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Financial management. Cheat sheet: briefly, the most important

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1. Definition of financial management

Financial management (in practical terms) is a system of relationships that arise in an organization regarding the attraction and use of financial resources.

Financial management as an independent scientific direction was formed in the early 1960s. It arose to theoretically substantiate the role of finance at the firm level.

Separate fundamental developments in the theory of finance were carried out even before the Second World War; in particular, we can mention the well-known model for assessing the value of a financial asset, proposed by J. Williams in 1938 and which is the basis of the fundamental approach. Financial management owes its creation to the representatives of the Anglo-American financial school G. Markowitz, F. Modigliani, M. Miller, F. Black, M. Scholes, J. Fama, W. Sharpe and other scientists - the founders of the modern theory of finance.

It is based on the following basic principles.

1. The economic power of the state, and hence the stability of its financial system, is determined by the economic power of the private sector, the core of which is large corporations. Thus, in the United States, 90% of all income is generated by corporations, the number of which does not exceed 20% of the business sector. A corporation is a large commercial organization owned by its shareholders. The corporation is characterized by three important features: legal independence in relation to the owners, limited liability (that is, the shareholders of the company are not personally liable for its debts), separation of ownership from management.

2. State intervention in the activities of the private sector is expediently minimized.

3. Of the available sources of financing that determine the possibility of development of large corporations, the main ones are profit and capital markets.

4. The internationalization of markets leads to the fact that the general trend in the development of the financial systems of various countries is the desire for integration.

2. Goals and functions of financial management

Financial management covers three major areas of analysis: 1. Management of investment activity. 2. Management of sources of financial resources. 3. General financial analysis and planning.

The entire set of decisions made by a financial manager can be divided into two large groups: investment and financial.

Under investment decisions refers to decisions on the choice of investment objects: the acquisition of fixed assets, the construction of residential and commercial real estate, the purchase of shares, bonds, etc.

Financial Solutions - these are decisions to provide the company with financial resources for its functioning and development, payments to owners of equity and borrowed capital. When addressing these questions, the problem arises of choosing between:

- own (retained earnings, issue of shares) and borrowed funds (bank loan, issue of bonds); e - sources of funding that differ in terms (short, medium and long-term sources);

- schemes for minimizing tax payments (for example, interest on loans, lease payments are expensed, forming income tax savings);

- forms of attracting external sources of financing (with a fixed or floating interest on borrowed funds, with the help of ordinary or preferred shares, etc.);

- the share of profit directed to the payment of dividends as a remuneration to the owners of the company, and the share of reinvested profit.

Thus, financial decisions are, in essence, decisions to minimize the cost of capital by searching for elements with low cost and optimizing its structure. In this regard, the question arises about the goals of the company's functioning and the possibility of reducing various goals to the problem of maximizing the objective function of one variable.

The system of financial management objectives includes: the survival of the firm in a competitive environment; avoiding bankruptcy and major financial failures; maximizing the market value of the firm; growth in production and sales volumes; profit maximization; cost minimization; ensuring the profitability of activities.

3. The main tasks of financial management

The main task of financial management is to build an effective financial management system that ensures the achievement of tactical and strategic goals of the activity. Based on the volume and complexity of the tasks to be solved, the financial service can be represented by the financial department (in large enterprises), the financial department (in medium-sized enterprises), one financial director or chief accountant (in small enterprises).

The financial director ensures the operation of the company financially and administratively; together with the CEO determines the target financial indicators and objectives of the company; coordinates the work of the departments reporting to him.

On the financial accounting the duty to keep accounting records and form public reporting.

Analytics department deals with the analysis and assessment of the financial condition of the enterprise, including the fulfillment of planned targets for profit and sales volumes, its liquidity and profitability. Tasks: forecasting financial indicators based on market conditions, analogous products and competing enterprises.

Financial Planning Department responsible for developing, coordinating and implementing financial and budgetary planning. Basic planning documents: balance of income and expenses, cash flow budget, planned balance of assets and liabilities.

Operations department collects invoices, waybills and other financial documents, monitors their payment. Controls relationships with banks regarding non-cash payments and receipt of cash. The claims group as part of the operational department resolves disputes that arise with counterparties, the state and non-budgetary funds regarding the payment of fines, penalties, penalties, etc.

Department of Securities and Currencies forms a portfolio of securities and manages it, maintaining its optimality in terms of profitability and risk. He also takes part in the work of currency and stock exchanges in order to meet the current needs of the enterprise in ruble or foreign currency funds.

4. Financial control

Financial control is a process organized at the enterprise to check the execution and ensure the implementation of all management decisions in the field of financial activity in order to implement the financial strategy and prevent crises.

In the practice of countries with developed market economies, a progressive integrated system of internal control, which is called "controlling", has become widespread. The concept of controlling was developed in the 1980s. as a means of actively preventing crisis situations that lead the enterprise to bankruptcy. The principle of this concept, called "management by deviations", is the operational comparison of the main planned and actual indicators in order to identify deviations between them and determine the relationship and interdependence of these deviations to influence the key factors for normalizing the company's activities.

In the general system of controlling, one of its central blocks stands out - financial controlling. financial controlling is a control system that ensures the concentration of control actions in the most priority areas of financial activity, the timely detection of deviations of actual results from those envisaged, and the adoption of operational management decisions to correct the identified deviations.

The main functions of financial controlling:

1. Monitoring the implementation of financial targets established by the system of planned financial indicators and standards.

2. Measurement of the degree of deviation of the actual results of financial activity from the planned ones.

3. Diagnosis by the size of deviations of serious deterioration in the financial condition of the enterprise and a significant decrease in the pace of its financial development.

4. Development of operational management decisions to normalize the financial activities of the enterprise in accordance with the stipulated goals and indicators.

5. Adjustment, if necessary, of individual goals and indicators of financial development in connection with changes in the external financial environment, financial market conditions and internal conditions for the implementation of the economic activity of the enterprise.

5. The main stages of financial controlling

The main stages of financial controlling can be distinguished:

1. Definition of the controlling object. The object of financial controlling is the process of implementing management decisions on the main aspects of financial activity.

2. Determination of the types and scope of controlling: strategic controlling (control of the financial strategy and its targets); current controlling (control of current financial plans); operational controlling (control of budgets, operational financial plans).

3. Formation of a system of priorities for controlled indicators. All indicators are ranked by importance. Priorities of the first, second, etc. order are allocated. The indicators of the n+1 level priority system are in a factorial relationship with the indicators of the n-th level priorities. For example, the indicator of net profit depends on the indicators of revenue, costs, taxes. The revenue indicator, in turn, depends on the sales volume indicators, sales structure, prices, etc.

4. Development of a system of quantitative control standards. Standards can be absolute and relative, stable and mobile.

5. Building a monitoring system for indicators included in financial controlling. The monitoring system is the basis of controlling, its most active part. The financial monitoring system is a mechanism developed at the enterprise for continuous monitoring of the controlled indicators of financial activity, determining the size of deviations of actual results from those envisaged and identifying the causes of these deviations.

6. Formation of a system of action algorithms to eliminate deviations. The principal system of various options for action consists of the following three algorithms:

- "do nothing";

- "eliminate deviation";

- "to change the system of planned or standard indicators".

6. The concept and classification of enterprise costs

A clear delineation of costs depending on their economic purpose is a defining moment in the practical activities of the enterprise. At all levels of management, grouping of costs is carried out, the cost of production is formed, sources of financing are determined.

Enterprise costs are divided into three types:

- the cost of production and sale of products, forming its cost. These are current costs covered from the proceeds from the sale of products in the process of circulation of working capital;

- the cost of expanding and updating production. As a rule, these are large one-time capital investments for new or modernized products. They expand the applied factors of production, increase the authorized capital. The costs consist of capital investments in fixed assets, an increase in the working capital ratio, and the costs of creating an additional workforce for new production. These costs have special sources of financing: sinking fund, profit, issue of securities, credit, etc.;

- expenses for socio-cultural, housing and other similar needs of the enterprise. They are not directly related to production and are financed from special funds, formed mainly from distributed profits.

The costs of production and sale of products (works, services) are classified according to a number of criteria:

- according to their role in the production process, they are divided into main and overhead;

- according to the method of inclusion in the cost of production, costs are divided into direct and indirect;

- according to the dependence of costs on changes in the volume of output, they are divided into fixed and variable;

- according to the methods of accounting and grouping costs, they are divided into simple and complex, that is, they are collected in groups according to their functional role in the production process or at the place where the costs are incurred;

- according to the terms of use in production, current costs and one-time costs differ.

7. Production cost

The cost of products (works, services) is a valuation of natural resources, raw materials, materials, fuel, energy, fixed assets, labor resources, as well as other costs for its production and sale, used in the production process of products (works, services). The cost price reflects the amount of current costs that are of a production, non-capital nature, ensuring the process of simple reproduction at the enterprise. The cost price is an economic form of compensation for consumed factors of production.

The costs that form the cost price are grouped by economic content according to the following elements: material costs, labor costs, deductions for social needs, depreciation of fixed assets, other costs.

Their structure is formed under the influence of various factors: the nature of the products produced and the consumed material and raw materials, the technical level of production, the forms of its organization and location, the conditions for supplying and marketing products, etc. Depending on the prevailing share of individual cost elements, the following types of industries are distinguished and industries: material-, labor-, capital-, fuel- and energy-intensive and mixed.

The assessment of material resources, at which they are included in the cost of production, is determined based on the purchase price (excluding value added tax), as well as all allowances and commissions for supply, intermediary and foreign trade organizations, customs duties, transportation fees to third parties.

Expenses included in the cost of manufactured products form the production cost of gross output. If the production cost takes into account (add or subtract) the change in the balance of work in progress, then we determine the production cost of marketable products. After adding to it a group of non-production costs associated with the sale of products, we get the full cost of marketable products.

8. Production and sales costs, material costs

Production and sales costs consist of the cost of natural resources used in production, raw materials, basic and auxiliary materials, fuel, energy, fixed assets, labor resources and other operating costs, as well as non-production costs.

The composition and structure of production costs depend on the nature and conditions of production with a particular form of ownership, on the ratio of material and labor costs, and other factors. The composition of costs for the production and sale of products is regulated by the Tax Code of the Russian Federation. In accordance with this, the costs of production and sale of products, based on their economic content, are combined into five groups:

- material costs (minus the cost of returnable waste);

- labor costs;

- deductions for social needs;

- depreciation of fixed assets;

- other expenses.

Material costs include purchased raw materials and materials that are part of the manufactured products. These are basic and auxiliary materials, components and semi-finished products, fuel of all kinds, containers, spare parts for repairs, low-value and wearing items, purchased energy of all kinds, costs associated with the use of natural raw materials (including payment for natural resources), labor costs. and production services performed by third parties.

The cost of material resources accounted for in this group consists of their purchase prices, margins and commissions paid to supply and foreign trade organizations, the cost of services of commodity exchanges, brokers, customs duties and fees for transportation, storage and delivery by third parties. The cost of material resources accounted for in this group excludes the cost of returnable waste, that is, those that, due to the complete or partial loss of consumer properties, are used with additional costs or are not used at all as material resources.

9. Labor costs and social contributions

Composition of labor costs very varied. This includes wage payments under existing forms and systems of remuneration; payments under established bonus systems, including remuneration based on the results of work for the year; compensatory payments (surcharges for night work, overtime work, etc.); payment for regular and additional vacations, compensation for unused vacation; payments to laid-off workers in connection with the reorganization of the enterprise or downsizing; lump-sum rewards for years of service; payment of study holidays for workers and employees; remuneration of students of universities and students of special educational institutions who are in work practice at enterprises; remuneration of full-time employees working on contractual terms; other payments included in the wage fund in accordance with applicable law.

It should be borne in mind that not all payments to employees of organizations are included in the cost of production. Not included in production costs payroll costs such as bonuses paid out of special funds and earmarked revenues; material assistance, interest-free loan to improve housing conditions; payment of additional holidays for women raising children; supplements to pensions, lump-sum benefits upon retirement, dividends (interest) paid on shares of the labor collective; payment for vouchers for treatment, excursions and travel, classes in sports sections, visits to cultural and entertainment events, subscriptions and purchases of goods for the personal needs of employees and other costs incurred at the expense of the profit remaining at the disposal of the organization.

The third group of costs for the production and sale of products includes deductions for social needs. These are mandatory payments to the State Social Insurance Fund, the Pension Fund, the State Employment Fund and the Compulsory Medical Insurance Fund. These four types of deductions are made to the corresponding off-budget funds.

10. Depreciation of fixed assets

The fourth element of the cost of production and sales of products is the depreciation of fixed assets.

Depreciation is an objective process of gradual transfer of the value of the means of labor as they wear out to the product produced with their help, as well as the use of special funds - depreciation included in the costs of production or circulation, for simple and expanded reproduction of fixed assets.

Depreciation deductions for the full restoration of capital are made from the income received from the sale by the enterprise of products created with the help of capital funds. Thus, depreciation is a process of capital reproduction. The faster it is recreated, the more effective the commercial activity of the organization. This is especially true in connection with the rapid scientific and technological progress, the increase in the knowledge intensity of production and the reduction in the life cycle of most capital funds. o Calculation of depreciation amounts has. permanent and continuous, and they are spent to compensate for the depreciation of fixed assets in the process of their reproduction only after the expiration of the standard service life. Until that time, the sinking fund is relatively free and can be used as an additional source of accumulation and expansion of funds.

In accordance with the Tax Code of the Russian Federation, depreciation for tax purposes is charged on a monthly basis, starting on the 1st day of the month following the month in which the fixed assets object was put into operation.

From a practical point of view, it is necessary to analyze the impact of depreciation on the efficiency of investment projects. The amount of cash income, which is accepted as one of the components that affect the economic efficiency of an investment project, depends on the country's system for calculating depreciation (wear and tear) for fixed assets, intangible assets and low-value and wear-and-tear items.

11. Features of depreciation charges

As part of the costs of depreciation of fixed assets, depreciation deductions for the full restoration of fixed production assets are reflected, the amount of which is determined on the basis of their book value and current depreciation rates. This takes into account the accelerated depreciation of the active part of fixed production assets, which is expressed in the high depreciation rates established by law for the corresponding types of fixed assets. However, if the depreciation charges accrued by the accelerated method are not used for their intended purpose, they are not included in the cost of production.

Accelerated depreciation methods make it possible at the initial stage to “write off” a large part of the cost of property into the cost price, thereby reducing taxable profit. In the later periods of use of the property, on the contrary, due to the reduction of depreciation deductions, taxable profit increases. Thus, due to the acceleration of depreciation, the taxable base for profit is shifted in time to later periods. Taking into account the time value of money, this means a decrease in the present value of the company's income tax expenses. At the same time, being a conditional accrual as part of the cost, that is, without creating a cash flow for the enterprise itself, depreciation deductions increase the cash flow for the enterprise.

If the enterprise operates on a lease basis, then in the production and sales costs section, depreciation deductions for full restoration are given not only for its own, but also for leased fixed assets.

In the case of free provision of fixed assets to the enterprise, depreciation deductions from the cost of these fixed assets are also included in the section of costs for production and sale of products.

The organization has the right not more than once a year (at the beginning of the reporting year) to revaluate fixed assets at replacement cost by indexing or direct recalculation at documented market prices, attributing the resulting positive difference to the additional capital of the organization.

12. Other costs

Another group of costs for the production and sale of products are other costs. Primarily, to this group certain types of taxes, fees and charges are included. Further, other costs include payments for maximum allowable emissions of pollutants, payments for compulsory insurance of property included in the production assets of the enterprise, as well as compulsory insurance of certain categories of employees involved in the production of certain types of products.

К other expenses include remuneration for inventions and rationalization proposals, expenses for business trips according to established standards, in particular, for the employee's travel to the place of business trip and back to the place of permanent work; renting a dwelling; payment for fire and watch guards by third-party enterprises, for training and retraining of personnel; expenses for certification of products and services. Under this item of expenses, daily allowances or field allowances are also subject to reimbursement within the limits approved by the Government of the Russian Federation; amounts of port and airfield dues, expenses for pilotage services and other similar expenses; advertising costs for manufactured (purchased) and (or) sold goods (works, services), etc.

Other expenses also include interest payments on loans received. In cases where a repair fund is created to finance all types of repairs of fixed production assets (current, medium, capital), deductions to this fund, based on the book value of fixed assets and standards approved by the organizations themselves, are included in other costs. If repair funds are not created, then the costs of all types of repairs are included in the relevant sections of the cost estimate for the production and sale of products, such as "Material costs", "Labor costs", etc.

13. Types of costs and the effect of production leverage

Calculation of the optimal size of profit is the most important element in planning the enterprise's business activities. To predict the maximum possible profit in the coming year, it is advisable to compare the proceeds from the sale of products with the total amount of costs, which are divided into variable, fixed and mixed.

К variable costs include the cost of raw materials, materials, electricity, transport, etc. These costs change in proportion to the change in production volume.

Fixed costs are costs that do not change with an increase or decrease in output. These include depreciation, payment of interest on a loan, rent, remuneration of management personnel, administrative expenses, etc.

The nature of the costs should be clearly defined, eg electricity costs. For some types of business, this is a relatively fixed cost, while for others (for example, the aluminum industry) it is one of the main consumed resources.

Mixed costs include both variable and fixed costs. These, for example, are postal and telegraph expenses, maintenance of equipment, etc. Due to the small share of mixed costs, the main attention is paid to determining the share of variable and fixed costs in the cost structure of an enterprise and determining the impact of their change on profit.

The increase in profit depends on the relative decrease in variable or fixed costs. Therefore, it is possible to define the so-called production leverage effect, which shows how much increase in sales profit is provided by each percentage increase in sales volumes under the current cost structure. With an increase in the share of fixed costs, the level of production leverage increases, and, consequently, the degree of risk of shortfall in revenue required to cover fixed costs increases.

14. Cost Accounting Methods: Direct Costing

The term "direct-costing" (direct-costing) means "accounting for direct costs." This term does not fully reflect the essence of this cost accounting method, since the main element of this method is the organization of separate accounting for variable and fixed costs and the use of its advantages in order to improve management efficiency. Therefore, the direct cost accounting system is often called variable costing - "accounting for variable costs".

The main characteristic of direct costing is the division of costs into fixed and variable depending on the change in production volume. The main feature of direct costing is that the cost of industrial products is taken into account and planned only in terms of variable costs. Fixed costs are collected on a separate account and, at specified intervals, are written off directly to the debit of the financial results account, for example, "Profit and Loss", that is, they are related to the financial result of the enterprise. Thus, fixed costs are not included in the calculation of the cost of products, but are written off from the profit received during the period in which they were produced.

The cost accounting system based on the direct costing method contains two main financial indicators: marginal income and profit. At the same time, marginal income is understood as the difference between revenue and variable costs. Marginal income includes profit from production activities and fixed costs.

The relationship between the performance indicators of the enterprise in the framework of the marginal approach is as follows:

- proceeds from the sale of products (B);

- variable costs (Z_per);

- marginal income (MD \uXNUMXd B - Z_ne);

- fixed costs.

The modern direct costing system offers two accounting options:

- simple direct costing, in which only direct variable costs are taken into account as part of the cost;

- advanced direct costing, in which the cost price includes both direct variable and indirect variable general business expenses.

15. Cost accounting methods: standard costing

Standard-costing is a cost accounting and costing system using standard costs. "Standard" - the number of costs necessary for the production of a unit of output; "costing" is the monetary expression of these costs. The system appeared in America in the early 1930s, when the United States was going through an economic crisis.

The standard costing system is based on the following principles:

- preliminary rationing of costs by elements and cost items;

- drawing up normative calculations for the product and its components;

- separate accounting of standard costs and deviations;

- analysis of deviations;

- clarification of calculations when changing norms.

Rationing of costs is carried out in advance (before the beginning of the reporting period) according to the items of expenditure: basic materials; wages of production workers; overhead costs (depreciation of equipment, rental payments, salaries of auxiliary workers, auxiliary materials, etc.); commercial expenses (expenses for the sale of products).

Standard costs are based on the expected costs of resources required to produce a product. Resource consumption rates are set per product. For overhead costs, which consist of several heterogeneous items, the norms are developed for a certain period in monetary terms and based on the planned volume of production.

During the reporting period, deviations of actual costs from normalized costs are recorded. The amounts of deviations are fixed on special accounts. At the end of the reporting period, deviations are written off to financial results, and deviations are analyzed. Further, a decision is made regarding the adjustment of established norms and standards. The cost accounting method based on the standard costing method is widely used in those industries where resource prices are relatively stable, and the products themselves do not change for a long time - at manufacturing enterprises, clothing, footwear, furniture production and a number of others.

16. Definition of profitability. Factors affecting the profitability of production

The profitability of production is calculated by the formula:

P \u100d P / (OF + NOS) × XNUMX, where P - profitability (in percent); P - the amount of gross profit; OF - the average annual cost of fixed assets; NOS - the average annual cost of normalized working capital.

In addition to the profitability of production in the process of analyzing entrepreneurial activity, the indicator of product profitability is widely used, calculated as the ratio of profit from the sale of products to the full cost of this product. The use of this indicator of profitability is most rational in on-farm analytical calculations, in monitoring the profitability (unprofitability) of certain types of products, introducing new types of products into production and removing inefficient products from production.

