Working capital management at the enterprise. Methodological basis for managing working capital of an enterprise

Working capital management at the enterprise- This component management of the enterprise as a whole.

The main goal of enterprise management– is an improvement in the financial condition of the enterprise (profit maximization)

The same goal is pursued when managing working capital.

Working capital management should be carried out both as a whole and by individual elements (inventory, work in progress, finished products in warehouse, accounts receivable, cash, etc.), because any element of working capital has its own economic purpose and features that must be taken into account when managing each of them.

Productive reserves- Understood in a broader aspect than just the raw materials and supplies needed for the production process.

The following is defined here:

1. The amount of inventory that is minimal;

2. After what period of time the next batch is ordered;

3. Determine the optimal volume of the ordered batch.

The main ways to reduce cycle time at the stage of purchasing inventories are:

1. Payment for items of labor upon delivery, i.e. liquidation of transport stock

2. Mechanization and automation of warehouse operations

3. Computerization of warehouse accounting.

The main way to reduce the volume of work in progress is to reduce the duration of the production cycle, achieved through:

1. Increasing comprehensive mechanization and automation of production processes

2. Reducing the time required to complete auxiliary operations

3. Reducing the time of intra-shift and inter-shift breaks

4. Reducing the duration of natural processes

Accounts receivable- It is a dynamic element, so the company needs to develop a policy towards customers accordingly.

An effective system for establishing relationships with customers implies:

1. High-quality selection of clients to whom loans can be provided

2. Determination of optimal loan terms

3. A clear procedure for filing claims

4. Monitoring how clients fulfill the terms of contracts

Cash. In a market economy, the importance of cash and cash equivalents is determined by for the following reasons:

Routineness (the need for monetary circulation of current operations)

Precaution (the need to pay off unexpected payments)

Speculativeness (the opportunity to participate in a previously unforeseen profitable project)

An effective cash management system involves identifying 4 large blocks of procedures that require special attention:

Financial cycle calculation;

Cash flow analysis;

Cash flow forecasting

Optimal level of funds.

At the circulation stage, the main task is to reduce the time for converting finished products into cash on the company's accounts.

Ways to solve this problem:

1. Reduction of finished product inventories due to improved sales planning;

2. Distribution of products on an advance payment basis;

3. Reducing accounts receivable;

4. Acceleration of calculations by using computer programs, etc.

The share of working production assets in working capital at many enterprises is more than 60-80%.

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 moves from one stage to another, which corresponds to the division of working capital into working capital invested in working capital production assets and to 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.

An advance is a specific case of investment. 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 their 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 - money; T - resources; P - production; T1 - finished products. This process 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 by own funds and long-term loans, and what - through 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) the financial condition and accounting policies of the enterprise;
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 the 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 tests. 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 standardization process provides for the maximum reduction in time spent on their implementation through comprehensive mechanization and automation of unloading operations, the introduction of advanced transport and warehouse technology, the 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. Calculation of the working capital standard for spare parts is carried out in the context of individual groups of machines, equipment and Vehicle used at 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 optimization of work in progress volumes involves reducing the duration of the production cycle by introducing high technology processing of 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 rate 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 volume growth by next year(in comparable prices) is planned at 5%, the expected change in prices for material resources is 12%, 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 in different kinds inventories of inventory items.

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. In these conditions, the following methods are used: 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 generally.

  3. Ensuring the safety and efficient use of working capital. Working capital management necessarily includes systematic control over their safety through audits based on statistical data, operational and financial statements.

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

  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 proportional dependence from the growth in 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 view its contents include:

  
  
  

  Development of stock standards for certain most important types of inventory items 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 determined by multiplying daily consumption material resources to 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.

  INTRODUCTION

  1. THEORETICAL FOUNDATIONS OF WORKING WORK MANAGEMENT

  BY MEANS

  1.1. The role of effective working capital management in

  conditions of a market economy

  1.3. Features of working capital management in

  Russian conditions

  2. METHODOLOGY FOR ANALYSIS AND MANAGEMENT OF WORKING CAPITAL OF THE ENTERPRISE

  2.1. System of indicators for assessing working capital and

  effectiveness of their use

  2.2. Methods for managing net working capital and current

  financial needs of the enterprise

  3. IMPROVEMENT OF THE WORKING CAPITAL MANAGEMENT MECHANISM

  BY ENTERPRISE MEANS

  3.1. Analysis of the state of working capital and efficiency

  their use

  3.3. Analysis of the efficiency of using working capital

  CONCLUSION

  LIST OF SOURCES USED

  APPLICATIONS

  INTRODUCTION

  Improving the mechanism for managing working capital of an enterprise is one of the main factors in increasing economic efficiency production at the present stage of development of the domestic economy. In conditions of socio-economic instability and variability of the market infrastructure, working capital management occupies an important place in the current daily work of a financial manager, because This is where the main reasons for the successes and failures of all production and commercial operations of the company lie. Ultimately, the rational use of working capital in conditions of their chronic shortage is one of the priority areas of the enterprise’s activities at the present time.

  State of knowledge of the problem. The scientific formulation and development of individual aspects of the problem under study is reflected in the works of domestic and foreign economists: D.S. Molyakova, R.S. Saifulina, G.B. Polyak, E.S. Stoyanova, M.I. Livina, J.K. Van Horna et al.

  The theoretical and practical developments of the above authors relate mainly to enterprises operating in a relatively stable and predictable economic environment, while the problems of working capital management in times of crisis and certain difficulties in implementing these developments in real business practice have led to a very limited use of foreign techniques in Russian conditions.

  The stated circumstances predetermined the relevance and choice of the topic of the thesis research.

  Goal of the work. Based on a comprehensive economic analysis, justify and propose for implementation measures to improve the efficiency of working capital management of the enterprise.

  To achieve the main goal of the thesis research, it is necessary to solve the following tasks:

  Assess the condition and efficiency of use of the enterprise’s working capital;

  Justify the feasibility of using the balance sheet method and a system of indicators to determine the efficiency of using working capital;

  Assess the effectiveness of managing current financial needs and the enterprise’s own working capital.

  Object of study: formation of working capital.

  Subject of study. Enterprise working capital management.

  The methodological basis of the thesis research consists of methods of financial analysis: horizontal and vertical analysis of financial statements; methods, techniques and tools of mathematical statistics: collection and grouping of statistical data; analysis of time series; modern methods management of working capital of the enterprise: management of the current financial needs of the enterprise.

  The information base of the study consists of data from the accounting and financial statements of the enterprise, in-plant regulatory and technical documentation, information from periodicals, monographs and textbooks of domestic and foreign experts in the field of financial management.

  Practical significance of the work. The results of the thesis research can be used in the current financial activities enterprises in order to accelerate the turnover of working capital, reduce their size due to partial release and involvement in repeated circulation, which should help achieve a socially significant effect.

  Work structure. The thesis consists of an introduction, three main parts, a conclusion, a list of sources used, and applications.

  The first chapter provides the theoretical foundations for managing working capital of an enterprise: its role in a market economy is reflected, the issues of organizing working capital at an enterprise are highlighted, as well as the features of their functioning in modern Russian conditions.

  The second chapter of the thesis is devoted to methodological aspects of analysis and management of working capital: methods for determining the need for working capital of an enterprise are described; the essence of working capital management models and sources of their financing is revealed; methods for managing net working capital and the current financial needs of the enterprise are described.

  In the third chapter, a number of practical proposals have been developed to improve the mechanism for managing working capital of an enterprise within the limits of the assigned tasks.

