order size optimization method.

The meaning of rationing is that the enterprise develops consumption norms and inventory norms for each type of inventory. Taking into account the standards, the total need for working capital is determined (working capital standard). It is focused on the volumes of the production program of products. Since the stock is set in days, the average daily consumption of inventory items (standardized working capital) is entered into the calculation.

In this case, the rate of consumption and stock of working capital should be understood as the value corresponding to the minimum, economically justified volume of inventory and other working capital. In turn, the working capital standard represents the minimum required amount of money advanced into circulating production assets and circulation funds, ensuring the normal operation of the enterprise.

The essence of the direct counting method is that the need for working capital of an organization is determined for each of its elements on the basis of scientifically based consumption rates based on the technologies used, conditions for organizing production, supply and sales, and then by summing them up the need for working capital as a whole is calculated . This method is used if the enterprise has a stable structure of the production program and a system for purchasing raw materials, fuel, energy, and is the most accurate, but very labor-intensive

The working capital standard in inventories of raw materials, basic materials and purchased semi-finished products (Nosm) is calculated on the basis of their average daily consumption (Osm) and the average stock rate in days (N), i.e.

Nosm = Osm x N.

The average daily consumption of raw materials, basic materials and purchased semi-finished products (in rubles) is determined as the quotient of the planned consumption of a specific type of raw material (materials, semi-finished products) for a certain period in value terms divided by the number of calendar (or working) days in this period (month, quarter, year).

The average stock rate in days for each type or homogeneous group of materials, raw materials and purchased semi-finished products takes into account the time they remain at the technological stage, as well as in the current, insurance, and warehouse stocks.

Current stock (T) - the main type of stock - is intended to ensure the normal course of production activities in the period between two subsequent shipments. The current stock rate depends on the supply interval, supply volume, consumption intensity, number of suppliers, storage conditions, etc. It is usually taken to be half the duration of the average interval between deliveries. In cases where contracts for the supply of raw materials and materials specify specific terms and supply cycles, the value of this interval is determined by dividing the annual period of time by the number of planned deliveries.

Let's look at an example. In the reporting year, the total number of deliveries of raw materials to the enterprise was 20. Their total volume was 4,400 tons. Of these, four deliveries with a total volume of 40 tons were small and random. One delivery of 700 tons is excessively large. Let's determine the average interval between deliveries.

Only deliveries with a volume of 3660 tons (4400 - 40 - 700) are taken into account in calculating the average size of delivery. The average delivery size will be 244 tons (3660 tons/15).

When determining the average interval between deliveries, the given number of deliveries is taken into account. It is equal to 18 and is obtained by dividing the annual receipt of raw materials by the average supply size (4400 t/244 t). Hence the average interval between deliveries will be 20 days (360/18).

A guarantee (safety) stock (C) is created to ensure the continuity of the production process in the event of supply interruptions due to violation of the terms of supply of basic materials, raw materials, semi-finished products in terms of timing and completeness, delays in cargo in transit and in some other cases. The amount of stock in days is influenced by factors such as the distance of suppliers from consumers, the size of the current stock, etc. The rate of working capital in days for safety stock is usually set for each group of materials within the limits of up to 50% of the rate of the current stock.

Transport stock (Tr) - is created for the period of gap between the terms of cargo turnover and document flow. While materials are in transit after payment of settlement documents, enterprises have a need for funds, which must be covered by transport stock equal to the difference between the duration of cargo turnover and the duration of document circulation.

Technological (preparatory) stock (Тт) - is calculated for those types of raw materials, materials and semi-finished products for which preliminary preparation for production is necessary (cutting, drying, heating, etc.). Technological stock is created when preparatory process cannot be part of the production cycle, for a period of time to prepare materials for production, including time for analysis and laboratory testing. The technological reserve rate is determined based on specific production conditions.

The unloading stock required for the period of acceptance, unloading, sorting and storage of materials (Prs) is also taken into account in calculating the stock norms for raw materials, basic materials and purchased semi-finished products. The norms for this time are established for each operation for the average size of delivery based on technological calculations or by timing the time for performing the relevant operations. The process of standardization provides for the maximum reduction of time spent on their implementation through comprehensive mechanization and automation unloading works, introduction of advanced transport and warehouse technology, creation of specialized warehouse facilities, etc.

Thus, the sum of the listed inventories characterizes the rate of working capital for the corresponding values ​​(N):

N = T + C + Tr + Tt + Prs.

The working capital standard for raw materials, materials and purchased semi-finished products for the enterprise as a whole (Nosm) is determined as a weighted average based on the inventory standards for each type and one-day production costs:

Nosm = N x (R/T),

where P is the consumption in value terms of a certain type of basic materials, raw materials, purchased semi-finished products for a certain period; T is the number of days in this period. The calculation of the working capital standard for spare parts is made in the context of individual groups of machines, equipment and vehicles used in the enterprise, including:

• for machinery and equipment that have developed standard standards for the stock of spare parts in monetary terms, the standard is calculated as the product of standard standards by the quantity of this equipment, taking into account reduction factors that take into account changes in the need for spare parts in the presence of the same type of equipment and interchangeable parts in the same type of mechanisms, and the cost of average daily consumption. Standard standards must be updated annually to take into account changes in prices for spare parts and operating conditions;
• for unique equipment, machines and vehicles that do not have standard standards, the need for working capital is calculated by the direct calculation method, taking into account the number of operating machines and those in need of repair, the need for spare parts and their average price.

