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• Introduction
• 1. Theoretical aspects of the formation and use of financial resources of enterprises
• 1.1 The essence of financial resources and sources of their formation in modern conditions
• 1.2 Characteristics of internal and external sources of funds
• 1.3 The role of financial resources in ensuring the reproductive process of the enterprise
• 2. Analysis of the formation and use of financial resources on the example of Metur LLC
• 2.1 Composition and structure of financial resources of Metur LLC
• 2.2 Analysis of financial stability of Metur LLC
• 2.3 The effectiveness of the formation and use of financial resources in the organization
• 3. The main directions for improving the formation of financial resources
• 3.1 Improving the efficiency of using the financial resources of the enterprise
• Conclusion
• List of sources used

Introduction

The main link of the economy in market conditions of management are enterprises that act as economic entities. They are for implementation economic activity, obtaining products, income and savings use certain types of resources: material, labor, financial, as well as cash.

Financial resources are directed to the development of production, the maintenance and development of non-production facilities, consumption, and can also remain in reserve. Financial resources used for the development of the production and trade process represent capital in its monetary form.

Availability of sufficient financial resources, their effective use, predetermine a good financial position of the enterprise, solvency, financial stability, liquidity. In this regard, the most important task of enterprises is to find reserves for increasing their own financial resources and their most effective use in order to increase the efficiency of the enterprise as a whole.

The role of the organization's financial resources can hardly be overestimated. In fact, these are funds at the disposal of the company, which take various forms in the course of business activities, embodied in fixed assets, stocks, accounts receivable and other assets. And it is necessary to understand that the success of the commercial activity of an enterprise depends not only on the demand for the goods it produces, but also on how effectively its financial resources are allocated. The correct balance of assets avoids "stagnation" of resources in materials, finished goods or fixed assets.

Every ruble invested in production should work as efficiently as possible. That is why the organization must be in a state of constant search for that "golden mean" in the structure of the balance sheet, which will achieve the best results.

Speaking about the financial resources of the organization, one should not forget about the sources of their formation, among which they allocate their own and borrowed funds. Their correct ratio also has a certain value for the financial condition of the enterprise. Excessive dependence on external (borrowed) funds makes the company less financially stable, and vice versa, if the company does not attract financial resources from outside, then this is a reason to assume that there are no serious investment projects. That is why the issue of the formation and use of financial resources is relevant.

Business entities are included in the complex process of financial and economic relations both among themselves and with the state. Enterprise finance is not an independent category. Taken together, they form a complex system for the redistribution of financial resources. At the same time, the state, being a participant in financial relations, receives tax payments to its budget, thereby forming a system of public finance. And the welfare of the whole country depends on how effectively the finances of enterprises will be organized. All this also testifies to the relevance of the topic of this term paper.

The purpose of the course work is to analyze the formation and use of financial resources on the example of a limited liability company (hereinafter LLC) "Metur" and to develop recommendations for improving their formation and use.

To achieve this goal, it is necessary to solve the following tasks:

1) Determine the role of financial resources of organizations, their essence, composition and structure;

2) Consider the features of the formation and use of financial resources on the example of a particular enterprise;

3) Introduce proposals aimed at increasing the level of efficiency in the use of financial resources of Metur LLC.

The object of the research is the commercial enterprise Metur LLC.

The subject of research is the process of formation and use of financial resources commercial enterprise(by the example of Metur LLC).

When writing a term paper, such techniques and methods as horizontal analysis, vertical analysis, analysis of coefficients (relative indicators), comparative analysis were used.

The problem of the formation and use of financial resources of the organization is considered in some detail in the educational and scientific literature.

Among the sources used, one can single out the works of authors such as N.V. Kolchina, G.V. Shadrina, A.D. Sheremet and others. The work takes into account changes and new approaches to the analysis of economic activity.

The information base for financial analysis was financial statements enterprises for 2008, 2009, namely: balance sheet, income statement.

The first chapter examines the theoretical issues of the analysis of the financial condition of a commercial enterprise. It defines concepts such as "finance", "capital", gives a characteristic of own and borrowed funds, as well as the role of financial resources in ensuring the reproduction process of the enterprise.

The second chapter is devoted to the analysis of the financial condition of Metur LLC for two years. Here a small description of the enterprise is given and an assessment is made of the formation and use of financial resources of Metur LLC.

In the third chapter, specific proposals are given, aimed at increasing the efficiency of the use of financial resources of the investigated enterprise.

1. Theoretical aspects of the formation and use of financial resources of enterprises

1.1 The essence of financial resources and sources of their formation in modern conditions

An organization is a complex economic system. The main groups of functional processes that cover its activities and are the object of management include production, marketing, finance, work with personnel, etc. The level of management of functional subsystems has a direct impact on the efficiency of management of the economic system as a whole.

The viability of an organization, the success of its functioning and the stability of development are largely determined by the quality of management of one of its most important functional subsystems - the financial support system. The role of this system has increased with the transition to market relations, since business entities have gained independence in terms of planning and managing resource potential. As a result, financial resources have become of paramount importance, since this is the only type of resource that can be transformed into any other type of them (for example, into raw materials, materials, fixed capital, etc.) directly and from minimum cost time.

Speaking about resources, it should be noted that they are the sources of any production. "Resources - the availability of instruments of labor, objects of labor, money, goods or people for use now or in the future."

Thus, resources are the main factors of production. The factors of production are the totality of those natural, material, social and spiritual forces (resources) that can be used in the process of creating goods, services and other values. In other words, factors of production are those that have a certain effect on production itself.

Financial resources of the organization- is a set of own cash incomes in cash and non-cash form and receipts from outside (borrowed and borrowed), accumulated by the organization and intended to fulfill financial obligations, finance current costs and costs associated with the development of production.

It is necessary to highlight the concept of "capital" - a part of the financial resources invested in production and generating income at the end of the turnover. In other words, capital- a transformed form of financial resources.

The financial resources of an organization, on the one hand, are part of its capital. Capital consists of durable goods created by the economic system for the production of other goods. Another view of capital is related to its monetary form. Capital, when embodied in finance not yet invested, is the amount of money. In all these definitions, there is a common idea, namely, capital is characterized by the ability to generate income.

Distinguish between fixed and working capital. Fixed capital is capital materialized in buildings, machinery and equipment that has been functioning in the production process for several years. Another type of capital, including raw materials, materials, energy resources, is expended in one production cycle. It is called working capital. The money spent on working capital is fully returned to the entrepreneur after the product is sold. Capital costs cannot be recovered as quickly.

On the other hand, financial resources included in the financial support system are the basis for the existence of the entire organization, and the formation of an effective financial support system for an organization implies a reasonable combination of all factors of production aimed at maximizing profits.

In other words, you can use two units of labor, one unit of natural resources and 4 units of capital and get 10 units of profit, or you can choose such a reasonable combination of factors for a specific production that as a result, a profit of 20 units will be obtained. And this requires an effective system of financial support, thanks to which financial flows in the organization will be directed exactly where they are needed in the first place, in labor, capital or natural resources.

The organization's financial support system must comply with the following principles:

1) as much independence and independence from external sources as possible;

2) profit maximization;

3) planning of financial resources;

4) the formation of financial reserves in the organization;

5) compliance with financial discipline;

6) ensuring the profitability of the financial and economic activities of the organization.

State financial flows becomes the most important factor determining the economic results of the organization. The financial well-being of the business entity as a whole, as well as its owners and employees, depends on how efficiently and expediently financial resources are transformed into fixed and circulating assets, as well as incentives for personnel. Thus, in modern economic conditions, the formation of an effective system of financial support in the organization and its correct management are of paramount importance for the organization.

In order for the management of the financial system to be effective and contribute to the achievement of the priority goals of a particular organization, it is necessary to carry out work aimed at its improvement. But before making any improvements or improvements, you need to assess the existing state of the process or phenomenon in question. Consequently, the issues of assessing the effectiveness of financial system management are becoming topical.

To solve a number of pressing problems in the field of organization management, a comprehensive study of its financial system is necessary, which would include both an assessment of the state of the management object, that is, financial flows and results of financial and economic activities, and an assessment of the management system, including the structure of the financial service in organizations. Research and development in this area should contribute to improving the quality and effectiveness of the management of the financial system, which, in turn, should be reflected in increasing the viability and efficiency of organizations.

In fact, financial resources are funds at the disposal of the organization. But you need to understand that money alone does not bring profit. They must be invested or used in speculative transactions. Therefore, when they talk about the financial resources of an organization (production), they mainly mean the process of attracting them. The attracted financial resources are immediately converted into other types of resources (fixed or working capital, labor, etc.), or are directed to other needs of the organization, as a result of which the production process is activated in order to make a profit.

So, speaking about the financial resources of the organization, it is necessary to consider not only cash, but also other assets that can, to one degree or another, be converted into cash. It is necessary to understand that the process of converting financial resources into another type of resources is reversed, that is, any organization's resources can be converted into financial resources and used in the future more effective way... In other words, if an organization has buildings and structures that are not used in the production process, it can sell them and receive money, which can then be used to replace old equipment.