  1. THEORETICAL FOUNDATIONS OF WORKING WORK MANAGEMENT

  BY ENTERPRISE MEANS

  1.1. The role of effective working capital management in a market economy

  Working capital is one of the components of the enterprise's property. The condition and efficiency of their use is one of the main conditions for the successful operation of an enterprise. The development of market relations determines new conditions for their organization.

  Inflation, non-payments and other crisis phenomena force 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. The material basis of production is production assets in the form of means of labor. In the process of functioning, means of labor and objects of labor transfer their value to the cost of the product produced in different ways and to varying degrees. This is the reason for the division of production assets into fixed and working capital. Working production assets serve the production sector and completely transfer their value to the cost of the finished product, changing the original form during one production cycle. In their turnover, circulating funds successively take monetary, productive and commodity forms, which corresponds to their division into production funds and circulation funds.

  Working production assets represent the necessary stocks of raw materials, basic and auxiliary materials, purchased semi-finished products and components, fuel, spare parts for repairs, low-value and wear-out items, and work in progress.

  Circulation funds include: finished products, cash and settlement funds.

  Working production assets and circulation funds, being in constant motion, ensure an uninterrupted circulation of funds. The circulation of enterprise funds begins with the advance of value in cash for the purchase of raw materials, materials, fuel and other means of production - the first stage of the circuit. As a result, money takes the form of inventories, expressing the transition from the sphere of circulation to the sphere of production. The cost is not spent, but is advanced, since after the completion of the circuit it is returned. The second stage of the circuit occurs in the production process, where labor carries out productive consumption of the means of production, creating New Product, carrying transferred and newly created value. The advanced value again changes its form - from productive value to commodity value. The third stage of the circulation consists of selling finished products (works, services) and receiving funds. At this stage, working capital again moves from the sphere of production to the sphere of circulation. The interrupted commodity circulation is resumed, and value passes from the commodity form into money. The difference between the amount of money spent on the production and sale of products (work, services) and received from the sale of manufactured products (work, services) constitutes the enterprise’s cash savings.

  Having completed one circuit, working capital enters a new one. It is the constant movement of working capital that is the basis for the uninterrupted process of production and circulation. This is the most important function of working capital - production.

  When analyzing working capital, it is necessary to identify the main factors that influence the rate of turnover of working capital. The most significant of them are shown in Figure 1.

  Working capital is one of the main financial categories that has a significant impact on the sphere of production, the sphere of circulation, the state of payments in the national economy and, thereby, on money circulation in the country, and performs its second function - payment and settlement.

  Working capital turnover

  Rice. 1 – Scheme of the influence of factors on the turnover of working capital

  The definition of working capital as advanced funds into the created reserves of circulating production assets and circulation funds does not reveal the full economic content of this category. It does not take into account that with the advance of a certain amount of money, the process of advancing into these reserves the value of the surplus product created in the production process also occurs. Therefore, profitable enterprises

  after the completion of the circulation of funds, the amount of advanced working capital increases by a certain amount of profit received. For unprofitable enterprises, the amount of advanced working capital at the end of the circulation of funds decreases due to losses incurred.

  So, working capital represents the cost advanced in cash for the systematic formation and use of circulating production assets and circulation funds in the minimum required amounts to ensure the enterprise’s implementation of the production program and the timely execution of payments. Since working capital includes both material and monetary resources, not only the process of material production, but also the financial stability of the enterprise depends on their organization and efficient use.

  1.2. Basics of organizing working capital at an enterprise

  The organization of working capital is fundamental in the overall complex of problems of increasing their efficiency. Organization of working capital includes:

  Determination of the composition and structure of working capital;

  Establishing the enterprise's need for working capital;

  Determination of sources of working capital formation;

  Management and maneuvering of working capital;

  Responsibility for the safety and efficient use of working capital.

  The composition of working capital is understood as a set of elements that form circulating production assets and circulation funds.

  Elements of working capital are: raw materials; basic materials and purchased semi-finished products; auxiliary materials; fuel and fuel; containers and packaging materials; spare parts for repairs; tools; household equipment and other supplies; work in progress and semi-finished products of own production; Future expenses; finished products; shipped goods; cash; debtors; others.

  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 - circulating production assets (funds) and circulation funds;
  2. depending on the practice of control, planning and management - regulated working capital and non-standardized working capital;
  3. depending on the sources of working capital formation - own working capital and borrowed working capital;
  4. depending on liquidity (the speed of conversion into cash) - absolutely liquid assets, quickly realized working capital, slowly realized working capital;
  5. depending on the degree of risk of capital investment - working capital with minimal investment risk, working capital with low investment risk, working capital with average investment risk, working capital with high investment risk;
  6. depending on the accounting standards and reflection in the balance sheet of the enterprise - current assets in inventories, accounts receivable, short-term financial investments, cash, other current assets;
  7. depending on the material content - objects of labor, finished products and goods, cash and funds in settlements.

  The structure of working capital is understood as the relationship between elements in the total amount of working capital.

  The composition and structure of working capital varies in different sectors and sub-sectors of the economy. They are determined by many factors of production, economic and organizational nature.

  So for industrial enterprises a characteristic feature is that most their working capital consists of inventories and accounts receivable.

  One of the basic principles of organizing working capital is rationing. The implementation of this principle makes it possible to economically establish the required amount of own working capital and thereby provide conditions for the successful implementation of their production and payment and settlement functions. The erroneous practice of our time of refusing to ration working capital is one of the reasons for the crisis in payment and settlement discipline.

  The most important principle of the correct organization of working capital is their use strictly for their intended purpose. Violation of this principle by diverting advanced working capital from production turnover to cover losses, losses due to mismanagement, to pay inflated bank interest on loans, to contribute to the budget of tax payments led to a crisis in payment and settlement discipline, the growth of huge debts to suppliers for supplied raw materials and finished goods. products, workers and employees on wages, budget on tax payments.

  An important principle of organizing working capital is to ensure their safety, rational use and acceleration of turnover. The organization of working capital of enterprises necessarily includes systematic control over the safety and efficiency of use through audits and surveys based on statistical data, operational and accounting reporting.

  1.3. Features of working capital management in Russian conditions

  One of the important reasons for the lack of working capital in many enterprises is the lack of a stable supply of raw materials. This leads to the fact that sometimes 30 - 50 times more than the daily consumption of raw materials is purchased at once. The resulting volley payments, therefore, require huge working capital.

  The problem of non-payments makes it necessary to classify your creditors according to the period of overdue accounts payable and depending on who needs to pay now, who can wait, and who can not be paid at all. First in this line are payments on loans and interest on them to commercial banks and taxes to the federal budget. Late payments here result in penalties in such an amount that they can easily lead the company to bankruptcy. It should, however, be noted that in Russian economic practice this threat is rather conditional. Currently, the possibility of bankruptcy is inversely proportional to the size of the enterprise, and for former state-owned enterprises this inverse relationship is even stronger.

  Providing sufficient working capital to enable a company to pay for raw materials and labor, and to incur costs associated with production and distribution activities, in practice comes down to the need to solve several very complex problems.

  The first of them, the solution of which can significantly replenish the working capital of an enterprise, is inventory management. According to Western financial management textbooks, from the point of view of working capital adequacy, no factor is as important as the speed of inventory turnover.

  But in order to determine the influence of this factor in Russian reality, you need to have at least accurate information about the availability of reserves and calculate the standards for their use. That is, it all starts with accounting issues. There is no doubt that the accounting system in enterprise warehouses requires improvement.

