Based on the results of the analysis, it can be concluded that the organization in 2014 functioned quite successfully, stably and there is a tendency to improve the financial condition of the organization.

Accounts receivable and payable play an important role in the structure of sources of funds for OOO TMK Garant. Therefore, in the course of analyzing the calculations, it is reasonable to study the composition and structure of receivables and payables, as well as the changes that have occurred.

Accounts receivable at the end of 2014 amounted to 24,067,000 million rubles, and the excess of accounts payable amounted to 25,304,000 million rubles. Mutual payments to the person, but not to the detriment of the organization, since the total excess of accounts payable is 1,237,000 million rubles. This situation does not entail a deterioration in the financial situation, since TMK Garant LLC uses this debt as attracted sources at the time of the study.

It is necessary to monitor the ratio of accounts receivable and payable: the high prevalence of accounts receivable creates a threat to the financial stability of the organization and makes it necessary to attract additional funds; the excess of accounts payable over accounts receivable can lead to the insolvency of the organization;

Monitor the diversification policy for debtors, i.e. focus on increasing their number to reduce the risk of non-payment by one or several large customers;

Constantly monitor the status of settlements on overdue debt;

Classify buyers depending on the type of product, volume of purchases, solvency, credit history and proposed payment terms;

Having operational data on overdue debts, it is necessary to start claim work - send notifications - claims with all calculations of penalties for overdue debts;

Develop various models of contracts with flexible payment terms, in particular, providing customers with discounts for early payment, because a decrease in price leads to increased sales and intensifies cash flow.

One of the more effective measures proposed in the work and allowing to maximize profits and reduce the risk of overdue receivables is a system of discounts and penalties for such counterparties as: Electroavtomat OJSC, Federal State Budgetary Educational Institution of Higher Professional Education Kazan National Research Technological University ", Federal State Institution" Military Commissariat of the Republic of Tatarstan ", Joint Stock Company" KZSK-Silicone ". Also, improving the direction of receivables is to assess the reliability of the buyer. The organization needs to create a system for scoring the reliability of the counterparty based on the analysis of work with him. All customers were grouped into four groups according to the level of reliability: risk; increased attention; reliable clients; "Gold" clients. To make the final decision on the provision of a commercial loan to a particular supplier in the organization, you can create a special structural unit - a credit committee or a credit commission. One of the measures for managing accounts receivable is to ensure the effectiveness of the incentive system aimed at reducing the volume of overdue accounts receivable, at the interest of each employee in achieving the planned level of accounts receivable.

When forming a policy for managing accounts payable, it is necessary to purposefully change some of the terms of settlements with such creditors as: LLC "Alesia", JSC "Diias", LLC "Formula SB", LLC "TD TINCO". As a way to solve the problem, I suggest either increasing the amount of payments by debtors, or decreasing the amount of payments to creditors. To increase the number of days of turnover of accounts payable and reduce the cost of paying suppliers, you need to revise the contractual relationship with suppliers.

New terms of settlements with creditors, assuming a long period of use of accounts payable, allowing to ensure the sufficiency of funds in all periods as of the date of the report.

The implementation of a number of simple and effective measures to improve work with creditors allows you to improve the results of the organization's activities, including the state of solvency and liquidity of assets. These measures concern, first of all, the choice of a supplier, agreement and selection of delivery terms, improvement of control over transactions with creditors, staff motivation.

Let's calculate the economic efficiency from the proposed measures to improve the management of working capital in TMK Garant LLC.

1. Carrying out offset of mutual claims. Thus, in the asset of the balance sheet, the amount of accounts receivable will decrease, in the liabilities of the balance sheet, the amount of accounts payable will decrease.

2. Conclusion of an assignment agreement. As a result of concluding an assignment agreement with TMK Garant LLC, the amount of funds will increase and the amount of accounts receivable will decrease.

It is recommended to send the additionally received amount of funds to pay off accounts payable.

As a result, in the balance sheet liability accounts payable and retained earnings will decrease, and in the balance sheet asset the amount of accounts receivable will decrease.

3. Provision of discounts not in monetary terms, as a decrease in the obligation to pay for the material, but in the form of an additional bonus in payment for the material.

4. Realization of surplus inventory items at book value.

As a result of the sale of unused inventory items, TMK Garant, LLC will increase sales proceeds and cash balances and reduce inventories.

The increase in equity and working capital will reduce the level of accounts payable. This will also affect the values ​​of financial ratios, bringing their values ​​to more rational values, which will allow the organization to maintain both short-term and long-term solvency at the proper level. The terms of possible repayment of obligations will be reduced, which will allow the organization to be classified as solvent. The ratio of accounts receivable and payable will take on a rational value, where accounts receivable exceed accounts payable. Financial stability will increase, which will positively affect the creditworthiness of the organization, the degree of risk in the organization's activities in terms of non-repayment of debts and a low level of solvency will be minimized. With a decrease in the cost of goods / works (services) of TMK Garant LLC due to an increase in the volume of their implementation and a reduction in the cost of their implementation, profitability will increase, and therefore the level of profitability and efficiency of TMK Garant LLC as a whole.

Building a more effective financial planning system in the company will prevent erroneous actions and use those opportunities that have not been used before. It will allow you to predict the financial activities of the organization, form the structure of income and costs, and ensure its constant solvency. Consequently, the financial stability of the organization and its creditworthiness class will increase.

The proposed measures should improve the reputation of the borrower, the creditworthiness class, which in turn will make it possible to lend on preferential terms, that is, the loan limit will increase, the interest on the loan and the possibility of obtaining a loan without collateral will decrease, as well as the chances of obtaining a loan will increase. The organization will become more attractive to investors, banks and suppliers.

3.2 Development suggestions for loan policy

LLC "TMK Garant"

At the moment, the development and implementation of credit policy plays an important role in increasing the efficiency of working capital management of any organization.

The credit policy is a set of rules governing the provision of deferred payment to clients of the organization, and a list of actions to collect receivables.

More often than not, the purpose of credit policy is to provide the organization's clients with a competitive environment in order to increase the organization's sales and profitability. The objective of credit policy is to achieve a balance between the need to minimize the risk of insolvency and the need to maximize the profitability of the organization's assets.

A properly developed credit policy makes it possible to significantly increase cash flow and offset the risk that TMK Garant LLC takes by giving a deferred payment for goods / services.

The development of the organization's credit policy involves the solution of the following tasks:

The period of time during which the client is given a deferred payment (determination of the term for the loan);

Determination of debt limits (based on the client's credit rating);

Accounts receivable system (indicators reflecting violations, reminders, claims, etc.);

Availability and amount of discounts provided for payment before the due date of payment.

An effective credit policy of the organization should be a very important instrument for managing the accounts receivable of TMK Garant LLC.

In modern financial and commercial practice, the sale of goods (works, services) with a deferred payment has become widespread.

As a result of such operations, accounts receivable are formed on the accounts of the organization. It is important for TMK Garant LLC to prevent excessive investment (freezing) of its funds in receivables.

Otherwise, this can lead to unnecessary diversion of financial resources, a decrease in the level of the organization's solvency, an increase in the cost of collecting debts and, as a result, a decrease in the profitability of working capital and used capital.

With an increase in credit sales, management may face serious problems due to a shortage of funds. Since in this case TMK Garant LLC deprives itself of mobility, there is a risk of insolvency. These liquidity problems are the result of insufficient capital to provide the right amount of cash to pay off its own debts.

Granting longer deferred payment terms can significantly affect the level of "quality" of receivables and increase the risk of default. Determining tighter loan terms can lead to negative customer reactions and lower sales. The period for which a deferred payment is given should objectively depend on two factors:

1) conditions for working with suppliers. To prevent cash shortages and a constant lack of funds to pay for their obligations, the deferral of payment provided to the organization's clients cannot be greater than the deferral that TMK Garant receives when working with its main suppliers. Those. the maturity date of accounts payable must be longer than the collection period of the accounts receivable;

2) market conditions, that is, the conditions in which competitors operate. If the market is dominated by shipments with a deferred payment of 30 days, then in order to maintain its competitiveness, TMK Garant LLC will not be able to work on prepaid basis.

Accounts receivable of the organization means that some of the goods are released to customers without preliminary calculation, that is, in essence, the organization gives customers a free loan. A delay in the receipt of funds from several large buyers can create serious financial difficulties for the organization, since its solvency is completely dependent on the good faith of the buyer.

To reduce accounts receivable, TMK Garant, LLC, it is advisable to improve the system of settlements with customers, including mandatory control over the period of formation of accounts receivable, operational work with delayed payments (telephone messages, official letters), the use of a system of discounts, prepayment, and the use of promissory notes.

OOO "TMK Garant" is interested in reducing the amount of accounts receivable, as this entails an acceleration of the turnover of working capital in the sphere of circulation, and, consequently, a more efficient use of working capital in general.

Reducing, for example, the size of accounts receivable for commodity transactions improves the rate of fulfillment of the delivery plan for contracts, plans for profit and profitability. A reduction in circulating assets in other calculations means a more complete use of them for their intended purpose, since they do not drop out of the production sphere.