The composition of financial resources (see Fig. 1.1) is presented in the asset of the organization's balance sheet (Form 1 of the financial statements):

Figure 1.1 - The composition of the financial resources of the enterprise

Let's reveal in more detail the essence and content of the above assets, which are also the financial resources of the organization.

Intangible assets - assets that do not have a physical, tangible form: managerial, organizational, technical resources, reputation in the financial world, capitalized rights, privileges, competitive advantages, control over the distribution network, protection provided by insurance, patents and trademarks, brand names, know-how, other types intellectual property, the right to use.

Fixed assets include property that has been used for a long time as a means of production. When accepting assets as fixed assets for accounting, it is necessary to fulfill the following conditions at a time:

a) use in the manufacture of products in the performance of work or the provision of services, or for the management needs of the organization;

b) use for a long time, that is, for a period useful use, lasting more than 12 months or a normal operating cycle if it exceeds 12 months;

c) the organization does not expect the subsequent resale of these assets;

d) the ability to bring the organization economic benefits (income) in the future.

The useful life is the period during which the use of an item of fixed assets brings economic benefits (income) to the organization. For certain groups of fixed assets, the useful life is determined based on the amount of production (volume of work in physical terms) expected to be received as a result of using this object.

Fixed assets include funds invested in: buildings, structures, workers and power machines and equipment, measuring and control devices and devices, computers, vehicles, tools, production and household equipment and accessories, working, productive and pedigree livestock, perennial plantings, on-farm roads and other relevant objects.

The structure of fixed assets also includes: capital investments for the radical improvement of land (drainage, irrigation and other reclamation work); capital investments in leased fixed assets; land plots, natural resources (water, subsoil and other natural resources).

Construction-in-progress refers to the costs of the developer for the construction of construction facilities from the beginning of construction to the commissioning of facilities.

Profitable investments in tangible assets are investments of an organization in part of the property, buildings, premises, equipment and other valuables that have a tangible form, provided by the organization for a fee for temporary possession (temporary possession and use) in order to generate income.

Long-term financial investments - investments of an organization in government securities, bonds and other securities of other organizations, in the authorized (share) capital of other organizations, as well as loans provided to other organizations for a period of more than 12 months.

Deferred tax asset means that part of the deferred income tax, which should lead to a decrease in income tax payable to the budget in the next reporting period or in subsequent reporting periods. An entity recognizes deferred tax assets in the reporting period when deductible temporary differences arise, provided it is probable that it will receive taxable profit in subsequent reporting periods.

An indispensable condition for the organization to carry out economic activities is the availability of working capital (working capital). Current assets (current assets) are funds advanced into circulating production assets and circulation funds.

One of the elements of working capital are stocks.

Stocks are economic variables (indicators) that can be measured only at a specific point in time. In other words, the amount of reserves has no time span. The reserves include:; animals for growing and fattening; ; ; goods shipped; Future expenses; other supplies and costs.

Value added tax on acquired assets also applies to the assets of the organization. This is due to the specifics of its calculation and payment to the budget. When used in production or when resale of material assets, the value added tax paid on them to suppliers is reimbursed from the budget by way of offset and remains at the disposal of the organization.

Accounts receivable are divided into short-term (payments for which are expected within 12 months) and long-term (payments for which are expected in more than 12 months). Accounts receivable arise from the shipment of goods (performance of work, services) without payment, or for other reasons. The fact is that the process of selling the goods is "on stream" and it cannot be interrupted, requiring immediate payment for the shipped goods. As a rule, under the contract, the goods are shipped with further payment at the specified time. As a result, accounts receivable are formed. In this case, the debtor is the debtor of the organization. Accounts receivable do not include the debts of participants (founders) for contributions to the authorized capital.

Cash - accumulated in cash in bank accounts or in the cash desk of an organization, various kinds of income and receipts that are in constant economic circulation with organizations, and used by them for their own purposes or placed as resources of banks.

Speaking about financial resources, it should also be noted that for a normally functioning system of financial support of an organization, their constant circulation is characteristic.

One of the elements of the organization management process is the analysis of the effective use of financial resources. Taking into account the constantly changing market conditions, external and internal environment, the organization's management makes managerial decisions about reducing some assets and increasing others. For example, in order to stay on the market, an organization may resort to a strategy of production reduction, and the proceeds from this (disposal of fixed assets, sale of part of buildings, staff reduction, etc.) can be used to purchase new, more productive production equipment. and get big profits in the future.

The process of converting an organization's assets into cash is directly related to the concept of liquidity. Liquidity - ease of realization, sale, transformation of material or other assets into cash to cover current financial obligations.

The financial resources of an organization, on the one hand, are part of its capital, and on the other, they are included in the financial support system, and are the basis for the existence of the entire enterprise. The formation of an effective system of financial support for an organization implies a reasonable combination of all factors of production aimed at maximizing profits. The financial well-being of the business entity as a whole, as well as its owners and employees, depends on how efficiently and expediently financial resources are transformed into fixed and circulating assets, as well as incentives for personnel.

In fact, financial resources are funds at the disposal of the organization. But you need to understand that money alone does not bring profit. They must be invested or used in speculative transactions. That is why, the tangible and intangible embodiment of the financial resources of the enterprise is presented in the asset of its balance sheet (Form 1 of the financial statements).

Speaking about financial resources, it is also necessary to understand that the financial support system of an enterprise includes such mandatory elements as an assessment of the structure of financial resources and their effective redistribution, taking into account the constantly changing market conditions.

1.2 Characteristics of internal and external sources of funds

The financial resources of the organization are formed from certain sources. So, you cannot purchase production equipment, raw materials or materials without having the funds for this.

The sources of the formation of the financial resources of the organization is a set of sources of meeting the need for capital for the coming period, ensuring the development of the organization.

These sources are divided into internal (own) and external (borrowed and borrowed) (see Fig. 1.2).

First of all, the organization focuses on the use of internal (own) sources of funding.

The formation of the authorized capital, its effective use, and its management is one of the main and most important tasks of the financial service of the organization. The authorized capital is the main source of the organization's own funds. The amount of the authorized capital of a joint-stock company reflects the amount of shares issued by it, and the amount of the authorized capital of a state and municipal enterprise. The authorized capital is changed by the organization, as a rule, according to the results of its work for a year after amendments to the constituent documents.

It is possible to increase (decrease) the authorized capital by issuing additional shares into circulation (or withdrawing some of their number from circulation), as well as by increasing (decreasing) the par value of old shares.

Figure 1.2 - Composition of sources of formation of financial resources

Own funds include:

1) authorized capital;

2) additional capital;

3) retained earnings.

Additional capital includes:

1) the results of the revaluation of fixed assets;

2) share premium of the joint stock company;

3) monetary and material values ​​received free of charge for production purposes;

4) allocations from the budget to finance capital investments;

5) funds for replenishment of working capital.

Retained earnings are profits received in a certain period and not directed in the process of its distribution for consumption by owners and personnel. This part of the profit is intended for capitalization, that is, for reinvestment in production. In terms of its economic content, it is one of the forms of the organization's own financial resources reserve, ensuring its production development in the coming period.

To cover the need for fixed and circulating funds, in a number of cases, it becomes necessary for an organization to raise borrowed capital. This need may arise for reasons beyond the control of the organization. They may be optional partners, extraordinary circumstances, reconstruction and technical re-equipment of production, lack of sufficient start-up capital, the presence of seasonality in production, procurement, processing, supply and sale of products and other reasons.

Thus, borrowed capital, borrowed funds are funds and other property attracted to finance the development of an organization on a repayable basis. The main types of borrowed capital are: bank loans, financial leasing, commodity (commercial) loans, bond issues and others.

Debt capital is subdivided into:

1) short-term.

2) long-term.

Borrowed capital for a period of up to one year refers to short-term, and more than a year - to long-term. The question of how to finance certain assets of the organization - at the expense of short-term or long-term capital - must be discussed on a case-by-case basis. The effectiveness of the investment of borrowed capital is determined by the degree of return on fixed or circulating assets.

The constant search for new sources of financial resources of the organization is prompted by the reproduction process. Reproduction takes two forms:

1) simple reproduction, when the costs of replacing the depreciation of fixed assets correspond to the amount of accrued depreciation;

2) extended reproduction, when the cost of replacing the depreciation of fixed assets exceeds the amount of accrued depreciation.

In modern conditions, situations arise when depreciation deductions are sufficient for the expanded reproduction of fixed assets. This is most typical when a certain share of computer and organizational technology is present in the structure of fixed assets. This is due to the constant decrease in several times the prices of this technique and with a simultaneous increase in its productivity.

Capital expenditures for the reproduction of fixed assets are long-term in nature and are carried out in the form of long-term investments (capital investments) for new construction, for the expansion and reconstruction of production, for technical re-equipment and to support the capacities of existing organizations.

