Formation and increase of efficiency of use of financial resources of the enterprise. Indicators of the effectiveness of the use of financial resources of the organization

The problem of improving the management of financial resources is relevant and attracts more and more attention of representatives of financial science. Very often there are many problems in the formation of financial resources, as well as when there is a question about their effective use.

Evaluation of the effectiveness of the use of financial resources includes different components, and for this process a whole system of indicators is used that characterizes changes in: 1. the structure of the organization's capital by its placement and sources of education; 2. efficiency and intensity of its use; 3. solvency and creditworthiness of the organization; 4. stock of its financial stability.

We single out the main methods for assessing the effectiveness of the use of financial resources:

Profitability calculation method

Profitability shows the profit received from each ruble of funds invested in an enterprise or other financial transactions. Profitability indicators more fully than profit reflect the results of the enterprise; they are used as instruments of investment, pricing policy. The overall profitability of the enterprise can be calculated by the formula:

Profitability = (Profit / Production Cost)

Method of analysis of financial ratios (R-analysis):

This method is based on the calculation of the ratio of various indicators of the financial activity of the enterprise among themselves. In financial management, the following groups of analytical financial ratios are most widely used: autonomy coefficient: Ka = Own capital / Assets;

financial dependence ratio: Kfz = Liabilities / Assets;

asset turnover ratio: K ob.akt. = Sales Volume / Average Total Assets

capital turnover assessment coefficients: K vol. cap. = Net sales proceeds / Average annual cost of capital

Method for estimating the cost of financial resources

The cost of the financial resources of an enterprise serves as a measure of the profitability of economic activity and characterizes that part of the profit that must be paid for the use of new capital to maintain the reproduction process and sell products. With this method, the following are calculated: - the value of the operating equity of the enterprise:

Capital Cap = Total Assets - Total Liabilities - Weighted Average Cost of Capital:

WACC \u003d Rzk * Dzk + Rsk * Dsk,

where Rzk - the price of borrowed capital; Dzk - the share of borrowed capital in the capital structure; Rsk - the price of equity; Dsk - the share of equity in the capital structure.

is the marginal efficiency of capital.

Peq = Increase in the level of profitability of additionally attracted capital / Increase in the weighted average cost of additionally attracted capital

Evaluation of the effectiveness of the use of financial resources is necessary for making management decisions that are aimed at increasing profitability, identifying the causes of losses, as well as ensuring a stable financial condition. The quality of this assessment depends on the effectiveness of management decisions that are associated with the further use of own, attracted and borrowed financial resources.

Thus, it becomes clear that the results that are revealed in the process of evaluating the effectiveness of the use of financial resources underlie the development of measures aimed at more efficient management of financial resources, a more rational distribution of profits, which ultimately contributes to an increase in the value of the entire commercial enterprise.

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Efficiency of using the financial resources of the enterprise

Introduction

financial resources enterprise

The transition to a market economy requires enterprises to increase production efficiency, competitiveness of products and services based on the introduction of scientific and technological progress, effective forms of economic management and production management, overcoming mismanagement, enhancing entrepreneurship, initiative, etc.

The methods of analysis and forecasting of the financial condition of an enterprise that are practically used today in Russia lag behind the development of a market economy. Despite the fact that some changes have already been made and are being made to accounting and statistical reporting, bringing it closer to international standards, in general, it still does not meet the needs of enterprise management in market conditions. The existing reporting does not provide comprehensive information for evaluation, does not contain any special section or a separate form devoted to assessing the financial stability, liquidity, creditworthiness of an individual business entity. Financial analysis of the enterprise is optional and not mandatory. At the same time, it is impossible to make competent management decisions, to carry out a forecast without having an idea of ​​real financial flows, trends in financial condition.

The question of the efficiency of the use of financial resources of enterprises today is very relevant, since the financial position of the enterprise and its ability to generate income depend on the correct formation and use of financial resources. To the income of the enterprise include revenue and profit, which are generalizing the results of the economic activity of the enterprise and serve as the main indicators of its effectiveness.

It should be noted that profit acts in this case as the initial moment from which any management of the company starts when making a decision.

That is why for the manager who decides on the further development of the company, the most important aspect of the life of the enterprise is the determination of the sources of possible profit for the enterprise. The choice of one or more of them, the concentration of the main efforts on them, the analysis of the possibility of their use in the course of the enterprise's activities in one form or another, and, as a result, the planning of this use.

Municipal enterprises deserve special attention in terms of the efficiency of the use of financial resources, for example, the Municipal Unitary Enterprise of Housing and Communal Services analyzed in the second chapter of the qualification work. The financial condition of these enterprises is unstable due to the large share of debts of the population and, as a result, the enterprise itself for its obligations to creditors. The correct use of financial resources of housing and communal services directly affects citizens, because this area of ​​activity concerns every person, since he is the consumer of the services provided. In turn, the quality and volume of housing and communal services depend on the financial capabilities of these enterprises. Therefore, everyone should feel a personal interest in improving things in this industry.

For a stable financial position of an enterprise, it is necessary that a qualified economist, financier, accountant, auditor must be proficient in modern methods of economic research, the methodology of systematic, comprehensive economic analysis, the skill of accurate, timely, comprehensive analysis of economic activity results.

With the right use of funds, an income-generating enterprise does not risk becoming bankrupt. This leaves an imprint on the population, as there is a reduction in the number of unemployed places, which leads to an increase in the economic level of the population and, accordingly, its productivity, and population growth increases. Therefore, an important role in the country's economy is played by the creation and reorganization of already existing enterprises with an economically stable position. If you correctly use the funds of enterprises, build a system for planning and managing changes, you can get excellent technological, production and economic results in the coming years.

The object of study in this work is an economic entity, which analyzes its financial and economic activities.

The subject of the study is the financial resources of the enterprise. Financial resources constitute the monetary resources at the disposal of a particular economic entity and reflect the process of formation, distribution and use of its income. The financial resources of the enterprise ensure the circulation of fixed and working capital, interaction with the state budget, tax authorities, banks and other organizations.

The purpose of the study is to determine the effectiveness of the use of financial resources of the enterprise.

Based on this goal, the following tasks were set and solved in the work:

Determination of the financial resources of the enterprise;

Essence and structure of financial results;

Planning and procedure for the distribution of profits in the enterprise;

The concept and structure of the balance sheet;

System of indicators of production efficiency and financial condition of the enterprise;

Financial and economic characteristics of the enterprise

Formation of a market mechanism for the functioning of housing and communal services and conditions for reducing costs and improving the quality of services;

State support for the modernization of housing and communal services and attraction of investments in this area.

The purpose and objectives of the work predetermined its structure: this work consists of three chapters, conclusions and suggestions, a list of sources used and references and applications.

The first chapter sets out the theoretical foundations that reveal the concept and essence of financial resources and the efficiency of the economic activity of an enterprise. Evaluation of the effectiveness of the enterprise is a necessary condition for the competent adoption of managerial and entrepreneurial decisions.

The second chapter deals with economic indicators, with the help of which the Municipal Unitary Enterprise Housing and Public Utilities of the city of Kurchatov is analyzed. At the same time, the issues of analyzing the formation and use of capital, assessing the financial stability of an enterprise and the risk of bankruptcy are brought to the fore.

The third chapter provides promising opportunities for improving the efficiency of housing and communal services as a whole.

The information base was the financial statements of Municipal Unitary Enterprise Housing and Public Utilities for three years.

The theoretical basis for writing the final qualification work was the following material: Belolipetsky V.G. Company finances: a course of lectures, Blank I.A. Strategy and tactics of financial management, Van Horn, J.K. Fundamentals of financial management, Dontsova L.V., Nikiforova N.A. Analysis of financial statements, Efimova O.V. Financial analysis, Igoshin P.V. Organization of management and financing, etc. The authors of these works fully and comprehensively explore this problem. The volume of work was seventy-eight pages.

1. Financial results and efficiency of economic activity of the enterprise

1 .1Financial resources

Finances have a special role in economic relations. Their specificity is manifested in the fact that they always act in the form of money. Finances are distributive in nature and reflect the formation and use of income and savings of business entities in the field of material production, the state and participants in the non-productive sphere.