Calculation of the working capital standard for spare parts (NZch) is carried out using the following formula:

Nzch = (H x M x K x C) / B x C,

where H is the number of similar parts in one mechanism; M is the number of mechanisms of one type; K is the reduction coefficient; C is the standard stock of parts in one mechanism; B - service life of parts, days; C—price of one part, rub.

The value of the standard working capital in work in progress (WIP) depends on the volume of production for each product, the structure of products, the duration of the production cycle (TPC), the cost of production and the intensity of the increase in costs during the production process (Kz), i.e.

Nnzp = 3shaft x Tpts x Knz / D,

where Zval is the cost of producing gross output in the planning period; D - duration of the planned period (quarter, half-year, year), days.

As is known, work in progress includes products (work) that have not passed all stages (phases) provided for by the technological process, as well as products that are understaffed and have not passed testing and technological acceptance.

The duration of the production cycle is used as a basic indicator when calculating the work in progress standard. This indicator includes time:

• direct processing of semi-finished products (technological stock);
• location of processed products at workplaces before and after processing (transport stock);
• the presence of processed products between individual operations and individual workshops due to differences in the rhythms of equipment operation, etc. (working stock);
• the presence of products during mass production in the form of a reserve in case of interruptions (safety stock).

That is why optimizing the volume of work in progress involves reducing the duration of the production cycle by introducing high technologies for processing products, ensuring the interconnection of individual workshops and transitions.

Since not all costs are incurred at the beginning of the production cycle, when calculating the rate of working capital for work in progress, the duration of the production cycle must be adjusted by the cost increase coefficient, which characterizes the degree of readiness of products.

According to the nature of the increase in the production process, costs are divided into one-time and subsequent. Non-recurring costs include the cost of raw materials, purchased semi-finished products used at the beginning of the production cycle. The remaining costs are subsequent, or accrual.

Depending on the nature of production, various methods for calculating the cost increase coefficient can be used. With a uniform increase in costs, the coefficient (Knz) is calculated using the following formula:

Knz=(E+0.5P)/(E + P),

where E is the costs incurred at a time at the beginning of the production process (material costs); P - subsequent costs until the end of production of products (payment of labor for technological process operations).

In those cases when the increase in costs by day occurs unevenly, the coefficient of increase in costs is determined according to the graph of the sequence of increase in costs for the main products.

Let's look at an example. Costs for the quarter according to the plan amounted to 76 million rubles, including one-time costs of 36 million rubles, and subsequent costs of 40 million rubles. Let's determine the cost increase factor.

Knz = (36 million rubles + 0.5x40 million rubles) / (36 million rubles + + 40 million rubles) = 0.74.

Let's look at another example. Let's determine the standard of working capital in work in progress if it is known that the production output for the year was 100 units, the cost of the product is 60,000 rubles, the average duration of the production cycle for manufacturing the product is 5 days, the cost increase factor is 0.3.

First, let's calculate the production cost as the product of the unit cost of production and the volume of its output. It amounted to 6,000 thousand rubles. (RUB 60,000 x 100 units). Then, to determine the standard of working capital in work in progress (WIP), we will use the formula given on p. 214:

Nnsp = 6000 thousand rubles. / 360 x 5 x 0.3 = 25 thousand rubles.

The size of the working capital standard for finished product inventories (NGp) is determined as the product of one-day production of marketable products (Otp) at production cost by the stock standard in days (N), i.e.

Ntp = Otp x N.

In this case, the duration of the presence of stocks of finished products in the warehouse of the enterprise is determined by the time required for selection, packaging, assembling of batches of shipped products to the size of the corresponding orders or to the volume of the transit norm, as well as the time of transportation of products from the warehouse of the supplier enterprise to the departure station, loading and delivery its transport organizations.

The time spent on carrying out the listed operations is established by technical standards in force at the enterprise, or by timekeeping.

To calculate the working capital norm for finished product inventories, all products of the enterprise are combined into homogeneous groups, each of which contains products that are similar in cost, production volume, and shipment lot size. After the groups are formed, the working capital rate is determined as shown in table. 6.1.

Table 6.1

As can be seen from table. 6.1, the weighted average rate of working capital for finished product inventories will be 4.5 days (445/100). The amount of the received norm can be increased for the time associated with the preparation of payment documents for products shipped to customers and their transfer to the bank. In general, these time costs do not exceed two days.

The calculation of the standard of working capital in expenses of future periods (expenses incurred in the reporting period, but relating to future reporting periods; Nr6p) is carried out separately for the costs of developing new production facilities, developing new technologies, remodeling workshops and reconfiguring equipment, etc. The working capital norm for future expenses is not determined.

The standard in monetary terms is calculated by the direct counting method based on estimates and calculations developed by the enterprise and is determined by the formula:

Nrbp = RBPn + RBPp - RBPvkl,

where RBPn is deferred expenses at the beginning of the planning period; RBPp - deferred expenses in the planning period in accordance with the estimate; RBPvk - deferred expenses that will be included in the cost of production in the planning period.

The total working capital standard for the enterprise as a whole is determined by summing up the individual standards for individual elements. In cases where its value exceeds the working capital standard for the reporting year, the difference constitutes an increase in the standard, which is provided for by the financial plan and must be provided by appropriate sources of financing.