The sources of the organization's own funds for financing the reproduction of fixed assets include:

Depreciation deductions;

Depreciation of intangible assets;

Profit remaining at the disposal of the organization;

Budget earmarked appropriations;

Funds from the issue of shares.

The Chart of Accounts does not provide for the creation of a special depreciation fund. Depreciation deductions are the first source of the company's own funds, they are received as part of the proceeds from sales to the company's current account, and all expenses in various areas of capital investments are paid directly from the current account.

Through the mechanism of accelerated depreciation, organizations have the ability to regulate the amount and timing of financing the reproduction of funds at the expense of this source... The actual amounts of depreciation deductions, falling along with the proceeds from the sale to the settlement account of the organization, are included in its working capital and begin to move independently, regardless of the depreciable property. They can remain free, channeled to capital investment or invested in other types of working capital. However, the fact that the sources of funds practically do not differ in the circulation of the organization's funds does not mean that the nature of the formation of these funds does not affect the speed and efficiency of their use.

The sufficiency of sources of funds for the reproduction of fixed capital (as well as working capital) has crucial for the financial condition of the enterprise. Therefore, this controlled parameter of financial condition is always in the field of vision of the management.

The second source of the organization's own funds for financing the reproduction of fixed assets is the depreciation of intangible assets. Intangible assets enter the organization through the following channels:

When purchased for a fee;

As a contribution to the authorized capital;

Upon receipt, free of charge.

The characteristic features of intangible assets are:

Lack of material and material structure;

Ability to make a profit;

Uncertainty about the size of the profit.

Intangible assets are depreciated at rates determined by the organization itself. The basis for calculating the norms is the initial cost and the planned life of intangible assets.

The actual amount of depreciation goes to the settlement account of the organization along with the proceeds from the sale of products (works, services) and is in circulation.

The third source of the organization's own funds to finance the reproduction of fixed assets is the profit remaining at the disposal (net profit). The directions of use of the organization's net profit are determined independently in their financial plans.

The fourth source of the organization's own funds for financing the reproduction of fixed assets are budgetary allocations. If an organization fulfills a targeted state order, which is provided for in the state development budget, then the latter allocates targeted financing to the enterprise.

External sources of financing for the reproduction of fixed assets include:

Bank loans;

Borrowed funds (bonded loans) of other organizations;

Funding from the budget on a repayable basis;

Financing from extrabudgetary funds on a repayable basis.

Bank loans are provided to an organization on the basis of a loan agreement, a loan is provided on the basis of payment, urgency, repayment against security: guarantees, real estate pledge, pledge of other assets of the organization.

Many organizations, regardless of their form of ownership, are created with very limited capital. This practically does not allow them to fully carry out statutory activities at their own expense and leads to the involvement of significant credit resources in the turnover.

Not only large investment projects are credited, but also the costs of current activities: reconstruction, expansion, reorganization of production facilities, redemption of leased property by the collective and other events.

The source of financing for the reproduction of fixed assets is also borrowed funds from other organizations, which are provided to organizations on a reimbursable or gratuitous basis with strategic interest. Loans to organizations can also be provided by individual investors (individuals).

Other sources of funding for the reproduction of fixed assets are budgetary allocations on a repayable basis from federal and local budgets, as well as from sectoral and intersectoral target funds.

The choice of sources of financing for capital investments should be decided taking into account many factors:

1) the cost of the attracted capital;

2) the effectiveness of the return from it;

3) the ratio of equity and debt capital, which determines the financial condition of the organization;

4) the degree of risk of various sources of funding;

5) the economic interests of investors and lenders.

Market conditions are constantly changing, so the organization's needs for working capital are not stable.

The structure of sources of formation of working capital also covers own and borrowed. As a rule, the organization's minimum need for working capital is covered by its own sources, namely, retained earnings, authorized capital, reserve capital, accumulation fund and targeted financing. However, due to a number of objective reasons (inflation, growth in production volumes, delays in paying customer bills, etc.), the organization has temporary additional needs for working capital, as well as for fixed assets. In these cases, the financial support of economic activity is accompanied by the attraction of borrowed sources: bank and commercial loans, loans, investment tax credit, investment contribution of the organization's employees, bonded loans. Thus, any organization has the ability to generate financial resources both from internal and external sources. Of course, it is more expedient for the organization itself to use internal sources and not depend on anyone, but the modern highly competitive market forces economic entities to constantly improve the production process, which requires a constant infusion of financial resources with limited own sources. There is only one way out - to attract them from the outside in the form of short-term and long-term loans from banks, the temporary use of funds intended for settlements with creditors, including the budget, and the like. But at the same time, the management of the organization must control the ratio between internal and external sources of financial resources. Excessive use of external sources testifies to the complete financial dependence of the organization on outsiders, and the predominance of its own - to an ineffective financial policy and the absence of investment projects, which in the future may lead to obsolescence of production technology and a drop in demand for the manufactured goods.

1.3 The role of financial resources in ensuring the reproductive process of the enterprise

An indispensable condition for the existence and development of society at a specifically identified historical stage is, as you know, ensuring the continuity of the production of material goods and the system of corresponding production relations between people as socio-economic forms of its actual implementation. The constant repetition of the production process at constant (quantitative and qualitative) or varying scales is defined economics as a reproductive process. In the economic literature, two types of reproduction are distinguished: simple and extended.

According to the well-established scientific opinion, simple reproduction is characterized by the fact that the dimensions of the produced product, as well as its quality, remain unchanged in each subsequent cycle. Accordingly, the factors of production do not undergo changes. All surplus product, if produced, is used by the producers themselves for personal consumption.

With expanded reproduction, the size of the produced product increases in each subsequent cycle, which is achieved, among other things, by improving the quality of the product. The factors of production do not remain unchanged either. In order for reproduction to take place on an expanded scale, additional or better resources are needed by the beginning of each next cycle (year). The source of expansion or qualitative improvement of the factors of production is the surplus product. Consequently, with expanded reproduction, he can no longer go entirely to the satisfaction of personal needs.

The material and technical basis of the production process at any enterprise is the main production assets. In a market economy, the initial formation of fixed assets, their functioning and expanded reproduction is carried out with the direct participation of financial resources, with the help of which targeted monetary funds are formed and used, mediating the acquisition, operation and restoration of labor instruments.

The initial formation of fixed assets at newly created enterprises occurs at the expense of fixed assets, which are part of the authorized capital. Fixed assets are cash invested in fixed assets for production and non-production purposes. At the time of the acquisition of fixed assets and their acceptance on the balance sheet of the enterprise, the value of fixed assets quantitatively coincides with the value of fixed assets. In the future, as the fixed assets participate in the production process, their value doubles: one part of it, equal to wear and tear, is transferred to the finished product, the other expresses the residual value of the existing fixed assets.

The worn-out part of the value of fixed assets transferred to finished products, as the latter is sold, gradually accumulates in monetary form in a special depreciation fund. This fund is formed by means of annual depreciation deductions and is used for simple and partially expanded reproduction of fixed assets. The direction of depreciation for the expanded reproduction of fixed assets is due to the specifics of its accrual and expenditure: it is charged during the entire standard service life of fixed assets, and the need to spend it occurs only after their actual retirement. Therefore, until the replacement of retired fixed assets, the accrued depreciation is temporarily free and can be used as an additional source of expanded reproduction. In addition, the use of depreciation for expanded reproduction is facilitated by scientific and technological progress, as a result of which some types of fixed assets can become cheaper, more advanced and more productive machines and equipment are put into operation.

The amount of the depreciation fund is calculated annually by multiplying the book value of fixed assets by the depreciation rate. Economically sound depreciation rates are essential. They allow, on the one hand, to ensure full reimbursement of the cost of fixed assets retired from operation, and on the other, to establish the true cost of production, a component of which is depreciation deductions. From the point of view of commercial calculation, both the underestimation of depreciation rates (because it can lead to a lack of financial resources necessary for the simple reproduction of fixed assets) and their unreasonable overestimation, which causes an artificial increase in the cost of production and a decrease in the profitability of production, are equally bad. The depreciation rates are periodically revised, as the service life of fixed assets changes, the process of transferring their value to the manufactured product is accelerated under the influence of scientific and technological progress and other factors. Also, the revaluation of fixed assets is periodically performed; its purpose is to bring the book value of fixed assets in line with current prices and conditions of reproduction.

However, it should be noted that expanded reproduction cannot be provided only by depreciation charges, since they are intended mainly for simple reproduction. Therefore, to a large extent, capital investments are provided from the national income, and in the capital expenditures, first of all, the company's own financial resources are reinvested; share capital mobilized in the financial market is also directed here, credit resources are attracted, and in special cases specially stipulated in government decisions - budgetary allocations and extra-budgetary funds.

In the composition of the company's own financial resources used for capital investments, profit occupies an important place. Recently, there has been a tendency towards an increase in the absolute size and share of profits in the sources of financing capital investments. There is an opinion that this trend needs to be developed, since its progressiveness lies in the fact that the sources of reproduction of fixed assets are directly linked to the results of production activities. As a result, the material interest of enterprises in achieving better production results increases, since the timeliness and completeness of the formation of financial sources of capital expenditures depends on them.