  After all, a company often buys the same raw materials at different prices. The storekeepers have all the raw materials written down on different cards (since they have different prices). The accounting department must write off these raw materials at a certain price, but since they are written off from different cards, a new method of writing off is obtained - at random, as the storekeeper's card ended up. Naturally, it is impossible to manage finances based on such data. The most common method in our country so far has been the method of assessing inventories based on the actual cost of procurement. However, when used under conditions long-term storage inventory, which is typical for many enterprises, firstly, the cost of production is underestimated, and secondly, the cost of remaining materials is significantly underestimated, which means their turnover is artificially inflated.

  Using the method of valuing materials at the cost of last purchases (LIFO) leads to a distortion of the value of material balances in the direction of their reduction, and, consequently, to an overestimation of the turnover ratio. Valuation of inventory inventories at the cost of first purchases (FIFO method) leads to the fact that the cost of goods sold is formed based on the lowest prices for materials, and their balances are valued at the maximum cost. Therefore, the turnover of current assets in this case will be objectively lower than when using the previously discussed methods of inventory valuation. The solution is simple - implementation of average cost accounting in the warehouse and accounting department, which is provided for by the instructions of the Ministry of Finance.

  The second aspect of the problem of increasing working capital is improving the payment system. To speed up settlements, first of all, you need to know all the payers - you need a register that includes information about contractual amounts, deadlines and other parameters related to the receipt of payments. At the same time, it is worth considering who will delay payments and by how much, and who will not pay at all.

  In the conditions of transition to a market economy, the state of working capital of most enterprises has seriously deteriorated due to not only local, but also common reasons: destruction of a single economic space, falling production levels, rising prices, etc. New working capital management models must be tested and be voluntarily accepted by enterprises. Work in this direction is already underway.

  2. METHODOLOGY FOR ANALYSIS AND MANAGEMENT OF WORKING CAPITAL OF THE ENTERPRISE

  2.1. System of indicators for assessing working capital and the efficiency of their use.

  Making investment and financial decisions in the process of doing business is closely related to the management of capital of business entities, since the presence of a certain value and dynamics of its condition is one of the important criteria when choosing optimal management decisions. During all periods life cycle enterprises: from attracting resources to create or expand a business until the moment of liquidation or reorganization - capital is always a necessary attribute of the enterprise’s activities. Currently, as a rule, to determine the effectiveness of resource attraction by an enterprise, methods of financial planning and determination of cash flows are used. This is a fairly simple, but not always effective approach.

  Attracting resources by an enterprise is a twofold process that should be considered from two perspectives: from the investor’s side - as an investment, and. on the part of the enterprise - as attracting sources of capital for its formation. To solve these problems from the investor’s position, it is quite sufficient to use financial methods that make it possible to determine the timing of the return of invested funds and the amount of income from investments. From an enterprise point of view. in which capital formation is carried out, financial methods of analysis alone to determine the degree of its reproduction are clearly not enough. Therefore, there is a need to apply a number of other methods and techniques for analyzing the attraction of resources and assessing the effectiveness of their use.

  It should be noted that at the moment, both abroad and here in Russia, in practice a utilitarian, narrowly focused approach to the analysis of capital prevails, which is based mainly on solving management problems certain types assets of the enterprise and sources of their formation.

  An integrated, systematic approach to the theory of economic analysis was developed by prof. A.D. Sheremet more than 30 years ago, and is now widely and successfully used in the analysis of working capital of enterprises.

  Some authors, in particular Pogostinskaya N.N. and Pogostinsky Yu.A., argue that in classical approaches to economic analysis, systematicity is identified with complexity. In this regard, we can say that the opinion of these authors is completely unfounded. Since complex analysis involves the use of a system of indicators that have mutual connection and conditionality (the use of the system as a method of complex economic analysis). In this case, there can be no question of the adequacy of these concepts, since they represent different levels of the research being conducted.

  Professor A.D. Sheremet, when conducting system analysis, identifies six main stages:

  1. Representation of the object under study as a system, defining the goals and conditions of its functioning.

  2. Development of a system of analytical and synthetic indicators,

  3. Schematic representation of the system.

  4. Classification of factors and indicators, determination of relationships between them.

  5. Formation of a system model based on the previous stages.

  6. Conducting research using the developed model.

  An integrated approach to the analysis of working capital is determined by the need to study all of their components and properties.

  The place of the analysis of working capital and their elements in the system of comprehensive economic analysis of the enterprise’s activities can be seen in the scheme of comprehensive economic analysis proposed by Prof. A.D. Sheremet, shown in Figure 2.

  In this regard, when analyzing capital, it is necessary to consider the processes of its formation and development on the one hand, and the processes of its

  Rice. 2 - Scheme of a system of comprehensive economic analysis

  functioning - on the other. To reflect the main stages of working capital analysis, you can use the diagram shown in Figure 3.

  A special place in the system of analysis of working capital of an enterprise is occupied by the study of their current state, as well as indicators of the intensity and efficiency of use.

  Particularly productive when carrying out can be the use of balance sheet analysis methods, which allow you to study the ratio of balance sheet items

  Rice. 3 – Working capital analysis scheme

  by using equations and calculating relative indicators of the relationships between the components of the enterprise's balance sheet and determining the quantitative value of these relationships. These methods of analyzing a company's balance sheet are sometimes called financial.

  Balance sheet methods used in calculating ratios characterizing the state, movement of capital, and the effectiveness of its functioning are based on financial accounting reporting data. This point is of great importance in terms of the accuracy of the use of information, since the financial statements of an enterprise, from a legal and accounting standpoint, reliably and systematically reflect data on its property, financial position and results of operations in monetary terms.

  Obtaining capital indicators is only possible using calculation and analytical methods. These circumstances, in turn, predetermine the urgent need to develop and use, when assessing and analyzing capital, a system of indicators that most fully characterize its condition, movement and efficiency of use.

  The most important indicators characterizing the sources of capital formation primarily include: the size, structure and cost of all sources of capital and its individual components.

  Functioning capital is determined by indicators of a different order: volume indicators of assets; structure and price of the enterprise's assets.

  In addition, indicators of operating capital should include volumetric indicators of current assets and the structure of current capital.

  Among the indicators of the structure of working capital, it is necessary to highlight the following.

  1. The structure of individual sources and their dynamics for the period, including:

  • the value of own sources;
  • the amount of long-term borrowed sources;
  • the amount of short-term borrowed sources.

  2. Cost, weighted average cost and cost structure of capital sources.

  3. Aggregate indicator of the cost of capital sources.

  4. The indicator of the effect of financial leverage is considered as a tool for capital management, and not simply as an indicator of the structure of capital sources.

  Indicators of working capital include: size, composition, structure and dynamics, turnover, dynamics of turnover, factors affecting turnover. Indicators of the use of working capital have the structure shown in Table 1.

  Indicators of the efficiency of capital use include: profit, result in the form of current capital, profitability, profitability, capital intensity, use of depreciation charges, changes in financial condition indicators.

  When developing a methodology for analyzing working capital, a systematic approach was used, which consists in using a system of indicators. For this purpose, the circle of users, sources of information and indicators to be reflected have been determined.

  To determine the main trends in the formation and use of its capital by an enterprise, it is necessary to carry out a trend analysis using the described proposed system of indicators in dynamics over a number of (3 - 5) years.