The financial resources of the enterprise are monetary resources,
available to a particular business entity,
and reflect the process of formation, distribution and use of its
income:

The financial resources of the enterprise provide the circulation of fixed and working capital, relationships with the state budget, tax authorities, banks and other organizations.

Sources of financial resources

Financing of activity of the enterprise can be carried out at the expense of own and borrowed funds.

Own financial resources are formed from the authorized capital, profits, depreciation fund of the enterprise, charitable or sponsorship contributions and other sources.

Borrowed funds are loans, loans provided by banks and other organizations, temporary financial assistance to other enterprises, the issue of securities (obligations) for specific projects and other sources.

One of the main sources of financial resources of the enterprise is the initial capital, which is formed from the contributions of the founders of the enterprise and takes the form of authorized capital.

Methods of formation of the authorized capital depend on the organizational and legal form of the enterprise. The funds of the authorized capital are directed to the acquisition of fixed assets and the formation of working capital in the amount necessary to conduct normal production and economic activities. It may also be spent on acquiring licenses, patents, know-how, and the like.

The initial capital invested in production creates value, expressed in the price of products sold. After sales of products, it takes the form of money - the form of revenue.

In the process of use, the proceeds are divided into qualitatively different components.

One of the directions for using the proceeds is the formation of an amortization fund. It is formed in the form of depreciation deductions after the depreciation of fixed production assets and intangible assets takes the form of money. A prerequisite for the formation of an amortization fund is the sale of manufactured goods to the consumer and the receipt of proceeds.

Creating a product, the company spends raw materials, purchased components and semi-finished products. Their cost, along with other material costs, depreciation of fixed production assets, wages of workers, is the cost of the enterprise for the production of products, taking the form of cost. Until the proceeds are received, these costs are financed from the working capital of the enterprise, which are not spent, but are advanced into production. After the receipt of proceeds from the sale of goods, working capital is restored, and the costs incurred by the enterprise for the production of products are reimbursed.

The separation of costs in the form of cost makes it possible to compare the proceeds received from the sale of products and production costs. The meaning of investing funds in the production of products is to obtain net income, and if the proceeds exceed the cost, then the company receives it in the form of profit.

Both profit and depreciation are the result of the circulation of funds that were invested in production, and the Company's own financial resources, which it manages independently.

The profit received by the enterprise does not remain completely at its disposal: part of it in the form of taxes goes to the budget.

The profit remaining at the disposal of the enterprise is the main source of financing its needs, which can be defined as accumulation and consumption. It is the proportions of the distribution of profits for accumulation and consumption that determine the prospects for the development of the enterprise.

Funds allocated for accumulation (depreciation deductions and part of the profit)) constitute the financial resources of the enterprise used for its production and scientific and technical development. On this basis, the formation of financial assets takes place - the acquisition of securities, shares in other enterprises, etc. Another part of the profit is directed to the social development of the enterprise, including consumption.

In addition to its own funds, the enterprise attracts borrowed financial resources, long-term bank loans, funds from other enterprises, bonded loans. The source of repayment of borrowed funds is also the profit of the enterprise.

The ratio of own and borrowed financial resources determines the structure of the company's finances.

Directions for the use of funds

Directions for investing the enterprise's funds can be associated both with the main activities of the enterprise for the production of products (works and services), and with purely financial investments. In order to receive additional income, an enterprise has the right to acquire securities of other enterprises and the state, to invest in the authorized capital of newly formed enterprises and banks. Temporarily free funds of the enterprise can be placed in the bank on deposit accounts.

The use of the financial resources of the enterprise should be built in such a way that the enterprise is able to carry out production activities, fulfill its obligations to business partners; timely make payments to the budget and extra-budgetary funds; to return in full and in due time borrowed financial resources; to renew and expand its activities.

Financial service of the enterprise

The effectiveness of the financial system of an enterprise is determined
first of all, by its clear and well-coordinated work, as well as to a large extent
measure of the organization of the activities of the financial service.
The most important tasks of the financial service are:

- provision of financial resources for established tasks
for production, capital construction, implementation of the New
technology, research and development and other planned costs;

- fulfillment of financial obligations to the budget, banks, suppliers, employees to pay wages and other obligations;

- timely and high-quality analysis of the production and economic activities of the enterprise and its constituent units, finding ways to increase profits and increase the profitability of production;

-promotion of the most efficient use of production assets and capital investments;

- control over the correct use of financial resources and acceleration of the turnover of working capital.

1.2 Revenue, income and profit of the enterprise

In a market economy, making a profit is the direct goal of production. Profit creates certain guarantees for the further existence and development of the enterprise.

Revenue and profit

On the market, enterprises act as relatively isolated commodity producers. Having set the price for the product, they sell it to the consumer, while receiving cash receipts, which does not mean making a profit. To identify the financial result, it is necessary to compare revenue with production and sales costs, which take the form of product costs.

If the revenue exceeds the cost, the financial result Evidences of making a profit: The enterprise always aims at profit, but does not always extract it. If the revenue is equal to the cost price, then it is only possible to reimburse the costs of production and sale of products. With costs exceeding revenue, the company receives losses - a negative financial result, which puts the company in a rather difficult financial situation, which does not exclude bankruptcy.

For an enterprise, profit is the indicator that creates an incentive to invest in those areas where the greatest increase in value can be achieved. Profit as a category of market relations performs the following functions:

- characterizes the economic effect obtained as a result of the activity of the enterprise;

- is the main element of the financial resources of the enterprise;

- is a source of formation of budgets of different levels.
Losses also play a role. They flash errors

and miscalculations of the enterprise in the directions of the use of financial resources, the organization of production and marketing of products.

Profit figures

At each enterprise, four indicators of profit are formed, which differ significantly in size, economic content and functional purpose. The basis of all calculations is the balance sheet profit - the main financial indicator of the production and economic activities of the enterprise. For taxation purposes, a special indicator is calculated - gross profit, and on its basis - taxable profit and non-taxable profit. The part of the balance sheet profit remaining at the disposal of the enterprise after making taxes and other payments to the budget is called net profit. It characterizes the final financial result of the enterprise.

balance sheet profit

Balance sheet profit includes three main elements: profit
(loss) from the sale of products, performance of work, provision of services;
profit (loss) from the sale of fixed assets, their other
existence, sale of other property of the enterprise; financial results from non-operating transactions.

Profit from the sale of products (works, services) is the financial result of receipts from the main activities of the enterprise, which can be carried out in any form, fixed in the charter and not prohibited by law. Profit from the sale of products is calculated as the difference between the proceeds from the sale (excluding VAT and excises) and the costs of production and sale.

Profit from the performance of work or the provision of services is calculated similarly to profit from the sale of products.

Profit (loss) from the sale of fixed assets and other property of the enterprise is a financial result that is not related to the main activities of the enterprise. It reflects the profit (loss) from other sales, which includes the sale to the side of various types of property listed on the balance sheet of the enterprise, less the costs associated with this.

Financial results from non-sales operations are profit (loss) on operations of a different nature that are not related to the main activity of the enterprise and are not related to the sale of products, fixed assets, other property of the enterprise, the performance of work, the provision of services. The composition of non-operating profits (losses) includes the balance of received and paid fines, penalties, forfeits and other types of sanctions, as well as other income:

- profit of previous years, revealed in the reporting year;

- income from revaluation of goods;

- receipts of amounts on account of repayment of receivables written off in previous years;

- positive exchange rate differences on foreign currency accounts and operations in foreign currency;

- interest received on funds on the accounts of the enterprise.

They also include income from equity participation in the authorized capital of other enterprises, which is part of the net profit that goes to the founders in a predetermined amount or in the form of dividends on shares owned by the founder. Income from securities is interest on bonds and short-term treasury bills. The enterprise has the right to receive income on securities of joint-stock companies if they are acquired no later than 30 days before the officially announced date of their payment. With regard to government securities, the right and procedure for obtaining income are determined by the terms of their issue and placement.