The growth of any indicator of profitability depends on many processes, in particular, on improving the production management system, improving the efficiency of resource use by organizations, the stability of mutual settlements and the system of settlement and payment relations with banks, suppliers and buyers.

The most important factors of profit growth are the growth of production volume and product sales, the introduction of scientific and technical developments, increasing labor productivity, reducing costs, and improving product quality.

The main source of cash savings of enterprises and organizations is the proceeds from the sale of products, namely that part of it that remains minus material, labor and monetary costs for the production and sale of these products. Therefore, an important task of each business entity is to get the maximum profit at a minimum cost by observing a strict regime of savings in spending funds and using them most efficiently. The fulfillment of these tasks will allow the enterprise to increase the profitability of its own production.

17. The value of profit for the economy of the enterprise

Profit is one of the main financial indicators of the plan and evaluation of the economic activity of the enterprise. As an economic category, it characterizes the financial result of the entrepreneurial activity of the enterprise.

Profit is an indicator that most fully reflects the efficiency of production, the volume and quality of manufactured products, the state of labor productivity at the enterprise, and the level of cost. Profit has a stimulating effect on the strengthening of commercial calculation, the intensification of production in any form of ownership.

Profit is one of the main financial indicators of the plan and evaluation of the economic activity of enterprises. At the expense of profit, measures for the scientific, technical and socio-economic development of enterprises are financed, an increase in the wage fund of their employees, etc.

The economic significance of profit has increased significantly with the transition of the Russian economy to the basis of a market economy, since enterprises have the right to decide for what purposes and in what amounts to direct the profit left after paying taxes to the budget and other mandatory payments and deductions.

The Civil Code of the Russian Federation determines that entrepreneurial activity means the initiative independence of enterprises aimed at making a profit. At the same time, the enterprise, as an economic entity that independently carries out its activities, disposes of its products and the net profit remaining at its disposal.

At the same time, the entrepreneurial activity of enterprises in the context of a variety of forms of ownership means not only protecting the rights of property owners, but also increasing responsibility for their rational management, the formation and effective use of the financial resources of the enterprise, including profits.

18. Types of profit

Distinguish between accounting profit and net economic profit. Usually under economic profit the difference between total revenue and external and internal costs. In this case, the normal profit of the entrepreneur is also included in the number of internal costs. The Entrepreneur's Normal Profit is the minimum wage required to retain entrepreneurial talent.

Profit determined on the basis of accounting data, is the difference between income from various activities and external costs.

Currently, five types of profit are distinguished in accounting: gross profit; profit (loss) from sales; profit (loss) before taxation; profit (loss) from ordinary activities; net profit (retained earnings (loss) of the reporting period).

Gross profit is defined as the difference between the proceeds from the sale of goods, products, works, services (minus VAT, excises and similar obligatory payments) and the cost of goods, products, works and services sold. Sales proceeds goods, products, works and services are called income from ordinary activities. Costs for the production of goods, products, works and services are considered expenses for ordinary activities.

Gross profit is calculated by the formula:

П_shaft \uXNUMXd BP - C, where BP - sales proceeds; C - the cost of goods sold, products, works and services.

Profit (loss) from sales represents gross profit less management and selling expenses:

П_etc. = Π_shaft - R_у - R_к, where P_у - management costs; R_к - business expenses.

Profit (loss) before tax - this is the profit from sales, taking into account other income and expenses, which are divided into operating and non-operating:

П_today = Π_etc. + C_bed + C_vdr, where C_bed - operating income and expenses; FROM_vdr - non-operating income and expenses.

Profit (loss) from ordinary activities can be obtained by deducting from profit before tax the amount of income tax and other similar obligatory payments:

П_one = Π_today - N, where H is the amount of taxes.

19. Gross profit

Profit as the main result of entrepreneurial activity provides the needs of the organization in its own development. The total profit of the organization is the gross profit. The amount of gross profit is influenced by a combination of many factors, both dependent and independent of entrepreneurial activity.

Important factors in the growth of profits, depending on the activities of the organization, are the growth in the volume of products in accordance with contractual terms, reducing its cost, improving quality, improving the range, increasing the efficiency of using production assets, and increasing labor productivity. Factors that do not depend on the activities of organizations include changes in state regulated prices for products sold, the impact of natural, geographical, transport, technical conditions on the production and sale of products, as well as other factors. Under the influence of these two groups of factors, the gross profit is formed.

Gross profit includes profit from all activities.

1. Gross profit includes profit from the sale of marketable products, calculated

nuyu by deducting from the total amount of proceeds from the sale of these products (works, services) value added tax, excises and production and sales costs included in the cost. Profit from the sale of marketable products - the main part of the gross profit.

2. Gross profit includes profit from the sale of other products and services of a non-commercial nature, that is, profit (or losses) of subsidiary farms, auto farms, logging and other farms that are on the balance sheet of the main enterprise.

3. Gross profit includes profit from the sale of fixed assets and other property.

4. Gross profit reflects non-operating income and expenses, that is, the results of non-operating operations.

20. Profit from the sale of marketable products

Due to the fact that the vast majority of the gross profit of the enterprise, as a rule, is received from the sale of marketable products, this part of the profit should be given special attention.

It should be borne in mind that profit from the sale of marketable products is affected by changes in the balances of unsold products: the more of these balances, the less profit the company will receive. The value of unsold products depends on a number of reasons due to the commercial activities of the enterprise.

The most important factor influencing the amount of profit from the sale of marketable products is the change in the volume of production and sales: the larger the volume of sales, the more profit the company will receive, and vice versa. The dependence of profit on this factor, other things being equal, is directly proportional. A fall in production, apart from a number of counteracting factors, such as rising prices, inevitably leads to a reduction in profits.

The second, no less important, factor affecting the amount of profit from the sale of marketable products is the change in the level of production costs. If a change in the volume of sales affects the amount of profit in direct proportion, then the relationship between the amount of profit and the level of cost is inverse. The lower the cost of production, determined by the level of costs for its production and sale, the higher the profit, and vice versa. This factor, which determines the amount of profit, in turn, is influenced by many factors. Therefore, when analyzing changes in the cost level, the reasons for its decrease or increase should be identified in order to develop measures to reduce the level of costs for production and sale of products, and therefore increase profits due to this. The factor that directly determines the amount of profit from the sale of products is the pricing system used by the enterprise.

21. Operating and non-operating income and expenses

В number of operating income include:

- receipts associated with the provision for a fee for temporary use of the organization's assets;

- revenues related to the granting for a fee of rights arising from patents for inventions and other types of intellectual property;

- receipts related to participation in the authorized capital of other organizations (including interest and other income from securities);

- proceeds from the sale of fixed assets and other assets other than cash (except for foreign currency);

- interest received for the provision of the organization's funds for use, as well as interest for the bank's use of funds held on the organization's account with this bank.

Operating expenses include expenses:

- associated with the provision for a fee for temporary possession and use of the organization's assets;

- related to the granting for a fee of rights arising from patents on an invention

niya, and other types of intellectual property;

- associated with participation in the authorized capital of other organizations;

- interest paid by the organization for granted credits and loans;

- related to the sale, disposal and other write-off of fixed assets and other assets other than cash (except for foreign currency);

- related to payment for services rendered by credit institutions.

non-operating income are fines, penalties, forfeits for violation of the terms of contracts; assets received free of charge, including under a donation agreement; receipts in compensation for losses caused to the organization; profit of previous years, revealed in the reporting year; amounts of accounts payable and depositor's debts for which the limitation period has expired; exchange rate differences, etc.

К non-operating expenses include fines, penalties, forfeits for violation of the terms of contracts; compensation for losses caused by the organization; losses of previous years recognized in the reporting year; the amount of receivables for which the limitation period has expired; other debts that are uncollectible, etc.

22. Analysis of non-operating profit

The following income (expenses) of the enterprise are taken into account as part of non-operating results of activity: income from equity participation in the activities of other organizations; income from the rental of property; dividends, interest on shares, bonds and other securities owned by the organization; the amount of economic sanctions received and paid (fines, prices, forfeits, etc.).

Among the non-operating results of the enterprise, income from equity participation in the activities of other organizations is highlighted. If the company participates in the work of joint ventures or on an equity basis in the activities of other enterprises, then with the successful functioning of the latter, it has a certain share income, which is taken into account as part of non-operating results.

With the development of lease relations, many organizations, in order to generate income, lease part of their property (premises, structures, equipment) for more _эor shorter period. The lease of property may take the form of a lease with a purchase. As a result, the organization receives income that increases non-operating income, and consequently, gross profit.

Traditionally included in the composition of non-operating income and expenses, fines, penalties and forfeits are of a non-permanent nature. In cases where the amounts of sanctions are paid into the budget, they are not included in the costs of non-operating operations and are reimbursed from the profits remaining at the disposal of the organization. At the same time, fines, penalties and forfeits paid may exceed those received. Then losses are formed that reduce non-operating profit.

If the amount of economic sanctions received exceeds those paid, then non-operating income increases. The financial result from this type of non-operating transactions will depend on the nature of the organization's activities, compliance or non-compliance with settlement and payment discipline, fulfillment of obligations for payments to the budget, suppliers and banks.

23. Profit planning methods

The most important role of profit in the activities of the organization determines the need for its correct calculation. The successful financial and economic activity of the organization depends on how reliably the planned profit is determined. The calculation of the planned profit should be economically justified, which will allow for timely and full financing of investments, an increase in own working capital, appropriate payments to workers and employees, as well as timely settlements with the budget, banks and suppliers. Therefore, proper profit planning is of key importance not only for entrepreneurs, but also for the national economy as a whole.

Profit is planned separately by sections: from the sale of marketable products, from the sale of other products and services of a non-commodity nature, from the sale of fixed assets and other property, from non-operating income and expenses.

The main methods of planning profit from the sale of marketable products are the method of direct counting and the analytical method.

Direct counting method the most widespread in modern economic conditions. It is usually applied

with a small range of products. Its essence lies in the fact that profit is calculated as the difference between the proceeds from the sale of products at the appropriate prices and its full cost, minus VAT and excises.

The calculation is carried out according to the formula:

P \uXNUMXd (V × C) - (V × C), where P - planned profit; B - release of marketable products in the planned period in physical terms; C - price per unit of production (net of VAT and excises); C is the total cost of a unit of production.

The calculation of profit using the direct account method is preceded by the determination of the balance of finished products in the warehouse and goods shipped at the beginning and end of the planned year. The calculation of profit by this method is quite simple, but it does not allow to identify the influence of individual factors on the planned profit and, with a large range of products, is very laborious.

24. Analytical method of profit planning

The analytical method of profit planning is used for a large range of products, and also as an addition to the direct method of profit planning in order to verify and control it. The advantage of this method is that it allows you to determine the influence of individual factors on the planned profit. With the analytical method, profit is determined not for each type of product manufactured in the planned year, but for all comparable products as a whole.

The calculation of profit by the analytical method consists of three successive stages:

1. Determination of the basic profitability as a quotient of the expected profit for the reporting year divided by the full cost of comparable marketable products for the same period.

2. Calculation of the volume of marketable products in the planning period at the cost of the reporting year and the determination of profit on marketable products, based on the basic profitability.

3. Accounting for the impact on the planned profit of various factors: reducing (increasing) the cost of comparable products, improving its quality and grade, changing the assortment, prices, etc.

The profit plan for the next year is developed at the end of the current period. Therefore, to determine the underlying profitability, reporting data for the elapsed time and the expected fulfillment of the plan for the period remaining until the end of the year are used.

Based on the level of basic profitability found in this way and the planned volume of marketable output at the cost of the reporting year, the profit for the coming year is calculated taking into account the influence of one factor - changes in the volume of comparable marketable output. Since the planned level of profitability differs from the base one as a result of changes in cost, prices, assortment, grade, then at the next stage of planning, the influence of these factors on the planned profit is determined.

For the final calculation of the planned profit from the sale of products, the profit on the balance of finished products and goods shipped at the beginning and end of the planned year is taken into account.

25. The concept and composition of the property of the enterprise

To organize the production process, any enterprise must have certain resources, that is, possess property. Under the property of the enterprise are understood all tangible, intangible and monetary resources that are in the use, possession and disposal of the enterprise.

The structure of the enterprise as a property complex includes all types of property, including land plots, buildings, structures, inventory, raw materials, products, debts, rights of claim, as well as the right to a designation that individualizes the enterprise, its products, works and services (company name, trademarks). signs, service marks) and other exclusive rights.

The property owned by the enterprise is divided into immovable and movable. Real estate includes land plots, subsoil plots, separate water bodies and everything related to land, that is, objects that cannot be moved without disproportionate damage to their purpose, as well as buildings, structures, machinery and equipment, construction in progress, etc. Real estate is subject to state registration in accordance with the established procedure. Property not related to immovable property is recognized as movable property.

General information about the composition and value of the property of the enterprise can be obtained from the analysis of the balance sheet, which gives a general cost characteristic of the economic assets of the enterprise (balance sheet asset) and the sources of their formation (balance sheet liability).

In addition to dividing into movable and immovable, all property of the enterprise reflected in accounting is divided into the following types: non-current assets (intangible assets, fixed assets, construction in progress, long-term financial investments, other non-current assets); current assets (stocks, receivables, short-term financial investments, cash, other current assets); capital and reserves (authorized capital, reserve capital, additional capital, accumulation funds, retained earnings of previous years, etc.).

26. Fixed assets of the enterprise

The funds invested in the acquisition of factors of production for the manufacture of products are called advanced capital, which assumes all the functions of the economic category "capital", that is, in the process of its use it generates income. The advanced capital is divided into fixed and circulating, depending on the participation of resources in the production process.

Fixed capital (fixed assets) represents a monetary value of such resources as equipment, buildings and structures, vehicles, etc., they increase the income of the enterprise, are used for a long time, transfer their value to the cost of finished products in parts as they wear out.

Working capital (working capital) ensures the continuity of the enterprise and is directed to the current support of its life, the purchase of raw materials, materials, fuel, electricity, hiring labor and selling finished products. It is reimbursed in full each time after its implementation. " fixed assets - these are means of labor that repeatedly participate in the production process, while maintaining their natural form. Depending on the functional purpose, fixed assets are divided into production and non-production. The former are directly related to the implementation of the production process, the latter are not directly involved in the production process, but are on the balance sheet of the enterprise and serve to meet the social needs of workers and their families (housing, preschool institutions, clinics, sports and recreation centers, etc.).

In the structure of fixed assets, an active and a passive part are distinguished. The active part includes those means that are directly involved in the production of products (machinery, equipment and transport), the passive part includes the means that create conditions for the production process (buildings, structures, etc.). The share of the active part of fixed assets characterizes the progressiveness of their structure: the higher the share of the active part, the more perfect the structure.

27. Indicators of reproduction of fixed assets

The process of reproduction of fixed capital is the basis of life and production efficiency. Its movement is regulated and controlled at all levels of management of the economy. The law of reproduction of fixed capital is expressed in the fact that, under normal economic conditions, its value, introduced into production, is completely restored, providing an opportunity for constant technical renewal of the means of labor.

The most important reproductive characteristics of the turnover of fixed assets are the indicators of their growth, renewal and retirement. growth rate reflects the increase in the fixed capital of the enterprise for the period under review and is calculated as the ratio of newly introduced fixed assets to their value at the beginning of the period. The degree of renewal of the production apparatus is measured renewal factor - the ratio of the value of the introduced fixed assets of the enterprise to their total value at the end of the period under review.

The indicators of growth and renewal of fixed capital are interrelated values: the higher the share of growth, the higher the level of renewal, and vice versa. Significant adjustments to this relationship can be made fund retirement rate, which is the ratio of retired fixed assets of the enterprise in a given period to their value at the beginning of the period. Both at the level of the national economy as a whole and at individual enterprises, planned and reporting balances of fixed assets are developed, reflecting the quantitative characteristics of their reproduction: availability at the beginning of the period, value at the end of the period.

For the accounting and planning of fixed assets, the state develops a single classification for the entire national economy. Means of labor are combined by their types, groups, subgroups, as well as by sectors of the national economy and areas of activity, which allows them to be typed, coded, and form uniform forms of accounting and reporting. Under the influence of scientific and technological progress, the directions of the economic and depreciation policy of the state, the classification of fixed assets is periodically reviewed.

28. Working capital of the enterprise and the process of their circulation

Each organization carrying out business activities must have working capital (working capital), which ensure an uninterrupted process of production and sale of products. Current assets - these are funds advanced to working capital and circulation funds. The concept of working capital is determined by their economic essence, the need to ensure the reproduction process, which includes both the production process and the circulation process.

Working capital of the organization, participating in the process of production and sale of products, make a continuous circulation. At the same time, they pass from the sphere of circulation to the sphere of production and vice versa, taking the form of circulation funds and circulating production funds. Thus, passing through three phases in succession, current assets change their natural-material form. In the first phase (D-T), working capital, which originally had the form of cash, is converted into inventories, that is, they pass from the sphere of circulation to the sphere of production. In the second phase (T-D-Ti), working capital participate directly in the production process and take the form of work in progress, semi-finished products and finished products. The third phase of the circulation of working capital (T-D-T) takes place again in the sphere of circulation.

As a result of the sale of finished products, working capital takes the form of cash again. The difference between the received cash proceeds and the initially spent funds (Di-D) determines the amount of cash savings of enterprises. Thus, making a complete cycle, current assets operate at all stages in parallel in time, which ensures the continuity of the production and circulation process.

The circulation of working capital is an organic unity of its three phases. Unlike fixed assets, which are repeatedly involved in the production process, working capital operates in only one production cycle and fully transfers its value to the newly manufactured product.

29. The structure of the working capital of the organization

The structure of working capital is the ratio between the individual elements of working capital or their components. The structure of working capital depends on the sectoral affiliation of the enterprise, the nature and characteristics of the organization of production activities, the conditions of supply and marketing, settlements with consumers and suppliers.

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

Own funds organizations play a decisive role in the functioning of the organization, as they provide financial stability and operational independence of the economic entity.

Borrowed funds, attracted mainly in the form of bank loans, cover the additional need of organizations for funds. At the same time, the main criterion for the conditions of lending by the bank is the reliability of the financial condition of the organization and the assessment of its financial stability.

The placement of circulating assets in the reproduction process leads to their division into circulating production assets and circulation funds.

Revolving production assets

function in the production process, and circulation funds - in the process of circulation, that is, the sale of finished products and the acquisition of inventory items. The optimal ratio of these funds depends on the largest share of circulating production assets involved in value creation. The value of circulation funds should be sufficient to ensure a clear and rhythmic process of circulation.

Based on the principles of organization and regulation, working capital is divided into normalized and non-standardized.

Normalized working capital correspond with their own working capital, as they make it possible to calculate economically justified standards for the corresponding types of working capital.

Non-standardized working capital are an element of circulation funds. The management of this group of working capital is aimed at preventing their unreasonable increase, which is an important factor in accelerating the turnover of working capital in the sphere of circulation.

30. Revolving production assets

The process of working capital management is closely related to their composition and placement. In various economic entities, the composition and structure of working capital are not the same, as they depend on the form of ownership, the specifics of the organization of the production process, relationships with suppliers and buyers, the structure of production costs, financial condition and other factors. The condition, composition and structure of inventories, work in progress and finished products are an important indicator of the commercial activity of the enterprise. Determining the structure and identifying trends in changes in the elements of working capital make it possible to predict the parameters of entrepreneurship development.

Working capital assets include:

- productive reserves;

- work in progress and semi-finished products of own production;

- Future expenses.

Productive reserves - these are objects of labor prepared for launching into the production process. In their composition, in turn, the following elements can be distinguished: raw materials, basic and auxiliary materials, fuel, fuel, purchased semi-finished products and components, containers and packaging materials, spare parts for current repairs, low-value and wearing items.

Work in progress and semi-finished products of own production - these are objects of labor that have entered the production process: materials, parts, components and products that are in the process of processing or assembly, as well as semi-finished products of their own manufacture, not completely finished by production in one workshop and subject to further processing in other workshops of the same enterprise.

Future spending - these are intangible elements of working capital, including the costs of preparing and developing new products that are produced in a given period (quarter, year), but are attributed to products of a future period.

31. Funds of circulation

The circulation funds consist of the following elements:

- finished products in warehouses;

- goods in transit (shipped products);

- cash;

- funds in settlements with consumers of products.

The ratio between the listed elements of circulation funds is approximately 1: 1. In the structure of industrial stocks on average in the industry, the main place (about 1/4) is occupied by raw materials and basic materials, much lower (about 3%) - the share of spare parts and containers. Inventories themselves have a higher proportion in fuel- and material-intensive industries.

Goods in transit are divided into the following groups:

- Goods for which the due date has not yet arrived;

- goods whose payment is overdue;

- Goods that are in the custody of the buyer.

Cash can take the form of:

- financial instruments (on accounts with credit and banking institutions, in securities issued by letters of credit);

- cash in the cash desk of the enterprise and in settlements.

Cash management includes determining the time of circulation of funds and maintaining their optimal volume, cash flow analysis and forecasting.

Receivables includes the debt of accountable persons, suppliers after the expiration of payment terms, tax authorities in case of overpayment of taxes and other obligatory payments made in the form of an advance. It also includes debtors for claims and disputed debts. Accounts receivable always divert funds from circulation, means their inefficient use and leads to a tense financial condition of the enterprise.