  The application of the methodology involves complex use, but it is possible to use its individual sections to analyze a narrower

  Table 1 – Indicators of the use of working capital

  Indicators	Methodology for determining indicators methodology for determining indicators
  Working capital turnover ratio
  Working capital turnover in days		average value working capital
  		Revenue from product sales/period
  Working capital utilization ratio		Average working capital
  		Revenue from product sales

  Table 2 – Capital utilization ratios

  Indicators	Methodology for calculating indicators
  Autonomy coefficient	K aw =	Own sources of capital
  		Total nourished enterprises
  Capital immobilization coefficient	To them =	Constant Capital
  		Total own sources nourished
  Inventory coverage ratio with own working capital	K oz =	Own source of working capital
  		Total capital
  Working capital coverage ratio with its own stories	K oi =	Own sources of working capital
  		Working capital amount
  Total liquidity ratio	Kol =	Working capital
  		Current responsibility
  Critical liquidity ratio	K cl =	Cash and equivalents
  		Current responsibility
  Absolute liquidity ratio	K al =	Cash and cash equivalents +short-term financial investments
  		Current responsibility
  Net working capital		Working capital - Current liabilities

  range of issues, i.e. studying specific elements of the enterprise's capital system, depending on the purpose of the analysis. The methodology should include:

  1. Analysis of sources of capital formation, their structure and cost

  For these purposes, the size of the enterprise’s sources of capital, the ratio of its own and borrowed sources of capital and the indicators of the capital multiplier are determined. The dynamics of the given indicators is studied. The cost of individual sources of capital and its total cost are calculated.

  2. Analysis of functioning capital, its structure and value, in the context of:

  Fixed capital.

  Working capital.

  In this section of the methodology, specific forms of existence of the enterprise’s capital are studied. The composition of tangible and intangible capital, its structure and condition is determined, dynamics indicators are studied by calculating the corresponding coefficients. An assessment is made of the degree of efficiency of using working capital and the influence of external and internal factors on its condition, structure and dynamics.

  3. Factor analysis of current capital.

  The method of factor analysis of current capital is to determine the influence of external and internal factors on the amount of current capital of an enterprise. The adequacy of the amount of current capital to the sources of formation of the enterprise’s capital and its actual placement in assets is determined.

  An analysis is carried out of the correspondence of the active form of existence of capital to the sources of its formation in terms of amounts and terms.

  Not all current assets are consumed in the business activities of the enterprise. Cash is not directly consumed by the enterprise, but goods and services can be purchased in exchange for it. Short-term financial investments are nothing more than free funds circulating in financial markets and not consumed in the course of the enterprise's activities. Therefore, their management does not relate to operational management, but only to cash management. By reducing current assets by the amount of cash and short-term financial investments, we obtain net current assets, which show part of the assets falling within the competence of operational management.

  In current liabilities, short-term loans are not related to the consumption of resources, and therefore to operational management. Therefore, current liabilities are reduced by the amount of short-term loans and borrowings and net current liabilities are formed.

  CHTA – ChTP = Working capital (1)

  Cash, short-term financial investments, short-term loans and borrowings are taken into account in the credit position. Credit position is a value showing the real amount of borrowed loans used to finance the activities of the enterprise.

  4. Capital efficiency analysis

  It is carried out by determining the results obtained from the use of the enterprise's capital. Indicators of efficiency and profitability are studied, reflecting the relationship between the financial and non-financial results obtained and the entrepreneurial capital used for these purposes. At the same time, the influence of the enterprise’s performance on the indicators of its business activity, solvency, liquidity, financial stability and the possibility of further development is also studied.

  In the course of analyzing the sources of capital formation, their value is determined, the structure and dynamics are studied, and the balance sheet relationships between individual groups of capital sources are assessed.

  The efficiency of using working capital is determined by calculating a number of indicators, in particular: the turnover of working capital, the completeness of its use, the effect of accelerating turnover.

  Increasing the efficiency of using working capital consists, first of all, in accelerating its turnover, and is manifested in an increase in capital productivity while maintaining the volume of working capital, which creates a real opportunity for business expansion.

  In modern literature on financial management, the circulation of funds is described by the cash circulation cycle model. This approach is based on the translation of operational events into cash flow (see Fig. 4).

  1. Inventory circulation period (duration of inventory turnover

  material assets, production cycle) is the average period of time required to transform raw materials into finished goods and then sell them.

  The period of one inventory turnover is often called the inventory holding period. Inventories represent: inventories of inventory items, inventories in work in progress, finished goods in warehouses. If the period of storage of industrial stocks of raw materials and materials increases with a constant production volume, this indicates an overaccumulation of inventories, i.e. on the creation of excess reserves. This in turn leads to an outflow of funds:

  Due to increased storage costs associated with insurance

  property and with the movement of inventory items;

  Due to obsolescence, damage and theft of inventory items;

  Due to an increase in the amount of taxes paid

  Due to the diversion of funds from circulation.

  If the storage period of finished products increases with a constant production volume, this indicates that the enterprise is overstocked with its own products and is a signal to the marketing service about the need to increase operational efficiency.

  2. Period of turnover (repayment) of accounts receivable – This is the average period of time required to convert receivables into cash, i.e. to receive money from the sale.

  To reduce the repayment period for receivables, it is necessary to apply the following methods of managing them:

  1. Monitoring the status of settlements with customers for overdue debts. The presence of overdue debt and its increase slows down the turnover of funds, and in conditions of inflation leads to a loss of funds.
  2. Diversification of the risk of non-payment, i.e. targeting as many buyers as possible in order to reduce the risk of non-payment by one or more large buyers;
  3. Providing discounts for early payment (spontaneous financing);
  4. Control over the ratio of receivables and payables.

  If accounts receivable are greater than accounts payable, then a threat is created to financial stability and independence, because in these conditions

  the enterprise is forced to additionally attract borrowed resources.

  If accounts payable are greater than accounts receivable and by much, this leads to the insolvency of the enterprise.

  Ideally, it is desirable that accounts receivable and accounts payable be equal.

  3. The turnover period (deferment) of accounts payable is the average period of time between the purchase of raw materials and payment for them in cash. For example, a business may have an average of 30 days to pay for labor and materials.

  4. The financial cycle (the period of circulation of funds) combines the three just named periods and, therefore, is equal to the period of time from the company’s actual cash costs for production resources (raw materials, labor) and until the receipt of funds from the sale of finished goods (i.e. from the date of payment for labor and/or raw materials until receipt of receivables). Thus, the cash flow period is equal to the period during which the company has funds invested in working capital.

  The cash cycle can be shortened by:

  1. by reducing the inventory circulation period, i.e. by accelerating the production and sale of goods;
  2. by reducing the circulation period of receivables, accelerating the collection of customer debt;
  3. by lengthening the deferment period for accounts payable through slowing down its own payments.

  These measures should be used if they can be used without increasing costs or reducing sales.

  Accelerating the turnover of working capital depends on the time they spend at all stages of the production cycle. Significant reserves for accelerating turnover are concentrated at the stage of storing production inventories and components in warehouses.

  In the process of analyzing working capital turnover, the following indicators are calculated.

  Turnover ratios characterizing capital productivity expressed in relation to the amount of revenue from sales of products to the average amount of working capital:

  K rev = V p / K rev (3)

  Where Vp -

  K about - average working capital.

  Working capital turnover ratio

  in days ( Ro), defining the period of working capital passing through one turnover:

  whereKo -- average working capital;

  Vp - revenue from product sales;

  T - duration of the analyzed period in days.

  The load factor or the coefficient of fixation of the use of working capital, showing the amount of working capital per unit of revenue received from the sale of products can be calculated as follows:

  K z ok = Ko / V p . (5)

  As turnover accelerates, the need for working capital decreases, and vice versa. The amount of release or the need to attract additional sources of working capital can be calculated by calculation:

  K 0 1 And K 0 0- the average amount of working capital for the reporting and previous periods;

  to pr - coefficient of increase in production.