For funds provided on loan, the enterprise receives income under the terms of the agreement between the lender and the borrower.

Income from the rental of property is formed from the rent received, which the tenant pays to the landlord. Profit from the use of leased property is an obligatory part of the rent and depends on its value, the profitability of the enterprise, and the lease term. Depending on the terms of the agreement, the rent may include depreciation or part of it if the tenant assumes certain obligations to restore fixed assets. The profit is included in the rent as a percentage of the value of the property.

In addition, non-operating results include expenses
and loss:

- losses on operations of previous years;

- lack of material values ​​identified during the inventory;

- negative exchange rate differences on foreign currency accounts and operations in foreign currency;

- uncompensated losses from natural disasters, taking into account the costs of preventing and eliminating natural disasters.

1.3 Profit planning and the procedure for its distribution in the enterprise

Profit planning is carried out separately for all types of enterprise activities. In the process of profit planning, all factors that may affect financial results are taken into account.

In conditions of stable prices and the possibility of predicting business conditions, profit plans are usually developed for a year. Businesses can also make quarterly or monthly profit plans.

The object of planning are the elements of balance profit. At the same time, the planning of profit from the sale of products, the performance of work, the provision of services is of particular importance.

Profit planning methods

In practice, various methods of profit planning are used. The most common method is the direct count.

With a direct account, the planned profit on products to be sold in the coming period is determined as the difference between the planned proceeds from the sale of products in current prices (without value added tax, excises, trade and sales discounts) and the full cost of products sold in the coming period. This method of calculation is most effective when producing a small range of products.

The direct counting method is used to justify the creation of a new or expansion of an existing enterprise, or in the implementation of any project. A variation of the direct account method is the method of assortment-wise profit planning (i.e., determining profit for each assortment group).

The advantage of the direct counting method is its simplicity. However, it is advisable to use it when planning profit for a short period.

Other methods are also used to draw up a profit plan, such as profitability limit analysis, profitability forecast, liquidity overlap analysis, normative method, extrapolation method, as well as other analytical methods.

Analysis of the profitability limit allows you to evaluate the relationship between the planned profit and the elasticity of the enterprise in relation to fluctuations in the amount of expenses in the turnover of capital. Usually a system of graphs is built showing this dependence. Calculations are made according to the following formulas:

Minimum turnover =

or

Minimum turnover =

Of great importance is the gap that exists between the minimum turnover required to cover costs and the planned turnover. It is this difference that characterizes the degree of freedom of the enterprise in planning the turnover of capital. The forecast of return on invested capital is based on the analysis of the ratios of the following values:

working capital		Capital investments		Invested capital;
Capital turnover ratio		working capital
		Invested capital
profit ratio		Capital turnover
		Cost price
profitability ratio
		Capital turnover
Return on equity		Capital turnover
		Invested capital		Capital turnover

Liquidity overlap analysis is based on the ratio of enterprise costs, which are cash costs, and depreciation. In this case, the minimum amount of capital turnover necessary to maintain the liquidity of the enterprise is determined (Fig. 2):

Rice. 2. Determining the liquidity point

profit zone

Enterprise costs that are not cash costs (depreciation)

Enterprise costs that are cash costs (wages, raw materials costs, etc.)
Turnover Time

The normative method of profit planning is based on the calculation of planned profit using standards. These standards are commonly used:

the rate of return on equity;

the rate of return on the company's assets;

the rate of return per unit of product sold.

The complexity of this method lies in the development of appropriate standards, their justification and quantitative calculation. The extrapolation method involves analyzing the dynamics for a number of years, identifying development trends and forecasting profits for the planned period. This method can be used at the stage of the feasibility study of the project, as well as when planning for the short term.

The analytical method of profit planning is based on the construction of multifactorial models. It takes into account the influence of various factors on the performance of the enterprise.

Profit distribution principles

The main requirement that is presented today to the system of profit distribution remaining at the enterprise is that it must provide financial resources for the needs of expanded reproduction on the basis of establishing an optimal ratio between funds allocated for consumption and accumulation.

When distributing profits, determining the main directions for its use, first of all, the state of the competitive environment is taken into account, which may dictate the need for a significant expansion and renewal of the production potential of the enterprise. In accordance with this, the scale of deductions from profits to production development funds is determined, the resources of which are intended to finance capital investments, increase working capital, ensure research activities, introduce new technologies, switch to progressive labor methods, etc. The general scheme of profit distribution of the enterprise is shown in fig. 3.

=+ ++

Fig.3. Distribution of net profit of the enterprise

For each organizational and legal form of an enterprise, an appropriate mechanism for distributing profits remaining at the disposal of the enterprise is legislatively established, based on the peculiarities of the internal structure and regulation of the activities of enterprises of the corresponding forms of ownership.

At any enterprise, the object of distribution is the balance sheet profit of the enterprise. Its distribution is understood as the direction of profit to the budget and according to the items of use in the enterprise. Legislatively, the distribution of profits is regulated in that part of it that goes to the budgets of various levels in the form of taxes and other obligatory payments. Determining the directions for spending the profit remaining at the disposal of the enterprise, the structure of the articles of its use is within the competence of the enterprise itself.

The state does not establish any standards for the distribution of profits, but through the procedure for granting tax benefits, it stimulates the direction of profits for capital investments of an industrial and non-productive nature, for charitable purposes, financing of environmental measures, expenses for the maintenance of objects and institutions of the non-productive Sphere, etc. The legislation limits the size of the reserve fund of the enterprise, regulates the procedure for the formation of a reserve for doubtful debts.

The procedure for the distribution and use of the profits of an enterprise is fixed in its charter and is determined by the regulation, which is developed by the relevant divisions of economic and financial services and approved by the governing body of the enterprises.

1.4 Balance sheet of the enterprise

Balance means balance, balancing or quantitative expression of the relationship between the parties to any activity. Balance generalization of information is widely used in accounting, analysis of financial and economic activities to justify and make appropriate management decisions, orientation of enterprises and organizations in a market economy.

Enterprise balance sheet

The balance sheet is a way of economic grouping of property according to its composition and location, and the sources of its formation on the first day of the month, quarter, year. In the balance sheet, the property of an enterprise is considered from two positions: by composition and location, and by sources of education.

In appearance, the balance sheet is a table: in the first part of it, property is shown by composition and location - the balance sheet asset. The second part reflects the sources of formation of this property - the liability of the balance sheet. When drawing up the balance sheet, the equality of the sums of the left and right sides of the balance sheet (A \u003d P) is always observed.

The main element of the balance sheet is the balance sheet item, which corresponds to the type of property, liability, source of formation of property. An article of the balance sheet is an indicator of the asset and liability of the balance sheet, characterizing certain types of property, sources of its formation, and obligations of the enterprise. Balance sheet items are combined into groups, groups - into sections. Combining balance sheet items into groups or sections is carried out on the basis of their economic content.

In the balance sheet, in addition to articles reflecting the objects of accounting, there are articles that reflect the regulation of the value of the main balance sheet items. They are called regulations. So, in the asset balance, fixed assets are shown at the cost of their acquisition or construction, and in liabilities they reflect the depreciation of fixed assets, which regulates the assessment of the article “Fixed assets”. Since fixed assets wear out gradually in the production process, in parts they transfer their value to the finished product, the real residual value of fixed assets can be obtained only after deducting their depreciation. The balance sheet liability shows the full amount of profit, and the asset shows abstracted funds, indicating the amount of profit already used to form funds, payments to the budget, etc. Consequently, the real amount of profit at the disposal of the enterprise can only be revealed by subtracting abstracted funds from the profit.

Regulatory articles can be of two types: direct regulation and counter-regulation. Direct regulatory items act as an addition to the main balance sheet item, and counter items indicate a decrease in the value of the main item and are shown in the opposite balance sheet item: to active items - in liabilities, to passive ones - in the asset balance. Regulatory articles expand the range of balance sheet items and increase the information capacity of the balance sheet.

Distinguish between gross balance and net balance. The balance sheet, which includes regulatory items, is called the gross balance, cleared of regulatory items - the net balance. The exclusion of regulatory articles and the corresponding refinement of the assessment of the main balance sheet items are performed to simplify the system of balance sheet indicators and identify a real assessment of economic assets and results of economic activity.