Funds in accounts receivable speaks of the temporary diversion of funds from the organization's turnover, which causes additional demand for resources and can lead to a tense financial state. In the process of managing accounts receivable, TMK Garant, LLC, as a forecast, should develop such a flexible system of contracts, which would provide for either prepayment of products (full or partial), or issuance of an interim invoice, or flexible pricing depending on the inflation index, and assess the impact these measures on financial results.

The amount of accounts receivable of the organization is influenced by:

The total volume of sales and the share of sales in it on a post-payment basis;

Terms of settlements with buyers and customers;

Accounts receivable collection policy, payment discipline of buyers;

State of accounting: the accountant should target a large number of buyers whenever possible in order to reduce the risk of non-payment by one or more large buyers.

The increase in accounts receivable associated with an increase in the grace period entails losses due to changes in the purchasing power of cash.

In conditions of inflation, any delay in payment leads to the fact that the organization actually receives only a fraction of the cost of the products sold.

Therefore, it becomes necessary to assess the possibility of providing a discount for early payment.

Considering the above, we will assess the financial efficiency of the TMK Garant's credit policy, in other words, we will calculate the effect of granting a deferred payment for products sold.

TMK Garant LLC at the moment it is advisable to assess the changes in the current credit policy in the organization in order to release working capital and generate additional profit from the sale of products.

The new credit conditions provide for a discount of 3.5% when customers pay for products within 14 days. In this case, the total grace period is 90 days. Sales and expenses are carried out by TMK Garant LLC on a daily basis throughout the year.

It is assumed that the change in credit policy will affect the growth of sales volumes of TMK Garant LLC by 22%.

Let us calculate the effectiveness of the change in credit policy and the amount of the release of working capital as a result of an increase in sales.

The increase in sales volumes in case of a change in the credit policy of TMK Garant LLC will be: 11,000,000 thousand rubles. * 22% = 2,420,000 thousand rubles.

Average term of accounts receivable turnover in case of changes in the credit policy of TMK Garant LLC:

0.7 * 14 days + (1-0.7) * 90 days = 36.8 days

Let us calculate a number of changes in the level of the average amount of accounts receivable of OOO TMK Garant.

Forecasted level of accounts receivable:

11,000,000 thousand rubles. + 2,420,000 thousand rubles. / 365 days * 36.8 / 365 days = 36 767.12 * (36.8 / 365) = 36 767.12 * 0.1 = 3 676.712 thousand rubles.

Profit from the increase in sales of products of TMK Garant LLC:

2,420,000 thousand rubles. * (1-0.902) = 237 160 thousand rubles.

Opportunity costs of TMK Garant LLC in connection with the application of the new credit policy conditions amounted to:

(11,000,000 thousand rubles + 2,420,000 thousand rubles) * 0.7 * 0.035 = 328,790 thousand rubles.

Since the total amount of profit from additional sales and the amount of alternative savings (from the release of funds from receivables) exceeds the amount of opportunity costs, therefore, TMK Garant LLC may decide to change the credit policy.

Analysis of the data in Chapter 2 allows us to conclude that in the case of measures to improve the management of current assets, TMK Garant, LLC will be able to improve the balance sheet structure. Thus, the share of equity capital will increase and, accordingly, the share of borrowed capital will decrease. The amount of accounts payable will significantly decrease.

TMK Garant LLC is given the opportunity to improve the composition and structure of current assets. High-risk assets (accounts receivable, unused material values) will decrease in the composition of current assets. Accounts receivable will decrease. The organization's stocks will shrink.

The efficiency of using working capital after the implementation of measures will increase. Thus, the turnover of working capital has accelerated. The acceleration of the working capital turnover is associated with an increase in the turnover of turnover inventories and accounts receivable. The duration of the turnover of current assets decreased. At the same time, the period of collection of accounts receivable has been reduced. The shelf life of the inventory will be reduced. The share of cash in the total amount of circulating assets will grow, i.e. the share of low-risk circulating assets has increased.

In chapters 3.1 and 3.2, we proposed measures to improve the management of the solvency and creditworthiness of the organization TMK Garant LLC. Now it is necessary to assess the effectiveness of the proposed measures.

In our opinion, it is advisable for this organization to choose an aggressive model of working capital management, that is, to increase current assets by increasing the growth of works and services, to increase cash, to equalize the ratio of receivables and payables.

Conclusion

The problem of working capital management is relevant for any economic system. The modern organizational structure of most business entities hides the object of management and makes it weakly localizing for the head. As a result, the management of working capital is practically not carried out, and its dynamics depends on external and random internal influences. In this context, the problem of a consistent combination of the goals of the efficiency of economic activity and the solvency of organizations is becoming extremely important - one of the key problems of working capital management. practice shows that today many decisions are made exclusively with a focus on improving the efficiency of activities, while there are already known cases of complete loss of solvency and competitiveness as a result of such a policy.

The relevance of the chosen topic is due to the fact that the problems of working capital management, its formation and effective use have been studied by many domestic and foreign scientists. At the same time, most of the authors consider the issues of working capital management in conditions of relative economic stability. In addition, the specificity of the Russian economy does not accept the automatic transfer of existing approaches to working capital management, especially those borrowed from foreign experience. In modern economic conditions, effective management of working capital is becoming one of the prerequisites for the normal functioning of organizations.

The analysis was carried out on the basis of the financial statements of the organization, namely, the balance sheet and income statement for 2013 and 2014. Within the framework of a systematic approach, techniques and methods of analysis (tabular, financial ratios, balance, comparison, observation, determination of absolute and relative values) and synthesis, grouping and comparison, scientific abstraction are applied; in the practical part of the study, computational and analytical methods, methods of structural and dynamic analysis were used.

The empirical base of the study was made up of documents and materials and data from periodicals, monographic scientific literature, expert developments and assessments of Russian and foreign scientists-economists, as well as analytical and own calculation materials.

Low liquidity of the balance sheet of TMK Garant LLC was revealed.

Not all liquidity indicators meet the standards, which indicates the need to carry out financial measures in the organization to improve activities.

Turnover of production facilities. at the beginning of 2014, the inventory turnover ratio was 4.58, and at the end of 2014 - 4.74. Then we see the dynamics of growth for the year, it increased by 0.16.

The equity capital turnover ratio did not change during the analyzed period.

The amount of accounts receivable at the beginning of 2013 was 543,000 thousand rubles, and at the beginning of 2014 the amount increased and amounted to 20,255,000 million rubles. The share of accounts receivable has increased. Increasing the efficiency of using working capital is ensured by accelerating their turnover at all stages of the circulation.

Significant reserves for increasing the efficiency of the use of working capital are laid down directly in the enterprise itself.

Thus, the results of an integrated approach and a systematic analysis of TMK Garant LLC make it possible to develop a program of measures to improve the efficiency of current asset management at enterprises and ensure control over its practical implementation in the following areas:

Improving the organization of material and technical supply with the aim of uninterrupted and rhythmic provision of production with material resources;

Reducing the duration of the operating cycle due to the intensification of production (the use of the latest technologies, mechanization and automation of production processes, an increase in the level of labor productivity, a more complete use of the production capacity of the enterprise, labor, material resources, etc.), as well as increasing control over the movement of the most important categories of reserves;

Acceleration of the process of shipment of products and registration of settlement documents, the use of promising forms of refinancing of receivables, effective forms of regulation of the average balance of monetary assets (reduction of cash settlements, opening of a credit line in a bank), creation of clear control systems for the movement of receivables and funds, development of cashless payment mechanisms.

Based on the research carried out, we have developed the following recommendations and measures to improve the management of current assets:

Measures to manage and optimize accounts receivable.

Optimization of accounts receivable is part of the organization's general policy for choosing the conditions for selling products for a certain period of time, optimizing the total amount of accounts receivable and ensuring timely collection of accounts receivable to achieve a given level of financial stability of the organization.

1. To control the buyer for its reliability and financial stability, to comply with contractual discipline, to control the fulfillment of contractual obligations by the organization itself (meaning the seller organization), it is proposed that TMK Garant LLC develop a dossier for buyers.

2. This organization is recommended to use modern methods of refinancing receivables. Methods for reducing receivables for sellers include the use of factoring, forfaiting, prepayment, and providing discounts to buyers in case of early payment.

5. In addition, this organization is recommended to change the type of credit policy. At present, TMK Garant's credit policy is characterized by a moderate type. In connection with the global financial crisis, the company should tighten the conditions for providing a commodity loan to customers, i.e. go to a conservative type of credit policy. So, for example, at the moment the installment plan provided to wholesale buyers is from 1 to 6 months. TMK Garant LLC is recommended:

Reduce the terms of granting a commercial (commodity) loan by 2 times, that is, up to 1-3 months;

Provide a loan with full repayment of the previous debt;

Introduce a system of discounts for early repayment of receivables.

Inventory management activities.

1. In order to reduce stocks, the organization is recommended to provide discounts to wholesale buyers not in monetary terms as a reduction in the obligation to pay for the material, but in the form of an additional bonus in payment for the material. This system of providing discounts will allow TMK Garant LLC to get rid of "stale" materials, when, when buying, for example, two units of material, the third is given as a gift.

2. Application of the inventory management model (Wilson's model) will allow TMK Garant LLC to minimize the total costs of purchasing, placing and delivering an order, as well as storing materials.

Cash management activities.

1. It is proposed to ration funds using well-known methods. As a result of the proposed measures, a forecast balance was obtained and the calculation of the main financial indicators was carried out.