The level of receivables is associated with the settlement system adopted at the enterprise, the type of products produced and the degree of market saturation. The share of receivables in circulation funds is usually quite large and requires constant monitoring and management. Accounts receivable management means the control of the financial services of the enterprise over the turnover of funds in the calculations.

32. Rationing of working capital

The most important element of working capital management is their scientifically substantiated regulation. Through the regulation of working capital, the total need of economic entities for their own working capital is determined. The correct definition of this need is of great economic importance, as it helps to establish the minimum amount of funds that ensures the stable financial condition of the enterprise.

Rationing of working capital is carried out in each organization in strict accordance with cost estimates for production and non-production needs, a business plan that reflects all aspects of commercial activity. This ensures the relationship between production and financial indicators, which is necessary for successful entrepreneurial activity.

In the process of normalization of working capital, norms and standards are developed. The norm of working capital is a relative value corresponding to the minimum, economically justified volume of stocks of inventory items, established, as a rule, in days.

The norms of working capital depend on the norms of consumption of materials in production, the norms of wear resistance of spare parts and tools, the duration of the production cycle, the conditions of supply and marketing, the time it takes to give certain materials certain properties necessary for industrial consumption, and other factors. The norms of working capital under relatively unchanged economic conditions are long-term. The need to clarify them is due to significant changes in the technology and organization of production, the range of products, the composition of the business plan, changes in prices, tariffs and other indicators.

The working capital ratio is the minimum required amount of funds to ensure the entrepreneurial activity of the enterprise. The norms of working capital are determined taking into account the need for funds both for the implementation of the main activity of the enterprise, and for the conduct of auxiliary and service activities.

33. Rationing of working capital in stocks

The standard of working capital in stocks is calculated on the basis of their average daily consumption and the average stock rate in days.

The average rate of working capital, in turn, is determined as a weighted average based on the norms of working capital for certain types or groups of raw materials, basic materials and purchased semi-finished products and their one-day consumption. The working capital rate for each type or homogeneous group of materials takes into account the time spent in the current, insurance, transport, technological stocks, as well as the time required for unloading, delivery, acceptance and storage of materials.

current stock - the main type of stock, so the rate of working capital in the current stock is the main determining value of the entire stock rate in days. The size of the current stock is affected by the frequency of supplies of materials under an agreement with suppliers (supply cycle), as well as the volume of their consumption in production. The rate of working capital in the current stock is taken, as a rule, in the amount of 50% of the average supply cycle.

Safety stock - the second largest type of stock, which determines the general norm

stock. An insurance, or warranty, stock is required at each enterprise to guarantee the continuity of the production process in cases of violations of the conditions and terms of supply of materials by suppliers, transport, or shipment of incomplete lots. The safety stock is accepted, as a rule, in the amount of 50% of the current stock.

Transport stock is created for the period of the gap between the delivery of materials and their payment, since when delivering materials over long distances, the payment period for settlement documents is ahead of the arrival time for material assets.

Technological reserve created for a period of time to prepare materials for production, including time for analysis and laboratory testing. The technological stock is taken into account in the general stock rate if it is not an integral part of the production process

The time required for unloading, delivery, acceptance and storage of materials is also taken into account. stock of raw materials, basic materials and purchased semi-finished products.

34. The procedure for calculating the norms of working capital for basic and auxiliary materials

The standard as a whole for raw materials, basic materials and purchased semi-finished products, reflecting the total need for working capital of an enterprise for this element of production inventories, is calculated by summing up the norms of working capital in current, insurance, transport, technological stocks (as well as for unloading, delivery, acceptance, warehousing) and multiplying the resulting total rate by one-day consumption for each type or group of materials.

The range of auxiliary materials at enterprises is usually very large, but not all of their types are consumed in large quantities. Concerning Auxiliary materials are divided into two groups. For the first of them, which includes the main types (at least 50% of the total annual consumption) of auxiliary materials, the norms of working capital are determined by the direct account method, that is, in the same way as for raw materials, basic materials and purchased semi-finished products.

For the second group of auxiliary materials consumed in small quantities, the norms of working capital are calculated in a simplified way. The average actual balance of these materials in the reporting year, with the exception of unnecessary and superfluous, should be divided by the one-day amount of their consumption in the past year.

The working capital ratio as a whole for a group of auxiliary materials is determined as the product of their one-day consumption in production by the total stock rate in days.

In the process of planning the required volume of working capital, the enterprise should strive to minimize losses from irrational purchases of low-turnover raw materials. Particular attention should be paid to conducting a competent contractual campaign with suppliers of raw materials and materials belonging to this group. On the one hand, it is necessary to comply with contractual terms and volumes of deliveries, and on the other hand, to avoid "freezing" working capital in slowly depleted stocks.

35. Rationing of working capital in stocks of packaging and fuel

The standard for working capital for fuel is set similarly to the standard for raw materials, basic materials and purchased semi-finished products, that is, based on the stock rate in days and one-day consumption for both production and non-production needs. The standard is calculated for all types of fuel (technological, energy and non-industrial), with the exception of gas.

The value of the norm is determined by the method of calculating the norms of working capital for materials. The working capital ratio for fuel is calculated as the product of the cost of the simultaneous consumption and the working capital norm in days.

The standard of working capital in the stocks of containers is determined depending on the sources of receipt and the method of using containers. There is a difference between purchased and own-made containers, returnable and non-returnable.

For purchased containers intended for packaging finished products, the working capital rate is set in the same way as for raw materials, basic materials and purchased semi-finished products, based on delivery intervals.

For containers of own production, the cost of which is included in the price of finished products, the stock rate is determined by the time from the manufacture of containers to the packaging of products intended for shipment.

For containers that come with materials and are not returned to suppliers, the working capital rate depends on the time the container was under these materials. If these containers are to be further used, then the time required for repair, sorting and selection of container batches is also taken into account.

For returnable containers, the working capital rate consists of the time of one container turnover, including the period from the moment of payment for the container with materials to the delivery of documents to the bank for the container shipped back to the supplier. The standard of working capital for containers as a whole is equal to the sum of the products of one-day turnover (expenditure) of containers by types and the stock rate in days.

36. Rationing of working capital for spare parts for repairs

Rationing of working capital for spare parts for repairs is carried out depending on the groups of equipment. The first group includes equipment for which standard norms of working capital for spare parts have been developed. To the second - large, unique, including imported, equipment, for which standard standards have not been developed. To the third - small single equipment, for which standard norms are also not established.

The working capital ratio for spare parts for the first group of equipment is determined as the product of standard norms and the quantity of this equipment, taking into account reduction factors that specify the need for working capital in the presence of the same type of equipment and interchangeable parts.

The standard of working capital for spare parts for the second group of equipment is determined by the direct account method according to the formula:

H \uXNUMXd C × H × M × K × C / V, where H is the standard of working capital for a replaceable part, rub.; C - stock rate of a replaceable part according to supply conditions, days; H - the number of parts of the same type in one apparatus, mechanism; M - the number of devices, mechanisms of the same type; K is the reduction factor for the stock of parts, depending on the number of machines of the same type; C - the price of one part, rub.; B is the service life of the part, days.

The standard for spare parts for the repair of the third group of equipment is established by the lumped calculation method, based on the ratio of the average actual balances of spare parts for the reporting year and the average annual cost of operating equipment and vehicles. This ratio is extrapolated to the coming year, taking into account changes in the cost of equipment and vehicles and changes in overhaul periods. The standard for working capital for spare parts for the whole enterprise is equal to the sum of the standards for three groups of equipment.

37. Rationing of working capital in stocks of low-value and quickly wearing out items

Items of low value and consumables are limited in value or have a service life of up to one year. The following types belong to low-value and wear-and-tear items: general-purpose tools and fixtures; household inventory and industrial packaging; special clothing and footwear; special tools and fixtures, etc.

For each of these groups of low-value and wearing items, the calculation of the standard is carried out according to the stock in the warehouse and in operation. For warehouse stock, the standard is determined in the same way as for raw materials, basic materials and purchased semi-finished products. For the operating stock, the standard is set, as a rule, at a rate of 50% of the cost of items, since the remaining half of their value is written off to the cost of production when they are put into operation.

The total need for working capital for low-value and wearing items is determined as the sum of the standards for these items in stock and in operation.

The working capital ratio for low-value and wearing items and inventory is calculated separately by type: low-value and wearing out tools and fixtures; low-value inventory; overalls and footwear; special tools and supplies.

For the first and fourth groups, the calculation is made by the direct account method based on the set of instruments and their cost. For the second group - separately for office, household and industrial equipment. For overalls and footwear - based on the number of personnel who are entitled to overalls and footwear, and the cost of the set, taking into account the wear period or the number of work cycles of using special tools and equipment. This indicator may fluctuate with different qualifications of personnel, as well as seasonal changes in the business activity of the enterprise.

38. Work in progress

Work-in-progress costs include all costs of manufactured products. This is the cost of raw materials, basic and auxiliary materials, fuel transferred from the warehouse to the workshop and entered into the technological process, wages, electricity, water, steam, etc.

Costs in work in progress consist of the cost of unfinished products, semi-finished products of own production, as well as finished products that have not yet been accepted by the technical control department.

The value of the standard of working capital allocated for backlogs of work in progress depends on four factors: the volume and composition of products, its cost, the duration of the production cycle and the nature of the increase in costs in the production process.

The volume of production affects the value of work in progress in direct proportion, that is, the more products are produced, ceteris paribus, the greater will be the size of work in progress.

A change in the composition of manufactured products can affect the value of work in progress in different ways. So, with an increase in the share of products with a shorter production cycle, the volume of work in progress will decrease, and vice versa.

The duration of the production cycle affects the volume of work in progress is also directly proportional and is determined by the following factors: the time of the production process, the rate of technological stock, the rate of transport stock, the rate of working stock, the rate of insurance stock.

According to the nature of the increase in costs in the production process, all costs are divided into one-time and incremental. Non-recurring costs include those costs that are incurred at the very beginning of the production cycle. The remaining costs are considered incremental. At the same time, the increase in costs in the production process can occur both uniformly and unevenly.

39. Deferred expenses

Deferred expenses include expenses for the development of new types of products, for improving production technology, preparatory and other work. These expenses also include such cost items as subscription to periodicals, rent and taxes paid in advance, etc.

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

H \uXNUMXd P + R - C, where H is the standard of working capital in deferred expenses; P - the carry-over amount of deferred expenses at the beginning of the planned year; P - deferred expenses in the planned year, provided for by the relevant estimates; C - deferred expenses to be written off to the cost of production in the coming year in accordance with the production estimate.

In accounting, account 97 "Deferred expenses" is intended to summarize information on expenses incurred in this reporting period, but related to future reporting periods. In particular, this account may reflect the costs associated with: mining and preparatory work; preparatory to production

works due to their seasonal nature; development of new production facilities, installations and units; land reclamation and implementation of other environmental measures; uneven repair of fixed assets during the year (when the organization does not create an appropriate reserve or fund), etc.

Expenses recorded on account 97 "Deferred expenses" are debited to accounts 20 "Main production", 23 "Auxiliary production", 25 "General production expenses", 26 "General expenses", 44 "Sale expenses", etc.

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

40. Rationing of working capital for finished products and goods shipped

Finished products - these are products completed by production and accepted by the technical control department.

The working capital ratio for the balance of finished products is determined as the product of the working capital norm for finished products in days and the one-day output of marketable products in the coming year by the production cost in accordance with the following formula:

H = V / D × T, where H is the standard of working capital for finished products, rub.; B - output of marketable products in the fourth quarter of the coming year (with a uniformly growing nature of production) at the cost of production, rubles; D - the number of days in the period (90); T - the rate of working capital for finished products, days.

The rate of working capital for the stock of finished products in the warehouse is determined for the period of time necessary for the acquisition and accumulation of products in the warehouse to the required size, as well as for the period of time for the mandatory storage of products in the warehouse until shipment (in a number of industries - for the so-called aging of the finished products), packaging and labeling of products, their delivery to the station of departure and loading.

The rate of working capital for goods shipped is set for the period of issuing invoices and payment documents and handing them over to the bank.

The norm of working capital as a whole for finished products in stock and goods shipped is determined by dividing the total amount of the norm of working capital for finished products by the one-day release of marketable products at production cost in the fourth quarter of the coming year.

The stock rate is set depending on the time required for:

- selection of certain types of products and their acquisition in the batch;

- packaging and transportation of products from the supplier's warehouse to the sender's station;

- loading.

41. Management of non-standardized working capital

The principles of organization of working capital predetermine the presence of non-standardized working capital functioning in the sphere of circulation. Non-standardized working capital includes funds in goods shipped, cash, funds in receivables and other settlements.

Due to the specifics of the forms, speed of movement, patterns of occurrence, these working capital cannot be taken into account in advance, like normalized working capital. Management of non-standardized working capital is carried out in other ways and methods. Business entities (and in the public sector - the state) have the opportunity to manage these funds and influence their value with the help of the existing system of crediting and settlements.

In the process of managing non-standardized working capital, it is necessary to be guided by the established budget indicators for the planning period. You should also track the clear linkage of non-standardized materials to any significant standardized materials and working capital.

The level of non-standardized working capital is more influenced by external factors than the production and economic activities of the enterprise. The legal framework as the basis of the contractual supply chain should help reduce the amount of unpaid deliveries. The task of each organization is to use all reserves for the maximum possible reduction in the volume of non-standardized working capital.

These reserves include the strengthening of settlement and payment discipline, the development of direct economic relations between enterprises, the strengthening of contractual discipline and the corresponding fulfillment of contractual obligations, and the expansion of the practice of applying progressive forms of payment. An important factor stimulating the reduction of funds in the sphere of circulation is a bank loan to replenish working capital, which contributes to the rational use of not only standardized, but also non-standardized working capital.

42. Sources of formation of working capital

Sources of formation of working capital of the enterprise to a large extent determine the effectiveness of their use. The leading role in the composition of the sources of formation should be played by own working capital, since it is they who create the conditions for the property and operational independence of the organization. Own working capital indicates the degree of financial stability of the enterprise, its financial independence.

Own working capital is one of the sources of coverage of all working capital of the enterprise. Their initial formation occurs at the time of the creation of the organization and the formation of its authorized capital. The source of own working capital at this stage is the investment funds of the founders. In the future, as entrepreneurial activity develops, own working capital is replenished at the expense of profits, the issuance of securities, operations in the financial market, and other sources.

As another source of coverage of working capital, stable liabilities that the enterprise has can also be used.

Sustainable liabilities are long-term liabilities equal to own funds. These funds are constantly in the turnover of the enterprise and are used as a source of formation of own working capital.

One of the main sources of formation of sustainable liabilities is the long-term accounts payable of the enterprise. Sustainable liabilities also include the following types of funds: minimum carry-over debt to pay employees of the enterprise; reserve of forthcoming payments; minimum carry-over debt to the budget and off-budget funds; minimum debt to buyers on pledges for returnable packaging; funds of creditors received in the form of prepayment for products (goods, services); carry-over balances of the consumption fund, etc.

43. Lack of working capital

The lack of own working capital arises if the value of the current standard exceeds the amount of own and equivalent funds. The lack of own working capital is, as a rule, the result of a shortfall in the planned profit or its illegal, irrational use and other negative factors that have arisen in the course of the organization's commercial activities. The lack of own working capital is covered at the expense of the organization itself, and first of all, a part of the net profit remaining at its disposal is directed to cover the shortcoming.

Borrowed funds in the sources of the formation of working capital in modern conditions are becoming increasingly important and promising. The main form of borrowed funds are short-term bank loans. They cover the organization's temporary additional need for funds. Attracting borrowed funds is due to the nature of production, complex settlement and payment relations that arose during the transition to a market economy, the need to make up for the lack of own working capital and other objective reasons.

Borrowed funds in the form of loans are used more efficiently than own working capital, as they make a faster turnover, have a strictly designated purpose, are issued for a strictly stipulated period, and are accompanied by the collection of bank interest. This encourages the organization to constantly monitor the movement of borrowed funds and the effectiveness of their use. Borrowed funds are attracted not only in the form of a short-term bank loan, but also in the form of accounts payable, as well as other borrowed funds, that is, the balance of funds and reserves of the organization itself, temporarily not used for its intended purpose.

The formation of accounts payable is associated, as a rule, with the unscheduled attraction of funds from other enterprises, organizations or individuals into the economic turnover of the enterprise.

44. Efficiency in the use of working capital

The efficiency of the use of working capital is characterized by a system of economic indicators, one of which is the ratio of the placement of working capital in the sphere of production and the sphere of circulation. The more working capital serves the sphere of production (in the absence of excess stocks of inventory items), the more rationally they are used by the enterprise.

The effectiveness of the use of working capital can also be judged by the return on working capital, which is defined as the ratio of profit from sales to the balance of working capital.

The most important indicator of the intensity of the use of working capital is the speed of their turnover. The shorter the duration of the circulation period or one turnover of working capital, the less, all other things being equal, the company needs working capital. The faster working capital makes a circuit, the better and more efficiently they are used. Thus, the turnaround time of capital affects the need for total working capital. Reducing this time is the most important direction of financial management, leading to an increase in the efficiency of the use of working capital and an increase in their return.

The turnover rate of working capital is calculated using three interrelated indicators: the duration of one turnover in days, the number of turnovers per year (half year, quarter), and the amount of working capital per unit of products sold.

The calculation of the turnover of working capital can be carried out both according to the planned and actual turnover of working capital. Planned turnover can be calculated only for normalized working capital, actual - for all working capital, including non-standardized ones. Comparison of planned and actual turnover reflects the acceleration or deceleration of the turnover of normalized working capital. With the acceleration of turnover, working capital is released from circulation, with a slowdown, there is a need for additional involvement of funds in circulation.

45. Analysis of working capital turnover

The duration of one turnover of working capital in days is determined on the basis of the formula:

O = C + T / D, where O is the duration of one revolution, days; C - balances of working capital (average annual or at the end of the forthcoming (reporting) period), rub.; T - the volume of marketable products (at cost or in selling prices), rubles; D - the number of days in the reporting period.

Turnover ratio shows the number of turnovers made by working capital (for half a year, quarter), and is determined by the formula:

К_о = T / C, where K_{about -} turnover ratio, that is, the number of revolutions.

Working capital utilization factor is the reciprocal of the turnover ratio. It characterizes the amount of working capital per unit (1 ruble, 1 thousand rubles, 1 million rubles) of sold products.

General turnover characterizes the intensity of the use of working capital in general for all phases of the circulation, without reflecting the features of the circulation of individual elements or groups of working capital. In terms of total turnover

bridge, the process of improving or slowing down the turnover of funds in individual phases is leveled. Private turnover reflects the degree of use of working capital in each individual phase of the cycle, in each group, as well as for individual elements of working capital.

As a result of the acceleration of turnover, a certain amount of working capital is released from the turnover of the enterprise.

Absolute release of working capital takes place when the actual balance of working capital is less than the standard or the balance of working capital for the previous (base) period while maintaining or increasing the volume of sales for this period.

The relative release of working capital takes place in cases where the acceleration of the turnover of working capital occurs simultaneously with the growth in production. The funds released at the same time cannot be withdrawn from circulation, since they are placed in stocks of inventory items that ensure the growth of production.

46. ​​Economic essence and types of prices

An important place among the various levers of the economic mechanism of the economic policy of the enterprise belongs to prices and pricing, which reflect all aspects of its economic activity. Price has a direct impact on production, distribution, exchange and consumption. In the conditions of market relations, the price acts as a link between the producer and the consumer, as a mechanism for ensuring a balance between supply and demand.

Price - the monetary value of the goods. It performs various functions: accounting, stimulating and distributive. The accounting function of price reflects the socially necessary labor costs for the production and sale of products, the costs and results of production are estimated. The incentive function is used to develop resource saving, increase production efficiency, improve product quality, introduce new technologies, etc. The distribution function provides for taking into account the price of excise on certain groups and types of goods, value added tax and other forms of centralized net income received by budget of the state, region, etc.

In the conditions of market relations, one of the important classification features of prices is the degree of their freedom from the regulatory influence of the state. A significant part of the prices - free, developing in the market under the influence of supply and demand, regardless of any government influence.

Regulated prices are also formed under the influence of supply and demand, but may be influenced by the state. The state can influence prices by directly limiting their growth or decline. The state, represented by authorities and administration, can set fixed prices for certain types of goods and products. In a market economy, there are mainly two types of prices: free and regulated.

47. Pricing policy of the enterprise

Enterprise Pricing is a process consisting of several interrelated stages: collection and systematic analysis of market information; substantiation of the main objectives of the pricing policy of the enterprise for a certain period of time; choice of pricing methods; setting a specific price level and forming a system of discounts and price surcharges; adjustment of the price behavior of the enterprise depending on the emerging market conditions.

Pricing policy is a mechanism for making decisions about the behavior of an enterprise in the main types of markets in order to achieve the goals of economic activity. At the initial stage of developing a pricing policy, an enterprise needs to decide what kind of economic goals it seeks to achieve through the release of a particular product. Usually, there are three main goals of pricing policy: ensuring sales (survival), profit maximization, market retention.

Ensuring sales is the main goal of enterprises operating in conditions of fierce competition, when there are many manufacturers of a similar product on the market. The choice of this goal is possible in cases where consumer demand is price elastic, and also in cases where the enterprise sets the goal of achieving maximum growth in sales and increasing total profit by some reduction in income from each unit of goods. To this end, the company lowers prices, which contributes to the expansion of sales and the capture of a large market share.