  Financial ratios are relative indicators of the financial condition of an enterprise.

  Analysis financial ratios consists in comparing their values ​​with basic values, as well as studying their dynamics for the reporting period and for a number of years.

  The system of relative financial ratios in the economic sense is divided into a number of characteristic groups:

  I. Assessing the profitability of the enterprise:

  1.1. Total profitability of the enterprise = book profit/average value of the enterprise's property 100%;

  1.2. Net profitability = net profit/average cost of assets of enterprises x 100%;

  1.3. Net return on equity = net profit/average equity. capital x 100%;

  1.4. Total profitability of production assets == balance sheet (gross) profit/average cost of basic production and working materials. assets x 100%.

  II. Assessment of management efficiency or product profitability:

  II. 1. Net profit per 1 rub. turnover = net profit/products (turnover) x 100%;

  II.2. Profit from sales of products per 1 rub. product sales = profit from sales/products 100%;

  II.3. Profit from all sales per 1 rub. turnover = profit from all sales/products 100%;

  II.4. Total profit per 1 rub. turnover = balance sheet profit/products 100%.

  III. Assessment of business activity or capital productivity:

  III. 1. Total capital productivity (capital productivity) = Products (turnover) / average property value;

  III.2. Return on fixed production assets and intangible assets = Products / average cost of fixed assets. funds and intangible assets;

  III.3. Turnover of all current assets = production/avg. value of current assets;

  III.4, Inventory turnover = production/average inventory value;

  III. 5, Accounts receivable turnover = production/average accounts receivable;

  III.6. Bank asset turnover = production/average amount of free cash and securities;

  III. 7. Turnover to equity capital = output/average equity capital.

  IV. Market sustainability assessment.

  Financial ratios of market stability are largely based on indicators of enterprise profitability, management efficiency and business activity. They should be calculated at a specific date for drawing up balance sheets and considered over time.

  Financial stability assessment

  One of the most important characteristics of the financial condition of an economic entity is the stability of its activities and solvency. An organization is considered solvent if the balance of cash, short-term financial investments and active settlements cover its short-term liabilities. Thus, the solvency of the organization can be expressed in the form of inequality:

  DS + RD + PO > KO + short circuit(7)

  The financial stability of an economic entity should be understood as the provision of its reserves and costs with the sources of their formation. A detailed analysis of the financial condition of an organization can be carried out using absolute and relative indicators. Analysis of the provision of sources of formation can be carried out either by reserves, or simultaneously by reserves and costs. The essence of financial analysis using absolute indicators is to check which sources of funds and in what volume are used to cover inventories and costs,

  For analysis purposes, it is advisable to consider a multi-level system for covering inventories and costs. Depending on what type of sources of funds are used to form inventories and costs. one can approximately judge the level of financial stability and solvency of an economic entity.

  To characterize the sources of reserves and costs, several absolute indicators are used:

  Availability of own working capital (SOC), equal to the sum of the sources of own funds and long-term borrowed liabilities minus the cost of non-current assets:

  SOS=ISR+DO-IV; (8)

  The total value of the main sources of formation of reserves and costs (OSOS), equal to the sum of the SES and the amount of short-term loans and borrowed funds:

  OSOS = SOS + KZ . (9)

  Based on the above two indicators, two indicators of the provision of inventories and costs by sources of their formation are calculated:

  1. surplus (“+”) or deficiency (“-”) of own working capital:

  DSOS = SOS -33; (10)

  1. excess or deficiency of the total amount of the main sources for the formation of reserves and costs;

  DOSOS = OSOS - 33. (11)

  Depending on the ratio of the considered indicators, it is possible, with a certain degree of convention, to distinguish the following types of financial stability of an economic entity:

  absolute financial stability. This situation is characterized by inequality:

  33 > SOS + KZ; (12)

  regulatory financial stability. This situation guarantees the solvency of the organization and is characterized by the condition:

  33 = SOS = short circuit or SOS > 33 > SOS + KZ; (13)

  unstable financial condition, associated with a violation of solvency, in which the organization, in order to cover part of its inventories and costs, is forced to attract additional sources of coverage, easing financial tension. Occurs under the following conditions:

  33 = SOS = KZ + IFN,(14)

  Where IFN - sources that ease financial tension (temporarily available own funds, borrowed funds, bank loans for temporary replenishment of the lack of own working capital and other funds);

  crisis (critical) financial condition, in which the organization is on the verge of bankruptcy. Characterized by inequality:

  33 < СОС + KZ.(15)

  For a more in-depth analysis of the financial condition of the organization, in addition to absolute indicators, it is advisable to calculate a number of relative indicators - financial ratios;

  autonomy coefficient (K a) is calculated as the ratio of the equity capital to the balance sheet total:

  K a = KR/B.(16)

  The normal minimum value of the autonomy coefficient is estimated at 0.5. This coefficient characterizes the share of the organization's owners in the total amount of funds advanced in its activities. The higher the value of this coefficient, the more financially stable, stable and independent of external creditors the position of a given economic entity is.

  debt-to-equity ratio (To z/c) is calculated as the ratio of the amount of the organization’s liabilities to the amount of its own funds:

  To z/s = ip / cr.(17)

  Odds To z/s And K a interconnected:

  K s/s = 1/K a - 1.(18)

  Normal limit for debt-to-equity ratio K z/s > 1. This coefficient shows what amount of funds advanced for the organization’s activities is financed from attracted sources of funds:

  equity agility ratio (Km) is considered as the ratio of the value of own working capital to the total amount of sources of own funds:

  K m = SOS / KR.(19)

  K m > 0.5 . This ratio shows what part of equity capital is used to finance current activities, i.e. invested in working capital, and what part is capitalized;

  coefficient of provision with own sources of financing(K o) is calculated as the ratio of the amount of own working capital to the cost of inventories and costs:

  K o= SOS / 33. (20)

  Normal coefficient limit K o > 0.1. This coefficient shows the degree of self-sufficiency in covering inventories and costs and is one of the criteria for characterizing the insolvency or solvency of an enterprise.

  coefficient of ratio between own and raised funds(K s/p) is calculated as the ratio of the amount of equity capital to the amount of attracted capital:

  K s/p = KR/IP;(21)

  Normal coefficient limit K s/p > 1. The coefficient shows what part of the organization’s activities is financed from its own sources;

  financial dependency ratio (To f/z) is calculated as the ratio of the net balance sheet currency to the equity capital:

  K f/z = BN / KR.(22)

  Normal coefficient limit K f/z > 1.25. The growth of this indicator in dynamics means an increase in the share of borrowed funds in the financing of the organization. If its value decreases to one, this means that the organization’s activities are completely financed by its own sources of funds.

  2.2. Ways to manage net working capital and current financial needs of an enterprise

  The enterprise's own working capital (synonyms: own current assets, own working capital, net working capital, net working capital) are those current assets that remain with the enterprise in the event of a one-time full (one hundred percent) repayment of the enterprise's short-term debt. In other words, this is the margin of financial stability that allows an economic entity to carry out business without fear for its financial position even in the most critical situation (when all creditors of the enterprise simultaneously demand to repay the resulting current debt).

  The most common options for calculating working capital are:

  Sources of own funds minus non-current assets;

  Sources of own funds plus long-term loans and borrowings minus non-current assets;

  Current assets (current assets) minus current liabilities (short-term debt).