The calculation of the forecast balance allows us to conclude that if measures are taken to improve the management of current assets, TMK Garant, LLC will be able to improve the balance sheet structure.

TMK Garant LLC is given the opportunity to improve the composition and structure of current assets. High-risk assets (accounts receivable, unused material values) will decrease in the composition of current assets.

Calculations of indicators for the management of current assets indicate that the efficiency of using current assets has increased after the implementation of measures. The acceleration of the turnover of current assets is associated with an increase in the turnover of inventories and accounts receivable. The share of receivables in the total volume of current assets decreased. At the same time, the period of collection of accounts receivable has been reduced. Inventory shelf life was reduced by a week. The share of cash in the total amount of circulating assets increased, i.e. the share of low-risk circulating assets increased.

Assessment of the impact of the above measures on the values ​​of financial indicators showed that the values ​​of financial ratios have changed for the better. So the ratio of absolute liquidity, showing what part of short-term liabilities can be repaid by available cash and short-term financial investments.

So, the implementation of the proposed measures will allow the organization of TMK Garant LLC to improve the structure of current assets and significantly increase the efficiency of their use. When implementing these measures, the organization will become an organization with optimal absolute and urgent liquidity (solvency), financially stable and less dependent on borrowed capital, it will have opportunities for financial maneuvering. As a result of the proposed measures, this organization is given the opportunity to improve the composition and structure of current assets. High-risk assets (accounts receivable, unused material assets) will decrease in current assets, and the share of low-risk assets (cash) will significantly increase. Borrowed funds as a result of the measures taken will be reduced by a significant amount. It also provides an opportunity to optimize income tax payments by creating reserves for doubtful debts.

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Conclusions on the analysis of the socio-economic state of the organization

The purpose of LLC Bashkirgaz is to ensure uninterrupted gas supply to the buyers of the Republic of Bashkortostan in accordance with the concluded agreements, collect payments from gas buyers, manage gas supply regimes, and generate profit.

The revenue of LLC Bashkirgaz for 2010 amounted to 13,386,628 thousand rubles, which is 17% higher than the level of the previous year. The share of the prime cost in the proceeds is 96.2%. The return on sales increased from 0.8% to 1.7%.

Low liquidity of the balance sheet of LLC Bashkirgaz was revealed. the first, second and fourth inequalities are not observed, since at the end of 2010, the first, third and fourth inequalities are not met.

The equity ratio, which characterizes the presence of the enterprise's own circulating assets necessary for its financial stability at the beginning of the year is -0.409, at the end of the year is -0.118, i.e. increased by 0.291. This coefficient is less than the standard value (> 0.1). This means that the company does not have enough of its own circulating assets necessary for its financial stability. At the analyzed enterprise, this coefficient is significantly lower than the standard level, i.e. the enterprise cannot timely and in full pay off short-term debt obligations.

The company lacks its own circulating assets, is unable to meet the claims of creditors. The autonomy, or financial independence of society is below the level required for optimal functioning, i.e. the share of equity capital is only 17.5% of the total assets (according to the standard - 50%). Most of the property of LLC Bashkirgaz is formed at the expense of borrowed capital. The calculation results indicate an unsatisfactory balance sheet structure.

Not all liquidity indicators meet the standards, which indicates the need to carry out financial measures at the enterprise to improve activities.

The turnover ratio of total assets increased from 8.3 to 9.3 during the reporting period, which indicates an acceleration of the turnover of total assets.

Inventory turnover has significantly decreased by 450.65 times: so in 2009 it was 1260.8 times; in 2010 the turnover was 810.2 times, which indicates a slowdown in turnover.

The equity capital turnover ratio during the analyzed period increased from 117 times to 609.7 times.

The amount of accounts receivable at the beginning of 2010 was 794,379 thousand rubles, and at the beginning of 2011 the value increased and amounted to 849,831 thousand rubles. The share of accounts receivable is increasing and at the beginning of 2011 amounted to 58.84%.

Increasing the efficiency of using working capital is ensured by accelerating their turnover at all stages of the circulation.

Significant reserves for increasing the efficiency of the use of working capital are laid down directly in the enterprise itself.

Thus, the results of an integrated approach and a systematic analysis of LLC Bashkirgaz make it possible to develop a program of measures to improve the efficiency of managing current assets at enterprises and to ensure control over its practical implementation.

Based on the computational study for Chapter 2, it is planned to improve the management of working capital by the following methods.

1. It is necessary to reduce the material consumption of gas transportation. For this, it is necessary to pursue a policy of rational and economical use of raw materials and materials. It is also necessary to establish competent work with suppliers, revise the logistics system. This, in turn, will lead to a reasonable reduction in the cost of gas transportation and to an additional increase in profits.

As a mathematical model, we will take 2 models of inventory management: inventory management models (Wilson's model) and a cash management model (Baumol's model).

The inventory management model (Wilson's model) will allow Bashkirgaz LLC to minimize the total costs of purchasing, placing and delivering an order, as well as storing materials.

Application of the cash management model (Baumol's model) in Bashkirgaz LLC will show the necessary priorities for cash management in a stable business environment. LLC "Bashkirgaz" organization has a certain amount of money, which is constantly spent on paying bills of suppliers, etc. In order to pay bills on time, the organization must have a certain level of liquidity. The cost of maintaining the required level of liquidity is the potential income from investing the average cash balance in various types of government securities. The latter are considered risk-free (the degree of their risk can be neglected).

Mathematical models of inventory management (KM) allow you to find the optimal level of stocks of a certain material, which minimizes the total costs of purchasing, placing and delivering an order, storing material, as well as losses from its shortage.

The Wilson model is the simplest KM model and describes the situation of purchasing products from an external supplier, which is characterized by the following assumptions:

Consumption intensity is a priori known and constant;

The order is delivered from the warehouse where the previously produced goods are stored;

The delivery time of the order is a known and constant value;

Each order is delivered as one batch;

The cost of placing an order does not depend on the size of the order;

The cost of storing a stock is proportional to its size;

Out of stock (shortage) is unacceptable.

Input parameters of the Wilson model

v is the intensity (rate) of consumption of the stock, [pcs / year];

s is the cost of storing the stock, [thousand rubles];

K is the cost of completing an order, including placing and delivering an order, [thousand rubles];

t - order delivery time, [days].

Output parameters of the Wilson model

Q - order size, [thousand pieces];

L - total costs of inventory management per unit of time, [thousand rubles / year];

t is the delivery period, i.e. time between orders or between deliveries, [days];

h - order point, i.e. the size of the stock in the warehouse, at which it is necessary to place an order for the delivery of the next batch, [thousand pieces].

The cycles of the stock level change in the Wilson model are graphically presented in Figure 7. The maximum quantity of products that is in stock coincides with the order size Q (see Figure 7).

Figure 7. Graph of inventory cycles in the Wilson model

Wilson Model Formulas

where is the optimal order size in the Wilson model;

The cost schedule for KM in the Wilson model is shown in Figure 8.

Figure 8. Graph of KM costs in Wilson's model

Cash management model (Baumol model)

Suppose the hypothesis that the account balance is largely similar to the inventory balance, therefore the optimal order lot (EOQ) model can be used to determine the target cash balance

It is assumed that the enterprise begins to work with the maximum and appropriate level of funds for it, and then gradually spends them over a certain period of time. The company invests all funds received from the sale of materials and services in short-term securities.

As soon as the stock of cash is depleted, that is, it becomes equal to zero or reaches a certain predetermined level of security, the company sells part of the securities and thereby replenishes the stock of cash to its original value.

Thus, the dynamics of the balance of funds on the current account is a "sawtooth" graph (see Figure 9).

The top-up amount (Q) is calculated by the formula:

where V is the projected need for funds in the period (year);

с - expenses for converting funds into securities;

r - acceptable and possible for the enterprise interest income on short-term financial investments, for example, in government securities.

Figure 9. Baumol's model

Increasing the efficiency of using working capital is ensured by accelerating their turnover at all stages of the circulation. The target setting of the current assets management policy is to determine the volume of current assets, the sources of their coverage and the ratio between them, sufficient to ensure long-term production, trade and effective investment and financial activities of the enterprise.

Based on the research carried out, we have developed the following recommendations and measures to improve the management of current assets:

Measures to manage and optimize accounts receivable. Optimization of accounts receivable is part of the organization's general policy for choosing the conditions for selling products for a certain period of time, optimizing the total amount of accounts receivable and ensuring timely collection of accounts receivable to achieve a given level of financial stability of the organization.

1. To control the buyer for its reliability and financial stability, compliance with contractual discipline, to control the fulfillment of contractual obligations by the organization itself (meaning the seller organization), it is proposed that Bashkirgaz LLC develop a dossier for buyers. A dossier is an approved form of internal accounting (here, an accounting form is a specifically expressed data system that includes documents, materials, files and systematically constructed forms), a structured aggregate of all available data about a customer (buyer) in a certain way.