Setting a profit maximization goal means that the company seeks to maximize current profit. It estimates demand and costs at different price levels and chooses the price that will provide the maximum cost recovery.

The goal, pursuing the retention of the market, involves the preservation of the company's existing position in the market or favorable conditions for its activities, which requires the adoption of various measures to prevent a decline in sales and intensify competition.

48. Choosing a Pricing Method

The price of products correctly set by the enterprise must fully compensate for all the costs of production, distribution and marketing of the goods, and also ensure the receipt of a certain rate of profit.

The simplest method of pricing is the "average cost plus profit" method, which consists in charging a mark-up on the cost of goods. The markup value can be standard for each type of product or differentiated depending on the type of product, unit cost, sales volumes, etc. The disadvantage of the method is that the use of a standard markup does not allow taking into account the characteristics of consumer demand and competition in each specific case. and, consequently, to determine the optimal price.

The advantages of this method include its simplicity, the absence of the need to frequently adjust prices depending on fluctuations in demand, the reduction in the level of price competition in the industry as a whole, since most firms calculate prices according to the same principle and all prices are very close to each other.

Another cost-based pricing method aims to achieve a target profit. This method makes it possible to compare profits at different prices, and allows a firm that has already determined its own rate of return to sell its product at the price that, under a given program of output, would achieve the maximum extent of this task. In this case, the price is immediately set by the firm based on the desired profit.

However, in order to recover production costs, it is necessary to sell a certain volume of products at a given price or at a higher price, but not a smaller amount. This is where the price elasticity of demand is of particular importance. This pricing method requires the firm to consider different price options, their impact on the sales volume required to overcome the break-even level and achieve a target profit, as well as analyze the probability of achieving the planned indicators at each possible price of the product.

49. The concept of leasing

The essence of a leasing operation is that a potential lessee who does not have free financial resources applies to a leasing company with a business proposal to conclude a leasing transaction. According to this transaction, the lessee chooses the seller who has the required property, and the lessor acquires it and transfers it to the lessee for temporary possession and use for a fee specified in the leasing agreement.

At the end of the contract, depending on its terms, the property is returned to the lessor or becomes the property of the lessee. The composition of the participants in the transaction is reduced to two if the seller and the lessor or the seller and the lessee are one and the same person. In the case of the implementation of an expensive project, the number of participants in the transaction increases. This, as a rule, occurs due to the attraction by the lessor to the transaction of new sources of financial resources (banks, insurance companies, investment funds, etc.).

From the point of view of property relations, a leasing transaction consists of two interrelated components:

- purchase and sale relations;

- relations connected with the temporary use of property.

These relations can be implemented using two types of contract:

- purchase and sale;

- leasing.

If the leasing agreement provides for the sale of property after the expiration of the agreement, then the relationship for the temporary use of property passes into a sale and purchase relationship. Only now - between the lessor and the user of the property.

All elements of the leasing process are closely related. So, relations for the temporary use of property (leasing agreement) arise only after the implementation of the sale and purchase agreement. It turns out that the execution of one contract gives impetus to the emergence of the next transaction, and the participants in the leasing process closely interact with each other at different stages.

50. Assessment of the acceptability of the leasing form of investment

The calculation of the cash flow that an enterprise generates in the course of its operation involves determining the amount of two types of funds.

The first type of funds is the funds that the enterprise can dispose of at its own discretion, the second type of funds is cash, the use of which is regulated by law. In practice, the second type of funds may appear as a result of tax incentives provided to enterprises that make investments. Additional taxation arising from capital investments is also taken into account in the amount of cash flow, reducing the return on investment.

With regard to the calculation of the cash flow associated with rent and loan payments, indicators of the flow of rent debt and the flow of credit debt are used.

The rental debt flow is defined as the sum of rental payments and tax payments minus tax credits. The flow of credit debt is defined as the principal amount of the debt, plus the amount of accrued and paid interest on the outstanding part of the loan, plus tax payments, minus tax benefits.

Any investment involves the cost of acquiring assets that are expected to generate a profit. Investment costs are included in the cost of products (services), thereby reducing the taxable base for paying income tax. Reducing the amount of income tax paid through the reduction of the taxable base is the most significant tax benefit for an investment company.

By investing through leasing, its participants receive tax benefits related to the fact that in the taxation system, rental (leasing) payments are considered as operating (current) expenses and are included in the cost of products (services), thereby reducing the taxable base of the tenant. By attributing interest on the loan to the cost of products (services), the lessor reduces the taxable base of taxes paid from profits.

51. Object and subjects of leasing

A leasing transaction can be concluded in respect of any property, including buildings, structures, equipment, vehicles and other movable and immovable property that can be used for business activities. In this case, the subject of a leasing agreement cannot be:

- current assets of the enterprise;

- intangible assets, since they do not have a material form;

- land plots and other natural objects, as well as property that is prohibited by federal laws for free circulation or for which a special procedure for circulation has been established.

The subjects of leasing are:

- the owner of the property (lessor);

- user of property (lessee);

- seller (supplier, manufacturer) of property.

The lessor can be a legal entity engaged in leasing activities, that is, leasing under an agreement property specially acquired for this purpose, or a citizen engaged in entrepreneurial activities without forming a legal entity and registered as an individual entrepreneur.

The following can act as a legal entity:

- banks and other credit institutions whose charter provides for leasing activities (according to the law "On banks and banking activities in the Russian Federation");

- leasing companies - financial, specializing only in financing transactions, or universal, providing not only financial, but also other types of services related to the implementation of leasing operations (maintenance, training, etc.);

- any company whose founding documents provide for leasing activities, which has a sufficient amount of financial resources.

The lessee can be a legal entity in any organizational and legal form, carrying out entrepreneurial activities, or a citizen registered as an individual entrepreneur, receiving property for use under a leasing agreement.

The seller of leasing property may be a manufacturer, trade organization or other legal entity, as well as a citizen selling property that is the object of leasing.

52. Types of leasing

Types of leasing are distinguished by the terms of the contracts, the form of payments, the objects of leasing and a number of other parameters.

By timing allocate long-term (more than 3 years), medium-term (from 1 year to 3 years) and short-term (up to a year) contracts. Leasing is also divided into urgent (for a certain period) and renewable (extended after the expiration of the contract).

terms of depreciation leasing is allocated with full and partial depreciation, in which, respectively, during the term of the leasing agreement, the full or partial cost of the leased property is paid.

By the volume of service of the transferred property leasing is divided into pure leasing, leasing with a full or partial set of services. Pure leasing assumes that the lessee undertakes all maintenance, and with a full and partial set of services, the lessor undertakes, respectively, full or partial maintenance of the transferred property.

By rental property movable and immovable property are divided, and real estate is classified according to the purpose of use into production and commercial. When leasing real estate, the lessor acquires the property on behalf of the lessee, and then leases it to him.

By market sector allocate internal and external (international) leasing, which, in turn, is divided into export and import.

By the nature of the interaction of participants It is possible to allocate classical and returnable leasing, as well as subleasing.

Classical leasing involves the acquisition by the lessor of property from a third party (supplier) and its transfer to the use of the lessee. In leaseback, the supplier is the lessee, who sells his own property to the leasing company, and then the leasing company leases it to him. Such a scheme allows the lessee to release working capital, and upon completion of the lease, due to the application of accelerated depreciation, to receive back his property significantly depreciated and further reduce property tax payments.

Subleasing involves the transfer by the lessee of the leased asset to a third party - the sublessee. In this case, the sublessee pays lease payments to the lessee, and the lessee pays the lessor.

53. Financial and operating leasing

There are two main types of leasing in the leasing services market: financial and operational (operational). Under financial leasing understand the lease of property with subsequent redemption. Operational leasing, on the contrary, it does not involve the redemption of property at the end of the lease agreement. At the same time, the lessee avoids the risks of using the equipment, since the object of the leasing transaction remains the property of the lessor.

Operating leasing is characterized by the fact that the term of the leasing agreement is significantly shorter than the standard life of the property, and the lease payments do not cover the full cost of the property. Therefore, the lessor is forced to lease it for temporary use several times, and for him the risk of recovering the residual value of the leased object increases in the absence of demand for it. In this regard, ceteris paribus, the amount of lease payments in operational leasing is much higher than in financial leasing.

Financial leasing is an operation for the special acquisition of property into ownership with its subsequent delivery for temporary possession and use for a period approximating in duration to the operating life and depreciation of all or most of the value of the property. During the term of the contract, the lessor recovers the entire value of the property at the expense of lease payments and receives profit from the leasing transaction.

The main features characterizing financial leasing:

- the emergence of a new subject of relations - the seller of property;

- the lessor acquires property not for its own use, but specifically for leasing it;

- the right to choose the property and its seller belongs to the user;

- the seller of the property knows that the property is specially acquired for its leasing;

- the property is directly delivered to the user and accepted by him for operation; claims for the quality of the property, its completeness, correction of defects during the warranty period, the lessee sends directly to the seller of the property; the risk of accidental loss and damage to property passes to the lessee after signing the act of acceptance and commissioning of property.

54. Types of financial leasing

Classical financial leasing is characterized by a tripartite relationship and reimbursement of the full value of the property. At the request of the lessee, the lessor purchases the necessary equipment from the supplier and leases it to the lessee, reimbursing its financial costs and making a profit through lease payments.

Return lease is a kind of bilateral leasing transaction. In a leaseback, an enterprise that has equipment, but lacks funds for production activities, sells its property to a leasing company, which, in turn, leases it to the same enterprise.

Thus, the company has money that it can direct, for example, to replenish working capital. The contract is drawn up in such a way that after the expiration of its validity, the company has the right to buy out the equipment, restoring the right of ownership to it. Under this scheme, whole enterprises can also be leased, and the supplier and the lessee are the same legal entity. This type of leasing will primarily be of interest to business entities experiencing financial difficulties. It is profitable for such enterprises to sell the property of a leasing company, at the same time conclude a leasing agreement with it and continue to use the property.

Leverage (credit, share, separate) leasing, or leasing with additional attraction of funds, the most difficult, as it is associated with multi-channel financing and is used, as a rule, for the implementation of expensive projects.

A distinctive feature of this type of leasing is that the lessor, when buying equipment, pays out of his own funds not its entire amount, but only a part of it. The rest of the amount he borrows from one or more creditors. At the same time, the leasing company continues to enjoy all tax benefits, which are calculated from the full value of the property. Thus, the main risk under the transaction is borne by creditors: banks, insurance companies, investment funds or other financial institutions, and only leasing payments and leased property serve as collateral for repayment of the loan.

55. Difference between financial and operating leasing

In the financial leasing agreement, along with the lessor and the lessee, an additional participant is included - the seller of the leased property, which is absent in operating leasing.

In financial leasing, an active role is assigned to the lessee, which is unusual for operational leasing. The preferential right to choose the property and its manufacturer (seller) belongs to the user. In addition, the lessor is obliged to notify the seller of the property that it is being acquired specifically for leasing it. In operating leasing, the seller of the property does not play an independent role or is simply absent.

Unlike operating leasing, in financial leasing, the lessee is endowed with the rights and obligations inherent in the buyer. The lessor has only the obligation to pay for the property and the right to terminate the contract of sale with the seller.

Under an operating lease, the lessor is liable to the lessee for all shortcomings that prevent the use of the property.

Under a financial leasing agreement, the lessor is not liable to the user for the shortcomings of the transferred property, as well as for the harm caused to the life and health of citizens in the process of using the leasing object, as well as to the property of the user and third parties. Also, the lessor is completely free from the performance of warranty obligations related to the detection of defects in the object of the leasing transaction. This obligation is assigned to the manufacturer (supplier) of the property, and the lessee directly applies to him with a requirement to eliminate the shortcomings.

The lessee assumes the obligations associated with the ownership (risk of accidental loss, maintenance). Since the risk of accidental loss of property lies with the user here, he is obliged to fully fulfill his monetary obligations to the lessor.

With operating leasing, all risks remain with the lessor, therefore, if the property turns out to be in disrepair for reasons beyond the control of the lessee, the latter may demand early termination of the contract. Accordingly, upon termination of obligations, the obligation to pay rent ceases.

56. International leasing operations

In world practice, four main models of international leasing operations are most common.

The first model: the lessor of one country carries out contacts on the organization and implementation of a leasing operation with a lessee located in another country.

The second model: the lessor of one country carries out contacts on the organization and implementation of the leasing operation with the lessee located in another country, but through a subsidiary located in the country of the lessee.

The third model: the lessor of one country carries out contacts on the organization and implementation of the leasing operation with the lessee located in another country, but through an intermediary - a leasing company located in the country of the lessee. The intermediary firm is entrusted with the organization and conduct of negotiations, the preparation and conclusion of a leasing agreement on agreed terms, as well as its execution. Legally, the relationship between the two leasing firms is formalized by the usual agency agreement, and the settlements are carried out in the form of a commission for services, a counter transaction or a profit sharing.

The fourth model: the lessor of one country contacts the lessee located in the same country to organize and implement a leasing operation, and transfers the execution of the concluded leasing contract to an intermediary - a leasing company located in another country - on the terms of an agency agreement.

It should be noted that one of the main problems facing the lessor is to establish the business reputation of the lessee. This circumstance is of particular importance in international leasing operations, since when concluding a transaction with a foreign partner, the level of commercial risks increases significantly due to differences in civil and commercial laws, tax regime, accounting methods, practice of concluding and executing contracts inherent in different countries.

57. The role of finance in the activities of a joint-stock company

Finance of a joint-stock company (JSC) - these are monetary relations that arise at all stages of the creation, operation, reorganization and liquidation of a company. The role of the finance of joint-stock companies is multifaceted: they cover monetary relations with the founders of the company, the labor collective, with suppliers, buyers, investors, the budget, banks, non-budgetary, insurance and other organizations.

In a joint-stock company of an open type, shares can be transferred from hand to hand without the consent of other shareholders of the company. In a closed joint-stock company, a shareholder has the right to sell his shares, but other shareholders of the same company enjoy the pre-emptive right to acquire these shares. If shareholders have not exercised their pre-emptive right to acquire shares, the company may buy back these shares if there is a corresponding provision in the company's charter. The term for exercising such a pre-emptive right to acquire shares is at least 30 and not more than 60 days after the application for the sale of shares.

The number and composition of shareholders of an open joint-stock company are not limited. In a closed JSC, the number of shareholders owning ordinary shares must not exceed 50. If this limit is exceeded, the company is subject to transformation into an open company within one year. Otherwise, the joint-stock company must be liquidated in a judicial proceeding.

Shareholders are liable for the obligations of the company only to the extent of their personal contribution to the capital, that is, to the extent of the value of their shares. They do not have the right to demand the return of their deposits, except in cases provided for by the charter of the JSC.

The annual report on the work of the JSC and the balance sheet are published annually in the media.

A subsidiary company of a joint-stock company is such a company, in the authorized capital of which the main company has a predominant participation, or if an appropriate agreement is concluded between them. The subsidiary is not liable for the obligations of the JSC.

A dependent company is one that has more than 20% of the voting shares of a joint-stock company. The relationship of a subsidiary and a dependent company with the main joint-stock company is regulated by the law on joint-stock companies.

58. Authorized capital of a joint-stock company

With the establishment of a joint-stock company, its authorized capital is created, which reflects the minimum amount of the company's property, which guarantees the interests of its creditors. The authorized capital of a JSC consists of shares, the number of which is provided for by the charter. In accordance with the JSC Law and the Civil Code of the Russian Federation, the authorized capital of a JSC includes only the nominal value of shares acquired by shareholders. All ordinary shares have the same par value. Along with ordinary shares, JSC has the right to place preferred shares; their nominal value should not exceed 25% of the authorized capital of the company. Shares issued by the company, but not paid by the shareholders, cannot form the authorized capital.

The authorized capital is not identified with the value of property transferred by the founders to the company (buildings, structures, equipment, securities, cash, property rights to use land, water, natural resources, intellectual property, etc.), which may be more or less than the authorized capital .

The minimum size of the authorized capital is determined by the law on joint-stock companies. For open companies, it is at least a thousand times the amount, and for closed companies - at least a hundred times the minimum monthly wage established by law on the date of state registration of the JSC.

Shares that are an integral part of the authorized capital are paid as follows. At least half of the shares are payable by the time the JSC is registered. The second half must be paid within a year from the date of registration of the company. Additional issued shares must be paid for no later than one year from the date of their acquisition. By decision of the founders and management bodies of the joint-stock company, the form of payment for shares and other securities of the company can be carried out in money, securities, property and other rights that have a monetary value. When paying for additionally issued shares in cash, the share of this payment must not be less than 25% of their nominal value.

59. Features of the formation of the authorized capital of a joint-stock company

When paying for shares and other securities with non-monetary means, payment is made in the full amount of their value. The property contributed as payment for shares during the creation of a joint-stock company is evaluated on the basis of an agreement between the founders, and subsequently, when paying for an additional issue of shares and other securities - based on a decision of the board of directors.

If the nominal value of shares and other securities purchased at the expense of non-monetary funds exceeds 200 minimum monthly wages, then the property is assessed by an independent auditor.

In order to stimulate the timely and full payment of the authorized capital, the share does not give the right to vote until it is paid in full. The exception is the shares paid by the founders of the company during its creation.

In case of incomplete payment of shares within the established time limits, the shares become available to the JSC. When paying for shares after the expiration of the established period, the received funds or property are not returned by the company. Moreover, in the charter of a joint-stock company

recovery from non-payers of fines, penalties, forfeits.

Unpaid and received at the disposal of the company shares are subject to sale within a period not later than one year. Otherwise, by decision of the general meeting of shareholders, they must be repaid with a corresponding decrease in the authorized capital. The authorized capital should not exceed the value of net assets.

The net assets of JSCs are legally assessed on the basis of accounting data. To determine the amount of net assets, the JSC's total assets exclude its liabilities, except for liabilities on shares.

The state of JSC depends on the ratio of net assets and authorized capital. If, after the second and subsequent financial years, it is revealed that the amount of the company's net assets is less than its authorized capital, the company is obliged to announce a corresponding decrease in its authorized capital. If the value of net assets turns out to be less than the value of the minimum authorized capital established by the law on joint-stock companies, the company is subject to liquidation.

60. Profit of a joint-stock company

The most important element and indicator of the financial activity of a joint-stock company is profit. The profit of joint-stock companies is formed in the same way as at enterprises of other forms of ownership, in the form of the difference between the proceeds from the sale of products (works, services), minus the relevant taxes, and the costs of producing these products (works, services). If the costs exceed the amount of revenue, the company has losses.

The procedure for using profits that are not subject to distribution among shareholders is determined by the charter of the company. After paying income tax and other obligatory payments, the net profit remains, which is at the full disposal of the JSC.

The board of directors of a joint-stock company decides on the distribution of net profit. Part of this profit can be directed to the production and social development of society. The share of profits for the payment of interest on bonds is also determined. Deductions are made from the profits to the reserve and special funds, possible payments to the JSC employees in the form of cash rewards or shares are calculated in accordance with a certain percentage provided for by the charter. The remaining net profit is used to pay dividends to shareholders.

The Board of Directors, based on the financial condition of the company, the competitiveness of its products and development prospects, makes a decision on the specific ratio of the amount of net profit distributed in the indicated areas. In certain periods, profits may not be directed to the payment of dividends to shareholders, but in a larger amount will go to the production and social development of the enterprise or other purposes.

One of the indicators characterizing the financial condition of a joint-stock company, which in turn determines the process of profit distribution, is the share of profit calculated per share. The amount of net profit per share allows a real assessment of the efficiency of the JSC, its financial position.

61. Reserve and other funds of a joint-stock company

In the process of distributing the net profit of a joint-stock company, a reserve fund is created, the value of which must be at least 15% of the authorized capital. The procedure for the formation and use of the reserve fund is determined by the charter of the JSC. The specific amounts of annual deductions from profits to the reserve fund are provided for by the charter, but must be at least 5% of the company's net profit.

Formation and replenishment of the reserve fund is carried out by annual deductions up to the achievement of this fund of the amount provided for by the charter of the company. The reserve fund is intended to cover unforeseen commercial losses of JSC. At the expense of the reserve fund, bonds are redeemed and shares of the company are redeemed in the absence of other funds. The use of the reserve fund for other purposes is prohibited.

At the expense of net profit, a special fund for corporatization of the company's employees can be formed. However, this should be provided for by the charter of the JSC. The funds of this fund are intended exclusively for the redemption of shares of the company sold by shareholders, and their further placement among their employees.

The possibility of creating corporatization funds is provided for in the law on joint-stock companies, based on the experience of forming such funds in open joint-stock companies formed as a result of the privatization of state and municipal enterprises.

The loan fund of a joint-stock company is formed by issuing bond loans for a period of at least one year. Bonds can be registered and bearer. Interest on them must be paid at least once a year within the established time limits, regardless of the profit received by the company and its financial condition. Bond holders have advantages over the holders of shares to receive income on their securities, as well as on a part of the company's assets in the process of its liquidation.

The obligatory fund in a joint-stock company is also a fund for the payment of dividends. The absolute size and share of profits that are directed to the formation of this fund are determined by the decision of the general meetings of shareholders of the JSC.

62. Shares. Main types of shares

Promotion is an issuance security issued by a joint-stock company. It certifies the ownership of its owner to a share in the authorized capital and gives the right to receive part of the profit (dividend) from the activities of the JSC, as well as, as a rule, to participate in management.