  In fact, the listed options can be attributed to special cases of the general approach to calculating own working capital, which should be based on the correct grouping of assets and liabilities of the initial balance sheet (formation of the so-called analytical balance sheet), and most importantly. - accounting for the intended purpose of long-term loans and borrowings received.

  Let's consider the procedure for calculating own working capital for various options for attracting long-term loans and borrowings.

  Option 1. Long-term loans and borrowings have a specific purpose - investing in non-current assets.

  1st method of calculation. These sources formed non-current assets and own current assets. Accordingly, in order to determine the value of the latter, it is necessary to subtract the cost of non-current assets from sources of own funds. At the same time, the non-current assets themselves must be shown minus that part of them that was formed from external sources of funds, namely, from long-term loans and borrowings. Thus, when determining own working capital, those non-current assets that were created only from own funds are excluded from own sources.

  2nd method of calculation. This method is based on the fact that the sources of working capital in this option are only own working capital and short-term debt. Therefore, to determine the amount of own working capital, it is necessary to subtract the amount of current liabilities (short-term debt) from the amount of current assets (working capital). Thus, we get:

  Own Current Current (24)

  current = assets - liabilities

  Option 2. The purpose of long-term loans and borrowings is to replenish current assets.

  1st method of calculation. Since long-term loans and borrowings did not participate in the formation of non-current assets, the calculation comes down to subtracting the cost of non-current assets from sources of equity:

  Own Sources Non-current

  negotiable = own - (25)

  capital funds assets

  2nd method of calculation. Unlike the first option, in addition to own working capital and short-term debt, current assets have an additional source - long-term loans and borrowings. Therefore, the amount of own working capital will be determined after we exclude the amount of long-term loans and borrowings and the total amount of short-term debt from the total amount of current assets:

  Own Current Long-term Current

  current = - loans and - (26)

  capital assets loans assets

  Thus, net working capital is the enterprise's own working capital. The remaining part of current assets, if it is not covered by cash, must be financed with debt - accounts payable, and if it is not enough - take out a short-term loan.

  In this way, we can formulate the concept of total current financial needs (TCF).

  TFP is:

  The difference between current assets (excluding cash) and current liabilities;

  The difference between funds immobilized in inventories of raw materials, finished products, as well as in accounts receivable and short-term financial investments, and the amount of short-term loans and accounts payable;

  The part of current assets not covered by either own or borrowed funds;

  Lack/surplus of own working capital;

  The need for additional short-term credit, or, conversely, excess funds.

  Considering the severity of the problem of lack of working capital, we will concentrate on the nature of TFP of an operational nature and ways of regulating them. Operating TFP is that part of the total TFP that represents the shortage (surplus) of the enterprise’s material working capital.

  DEBI RESERVES - CREDITOR -

  OPERA- RAW MATERIALS AND TORSKAYA ZA-

  TIONAL = READY + DUE- - MUST- (27)

  DFT PRODUCTIVITY COMPLETENESS POSITION

  CITIZATIONS OF BUYERS TRAFFICERS

  (1) (2) (3)

  Since one of the tasks of integrated operational management of current assets and current liabilities is the transformation of TFP into a negative value, it is favorable for the financial condition of the enterprise:

  receiving deferred payments from suppliers, from enterprise employees, from the state, etc.;

  adversely:

  freezing a certain part of funds in inventories, providing deferred payments to customers.

  Both total and operational TFP can be calculated in rubles, as a percentage of turnover, and also in time relative to turnover.

  The task of turning TFP into a negative value comes down to calculating the reasonable duration of deferred payments for supplies of raw materials and sales of finished products.

  Operational TFP is influenced by:

  Duration of operational and sales cycles;

  Production growth rate;

  Seasonality of production and sale of finished products, as well as supply of raw materials;

  State of the market;

  Amount and rate of added value: the lower the rate of added value, the more commercial credit from suppliers is able to compensate for customer debt. The greater the rate of added value, the greater the operating TFP.

  For enterprises with increased rate added value, operating TFPs are growing faster than sales revenue. Now - current financial needs

  Basic relationships:

  TFP = CURRENT ASSETS without cash - CURRENT LIABILITIES = operational FP + non-real FP = ACCOUNTS RECEIVABLE + INVENTORIES - ACCOUNTS PAYABLE + SHORT-TERM FINANCIAL INVESTMENTS AND OTHER CURRENT ASSETS, except cash - SHORT-TERM LOAN. (28)

  We know:

  That money is invested in stocks of raw materials and finished products.

  Until raw materials are transformed into finished products, and finished products into money in the account, inventories, by their very existence, generate the need for working capital;

  That accounts receivable also embodies the need for working capital. Until the goods are produced, stored, shipped and paid for by the buyer, this need requires appropriate satisfaction;

  That accounts payable embodies the coverage of the current need for working capital. Until the due date for payment of invoices for obligations for purchased goods, raw materials, supplies, etc. has arrived, accounts payable is a free loan from suppliers, i.e., a source of resources for the enterprise. From here

  IMPORTANT RULE #1

  If operating financial requirements are greater than zero, then current financing requirements for non-cash current assets exceed short-term resources.

  In the most general case, industrial enterprises have positive value operational financial needs. There are several reasons for this:

  The presence of significant reserves of raw materials and finished products, as well as unfinished production. It is also necessary to remember that finished product inventories are accounted for at production cost, i.e., including all production costs (raw materials, energy, labor, indirect costs), therefore, in the structure of the cost of inventories there may be a bias towards finished product inventories. And in general, for enterprises with high production costs, all current assets may become heavier, giving rise to increased current financial needs;

  Immobilization of significant, as a rule, amounts in accounts receivable. This may be due to sales difficulties when the company is unable to sell its products if it does not provide long deferred payments to customers. There is also the opposite reason for the swelling of accounts receivable - an overly generous, inconsiderate deferral policy, not dictated either by the difficulties of implementation or by the marketing policy of the enterprise.

  IMPORTANT RULE #2

  If operating financial needs are less than zero, then short-term resources of own working capital exceed the current needs for financing non-cash current assets.

  Then - non-real financial needs (non-real FP)

  Why separate the concepts of operational and non-operating current financial needs? To know how the financial balance of an enterprise is achieved: through its own, “native”, direct economic activities, or through exclusive (financial) transactions. If there are reasonable proportions between operating and non-operating financial needs, this indicates good management of all areas of the enterprise. With disproportion, the opposite is true.

  Financial diagnostics.

  The company has too high operational financial needs.

  It is required to assess internal difficulties and respond quickly. To correct the situation, there is an urgent need to reduce operational financial requirements. Then the bias towards non-operating financial needs will be eliminated.

  By their very nature, non-operating transactions are exceptional. Betting on them is a big risk. The balance of resources and needs, achieved primarily through non-sales operations, is unstable.

  Designation.

  Cash - DS.

  Basic relationships DS = SOS - TFP;

  TFP = SOS - DS;

  SOS = DS + TFP. (29)

  Often, tactical (short-term) rescue measures to increase cash levels do not produce sustainable results, since the causes of cash shortages are actually deep-seated, long-term, structural. It is necessary to identify the true cause of the lack of cash and apply exactly the methods to eliminate the deficit that correspond to this reason.

  IMPORTANT RULE #3

  Cash management ultimately comes down to regulating the amount of one's own working capital and current financial needs. And SOS and TFP, in turn, depend not only on tactics, but also on the financial management strategy of the enterprise. Therefore, in order to make decisions on cash management, it is necessary to analyze data over a sufficiently long period and identify the direction of the main structural changes.