The dossier includes:

All details of the customer, including his name, address (legal and actual) and telephone (fax), payment details;

Data on the customer's officials who make decisions on certain clauses of contracts (i.e. affecting procurement);

Date and results of preliminary negotiations; data based on the analysis of financial condition and reliability (business integrity);

Data on all contracts concluded with the customer and their actual performance, including operational data on the completeness and timeliness of shipments, on the ratio of the actual and critical level of receivables, on payments for products;

Information about the work carried out to collect overdue receivables (calls, notifications, personal visits, debt collection through specialized agencies, sale of debts);

Results of reconciliation of receivables;

Information about disputes (in terms of claims and litigation);

Statistical data on the frequency of conclusion and preferential terms of contracts, on the fulfillment by the customer of contractual obligations (payment and contractual discipline) and other possible information on aspects of the relationship between the organization and the customer.

The accountant for settlements of LLC Bashkirgaz monitors the observance of the procedure for limited access to documents, materials and files that form the specified dossier, and ensures their safety.

2. LLC "Bashkirgaz" is recommended to use modern methods of refinancing receivables. An important method of managing receivables is securitization, i.e. registration of debts by promissory notes with their subsequent use as a means of payment. Another method is the direct sale of debts at a discount (discount). The size of the discount is established by agreement of the parties and is the income of the buyer of debts.

The efficiency of management of current assets and current liabilities can also be increased by wisely using bills of exchange accounting in order to turn current financial needs into a negative value and accelerate the turnover of working capital. Accounting for bills of exchange is a special banking operation in which the holder of a bill transfers the bills of exchange to the bank under the endorsement before the due date and receives a bill of exchange for this, minus a certain percentage of this amount. This percentage is called the discount, or discount.

The amount of the discount is directly proportional to the number of days remaining from the day of the bill of exchange to the maturity date for it, the denomination of the bill and the size of the bank discount rate, calculated using the formula (2):

where D - discount, rubles;

НВ - bill face value, rubles;

DP - the number of days from the date of accounting to the date of payment of the bill, days;

US - discount rate of the bank,%

The higher the par value of the bill, the larger the amount the bank will hold in the form of a discount. At the same time, the fewer days are left until the due date of the bill, the smaller the discount is due to the bank.

Methods for reducing receivables for sellers include the use of factoring, forfaiting, prepayment, and providing discounts to buyers in case of early payment.

So, at the end of 2011 on the balance sheet of LLC Bashkirgaz there is a significant share of accounts receivable. The reason for the high accounts receivable is the lack of available funds from buyers at the time of product sales. One of the methods for managing accounts receivable is clearing - settlements by offsetting mutual claims. The condition for such calculations is the mutual supply of materials (works, services) for significant amounts.

Equal amounts of counterparties' mutual claims are repaid, transfers of funds from one account to another occur only for the amount of excess requirements. The advantage of such settlements is to decouple the chain of non-payments.

The analysis of accounts receivable revealed that LLC Bashkirgaz has debtors to whom LLC Bashkirgaz should owe. The list of enterprises is shown in Table 21.

Table 21

List of debtors-creditors as of December 31, 2011

From the data in Table 21, it can be seen that LLC Bashkirgaz has the opportunity to offset mutual claims for a total of 354 thousand rubles.

You can also apply an assignment. Assignment is applied if there is no homogeneous counter debt between enterprises, but it is necessary to offset the debt (i.e. it is necessary to restructure the debts of the debtor enterprise), a counter debt is created by assigning the right of claim.

According to Article 382 of the Civil Code of the Russian Federation - the assignment of the right of claim is an independent transaction in which one party transfers the right to claim the debt to the other party for a fee.

So, before LLC "Bashkirgaz" has a debt of CJSC "Unitrade" in the amount of 3342 thousand rubles. CJSC "Unitrade" cannot pay its debt on time. At the same time, Forward CJSC has a debt to Unitrade CJSC in the amount of 3300 thousand rubles.

Debt of CJSC "Unitrade" in the amount of 3342 thousand rubles. LLC Bashkirgaz may transfer (assigns the right to claim it under the cession agreement) to CJSC Forward, which has a sufficient amount of funds in its current account. The transfer fee is 42 thousand rubles.

3. It is recommended to carry out restructuring of receivables in the pre-trial and judicial order. Pre-trial procedure (according to clause 2 of Art. 307, 308, 309 of the Civil Code of the Russian Federation). The company applies to the debtor in writing to reconcile the debt (the result is the reconciliation act). Then he sends the debtor a claim with a demand for the repayment of overdue debt, the amount of which is determined by the reconciliation act, within a period that can also be determined by the parties. If the debt is not repaid, the company files a corresponding claim against the debtor in the arbitration court. The pre-trial procedure includes the assignment of the right of claim and the sale of receivables, which were discussed above. At the same time, if the debtor cannot return the debt, then you can also arrange debt restructuring through the registration of a pledge on his property or a surety of another person.

The judicial procedure (in accordance with Article 11 of the Civil Code of the Russian Federation) of the process of restructuring of receivables begins with the filing of a corresponding claim with the arbitration court. The claim must reflect:

Fulfillment of an obligation (clause 1 of article 396 of the Civil Code of the Russian Federation).

Compensation for losses (real damage and lost profits) (Article 393 of the Civil Code of the Russian Federation).

Recovery of interest for the use of someone else's money due to the unlawful evasion of the debtor from their return. It should be borne in mind that: it is necessary to prove that this money was used; compensation for losses in this case is made in a portion exceeding the amount of interest due to the creditor for the use of someone else's money.

If it is known (or found out) that the financial condition of the debtor is unstable, then during the arbitration process (at any stage) the plaintiff has the right to apply to the court with an application for taking measures to secure the claim (clause 1 of article 75 of the Arbitration Procedure Code of the Russian Federation). This measure can subsequently prevent possible problems with the execution of the decision made by the court (for example, the seizure of the debtor's property or the bankruptcy of the debtor-debtor). If it is known that the financial condition of the debtor is poor or he has announced a voluntary liquidation, then it is necessary to file a bankruptcy claim.

4. LLC "Bashkirgaz" can be recommended to create reserves of doubtful debts. The bad debt reserve can be used by the organization to cover losses from bad debts. The write-off of unpaid debts that are unrealistic for collection is made at the expense of the created reserve. The basis for creating a reserve is the results of an inventory of accounts receivable at the end of the reporting (tax) period. Formation of the amount of the reserve for doubtful debts in table 22.

Table 22

Formation of the amount of the reserve for doubtful debts

The amount of the created reserve for doubtful debts cannot exceed 10% of the proceeds from the sale of the reporting period, determined in accordance with Article 266 of the Tax Code of the Russian Federation. Enterprises that make a decision to create reserves for doubtful debts should carefully weigh the feasibility of such a decision, taking into account both the amount of accounts receivable and the possibility of optimizing taxation of profits, as well as the complexity of the accounting process and the likelihood of differences in accounting and tax accounting indicators. Also, the company should pay attention to the completeness of the formation of accounting policies for the purposes of accounting and tax accounting.

5. In addition, Bashkirgaz LLC is recommended to change the type of credit policy. At present, the credit policy of Bashkirgaz LLC is characterized by a moderate type. In connection with the global financial crisis, the company should tighten the conditions for providing a commodity loan to customers, i.e. go to a conservative type of credit policy. So, for example, at the moment the installment plan provided to wholesale buyers is from 1 to 6 months. LLC Bashkirgaz is recommended:

Reduce the terms of granting a commercial (commodity) loan by 2 times, i.e. up to 1-3 months;

Provide a loan with full repayment of the previous debt;

The amount of the loan provided must not exceed 50 thousand rubles, for regular customers - 100 thousand rubles;

Introduce a system of discounts for early repayment of receivables.

Inventory management activities.

1. In order to reduce stocks, LLC Bashkirgaz is recommended to provide discounts to wholesale buyers not in monetary terms as a reduction in the obligation to pay for the material, but in the form of an additional bonus in payment for the material. This system of providing discounts will allow LLC "Bashkirgaz" to get rid of "stale" materials, when when buying, for example, two units of material, the third is given as a gift. For example, three pairs of shoes for the price of two, or buying a phone, the buyer gets a gift of his choice. At the end of 2009, the amount of discounts to buyers in monetary terms (as a decrease in the obligation to pay for the material) amounted to 2306 thousand rubles.

2. According to the results of the inventory of the property of LLC "Bashkirgaz" as of 01.12.08. identified material assets not used in economic activities for 2 years, for a total of 561 thousand rubles. These assets must be sold at least at book value and this will lead to an acceleration of inventory turnover.

Improving the working capital management system at Antares LLC

The working capital management policy consists in their rational use, acceleration of their turnover, optimization of the sources of their formation.

Current assets are in constant circulation and in one turn they go through several stages of their formation:

D Pzap Nproizv Gprod D (3.1)

where: D - working capital in cash;

PZAP - production stocks in the form of raw materials, materials, semi-finished products, fuel, etc .;

Нпроизв - work in progress;

Gprod - finished products;

D - proceeds from the sale of finished products.

An important problem for the enterprise is to ensure the safety of working capital. In the process of financial planning, it is important to determine the possible presence of a surplus or shortage of working capital at the beginning of the billing period. For this, the sum of the actual availability of the company's own circulating assets at the beginning of the planning period is compared with its total need. If the planned demand exceeds the amount of own circulating assets, then there is a shortage of own circulating assets. If the ratio is reversed, there is a surplus of own circulating assets.

Own working capital = I and II sections of the balance sheet liabilities - I section of the balance sheet asset (average annual book value of non-current assets)

Own working capital for LLC "Antares" in 2011 = 14644 - 11371 = 3273 thousand. rub.