Shares acquired by shareholders are placed. Shares issued additionally are called announced. The number and par value of shares, as well as the procedure and conditions for their placement are determined by the charter of the joint-stock company and the legislation of the Russian Federation. Shares not registered in accordance with the established procedure are considered invalid.

Shares issued by the company are primarily divided into ordinary and preferred shares.

Ordinary shares give the right to vote at the general meeting of shareholders (one share - one vote). The holders of ordinary shares participate in the distribution of profits of the JSC only after replenishment of reserves and payment of dividends on preferred shares. Therefore, the payment of dividends on ordinary shares is not guaranteed, as it depends on the results of commercial activities and the amount of profit received. Upon liquidation of the company, an ordinary share gives the shareholder the right to a part of the JSC's property after settlements with creditors and holders of preferred shares.

Preference shares - these are shares that give their owners the right to receive priority dividends at a fixed rate, regardless of the level of profit received by the joint-stock company in a given period. The owner of preferred shares also has a pre-emptive right to receive a share of the property of a liquidated joint-stock company. At the same time, the owners of preferred shares, as a rule, are limited in their participation in the management of a joint-stock company.

There are also cumulative preferred shares. This is a special type of shares on which the unpaid or not fully paid dividend, provided for in the charter, is accumulated and paid subsequently. Such shares are convertible into other types of common or preferred shares. The number and par value of issued shares of each type are determined by the charter of the JSC.

63. Share certificate, payment of dividends on shares

In accordance with the current legislation of the Russian Federation, joint-stock companies have the right to issue only registered shares. Holders of such shares are registered in a special register of shareholders.

share certificate - this is a security that testifies to the ownership of a certain number of shares by the specified person. Shares, as a rule, are not held in the hands of shareholders. Instead of shares, owners receive one or more share certificates - documents confirming their ownership. One certificate is issued free of charge for fully paid shares owned by a shareholder at the time the joint-stock company is established. Other certificates may be issued to a shareholder at his request for a fee determined by the board of directors.

The transfer of ownership of shares during the transfer of the certificate is considered completed if registration is carried out in the prescribed manner.

Dividend - income on shares, paid out of the part of the net profit of the joint-stock company, distributed among its shareholders, per share. The dividend can be expressed in absolute amount and as a coefficient. The coefficient, or interest rate of a dividend, is defined as the ratio of dividend income in monetary terms to the par value of a share. The dividend rate determines the return on the stock. Dividends can be paid not only in cash, but also paid for with other inventory items in cases stipulated by the company's charter.

The decision on the payment of annual dividends, the amount of the dividend and the form of its payment on shares of each category is made by the general meeting of shareholders. The amount of annual dividends cannot be more than recommended by the board of directors (supervisory board) of the joint-stock company. The General Meeting of Shareholders has the right to decide on non-payment of dividends on shares of certain categories, as well as on the payment of partial dividends on preferred shares, the amount of the dividend on which is determined in the charter.

64. Determining the value of a share

There are several types of stock prices: nominal, issue and market.

Par value of a share is indicated on the letterhead of the share and is determined by dividing the amount of the authorized capital of the JSC by the number of issued shares.

At face value, the founders pay for the company's shares upon its establishment. The nominal value of a share is the basis for determining the issuance and market value, as well as for calculating dividends. The nominal value of a share is used to determine the share of a shareholder when funds are paid to him in the event of liquidation of the JSC.

The price at which an issuer sells a share to an investor determines its issuance value. The issue value may coincide with or deviate from the nominal value up or down.

The price at which a share is sold on the stock exchange and on the over-the-counter market determines its market value. The market value depends on the ratio of supply and demand, which, in turn, is determined by many factors: the influence of advertising, stock market conditions, and, above all, the size of the dividend received per share and the level of bank interest.

In accordance with the law on joint-stock companies, a company has the right to place an additional issue of ordinary shares at a price 10% below their market value among the shareholders of the company who have the pre-emptive right to acquire such shares. In addition, additional shares may be placed below the market value with the participation of an intermediary. In this case, the market value is reduced by no more than the amount of the intermediary's remuneration.

The relative height of the share price can be judged by the ratio of the market price of the share to the amount of profit per share. This value is called coefficient "rate / profit". The growth or fall of this ratio in the stock market indicates an increase or decrease in the value of shares due to changes in the economy, stock exchange activity, bank discount rates and many other factors.

65. Procedure for payment of dividends on shares

Dividends on placed shares may be paid in accordance with the decision of the shareholders and the charter of the joint stock company on a quarterly, semi-annual or annual basis. The source of dividend payment is the net profit for the current year. Interim dividends are paid by decision of the board of directors of the company, and the amount and form of payment of annual dividends are determined by the decision of the general meeting of shareholders. At the same time, the amount of annual dividends cannot be less than the amount of paid interim dividends and more than the amount of dividends recommended by the Board of Directors.

The procedure for paying dividends depends on the type of shares. First of all, dividends are paid on preferred shares. For certain types of preferred shares, dividends may be paid out of specially created funds from net profit.

The law on joint-stock companies provides for the right of the general meeting of shareholders¹ decide on non-payment of dividends on certain categories of shares and, moreover, on incomplete payment of dividends on preferred shares, even if there is a free balance of net profit. Such a decision may be quite legitimate in connection with the allocation of funds for investments and other purposes related to the development of the company's entrepreneurial activities.

Payment of dividends on certain types of shares is made in the established order. First of all, dividends are paid on preferred shares of a preferential type with a dividend amount fixed in the charter. Dividends are further paid by types of preferred shares in order of decreasing preferential rights for these shares. Finally, dividends are paid on preferred shares without the size of the dividend fixed in the charter.

After the full payment of the dividends stipulated by the company on all types of preference shares, dividends on ordinary shares are paid. Dividends may not be paid on ordinary shares in the event of financial difficulties, when an insufficient amount of profit is received, and also in connection with the direction of funds for the development of the economic activity of the joint-stock company.

66. Bonds

In addition to shares, joint-stock companies have the right to issue bonds. Bond loan - this is a form of issuing bonds by a joint-stock company on certain, predetermined legal conditions. By issuing bonded loans JSC attracts borrowed capital into circulation. The procedure and conditions for issuing bond loans are determined by the general meeting of shareholders. A bonded loan is issued by decision of the board of directors, unless otherwise provided by the charter of the joint-stock company.

The Company has the right to issue bonded loans without a guarantee and with a guarantee. In the latter case, the amount of property to which bondholders have the rights of a pledgee or obligations of a guarantor (guarantor) of this bonded loan is stipulated. Bonded loans without guarantees or third party guarantees may be issued not earlier than two years after the successful operation of the JSC. The total amount of the bonded loan should not exceed the value of the JSC's authorized capital or the amount of security provided to the company by third parties.

Bond - this is a security representing a debt obligation of a joint-stock company to pay the owner of the bond within a specified period of time the face value or the face value with interest. Bonds are issued after full payment of the authorized capital. The bondholders, unlike the owners of shares, are not the owners of the joint-stock company, but become its creditors. Nevertheless, bondholders have certain advantages over shareholders. Interest on bonds is paid at least once a year, regardless of the amount of profit and the financial condition of the company, that is, before the accrual and payment of dividends on shares. In the event of liquidation of a joint-stock company, bondholders have a preferential right in comparison with shareholders to the company's assets. Bonds, at the request of the owners, can be redeemed ahead of schedule, but not earlier than the early redemption period stipulated in the decision to issue bonds.

67. Types of bond loans

The Company has the right to issue bonds of three types: secured by a pledge of property; secured by third parties; without security.

The Law on Joint Stock Companies and in accordance with the Civil Code of the Russian Federation provide for the possibility of issuing bonds in the absence of collateral no earlier than the third year of the JSC's existence and subject to the approval of two annual balance sheets of the JSC by the time the bonds are issued. Bonds, at the request of the owners, can be redeemed ahead of schedule, but not earlier than the early redemption period stipulated in the decision to issue bonds.

Considering that shares and bonds are JSC securities, it is possible to issue convertible bonds, which, by decision of the general meeting, under certain conditions, can be exchanged for shares.

Bonds can be registered and bearer. Owners registered bonds are registered by the company in a special register. In this regard, the holder of a registered bond is obliged to notify the company in a timely manner about changes in the information included in the register. The requisites of a registered bond are the bond number, face value, interest rate and the name of the holder.

Bearer bonds called coupon bonds, since the owner of such a bond can receive interest upon presentation of the coupon sheet attached to the bond. A joint-stock company that issues bearer bonds does not keep records of their owners. Bearer bonds have the following details: the name of the issuer's company, the total amount of the loan, the conditions and procedure for paying interest. In case of loss of bearer bonds, the owner's rights are restored in court.

Bond Certificate - this is a security certifying the number and type of registered bonds belonging to the owner. If the certificate certifies the right to own one bond, it may also be referred to as a bond.

68. Payment of income on bonds

A company's bonds are categorized as fixed income securities because debt service obligations are fixed in nature, meaning the company undertakes to pay a specified interest on the bond after a certain period of time.

Interest on bonds is paid in preference to dividends on shares. Interest is calculated in relation to the nominal value of bonds, regardless of their market value. During the initial placement of bonds in the first year of operation of the joint-stock company, interest is paid in proportion to the time of actual circulation of the bond (unless otherwise provided by the terms of the issue). Interest on bonds is fixed or varies slightly depending on the term of their circulation and repayment of the loan. Interest is paid out of the net profit of the joint-stock company (before the payment of dividends on shares), and in case of its deficiency - from the reserve fund.

Interest is paid directly by the joint-stock company that issued the loan, or by an agent bank or financial intermediary, minus the relevant taxes. The payment of interest on bonds is made, as a rule, in a non-cash way. The terms of the issue of a bonded loan may provide for the payment of interest in the form of money, securities, goods and property or other rights having a monetary value. When paying income on bonds, a note is made on the payment of interest by redeeming or cutting off a coupon (on bearer bonds).

Interest on bonds can be paid once a quarter, half a year or a year. If a joint-stock company refuses to pay interest within the prescribed period, it may be declared insolvent and liquidated. The property of an insolvent issuer can be used to pay interest on bonds.

69. Analysis of the financial and economic activities of the enterprise

The content of the analysis of financial and economic activity consists in a comprehensive study of the technical level of production, the quality and competitiveness of products, the provision of production with materials, labor and financial resources and the efficiency of their use. This analysis is based on a systematic approach, comprehensive consideration of various factors, high-quality selection of reliable information and is an important management function.

The purpose of the analysis and diagnostics of the financial and economic activities of the enterprise is to increase the efficiency of its work on the basis of a systematic study of all types of activities and generalization of their results.

The objectives of the analysis and diagnostics of the financial and economic activities of the enterprise are:

- identification of the real state of the analyzed object;

- study of the composition and properties of the object, its comparison with known analogues or basic characteristics, standard values;

- detection of changes in the state of the object in the spatio-temporal context;

- establishing the main factors that caused changes in the state of the object, and taking into account their influence;

- forecast of the main trends.

The subject of analysis and diagnostics of the financial and economic activities of an enterprise is the analysis of production and economic results, financial condition, the results of social development and the use of labor resources, the condition and use of fixed assets, the costs of production and sales of products (works, services), efficiency assessment.

The object of analysis and diagnostics of the financial and economic activities of the enterprise is the work of the enterprise as a whole and its structural divisions (workshops, brigades, sections), and the subjects can be public authorities, research institutes, funds, centers, public organizations, the media, analytical services of enterprises.

The functions of analysis and diagnostics of the financial and economic activities of the enterprise are: control, accounting, stimulating, organizational and indicative.

70. Essence, purpose and methods of financial analysis

An integral part of the financial work of the enterprise are financial analysis and assessment of the financial condition of the enterprise. Financial condition - this is the state of the finances of the enterprise, characterized by a set of indicators reflecting the process of formation and use of its financial resources.

Financial analysis includes blocks:

- general (preliminary) analysis;

- analysis of financial stability;

- balance liquidity analysis;

- analysis of performance results;

- comprehensive analysis and evaluation of activities.

The specific direction of the analysis, its constituent blocks, the set of indicators are determined by the goals and experience of the analyst. The main purpose of financial analysis is to establish and determine the financial position of the enterprise.

The objectives of the analysis are:

- identification of changes in the values ​​of financial indicators that occurred during the period;

- determination of the most probable trends in the change in the financial condition of enterprises;

- determination of factors influencing the financial condition of the enterprise;

- establishment of measures and levers of influence on the finances of the enterprise in order to achieve the desired financial result.

The results of the analysis are necessary for internal users (enterprise services, management) and external (enterprise managers, owners, creditors, investors, suppliers). The information base of financial analysis is mainly accounting documentation.

The following methods are used in the analysis:

- comparison, when the financial indicators of the reporting period are compared with those of the base or planning period, while the correctness and comparability of indicators are of particular importance;

- grouping - with this method, homogeneous indicators are grouped and reduced to larger ones, which makes it possible to identify development trends and influence factors;

- chain substitutions - the method consists in replacing a separate indicator with a reporting one, which ultimately allows you to determine and measure the influence of factors on the final financial indicator;

- coefficient - operates by comparing relative indicators with the same units of measurement.

71. General analysis of the financial condition of the enterprise

Financial condition of the enterprise - this is an economic category that reflects the state of capital in the process of its circulation and the ability of a business entity to self-development at a fixed point in time.

The financial condition can be stable, unstable (pre-crisis) and crisis. The ability of an enterprise to make payments on time, finance its activities on an extended basis, withstand unforeseen shocks and maintain its solvency in adverse circumstances indicates its sound financial condition, and vice versa.

In order to conduct a general analysis of the financial condition of the enterprise, an analytical (comparative) balance sheet is drawn up, which includes the main aggregated (enlarged) indicators of the balance sheet, its structure, dynamics and structural dynamics. This balance allows you to bring together, systematize and analyze the initial assumptions and calculations.

In addition, such a presentation of balance sheet data makes it possible to simplify the work of horizontal and vertical analysis. Horizontal analysis is the study of changes in indicators for the reporting period, while vertical analysis involves the calculation of specific weights in the total (currency) of the balance sheet. Comparative balance sheet items are formed at the analyst's discretion and with varying degrees of detail.

Changing indicators allows you to identify the dynamics of indicators, as well as due to which structural shifts the indicators changed. Tables for analysis can be compiled (with varying degrees of detail) on the balance sheet, assets and liabilities, property and sources of funds, on the results of the enterprise and other analyzed areas.

At the initial stage of the analysis, the analyst may be interested in the following characteristics: the total value of the property (currency or balance sheet total), the value of immobilized assets (fixed and other non-current assets), the amount of working capital, material current assets, the amount of receivables, the amount of the most liquid funds, the value of own and the amount of borrowed capital, the amount of long-term loans and borrowings, etc.

72. Analysis of the financial stability of the enterprise

The financial stability of the enterprise is determined, first of all, by the ratio of the cost of material working capital and the values ​​of own and borrowed sources of their formation.

There are types of financial stability:

- absolute - excess sources of formation of reserves and costs (this type is extremely rare);

- normal - stocks and costs are provided by the amount of own funds;

- unstable financial condition - reserves and costs are provided at the expense of own and borrowed funds of their formation;

- Crisis financial condition - stocks and costs are not provided by the sources of formation, and the company is on the verge of bankruptcy.

Sources of funds that ease financial tension can be: temporarily free own funds of the enterprise (funds and reserves), attracted funds from third-party organizations (accounts payable), bank loans to replenish working capital.

To characterize the financial stability of an enterprise, such odds:

1. Security with own funds - shows the availability of own working capital necessary for financial stability; the normal value is 0,6-0,8.

2. Maneuverability - shows what part of own funds is in a form that allows relatively free maneuvering of these funds. 0,5 can be used as a guide value.

3. Autonomy - Shows the share of own funds in the total resources of the enterprise. The normal value can be considered 0,5.

4. Short-term debt - shows the share of short-term liabilities in total liabilities.

An external manifestation of financial stability is the solvency of the enterprise, that is, its ability to pay its obligations on time. An enterprise is considered solvent if its available funds, short-term financial investments (securities) and active settlements (settlements with debtors) cover its short-term liabilities.

73. Analysis of balance sheet liquidity

The liquidity of assets is their ability to turn into cash. The liquidity of the balance sheet is defined as the degree of coverage of the obligations of the enterprise by its assets, the period of transformation of which into cash corresponds to the maturity of the obligations.

To assess the liquidity of the enterprise's balance sheet, all assets of the enterprise are divided into the following groups:

А₁ - the most liquid assets (cash and short-term financial investments);

А₂ - marketable assets (accounts receivable with a maturity of up to 12 months and other current assets);

А₃ - slow-moving assets (reserves minus deferred expenses plus long-term financial investments);

А₄ - hard-to-sell assets (fixed assets and other non-current assets - long-term financial investments + accounts receivable with a maturity of more than 12 months).

The liabilities of the enterprise are divided into the following groups:

П₁ - the most urgent liabilities (accounts payable to suppliers and contractors, bills payable, debts to subsidiaries and affiliates, payroll, social insurance and security, to the budget, advances received);

П₂ - short-term liabilities (short-term loans and borrowings);

П₃ - long-term liabilities (long-term credits and loans);

П₄ - permanent liabilities (capital and reserves + dividend payments + deferred income + consumption funds + reserves for future expenses and payments).

The balance sheet is considered liquid, if inequalities are observed: A>P, A₂>P₂, A₃>P₃, A₄<P₄.

The results of the liquidity analysis of the balance are summarized in a table, which also indicates the absolute and relative values ​​of the deviation.

The liquidity characteristic is also complemented by financial ratios. The following ratios can be calculated: total liquidity ratio, absolute liquidity ratio, current liquidity ratio.

74. Analysis of financial results

Analysis of financial results begins with an assessment of the dynamics of balance sheet and net income and their structural components. At the same time, the main indicators for the reporting period are compared, their deviations from the base and planned values ​​are calculated, and it turns out which indicators had the greatest impact on profit.

Profits may be affected by changes in the following factors:

- change in selling prices for sold products;

- changes in the volume of manufactured and sold products;

- changes in the volume of production due to changes in its structure;

- the impact on profit savings from reducing the cost of production;

- the impact on profit of cost price changes due to structural shifts in the composition of products;

- the impact of changes in selling prices on materials, tariffs and services;

- the impact on profit of the savings caused by the violation of economic discipline.

The impact on profit of all factors is determined by summing the impact of each factor.

Additionally, when analyzing financial results, the following profitability indicators of the enterprise can also be calculated:

1. Net return on equity = net profit / balance sheet total.

2. Net return on equity = net income / equity.

3. Profitability of the main activity = profit from the sale of products / costs of production.

4. Profitability of non-current assets = profit from the sale / average value of non-current assets.

5. Net profit from product sales per ruble of sales volume = net profit / sales proceeds.

6. Profit from sales of products per ruble of sales volume = profit from sales / proceeds from sales.

7. Balance sheet profit per ruble of sales volume = balance sheet profit / sales proceeds.

When calculating the profitability indicators, the final values ​​of the coefficients are multiplied by 100 to obtain the expression of the coefficients as a percentage.

75. Characteristics of the DuPont multivariate model

DuPont's multi-factor model is used to evaluate an organization's return on equity.

The mathematical representation of the modified DuPont model is:

Rsk \uXNUMXd PE / BP × BP / A × A / SK, where Rsk - return on equity; PE - net profit; A - the amount of assets of the organization; BP - production volume (sales proceeds); SC - equity capital of the organization.

When analyzing the return on equity, it is necessary to take into account three important features of this indicator:

1. The time aspect of the activities of a commercial organization. The sales profitability ratio is determined by the performance of the reporting period; it does not reflect the probable and planned effect of long-term investments. For example, when a commercial organization makes a transition to new promising technologies or types of products that require large investments, profitability indicators may temporarily decrease. However, if the strategy was chosen correctly, the costs incurred will pay off in the future, and in this case, the decrease in profitability in the reporting period does not mean a low efficiency of the enterprise.

2. Having a risk problem. One of the indicators of the riskiness of a business is the coefficient of financial dependence - the higher its value, the more risky, from the point of view of shareholders, investors and creditors, this business is.

3. The presence of the problem of assessing the indicators used in the DuPont formula. The numerator and denominator of the return on equity ratio are expressed in monetary units of different purchasing power. Profit reflects the results of operations and the prevailing level of prices for goods and services, mainly for the past period. Unlike profit, equity is built up over a number of years. It is expressed in accounting valuation, which can be very different from the current market value.

It is also necessary to take into account the relationships between factors that are not directly reflected in the DuPont model. With an increase in the share of borrowed funds in the advanced capital, payments for the use of loans also increase. As a result, net profit decreases, and there is no increase in the return on equity.

76. Assessment of the creditworthiness of an enterprise

A complete financial analysis for assessing the creditworthiness of an enterprise consists, as a rule, of three main parts:

- analysis of its financial results;

- analysis of the financial condition;

- analysis of business activity.

Creditworthiness of the borrower - this is his ability to fully and on time pay off his debt obligations (principal and interest).

There are the following main criteria by which the creditworthiness of a client is assessed:

- type of activity of the client;

- the ability of the client to earn funds in the course of his current business activities to repay the debt (financial capacity);

- the amount of current capital;

- availability of loan collateral;

- the conditions under which the credit transaction is made.