Along with profit, funds raised in production itself are also used to finance capital investments (profit and savings in construction and installation work, carried out in an economic way, mobilization of internal resources, etc.), income from the sale of retired property, funds for social development.

The allocation of budgetary funds for capital expenditures ensures the implementation of a unified technical policy, creates financial prerequisites for regulating the structure of social reproduction, the development of priority sectors of the economy. With the transition to market fundamentals management, the procedure for providing budgetary funds for capital investments is gradually changing. Earlier budget resources were allocated in the form of direct irrevocable appropriations; now they can be obtained through targeted subsidies (investment allocations), subventions and investment tax credits.

The objective prerequisites for the purposeful use of finance in the reproduction process of the organization lie in the main functions of finance - distribution, reproduction, stimulating and control.

The distribution function is implemented within the framework of the distribution of financial resources in the process of the circulation of funds directly at the enterprises. The entire circulation of the enterprise's resources is associated with the formation and distribution of funds of financial resources. This function allows you to form financial resources and targeted monetary funds that meet the development needs of the enterprise as a whole and its individual structural units.

The reproduction function is realized by regulating the reproduction process in the form of purposeful management of funds of financial resources and the creation of such a financial and economic environment in which it is possible for the subjects to achieve the designated entrepreneurial interests. This function is a necessary prerequisite for effective organization of cash flow management, the possibility of successful use of bank loans, accounts payable, loans and other sources of financial resources.

The stimulating function of finance is of great importance for the development of the production of goods and services, the growth of the profitability of enterprises. Implementation of this function through a system established by the organization for covering production costs and distribution of profits by enterprises, through a tax system, an effective system of organization financial linkages between market entities, as well as through budgetary financing of the most promising, priority sectors of the economy.

The control function of finance is an important factor in economic development and serves as a necessary prerequisite for increasing the efficiency of organizations, accelerating the turnover of their financial resources. By controlling the movement of financial flows, it is possible to exercise real control over the state, dynamics and efficiency of the use of the company's property.

So, the financial resources of the organization can be considered as part of its capital and as a system of its financial support. The formation of an effective system of financial support for an organization implies a reasonable combination of all factors of production aimed at maximizing profits. The financial well-being of the business entity as a whole, as well as its owners and employees, depends on how efficiently and expediently financial resources are transformed into fixed and circulating assets, as well as incentives for personnel.

The financial resources of the organization are formed from certain sources. The sources of the formation of the financial resources of the organization is a set of sources of meeting the need for capital for the coming period, ensuring the development of the organization. These sources are subdivided into own (internal) and borrowed (external).

We can say that finance plays an important role in the reproduction process. Financial resources are called upon, first of all, to ensure the production process. Their use can be carried out in the form of advance payments and investment in production activities. The role of financial resources can be seen most clearly through their functions: distribution, reproduction, stimulating and control.

2. Analysis of the formation and use of financial resources on the example of Metur LLC

2.1 Composition and structure of financial resources of Metur LLC

The investigated enterprise has the organizational and legal form "Limited Liability Company". Full name of the enterprise: Limited Liability Company "Metur".

Metur LLC is one of the largest independent companies supplying rolled metal products to the markets of Russia and the CIS countries. The company is engaged in the wholesale and retail trade of rolled metal, and also develops a production line: it carries out metal processing and the production of various profiles.

Branches and representative offices of the Company operate in almost all constituent entities of the Federation, in 46 cities of Russia and abroad. Since 2001, the company has been a member of the Russian Union of Steel Products Suppliers (RSPM) and, according to Forbes magazine, is one of the 200 largest companies in Russia.

The total number of the Company's employees is 2380 people.

The company accounts for 5% of the metal consumption market in Russia. The warehouses of the company "Metur" constantly store a total of 150,000 tons of metal products, more than 10,000 names and sizes.

The company has 248,600 sq. m. warehouse space, of which 108,000 sq. m. - covered warehouse complexes; 136 industrial real estate objects; 40 land plots.

A significant part of the warehouse and office space is owned by the Company.

The main suppliers of the Company are the largest metallurgical plants in Russia and the CIS countries, including: MMK, NLMK, NTMK, ZSMK, NSMMZ, Severstal, MECHEL, PNTZ, STZ, ChMZ, Mital Steel. Relative independence from suppliers allows the Company to optimize supply logistics and combine the delivery of orders to different regions in pools to minimize costs.

Financial resources are funds at the disposal of an organization. But you need to understand that money alone does not bring profit. They must be invested or used in speculative transactions. Therefore, when they talk about the financial resources of the organization, they mainly mean the process of attracting them. The attracted financial resources are immediately converted into other types of resources (fixed or working capital, labor, etc.), or are directed to other needs of the organization, as a result of which the production process is activated in order to make a profit.

The analysis of the financial resources of Metur LLC is presented in Table 2.1.

Table 2.1 - Analysis of financial resources of Metur LLC for 2008-2009, thousand rubles.

Financial resources			Deviation
Non-current assets, including:
Fixed assets
Construction in progress
Deferred tax assets
Current assets, including:
	raw materials, materials and other similar values
	work in progress costs
	finished goods and goods for resale
	Future expenses
Total reserves
Cash

As follows from the results of the analysis, the value of the balance decreases annually. In 2009, compared to 2008, the balance sheet currency decreased by 1.5%. The main reason is a decrease in the level of non-current assets, which occurred due to a decrease in the volume of construction in progress and long-term financial investments.

As for current assets, there is also a decrease in indicators for many items. Thus, the level of funds invested in raw materials and supplies has decreased, which is associated with the rationalization of production. As a result, a decrease in the level of value added tax on the acquired values. For other items, there is an increase in indicators, but not significantly. The level of short-term accounts receivable has noticeably increased.

In order to determine which financial resources prevail at the enterprise, let us consider their structure in the reporting year (see Table 2.2).

Table 2.2 - The structure of financial resources of Metur LLC in 2009, thousand rubles.

Financial resources	For the beginning of the year	At the end of the year	Structure,%
			For the beginning of the year	At the end of the year	Dynamics
Non-current assets, including:
Fixed assets
Construction in progress
Long-term financial investments
Deferred tax assets
Current assets, including:
	raw materials, materials and other similar values
	work in progress costs
	finished goods and goods for resale
	Future expenses
Value added tax on purchased valuables
Accounts receivable (expected to be paid within 12 months after the reporting date)
Cash

As can be seen in table 2.2, the main share of financial resources falls on current assets, and this share increased in 2009 by 2.59%. As for non-current assets, their share in the total structure of financial resources decreased accordingly in 2009 by 2.59%.

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Introduction

1.6 Legal regulation of the process of formation and management of enterprise property

2. Analysis of the formation of financial resources of PJSC "Odyssey"

2.1 The need to analyze the financial resources of a commercial enterprise, sources of information and the general scheme of analysis

2.2 General characteristics of the enterprise PJSC "Odyssey"

2.3 Study of the existing capital structure at PJSC "Odyssey"

2.4 Assessment of the formation of equity capital at PJSC "Odyssey"

2.5 Assessment of the formation of the structure of borrowed financial resources of PJSC "Odyssey"

2.6 Ratio analysis of borrowed financial resources of PJSC "Odyssey"

2.7 Estimation of the cost of formation of the structure of borrowed financial resources of PJSC "Odyssey"

2.8 Influence of the structure of sources of financing of the enterprise on the indicators of financial stability of PJSC "Odyssey"

3. Labor protection

3.1 Assessment and analysis of labor at the workplace of the warehouse manager of PJSC "Odyssey"

3.2 Assessment and analysis of working conditions at the workplace of the warehouse manager

3.3 Conclusions on the section "Labor protection"

Conclusion

List of sources used

Applications

Introduction

The main structural element of the economy in modern market relations is the enterprise. In conditions of intense competition, only those enterprises survive that have adapted to the requirements of the market, organized the production of goods and services, and skillfully use the labor of personnel.

In the harmonious functioning of enterprises, a significant place is occupied by the property of the enterprise, which plays an important role in the development of economic activities, expansion and renewal of fixed assets, remuneration and social events. The continuous activity of the enterprise is influenced by the determination of the optimal need for the property of the enterprise, ensuring its structure, sources of formation and reasonable directions of use.

Financing of enterprises is carried out at the expense of own and borrowed funds. Establishing the optimal ratio between equity and loan capital, the formation of tools for determining such a ratio, timely and effective response to changes in external factors is a prerequisite for the effective functioning of an enterprise, ensuring stable financial and economic indicators of its activities.

Both domestic and foreign economists were engaged in the study of the essence of the classification, the principles of formation and valuation of the property of the enterprise.

Guidelines on the analysis of property and its assessment and determination of its essence are reflected in domestic regulations, in particular in the Law of Ukraine "On the assessment of property, property rights and professional appraisal activities in Ukraine"; National Standard "No. 1," General Basis for Assessment of Property and Property Rights "; National Standard No. 2". "Grade real estate".