Of the entire set of accounts, the balance sheet includes indicators of only those of them that have a balance at the moment. This means that all the information summarized in the operating accounts is not reflected in the balance sheet. It is presented in the form of reports that supplement the balance: on the production and sale of products, their cost, the movement of authorized funds, etc.

Form of balance sheet

The net balance sheet provides for three sections in the asset and three sections in the liability.

Assets

1. Non-current assets

2. Current assets

3. Losses

Passive

4. Capital and reserves

5. Long-term liabilities

6. Short-term liabilities

The totals for the asset and liability of the balance sheet are called the balance sheet currency.

Assets and liabilities of the enterprise

The economic resources owned by the enterprise and from which it expects to benefit in the future, using them in its business activity, are called the assets of the enterprise. The company's assets include: buildings, equipment, stocks of goods, vehicles, payments due, bank account, cash.

Assets must meet two requirements: be owned by the enterprise and have a monetary value. Assets can be tangible or intangible.

Assets can also be divided into four groups:

1. Current assets - represents cash on hand and on a bank account and other assets that can be expected to be converted into cash within one year. This includes accounts receivable.

2. Financial investments - have a long-term nature and are not used in the current operations of the enterprise, and also cannot be converted into cash during the year. Examples: securities of other organizations, shares of corporations, corporate loans, participation in joint ventures, loans to joint ventures, other long-term investments.

3. Long-term and long-term assets (real estate, buildings, equipment).

4. Intangible assets (patents, licenses, trademarks).

The company's liabilities include debt and equity.

The company's debt consists of:

- money that the company owes for the goods delivered to it;

- expenses incurred in the interests of the enterprise;

- borrowed funds provided to the enterprise for use.

Methods for estimating balance sheet items

When compiling the balance sheet of an enterprise, the assessment of stocks of material resources is important. Reserves are usually valued in the balance sheet at their actual acquisition cost.

According to the International Accounting and Reporting Standards in the Russian Federation, it is recommended to use three methods for estimating stocks of material resources when writing them off to production: the average cost method, the FIFO method, the LIFO method, which allow reflecting the effects of inflation on the working capital of an enterprise. Each of the valuation methods used is an important element of accounting policy that affects the formation of financial resources.

When deciding on the monetary value of property balance sheet items, an important point is the valuation of one or another part of the asset enters the balance sheet, remains on the balance sheet or leaves it. One of the tasks in accounting is, first of all, the correctness and completeness of the definition of all operations related to the movement and condition of property values. Consequently, the accounting department is obliged to reflect in the accounting registers all business transactions related both to the receipt of items and their further alienation. Hence, two main estimates are widely used in the balance sheet: the cost of obtaining or manufacturing and the cost of further alienation.

The cost of an acquisition, with well-established accounting, first of all presupposes a careful calculation of each incoming item. This cost is made up of:

- expenses for the acquisition and production of material assets;

- special costs associated with the acquisition or manufacture of items;

- attributable to these items of the total cost of acquisition or production.

Selling value at selling prices, which is the value of the item plus a share of the total costs of management, marketing, sales and profits, is of a different nature.

According to generally accepted principles, accounting registers reflect only completed business transactions, so the sale price can be reflected in accounting registers when the items are alienated. Items of property until the moment of their exit from the balance can never and in no case be valued at the price of alienation, sale, liquidation. Each asset item should be reflected in the balance sheet at the cost of determination as the highest rate based on accounting estimates. This rule is reflected in the preparation of the annual balance sheet, in which the acquisition cost is considered as a balance estimate, but reduced to the price assigned to the items at the time of recording, which is further confirmed by the inventory. The moment for this is the date on which the balance sheet is drawn up.

When compiling the balance sheet, the decrease in the estimate is achieved:

- in relation to fixed assets and other durable items using the partial write-off method;

- with regard to current assets, by the fact that securities, stocks or goods that have a market or exchange price can be valued at this price if it is lower than the purchase or production price at the time of the balance sheet.

Importance of financial statements

The accounting reporting of the enterprise is the final stage of the accounting process. It reflects the final data characterizing the property and financial position of the enterprise, the results of its economic activity.

Analysis of accounting data allows you to determine the true property and financial condition of the enterprise.

The financial condition of an enterprise is a complex concept, which is characterized by a system of indicators reflecting the availability, placement and use of resources, the financial stability of an enterprise, and the liquidity of the balance sheet. Reporting allows you to determine the total value of the property of the enterprise, the cost of immobilized funds, the cost of material assets, material working capital, the amount of own and borrowed funds of the enterprise.

According to the financial statements, an excess or shortage of sources of funds for the formation of reserves and costs is established, while it is possible to determine the security of the enterprise with its own, credit and other borrowed sources.

2. Evaluation of the effectiveness of the economic activity of the enterprise

2.1 The system of indicators of production efficiency and financial condition of the enterprise

The concept of production efficiency

Production efficiency is one of the key categories of a market economy, which is directly related to the achievement of the ultimate goal of the development of production in general and each enterprise separately. In the most general form, the economic efficiency of production is a quantitative ratio of two values ​​- performance and production costs. The essence of the problem of increasing the economic efficiency of production is to increase the economic results for each unit of costs in the process of using available resources.

Increasing the efficiency of production can be achieved both through savings in current costs, and through better use of existing capital and new investments in capital.

The most important economic result of the market activity of the enterprise is to obtain the maximum return on invested capital. The ratio of profit and one-time costs becomes the initial basis for a real increase in production efficiency.

Principles for determining economic efficiency

The definition of production efficiency begins with the establishment of performance criteria, i.e. the main feature of performance evaluation, revealing its essence. The meaning of the criterion of production efficiency follows from the need to maximize the results obtained or minimize the costs incurred based on the goals of the enterprise development. Such goals can be ensuring survival, achieving sustainable growth, structural adjustment, social strategy, etc.

Funds constantly advanced in cash to create production working capital and circulation funds necessary to ensure the continuity of production constitute working capital. The efficiency of the production and economic activities of the enterprise largely depends on the quality of the use of working capital. The amount of working capital should be sufficient for the production and sale of services.

The level of rationality of the use of working capital is reflected in the value of the turnover of working capital. The higher the turnover, the better the financial condition of the enterprise. Accelerating the turnover of working capital reduces the need for them, i.e. fewer stocks of materials, fuel and other material assets are required, which means that the funds previously invested in their stocks are also released. The released funds are transferred to the settlement account of the enterprise, thereby strengthening its solvency.

The change in the turnover ratio of working capital, as an integral part of the mechanism being formed on the basis of financial ratios, reflects the speed of the sale of these assets. It is calculated as the quotient of operating expenses divided by the average annual cost of working capital.

This indicator in days characterizes the period required to create inventories. The higher the indicator, the less funds are associated with the acquisition and sale of working capital, the more liquid their structure, the more stable the financial position of the enterprise. It is especially important to increase turnover in the presence of high accounts payable.

An assessment of the financial condition of the enterprise must also be supplemented with an assessment of financial stability. Analyzing financial stability, compare the state of liabilities and assets of the enterprise.

The coefficient of autonomy and financial independence (Ka) shows the share of own funds in the total amount of the enterprise's funds advanced by it for the implementation of statutory activities. The normal minimum value of this indicator is estimated at 0.5. The normal limit of Ka 0.5 means that all the obligations of the enterprise can be covered by its own funds.

The growth of the autonomy coefficient indicates an increase in financial independence, a decrease in the risk of financial difficulties in the future. From the point of view of creditors, this trend increases the security of the enterprise's obligations.

The degree of financial independence is also characterized by the values ​​of the coefficients of financing and financial stability.

The coefficient of autonomy complements the ratio of borrowed and own funds (Kz / s), equal to the ratio of the value of the enterprise's obligations to the value of its own funds.

The relationship of the coefficients Ka and Kz / s:

Kz / s \u003d (1 / Ka) -1, from which the normal restriction follows: Kz / s 1.