One of the main criteria for a client's creditworthiness is his ability to earn funds to repay the debt in the course of current activities. The client's capital is an equally important criterion for the client's creditworthiness. The following two aspects of its evaluation are important:

- sufficiency, which is analyzed on the basis of legal requirements for the minimum level of the authorized capital (share capital) and financial leverage ratios;

- the degree of investment of own capital in the credited operation, which indicates the distribution of risk between the bank and the borrower. The greater the share of equity investment, the greater the borrower's interest in carefully monitoring credit risk factors.

In international practice, the assessment by banks of a client's creditworthiness is based on the following key indicators:

- analysis of the financial statements of the enterprise;

- liquidity of the property of the enterprise;

- indicators of capital turnover;

- the share of raising funds in the balance sheet of the enterprise;

- indicators of profitability.

- assessment of clients' creditworthiness based on methods adopted by individual commercial banks.

77. The impact of receivables on the financial results of the enterprise

When developing a payment policy, an enterprise proceeds from a comparison of the profit additionally obtained by softening the terms of payments and, consequently, an increase in sales volumes, and losses due to an increase in receivables.

An increase in accounts receivable initiates additional costs for the enterprise in the following areas:

- increase in the volume of work with debtors (communication, business trips, etc.);

- increase in the period of turnover of receivables (increase in the period of collection);

- increase in losses from uncollectible receivables.

Softening the conditions of commercial credit may consist of extending the term of credit for consumers. In the management of receivables (in the formation of the policy of conditions of sale) collection coefficients have become widespread. Coefficients of collection - the share of proceeds from debt of a certain period in relation to the volume of sales of the period of occurrence of debt.

Accounts receivable management involves, first of all, control over the turnover of funds in the calculations. The acceleration of turnover in dynamics is regarded as a positive trend. Of great importance are the selection of potential buyers and the determination of the terms of payment for the goods provided for in the contracts. The selection is carried out using informal criteria: observance of payment discipline in the past, predictive financial capabilities of the buyer to pay for the volume of goods requested by him, the level of current solvency, the level of financial stability, the economic and financial conditions of the seller enterprise (overstocking, the degree of need for cash, etc.). P.).

Accounts receivable control includes ranking of receivables according to the terms of their occurrence; the most common classification provides for the following grouping in days: 0-30; 31-60; 61-90; 91-120; over 120. In addition, it is necessary to control bad debts in order to form the necessary reserve of funds.

78. Accounts receivable management

The key point in the management of receivables is the timing of credit provided to buyers. The terms of the loan are directly related to the costs and income associated with receivables. If the terms of the loan are tight, the company will have less cash invested in receivables and losses from bad debts, but this can lead to lower sales, lower profits and a negative reaction from buyers.

On the other hand, if the loan terms are too lenient, the company may achieve higher sales and more revenue, but it also risks an increase in bad debts and the cost of delaying payment by low-performing buyers. Accounts receivable terms should be extended when excess inventory or obsolete products need to be disposed of, or if you are in an industry with seasonal sales. Before granting a loan, it is necessary to carefully analyze the financial statements of the buyer and it is desirable to obtain rating information about the buyer from financial advisory firms. High-risk receivables should be avoided, such as in the case of buyers in a financially unstable industry or region. It is also necessary to categorize receivables by due dates (arrange them by time elapsed from the date of invoicing) to identify buyers who are late in payment, and impose penalties on late payments.

One of the most popular methods to reduce the risk of non-collection of receivables is credit insurance and the use of factoring services. When deciding whether to insure a loan, it is necessary to evaluate the expected average loss from bad debt, the financial ability of the company to withstand these losses, and the cost of insurance. The use of factoring services involves the analysis of the same factors as when making a decision on credit insurance.

79. Accounts receivable control system

The receivables control system includes the following sections:

- analysis of debtors;

- analysis of the real value of existing receivables;

- control over the ratio of receivables and payables;

- development of an intra-company regulation on the policy of advance payments and the procedure for granting commercial loans;

- the procedure for insuring accounts receivable and the use of factoring.

The analysis of debtors involves, first of all, an analysis of their solvency in order to develop individual conditions for the provision of commercial loans and conditions for factoring. An analysis of the main indicators of the debtor's activity can lead to the conclusion that it is expedient to sell products only on an advance payment basis, or, conversely, that it is possible to reduce interest on commercial loans, etc.

The analysis of accounts receivable and the assessment of its real value consists in analyzing the debt by the timing of its occurrence, in identifying bad debts and forming a reserve for doubtful debts for this amount. Also of great importance is the analysis of the dynamics of accounts receivable by the timing of its occurrence and the turnover period. A detailed analysis allows you to make a forecast of the receipt of funds, identify debtors in respect of which additional efforts are needed to recover debts, and also evaluate the effectiveness of receivables management.

The ratio of receivables and payables is a characteristic of the financial stability of the company and the effectiveness of the financial management system at the enterprise. In a normally functioning enterprise, there is a certain balance between the amounts of receivables and payables.

The use of factoring services implies a financial commission transaction, in which the company assigns the receivables to the factoring company in order to immediately receive the majority of the payment, as well as to obtain a guarantee of full repayment of the debt and reduce the cost of maintaining accounts.

80. Selective and continuous methods of analysis of settlements with debtors

Depending on the size of receivables, the number of settlement documents and the number of debtors, the analysis of the level of receivables can be carried out both by a continuous and selective method.

The general scheme of control and analysis, as a rule, includes several stages.

1. The critical level of accounts receivable is set. All settlement documents relating to debt exceeding the critical level are subject to mandatory verification.

2. A control sample is made from the remaining settlement documents. Various methods are used for this. One of the simplest is the n-percentage test (for example, with n = 10%, every tenth document is checked, selected on some basis, for example, by the time the obligation arose).

There are also more complex statistical selection methods based on setting critical values ​​of the significance level, sampling error, permissible deviation between the amount of receivables reflected in the statements and calculated from sample data, etc. In this case, the sampling interval is determined by the monetary meter, and each the settlement document, on which the boundary of the next interval falls, is selected for control and analysis.

3. The reality of the amounts of receivables in the selected settlement documents is checked. In particular, letters can be sent to counterparties with a request to confirm the reality of the amount entered in the document or accounted for.

4. The significance of the identified errors is assessed. In this case, different criteria can be used. For example, a deviation exceeding 10% between the accounting and the amounts confirmed as a result of the control check can be considered significant. If the deviation varies from 5 to 10%, the decision on its materiality is made by the analyst (manager, accountant, auditor) at his own discretion. A deviation not exceeding 5% is considered insignificant.

81. The concept and principles of organization of the budgeting system

Budgeting system is an organizational and economic complex, represented by a number of special attributes introduced into the enterprise management system. The most important of them are:

- the use of special carriers of management information - budgets;

- assigning the status of business units (financial responsibility centers - CFR) to structural subdivisions;

- high level of enterprise management decentralization.

Traditionally, the budget was understood as a financial plan, which has the form of a balance sheet, in which costs are consistent with income. However, in the enterprise budgeting system, this category has acquired a broader semantic content. Often, the budget is understood as any document that reflects any aspect of the activity in the process of fulfilling the mission of the enterprise. The budget sets the direction of activity. It also reflects the actual results of these activities. The main idea implemented by the budgeting system is the combination of centralized strategic management at the enterprise level and decentralization of operational management at the level of its divisions.

Decentralization of enterprise management when using the budgeting system means:

- delegation of managerial powers (respectively, and responsibility) to lower-level links;

- increasing the economic independence of these units;

- endowing the links with certain property necessary for solving the tasks facing them;

- assignment to the links of the costs associated with their activities; "fixing" means making these costs widely manageable;

- fixing for divisions of a part of the income received by them;

- alienation of part of the income received by each division to finance the activities of divisions that are not able to receive such income from outside;

- the supremacy of the mission of the enterprise over the goals of individual units. The degree of possibility of intervention of higher levels in the activities of lower levels determines the level of centralization of management.

82. The main elements of the budgeting system

The main elements of the budgeting system are revenues, costs, financial results (deficit or surplus), principles of building the budget system.

Budget revenues - funds received on a gratuitous and irrevocable basis at the disposal of the corresponding CFD - profit or income center. Fixed income - income received in full in the relevant budget. Regulatory revenues - funds transferred from one budget to another:

- subsidies - funds transferred on a gratuitous and irrevocable basis to compensate for the deficit;

- subvention - funds transferred on a gratuitous and irrevocable basis for the implementation of certain targeted expenses;

- subsidy - funds transferred on the terms of equity financing of targeted expenses.

Budget expenditures - funds allocated for financial support of the tasks and functions of the subject of management.

The budget deficit - the excess of budget expenditures over its revenues.

Cost sequestration - regular reduction of all items of expenditure (except protected ones) in case of the threat of budget deficit.

Budget surplus - the excess of budget revenues over its expenditures.

Budget classification - systematized economic grouping of budget revenues and expenditures according to homogeneous features. The system of enterprise budgets is based on the following principles:

- unity of the budget system;

- differentiation of incomes and expenses between the levels of the budgetary system;

- independence of budgets;

- completeness of reflection of incomes and expenses of budgets;

- balancing the budget;

- deficit-free budget;

- efficiency and economy of the use of budgetary funds;

- general (aggregate) coverage of budget expenditures;

- Reliability of the budget.

When building a budgeting system, it should be remembered that financial planning is closely related and based on the marketing, production and other plans of the enterprise, subject to the mission and overall strategy of the enterprise: no financial forecasts will gain practical value until production and marketing decisions are worked out.

83. Principles of building a budget system

The principle of unity of the budget system means the unity of the following elements: regulatory framework; forms of budget documentation; sanctions and incentives; methodology for the formation and use of budgetary funds.

The principle of delimitation of income and expenses between separate budgets means securing the relevant types of income (in whole or in part) and the authority to make expenses for the relevant management entities.

The principle of independence of budgets means:

- the right of individual management entities to independently carry out the budget process;

- the presence of own sources of income for the budgets of each subject of management, determined in accordance with the methodology for the formation of the budget of the enterprise;

- the right of management entities to independently determine the directions of spending the funds of the relevant budgets in accordance with the current methodology;

- the inadmissibility of the withdrawal of income additionally received in the course of budget execution, the amounts of excess income over race

budget moves and savings on budget expenditures.

The principle of completeness of reflection of budget revenues and expenditures means that all income and expenses of the subject of management are subject to reflection in its budget.

The principle of a balanced budget means that the volume of budgeted expenditures must correspond to the total volume of budget revenues and receipts from sources of financing its deficit.

The principle of efficiency and economy in the use of budgetary funds means that when drawing up and executing budgets, the relevant management entities should proceed from the need to achieve the desired results using the smallest amount of funds or to achieve the best result using the amount of funds determined by the budget.

General cost coverage principle means that the budgetary expenses of all financial responsibility centers must be covered by the total amount of the enterprise's income.

The principle of budget credibility means the reliability of indicators of the forecast of the socio-economic development of the enterprise, the realistic calculation of income and budget expenditures.

84. Factors for increasing production efficiency when implementing a budgeting system

The purpose of introducing a budgeting system is to increase the efficiency of the enterprise. The efficiency criterion is the excess of the enterprise's income over its costs in the performance of the functions assigned to the enterprise (its mission).

The efficiency of the enterprise during the transition to a budgeting system is increased due to the following factors:

1. The whole set of financial flows associated with the formation of income and costs is reduced to a single balance sheet. The problem of their coordination at the level of both the enterprise and its individual divisions is being solved. It creates complete clarity about how each ruble of the budget appears at the enterprise, how it is moved and used.

2. Assigning budgets to subdivisions transfers a significant part of the responsibility for the level of wages of employees from the director of the enterprise to the heads of these subdivisions.

3. The principle of the material interest of all personnel in the results of the work of their unit and the enterprise as a whole is implemented. The unit's actual payroll is calculated at the end of the budget period on a residual basis as the unused portion of its spending limit. The limit increases with the growth of income. It becomes profitable to increase revenues and reduce costs, as this will increase wages.

4. The budget process implements all the functions of financial management at the enterprise, namely planning, organization, motivation, accounting, analysis and regulation. Moreover, financial management is carried out in real time.

5. It becomes possible to focus financial policy on solving specific problems. For example, an enterprise in financial distress may base its budget on the necessary funds and schedule for repayment of its overdue accounts payable.

6. The basis of financial planning is the plan for production, logistics and staffing. The budgeting system becomes the basis for the integrated management of all areas of the enterprise.

85. The system of enterprise budgets

The budget structure of the enterprise is the organizational principles of building the budget system, its structure, the relationship of the budgets combined in it.

The budget system of the enterprise - this is a set of budgets based on production, economic relations and the structural structure of the enterprise, regulated by its internal regulatory documents. Consolidated budget - a set of all budgets used in the budget system of the enterprise. The consolidated budget includes the budget of the enterprise as a whole and the budgets of individual management entities within it.

The system of enterprise budgets can be supplemented with the following aspects of the classification of budget documents:

- by functional purpose: property budget, income and expenses budget, cash flow budget, operating activity budget;

- in relation to the level of integration of management information: the budget of the primary accounting center, the consolidated budget;

- depending on the time interval: strategic budget, operational budget;

- depending on the stage of the budget process: planned budget, actual (executed) budget.

Typically, at the enterprise level, the main budget documents are:

1. Balance sheet (property budget) - form 1 of the enterprise's financial statements.

2. Profit and loss statement (budget of income and expenses) - form 2 of the enterprise's financial statements.

3. Cash flow statement (cash flow budget) - form 4 of the enterprise's financial statements.

The budget for the production and economic (operational) activities of an enterprise is a document reflecting the production and sale of products, other production results (it is not included in the official reporting, it is developed in any form). The budget for the production and economic activities of the enterprise is transformed into a system of budgets for the operating activities of financial responsibility centers.

86. Implementation of the budgeting system

The system that implements the management of the budget of an enterprise includes the following parts: economic, organizational, informational, computer.

The economic part of the supporting system is represented by a certain economic mechanism operating within the enterprise. This mechanism involves:

- assigning certain property to the divisions of the enterprise, granting the rights to manage this property, income and expenses;

- application of special methods of income distribution and cost formation;

- use of methods of economic stimulation.

The development of the budget requires a significant amount of regulatory information - consumption rates, prices, tariffs, etc. To obtain it, significant preparatory analytical work is carried out, during which a thorough inventory of the enterprise's income and costs is carried out, reserves and losses are identified.

Organizational support includes a modification of the organizational structure of enterprise management and a change in its workflow. At the same time, the implementation of the system usually does not require a radical restructuring of the organizational structure. In this area, the minimum requirements are as follows:

- each division is assigned the status: "income center", "profit center", "cost center", etc.;

- a unit is created that operates the budget management system (settlement and financial center, treasury, etc.);

- the head of this division is vested with the powers of the deputy director of the enterprise.

The enterprise workflow scheme changes as follows:

- new documents are introduced - mandatory plans for income and expenses;

- all types of actual costs of the enterprise before their execution are checked against the budget.

The computer part of the software includes:

- personal computers;

- universal software environment;

- a specialized software package that implements the development and execution of budget documents.

87. Options for the budgeting system

In relation to the accounting system of the enterprise, autonomous and adapted options for the budgeting system are possible.

The adapted version is based on the use of accounting information. The autonomous option involves the creation of your own, independent of accounting, accounting system.

Each of these options has certain advantages and disadvantages.

The adapted version relies on well-established accounting information flows. It is free from duplication of accounting information and in this respect is more economical than standalone. Especially attractive is the use of an adapted version with well-developed analytical accounting, when property, income and costs are accounted for by business units. It should be noted that such accounting is sometimes identified with budgeting.

However, a significant problem here is budget planning. An important principle of the budget management system is the comparability of planning and accounting information. Therefore, in an adapted version, planning should be done in an "accounting" style. That is, if accounting is kept in the context of accounting accounts, planning should also be carried out accordingly. This raises a number of complex methodological problems that have not yet been satisfactorily resolved. And the stronger the analytical accounting, the more difficult the planning.

The offline option uses its own accounting system. This causes duplication of accounting information, resulting in increased management costs. However, the budgeting system is cheaper to develop and easy to operate.

The main functional blocks of the system are:

- block planning;

- accounting block;

- analysis unit;

- normative base.

When developing budgets, full compliance with plans for production activities, income and costs, cash flow and property of the enterprise should be ensured. The plans of the enterprise as a whole should correlate with the system of corresponding plans of individual departments.

88. Consolidation of budgets

If the company is a holding company consisting of several separate enterprises (business units, branches, individual legal entities), then the question arises of the formation of consolidated budgets and reports for the entire company.

Consolidation of budgets can be carried out in two ways:

- joint planning and accounting of the activities of all enterprises in one system, which allows you to immediately generate consolidated budgets and company reports;

- maintenance of separate accounting and formation of own planning and reporting documents for each of the company's enterprises and their subsequent consolidation into consolidated budgets and company reports.

Various activities of the company's enterprises, an increase in the number of heterogeneous business transactions contribute to the maintenance of separate specialized accounting for each enterprise. This leads to the need to consolidate individual budgets and reports of the company's enterprises, which, in turn, requires the development of a methodology for this procedure.

If there are business transactions between different enterprises of the company, the consolidation procedure becomes more complicated, and it becomes necessary to exclude internal turnovers when forming consolidated budgets and reports. One of the most common types of internal turnover is sales within the group. The profit of internal turnover may be included in balance sheet balances, for example, in the composition of products that the trading house purchased from the company's enterprises. Difficult cases arise if the profit of internal turnover is part of the materials that are then used to manufacture products.

In order to correctly exclude all the influence of internal turnovers when consolidating budgets and reports, it is necessary to study the features of the company's business organization and develop a consolidation methodology. The creation of such a tool will make it possible to quickly and efficiently prepare consolidated budgets and reports for presentation to interested users and management decisions.

89. Accounting and reporting system at the enterprise

An important element of the budgeting system is the accounting and reporting subsystem. The reporting system is the most important source of information for making managerial decisions, therefore, decision-making largely depends on how it is organized. From the point of view of compliance with the goals of adoption, the main properties of the accounting system are objectivity and compliance of the accounting structure with the features of decision-making. The key factors influencing decision-making include the following features of the accounting system:

- methodology for determining the financial result;

- features of grouping costs by periods of occurrence;

- allocation of accounting centers;

- organization of analytical accounting. These features determine the nature

analysis of the factors of profit formation within the organization. Despite the fact that the classification of costs is based, as a rule, on objective criteria, cost accounting is not free from subjective aspects both in the methodology and in the process of implementing accounting.

The main reasons for subjectivity in cost accounting include:

reliable distribution of overhead costs by their carriers; problems of accounting for external effects; ensuring the completeness of the costs taken into account. Among the factors that cause the subjectivity of accounting, we can single out: the choice of an accounting center to which costs are related; allocation of overhead costs; determination of the period of implementation of costs, etc. The objectivity of accounting depends primarily on the clarity, reasonableness of the accounting methodology, accounting policy.

The greatest number of subjective moments is introduced at the stage of cost grouping. In practice, the classification of costs is achieved by grouping them by accounting centers and by items of analytical accounting. When generating accounts for analytical accounting, the choice, as a rule, is made between the organization of accounting by elements or by calculation items. For example, analytical accounting can be organized in terms of cost elements, and the grouping of costs by calculation items can be carried out by allocating sub-accounts that reflect the structure of accounting centers.

90. Monitoring the implementation of budget indicators

The key element of the system for monitoring the implementation of budget indicators is the deviation of actual indicators from planned ones. This assumes the use of the elimination method, according to which the manager focuses only on significant deviations and does not pay attention to indicators that are performed satisfactorily. In the budget execution control process, the planned and actual data are detailed to the original components in order to determine what exactly led to the discrepancy.

Four approaches to the implementation of the enterprise budget control system should be distinguished:

- a simple analysis of deviations, focused on the adjustment of subsequent plans;

- analysis of deviations, focused on subsequent management decisions;

- analysis of deviations under conditions of uncertainty;

- a strategic approach to the analysis of deviations.

The essence of a simple variance analysis is that the system controls the state of budget execution by comparing budget indicators and their actual values. If the deviation is significant, then the financial manager decides on the need to make appropriate adjustments to the budget for the next period. Otherwise, no corrective action is taken.

In this regard, the question of the significance of costs is important. As a criterion for determining the importance of costs, you should use the final budget indicators, for example, the amount of total cash flow (or the amount of net profit). Having an appropriate computer program, the financial manager calculates the consequences of a specific deviation of actual indicators from planned values ​​on the amount of total cash flow.

Based on the deviation of the actual total cash flow from the planned value, it is concluded that it is necessary to adjust the plan for the next period. The analysis of deviations, focused on subsequent management decisions, involves a more detailed factorial analysis of the impact of various deviations of business parameters on profit or cash flow.

91. Strategic approach to variance analysis

The strategic approach to the analysis of deviations is based on the position that the evaluation of the performance of the enterprise, in particular, the implementation of the budget, should be carried out taking into account the strategy of the enterprise and the goals set.

In accordance with this approach, the financial manager, when monitoring the implementation of the budget, should analyze the degree of compliance of actual activities with the set long-term goals (for example, the degree of achievement of strategic and long-term goals in the format of a balanced scorecard). In case of significant deviations of the actual data from those planned in the budget (and if it is determined that the deviation occurred due to planning), not only the budget is adjusted, but also the company's strategy, as well as long-term targets.