Own working capital for LLC "Antares" in 2012 = 31199 + 584 - 29193 = 2590 thousand rubles.

Own working capital for LLC "Antares" in 2013 = 30994 + 757 - 31119 = 632 thousand rubles.

Determining the need for circulating assets is the basis for ensuring the normal process of production and circulation. Hence, the most important element of working capital management is their planning.

In the practice of planning, several methods of counting are used.

The method of coefficients is based on the reporting data for the base period, but in the planned year there is a recalculation of certain types of current assets in the direction of increase or decrease using coefficients set by the enterprise itself.

The analytical method is also based on reporting data, but the recalculation of individual values ​​of working capital is taking into account the upcoming changes in the planning year (production volumes, assortment, prices, tax payments).

The computational and analytical method for calculating individual norms of raw materials, materials, fuel and energy is based on element-by-element calculations according to the data of design and technological documentation.

The direct account method is based on determining the amounts of working capital allocated for each element of current assets. Then they are added, and the total amount of the standard is determined.

The most accurate and objective method for calculating the working capital required by an enterprise is the method of rationing. Competent rationing allows you to establish the minimum amount of funds that meet the need for their own working capital and ensure a stable financial condition.

The whole process of rationing can be divided into several stages:

calculation of stock norms for individual elements in days;

determination of the one-day expense for individual elements in monetary terms;

calculation of private standards for all elements of standardized working capital;

summation of individual standards for elements in the total amount of standardized working capital.

Consider the procedure for calculating the standard for production inventories. This complex group includes raw materials, basic materials, semi-finished products, fuels, spare parts.

The norm for the volume of inventories is set in days:

The norm itself consists of the residence time of materials in the current (Ntek), insurance (Nstrakh), technological (Ntechn), transport (Ntrans) stocks.

Thus, the rate of commodity - material values ​​in days:

Ndn = Ntek + Nstrakh + Ntechn + Ntrans (3.2)

The current stock is one of the main elements in the stock rate in days. Its size is influenced by the frequency of deliveries of inventory items. Suppose that, according to the calculations, the current stock rate at the investigated enterprise is eight days, but it is customary to take into account 50%, that is, four days.

The safety stock is the second most important, guaranteeing the continuity of the production process in the event of a violation of the terms and conditions of delivery. It, in turn, is set at 50% of the current stock, that is, in this example, two days.

Technological stock is created for the period necessary to prepare inventory for production (sorting, quality control, drying).

At the enterprise, this stock is determined based on the technology and specialization of production. Let's define it as 1.5 days.

Transport stock is created in the event that there is a gap between the terms of cargo turnover and document flow. For the difference in the timing of the movement of goods and workflow, it becomes necessary to have an additional stock of inventory items. For example, the movement of goods takes 12 days, the time for registration and payment of documents is seven days, the time difference will be five days. If the difference is small, then you can ignore it.

Thus, the rate in days according to Antares LLC will be:

4 days + 2 days + 1.5 days + 5 days = 12.5 days.

To determine the standard in monetary terms, it is necessary to multiply the stock rate by the arithmetic average consumption of individual elements of working capital. In this case, these are raw materials, materials, semi-finished products, etc. The calculation is carried out according to the formula:

Nm = RD (3.4)

where: Nm - standard for a specific material stock;

Р - average daily consumption of a material element;

D - standard of material stock in days.

The calculation of the average daily consumption is calculated according to the corresponding item of the estimated production costs, divided by the number of days in the planning period. At the investigated enterprise, this calculation will be:

The standard in monetary terms: 12.5 days x 4 thousand rubles. - 50 thousand rubles.

Having calculated in this way the standards for each type of inventory and adding them, we get the general standard for inventory for Antares LLC.

The calculation of the standard for work in progress has its own specifics: the composition of manufactured products, the duration of the production cycle, the cost of production, the nature of the increase in costs.

All sources of financing of working capital are subdivided into own, borrowed and attracted.

The own funds that form current assets in the development of entrepreneurial activity include:

profit from sales;

rent;

other types of income;

stable liabilities;

financial aid.

The increase in own circulating assets is associated with an increase in production volumes, an increase in the cost of materials, fuel, and transportation.

The replenishment of current assets is associated with a reduction in working capital due to losses, theft, and write-off of receivables.

Borrowed funds are loans from banks, with the help of which the temporary need for working capital or their significant increase in order to ensure the planned growth in sales volume is satisfied.

Another type of sources of funds is borrowed funds from own funds (depreciation, reserve, as well as due to accounts payable).

Stable liabilities can significantly finance the need for working capital for enterprises with a large wage fund, large payments to the budget. Having a temporarily free amortization fund also helps to reduce accounts payable.

The planned funds raised are commercial loan payables and advances provided.

Scheduling loans and borrowings for the current turnover of funds depends on many factors, for example:

From the state of the loan market;

Inflation rate;

Interest rates for a loan.

The problems of planning and managing working capital require serious study at the sectoral level. There are specific features in the management of working capital for small and medium-sized businesses, trade and purchasing firms, etc.

You can use the option of planning the amount of working capital, depending on possible sources: working capital of the enterprise = sources of equity + long-term loans and loans, fixed assets, losses + stable liabilities. The planned amount will reduce the risk of non-payment.

The efficiency of using working capital is characterized by a system of economic indicators that determine how appropriate and rationally they are used by the enterprise. The use of working capital is directly related to ensuring the financial stability of the enterprise.

The main indicator of the use of working capital is their turnover.

The circulating assets of the enterprise move from one stage to another, making a circuit: cash, production stocks, production, finished products, cash. The transition of the working capital of the enterprise from one stage to another is called turnover. The time during which the circulating assets go through all the stages of the circulation is the period of the circulating assets turnover.

Turnover ratio:

where: Np is the planned volume of products sold for a given period;

Ksred - the average annual amount of normalized working capital in the planning period.

The turnover ratio can be standard, planned, actual. Comparison of planned and actual turnover allows you to assess the dynamics of turnover.

The main advantage of the turnover acceleration is the release of part of the working capital from the turnover.

Another indicator of turnover is the duration of turnover in days:

where: Tob - the duration of one revolution in days;

Fcal - the number of calendar days in a year;

Cob is the turnover ratio.

All these indicators characterize the ratio between the volume of products sold for a certain period of time and the average amount of own circulating assets functioning in the company's turnover.

The turnover of working capital is one of the most important quality indicators of the enterprise.

The economic significance of accelerating the turnover of circulating assets is that an enterprise can produce and sell the same volume of production with less circulating assets, or produce more products with the same means. The funds released as a result of the turnover acceleration can be used to increase the rate of expanded reproduction.

The working capital utilization ratio is the inverse of the turnover ratio. It characterizes the amount of working capital per unit (1 rubles, 1 thousand rubles, 1 million rubles) of products sold:

where: Кзагр - load factor;

Cob. funds - the volume of working capital, thousand rubles;

Nreal. pr. - the volume of products sold, thousand rubles.

For more successful management of turnover, turnover should be calculated for certain types of current assets: inventory, work in progress, fuel, cash.

Ensuring the rational use of working capital is the most difficult and extensive part of financial management operations. At the same time, the main goal of financial management is to ensure constant liquidity and solvency. This is due to the fact that current assets serve all stages of the production and economic cycle and are in constant motion.

In the management of working capital, well-known tools and methods are used, the main of which are:

Liquidity management;

Accounts receivable management;

Inventory management of inventory items.

Ensuring sufficient liquidity of current assets is associated primarily with their grouping according to the degree of liquidity. Of course, if in the assets of an enterprise there is a high share of cash on settlement, deposit accounts there is an investment in highly liquid securities, competitive products, then we can assume that their current assets are highly liquid. It is worse if most of the funds are invested in excess stocks of inventories, accounts receivable, products that are not in demand.

Of course, the level of management influences the state of the company's working capital: the presence of demand for products, forms of settlements with suppliers, accounts receivable and payable, reduction of fixed costs, effective pricing policy, acceleration of the turnover of working capital, reduction of excess stocks, etc. The current assets management policy provides for:

1) differentiation of the composition of circulating assets from the standpoint of the specifics of their financing, i.e. separation:

a) for the constant need for current assets as the minimum amount of working capital for the planned period;

b) variable or seasonal need for working capital;

2) the formation of principles for financing individual groups of circulating assets. Distinguish:

a) a conservative approach - at the expense of its own funds and a small share of a long-term loan in a ratio of 70: 30;

b) a moderate approach - at the expense of own funds and a long-term loan and attracting short-term borrowed capital in a ratio of 50: 50;

c) aggressive approach - at the expense of own and long-term borrowed capital and significant attraction of borrowed and borrowed funds in a ratio of 30: 70.

The practice of using working capital in the Russian context shows that the slowdown and shortage of working capital are associated with liquidity management.

Management of current assets is a prerequisite for the solvency of an enterprise. The liquidity of circulating assets affects the lack of circulating assets, their slowdown, an increase in accounts receivable.

Distinguish management of liquidity, stocks, accounts receivable, cash.

Ensuring sufficient liquidity of current assets is associated with their division into highly liquid, medium liquid and difficult to liquid.