However, it should be noted that a number of issues require clarification and concretization, and this will improve the efficiency of analysis and management of enterprise property. There is no methodological unity in the analysis and management of property and capital of an enterprise. The most diverse opinions are expressed by the authors Blank I.A., Denisov A.Yu., Kolpakov V.M., Kovalev A.P., Batishchev V.M., Brovkin S., Golenko A., Savchenko E. and others.

In connection with the above this topic research is highly relevant.

The purpose of this study is to analyze the composition of an enterprise's property in terms of the efficiency of its use, as well as the sources of its formation, in order to identify the property potential of the enterprise.

In connection with this goal, the following tasks are solved in the work:

the theoretical aspects of the formation and use of the enterprise's resources are studied: its economic essence is determined, the classification and basic principles of formation are investigated;

investigated the regulatory aspects of the mechanism for the formation of the property of the enterprise;

the basics of the analysis of the financial resources of an enterprise are considered: the need and features of management, goals and content, basic approaches and methods;

the assessment of the financial mechanism for managing the financial resources of PJSC "Odyssey" was carried out: the effectiveness of its formation; assessment of the mechanism of formation of the property of the enterprise and its main sources, the influence of the structure of the sources of financing of the enterprise on the indicators of financial activity and the market value of the enterprise; directions of the use of financial resources at the enterprise.

Object and subject of research.

The object of the research is the processes of formation and use of financial resources of PJSC "Odyssey".

The subject of the research is the policy of assessing the effectiveness of the management of financial resources of an enterprise.

formation financial resource sustainability

1. Financial resources and their economic essence and sources of formation

1.1 Financial resources of the enterprise, their classification, purpose and economic essence

For the implementation of economic activities, production, income and profit, enterprises use different types of resources: material, labor, financial, and money. At the same time, monetary resources are the basis of the production process.

The financial resources of an enterprise are monetary incomes and receipts at the disposal of a business entity and necessary to fulfill its financial obligations, to carry out expenses from expanded reproduction and to provide economic incentives for workers.

The finance of trade enterprises is a system of monetary relations in the circulation environment, through which the formation and use of targeted funds of funds occurs.

The financial resources of the enterprise consist of the following elements:

-authorized (or share) capital (fund);

-additional capital received due to the fact that the sale value of the shares issued by the joint-stock company (JSC) exceeds their par value; the amount of revaluation of non-current assets (the value of assets received by the enterprise free of charge from other legal entities and individuals);

-reserve capital;

-depreciation charges;

-provision of the following payments and payments (reserves for payment of next vacations, etc.);

-retained earnings;

-long- and short-term loans from commercial banks;

-borrowed funds from the sale of bonds of its own issue;

-legal accounts payable of all types, including arrears in budget payments, deductions to state insurance funds for wages, bills issued, advances received;

-other funds reflected in the liability of the balance sheet of the enterprise.

Thus, in other words, financial resources are the capital of the enterprise. As noted by I.A. Blank. capital is a stock of economic benefits accumulated through savings in the form of cash and real capital goods, which are involved by its owners in the economic process as an investment resource and a factor of production in order to generate income, the functioning of which in the economic system is based on market principles and is associated with time factors, risk and liquidity.

The asset of the company's balance sheet shows how it placed the available financial resources, where they were directed at the date of the accounting report.

The financial resources of the enterprise are formed at the expense of its own and equivalent funds, as well as borrowed funds.

The creation of an enterprise of any organizational and legal form and form of ownership is preceded by the formation of a statutory fund.

The authorized capital is the financial resources allocated to the enterprise or attracted by it on the principles determined by the current legislation in the form of funds or investments in property, tangible assets, intangible assets, securities, which are assigned to the enterprise as ownership or full economic management. At the expense of the authorized capital, the enterprise forms its own (fixed and circulating) funds.

Depending on the organizational and legal form of management, the authorized capital can be formed from the share capital, share contributions of members of cooperatives, founders, as well as budget funds.

The main source of own financial resources at operating enterprises is the receipt of funds from the sale of products (provision of services), various parts of which, in the process of distribution of proceeds, take the form of reimbursement of costs and profits. Financial resources increase mainly due to profits from the main activity for the production and sale of certain products (goods, works, services), which is the main purpose of creating an enterprise.

According to the directions of receipt, financial resources are divided into external and internal.

External financial resources are additional own and borrowed funds received through the financial market (placement of own shares and bonds), from the credit and banking system (obtaining loans) and other lenders (receiving advances from customers, commodity loans from suppliers). Due to external receipts, both the company's own capital (sale of its own shares, additional contributions to the statutory fund in the form of financial assistance, voluntary donations, insurance reimbursements for the insured risks that have taken place, budget subsidies) and borrowed capital (sale of bonds of its own issue, bank loans , funds of other creditors).

Internal financial resources are retained earnings, depreciation charges and accounts payable, which are constantly on the balance sheet of the enterprise (stable liabilities).

In the course of its activity, the enterprise must choose optimal options capital increase - at the expense of external or internal financial resources. When managing finances, it is necessary, for example, to find out:

-what part of the profit remaining at the disposal of the enterprise after paying taxes, to direct to the development of production, technical re-equipment, and what - to the consumption fund;

-how to use the funds - for the construction of a new workshop or the purchase of shares in another enterprise;

-where to invest - to acquire more minimal production requirements for stocks of scarce materials or buy them as needed;

-increase the authorized capital through an additional issue of shares or apply for a loan from a commercial bank.

The correct management of financial resources in itself is an important factor in ensuring the effectiveness of solving the economic and social problems of the enterprise.

Certain conclusions regarding the efficiency of the use of the company's financial resources (and, consequently, the efficiency of its financial activities) can be made by comparing the achieved result of its economic activity - profit - with the amount of financial resources available to the company in the corresponding period.

1.2 Sources and types of financial resources of the enterprise

Lerner Yu.I. notes that the financial resources of the enterprise are formed from different sources: own, attracted, borrowed and investment.

The grouping of financial resources in accordance with the sources of their formation can be presented in the form of a diagram (see Appendix A).

Own funds are funds that are constantly in circulation and the time of use of which has not been established. They are formed at the expense of equity, that is, part of the capital in the assets of the enterprise, which remains after the deduction of all its liabilities.

Attracted are funds that the company receives for a certain period for a fee on the terms of their return. They are formed mainly at the expense of long - and short-term bank loans.

Borrowed funds are funds that belong to the enterprise, but due to the current system of payments are constantly in circulation. These funds are formed at the expense of all types of accounts payable.

All of these sources take part, both in the formation of the assets of the enterprise, and in the implementation of production and financial activities in order to generate income and profit.

Investment funds are funds that come to enterprises without taking into account the period of their use and without taking into account payment for them.

Thus, according to Lerner Y.I., the financial resources of enterprises are their own, borrowed and borrowed capital, which they use to form assets and carry out production and financial activities in order to generate income and profit.

Yarkina T.V., gives the following definition: financial resources are funds at the disposal of the enterprise and intended to ensure its effective operation, to fulfill financial obligations and economic incentives for employees.

Own, borrowed and borrowed capital, on the one hand, form the financial resources of the enterprise and take part in the financing of its assets, on the other hand, they impose obligations on specific owners - the state, legal entities and individuals.

Financial resources are formed in the process of creating enterprises and implementing their financial relationships in the implementation of economic and financial activities. This is manifested in the formation of the authorized capital during the creation of enterprises, and in the process of their activities - in the formation of the corresponding sources of funds.

The sources of the formation of financial resources are varied. The starting source of financial resources at the time of the establishment of the enterprise is the authorized (share) capital - property created from the contributions of the founders (or proceeds from the sale of shares).

The main source of financial resources of an operating enterprise is income (profit) from the main and other types of activities, non-sales transactions. It is also formed at the expense of stable liabilities, various targeted receipts, shares and other contributions of members of the labor collective. Stable liabilities include statutory, reserve and other capitals, long-term loans and accounts payable that are constantly in the turnover of the enterprise.

The financial resources of the enterprise are formed, in addition to equity capital, also at the expense of attracted and borrowed funds. The structure of attracted financial resources includes accounts payable for goods (work, services), as well as all types of existing obligations of the enterprise:

-the amount of advances received from legal entities and individuals on account of subsequent deliveries of products, performance of work, provision of services;

-the amount of the enterprise's debt for all types of payments to the budget, including personal income tax;

-arrears in contributions to off-budget funds, social insurance funds, to the Pension Fund, to the funds for the insurance of the property of the enterprise and the individual insurance of its employees;

-arrears of an enterprise for dividends to its founders;

The amount of bills that the company issued to suppliers, contractors in order to ensure the supply of products, the performance of work and the provision of services.

The structure of borrowed financial resources includes long - and short-term loans from banks, as well as other long-term obligations associated with the attraction of borrowed funds.

All types of financial resources are reflected in the corresponding sections of the liability of the company's balance sheet.