In planning practice, for these calculations, as we have already said, the statistical-analytical method is also used, when in the planning period there are no significant changes in the work of the organization and funds invested in material assets and inventories occupy a significant share. At the same time, statistical studies and inventory inventories are carried out, during which excess and unnecessary stocks are identified. The need for working capital is determined taking into account the relationship between the growth rate of production and the amount of standardized working capital in the previous period. The calculation algorithm is as follows:

1. Determine the working capital ratio in the base year (Ko6):

kob = OSb/VPb,

where OS6 is the average annual cost of working capital in the base year; VP6 - volume of products sold in the base year.

2. Based on the assessment of reserves for reducing the duration of turnover of working capital, we determine the planned coefficient of working capital provision (Kosp).

3. We calculate the total need for working capital in the planning year:

OSpl = VPb x Irp x Kosp,

where IRP is the growth index of the volume of products sold in the planning period.

The disadvantages of this method include the fact that when used to calculate the need for working capital, the specific operating conditions of the organization in the planning period are not fully taken into account, which does not always ensure the accuracy and validity of the calculations.

Let's look at an example. Based on the initial data given in table. 6.2, we will determine the need for working capital using the statistical and analytical method.

Table 6.2

Let us determine the planned value of the working capital ratio (load factor), based on the planned acceleration of working capital turnover (reducing the duration of one turnover), using the following formula:

Cosp = Cosb x Itob = 0.65 x 0.96 = 0.624.

Taking into account the obtained value of the planned working capital utilization factor and the indicator of changes in sales volume, we will calculate the total working capital standard for the enterprise in the planning period using the following formula:

OSpl = VPb X Irp X Kosp = 325,460 x 1.1 x 0.624 = 223,395.74 thousand rubles.

In long-term planning, the need for working capital can be used, as we have already noted, c. coefficient method. Its essence lies in calculating the working capital standard for the enterprise as a whole. In this case, all working capital is divided into two groups. The first group includes those elements of working capital that directly depend on changes in production volumes. These are raw materials, materials, finished products, work in progress. The working capital standard for them is determined by adjusting the reporting year standard to the rate of change in production volumes, prices for the corresponding inventory items, taking into account the planned acceleration of working capital turnover.

The second group includes working capital invested in inventory, spare parts, and deferred expenses. Their value either does not change or changes, but only slightly, with an increase or decrease in production volumes. The working capital standard for this group is adopted either at the level of the actual value for the reporting period, or taking into account the existing proportions between the working capital standard of the first and second groups.

Let's look at an example. Let’s say that the working capital standard for the enterprise for the reporting year was 120 million rubles, including 90 million rubles for the elements of the first group. Production growth for the next year (in comparable prices) is planned at 5%, the expected change in prices for material resources is 12%, and the acceleration of turnover is 2%. For the second group, the working capital standard is taken into account at the level of the reporting year. Calculate the working capital standard for the enterprise as a whole for the planned year (OS^), using the coefficient method.

To calculate we use the following formula:

OSpl = OS1 x Irp x Irts x Itob + OS2,

where OC1 and OS2 are working capital standards for elements of the first and second groups, respectively; Irp—production volume growth; Irz - price growth coefficient; Itob is the turnover acceleration coefficient.

Substituting the corresponding values ​​into the formula, we get

OSpl = 90,000,000 X 1.05 X 1.12 X 0.98 + 30,000,000 = 133,723,200 rub.

The method for optimizing the order size is to determine such an order batch (inventory stocks) at which the costs of fulfilling and storing the order will be minimal. This is an Economic Ordering Quantity (EOQ) model, the mechanism of which is based on minimizing the total operating costs of purchasing and storing inventory in the company. As the average size of one shipment of goods increases, operating costs for placing an order decrease and operating costs for storing inventory in a warehouse increase, and vice versa.

The model for optimizing the size of current orders and finished product inventories is based on the simplest “single-product” model (Wilson’s model, proposed by him back in 1914):

where EOQ is the optimal order batch - the required volume of purchases of raw materials and supplies per year (quarter); F - fixed costs for placing and fulfilling orders; S— annual demand in stocks; CP - annual storage costs.

In this case, the average size of reserves depends on the value of EOQ and is determined by the formula 3av = EOQ/2.

This method allows you to determine the need for working capital for each type of inventory. Summing up the results allows us to obtain the total need for working capital advanced into various types of inventories.

Let's give an example. Let’s say the cost of maintaining one TV in the warehouse of a trading and intermediary company is 160 rubles, the cost of delivering one batch to the company is 3,600 rubles. Every year the company sells an average of 2,160 televisions of this type. Purchase orders are completed on average within a week. In addition, due to the possibility of unforeseen delays, the company's management considers it necessary to create a safety stock, increasing each batch by 15 units. of this equipment. What is the optimal size for one order?

Based on the conditions for minimizing all costs for placement and storage of inventories, the size of the optimal delivery lot (order) EOQ, the calculation of which is based on the model of economically justified needs, is determined by the following formula:

where F is the fixed costs of placing and fulfilling one order (batch); T—requirement for inventories per unit of time (per quarter, year); C is the cost of maintaining a unit of goods in a warehouse per unit of time (per quarter, year).

Substituting the corresponding values ​​into the formula, we get

EOQ = 312 units. goods (TVs).

In addition, in the case under consideration, it is necessary to provide for the need to increase the size of the optimal batch, due to the likelihood of unforeseen delays in deliveries, as well as the fact that delivery will not be carried out immediately, but within a week.

Thus, we will adjust the optimal order size for an additional part of the batch associated with:

• with the delivery time of the goods - 2160 x 7/365 = 41 units. (TVs);
• with the possibility of unforeseen delays - 15 units. (TVs) according to the condition.