This approach does not offer any new computational control technology. It establishes the starting point of the budget control procedure: after analyzing the strategy of the enterprise, the financial manager selects the computational control procedure corresponding to this strategy.

The strategy of an enterprise can be considered in two dimensions: strategic guidelines (expansion, maintenance of the achieved level and use of achievements); strategic positioning, maintaining competitive advantages (low costs and product differentiation).

From this point of view, the budget execution control system is a critical element for an enterprise that focuses on the strategy of using achievements (partially - maintaining the achieved level) while strategically positioning competitive advantages in the direction of cost leadership. In such a situation, the enterprise is forced to maintain strict control over its costs and revenues, finding out in detail the reason for the deviation from previously planned scenarios.

92. Enterprise planning system

When detailing the planning of the enterprise, it is advisable to take into account the possibilities of accounting, since it makes no sense to plan what cannot be taken into account. In turn, the accounting structure (allocation of accounting centers, analytical accounting) must correspond to the organization of planning. The deviation analysis system should provide the information necessary for decision-making, including for improving the planning system.

The use of a system for analyzing deviations from the budget in the wage system can both increase the interest of employees in improving the performance of the enterprise, ensure better alignment of the goals of employees and the enterprise as a whole, and improve the quality of planning. Planning and regulation are powerful tools that can be used both to identify the transaction costs of an enterprise and to develop measures to reduce them.

The main goals of planning are:

- creation of a control system;

- motivation and stimulation;

- development of an enterprise activity strategy;

- analysis of reserves and opportunities, development of measures to improve the efficiency of the enterprise;

- optimal distribution of resources;

- risk reduction.

The planning system is the defining element of the budgeting system. The planning model, the degree of detail of plans is the determining factor both in building a reporting system and in analyzing deviations.

The planning system includes the following elements:

- budgeting procedure;

- budget approval procedure;

- budget form (profit plan, cash budget, balance sheet);

- distribution of responsibilities for planning and analysis, the structure of accounting centers;

- scheme of formation of financial results, methods of spreading costs;

- the composition of the standards used.

93. Cash flow analysis

There are several approaches to the analysis of the statement of cash flows (ODDS). One of them - interpretative analysis of ODDS, carried out by the top management of the company, the second - coefficient analysis of ODDS financial manager. It is important for an enterprise manager or financial manager to choose the best option and consider the content of the report, resorting to a comparison in retrospect.

The basis of financial analysis is the relationship that exists between the three interim results of the statement of cash flows: cash flow from operating activities, cash flow from investing activities and cash flow from financing activities. This information serves as the basis for further analysis of cash flows.

The first method of analysis of ODDS - interpretive (analysis of absolute values), is intended for both financial and non-financial managers. The essence of this method lies in the analysis of report data without the use of calculated financial ratios. When describing the structure of cash flow from operating activities, you should pay attention to the following points:

- targeted use of cash flow from operating activities;

- analysis of negative and positive cash flow from operating activities;

- determination of factors affecting the cash flow from operating activities;

- analysis of the total amounts and the procedure for using depreciation charges, comparison of the amounts of depreciation charges with the total amount of investments in production and technological development carried out by the enterprise;

- the impact of changes in working capital accounts on cash flow from operating activities.

The main value of the financial analysis of the enterprise is to assess the ability of the enterprise to generate cash flows. The information base of such financial analysis is the statement of cash flows, compiled by the direct and indirect methods.

94. Cash flow statement

There are two main approaches to constructing a cash statement: direct and indirect. The direct method analyzes gross cash flows by their main types: sales proceeds, payment of supplier invoices, payment of wages, purchase of equipment, attraction and return of loans, payment of interest on them, etc. The source of information for compiling such a report is accounting data. accounting.

The indirect method is based on the principles of analysis of financial resources. The initial calculation base is net profit, which, through successive adjustments, is brought to the value of net cash flow.

The direct and indirect methods of calculating the cash flow are opposed to each other as follows: the direct method proceeds from the "top-down" principle - from revenue to cash flow; the indirect method is based on the "bottom-up" principle - from net profit to cash flow. At the same time, they mean the location of revenue and net profit indicators in the income statement, where revenue is at the very top of the report, and net profit is one of its latest indicators.

When evaluating the performance of a company through the analysis of financial statements, it is important to use not only past data, but also future approximate data. Approximate analysis is an attempt to predict the situation that will develop in the near foreseeable future.

One approach to running a ballpark financial analysis is to look at the current statement of cash flows and forecast those events that are likely to happen in the future (for example, purchases, dividend payments, debt repayments, etc.) and those which, most likely, will not be (unforeseen, extraordinary events).

Obviously, the reliability of a ballpark analysis depends on the ability of a financial analyst to predict future events, but beyond that, ballpark analysis is a logical consequence of the financial analysis of a cash flow statement.

95. Investment activity of the enterprise

Investment activity of the enterprise - an integral part of its overall economic activity. In order for an enterprise to operate successfully, improve product quality, reduce costs, expand production capacity, increase the competitiveness of products and strengthen its position in the market, it must find ways for profitable investment of capital.

In the most general way investments are defined as cash, bank deposits, shares, shares and other securities, technologies, machinery, equipment, licenses, including trademarks, loans, any other property or property rights, intellectual values ​​invested in objects of entrepreneurial activity or other activities for profit. The economic definition of investment is interpreted as the costs of creating, expanding, reconstructing and technically re-equipping fixed capital, as well as the associated changes in working capital.

Investments are the use of financial resources in the form of short-term or long-term capital investments.

zheny. By type of investment are divided into risky (venture), direct, portfolio and annuities.

Venture capital represents an investment in new areas of activity associated with high risk. Venture capital is invested with the expectation of a quick return on investment. It combines various forms of capital: loan, equity, entrepreneurial.

Direct investment represent an investment in the authorized capital of an economic entity with the aim of generating income and obtaining rights to participate in the management of this entity.

Portfolio investment associated with the formation of an investment portfolio and represent the acquisition of a combination of various securities and other assets.

Annuities - investments that bring the investor a certain income at regular intervals are investments in insurance and pension funds.

96. Investment projects and project analysis

Planned, implemented and implemented investments take the form investment projects. These projects need to be evaluated according to various criteria, and first of all, on the basis of a comparison of the costs of the project and the results of its implementation. For this, a project analysis is carried out, which is necessary at all stages of the project and, especially, at the stage of its development.

Project Analysis is called the analysis of the profitability of an investment project based on a comparison of the costs of the project and the benefits that will be received from it.

There are the following types of analysis:

1. Technical analysis, on the basis of which the most suitable equipment and technology for this investment project are determined.

2. Commercial analysis, covering the analysis of the market for the products that will be produced after the implementation of the investment project.

3. Institutional analysis, the task of which is to assess the organizational, legal, administrative, market environment in which the project will be implemented and adapt it to this environment, especially to the requirements of state organizations.

4. Social (socio-cultural) analysis, the task of which is to investigate the impact of the project on the social environment, to achieve a favorable or at least neutral attitude towards the project on the part of society.

5. Environmental analysis, on the basis of which an expert assessment of the damage caused by the project to the environment is identified and given, and at the same time proposals are formed to mitigate or prevent this damage.

6. Financial analysis.

7. Economic analysis.

Financial and economic analyzes are key, based on a comparison of the costs and benefits of the project, but differ in approaches to their assessment. If economic analysis evaluates the profitability of the project from the point of view of the whole society (country), then financial analysis - only from the point of view of the enterprise, its owners, creditors and investors.

97. Basic methods of analysis of investment projects

The main methods of analysis of investment projects include:

1. Method of simple (accounting) rate of return. This method is based on the calculation of the ratio of the average net accounting profit over the life of the project and the average value of investments (costs of fixed and working capital) in the project. The project with the highest average accounting rate of return is selected. The main advantage of this method is its simplicity for understanding, availability of information, ease of calculation. The disadvantage is that it does not take into account the non-monetary (hidden) nature of some types of costs.

2. Method for calculating the payback period of the project. The number of years required to fully recover the initial costs is calculated, that is, the moment when the cash flow of income is equal to the sum of the cash flows of costs is determined. The project with the shortest payback period is selected. This method ignores the possibility of reinvestment of income and the time value of money.

3. The method of net present (current) value. The net present value of a project is defined as the difference between the sum of the present values ​​of all income cash flows and the sum of the present values ​​of all cost cash flows, that is, the net cash flow from the project reduced to present value. The discount factor is assumed to be equal to the average cost of capital. The project is approved if the net present value of the project is greater than zero.

4. Method of internal rate of return. Under this method, all project revenues and costs are reduced to present value at a discount rate derived not from an externally specified average cost of capital, but from the internal rate of return of the project itself, which is defined as the rate of return at which the true value of the revenues is the present value of the costs, i.e. the net present value of the project is zero. The resulting net present value of the project is compared to the net present value of the costs. Projects with an internal rate of return that exceeds the average cost of capital are approved.

98. Sensitivity analysis of investment project models

The purpose of the analysis sensitivity is to determine the degree of influence of various factors on the financial result of the project. As integral indicators, characterizing the financial result of the project, the following indicators are usually used:

- internal profitability ratio;

- payback period of the project;

- net present value of income;

- profitability index.

The factors that are varied during sensitivity analysis can be divided into two main groups:

- factors influencing the volume of receipts;

- factors affecting the volume of costs. The following are accepted as variable factors:

- the physical volume of sales as a result of the market capacity, the company's share in the market, the potential for growth in market demand;

- selling price and trends of its changes;

- direct (variable) costs and tendencies of their changes;

- fixed costs and trends of their changes;

- the required amount of investment;

- the cost of attracted capital, depending on the conditions and sources of its formation;

- in some cases - inflation indicators.

These factors can be classified as directly affecting the volume of revenues and costs. However, in addition to direct action factors, there are factors that can be conditionally called indirect (time factors). Time factors can have a multidirectional effect on the financial result of the project.

As factors of time that have a negative impact, the following can be distinguished:

- the duration of the technological cycle of manufacturing a product or service;

- the time spent on the sale of finished products;

- payment delay time.

Among the positive time factors are the delay in payment for the supplied raw materials, materials and components, as well as the period of time for the delivery of products from the moment the advance payment is received when selling products and services on a prepaid basis.

99. Tasks of investment planning

Investment planning is a strategic and one of the most complex tasks of enterprise management. In this process, it is important to take into account all aspects of the company's economic activity, from the state of the environment, inflation indicators, tax conditions, the state and prospects for the development of the market, the availability of production capacities, material resources, and ending with the project financing strategy.

The main tasks of investment planning:

- determination of the need for investment resources;

- identification of possible sources of financing and interaction with potential investors;

- assessment of the cost of investment resources;

- preparation of a financial calculation of the effectiveness of investments, taking into account the return of borrowed funds;

- development of a detailed business plan for the project to be presented to a potential investor.

The objectives of the investment may be the acquisition of new equipment in order to

expanding production and increasing profits from additional sales, updating worn and outdated equipment to improve cost efficiency. In this case, the rationale for investment is to reduce production costs. Investments may also involve the costs associated with bringing a product to market to increase sales.

According to the form of implementation, all investments can be divided into two main groups:

- portfolio investments - capital investments in a group of projects, for example, the acquisition of securities of various enterprises in order to profit from the purchase and sale of these securities. Portfolio investments, as a rule, are not intended to gain real control over the activities of an enterprise;

- real investments - financial investments in a specific, usually long-term, project, usually associated with the acquisition of real assets and the establishment of real control over the process of implementing this project.

100. Rules for effective investment planning

The implementation of a number of basic rules allows you to plan future investments most efficiently.

Before deciding on an investment, it is very important to determine the problem that will be solved as a result of its implementation. In most cases, there are several paths to achieve the investment goal, and it is very important to determine the best path at the very beginning of planning.

Most investments are independent of each other. This means that the choice of one investment does not preclude the choice of any other. However, there are circumstances in which investment projects compete with each other in their goals, for example, when two possible ways of solving the same problem are considered.

Another type of investment concerns incremental costs in addition to the initial investment. Any capital investment in buildings and equipment usually includes additional future costs for maintaining them in working order, upgrading and partially replacing them over the next few years. Such future costs should be considered already at the first stage of decision-making.

The success of long-term investments depends entirely on the likelihood of future events and uncertainty. It is not enough to assume that past conditions and experience will remain unchanged and be applicable to a new project. Careful analysis of changes in individual variables, such as sales volume, prices and costs of raw materials, etc., can help here.

The investment process is always associated with risk, and the longer the project and its payback period, the more risky it is. In this regard, when making a decision, it is necessary to take into account the time factor. In order to more correctly estimate future income from investment activities, it is required to use a special mathematical method for converting the values ​​of these future cash flows into comparable monetary values ​​today.

101. Enterprise business plan

In modern conditions, one of the most important planning tools is a business plan. Traditionally, he acted as a tool for small and medium-sized businesses that needed external assistance (partner or investor) for the implementation of specific projects. Today, business plans are developed by almost all leading foreign companies on an ongoing basis.

The growing role of the business plan in planning has been especially pronounced in recent decades. This was due to the following reasons:

1. The increase in the complexity of the external economic environment required companies to be highly flexible in management, the ability to constantly calculate many options for management decisions in a complex, taking into account all factors.

2. The role of strategic marketing, the ability to find and evaluate possible new, promising areas of economic activity has increased. Under these conditions, a business plan is necessary for the economic assessment of promising opportunities that exist in the market.

3. The independence of production units has expanded. The isolation of economic systems, if necessary, the integration of decisions regarding investment policy and the assessment of their attractiveness in terms of financial results, has made the business plan a popular business planning tool within large companies.

A business plan is a business development plan for the coming period, which formulates the subject, main goals, strategies, directions and geographic regions of economic activity; pricing policy, market capacity and structure, conditions for supply and purchase, transportation, insurance and processing of goods, factors affecting the growth / decrease in income and expenses for a group of goods and services that are the subject of the enterprise's activities are determined.

A business plan always has an addressee. It can be a partner, investor, senior management or government, so in any case, the business plan must take into account the interests of the person to whom it is addressed.

102. Financial section of the business plan

The purpose of the financial section of the business plan is to formulate and present a detailed system of project indicators that reflect the expected financial results of the company. At the same time, the financial plan should not diverge from the materials presented in other parts of the business plan.

For an existing business that plans to expand its operations, it is advisable to present financial data for previous years. It is also necessary to state in a clear and concise manner all the initial assumptions that have become the basis of the presented design indicators. It is also necessary to consider several possible scenarios for the development of the company in financial terms.

The financial plan must necessarily contain the planned schedule for the implementation (calendar plan) of work within the framework of the project. The calendar plan should include a list of the main stages of the project implementation and the need for financial resources for the implementation of each of them.

Planning does not have to be done with reference to specific dates. Planning can be, for example, indicating the period in days required for the implementation of each stage of the project, as well as indicating the possibility of parallel implementation of various stages of the project. For convenience, you can select a conditional project start date and then plan the company's activities with reference to the selected conditional date.

It is advisable to include several additional documents in the financial plan: a forecast of sales volumes, a cash flow plan (that is, a cash flow plan), a profit and loss plan (this document shows how profit will be formed and changed), the forecast balance of assets and liabilities of the enterprise ( the structure of this document corresponds to the structure of the generally accepted balance sheet of the enterprise), calculation of the break-even point (shows the level of sales required to cover costs at a given scale of production). In addition, integral indicators are calculated (the payback period of the project, net present value, profitability index, internal profitability ratio) and other financial indicators.

103. Main sources of equity and debt capital

Resource support of the enterprise is a necessary condition for its development. The availability of financial resources also determines the possibilities for the formation of borrowed capital at industrial enterprises. The functional subsystems of the resource support of the enterprise are the attraction of financial resources and the evaluation of their effectiveness.

In general, the financial management of the formation of borrowed capital of an enterprise is a system of principles and methods for developing and implementing financial decisions that regulate the process of attracting borrowed funds, as well as determining the most rational source of financing borrowed capital in accordance with the needs and opportunities for the development of an enterprise. Before attracting borrowed capital, the borrowing enterprise must clearly define the goals and directions for the use of earthly funds, compare their effectiveness and the price of attraction.

At the initial stage of the formation of borrowed capital, it is necessary to determine the sources and volumes of attracting financial resources, then the effectiveness of a certain source of attracting resources is evaluated, the forms of attraction are optimized, and the risk associated with the formation of capital is assessed. The main objects of management in the formation of borrowed capital are its cost (price) and structure.

An obligatory condition for effective management of the formation of borrowed capital of an enterprise is the implementation of a program for attracting borrowed funds by the enterprise in accordance with a single strategy. Other factors that determine the effectiveness of debt capital management are the development of the financial (stock, credit and banking) market and its infrastructure, which ensures the organization of the movement of financial flows, the availability of financial information for making managerial decisions, the stability of money circulation, etc.

104. Main instruments of the capital market

To attract foreign investment, large Russian companies have the opportunity to enter foreign stock markets without being admitted to listing on stock exchanges. To do this, they can use American (ADR) and German (GDR) depositary receipts for shares already issued by them, which are traded on the Russian market. Shares of a Russian issuer are deposited in the Russian branch of some large American (or German) bank, which becomes their nominal holder. In turn, the bank issues ADRs, which are evidence of its ownership of shares in a Russian company and a guarantee for a foreign investor to pay dividends to him. On the American (or German) exchange, trading is carried out not by the shares themselves, but by depository receipts issued by the bank.

Along with the main financial instruments (stocks and bonds), a large number of derivative securities circulate on the stock market. Derivative financial assets (derivatives) are issued, as a rule, not for the purpose of acquiring additional capital, but in order to insure (hedge) the risk of possible losses from holding the underlying financial assets. The most well-known derivatives are futures and options.

Futures (futures contracts) involves the purchase or sale of an asset in the future at a price fixed at the time of the conclusion of the futures transaction. The main asset does not have to be any security: it can be foreign currency, oil, metal, grain and other goods traded on various exchanges.

Option contract is a contract that, in exchange for a premium, gives the buyer the right (without obligation) to buy or sell a financial asset at the strike price from the option seller within a specified period of time or on a specific date (the option's expiration date). The right to buy any assets is called a call option, and the right to sell is called a put option.

105. Weighted average cost of capital

The weighted average cost of capital is used in financial analysis to measure a company's cost of capital. This indicator is widely used by many enterprises as a discount rate for financed projects, since the current cost of capital is a logical indicator of the "price" of capital.

A company can raise funds from two sources: equity and debt. The equity capital of a joint-stock company, in turn, consists of two categories: ordinary shares and preferred shares. The weighted average cost of capital measures the relative weights of each component and the company's expected cost of capital.

Weighted average cost of capital - this is the total cost of all capital, calculated as the sum of the relative return on equity and borrowed capital, multiplied by their specific shares in the capital structure.

Since the process of determining the weighted average cost of capital measures the expected cost of new (or raised) capital, it is necessary to use market estimates of the value of each component, and not data from financial statements, which may differ significantly from the market estimate.

Other, rarer sources of funding, such as convertible bonds, convertible preferred shares, and others, will only be included in the formula if they are present in significant amounts, as the cost of such funding typically differs from the cost of funding through bonds and equities.

The tax deduction is kept in the formula, not taken into account in the cost of borrowed funds.

Weighted average cost of capital = share of common stock × cost of equity of ordinary shares + percentage of preferred shares × cost of capital of preferred shares + share of debt capital × cost of borrowed capital × (1 × tax rate).

106. Capital structure and Modigliani-Miller theory

The Modigliani-Miller theory is based on the assumption that, as a company becomes more dependent on external sources of financing, equity holders will immediately adjust their valuation of the firm to reflect the increased risk associated with leveraging while at the same time demanding higher returns. This, in turn, will increase the cost of equity for the firm and fully offset the profits earned through the use of borrowed funds.

If the valuation is temporarily changed, then the overall market value will be maintained by immediate arbitrage in the market as shareholders sell their shares and debt and, using personal loans, seek to profit from price differentials in other companies. Therefore, according to the Modigliani-Miller theory, the decision on the capital structure does not make sense, since the degree of financial dependence of the firm does not matter. ^э This theory is valid only under two conditions:

1. Stocks and bonds are traded under "perfect market" conditions.

Despite the constant development of capital markets over the past decades, perfect markets do not yet exist. This is especially true for private companies and those companies whose shares are traded on secondary markets.

2. Absence of differences in the taxation of debt and equity capital. This assumption is not applicable to a market economy. In practice, the current taxation system provides significant benefits when financed with borrowed funds, since taxes are paid after deducting interest.

Modigliani and Miller later improved their theory to allow for a tax credit on interest payments. They concluded that, due to the tax credit on interest payments on loans, as financial dependence increases, the company's weighted average cost of capital will continue to fall until it is minimized at a level where the company is fully debt-financed.

107. Method of capitalization of income to determine the value of the enterprise

The income capitalization method for determining the value of an enterprise is to calculate the present value of future income received from the use of an object using the capitalization ratio:

V=I/R, where V is the value of the enterprise; I - periodic income; R - capitalization ratio.

The direct capitalization method is used when:

- there is sufficient data to estimate income;

- real estate income is stable, or at least it is expected that current cash income will approximately equal the future, or their growth rate is moderate. This applies, for example, to objects with a clearly defined rent for several years in advance.

Due to the fact that the present value of future earnings is very sensitive to changes in the capitalization ratio, it is necessary to have accurate market indications of its value.