Financial resources can also be mobilized in the financial market through the sale of stocks, bonds and other types of securities issued by an enterprise; dividends on securities other enterprises and the state; income from financial transactions; credits.

Financial resources can come in the order of redistribution from associations and concerns, which they belong to, from higher organizations while maintaining industry structures, from insurance organizations.

In some cases, an enterprise may be provided with subsidies (in cash or in kind) at the expense of state or local budgets, as well as special funds. Distinguish:

direct subsidies - state capital investments in facilities that are especially important for the national economy, or in low-profit, but vital;

indirect subsidies from tax and monetary policy, for example through tax breaks and concessional loans.

The composition and amount of financial resources depend on the type and size of the enterprise, the type of its activities, and production volumes. At the same time, the volume of financial resources is closely related to the volume of production, the efficiency of the enterprise. With an increase in the volume of production and an increase in the efficiency of the enterprise, the volume of its own financial resources increases and vice versa. A sufficient amount of financial resources, their effective use means a stable financial position of the enterprise: solvency, financial stability, liquidity. In this regard, the most important task of the enterprise is to search for reserves for increasing its own financial resources and their most efficient use in order to increase the efficiency of the enterprise as a whole.

1.3 Own financial resources of the trading company and their use to finance the creation of assets

Own funds include: profit, depreciation charges for the purchase of spare parts for major repairs. The amount of these funds is reflected in the authorized capital of the enterprise.

The authorized capital of any enterprise is an important source of the formation of its assets. It is divided into two funds, without which the enterprise cannot function normally.

Firstly, it is a fund of its own fixed assets and intangible assets, and secondly, a fund of its own circulating assets and circulating assets. The material and technical basis of production at any enterprise is the main production assets. In a market economy, their primary formation, functioning and expanded reproduction is carried out with the direct participation of finance. With their help, targeted funds are created and used, mediating the acquisition, operation and restoration of labor instruments.

Initially, the fixed assets of newly created enterprises are formed at the expense of fixed assets, which are part of the authorized capital. Fixed assets are funds invested in fixed assets for production and non-production purposes. At the time of the acquisition of fixed assets and their acceptance on the balance sheet of the enterprise, the size of fixed assets coincides with the value of fixed assets. In subsequent periods, due to the participation of fixed assets in the production process, their cost is bifurcated: one part of it, equal to wear and tear, is transferred to the finished product, the second expresses the residual value of existing fixed assets.

Transferred to finished products, part of the cost of worn-out fixed assets in the process of selling these products is gradually reimbursed to the enterprise as part of income (proceeds) from its sale (proceeds from depreciation).

To ensure uninterrupted production and sale of products, each enterprise must have both circulating production assets and circulation funds at the same time. Therefore, after founding, an enterprise needs a certain amount of funds as part of the formed authorized capital for the acquisition of material working capital, for servicing the production process and selling products. Monetary funds that are advanced into circulating production assets and circulation funds constitute the company's circulating assets (circulating assets).

For the formation of working capital, the enterprise uses both its own and borrowed resources.

Yu.V. Prodius notes that the sources of the formation of the working capital of the enterprise are the financial resources of the enterprise, intended for the creation of stocks of inventories and settlements. The sources of the formation of the working capital of the enterprise can be divided into two types - own and borrowed (see Fig. 1.1).

Figure 1.1 - Sources of formation of working capital

In the process of circulating circulating assets, the sources of their formation do not differ, but the system of forming circulating assets affects the rate of circulation and the efficiency of their use.

Own funds play a major role in organizing the circulation of funds, since enterprises operating on the basis of commercial accounting must have a certain property and operational independence in order to work profitably and be responsible for the decisions made.

Own working capital is formed at the time of the organization of the enterprise, when its authorized capital is created.

The size of the authorized capital largely determines the scale of production and economic activities of an enterprise, although, of course, there is no direct relationship between the size of the authorized capital of enterprises in various industries and the volume of production of goods and services for them. To a certain extent, the size of the authorized capital affects the possibilities of external financing, the business reputation of the enterprise. The size of the authorized fund, which determines the participation of each of the founders and shareholders in the capital of the enterprise, is a criterion for determining the amount of profit that each of them receives when distributing profits.

The initial size of the authorized capital of the enterprise is fixed in the charter or in the memorandum of association, which must be submitted to the authorities during the state registration of the enterprise. Controlling government bodies(financial, tax), as well as banks control the size of the statutory fund of each enterprise and that it is paid accordingly. It is not enough just to declare a certain amount of the statutory fund in the charter. It is necessary to take measures so that funds (or property, intangible assets) actually come at the disposal of the enterprise from all legal entities and individuals who have shares in the authorized capital and are its owners.

Along with the funds that come at the disposal of the enterprise from various sources (from shareholders, shareholders and other founders), the authorized capital is formed from the value of property (buildings, machinery, equipment, vehicles, raw materials, materials, other inventory items), valuable securities, as well as intangible assets.

Intangible assets include the cost of the right to use:

-the results of intellectual activity in the form of inventions, discoveries, industrial designs, technologies, goodwill, know-how, rationalization proposals, reports on research activities and other objects of intellectual property;

-land, water or other natural resources;

Buildings, equipment.

The procedure for the formation, use and increase of the funds of the authorized fund as a source of fulfillment of financial obligations of legal entities to creditors depends on the form of ownership of the enterprise and its organizational and legal form.

The statutory fund of a state enterprise is the amount of money and the value of property donated by the state to the permanent disposal of the enterprise on the basis of the right of economic management or operational management (for state enterprises). The current legislation of Ukraine establishes that, exercising the right of economic management, an enterprise owns, uses and disposes of these resources, performs any actions on them that do not contradict the law and the purpose of its activities.

In the event of the creation of a new enterprise, the authorized capital is calculated based on the construction estimate, the cost of the necessary technological equipment, as well as the size of the minimum standard stocks of raw materials, materials, purchased semi-finished products, fuel, containers, other production stocks, construction in progress, deferred costs, finished products, goods ...

The authorized capital of a communal enterprise is formed from contributions of funds and property by a local government body, which is a representative of the corresponding territorial community-owner. The property of a communal enterprise is in communal ownership and is assigned to such an enterprise on the right of economic management (for a communal commercial enterprise) or on the right of operational management (communal non-profit enterprise).

In business companies (joint stock, limited and additional liability, full, limited) the authorized capital consists of contributions from founders and participants. Contributions can be in the form of property, material values, property rights, cash. All types of deposits are valued in cash and constitute the share of co-owners (founders and participants) in the authorized capital of the company.

The legislation of Ukraine provides for the minimum size of the statutory fund for business entities, below which the state registration of an enterprise is prohibited. These minimum sizes due to inflationary phenomena in the economy can change from time to time by law.

The size of the authorized capital of an enterprise in the course of its economic activity may increase due to additional contributions from owners or profit received, or decrease.

State enterprises can be provided with additional funds from the budget in order to implement a unified state technical policy, create financial prerequisites for regulating the structure of social production, and develop priority sectors of the economy. The statutory funds of utilities can be increased through additional contributions from the relevant local governments. Joint-stock companies can additionally issue shares, other business companies can increase the amount of contributions by participants to the authorized capital of the enterprise.

The profit of the enterprise is the main internal source increase in own financial resources. The financial condition of an enterprise cannot be stable if it does not receive profit, which provides the necessary increase in monetary resources, primarily to finance measures aimed at strengthening the material and technical base of production and the social sphere. If the enterprise is unprofitable, this leads to a decrease, "consumption" of financial resources, primarily the authorized capital.

Thus, the own financial resources of a commercial enterprise are the cheapest source for the formation of its assets, without which the functioning of the enterprise is impossible. The own sources of the formation of economic assets include funds of the authorized and share capital (funds contributed by the founders at the time of registration of the enterprise), additional and reserve capital, profit (obtained from the results of activities). Own financial resources provide the formation of financial non-current assets; financial investments; current assets, etc.

1.4 Debt financial resources of the enterprise: forms, types and sources of attraction

The peculiarities and conditions of the circulation of fixed and circulating assets determine the need for the formation of a certain part of financial resources at the expense of borrowed funds. To replenish working capital, enterprises attract short-term loans (with a maturity of up to one year), to finance capital investments - medium-term (from one to three years) and long-term loans (from three years).

A bank loan is provided to business entities of all forms of ownership for temporary use on the terms stipulated by the loan agreement. The main ones are security, repayment, urgency, chargeability and target orientation. (A bank loan refers to funds provided by the bank on loan to the client for intended use for a specified period at a certain percentage).

The security of the loan means that the bank has the right to protect its interests, prevent losses from non-repayment of debt due to the insolvency of the borrower.

Loans can be secured by collateral (property, property rights, securities), guaranteed (by banks, finance or the property of a third party) or have other collateral (surety, certificate of an insurance company).

Return, urgency and payment means that the loan must be returned by the borrower to the bank within the period specified in the loan agreement with the corresponding payment for its use. The targeted focus provides for the use of borrowed funds for specific purposes in accordance with the loan agreement.