As a result, the total batch size will be EOQ = 312 + 41 + + 15 = 368 units. goods (TVs).

Based on the calculated needs for financing of all elements of current assets, the provision of current assets with their own working capital is determined. This calculation is made using the following coefficients:

a) the coefficient of security of current assets with their own working capital (Kota), which reflects the share of funds belonging to the enterprise in its current assets and is one of the characteristics of financial stability:

Kota = SOS / Current (current) assets

b) the coefficient of maneuverability of equity capital (Km), which characterizes the degree of mobility of the enterprise’s own funds from a financial point of view and is calculated as follows

Km = SOS / Equity

The value of the agility coefficient depends on the characteristics of the company’s economic activities. It is believed that its normal value should be in the range from 0.2 to 0.5; and the larger this value, the more opportunities the enterprise has for financial maneuver.

Comparison of the need for working capital at the end of the planning period with actual data at its beginning allows us to determine the increase or decrease in working capital. The increase in working capital requires certain sources of its coverage, which can be:

• unused

  In production, the cycle begins with the release of materials from the enterprise's warehouse and ends with the shipment of finished products to the buyer, which were made from these materials. The full cycle of turnover of current assets in production is characterized by the speed of production and sales of products:

  D -> MPZ -> NP -> GP -> D",

  where ΔD is the change in the value of current assets (funds), and at ΔD< 0 предприятие убыточно, а при ΔД >0 current assets increase.

  The period of time during which the current assets of an enterprise (current assets) make a full turnover is called the operating cycle:

  OTs = PC + POdz,

  where OTs is the operating cycle, days; PC - production cycle, days; POd - receivables turnover period, days.

  The financial cycle begins with the transfer of funds to suppliers when paying off accounts payable and ends when receiving money from customers for shipped products when paying off accounts receivable, i.e. This is the period of time between the deadline for paying your obligations to suppliers and receiving money from buyers (debtors). It characterizes the period of time during which own working capital makes a full turnover.

  The financial cycle, or cash circulation cycle, is the time during which funds are withdrawn from circulation. The duration of the financial cycle in days of turnover can be calculated as the difference between the duration of the operating cycle and the time of circulation of accounts payable. The purpose of working capital management is to shorten the financial cycle. Reducing the duration of the financial cycle means reducing the turnover period of own working capital. At the same time, they maintain a certain balance between receivables and payables:

  FC = OTs - POkz = PTs + POkz +/- Tavans,

  where Tavans is the turnover period of advances, days (plus sign - advances issued, minus sign - advances received); POkz — accounts payable turnover period, days.

  The duration of the financial cycle is the period of time during which the own working capital makes one revolution. In cases where own working capital is negative, the concept of a financial cycle does not exist.

  Thus, the average duration of turnover of working capital, i.e. The time required to convert funds invested in inventories and receivables into money in a current account is determined by the formula

  Toa = Tz + Tdz + Tpr - Tkz,

  where Tz is the inventory turnover period, days; Tdz — receivables turnover period, days; Tpr - turnover period of other current assets, days; Ткз — turnover period (average payment period) of accounts payable, days.

  To analyze the structure of working capital, it is necessary to consider the ratio of the duration of the operating and financial cycles and compare the turnover periods of individual components - stocks of raw materials, materials, components, semi-finished products, work in progress, finished products and goods, accounts receivable and payable.

  Financial indicators of the efficiency of using working capital

  The efficiency of using working capital is determined mainly by the indicators of their turnover, or more precisely, the speed of turnover.

  The importance of accelerating the turnover of current assets (working capital) for increasing the efficiency of an enterprise is as follows:

  • acceleration of turnover, all other things being equal, makes it possible to ensure the same volume of products sold using a smaller amount of funds diverted to current assets;
  • acceleration of turnover with a constant volume of working capital makes it possible, ceteris paribus, without attracting additional funds, to increase the volume of product sales and receive a larger amount of profit;
  • acceleration of turnover allows reducing the enterprise's need for expensive borrowed money ah or use the freed up funds for highly profitable short-term investments;
  • acceleration of turnover allows you to increase the profitability of current assets (use of working capital).

  Turnover can be determined both for the entire advanced capital (assets) and for its individual elements, i.e. distinguish between general and private turnover. The total turnover characterizes the intensity of use of working capital in all phases of the circulation. Private turnover reflects the degree of use of working capital in each individual phase of the circulation, each group, as well as for individual elements of working capital.

  The turnover of funds invested in the current assets of an enterprise is assessed using a number of indicators. The main indicator - the turnover period (Po6) - is calculated using the formula

  Add = T x Sob / BP,

  where Do6 is the duration of one turnover of working capital, days; T is the number of days in the analyzed period, days; Co6 - average cost working capital balances, rub.; VR - volume of products sold in value terms, rub.

  The turnover period (the duration of one turnover of working capital) is the average period during which the funds invested in its production and economic operations are returned to the organization.

  The turnover periods of individual elements of current assets and accounts payable are calculated using the formulas:

  Dobz = Z/S;

  Dobdz = DZ/So;

  Dobkz = KZ/So;

  where 3 is the average inventory balance; C is the cost of the average daily volume of products or goods sold; DZ - average balance of accounts receivable for the billing period; So is the average daily volume of revenue from the sale of goods, where КЗ is the average balance of accounts payable for the billing period.