While maintaining the minimum financial stability of the enterprise, the ratio of borrowed and own funds should be limited from above by the value of the ratio of the cost of the enterprise's mobile funds to the cost of its immobilized funds.

This indicator is called the ratio of mobile and immobilized funds (Km / i) and is calculated by dividing current assets (section II of the asset) by immobilized assets (section I of the asset).

If there is an asset in section II of the balance of immobilization of working capital, its total decreases when calculating its value, and the denominator of the indicator (immobilized funds) increases, because. the diversion of mobile funds from circulation reduces the actual availability of the company's own working capital.

The growth in the dynamics of the ratio of mobile and immobilized means is considered a positive trend.

An essential characteristic of financial stability is the coefficient of maneuverability (Kman.), equal to the ratio of the company's own working capital to the total value of sources of own funds.

It shows what part of the enterprise's own funds is in a mobile form, allowing relatively free maneuvering of these funds. A high value of the maneuverability coefficient positively characterizes the financial condition of the enterprise, however, there are no normal values ​​that are well-established in practice. Sometimes in the literature, the value of 0.5 is recommended as the optimal value of the coefficient.

In accordance with the decisive role played for the analysis of financial stability by the absolute indicators of the provision of an enterprise with the means of sources of formation of reserves and costs, one of the main relative indicators of the stability of the financial condition is the ratio of the provision of reserves and costs with their own sources of their formation (Ko), equal to the ratio of the value of their own working capital to the cost of inventories and costs of the enterprise.

Its normal limit, obtained on the basis of statistical averages of economic practice data, has the following form: (Ko)>0.6-0.8.

The coefficient of industrial property (Kp.im) is equal to the ratio of the total value (taken from the balance sheet) of fixed assets, capital investments, equipment, inventories and work in progress to the balance sheet total.

The following limitation of the indicator is considered normal: Kp.im ›0.5.

In the event of a decrease in the value of the indicator below the critical limit, it is advisable to attract long-term borrowed funds to increase the production property, if the financial results in the reporting period do not allow to significantly replenish the sources of own funds.

The coefficient of cost of fixed assets and material current assets in the value of property reflects the share of these funds in the value of property. And are their ratio to the total balance.

The coefficient of autonomy of sources of formation of reserves and costs shows the share of own working capital in the total amount of the main sources of formation of reserves and costs (II section of the asset)

The coefficient of mobility of all funds is equal to the ratio of the value of working capital to the value of all property.

The bankruptcy forecast coefficient shows the share of net working capital in the total amount of assets and is the ratio of the difference between II and V sections of the balance sheet asset to its total.

The financing ratio (Kf) characterizes the share of equity in the total amount of funds raised. Shows what part of the company's activities is financed by its own funds. Calculated as the ratio of own sources to borrowed. Normal limitation Kf? 1

The Financial Strength Ratio (CFU) shows how much of an asset is financed from sustainable sources. Its normal limit has the following form: (Kfu)>0.8-0.9.

Further analysis of the financial condition of the enterprise is usually evaluated using a system of liquidity indicators. Under liquidity, it is customary to understand the creditworthiness of an enterprise, i.e. its ability to fully and timely pay its short-term obligations.

To analyze liquidity, we used indicators of total, absolute, critical and current liquidity.

With the help of a general liquidity indicator (Kobsh.l), an assessment is made of changes in the financial situation at the enterprise in terms of liquidity. Shows the ratio of the sum of all liquid assets of the enterprise to the sum of all payment obligations, taking into account weight coefficients. This indicator allows you to compare the balance sheets of an enterprise relating to different reporting periods, as well as the balance sheets of various enterprises, and find out which balance sheet is more liquid. The normative value of this indicator has the following form: (Ktot.l)>1.

The absolute liquidity ratio (Cal) is equal to the ratio of the most liquid assets to the sum of the most urgent liabilities and short-term liabilities (the sum of accounts payable and short-term loans).

The most liquid assets are the company's cash and short-term securities. Short-term liabilities of the enterprise, represented by the sum of the most urgent liabilities and short-term liabilities, include: accounts payable and other liabilities; loans not repaid on time; short-term loans and borrowings.

The absolute liquidity ratio shows what part of the short-term debt the company can repay in the near future. The normal limit is Cal? 0.2 ~ 0.5.

The critical liquidity ratio (Kkl) characterizes the expected solvency of the enterprise for a period equal to the average duration of one turnover of receivables.

The lower normal limit of the liquidity ratio is the value: Kkl? 1 (value 0.7 is acceptable).

The current liquidity ratio (coverage ratio) (Ktl) is calculated as the ratio of all current assets (minus deferred expenses) to the amount of term liabilities (the amount of accounts payable and short-term loans).

Normally, the restriction is Ktl? 2. The ratio shows the extent to which current assets cover short-term liabilities.

An enterprise is solvent if its total assets are greater than its long-term and short-term liabilities. The solvency of the enterprise means the ability to repay them on time and in full of their debt obligations.

Solvency is expressed through the solvency ratio, which is the ratio of available cash to the amount of urgent payments. The value of the coefficient must be greater than 1 (Kpl? 1).

In case of unsatisfactory solvency, to check the stability of the financial situation, it is necessary to calculate the coefficient of loss (recovery) of solvency.

The coefficient of loss of solvency (K.p) shows the possibility of losing solvency within the next 3 months. If Ku.p >1, then the company has a real opportunity to maintain its solvency for 3 months and vice versa.

The solvency recovery ratio (RQ) characterizes the ability to restore solvency within the next 6 months. If Kv.p ›1, then the enterprise has a real opportunity to restore its solvency, and vice versa, if the coefficient value is below the normative one, the enterprise does not have a real opportunity to restore its solvency in the near future.

The index of provision with own working capital (Koss) shows what part of the working capital of the enterprise was created at the expense of its own sources of funds, i.e. characterizes the presence of own working capital of the enterprise, necessary for its financial stability. The normative value of the coefficient is 0.1.i.e. Co.s.s › 0.1.

The presence and condition of receivables and payables has a strong influence on the financial position of the enterprise. A significant excess of receivables over accounts payable creates a threat to the financial stability of the enterprise and makes it necessary to attract additional sources of financing. To analyze receivables and payables, it is advisable to consider the indicators of their turnover and share in the total assets and liabilities, respectively.

Accounts receivable management involves, first of all, control over the turnover of funds in the calculations. Turnover acceleration in dynamics, i.e. the reduction of funds diverted from turnover is seen as a positive trend.

The accounts receivable turnover ratio shows how many times, on average, receivables turn into cash. This indicator is calculated as the quotient of dividing the proceeds from the sale of products by the average annual value of receivables.

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1.3 Methodology for analyzing the effectiveness of the use of financial resources

The results in any area of ​​business depend on the availability and efficiency of the use of financial resources, which are equated to the circulatory system that ensures the life of the enterprise. Therefore, taking care of finances is the starting point and the end result of the activity of any business entity. In a market economy, these issues are of paramount importance. The advancement of the financial aspects of the activities of business entities, the increasing role of finance are a characteristic feature and trend throughout the world.

In a market economy, the importance of financial resources increases, with the help of which the optimal structure is formed and the production potential of the enterprise is increased, as well as the financing of current economic activities. From whom, what kind of capital a business entity has, how optimal its structure is, how expediently it is transformed into fixed and working capital, the financial well-being of the enterprise and the results of its activities depend.

Professional financial management inevitably requires in-depth analysis, allowing the most accurate assessment of the uncertainty of the situation using quantitative research methods.

During the analysis it is necessary:

1) To study the composition, structure and dynamics of the sources of capital formation of the enterprise;

2) Establish the factors of change in their value;

3) Determine the cost of individual sources of capital raising and its weighted average price, as well as the factors of change in the latter;

4) Assess the level of financial risk (the ratio of own and borrowed capital).

Capital is the means that a business entity has to carry out its activities in order to make a profit [6].

The capital of the enterprise is formed both at the expense of its own (internal) and borrowed (external) sources. Since the capital of the enterprise is formed from different sources, in the process of analysis it is necessary to evaluate the role of each of them and make a comparative analysis.