  Finally - balancing resources and needs

  If SOS< ТФП, то ДС < 0 - имеется дефицит денежной наличности;

  if SOS > TFP, then DS > 0 - there is no cash shortage.

  IMPORTANT RULE #4

  Cash is a regulator of the balance between own working capital and current financial needs.

  2.3. Analysis of the efficiency of using working capital

  During the management of working capital, it is customary to control: the volume and structure of working capital, their dynamics by type, as well as in comparison with turnover; 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.

  An analysis of the volume and structure of working capital, dividing them into standardized and non-standardized, is carried out according to the balance sheet in comparison with the beginning of the reporting period. In the process of analysis, it is advisable to study the change in rationed funds during the reporting period, both as a whole and for individual elements: inventories of goods in the warehouse. in the trading network, on the way, cash and securities at the cash desk. goods shipped under commission and commission agreements, services provided, other assets (inventory, materials for own needs, containers). 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. For processing enterprises, the duration of the operating cycle is of particular importance, which is associated with the temporary immobilization of current assets. It is necessary to monitor whether the profitability of the processed goods covers the costs associated with immobilization and maintenance of the production process, or whether these costs are compensated by the profitability of other goods. 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 standardized working capital may be higher. than the growth rate of trade turnover as a result of a rapid increase in cash and other assets. At the same time, the growth of funds invested in inventories of goods may correspond to or be lower than the growth rate of trade turnover. 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 the savings in working capital due to the acceleration of their turnover, the need for current assets for the reporting period is established based on the 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 inventory, accounts receivable, cash, and securities are quite important. They serve as the initial data for calculating the efficiency of using working capital of a trading enterprise. Accelerating asset turnover leads to liberation. i.e., to saving money, reducing fixed costs in specific terms, and increasing liquidity. It is advisable to study how the turnover of standardized funds has changed in the reporting period compared to the previous one. which led to a slowdown in the turnover of funds invested in inventories of goods or other elements of working capital, since as a result of a slowdown in turnover, additional funds are involved in economic turnover:

  Q f - turnover of the current period;

  T ob.fact. - the duration of one revolution of the current period;

  T ob.plan. - the duration of one revolution of the previous period.

  Operational analysis allows you to determine the rhythm of product sales over a specific period of time. The rhythmicity coefficient, calculated as the ratio of daily actual trade turnover to basic indicators, and seasonality analysis make it possible to predict consumer demand and build a supply and sales policy accordingly.

  Thus, in the system of comprehensive financial analysis based on reporting data, an important place is occupied by a comprehensive assessment of the economic efficiency of the enterprise and its financial condition. Performance assessment is carried out at the first stage of financial analysis, when the main directions of analytical work are determined, and at final stage when the results of the analysis are summed up. The final assessment is an important information source for justifying and making the optimal management decision in a specific situation.

  A comprehensive methodology for economic analysis of working capital allows us to give a realistic assessment of the size, structure, dynamics of working capital, and to identify the causes and factors influencing their changes.

  When developing a methodology for analyzing working capital, a systematic approach was used, which consists in using a system of indicators.

  The practical application of this methodology is aimed at improving the management of an enterprise's working capital, through a detailed study of the process of formation and functioning of the enterprise's working capital, a thorough, comprehensive analysis of all its constituent elements, their mutual connection and mutual conditionality.

  3. IMPROVEMENT OF THE WORKING CAPITAL MANAGEMENT MECHANISM

  BY ENTERPRISE MEANS

  JSC "Electroagregat" - industrial enterprise, specializing in the production of mobile and stationary energy supply sources, including:

  Stationary and mobile diesel generator sets with power from 0.5 to 1000 kW with varying degrees of automation and climate control,

  High frequency power supplies (400 Hz),

  Synchronous non-contact generators of the GS series, with a power from 8 to 315 kW,

  Two-unit products of increased reliability on a motor vehicle,

  Mobile electrical installations for testing and launching aircraft,

  Stationary and mobile welding units,

  as well as a wide range of consumer goods (Malysh pumps, Malyutka washing machines, transformers, buckets, lids, etc.).

  Today, JSC Elektroagregat continues to be Russia's largest manufacturer of autonomous power supplies. In 2000, the company managed not only to overcome the decline in production that arose in the 4th quarter of 1998 and the 1st quarter of 1999 as a consequence of the 1998 crisis, but also to increase production volume compared to the previous year. However, at the moment, the financial performance of the enterprise does not correspond to the normative or recommended analysis theory. The reasons for this are the underutilization of production capacity and inefficient use of fixed and working capital. An important problem is also that enterprise management is guided by short-term goals, paying little attention to long-term, long-term plans.

  3.1. Analysis of the state of working capital and the efficiency of their use

  We will analyze the composition, structure, dynamics of working capital and the efficiency of their use for the period: 01.01.1998 - 01.01.2001.

  Based on the analysis of the composition, structure and dynamics of the enterprise’s working capital for the period from January 1, 1998. until January 1, 2000 we can draw the following conclusions.

  As an analysis of the structure of current assets shows, current assets increased by 56,334 thousand rubles. from 59319 to 115663 or by 94.9%. This increase was primarily due to increases in raw materials inventories and accounts receivable. At the same time, the share of overdue receivables in the amount of short-term receivables decreased from 31% to 5%, i.e. the resulting amount of receivables is liquid.

  The share of working capital in the value of the enterprise's property in the analyzed period increased by 15.6% from 29.3 to 44.4%. (see appendix g)

  Inventories of raw materials, materials and other similar valuables increased by 14,452 thousand rubles.

  Inventories of finished products in the warehouse decreased by 4824 thousand rubles. from 13546 to 8722 or by 35.6%. This is due to the large shipments made in Q4. 1999

  The volume of accounts receivable and VAT increased by 44,496 thousand rubles. from 18829 to 63325. At the same time, its share in the value of all property increased by 15.3% from 9.0 to 24.3%.

  The balances of short-term financial investments did not change, and the cash balances decreased slightly.

  All these signs tell us that during 1998–1999. JSC Elektroagregat adhered to an aggressive policy of managing current assets.

  These conclusions are confirmed by the values ​​of indicators of working capital turnover and return on assets for 1998 - 1999, which are quite low. (see appendix n, p, p, t).

  Analysis of asset turnover (or business activity) shows a trend towards improvement in most indicators.

  Inventory turnover in general and in items increased. Accelerating inventory turnover by 69% from 2.09 to 3.60 allowed saving money in the amount of about 31 million rubles.

  An increase in the turnover of finished products by 60% indicates an increase in demand for the products of JSC Elektroagregat.

  Due to the increase in its amount, the repayment period for short-term receivables increased from 48 to 68 days. The repayment period for short-term accounts payable decreased by 19% from 132 to 106 days.

  When analyzing the structure of balance sheet assets from January 1, 1999. until January 1, 2001 received the following conclusions.

  As an analysis of the structure of balance sheet assets shows, the total value of property (that is, the value of non-current assets and working capital) of the enterprise in the analyzed period increased by 29,761 thousand rubles. from 260539 to 290300 or by 11.4%.

  At the same time, the value of non-current assets decreased in the analyzed period by 1847 thousand rubles. from 144876 to 143029 thousand rubles. or by 1.3%. The share of non-current assets in the value of the enterprise's property in the analyzed period decreased by 6.3% from 55.6 to 49.3%.