  The main task of financiers of enterprises (corporations) is to actively reduce the turnover period of current assets and increase the average payment period for accounts payable. Under these conditions, use following methods: receive short-term loans and commercial credit, including in bill form; increase accounts payable; receive financing for receivables under a factoring agreement with factor companies.

  The duration of settlement operations to repay debts depends on the contractual terms. The need for working capital for settlements with debtors is determined by the formula

  Pdz = BP / T x Dk,

  where Pdz is the need for working capital to cover normal accounts receivable, rubles; VR - revenue from sales of products (works, services) without value added tax and excise taxes, rub.; T—duration of the billing period, days; Dk - average lending (advance) period to buyers, days.

  The second indicator is the turnover rate (turnover ratio). It expresses the number of revolutions made by working capital and its individual elements during the analyzed period. The rate of turnover of invested funds has a significant impact on the solvency of the enterprise. It is known that enterprises with long production cycles have the greatest difficulties. The rapid turnover of funds allows enterprises, even with a relatively small volume of production, to receive significant profits from current activities.

  The turnover ratio (Ko) is calculated using the following formula:

  Ko = BP/CO6,

  where VR is the volume of sales; Co6 - average value working capital balances.

  When determining the turnover ratios of standardized components of working capital (inventories of raw materials, materials, work in progress, finished products), the cost of sales indicator is used in the calculation. Taking into account the turnover ratio, the turnover period is determined.

  The inverse indicator of the turnover ratio shows how much working capital is available per 1 ruble. sold products. This load factor (KZOS) is calculated using the following formula:

  Kzos = 1 / Ko,

  or Kzos = Sob / BP.

  The effect of accelerating the turnover of working capital is reflected in the indicators of their release or additional involvement in turnover, both absolute and relative. The absolute release of working capital occurs when the fulfillment or overfulfillment of the production program is ensured by using a smaller amount of working capital than provided for by the plan.

  The relative release of working capital (LVC) as a result of changes in the duration of turnover is determined by the formula

  ΔDS = (Pof - Pobas) x So(f),

  where Pof is the turnover period of working capital in the reporting period, days; Po6az - period of turnover of working capital achieved in the base period (previous), days; So(f) - average daily actual revenue (net) from product sales in the reporting period.

  The value of the relative release (ΔDS) of working capital can also be determined using the following formula:

  ΔDS = (Cob x VRo / VRb - Soa),

  where Co6 is the amount of working capital of the base period; Coa is the amount of working capital in the analyzed (reporting) period; VR and VR6 are sales revenue, respectively, in the analyzed (reporting) and base period. Thus, if a company's turnover period increases, this leads to an outflow of funds. Let's look at an example (Table 6.3).

  So, as can be seen from table. 6.3, in the reporting year there was an absolute additional involvement of funds into the enterprise’s turnover in the amount of 0.3 million rubles. (1.5 - 1.2). As a result of the acceleration of working capital turnover in the reporting year, a relative release of working capital in the amount of 0.21 million rubles was achieved:

  ΔDS = (Cob x VRo / VRb) - Coa = (1.2x24/16.8)-1.5 = 1.2 x 1.429-1.5 = 0.21 million rubles.

  Principles of organizing working capital management:

  1. Rationing of working capital. It is important for an organization to correctly determine the optimal need for working capital, because the effectiveness of their use depends on this.

  2. Use of funds for their intended purpose. The diversion of working capital leads to a slowdown in their turnover, reduces the efficiency of the enterprise, and worsens its financial condition as a whole.

  3. Ensuring the safety and efficient use of working capital. Working capital management necessarily includes systematic monitoring of their safety through audits based on statistical data, operational and accounting reporting.

  Rationing of working capital – This is the process of developing economically justified amounts of working capital necessary for the normal operation of the enterprise.

  Standardized working capital – funds in inventories, work in progress, leftover finished products.

  Non-standardized working capital – cash and settlement funds.

  There are three methods of rationing working capital: analytical, coefficient and direct counting method.

  Analytical method involves determining the need for working capital in the amount of their average actual balances, taking into account the growth of production volume. This method is used in organizations where funds invested in material assets and costs occupy a large share in the total amount of working capital.

  At coefficient method Inventories and costs are divided into those dependent on changes in production volumes (raw materials, materials, costs of work in progress, finished goods in warehouse) and independent (spare parts, low-value and wearable items, deferred expenses). In the first case, the need is determined based on their size in the base year and the growth rate of production in the coming year. For the second group of working capital, which does not have a proportional dependence on the growth of production volume, the demand is planned at the level of their average actual balances for a number of years.

  Direct counting method provides for a reasonable calculation of inventories for each element of working capital, taking into account all changes in the level of organizational and technical development of the organization, transportation of inventory items, and the practice of settlements between enterprises. This method allows you to most accurately calculate the need for working capital.

  The direct counting method involves rationing working capital invested in inventories and costs, finished products in the warehouse. In general, its contents include:

  
  
  

  Development of stock standards for individual the most important species inventory of all elements of regulated working capital;

  Determination of standards in monetary terms for each element of working capital and the organization’s total need for working capital.

  Stock norm shows how many days it is necessary to have a supply of materials so that the organization does not experience a shortage of them.