The main advantage of this method is the simplicity of calculations. Another advantage is that the direct capitalization method ultimately reflects market conditions directly. This is due to the fact that when applying it, as a rule, a fairly large number of real estate transactions are taken and analyzed in terms of income and value.

However, the income capitalization method for determining the value of an enterprise should not be used when:

- there is no information on market transactions;

- if the object has not yet been built, which means that it has not entered the regime of stable income;

- when the object has been seriously damaged as a result of a natural disaster, that is, it requires serious reconstruction.

The practical application of the capitalization method involves the following main steps:

1. Analysis of financial statements.

2. Election of the amount of profit to be capitalized.

3. Calculation of an adequate capitalization rate.

4. Determination of the preliminary value of the value of the enterprise.

5. Making the necessary amendments, taking into account the liquidity of the property being valued, the prospects for the development of the enterprise and other non-monetary factors.

108. Comparative approach in estimating the value of an enterprise

This method is based on the principle of substitution: the buyer will not buy a property if its value exceeds the cost of acquiring a similar property on the market with the same utility. The comparative approach is mainly used where there is a sufficient database of sales transactions.

The main advantages of the comparative approach:

1. The assessment is based on historical information and, therefore, reflects the actual results of the production and financial activities of the enterprise.

2. The price of an actually completed transaction takes into account the situation on the market as much as possible, which means that it is a real reflection of supply and demand.

The comparative (market) approach includes three main methods:

- capital market method;

- method of transactions;

- method of industry coefficients. The selection of enterprises for comparison is carried out according to the following criteria:

- Belonging to one or another industry, region;

- type of products or services produced;

- diversification of products or services;

- the stage of the life cycle at which the enterprise is located;

- the size of the enterprise, the strategy of its activities, financial characteristics.

The essence of the method of industry coefficients is that, based on the analysis of business sales practices in a particular industry, a certain relationship is derived between the sale price of an enterprise and some indicator.

The capital market method is based on the market prices of shares of similar enterprises. It is assumed that the investor, acting on the principle of substitution, can invest either in the enterprise being valued by him or in similar enterprises. This method is based on the financial analysis of the valued and comparable enterprises.

When selecting analogue enterprises, the following signs of comparability are taken into account: the identity of the product range, the volume and quality of products, the stages of development of enterprises and the size of production capacity; comparability of the development strategy of enterprises, financial characteristics of enterprises.

109. Cost approach in estimating the value of an enterprise

The cost (property) approach to business valuation considers the value of the enterprise in terms of costs. To use this method, it is necessary to first assess the reasonableness of the market value of each asset of the enterprise separately, then determine the current value of the liabilities and, finally, subtract the current value of all its liabilities from the reasonable market value of the total assets of the enterprise. The result shows the estimated value of the company's equity capital.

The basic formula when using the cost approach is equity = assets - liabilities.

This approach is represented by two main methods:

- by the net asset value method;

- method of salvage value. The net asset value method includes several steps:

1. Determination of the reasonable market value of machinery and equipment.

2. Valuation of intangible assets.

3. Determining the market value of financial investments, both long-term and short-term.

The salvage value method includes the following steps:

1. The last balance sheet is analyzed.

2. A calendar schedule for the liquidation of assets is being developed, since the sale of various types of enterprise assets requires different time periods.

3. Gross proceeds from the liquidation of assets are determined.

4. The estimated value of assets is reduced by the amount of direct costs. Direct costs associated with the liquidation of an enterprise include commissions to appraisal and law firms, taxes and fees that are paid upon sale.

5. The salvage value of assets is reduced by the costs associated with holding assets prior to their sale, including the costs of maintaining inventories of finished goods and work in progress.

6. The operating profit (loss) of the liquidation period is added (or subtracted).

7. Priority rights to severance benefits and payments to employees of the enterprise, claims of creditors for obligations secured by a pledge of property of the liquidated enterprise, debt on mandatory payments to the budget and extra-budgetary funds, etc. are deducted.

110. Forms of anti-crisis enterprise management

Forms of anti-crisis management differ depending on the stages of the crisis development of the enterprise.

1. Anti-crisis management in a period of stable development, which is a tool for current management. The purpose of this form of management is monitoring and analysis of deviations from the planned development of the enterprise, early identification of the possibility of crisis situations, as well as analysis of factors affecting the enterprise.

Anti-crisis methods used by the management of the enterprise at this stage will be aimed at increasing the stability of the enterprise and the efficiency of its work. They can be roughly divided into two parts:

- methods used to improve the efficiency of production and sales of products, as well as enterprise management;

- methods for diagnosing the state of the enterprise and analyzing deviations.

2. Management during the period of instability of production covers the management of the enterprise in a conditionally stable and unstable state. If the first type of management is characterized by a slight decline in production, a drop in profitability, then the second type is management in conditions of unprofitability. The main goal of anti-crisis management at this stage is the return of the enterprise to a stable state. The management uses methods of financial stabilization, cost reduction, methods to stimulate the personnel of the enterprise.

3. Management in a period of crisis - managing an enterprise in conditions of insolvency. This is the main difference from management in times of instability. The main goal (if necessary and possible) is to prevent bankruptcy. At this stage, methods such as restructuring or pre-trial rehabilitation can be used.

4. Management in the conditions of bankruptcy procedures is, in fact, the execution of bankruptcy procedures and is carried out by an appointed (external or competitive) manager. The main feature of anti-crisis management is manifested in the possibility, using the methods of anti-crisis management, not only to normalize the current crisis situation, but to give the enterprise an impetus for further development.

111. Basic principles of the anti-crisis management system

The anti-crisis management system should meet the following principles.

1. The readiness of the company's management to a possible violation of financial stability. The theory of anti-crisis financial management proceeds from the fact that the existing financial balance of the enterprise is very unstable.

2. Early diagnosis of the development of crisis phenomena in the financial activity of the enterprise. Considering that the threat of bankruptcy of an enterprise implements the highest level of catastrophic risk, it should be diagnosed at the earliest stages in order to use the possibilities of its neutralization in a timely manner.

3. Budgeting. Availability of a budgeting and activity planning system, which allows the most accurate identification and evaluation of deviations in the financial performance of the enterprise.

4. Differentiation of deviations according to the degree of their danger for the financial development of the enterprise. Financial management uses a large number of different indicators in the process of diagnosing the bankruptcy of an organization. These indicators capture various aspects of the financial activity of the organization, the nature of which is ambiguous from the standpoint of generating the threat of bankruptcy.

5. Classification of external factors affecting the enterprise, and constant monitoring of their changes. Identification of factors under the influence of which changes occur, leading to a crisis.

6. Urgency of response to certain crisis phenomena in the financial development of the enterprise. In accordance with the theory of anti-crisis financial management, each emerging crisis phenomenon not only tends to expand with each new business cycle of the enterprise, but also gives rise to new, accompanying crisis financial phenomena.

7. The adequacy of the enterprise's response to the degree of real threat to its financial balance. The system of mechanisms used to neutralize the threat of bankruptcy is associated with financial costs or losses caused by a reduction in the volume of operating activities, as well as the suspension of investment projects.

112. Risks in the entrepreneurial activity of an enterprise

Any enterprise bears the risks associated with its production, commercial and other activities, and the management of the enterprise is responsible for the consequences of management decisions. The risk factor makes the enterprise save financial and material resources, pay special attention to calculating the effectiveness of new projects, commercial transactions, etc. The risk factor in entrepreneurial activity increases especially during periods of unstable economic conditions, accompanied by inflationary processes, super-expensive loans, etc.

Risk in business - this is the probability that the enterprise will incur losses or losses if the planned event (management decision) is not implemented, and also if miscalculations or errors were made in making managerial decisions.

Entrepreneurial risk in the activities of the enterprise can be divided into production, financial and investment.

Production risk directly related to the business activities of the enterprise. Production risk is usually understood as the probability (possibility) of an enterprise failing to fulfill its obligations under a contract or agreement with a customer, risks in the sale of goods and services, errors in pricing policy, and the risk of bankruptcy.

financial risk - this is the probability of damage as a result of any operations in the financial, credit and exchange areas, transactions with securities, that is, the risk that follows from the nature of financial transactions. Financial risks include credit risk, interest rate risk, currency risk, risk of lost financial profit.

In the investment activity of the enterprise, one can distinguish the risk of investing in securities, or "portfolio risk", which characterizes the degree of risk of reducing the yield of specific securities and the formed portfolio of securities, as well as the risks associated with investing in the organization of new lines of business of the enterprise (venture risks).

113. Price risk

Price risk - this is the risk of losses (direct losses or lost profits) as a result of unfavorable changes in market prices.

Most financial institutions (banks, insurance companies, pension funds) carry out their activities to a greater extent at the expense of borrowed funds (bank and pension deposits, insurance premiums). The funds received are invested by institutional investors in various markets - stock, government securities, commodity markets, real estate markets. Each financial institution must fulfill its obligations to repay borrowed funds after a certain period of time. At the same time, under the influence of market fluctuations, the value of a financial asset may change in an unfavorable direction for an institutional investor, which will lead to difficulties in meeting current obligations to customers or depositors.

Price risk is limited in its scope. Unlike currency and interest rate risks, which affect almost all financial market participants, only those market participants who work with securities or other tradable values ​​(precious metals, etc.) face price risk.

In terms of potential losses that are likely to occur under normal market conditions, price risk often dominates both interest rate risk and currency risk.

Price risk can be divided into three causal components:

- investment risk, as the risk of depreciation of investments;

- liquidity risk, as the risk of the absence of buyers in the event of a need for prompt sale of securities;

- hedging risk, as the risk of not being able to hedge a position.

It should be noted that such a division is to a certain extent conditional, since the events considered and divided into separate types of risks are closely related to each other both in economic sense and in terms of probabilistic parameters.

114. Financial risk and financial leverage

The activity of any enterprise is associated with a certain risk. The risk determined by the structure of capital sources is called financial risk. One of the important characteristics of financial risk is the ratio between own and borrowed capital. Attracting additional borrowed funds is beneficial for the enterprise in terms of obtaining additional profit, provided that the return on total capital exceeds the return on borrowed capital.

At the same time, it should be taken into account that the interest for the use of borrowed capital must be paid in full and on time. With a decrease in sales, interruptions in the supply of components or raw materials, personnel problems, etc., the risk of bankruptcy for an enterprise with high costs for servicing loans increases significantly. As a consequence of the increase in financial risk, the price of additionally attracted capital also increases.

Leverage ("lever") - this is a term applied to the economy meaning some factor, with a small change in which the indicators associated with it change greatly. The use of the factor of additional (borrowed) capital is considered as strengthening equity in order to obtain greater profits.

Financial leverage ratio (shoulder of financial leverage) is defined as the ratio of borrowed capital to equity capital. The financial leverage ratio is directly proportional to the financial risk of the enterprise.

It is more correct to calculate the indicator of the financial leverage ratio not according to financial statements, but according to the market valuation of assets. Most often, a successfully operating enterprise has a market value of equity capital that exceeds its book value, which means that the value of the financial leverage ratio is lower and the level of financial risk is lower.

Financial leverage effect (EFF) arises due to the difference between the return on assets and the cost of borrowed funds, it shows how much the return on equity increases by attracting borrowed funds. The normal value of EGF is 0,3-0,5.

115. Determination of the type of risk and its measurement

Risk identification is a process in which company management systematically and continuously identifies those current and potential risks that may have an adverse effect on the firm. Obviously, if the potential risk is not identified, then it is impossible for the firm to take action to minimize it.

Most professional managers have some classification of risk types, and small firms that do not have risk managers usually use insurance companies or hire consultants to manage risks in order to identify and quantify them.

After the risks are identified, it is necessary to determine the degree of impact of each risk on the company's activities. This process includes an assessment of the following parameters:

- frequency of losses (or probability of losses);

- significance of losses (the monetary value of each loss).

In general, the degree of impact of each risk factor depends more on the significance than on the frequency of losses. A risk with the potential for catastrophic damage, even if its probability is very small, is a greater threat than a risk that is expected to occur more often but bring small losses.

There are several ways to measure the severity of losses, of which the most common are:

- assessment of maximum losses;

- estimation of average losses.

The maximum loss is the monetary value of the loss associated with the worst-case scenario, while the average loss is the monetary value of the loss associated with a particular hazard event (such as a factory fire), given a wide range of possible loss values, that this threat may entail.

By combining the probabilities of occurrence with monetary estimates of losses, the risk manager can obtain the complete probability distribution of fire losses, which is the purpose of risk identification and measurement. With a set set of fire loss probability distributions, the risk manager can decide how much of the company's risk to take on and how much to transfer to the insurer.

116. Diversification as a risk management tool

The most effective risk management tool is diversification as a way to reduce the overall exposure to risk by spreading funds among different assets, the prices of which are weakly correlated with each other. Diversification reduces the maximum possible loss per event, but at the same time increases the number of risk types that need to be controlled.

Diversification should be understood as a strategic approach to business management as a whole, which means diversification of activities, markets, customer base, etc. Analytical work as a basic tool for minimizing risks allows you to reduce the degree of uncertainty that always accompanies decision making in a market environment. Decision-making in the presence of a more complete and accurate model of ongoing processes will be more balanced and competent, and therefore the least risky.

The most complex risk management tool is hedging. The purpose of hedging, in the case of using this mechanism for risk management, is to eliminate the uncertainty of future cash flows, allowing you to have an accurate idea of ​​​​the amount of future income from the company's operations.

There are also a number of non-formalizable risk minimization methods, understood as processes that indirectly affect the quality of risk management organization and company management as a whole. Such methods include, for example, increasing the efficiency of using human resources. The effectiveness of the use of personnel depends on the quality of selection and hiring of personnel, the intensity of training and development of employees, the mechanism of motivation and other factors. The flexibility of the organizational structure and its compliance with the specifics of the company's activities reflects the professionalism of the management and significantly increases the stability and adaptability of the company to changing external conditions.

117. Reasons for the insolvency of an enterprise

The success of an enterprise is determined by two groups of factors:

- external - related to the effectiveness of the conditions and incentives created by the state for the activities of enterprises and the elimination of crisis phenomena in the economy;

- internal - the degree of professionalism of managers and employees, the effectiveness of measures taken by the enterprise to introduce and use market mechanisms and tools.

Bankruptcy - this is recognized by the arbitration court or declared by the debtor the inability of the debtor to satisfy the claims of creditors for monetary obligations and to fulfill the obligation to make mandatory payments.

Criteria for insolvency:

- failure to fulfill obligations to pay creditors' claims and mandatory payments within three months from the date of payment;

- initiation of a case by an arbitration court.

The main causes of bankruptcy are:

1. Objective reasons that create business conditions:

- imperfection of the financial, monetary, credit, tax systems of the country, regulatory and legislative framework;

- inflation.

2. Subjective reasons related directly to economic activity:

- inability to foresee bankruptcy and avoid it in the future;

- decrease in sales volumes due to poor study of demand, lack of a sales network and advertising;

- decrease in production volumes;

- decrease in quality and price of products;

- unreasonably high costs;

- low profitability of products;

- too long production cycle;

- large debts, mutual non-payments;

- imbalance of the economic mechanism for the reproduction of the capital of the enterprise.

The debtor can file an application with the arbitration court about his bankruptcy, but there are cases when he is obliged to do this:

- when it cannot satisfy the claims of one or more creditors in full;

- when such a decision is made by authorized bodies in accordance with the constituent documents;

- when such an obligation is accepted by the owner of the property of the enterprise.

118. Foreign economic activity of the enterprise

Foreign economic activity (FEA) represents a set of methods and means of trade, economic, scientific and technical cooperation, monetary and financial and credit relations with foreign countries. The most important part of foreign economic activity is foreign trade, which is defined as entrepreneurial activity in the field of international exchange of goods, works, services, information and results of intellectual activity.

Enterprise-participant of foreign economic activity - is an independent legal entity with separate property, having the right on its own behalf to acquire property and non-property rights, bear obligations, as well as be a plaintiff and defendant in court. Being a participant in foreign economic activity, the enterprise must have clearly defined goals of activity, which are defined in its constituent documents. The goals and objectives of a foreign economic transaction should not conflict with what is defined in the charter or other constituent documents of the enterprise.

In the foreign economic activity of enterprises, export, import, re-export and counter transactions are distinguished.

Export - this is the export of goods from the customs territory of the country abroad without the obligation to re-import them and the possible provision by foreign persons of services and rights to the results of intellectual property.

Import - purchase of goods from a foreign seller, its importation into the customs territory of the buyer's country.

reexport - purchase of goods from a foreign seller, its importation into the territory of the buyer's country, resale of this product in its original form abroad to a foreign buyer.

Countertrade (counter transactions) are organizationally linked export-import operations, where the exporter undertakes to accept in payment for the cost of his goods all or part of the cost of the buyer's counter-import goods. Barter cooperation based on commodity exchange can serve as an example of counter transactions.

119. Features of financial management in international corporations

Among the main factors that distinguish the financial management system of a firm operating in several countries from the financial management practiced by firms operating only within one country are the following:

1. Availability of various currencies. Cash flows from different divisions of a multinational corporation will be expressed in different currencies. Therefore, the analysis of exchange rates, as well as the assessment of currency risks and the impact of changes in the value of currencies should be an integral part of the financial analysis of the activities of a transnational company.

2. Diversity of economic and legal systems. Each country in which a transnational company operates has its own specific political and economic institutions. Accordingly, the presence of institutional differences between countries can create significant difficulties when a corporation tries to coordinate and control the operations of its subsidiaries around the world. For example, differences in tax laws between countries may cause an economic transaction between two companies to have different economic results, subject to taxes, depending on where the transaction was legally completed.

3. Language differences.

4. Cultural differences.

5. The role of the government. Most traditional models in finance assume the existence of a competitive market in which the terms of trade are determined by the participants themselves. In a market economy, the state is somehow involved in the market process, but its participation in the economic life of society, as a rule, is minimal. Thus, the market is initially a self-regulating system that maintains its own competitiveness. However, at present, this situation is characteristic of an ever smaller number of states, against the backdrop of increased government intervention in economic processes, including countries with developed market economies.

120. Features of financial reporting in non-profit organizations

Financial management in non-profit organizations is the least developed area of ​​financial management from a methodological point of view. At the same time, non-profit organizations have their own specifics that require appropriate management models and adequate logic for making financial decisions. In Russian economic science and practice, there are no clear ideas about the financial analysis of the activities of non-profit organizations, the formation of their funds, reporting, which would adequately reflect the specifics of the activities of non-profit organizations and at the same time retain the usual schemes drawn up in the common language of business.

The specifics of the financial statements of non-profit organizations are expressed in the following:

1. Non-profit organizations may not submit as part of their financial statements the Statement of changes in capital (Form No. 3), Statement of cash flows (Form No. 4), Appendix to the balance sheet (Form No. 5) in the absence of relevant data.

2. It is recommended that non-profit organizations include in their financial statements a Report on the intended use of funds received (Form No. 6).

3. Public organizations (associations) that do not carry out entrepreneurial activities and do not have, in addition to retired property, turnover on the sale of goods (works, services), as part of their financial statements, the Statement of changes in capital (Form No. 3), Statement of cash flows funds (form No. 4), Appendix to the balance sheet (form No. 5) and an explanatory note to the balance sheet.

4. When filling out the Balance Sheet form (form No. 1), non-profit organizations in the "Capital and reserves" section, instead of the groups of articles "Authorized capital", "Reserve capital" and "Retained earnings (uncovered loss)", include the group of articles "Target financing".

Author: Smirnov P.Yu.

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The stereotype that women prefer "bad boys" has long been widespread. However, recent research conducted by British scientists from Monash University offers a new perspective on this issue. They looked at how women responded to men's emotional responsibility and willingness to help others. The study's findings could change our understanding of what makes men attractive to women. A study conducted by scientists from Monash University leads to new findings about men's attractiveness to women. In the experiment, women were shown photographs of men with brief stories about their behavior in various situations, including their reaction to an encounter with a homeless person. Some of the men ignored the homeless man, while others helped him, such as buying him food. A study found that men who showed empathy and kindness were more attractive to women compared to men who showed empathy and kindness. ... >>

Random news from the Archive Thubber: super elastic rubber with metal properties 18.02.2017 Scientists at Carnegie Mellon University have developed a thermally conductive rubber material that could be a breakthrough in the development of soft stretchable mechanisms and electronics. The new material, dubbed "thubber", is an electrically insulating material with the thermal conductivity of metals, the elasticity of soft, biological tissues, and can stretch to six times its original length. "Our combination of high thermal conductivity and elasticity is particularly important for the rapid dissipation of heat in devices such as body-worn electronics or soft robots that require mechanical flexibility and stretchable functionality," the researchers say. Such materials can also be used in sportswear and medicine, energy and transportation. The key ingredient of the new rubber is a suspension of non-toxic liquid metal microdroplets. The liquid state allows the metal to deform along with the surrounding rubber at room temperature. When the rubber is stretched, the droplets form elongated trajectories that are effective in dissipating heat. Despite the large amount of metal, the material also retains electrical insulating properties. To demonstrate the properties of the material, the scientists attached LEDs to a strip of thubber to make a lamp that any runner can wear around their leg. The new material dissipates the heat from the diodes, which would otherwise burn a person. The researchers also created a soft robotic fish that swims with the help of a thubber tail without the help of conventional motors or gears.

News feed of science and technology, new electronics

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