Highly liquid - cash, liquid financial investments: medium liquid - short-term accounts receivable, finished products and stocks in the warehouse; difficult to liquidate - long-term accounts receivable, illiquid inventories and costs for a continuous technological process.

Inventory management can be divided into two parts: the first part is normalized, it is also reporting, which allows you to efficiently manage stocks; the second part - knowledge of the general strategy of the enterprise allows you to make adjustments to the formation of stocks.

Accounts receivable management is the most difficult process, but here there are certain measures, developments, management procedure:

1. the company must have people specially introduced to work with debtors;

2. it is necessary to maintain a permanent register of debtors;

3. it is necessary to divide debtors into groups: the largest, medium, small;

4. to break down the debtors by the terms of the receivable:

Short-term - 30 - 50 days - debtors may receive deferrals;

Medium-term - 50 - 90 days - debtors can receive discounts for payment, bills of exchange, small deferrals;

Long-term - 91 - 150 days - can receive pledges, bills.

5. planning the movement of receivables and comparison with actual data;

6.the group works with:

Telephone conversations;

Visits to debtors;

Development of debt repayment schemes for debtors;

Development of barter schemes;

Provision of services in the sale of products.

The situation in which an enterprise has accounts payable and receivable is quite ordinary for Russian conditions. However, there are basic accounts receivable management techniques that can help clients deal with rising debt situations. Much attention in the management of accounts receivable should be given to the development of flexible contracts with different payment terms.

An important area of ​​increasing the efficiency of using working capital is cash management, which involves determining the optimal ratio between maintaining the current solvency and obtaining additional profit from the investment of these funds.

There are the following alternatives to increase cash flow: better management of accounts payable and receivable, investing in fixed assets, increasing sales prices for products, obtaining more profitable targeted loans from suppliers, attracting bank loans to cover the deficit.

Summarizing the experience of Antares LLC in financial management allows us to conclude that at the present stage of development, there is a transition from solving simple problems (forecasting, analysis, assessing financial stability) to more complex complex ones (budgeting, capital management, development of financial - economic strategies, etc.). In practice, financial management carried out by an enterprise is implemented through a developed policy, strategy and tactics. Working assets management is the most important activity of financial workers at the studied enterprise. This is, first of all, an analysis of the duration of individual cycles of working capital turnover: ensuring the acceleration of asset turnover, reducing accounts receivable, increasing the efficiency of the integrated use of current assets.

Proposals to improve the management of working capital at the enterprise "LEADER" LLC

Acceleration of the turnover of working capital is the primary task of enterprises.

The efficiency of using current assets depends on many factors, which can be divided into external, influencing regardless of the interests of the enterprise, and internal, which it can and should actively influence. External factors include such as the general economic situation, tax legislation, conditions for obtaining loans and interest rates on them, the possibility of targeted financing, participation in programs financed from the budget. These and other conditions determine the framework in which the company can manipulate the internal factors of the rational movement of working capital.

At the present stage of economic development, the main external factors affecting the state and use of working capital include such as the crisis of non-payments, high taxes, high rates of bank loans.

The crisis in the sale of manufactured products, and non-payments lead to a slowdown in the turnover of working capital. Consequently, it is necessary to produce those products that can be quickly and profitably sold, stopping or significantly reducing the output of products that are not in current demand. In this case, in addition to the acceleration of turnover, the growth of accounts receivable in the assets of the enterprise is prevented.

At the current inflation rate, it is advisable to direct the profit received by the enterprise, first of all, to supplement the working capital. The rate of inflationary depreciation of working capital leads to an underestimation of the cost and their transfer to profit, where there is a division of working capital into taxes and non-production costs.

Significant reserves for increasing the efficiency of the use of working capital are available in the enterprise itself.

At the stage of creating inventories, these can be:

Implementation of economically justified stock norms;

Bringing suppliers of raw materials, semi-finished products, components, etc. closer to consumers;

Extensive use of direct long-term relationships;

Expansion of the warehouse logistics system, as well as the wholesale trade in materials and equipment;

Complex mechanization and automation of loading and unloading operations in warehouses.

At the stage of work in progress:

Acceleration of scientific and technological progress (introduction of advanced technology and technology, especially waste-free and low-waste, robotic complexes, rotary lines, chemicalization of production);

Development of standardization, unification, typification;

Improvement of the forms of organization of industrial production, the use of cheaper construction materials;

Improving the system of economic incentives for the economical use of raw materials and fuel and energy resources;

Increase in the share of products in high demand.

At the stage of circulation:

Bringing consumers of products closer to their manufacturers;

Improvement of the settlement system;

An increase in the volume of products sold due to the fulfillment of orders through direct communications, early release of products, manufacturing of products and saved materials;

Thorough and timely selection of shipped products by lot, assortment, transit rate, shipment in strict accordance with the concluded contracts.

Reducing the specific consumption of raw materials, materials, fuel provides the production of great economic benefits. First of all, it makes it possible to produce more finished products from a given amount of material resources and acts as one of the serious prerequisites for increasing the scale of production.

The desire to save material resources encourages the introduction of new technology and the improvement of technological processes.

Savings in the consumption of material resources helps to improve the use of production capacity and increase social productivity.

Saving material resources greatly helps to reduce the cost of industrial products.

Significantly influencing the reduction of production costs, the saving of material resources has a positive effect on the financial condition of the enterprise.

Thus, the economic efficiency of improving the use and savings of working capital are very high, since they have a positive impact on all aspects of the production and economic activities of the enterprise.

Each enterprise has reserves for saving material resources.

Reserves should be understood as emerging or arising, but not yet used (in whole or in part) opportunities for improving the use of material resources.

Depending on the nature of the measures, the main directions for the implementation of reserves for saving resources in industry and production are subdivided into production-technical and organizational-economic.

The production and technical areas include measures related to the high-quality preparation of raw materials for its production consumption, improvement of the design of machines, equipment and products, the use of more economical types of raw materials, fuel, the introduction of new equipment and progressive technology that ensure the maximum possible reduction of technological waste and material losses. resources in the process of manufacturing products with the maximum possible use of secondary material resources.

The main organizational and economic directions of saving material resources include: complexes of measures related to increasing the scientific level of rationing and planning the material consumption of industrial products, the development and implementation of technically sound norms and standards for the consumption of material resources; complexes of measures related to the establishment of progressive proportions, consisting in the accelerated development of the production of new, more efficient types of raw materials and materials.

The main direction of saving material resources at each specific enterprise - increasing the output of the final product from the same amount of raw materials and materials in the workplace - depends on the technical equipment of production, the level of skill of workers, the level of organization of material and technical support, the number of consumption rates and stocks of material resources, the validity of their level.

Of no small importance is the reduction of losses in the production process, due to which it is possible to achieve 15-20% of the total savings in material resources.

When managing working capital, it is also important to choose the right method for assessing inventories, which ultimately affects the amount of profit of the enterprise.

In commercial enterprises, reserves and ways to accelerate the turnover of working capital in a generalized form depend on two factors: the volume of turnover and the size of current assets. To speed up turnover, you need to:

• · Improve the distribution of goods and normalize the placement of working capital;
• · Completely and rhythmically carry out business plans;
• · Improve the organization of trade, introduce progressive forms and methods of sale;
• · To streamline the collection and storage of empty containers, to speed up the return of containers to suppliers and delivery to container collecting organizations;
• · Improve settlements with suppliers and buyers;
• · Improve claim work;
• · To accelerate the turnover of funds by improving the collection of trade proceeds, strict limitation of their balances at the cash desks of trade enterprises, on the way, on the current account in the bank;
• · To minimize stocks of household materials, low-value and quick-wear items, inventory, overalls in the warehouse, to reduce reporting amounts, deferred expenses;
• · Do not allow receivables.

The efficiency of using the circulating assets of trade enterprises depends, first of all, on the ability to manage them, improve the organization of trade, and raise the level of commercial and financial work.

Particular attention is paid to the study of the reasons for the identified deviations for certain types of current assets and the development of measures to optimize them. The growth of inventories can be the result of shortcomings in the organization of trade, advertising, the study of customer demand, other marketing activities, the presence of stale and slow-moving goods.

Large cash balances in the cash desk and on the way arise due to the irregular development of retail turnover, untimely delivery of proceeds to the bank, unused funds and other violations of cash discipline. The minimum required amounts should be kept on accounts with the bank, and all their free balances should be transferred to the early repayment of loans received, invested in securities, and provided loans to legal entities and individuals. In case of overspending of funds of special purpose funds and reserves, the main attention is paid to the development of measures for its repayment and prevention.

Excessive balances of other inventory items are the result of the presence or acquisition of surplus and unnecessary materials, raw materials, fuel, and other material assets. It is possible to reduce stocks of goods, materials, raw materials, fuel to the optimal size through their wholesale or barter transactions, uniform and frequent delivery. The rhythmic development of retail turnover contributes to the normalization of the balances of goods and cash at the checkout and on the way.

• Specialty VAK RF08.00.10
• Number of pages 205

1. THEORETICAL AND METHODOLOGICAL BASES OF WORKING CAPITAL MANAGEMENT.

1.1. The economic nature of working capital.

1.2. Working capital functioning process.

1.3. The system for managing the process of the functioning of working capital.

2. WORKING CAPITAL OF RUSSIAN INDUSTRIAL ENTERPRISES: STATE,

FACTORS, TRENDS. v 2.1. Methodological approach to improving the system of indicators for assessing the state of working capital.