One of the main sources of formation of economic potential is equity capital. It includes authorized capital, accumulative capital (reserve and added capital, accumulation fund, retained earnings) and other income.

The cost of equity capital of an enterprise in the reporting period is determined by:

When conducting an analysis of equity, two tasks are solved:

1) checking the security of the enterprise's own capital;

2) study of the effectiveness of the use of sources of own funds.

In foreign and domestic analytical practice, indicators of equity capital are calculated and studied.

The equity ratio is calculated and studied as the ratio of sources of own working capital to the total of the second section of the balance sheet asset.

One of the main indicators for evaluating the effectiveness of the use of equity is profitability, determined by the ratio of profit to the average annual balances of sources of equity.

The return on equity closes the entire pyramid of performance indicators of the enterprise, all activities of which should be aimed at increasing the amount of equity capital and increasing its profitability.

A rather effective method of evaluation is the use of rigidly determined factorial models; one of the variants of such an analysis is just performed using the modified DuPont factorial model.

The model is based on the following rigidly determined three-factor dependence.

where, R n - net profit;

S - sales proceeds;

E - equity;

A - the cost of assessing the total assets of the enterprise.

From the presented model it can be seen that the return on equity depends on three factors: return on sales, resource efficiency and the structure of sources of funds advanced to this enterprise.

When conducting the analysis, the matrix method is also used, which makes it possible to give a generalized assessment of the effectiveness of the use of available resources and to identify unused reserves. With the help of the matrix, it is possible to identify the main reserves for further improving the efficiency of the economic activity of the enterprise through an increase in the profitability ratio for the use of its assets by optimizing individual economic and financial indicators in the future (Figure 3).

Asset turnover growth

Low value of the return on assets (with a low value of R pto and a low value of K oa)	The average value of the return on assets (with a low value of R pto and a high value of K oa)
The average value of the return on assets (with a high value of R pto and a low value of K oa)	High value of the return on assets (with a high value of R pto and a high value of K oa)

Figure 3 - Matrix for assessing the integral result of the financial condition of the enterprise

Where, R pto - the profitability ratio of the turnover;

To oa - the turnover of the total amount of assets.

In the process of analysis, you can find out the decrease or increase in the return on equity and due to what factors this happened.

In the conditions of market relations, due to the insufficient availability of own capital, enterprises need to attract borrowed (external) sources of financing.

Borrowed capital is loans from banks and financial companies, loans, accounts payable, leasing, commercial paper.

The calculation of the need for short-term and long-term borrowings is based on the purpose of their use in the coming period. On a long-term basis, borrowed funds are usually attracted to expand the volume of own fixed assets and form the missing volume of investments in various objects. For a short period, borrowed funds are attracted for the purchase of goods, replenishment of working capital and other purposes for their use.

The optimal amount of attracted capital can increase the profitability of the economic potential, and excessive amounts can disrupt the financial structure of the enterprise's economic resources and reduce the efficiency of its functioning. In world management practice, the concept of "financial leverage" is used, which reveals the impact of borrowed capital on the owner's profit. One of the main indicators of "financial leverage" is the financial risk ratio (K financial risk).

To financial risk = , (3)

A high financial risk ratio (more than 1.0) indicates an unfavorable situation when the company has nothing to pay creditors. In the conditions of the development of market relations, many enterprises “live not from profit”, but from turnover, that is, they strive to maximize fixed and working capital through borrowed capital and, above all, loans. In the future, some of them are unable not only to repay loans, but also to pay interest on them. An enterprise using a loan increases or decreases the efficiency of management not only from the ratio of debt and equity capital, but also from the level of profitability and interest rates for the loan.

One of the indicators used to assess the effectiveness of borrowed capital is the effect of financial leverage (EFF):

EGF = ZK / SK, (4)

where, ROA is the economic profitability of total capital before taxes;

Kn - taxation coefficient;

SP - loan interest rate;

ZK - borrowed capital;

SC - equity.

The effect of financial leverage (EFF) shows by how many percent the return on equity increases by attracting borrowed funds into the turnover of the enterprise. It arises in cases where the economic profitability of capital is higher than the loan interest.

The effect of financial leverage consists of two components:

Differences between the return on total capital after tax and the interest rate for loans:

, (5)

Leverage leverage: ZK/SK.

Positive EGF occurs if ROA (1 - Kn) - SP > 0. If ROA (1 - Kn) - SP< 0, создается отрицательный ЭФР, в результате чего происходит « проедание» собственного капитала и это может стать причиной банкротства предприятия.

The effect of financial leverage in enterprise capital management is used as follows:

1) if the enterprise uses only its own funds, then their profitability is estimated as a share in the economic profitability of assets, taking into account profit taxation according to the following formula:

RCC \u003d (1 - H) * P a, (6)

where RCC is the profitability of the enterprise's own funds, measured by the ratio of profit to their amount;

H - the rate of taxation of profits in fractions of a unit, at the moment it is 24%;

R а - return on assets of the enterprise.

2) if the company uses, in addition to its own funds, bank loans, then this increases or decreases the profitability of own funds, depending on the effect of financial leverage. In this case, the return on equity is calculated by the formula:

RCC \u003d (1 - H) * P a + EGF, (7)

Knowing the estimated value of equity for the planned period, the coefficient of financial leverage, which ensures its maximum effect, it is possible to determine the maximum amount of borrowed funds (credit) using the formula:

ZK pl \u003d P fr + SK pl, (8)

where, ZK pl - the amount of borrowed funds for the planned period;

Пfr - the amount of own funds for the planned period;

SC pl - "shoulder" of financial leverage, in%.

In inflationary conditions, if debts and interest on them are not indexed, EGF and ROE increase, since debt service and debt itself are paid for with already depreciated money. Then the effect of financial leverage will be equal to:

EGF \u003d x (1-K n) x + , (9)

where, I is the inflation rate as a decimal fraction.

The ratio of own and borrowed funds of the enterprise depends on various factors due to internal and external conditions of activity and the financial strategy chosen by it. The most important factors may include:

1) The difference in the value of interest rates on dividends. If interest rates for the use of loans and borrowings are lower than the rates for dividends, then the share of borrowed funds should be increased; accordingly, it is possible to increase the share of own funds if the interest on dividends is lower than the interest rates for the use of loans and borrowings;

2) Change in the scope of the enterprise, which causes the need to reduce or increase the need to raise borrowed funds;

3) Accumulation of surplus or underused inventories, obsolete equipment, diversion of funds into accounts receivable of a doubtful nature with a high risk factor.

Fixed assets and working capital occupy the main share in the total amount of capital. The final results of the enterprise activity largely depend on their quantity, cost, technical level, efficiency of use.

In the system of indicators for assessing the movement of fixed assets, the characteristic of the intensity of their renewal is also important. To do this, calculate the coefficient of renewal of fixed assets for a certain period:

K update = , (10)

The process of updating fixed assets involves studying the nature of their disposal. The assessment of this process is carried out according to the retirement rate of fixed assets for a certain period:

K in = , (11)

The processes of renewal and disposal of fixed assets should be mutually evaluated. To do this, study the growth rate of fixed assets:

K pr \u003d , (12)

General indicators of the technical condition of fixed assets are the coefficients of wear and tear. The value of the depreciation coefficient is calculated for various types and groups of fixed assets for a certain period:

The shelf life is calculated as the ratio of the residual value of fixed assets to their original cost.

For a generalizing characteristic of the efficiency of the use of fixed assets, indicators of profitability, return on production, capital intensity, capital equipment, capital-labor ratio, specific capital investments per one ruble of production growth are used.

F o =P p /O f, (14)

where, F o - capital productivity,

P p - the total volume of products sold,

О f - the volume of sold products per 1 ruble of the average cost of fixed assets.

FE \u003d O f / R p, (15)

where, FE - capital intensity.

Ф р = О f / , (16)

where, F r - capital-labor ratio,

is the average annual number of employees.

The most general indicator of the efficiency of the use of fixed assets is the return on assets. Its level depends not only on capital productivity, but also on the profitability of products.