  According to their purpose, industrial inventories are divided into:

  - current warehouse stock – designed to ensure continuity of the production process between supplies of materials. The amount of warehouse stock depends on the frequency and uniformity of deliveries, as well as the frequency of launching raw materials into production. The basis for calculating the current warehouse stock is the average duration of the interval between two adjacent deliveries of a given type of raw material;

  - transport stock – is necessary in cases where the time of movement of cargo in transit exceeds the time of movement of documents for its payment. It is defined as the difference between the number of days of cargo travel and the number of days of movement and payment of documents for this cargo;

  - preparatory stock – is provided in connection with the time spent on receiving, unloading and storing raw materials;

  - technological stock – is taken into account only for those types of raw materials for which, in accordance with production technology, their preliminary preparation is necessary (drying, holding raw materials, heating and other preparatory operations). Its value is calculated according to established technological standards;

  - safety stock – is created as a reserve that guarantees an uninterrupted production process in the event of violation of contractual terms of supply of materials, violation of delivery deadlines, or inadequate quality of materials received. The amount of safety stock is accepted within the limits of up to 50% of the current warehouse stock.

  Thus, the stock rate in days for raw materials, materials and semi-finished products is equal to: current stock + transport stock + preparatory stock + technological stock + safety stock.

  Working capital standard for production inventories is determined by multiplying the one-day consumption of material resources by the stock norm in days.

  Standard for work in progress is calculated by multiplying one-day production at cost by the rate of working capital in work in progress in days.

  Standard for finished products is calculated by multiplying one-day output at production cost by the stock rate in days for finished products.

  By adding up private standards, the total standard of the organization's own working capital is determined.

  Enterprise management is a continuous process, carried out through the implementation of management functions. It includes planning, organization, coordination, motivation and control. These functions, that is, a specific type of management activity, consistently consist of collecting, systematizing, transmitting, storing information, developing and making decisions, as well as putting into action and monitoring the execution of decisions.

  Management of current assets constitutes the most extensive part of financial management operations. This is due to a large number of elements of their internal material and financial composition that require individualization of management; high dynamics of transformation of their types, a priority role in ensuring solvency, profitability and other target results of the enterprise’s operating activities. Current assets include; inventories of raw materials, materials and semi-finished products, inventories of finished products, current accounts receivable, cash assets and other current assets.

  Working capital management is an integral part of the enterprise management system. Within its framework, issues related to determining the size and optimal structure of current assets, sources of their formation, organization of current and future working capital management, etc. are resolved.

  Working capital management includes solving the following tasks:

  • · calculating the minimum sufficient funds for the advance of current assets for the purpose of uninterrupted and rhythmic operation of the enterprise (this problem is solved by rationing working capital);
  • · development of accounting policies to optimize taxation by: choosing methods for depreciation of small business enterprises, writing off inventory, determining sales revenue, etc.;
  • · accelerating the turnover of working capital at each stage of capital turnover.

  In the working capital management system, there are control and managed subsystems, which are respectively represented by subjects and objects of management. The objects of management should include directly assets, which include advances of working capital, elements of working capital, sources of its formation, as well as the whole variety of economic relations that arise in the process of circulation of working capital. In the management subsystem, it is necessary to highlight the corresponding management subjects - services and management bodies that use specific methods of targeted influence on working capital.

  Planning occupies an important place in the working capital management system. During planning, an enterprise, based on an analysis of external and internal information, assesses the state of current assets, their structure and size, and determines the directions for the most effective use. The function of an organization in managing working capital is to create conditions for its effective functioning. This is ensured:

  • - development of methods, norms and standards;
  • - formation of a management structure;
  • - establishing relationships between management departments.

  Coordination in the management process ensures its continuity, coherence and compliance with the specified parameters. The purpose of coordination is to achieve consistency in the actions of all parts of the management system.

  Motivation as a management function is expressed in the economic and moral stimulation of the enterprise’s employees, since it is necessary to increase the interest of members labor collective in the efficient use of inventories, accelerating the turnover of funds in the spheres of production and circulation, rational attraction various sources working capital.

  Control as a management function is designed to ensure a correct assessment of the situation through quantitative and qualitative assessment of the results of the functioning of the enterprise, its management and managed systems. IN common system management control acts as an element of feedback. Without this, all other management functions cannot be fully realized.

  The main goal of managing an enterprise's working capital is to maximize profit on invested capital (profitability) while ensuring sustainable and sufficient solvency of the enterprise, which are opposed to each other. And to ensure sustainable solvency, the enterprise must have a certain amount of money in its account, which is actually withdrawn from circulation and necessary for current payments. Part of the funds should be placed in the form of highly liquid assets. Thus, an important task in terms of managing working capital of an enterprise is to ensure an optimal balance between solvency and profitability by maintaining the appropriate size and structure of working capital. It is also necessary to maintain an optimal ratio of own and borrowed sources of working capital, since the financial stability and independence of the enterprise directly depend on this. A thoughtful approach to large purchases of raw materials, materials and components for future use is necessary. The benefit from such purchases can be purely illusory, since they lead to an understatement of costs with all the ensuing tax consequences and to a slowdown in the turnover of working capital, which has an impact on negative impact on financial stability.

  When managing working capital, it is customary to control:

  • - volume and structure of working capital, their dynamics by type, as well as in comparison with sales revenue;
  • - compliance of normalized working capital with standards, size and reasons for deviations;
  • - changes in the composition and value of regulated and non-standardized working capital, their causes and consequences;
  • - indicators of economic efficiency of using working capital over time.