Credit relations are governed by credit agreements concluded between the lender and the borrower only in writing, define the mutual obligations and responsibilities of the parties and cannot be changed in unilaterally without the consent of both parties.

A loan agreement can be concluded both by drawing up one document, which is signed by the lender and the borrower, and by exchanging letters, telegrams, telephone messages signed by the party that sends them.

Commercial banks can provide loans to all business entities, regardless of industry affiliation, charter, form of ownership, if they have real opportunities and legal forms to ensure timely repayment of the loan and payment of interest (commission) for using it. To obtain a loan, the borrower submits an appeal to the bank in the form of a letter, petition, application, application. The documents indicate the required amount of the loan, its purpose, maturity dates and forms of security. If the borrower's current account is opened in another bank, then he submits to the bank the constituent documents indicating the legal address, a card with sample signatures, certified by the bank, and a bank statement about the balance of funds on the accounts and the presence of debt on loans.

The amount of interest rates and the procedure for their payment are established by the bank and are determined in the loan agreement depending on the credit risk, collateral provided, supply and demand in the credit market, the term for using the loan, discount rate and other factors. In the event of a change in the discount rate, the terms of the agreement may be revised and changed only by mutual agreement of the lender and the borrower.

For loans provided in foreign currency, it is also necessary to take into account the interest rates in force in the international capital markets.

The borrower, who receives a one-time loan for the purchase of goods or payment of inventory items under the current legislation on contracts and agreements, submits copies of them and other documents to the bank regarding the event at the expense of which it is supposed to repay the loan.

The borrower applies to the bank for a loan for the construction of facilities for the storage and processing of agricultural products, the production of consumer goods, etc., submits to the bank a project for the construction (reconstruction) of the enterprise, which complies with the sanitary and hygienic, environmental and other standards established by law, as well as the conclusions of experts regarding the design and estimate documentation confirming compliance with the established standards, and other documents necessary for lending (a contract with a construction organization, a feasibility study, work schedules).

A borrower who receives a loan for expenses that are not covered by receipts during a calendar year submits forecast calculations of the need for a short-term loan per year with a quarterly breakdown.

A commercial bank analyzes and studies the activities of a potential borrower, determines his creditworthiness, predicts the risk of loan default and decides whether to grant a loan or refuse to issue it.

The main criteria for assessing the creditworthiness of a borrower according to the NBU Regulations on Lending may be:

-provision with own funds of at least 50% of the total volume of its expenses;

-the borrower's reputation (qualifications, managerial abilities, adherence to business ethics, contractual, payment discipline);

-assessment of manufactured products, the availability of an order for its implementation and the nature of the services that are provided (competitiveness in the domestic and foreign markets, demand for products, services, export volumes);

Economic environment (development prospects of the borrower, availability of sources of funds for investment).

The necessary information about the borrower and the information that the bank receives when applying for a loan are systematized in the borrower's loan file.

The documents stored in this case are grouped as follows:

-materials for granting a loan (loan agreement, promissory notes, letters of guarantee, etc.);

-financial and economic information (balance sheets, profit and loss statements, business plans, etc.);

-materials on the creditworthiness of the borrower (certificates received from other banks, inquiries, letters, reports of audit firms, etc.).

It is forbidden to provide loans for the following purpose:

-coverage of losses of economic activities of the borrower;

-formation and increase of the authorized capital of commercial banks and other business entities;

-purchase of securities of any company.

In addition to a bank loan, the structure of borrowed financial resources of enterprises includes all types of accounts payable arising in settlements with other individuals and legal entities - suppliers, buyers, the budget, social insurance bodies, extra-budgetary funds, with workers and employees of the enterprise.

A commercial loan is provided by one enterprise to another in the form of a deferred payment for goods sold, work performed, services rendered, or in the form of advance payments to a supplier enterprise under contracts for the supply of products, performance of work or provision of services.

Commercial loans in commodity form arise in settlements for material values, work performed, services provided. They are transferred to the ownership of the debtor enterprise under the terms of an agreement, which provides for a deferral of the final settlement for a certain period and at interest.

A commodity loan provides for the transfer of the right to goods (results of work performed, services rendered) to the buyer at the time of signing the contract or actual receipt of goods (work performed, services rendered), regardless of the time of debt repayment. In relations related to the provision of a commercial loan, each business entity has the right to be a lender or recipient of loans. A common form of trade credit registration is the issuance of promissory notes by an enterprise to its suppliers.

The formation of a part of financial resources at the expense of normal (non-overdue) accounts payable, the use of bank and commercial loans is a natural phenomenon of a market economy inherent in business entities that function normally and efficiently.

Thus, borrowed financial resources are mainly bank loans, which play a significant role in the development of enterprises. With their help, enterprises cover the need for funds for the formation of inventories and costs, thereby contributing to the establishment of continuous operation of enterprises and an increase in the volume of their activities.

Determining which assets are formed at the expense of borrowed financial resources does not require much effort, since the company borrows for a specific purpose and you can clearly trace where the funds were invested.

For trade enterprises that fully form their assets at the expense of their own financial resources, the need for bank loans is insignificant and only covers the additional need for financial resources with an increase in the volume of the enterprise's activities or ineffective use of their own financial resources, and is predominantly temporary in nature.

Since the main task of a commercial organization is to maximize profit, the problem of choosing the direction of using financial resources constantly arises: investments in order to expand the main activities of a commercial organization or investments in other assets. As you know, the economic value of profit is associated with obtaining a result from investments in the most profitable assets.

The following main directions of using the financial resources of a commercial organization can be distinguished:

-Capital investments.

-Expansion of working capital.

Payment of taxes.

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FORMATION AND USE OF FINANCIAL RESOURCES OF BUSINESS ENTITIES IN MARKET CONDITIONS

abstract

Course work contains 61 pages, 1 figure, 7 tables, 36 used sources.

INVESTMENTS, INVESTMENT ACTIVITIES, SOURCES OF FINANCING INVESTMENT ACTIVITIES, LEASING, PAYBACK PERIOD, NET CURRENT VALUE

The object of the research is VIS LLC

The purpose of this course work is based on the study of the theory of the formation and use of financial resources of business entities in modern conditions to analyze them and develop recommendations for improving their formation and use.

In the process of work, scientific literature, articles on this topic by domestic and foreign economists, Internet resources were used.

As a result of the study, the theoretical aspects of investment activities at enterprises have been studied, an investment project has been analyzed, and measures to improve investment design at enterprises have been proposed.

The degree of implementation is partial.

The scope is in the educational process.

Effectiveness - improving the quality of students' knowledge on a given topic.

Introduction

1 Theoretical aspects of the formation and use of financial

resources of business entities

1.1 The essence of financial resources and sources of their formation in modern conditions

1.2 The role of financial resources in ensuring reproductive

enterprise process

1.3 Indicators of financial stability of the enterprise

2 Analysis of the formation and use of financial resources

LLC "Vis"

2.1 Analysis of the formation of financial resources of LLC "Vis"

2.2 Assessment of the financial stability of LLC "Vis"

2.3 Analysis of the effectiveness of the use of financial resources

LLC "Vis"

3 The main directions for improving the formation and use of financial resources of the enterprise

3.1 Measures to improve the formation of financial resources of economic entities

3.2 Improving the efficiency of using the financial resources of the enterprise

3.3 Using alternative sources of funding

enterprise activities

Conclusion

List of sources used

Appendix A (mandatory)

Appendix B (mandatory)

Appendix B (mandatory)

Appendix D (mandatory)

Introduction

The main link of the economy in market conditions of management are enterprises that act as economic entities. They use certain types of resources to carry out economic activities, obtain products, income and savings: material, labor, financial, and also cash.

Financial resources are directed to the development of production, the maintenance and development of non-production facilities, consumption, and can also remain in reserve. Financial resources used for the development of the production and trade process represent capital in its monetary form.

Availability of sufficient financial resources, their effective use, predetermine a good financial position of the enterprise, solvency, financial stability, liquidity. In this regard, the most important task of enterprises is to find reserves for increasing their own financial resources and their most effective use in order to increase the efficiency of the enterprise as a whole.

The main goal of this work is, based on the study of the theory of the formation and use of financial resources of economic entities in modern conditions, to analyze them and develop recommendations for improving their formation and use.

To achieve this goal, it is necessary to solve the following tasks:

To reveal the essence of financial resources and the sources of their formation in modern conditions;

Reveal the role of financial resources in ensuring the reproductive process of the enterprise;

Describe the indicators of the financial stability of the enterprise;

Assess the formation and use of financial resources of Vis LLC;

Analyze the financial stability of Vis LLC;

Propose the main directions for improving the formation and use of financial resources of the enterprise;

Develop the use of alternative sources of financing for the enterprise.

The object of the research is LLC "Vis".

When analyzing the management of financial resources of the company "Vis", such techniques and methods were applied as horizontal analysis, vertical analysis, analysis of coefficients (relative indicators), comparative analysis.