Working capital refers to the mobile assets of the enterprise, which are cash or can be turned into cash during the production cycle. Most of the financial resources of consumer cooperation organizations are directed to working capital. Availability and condition of working capital determines their financial well - being .

The value of working capital is estimated by the number of their turnover for a certain period and is measured by the number of days when their stocks will ensure the functioning of the enterprise. The amount of stock in days is calculated by the formula:

One of the main indicators of the efficiency of the use of working capital is their turnover. It is determined in days of turnover by dividing the average balances of working capital by the average daily turnover or by multiplying the average balances of working capital by the number of days of the analyzed period and dividing by the turnover for this period.

where, O d - turnover of working capital;

About b - the volume of sales per 1 ruble of the average value of working capital;

P n = volume of products sold;

Г b - the number of days in the period.

To assess inventory management, their turnover is calculated in days and times according to the formula:

T about = , (19)

The calculation of the average turnover is the ratio of the cost of goods sold to the average value of stocks at the same prices. Another indicator is the number of days required for one inventory turnover: 360 days is divided by the average inventory turnover in times.

The acceleration of the turnover of working capital of the enterprise allows it to significantly reduce the need for them, since there is an inversely proportional relationship between the speed of turnover and the size of these funds.

The amount of working capital released in the process of accelerating their turnover is calculated by the formula:

E os \u003d O f - O o * R o, (21)

where, E os - the achieved amount of savings in working capital;

About f - actual turnover for the reporting period, in days;

О о - turnover in the previous period, in days;

R o - one-day sales volume for the period under review.

The art of current asset management is to keep in the accounts the minimum necessary amount of money that is needed for current operational activities. The amount of cash that a well-managed business needs is essentially a safety stock to cover short-term cash flow imbalances. Since cash, being on hand or in bank accounts, does not generate income, and their equivalents - short-term financial investments have a low profitability, they must be available at a safe minimum level.

An increase or decrease in cash balances in bank accounts is determined by the level of imbalance in cash flows, i.e. inflow and outflow of money. The excess of positive cash flow over negative cash flow increases the free cash balance, and vice versa, the excess of outflows over inflows leads to a shortage of funds and an increase in the need for credit.

Both deficit and excess of monetary resources negatively affect the financial condition of the enterprise. With excess cash flow, there is a loss of the real value of temporarily free cash as a result of inflation; part of the potential income is lost from underutilization of funds in operating or investment activities; the turnover of capital slows down as a result of idle cash.

The shortage of funds leads to an increase in the company's arrears on loans to the bank, suppliers, payroll personnel, as a result of which the duration of the financial cycle increases and the profitability of the company's capital decreases.

It is possible to reduce the cash flow deficit through measures that help to accelerate the receipt of funds and slow down their payments. It is possible to accelerate the flow of funds by switching to full or partial prepayment of products by buyers, reducing the terms for providing them with a commodity loan, increasing price discounts for cash sales, applying measures to accelerate the repayment of overdue receivables (accounting for bills of exchange, factoring, etc.) , attracting bank loans, selling or leasing an unused part of fixed assets, additional issue of shares in order to increase equity capital, etc.

The slowdown in the payment of funds is achieved by acquiring long-term assets on a leasing basis, reissuing short-term loans into long-term ones, increasing the terms for granting a commodity loan to an enterprise by agreement with suppliers, reducing the volume of investment activities, etc.

Maintaining the optimal balance of cash in the enterprise contributes to the balance of their receipts and payments. An assessment of the balance of the cash flows of an enterprise can be done using the indicator "The level of adequacy of cash receipts" (Kd), which is calculated by the formula:

The most acceptable option is when, at a certain point in time, as much money is received as is required at that moment to make certain payments. Therefore, the optimal value of this indicator is 100%. If the value of the indicator under study is more than 100%, this indicates the excess of cash receipts over their payment, therefore, the possible inefficient use of this type of enterprise assets, especially if this excess is of a long-term nature. If the level of adequacy of cash receipts is less than 100%, it also indicates an imbalance in the cash flows of the enterprise.

In the process of analysis, it is necessary to study the dynamics of cash balances in bank accounts and the period of capital in this type of asset. The period for which capital is in cash is determined by:

P ds = , (23)

The number of turnovers of the average cash balance is calculated by the formula:

KO ds =, (24)

To assess the effectiveness of the use of funds, the cash flows of the enterprise and their result must be compared with the financial result obtained, i.e. determine their profitability. Three groups of indicators of profitability of funds can be distinguished:

Return on cash balance

Return on money spent

Return on cash received

Enterprises have diverse economic ties with other business entities, directly entering into settlements with them. Compliance with payment discipline implies the timely fulfillment of obligations for payments for goods and services, settlements with the bank, financial authorities, with all legal entities and individuals. Accounts receivable that have arisen in connection with the established system of settlements, the maturity of which has not come, is considered normal. In the conditions of the market mechanism of management, there are certain principles of relationships with buyers and suppliers, which can be simplified as follows: sell with immediate subsequent or advance payment; buy on credit; lend the buyer for a period shorter than the one for which you receive a loan from the supplier; When making a deal, be sure to determine and study the solvency of the partner.

The presence of accounts receivable, and even more so its growth, leads to the need for additional sources of funds, worsens the financial condition of the enterprise. The purpose of the analysis is to identify ways, opportunities and reserves for optimizing settlements, improving their accounting, ensuring the safety of funds invested in settlements, and on this basis, preventing the formation and growth of receivables. Particular attention is paid to the study of receivables with long periods and, above all, overdue.

One of the indicators used to study the quality and liquidity of receivables is the receivables turnover period (P dz), or the debt collection period. It is equal to the time between the shipment of goods and the receipt of cash for them from buyers:

The problem of non-payments acquires particular urgency in conditions of inflation, when there is a depreciation of money. To calculate how much the amount of equity (IC) decreased from late payment of accounts by debtors, it is necessary to subtract its amount from the overdue receivables (DZ pr), adjusted for the inflation index for this period (I c):

SC \u003d DZ pr - DZ pr * I c, (29)

In the conditions of the formation and development of a market economy, accounts payable is usually a kind of commercial loan and an important factor in stabilizing the financial condition of an enterprise. Accounts payable, as well as accounts receivable, are studied in dynamics for the enterprise as a whole, for its individual types and amounts. To assess accounts payable, determine its share in the formation of the financial resources of the enterprise, highlighting that part of accounts payable, which is one of the main sources of the formation of inventories, covering current assets.

To assess accounts payable, it is necessary to determine and analyze the average duration of its use. The average duration of the use of accounts payable is calculated by the ratio of its average balances to the average daily amount of repayment of accounts payable. The average maturity of accounts payable is usually studied in dynamics over a number of years.

One of the indicators used to assess the state of accounts payable is the average duration of the period of its repayment:

P cr.z = , (30)

Accounts receivable and accounts payable should be analyzed comprehensively, which allows them to be studied and evaluated more fully and deeply.

financing resource catering

The presence of an enterprise's own working capital, its composition and structure, the speed of turnover and the efficiency of using working capital largely determine the financial condition of the enterprise and the stability of its position in the financial market, namely: ru.

Solvency, i.e. the ability to repay their debt obligations on time,

Liquidity - the ability to make the necessary expenses at any time;

Opportunities for further mobilization of financial resources

Efficient use of working capital plays an important role in ensuring the normalization of the enterprise, increasing the level of profitability of production and depends on many factors. In modern conditions, the factors of the crisis state of the economy have a huge negative impact on the change in the efficiency of the use of working capital and the slowdown in their turnover:

Decrease in production volumes and consumer demand;

High inflation rates;

Breaking economic ties;

Violation of contractual and payment discipline;

High level of tax burden;

Reduced access to credit due to high bank interest rates.