2.2. Analysis of trends in the dynamics of the working capital of Russian industrial enterprises in the conditions of the formation of market relations.

2.3. Factors affecting the process of functioning of the working capital of industrial enterprises.

3. METHODOLOGICAL APPROACHES TO MANAGING THE FORMATION AND USE OF WORKING CAPITAL.

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Dissertation introduction (part of the abstract) on the topic "Improving the system of working capital management of an industrial enterprise"

The relevance of research. In the last decade, due to institutional transformations, a decline in production volumes, an aggravated payment and settlement crisis, and an acute shortage of own working capital, the efficiency of working capital management of Russian industrial enterprises has significantly decreased.

A major impact on the loss of effective management skills by enterprises was the refusal to improve the rationing underlying short-term lending, analysis and management of working capital. The current methodology for analyzing financial stability, liquidity, and creditworthiness of enterprises from the standpoint of external users of information - suppliers, tax authorities, banks and others - does not allow us to assess the efficiency of using working capital. At the same time, the use of financial resources in the interests of stable support of the production process and sales of products, its expansion and renewal is impossible without improving the management system of the working capital functioning process, due to which the need for its rationalization is constantly growing. The complexity and versatility of the management system require an integrated approach to its study. All this allows us to conclude that the topic of the dissertation research devoted to the systematization of existing theoretical approaches to the formation of a working capital management system, the development of directions for its improvement and their practical implementation is relevant.

The dissertation work was carried out within the framework of the scientific direction of Voronezh State University "System of economic management: formation and development". The topic of the dissertation was approved by the Academic Council of the Faculty of Economics of Voronezh State University, minutes No. 1 of 30.11.1998.

The degree of elaboration of the research topic. The emergence of a theoretical approach to the interpretation of the category of "working capital" refers to the end of the XVIII - early XIX centuries. For the first time, the division of the advanced capital into parts that differ in the duration of the turnover is substantiated in the works of W. F. Quesnay. The formation of ideas about this category was facilitated by the publication in 1776 of A. Smith's work "Research on the Nature and Wealth of Nations", where the division of capital into fixed and circulating capital is clearly traced. The theoretical approaches of A. Smith were further developed in the studies of D. Ricardo, J. Ramsey, J. Ch. Sismondi, A. K. Storch, J. Barton, A. E. Cherbulier, J. St. Mill. K. Marx made a great contribution to the formation of ideas about the category of "working capital", characterizing the lean content of the process of capital circulation through the processes of advance payment and value creation.

The entire further evolution of ideas about working capital is closely related to the development of the views of A. Smith and K. Marx. Forming within the framework of microeconomics, the concept of financial management provides for the widespread use of the category of "working capital". Its supporters are J.K. Van Horn, L.A. Bernstein, R.N. Holt, E.S. Hendriksen, as well as N.R. A. Blatov. The allocation of working capital by K. Marx only at the production stage formed the basis for the emergence and substantiation of the category of "working capital", which became widespread in the Soviet and Russian economy in the works of E. Mitelman, A. M. Birman, P. A. Parfanyak, I. Usatov. A., Kovaleva V.V., Bunich P.G., Zhevtyaka P.N., Lisitsiana N.S., Sheremeta A.D., Saifulina R.S., Rodionova Yu.A., Kozlova N.V. , Perlamutrova V.L.

In the early 90s in Russia, under the influence of the theory of financial management and the international accounting system, after a 70-year hiatus, the category “working capital” began to be actively used, however, an inadequate interpretation of foreign experience gave rise to a plurality of positions in defining and understanding the economic nature of this category (Kovalev V.V., Efimova O.V., Stoyanova E.S., Blank I.A., Balabanov I.T., Khorin A.N., Belendir M.V.)

The analysis of modern monographic and periodical literature devoted to the research problem allows us to conclude that the theoretical and practical elaboration of issues related to the improvement of the management system of the process of functioning of the working capital of industrial enterprises: the development of an integrated management mechanism, the revival at a qualitatively new level of the practice of normative determination of the need for working capital , development of a model for the formation of working capital, expanding the analytical capabilities of accounting. This circumstance, combined with the relevance, determined the choice of the research topic, the formulation of its goals and objectives.

The purpose and objectives of dissertation research. The aim of the work is to substantiate a theoretical approach to the study of the processes of formation, advance payment and use of working capital, to develop and test methodological recommendations for improving the management system of the process of functioning of the working capital of industrial enterprises.

In accordance with this goal, the following tasks were set and solved: to reveal the economic nature of working capital, to analyze the existing theoretical approaches to the definition of the category of "working capital", the content and structure of the working capital functioning process, to identify the need to clarify these approaches;

To form an idea of ​​the management system of the process of functioning of the working capital of an industrial enterprise and the directions of its improvement: an integrated management mechanism; functional content, organizational structure;

Justify the need to change the current system of indicators for assessing the effectiveness of the formation and use of working capital;

Identify trends in the dynamics of the working capital of Russian industrial enterprises in the 90s;

To systematize and classify the factors affecting the process of functioning of working capital;

Develop and test guidelines for determining the regulatory requirements for working capital for industrial enterprises; to develop and test guidelines for building a working capital formation model.

The subject of the research is the control system of the process of functioning of the working capital of industrial enterprises.

The object of the research is the industrial enterprises of Russia, in general, and the Voronezh region, in particular, including the basic industry - mechanical engineering.

The theoretical and methodological basis of the study is the modern achievements of economic science - the works of domestic and foreign researchers. Used legislative and other normative acts of the Russian Federation, reference and methodological literature, periodicals, statistical information on industry, including mechanical engineering, Russia and the Voronezh region.

The dissertation research is based on a systematic approach, when performing the work, methods of analysis were used, due to specific tasks: comparative, economic, statistical, logical, graphic and other methods of processing and generalizing information.

Scientific novelty. The most significant, scientifically novel, provisions developed in the research process and submitted for defense are as follows: a theoretical approach to clarifying the content of the working capital functioning process has been formed, based on the allocation of "advanced" and "functioning" working capital within its framework; the structure and composition of a complex mechanism for managing the process of the functioning of working capital, an algorithm for planning and analyzing this process, an organizational structure of management; a methodological approach has been developed to improve the system of indicators for assessing the effectiveness of the formation and use of working capital, taking into account the allocation of "advanced" and "functioning", sectoral and individual characteristics of industrial enterprises; revealed trends in the dynamics of the working capital of industrial enterprises in Russia in the 90s, determined the composition and developed a classification of factors affecting the state of the working capital of industrial enterprises, in terms of directions and results of their impact on the circulation of capital; methodological recommendations for determining the need for working capital at enterprises have been developed, providing for a combination of refined methods of regulatory planning and optimization modeling; a model for the formation of working capital was created based on the optimization of the periods of repayment of receivables and payables and the amount of own working capital.

Theoretical and practical value. The theoretical value of the work is determined by the fact that the conclusions contained in it and the results obtained can be used in further studies of the process of managing the functioning of the working capital of industrial enterprises. Practical recommendations can be used by managers and specialists of financial and economic services to form an effective system for managing the functioning of working capital, including certain forms of its advance payment.

The provisions and conclusions of the dissertation can also be used in the educational process of higher educational institutions in the preparation of economists and managers in the courses "Financial Management", "Enterprise Finance", "Enterprise Economics", "Accounting".

Approbation of work. The main provisions and conclusions of the dissertation research were tested at problem seminars of the Department of Labor Economics and Fundamentals of Management of Voronezh State University, at all-Russian scientific and practical conferences (Voronezh 1997-1999.), An interuniversity scientific conference (Voronezh 1997), at annual scientific sessions of VSU.

Publications. The main content of the thesis is reflected in 11 publications, with a total volume of 2.67 pp. (personally by the author).

Structure and scope of work. The dissertation consists of an introduction, three chapters, a conclusion, a bibliography, and annexes. The list of references includes 193 titles.

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Conclusion of the thesis on the topic "Finance, money circulation and credit", Dmitriev, Alexander Evgenievich

The conclusions made by us based on the results of the analysis of the dynamics of the state of the working capital of industrial enterprises indicate that funds occupy less than 5% in the structure of working assets, and the second main form of advancing working capital is accounts receivable.

The model for optimizing accounts receivable should take into account, first of all, the effect of the size of accounts receivable on the circulation of working capital, the process of its formation. The need to plan circulating assets corresponding to the stage of circulation (non-standardized) was noted by many authors: K. Drury, V. V. Kovalev, R. N. Holt and others / 9, 41, 63, 160, 176, 186 /.

Analysis of the practical activities of the SE DST South-Eastern Railways, as part of the development of a business plan for the withdrawal of this organization from the state of bankruptcy, made it possible to identify priority areas in the element-by-element calculation of the need for working capital. One of the main claims against the organization by the Agency for Insolvency and Bankruptcy and the local press, in addition to the unsatisfactory structure of the balance sheet, was the presence of excess stocks, ineffective work with debtors to pay off their obligations, the lack of a systematic approach to planning receivables, which thereby undermined the foundations of financial stability, doomed to the spontaneous attraction of a large amount of borrowed resources.

This is confirmed by the structure of current assets, formed as of 01. 01. 97 (Table 3.1.2).