  Working capital increased by 31,608 thousand rubles. from 115663 to 147271 thousand rubles. or by 27.3%. This increase was mainly due to an increase in inventories of raw materials and supplies, work in progress, and finished product balances. At the same time, the share of overdue accounts receivable increased from 5% to 50%. The share of working capital in the value of the enterprise's property in the analyzed period increased by 6.3% from 44.4 to 50.7%.

  Inventories of raw materials, materials and other similar valuables increased by 37,009 thousand rubles. from 28281 to 65290 or 2 times.

  Work in progress balances increased by 14,293 thousand rubles. from 9965 to 24258 thousand rubles. or 2.4 times.

  Inventories of finished products in the warehouse increased by 7082 thousand rubles. from 8722 to 15804 thousand rubles. or by 81.2%.

  The volume of accounts receivable decreased by 31,698 thousand rubles. from 58972 to 27324 thousand rubles. or by 53.7%. At the same time, its share in the value of all property decreased by 13.2% from 22.6 to 9.4%.

  Short-term financial investments increased by 3147 thousand rubles. from 200 to 3374 thousand rubles. (through the purchase of bills). Cash balances increased by RUB 2,562 thousand. (increase in funds in a foreign currency account - payment for products).

  3.2. Managing the amount of current financial needs of the enterprise

  Let us determine the SOS and TFP of the enterprise. To do this, we will use formulas (23), (28), as well as the definition of TFP (see appendix, p, y, ts)

  SOS = 135 (thousand rubles).

  TFP = 70 (thousand rubles).

  TFPoper. = 12838 (thousand rubles).

  TFPv.real. = -12768 (thousand rubles).

  SOS = 4118 (thousand rubles).

  TFP = 5508 (thousand rubles).

  TFPoper. = 22758 (thousand rubles).

  TFPv.real. = -17250 (thousand rubles).

  SOS = 17406 (thousand rubles).

  TFP = 16267 (thousand rubles).

  TFPoper. = 44796 (thousand rubles).

  TFPv.real. = -28529 (thousand rubles)

  SOS > 0 This means that the enterprise generates more permanent resources than is necessary to finance permanent assets.

  TFP > 0 These are the needs to cover non-cash working capital (deficit).

  Part of the resources goes to cover the TPP. The balance represents the available cash balance. Let us express TFP and DS as a percentage of the SOS value:

  TFP = 95%, DS = 5%.

  The company has its own working capital sufficient to finance fixed assets, and generates a free cash balance (5%), from which one can hope to pay immediate expenses or, if the situation allows, to make short-term financial investments.

  The successful financial and economic activities of the OJSC are complicated by too high operational financial needs, the amount of which reaches alarmingly high values. It is required to assess internal difficulties and respond quickly.

  Let us turn to formula (28). The company is interested in reducing accounts receivable and inventory and increasing accounts payable.

  During the first quarter In 1998, inventories of inventory items decreased, but inventories of finished products in warehouses increased with a slight change in sales revenue, which indicates that the OJSC was overstocked with its own finished products. (See Appendix A).

  The management of the enterprise needs to take measures to speed up the sale of finished products. This could be a search for new markets, as well as attracting old customers through favorable conditions (discounts, any additional services)..

  Now let's look at accounts receivable (Appendix G). The growth of accounts receivable occurred in 1999 compared to 1998 precisely due to the debt of buyers and customers. But in 2000, a significant decline in the amount of debt was noticeable. And according to the forecast, this trend will continue as a result of the fact that the company is applying a system of discounts.

  3.3. Analysis of the efficiency of using working capital

  To assess the efficiency of using working capital, it is necessary to analyze the turnover of working capital by element. The most difficult part to sell is inventory. In 1999, turnover increased by 1.51 turnover, and in 2000 it decreased by 0.07 turnover. Thus, in 2000, compared to 1998, turnover increased by 1.44 turns and the duration of turnover decreased by 70 days, which made it possible to free up funds in the amount of 86,385 thousand rubles. Due to a reduction in working capital turnover for 58 days, funds in the amount of 71,576 thousand rubles were released. (Appendix Ш, Ш).

  Due to the acceleration of turnover of working capital, the enterprise no longer needs additional financing. But the company attracts an expensive short-term loan and purchases raw materials in excess of the production process norm.

  Consequently, it is necessary to ration production inventories and, by improving the organization of the production process, reduce turnover, invest the released funds in non-current assets, or make short-term investments.

  The enterprise's short-term liabilities (Appendix G) and net profit have increased approximately 2 times annually since 1998 (Appendix Ш). In 2000, the enterprise freed up additional funds as a result of accelerated turnover, 5.3 times more than the value of short-term liabilities. Thus, taking out a short-term loan in 2000 in the amount of 38,749 thousand rubles. was not profitable, since product output does not increase in proportion to financial costs.

  As a result of the analysis using the spectrum-score method, we can conclude that in 1999. was more stable and prosperous according to indicators relative to 1998, and in 2000 there was a deterioration in a number of indicators (Appendices I, K, L, M).

  CONCLUSION

  Working capital represents the cost advanced in cash for the systematic formation and use of working production assets and circulation funds in the minimum required amounts to ensure the enterprise's implementation of the production program and the timeliness of payments.

  The constant movement of working capital is the basis for an uninterrupted production and circulation process. This is the most important function of working capital - production.

  Working capital is one of the main financial categories that has a significant impact on the sphere of production, the sphere of circulation, the state of payments in the national economy and, thereby, on money circulation in the country, and performs its second function - payment and settlement.

  In the context of the transition to a market economy, the state of working capital of most enterprises has seriously deteriorated due to not only local, but also general reasons: the destruction of a single economic space, a drop in production levels, rising prices, etc.

  Working capital management is directly related to the mechanism for determining the enterprise's planned need for them and their rationing. It is important for an enterprise to correctly determine the optimal need for working capital, which will allow it to receive the profit planned for a given production volume with minimal costs. 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.

  Determining the enterprise's need for working capital by sources of financing should be determined according to a model independent of establishing the need for working capital. The basis for calculations here is the category “net working capital” (own working capital).

  In the course of studying the problem and solving problems on the topic of the final work, the following shortcomings in the activities of the management of the enterprise personnel in the field of working capital management were identified:

  The erroneous practice of our time of refusing to ration working capital, which was one of the reasons for the crisis in payment and settlement discipline;

  Lack of attention paid to accounts receivable management;

  Inflated operational financial needs.

  During the implementation of the practical part of the work in these areas, the following proposals were made.

  1. A methodology for managing working capital of an enterprise using a system of indicators has been developed.
  2. It is not advisable to attract a short-term bank loan.
  3. Measures to improve the organization of production, mainly to optimize the movement of inventory, will lead to faster turnover and additional release of funds.
  4. Accelerating inventory turnover by 1% will lead to an additional release of funds in the amount of 450 thousand rubles. In general, the company released funds in 2000. in the amount of 683,388 thousand rubles, which is 2.3 times more than in 1999.

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  6. Balabanov I.T. Fundamentals of financial management. How to manage capital? 2nd edition. - M.: Finance and Statistics, 1997.- 384 p.
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  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

  Division of working capital by functional purpose for 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 wear-and-tear items (IBP) that have not yet entered into manufacturing process and 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 are included in 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 of financial work. Cash management includes determining the time of circulation of funds and their optimal level, analyzing cash flows and forecasting them.

  Accounts receivable includes the debt of accountable persons, suppliers upon expiration of the payment period, tax authorities in case of overpayment of taxes and other obligatory payments made in the form of an advance payment. 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.

  Standardized working capital is reflected in the 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;

  – a rational system for financing working capital;

  – 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.