  Analysis of the volume and structure of working capital, dividing them into standardized and non-standardized, is carried out based on data balance sheet compared to the beginning of the reporting period. In the process of analysis, it is advisable to study the change in normalized funds during the reporting period, both as a whole and for individual elements: stocks of raw materials and materials in the warehouse, stocks of finished products in the warehouse, in transit, cash and securities in the cash register, goods shipped by commission and commission agreements, services provided. Then you need to analyze non-standardized working capital: cash in the current account, accounts receivable, and other funds. Special attention One should pay attention to changes in the absolute amount and specific value of funds invested in goods shipped and accepted for safekeeping, including under commission and commission agreements, as well as accounts receivable.

  Of particular importance is the duration of the operating cycle, which is associated with the temporary immobilization of current assets. It is necessary to monitor whether the profitability of manufactured products covers the costs associated with immobilization and maintenance of the production process, or whether these costs are compensated by the profitability of services provided and work performed. That is, it is necessary to control the exit of production costs from the break-even framework of the financial activities of the enterprise as a whole. As a result of the analysis, shortcomings in the placement and use of economic assets are identified, and measures to eliminate them are outlined. It is noteworthy that the growth rate of normalized working capital may be higher than the growth rate of sales revenue as a result of an accelerated increase in cash and other assets. At the same time, the growth of funds invested in finished products may correspond to or be lower than the growth rate of sales revenue. In this case, it is necessary to determine the feasibility of the existing ratio in the use of household resources. Based on the results of financial activities, it is useful to study the trend of releasing or attracting additional working capital. To determine savings in working capital due to the acceleration of their turnover, the need for current assets for the reporting period is established based on actual revenue and turnover rate for the previous period. By increasing working capital through borrowed funds, the company needs to monitor the growth rate of current assets and accounts payable; in addition, it is very important to plan the receipt of funds into the current account before repaying the loan. This problem is especially relevant when accounts payable need to be returned without waiting for the completion of the operating cycle for the current project.

  From an economic point of view, the turnover ratios of inventories, accounts receivable, cash, and securities are of great importance. They serve as initial data for calculating the efficiency of using working capital of an agricultural enterprise. Accelerating asset turnover leads to the release, i.e. to cost savings, reduction in specific terms fixed costs, increasing liquidity.

  2. Organization of working capital management

  Organization of working capital management is fundamental in the overall complex of problems of increasing their efficiency, it includes:

  • determination of the composition and structure of working capital;
  • establishing the enterprise’s planned need for working capital for the enterprise as a whole and for individual elements;
  • determination of sources of working capital formation;
  • management and maneuvering of working capital;
  • monitoring the actual status and efficiency of use of funds (Fig. 7.4).

  Rice. 7.4. Organization of working capital management

  The composition of working capital is understood as a set of elements that form circulating production assets and circulation funds, that is, their placement according to certain elements.

  The structure of working capital represents the ratio of individual elements of working production assets and circulation funds, that is, it shows the share of each element in the total amount of working capital.

  In the practice of planning, accounting and analysis, working capital is grouped according to the following criteria:

  1. depending on the functional role in the production process (working production assets and circulation funds);

  2. depending on the practice of control, planning and management - standardized working capital and non-standardized working capital (Fig. 7.5).

  
  

  Rice. 7.5. Working capital depending on control practices. planning and accounting

  3. depending on the source of working capital formation - own working capital, borrowed working capital (Fig. 7.6).

  

  Rice. 7.6. Working capital by sources of formation

  4. depending on liquidity (the speed of conversion into cash) - absolutely liquid funds, quickly sold working capital, slowly sold working capital (Fig. 7.7).

  
  

  Rice. 7.7. Working capital depending on the degree of liquidity

  5. depending on the degree of risk of investing capital - working capital with minimal investment risk, working capital with low investment risk, working capital with average investment risk, working capital with high investment risk (Fig. 7.8).

  
  

  Rice. 7.8. Working capital depending on the degree of risk of capital investment

  6. depending on the accounting standards and reflection in the balance sheet of the enterprise - working capital in inventories, cash, settlements and other assets (Fig. 7.9).

  

  Rice. 7.9. Composition of working capital according to the balance sheet of the enterprise

  7. depending on the material content - objects of labor (raw materials, materials, fuel, work in progress), finished products and goods, cash and funds in settlements (Fig. 7.10).

  

  Rice. 7.10. Working capital by material content

  The division of working capital by functional purpose into working capital and circulation funds is necessary for separate accounting and analysis of the time spent by working capital in the process of production and circulation.

  Let's take a closer look at the individual elements of working capital.

  Working capital in industrial inventories constitutes the vast majority of working capital. They include material elements of production used as objects of labor and partly tools of labor in the form of low-value consumable items (IBP), which have not yet entered into the production process and are in the form of warehouse stocks.

  The work items include:

  • Raw materials and basic materials from which the product is made. They form the material (material) basis of the product.
  • Auxiliary materials – fuel, containers, packaging materials, spare parts.
  • Purchased semi-finished products and components.

  In a special group of working capital, allocate small business enterprises, which, according to their economic purpose, are means of labor and should be counted as part of fixed assets, since they participate in the production process many times and do not immediately lose their material form.

  Along with industrial inventories, working capital includes assets in production, including unfinished products and deferred expenses.

  Unfinished products or partially finished products are objects of labor that have already entered the production process, but have not undergone all processing operations provided for by the technological process.

  The only intangible element of working capital assets is deferred expenses. They include the costs of preparation and development of finished products, new technology, which are produced in a given year, but relate to the products of the next year.