One of the main goals of the consulting group was to determine the planned and actual needs of the organization in the amount of the carryover stock of material resources.

The calculation was based on methodological recommendations for determining the normative need for a functioning working capital

Characteristics of optimization models used in the management of functional forms of working capital

CONCLUSION

The process of functioning of working capital is a necessary condition for ensuring the production and sale of the company's products. The financial and economic situation of an economic entity largely depends on how efficiently its circulation passes. This requires more attention to the formation and improvement of the working capital management system, the creation of an integrated management mechanism, a rational algorithm for constructing management functions, a flexible management structure; and integration of the working capital management system into the system of strategic and operational management of the enterprise.

In the dissertation work, based on the analysis of the evolution of the working capital management system and the modern practice of working capital management at the enterprises of the city of Voronezh, theoretical provisions and practical recommendations were developed for the formation and improvement of the management system for the process of functioning of the working capital of an industrial (including machine-building) enterprise.

As a result of the dissertation research, the following conclusions and recommendations were obtained.

1. Category "working capital" and the content of the process of its functioning. The systematization of the definitions of the “working capital” category, adopted in domestic and foreign literature, revealed the disadvantages and advantages of various approaches. The analysis of their evolution made it possible to determine the key questions in assessing the content of the process of the functioning of working capital, presented in the works of Adam Smith, David Ricardo, Karl Marx - this is the identification of working capital at the stage of circulation, determining its size and form of location, characterizing the interaction in the process of circulation with the main capital and added value (profit), the use of borrowed funds as sources of financing. The modern economic literature on the management of working capital and working capital does not contain a reasonable approach to assessing the interaction in the process of the circulation of profit, fixed and working capital, the sources of their formation. The author has developed his own approach, which implies the introduction of the concepts of "advanced working capital" and "functioning working capital". The sources of financing of the advanced working capital do not include the unused amortization fund, retained earnings and profit of the current circulation, and the "functioning working capital" is taken in the amount of the capital performing the functions of working capital - all current assets, except for those formed due to depreciation and profit of the current circulation ...

The amount of "functioning working capital" of an individual enterprise can be adjusted for overdue accounts receivable and financial investments. It depends on the individual characteristics of the business entity. This approach allows you to identify the amount of advanced working capital in circulation, and determine the size of the functioning working capital. Its substantiation required clarification of the fundamental categories that characterize the process of working capital functioning: forms of advance payment, own working capital (advanced and functioning), the period of turnover, sources of financing of working capital, etc.

Thus, working capital is capital in monetary and commodity forms, formed at the expense of its own and borrowed sources, advanced into circulating assets that completely change their form during one production and commercial cycle, in order to ensure the production and financial cycle of the enterprise. In the process of functioning, the amount of the advanced working capital changes due to the use as a source of its increase in profit and the performance of the function of working capital by a temporarily unused depreciation fund in the form of circulating assets,

2. Working capital management system. Improving the management system of the working capital functioning process is impossible without applying a systematic approach to its research and formation. As a basis for building a system, it is advisable to use the classical management scheme, which combines a control object, a control mechanism and a control organization into a control system, including control functions and an organizational structure.

An integrated management mechanism should be based on the methodological basis of production and financial management, provide for the formation of goals and objectives, criteria for assessing their achievement, take into account the transfer of the severity of managing the production and commercial cycle to the stage of circulation.

Due to the peculiarities of the control object, the leading place in the functional content of control should be given to analysis and planning. At present, in the practical activity of industrial enterprises, normative analysis, as more laborious, has given way to coefficient analysis. The reason for this was the disappearance of the basis for comparing and constructing an analysis - reasonable standards for various indicators characterizing the process of circulation. Without the revival of normative analysis, an efficient implementation of the analysis function is not possible. Its organization should be preceded by the choice of a system of assessed indicators.

The planning process is based on the determination of the need for working capital, which should combine reasonable, adjusted to the conditions of the enterprise rationing and adjusting the standard flexible simulation. These methods should complement each other, playing the role of a feasibility study and financial and economic justification of the need for working capital.

The organizational structure of the working capital management system of an industrial enterprise occupies one of the leading places in the management system of economic processes at the enterprise. This is due to the importance and breadth of tasks solved by working capital (resource provision of production and financial cycles, advances in various types of working assets). The organizational structure should combine programmatic and functional management, provide for the creation of an analytical center that accumulates all information on the movement of working capital

3. Improving the system of indicators for assessing the effectiveness of the formation and use of working capital. The most important direction in improving the working capital management system should be the development of a set of indicators characterizing the process of its functioning and allowing to determine the dynamics of advanced and functioning working capital. The author proposes a methodological approach to the formation of evaluation criteria for the process of working capital functioning, taking into account the composition of management objectives, the introduction of the categories "advanced working capital" and "functioning working capital". The formulas for calculating liquidity and financial stability indicators, the period of working capital turnover and the profitability of its use have been clarified, including:

The influence of the size of the functioning and advanced working capital on the liquidity indicators is considered;

A methodological approach to determining the normative-sufficient (minimum) indicator of current liquidity for an industrial enterprise is proposed, which provides for the need to cover current liabilities and maintain a functioning working capital for an economic entity to ensure the production and commercial cycle (calculations based on factual materials indicate that, for example, for mechanical engineering with an active the use of buyers' funds, the normative indicator is at the level of 1.2 -1.3);

The interdependence of the ratios of current liquidity and the provision of own working capital has been proved, an approach has been formed to determine the normative-sufficient level of own functioning working capital for an industrial enterprise;

Formed a methodological approach to determining the value of its own functioning working capital according to the financial statements;

The method for determining the duration of the period of the turnover of the functioning and advanced working capital has been clarified, using as an indicator of the value turnover - the cost of production, reduced by depreciation charges accrued for the calculation period;

The methodology for determining the profitability (profitability) of using a functioning and advanced working capital has been clarified, which provides for the division of the profit received between fixed and working capital.

Recommendations for improving the main indicators for assessing the rationality of the formation and efficiency of using working capital, taking into account the sectoral and individual characteristics of industrial enterprises, have been tested and accepted for use by industrial enterprises in Voronezh.

4. Trends in the dynamics of the working capital of industrial enterprises and factors affecting the efficiency of management of the process of its functioning. Based on the analysis of statistical data and the results of a survey of mechanical engineering enterprises and other industries in Russia (including the Voronezh region), received by the author as part of the research group of the program grant

INCO Copernicus of the European Community, identified the main trends in the dynamics of the functioning working capital of industrial enterprises in the 90s:

Reducing the share of working capital in the total capital of enterprises to 3-4%;

Transformation of the main form of advancing working capital from inventories into accounts receivable;

Slowdown of the period of turnover of the working capital of industrial enterprises up to 2000;

Decrease in the size of own working capital;

Reducing the profitability of using working capital.

The factors influencing the process of working capital functioning have been determined. Their systematization and classification is carried out, corresponding to the tasks of optimizing the impact on the capital circulation of industrial enterprises.

Based on the analysis of the identified trends in the dynamics of the working capital of domestic industrial enterprises and the factors affecting the process of its functioning, the key parameters of the working capital formation model were determined: the prevailing forms of advance payments (stocks and accounts receivable) and the type of funding source (accounts payable).

5. Determination of the need for working capital at enterprises. Methodological recommendations for determining the need for working capital for the formation of inventories of industrial enterprises have been developed and tested. They include:

The combination of rationing and optimization modeling in determining the need for working capital for the formation of inventories;

Use in the methodology for determining the rate of consumption of material resources for the production program of the estimated planning period corresponding to the duration of the production cycle;

The use of a unified approach in determining the need for material resources for the production program, which makes it possible to present semi-finished products in the form of coefficients of material norms, taking into account the procedure for launching materials in accordance with the requirements of the production cycle;

Clarification of the methodology for calculating transport and current warehouse stocks of commodity values;

Application in the calculations of the average percentage of transport and procurement costs, adjusted for the weighted average index of the nature of the cargo (remoteness of suppliers, cargo parameters) and the projected inflation rate.

Determination of the methodically justified size of the carryover stock of inventories underlies the development of a policy for attracting working capital for the formation of stocks, which provides for the construction of a schedule (monthly, quarterly) of additional demand or release of capital.

6. Formation of working capital based on the optimization of the periods of repayment of receivables and payables and the amount of own working capital. The model for the formation of working capital proposed by the author is based on the determination of the rational ratio of the periods of turnover of accounts payable and receivable at a certain amount of own working capital and the standard value of the carryover stock of inventories.

The resulting model makes it possible to determine the period of accounts receivable turnover that meets the requirements of the circulation, which develops under the influence of the actual or projected period of accounts payable turnover, the presence and increase of own working capital and the normative need for carry-over stock, calculated taking into account the methodological recommendations shown above. It makes it possible to assess the impact of a change in the turnover period of accounts receivable on the need for own working capital (release or attraction) and the turnover period of accounts payable (the possibility of faster repayment or focus on advance payments).

The findings are confirmed by the results of approbation of the methodological recommendations developed in the dissertation research at a number of industrial enterprises of the city of Voronezh in 1996-2001 (State Enterprise Drostroytrest YuVZhD, OJSC UPMASH, OJSC MC Rezon, OJSC Avtomatika, OJSC GSKB Zernoochistka) ,

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