All of these factors affect the use of working capital, regardless of the interests of the enterprise. At the same time, enterprises have internal reserves to improve the efficiency of the use of working capital, which it can actively influence. These include:

Rational organization of production stocks (resource saving, optimal rationing, use of direct long-term economic ties);

Reducing the stay of working capital in work in progress (overcoming the negative trend towards a decrease in capital productivity, the introduction of the latest technologies, especially waste-free ones, the renewal of the production apparatus, the use of modern, cheaper construction materials);

Efficient organization of circulation (improvement of the settlement system, rational organization of sales, bringing consumers of products closer to their manufacturers, systematic control over the turnover of funds in settlements, fulfillment of orders through direct communications).

A generalizing indicator of the effectiveness of the use of working capital is the indicator of its profitability (Rock), calculated as the ratio of profit from the sale of products (Prp) or other financial result to the amount of working capital (Rock):

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

In Russian economic practice, the evaluation of the efficiency of the use of working capital is carried out through indicators of its turnover. Since the criterion for evaluating the effectiveness of working capital management is the time factor, indicators are used that reflect, firstly, the total turnover time, or the duration of one turnover in days, and, secondly, the turnover rate.

The duration of one turnover is the sum of the time spent by working capital in the sphere of production and the sphere of circulation, starting from the moment of acquisition of inventories and ending with the receipt of proceeds from the sale of products manufactured by the enterprise. In other words, the duration of one turnover in days covers the duration of the production cycle, and the amount of time spent on the sale of finished products, and represents the period during which working capital goes through all stages of the circulation at a given enterprise.

Work plan:

Introduction………………………………………………………………….. . ..2

1.Theoretical part "Effectiveness of the use of financial

resources at the enterprise”………………………………………………. . . ...3

1-1. Essence, composition, structure of the financial resources of the enterprise ... .3

1-2. Management of financial resources……………………………..…11

1-3. Efficiency in the use of financial resources for

enterprise…………………………………………………………...16

2. Practical part “Assessment of the use of production resources”…………………………………………………………………………………………………………………………………23

2-1. Fixed assets………………………………………………. ……23

2-2. Revolving funds…………………………………………………. ..27

2-3. Labor resources………………………………………………… ...32

Conclusion…………………………………………………………………..39

References…………………………………………………………….40

Introduction

At present, with the transition of the economy to market relations, the independence of enterprises, their economic and legal responsibility is increasing. The importance of the financial stability of business entities is sharply increasing. All this significantly increases the role of rational management of the financial resources of the enterprise.

It is well known that in modern conditions the most painful processes take place in the financial life of enterprises. The clash of old approaches to the organization of financial work with the new requirements of life, with the new functions of enterprise finance is one of the main reasons for the "slippage" of reforms in the real sector of the economy.

Sooner or later, the managers of the enterprise are faced with the problems of managing financial resources: it turns out that the indicators and procedures that were previously used to plan the activities of the enterprise, for example, the volume of manufactured products, do not allow it to compete successfully due to the high cost of production, and the emergence of competitors not only begins to hinder the receipt habitual profits, but sometimes reduces profits to zero.

Understanding that the company needs to change the management system, reduce costs, manage financial resources more efficiently comes quickly. The question is how to do it? How to calculate the true cost of a product type, how to plan purchases with existing stocks, in which process improvement it is necessary to invest in the first place.

Thus, the efficiency of the use of financial resources in the enterprise is a key step in the formation of financial stability.

1. Theoretical part "Effectiveness of the use of financial resources in the enterprise."

1.1. Essence, composition, structure of financial resources of the enterprise.

Management of the financial resources of an enterprise is a set of targeted methods, operations, levers, methods of influencing various types of finance to achieve a certain result /1/.

The company's financial resources are part of the funds in the form of income and external receipts intended to fulfill financial obligations and incur costs to ensure expanded reproduction /4/.

Financial resources and capital are the main objects of study of the finances of the firm. In a regulated market, the concept of "capital" is more often used, which is a real object for a financier and on which he can constantly influence in order to obtain new income for the company. In this capacity, capital for a financier-practitioner is an objective factor of production. Thus, capital is a part of the financial resources involved in the turnover of the company and generating income from this turnover. In this sense, capital acts as a transformed form of financial resources.

In this interpretation, the fundamental difference between the financial resources and the capital of the firm is that at any point in time, financial resources are greater than or equal to the capital of the firm. At the same time, equality means that the company has no financial obligations and all available financial resources are put into circulation. However, this does not mean that the more the amount of capital approaches the size of financial resources, the more efficient the firm is.

In real life, there is no equality of financial resources and capital for a working company. Financial statements are constructed in such a way that the difference between financial resources and capital cannot be detected. The fact is that standard reporting does not present financial resources as such, but their converted forms - liabilities and capital.

In practical activities, people, as a rule, encounter not essential categories, but their transformed forms, therefore, they are reflected in standard financial statements out of practical expediency.

From the definition of financial resources it follows that by origin they are divided into internal (own) and external (attracted). In turn, internal in real form are presented in standard reporting in the form of net profit and depreciation, and in converted form - in the form of obligations to employees of the company, net profit is a part of the company's income, which is formed after deducting obligatory payments - taxes from the total income , fees, fines, penalties, forfeits, part of interest and other obligatory payments. Net profit is at the disposal of the firm and is distributed according to the decisions of its governing bodies.

External or borrowed financial resources are also divided into two groups: own and borrowed. This division is due to the form of capital in which it is invested by external participants in the development of this company: as entrepreneurial or as loan capital. Accordingly, the result of investments of entrepreneurial capital is the formation of attracted own financial resources, the result of investments of loan capital is borrowed funds.

Entrepreneurial capital is capital invested (invested) in various firms for the purpose of obtaining profit and rights to manage the firm.

Loan capital is money capital provided on credit on terms of repayment and payment. Unlike entrepreneurial capital, loan capital is not invested in the firm, it is transferred to it for temporary use in order to receive interest. This type of business is carried out by specialized credit and financial institutions (banks, credit unions, insurance companies, pension funds, investment funds, seleng companies, etc.).

In real life, entrepreneurial and loan capital are closely related. The modern market economy is highly diversified; dispersed both by type of activity and in space. Diversification today is one of the most important factors in ensuring the stability and stability of the market economy and its financial system /3/. But the deepening of diversification inevitably leads to the complication of financial flows and capital, the expansion of the use of special instruments in financial practice, which significantly complicates the financial work of the company.

All financial resources of the company, both internal and external, depending on the time during which they are at the disposal of the company, are divided into short-term (up to one year) and long-term (more than one year). This division is rather conditional, and the scale of time intervals depends on the financial legislation of a particular country, financial reporting rules, and national traditions.

In real life, the company's capital cannot remain in cash for any length of time, since it must earn new income. Being in the form of money in the form of cash balances in the cash desk of the company or on its bank account, they do not bring income to the company or almost do not. The transformation of capital from a monetary form into a productive one is called financing.

It is customary to distinguish between two forms of financing: external and internal /1/. This division is due to the rigid connection between the forms of financial resources and capital of the company with the financing process. The characteristics of the types of financing are presented in Table 1.1.

Table 1.1 The structure of the sources of financing of the enterprise

Types of financing	External funding	Domestic funding
Equity-based financing	1. Funding based on contributions and equity participation (for example, issuing shares, attracting new shareholders)	2. Funding from profit after tax (self-financing in the narrow sense)
Debt financing	3. Loan financing (for example, based on loans, loans, bank loans, supplier loans)	4. Borrowed capital formed on the basis of income from sales - deductions to reserve funds (on pensions, to compensate for damage to nature by mining, to pay taxes)
Mixed financing based on equity and debt capital	5. Issuance of bonds that can be exchanged for shares, option loans, loans on the basis of granting the right to participate in profits, issuance of preferred shares	6. Special positions containing part of the reserves (i.e. not yet taxable deductions)

Own attracted financial resources are the basic part of all the financial resources of the company, which is based at the time of the company's creation and is at its disposal throughout its life. This part of the financial resources is called the authorized capital or the authorized capital of the company. Depending on the organizational and legal form of the company, its authorized capital is formed through the issuance and subsequent sale of shares (ordinary, preferred or their combination), investments in the authorized capital of shares, shares, etc. During the life of the company, its authorized capital can be split up, decrease and increase, including at the expense of a part of the internal financial resources of the company.