  Circulation funds, that is, working capital serving the circulation process, are formed under the influence of the nature of the enterprise’s activities, the conditions for selling products, the level of organization of sales of finished products, the forms of payment used and their condition and other factors.

  The composition of circulation funds is not homogeneous. The main part of it is finished products. It is divided into finished products in the warehouse of the enterprise and goods shipped. Goods shipped can be considered in the following areas:

  • payment deadlines that have not yet arrived;
  • payment due date that is overdue;
  • are in the custody of the buyer.

  The last two groups of shipped goods are negative when assessing the results of the financial and economic activities of the enterprise, since they arise as a consequence of violation of settlement and contractual discipline and are associated with the lack of funds from the buyer and a violation of the assortment, the identification of defects. The growth of this circulation group should be restrained in every possible way, since it worsens the financial position of the enterprise.

  This is due to an increase in non-payments for shipped products, requires additional redistribution of working capital, and leads to the attraction of short-term loans due to untimely receipt of sales proceeds and loss of funds from the production cycle.

  Another component of circulation funds is cash and receivables. Cash can be, firstly, in financial instruments - in accounts in credit and banking institutions, in securities, issued letters of credit, and, secondly, in the cash desk of the enterprise and in settlements. Competent cash management, leading to an increase in the solvency of the enterprise and the receipt of additional income, is the most important task financial work. Cash management includes determining the time of circulation of funds and their optimal level, analysis cash flows and their forecasting.

  Accounts receivable include the debt of accountable persons, suppliers upon expiration of the payment period, tax authorities upon overpayment of taxes and other obligatory payments made in the form of an advance. Accounts receivable management is the control of financial services over the turnover of funds in settlements.

  2) Depending on the practice of control, planning and management, working capital is divided into standardized and non-standardized.

  Standardized funds include, as a rule, all circulating production assets, as well as that part of the circulating assets that is in the form of remnants of unsold finished products in the warehouses of the enterprise.

  Non-rationed funds include the remaining elements of circulation funds, that is, products sent to consumers but not yet paid for and all types of funds and settlements. The absence of standards does not mean, however, that the size of these elements of working capital can change arbitrarily and indefinitely and that there is no control over them.

  Normalized working capital is reflected in financial plans(business plan) of the enterprise, while non-standardized working capital is not an object of planning.

  3) Depending on the sources of formation and financing, working capital is divided into own and borrowed. This classification determines the sources of origin and forms of provision of working capital to enterprises for permanent or temporary use.

  Own funds are constantly at the disposal of the enterprise. They ensure the property and operational independence of enterprises, financial stability and position in the financial market.

  Own working capital is formed at the expense of the enterprise's own capital. Own working capital is in constant use.

  The enterprise's need for its own working capital is the object of planning and is reflected in its financial plan.

  Borrowed funds cover temporary additional needs for financial resources. Their attraction is due to the nature of production and settlement and payment discipline.

  Borrowed funds include: bank and commercial loans, tax credits, temporary deferment of tax payments, loans, accounts payable, as well as alternative forms of borrowing, such as factoring, franchising, and collection of taxes from debtors.

  They are provided to the company for temporary use. One part is paid (credits and borrowings), the other is free (accounts payable). The enterprise's need for borrowed working capital is also an object of planning and is reflected in the business plan.

  All forms of equity and debt capital have their own price, which must be taken into account when choosing sources of financing for working capital.

  Therefore, an important task of organizing working capital at an enterprise is to carry out multivariate calculations to determine the sources of their financing from the point of view of the profitability of attracting equity and borrowed capital.

  4) Classification of working capital according to the degree of their liquidity (speed of conversion into cash):

  – absolutely liquid;

  – quickly realizable assets;

  – slow-moving assets.

  The classification of current assets according to the degree of their liquidity characterizes the quality of enterprise funds in circulation and ensures the identification of those current assets, the sale of which seems unlikely.

  5) according to the degree of financial risk of capital investments, working capital is distinguished:

  1. Working capital with minimal investment risk.

  2. Working capital with low investment risk.

  3. Working capital with average investment risk.

  4. Working capital with high investment risk.

  The main factor determining the degree of risk of investing capital in working capital is the liquidity of current assets. Accumulated estimates of the marketability of certain types of current assets make it possible to determine the likelihood of risk of investing funds in them.

  6) Grouping of working capital according to the method of reflection in the balance sheet of the enterprise allows us to distinguish the following groups:

  1. Material current assets in inventories.

  2. Accounts receivable.

  3. Cash.

  At each specific enterprise, the amount of working capital, their composition and structure depends on many factors of a production, organizational and economic nature, such as:

  • industry characteristics of production and nature of activity;
  • complexity of the production cycle and its duration;
  • the cost of inventories and their role in the production process;
  • delivery conditions and its rhythm;
  • settlement procedure and settlement and payment discipline;
  • fulfillment of mutual contractual obligations.

  Taking into account the listed factors to determine and maintain the volume and structure of working capital at an optimal level is the most important goal of working capital management.

  Organization of working capital includes:

  – their correct placement in the areas of circulation, individual elements and divisions of the enterprise;

  – annual adjustment of calculated standards taking into account changed business conditions, inflation levels and other factors;

  – rational system working capital financing;

  – control over the rational use of working capital; analysis of the efficiency of their turnover and development of measures to accelerate turnover.

  Optimizing the composition of working capital, more efficient use of individual elements, and accelerating their turnover make it possible to discover significant reserves for increasing the profitability of an enterprise.