The information base of the financial analysis was the financial statements of the enterprise for 2005, 2006, 2007, namely: the balance sheet, an appendix to the balance sheet - a profit and loss statement (formular No. 2), etc. textbooks, articles of periodicals.

1 Theoretical aspects of the formation and use of financial resources of business entities

1.1 The essence of financial resources and sources of their formation in modern conditions

One of the most important financial categories is financial resources. Financial resources are formed from business entities in order to carry out production activities. Stabilization not only at the enterprise level (micro level), but also at the state level (macro level) largely depends on the rationality of their formation and use. efficient work of commodity producers is the key to the financial strength and independence of any state.

The financial resources of enterprises are income, savings, receipts generated at the enterprise and intended for the purpose of simple and extended reproduction. Any enterprise in a market economy inevitably faces the problem of rational formation and use of financial resources. By the formation of financial resources, we mean the process of education and mobilization of financial resources at the enterprise. The use of financial resources is, first of all, the use of financial resources in order to carry out the production activities of the enterprise.

The degree of independence of an enterprise in this area depends primarily on the degree of centralization, authoritarianism of the economy and the mission of this organization in the external environment. Of course, these determinants are not limited to the list of factors influencing the activities of the enterprise in the formation and use of financial resources. There are also obligations to partners, consumers, other subjects of market relations; the chosen strategy of the company, the internal environment of the organization, also leaves its mark. Thus, the process of formation and use of financial resources on an economic entity is influenced by many known and accounted factors of the external and internal environment, as well as uncertainty (risk) factors. It should be noted that in a planned economy, the process of formation and use of financial resources is of a different nature, and can only be considered in the context and framework of strict planning and determination. In a market economy this concept acquires the full depth of meaning, which allows the essence of financial resources to be revealed most fully.

In fact, the formation and use of financial resources are two interrelated processes that characterize and reveal the essence of the mechanism for the movement of financial resources in an enterprise. Formation is the initial phase in the movement of financial resources, it is here that the sources of funds, forms of income and the proportions of their pooling are determined. As a rule, at this stage, financial resources are in value form, which is favorable for their control and planning. Formation determines and predetermines the further movement of financial resources in the form of their use. At this stage of the circuit, it becomes possible to start directly the production process at the enterprise. Here, the financial resources of an economic entity materialize into fixed and circulating funds. In production funds, financial resources are in a latent form, since their cost estimate is no longer of a determining nature, but indicators of the production activity of an enterprise are of absolute importance. In such a material form, financial resources are located until the moment the manufactured products are sold on the market, when it becomes possible to express them in value and determine the effectiveness of their use. Thus, the process of using financial resources is associated with the implementation of the planned plans and characterizes a forward movement to a different quality level. Of course, there is a considerable amount of conventionality in the division into formation and use, since these two processes mutually determine and complement each other, and each of them already has a determinism about the future situation, whether it is the formation or use of financial resources. In addition, the formation can be conditionally called a process with a "plus" sign. it involves the consolidation of financial resources. On the contrary, the use is a "minus" because, as it is supposed to be an expense, a waste, a temporary "decentralization" of the generated resources, a point of "contact" or conventional sign equality (more precisely, the sign "more" or "less") can characterize the stage of assessing the efficiency of the use of financial resources (for production activities), because here two oppositely directed processes can be compared with each other. At the enterprise there is a continuous process of formation and use of financial resources, their circulation, the purpose of which is to service the production and economic activities of the enterprise.
To carry out production and economic activities, enterprises use a variety of sources of financial resources. The structure of the attracted sources largely determines the financial stability of the enterprise and the profitability of its production and economic activities. The issues of the formation of financial resources at the enterprise are solved within the framework of financial management, which is one of the most important subsystems common system management modern enterprise... It is the function of the financial services of enterprises and in particular the financial manager that is to determine
sources of financial resources and their provision of the enterprise. There are various structural schemes for the classification of sources of financial resources of enterprises. The most common is the division into own and borrowed financial resources. The fundamental difference between these types of resources is that when an enterprise is liquidated, its owners have the right to a part of the property that remains after settlements with third parties. In addition to dividing into own and borrowed funds, the classification of sources according to their urgency is also known: 1) sources of short-term financing; 2) sources of long-term financing.

The structure of the funds used, as a rule, depends on the goals pursued by the enterprise. Most often, to finance the decisions of a long-term plan, the own funds of an economic entity are used, and in the form of short-term sources, borrowed capital. Equity capital (internal source) in domestic practice has a priority value, which has a positive effect on the financial stability and reputation of the enterprise. Own funds are the main sources of financing for the activities of the enterprise. working in market conditions, enterprises must have a certain property and operational independence. The sufficiency of own funds is the main condition for the provision of borrowed funds to the enterprise. The outstripping growth rate of equity capital in comparison with borrowed capital is an indicator of the rational ratio of these types of financial resources. If the resources of the internal source are insufficient to finance decisions of a financial nature, borrowed capital is used (external source). It should be noted that in a market economy, borrowed resources are provided on a paid basis, in connection with which the increase and use of their own financial resources is of particular relevance. With the effective organization of production activities and expanded production, the need for borrowed funds decreases, which leads to the independence of the economic entity and is a favorable condition for the further reproduction of its own resources. Thus, any stage of the movement of funds should be considered from the standpoint of the increment of their value. There is some conventionality in the division into own and borrowed financial resources, because with the variety of modern financial relations, it is quite difficult to rigidly classify the most diverse sources of funding. The most expedient in market conditions is the classification on the basis of payment, i.e. paid or free financial resources.

The financial resources of the enterprise, formed at the expense of its own and equivalent funds, include, first of all, various incomes and receipts.

The income of an economic entity is formed from the following sources: profits from core activities, profits from completed research and development work, profits from financial transactions, profits from construction and installation work performed in an economic way, etc.

The receipts that form the financial resources of enterprises include: depreciation deductions, stable liabilities, proceeds from the sale of retired property, targeted receipts (for the maintenance of children in preschool institutions, etc.), funds received through the mobilization of internal resources in construction, contributions of members of the labor collective , insurance indemnities for emerging risks, resources coming from concerns, associations, industry structures, funds from budgets and extra-budgetary funds.

The most significant financial resources can be obtained in the form of profit from the production and economic activities of the enterprise. As an economic category, profit characterizes the financial result of an enterprise. Profit reflects the net income received in the field of material production. The profit indicator is the indicator that most fully reflects the efficiency of the production and economic activities of the enterprise. Receipt of revenue by a business entity does not mean making a profit. To identify the result of activities, it is necessary to compare the proceeds with the costs of production and sale of products. The result, showing the excess of revenue over the total cost, indicates the profitable work of the enterprise for the production of products, i.e. in this case we can talk about profit.

The main factors influencing the growth of profits are: an increase in proceeds from the sale of products (services) and a decrease in the cost of production.

The total amount of profit received by the company from all types of activities is called gross profit. This indicator is cumulative because includes the following components: profit from the sale of commercial products, profit from other sales, income from non-sales operations (net of expenses on these operations). Profit from the sale of marketable products is the main and most significant part of the entire profit of the enterprise. Profit from the sale of products (works, services) is the result obtained from the main activities of the enterprise. It is calculated as the difference between the proceeds from the sale of products (works, services) and value added tax, excise taxes, production and sales costs. The composition of costs that forms the cost of production includes: material costs, labor costs, deductions for social needs, depreciation, etc.

The second component of gross profit is profit from other sales. The share of this profit is very insignificant in the total profit. Profit from other sales involves: profit from the sale of fixed assets and other property of the enterprise (raw materials, materials, fuel, spare parts, waste, intangible assets). Profit from other sales is defined as the difference between the proceeds from sales and the costs of these sales. For example, when selling fixed assets, the result is the difference between the proceeds from the sale of this property (net of VAT) and the residual value of the funds (adjusted for the inflation rate), taking into account the costs incurred for the sale.

The next structural component gross profit is the profit from non-operating transactions. This article is formed by operations of a different nature that are not related to the main activity of an economic entity and are not related to the sale of products, property of the enterprise. Profits from non-operating transactions include: profit from long-term and short-term financial investments, profit from renting out property.

Financial investments mean the placement of enterprises' own funds in order to generate income. Long-term financial investment means contributions to the authorized capital of other enterprises (partnerships, joint-stock companies, joint ventures and subsidiaries), the acquisition of shares and other securities, the provision of loans, i.e. all kinds of financial investments lasting more than a year. The forms of short-term investments are: short-term treasury bonds, bonds and other securities, loans. Non-operating profits also include various types of fines, penalties, penalties received by this business entity, as well as the profit of previous years, revealed in the reporting period, profit from the revaluation of inventories and finished products, from operations with foreign currency, receipts of debts previously written off as hopeless , funds received free of charge from other enterprises in the absence of joint activities (except for funds received in the form of founders' contributions to the statutory fund).

Of course, with the formation of market relations, the role of profit received from financial operations (interest received on securities of other issuers, income from operations in financial markets) will increase. But it should be remembered that with the exception of the profit received from the main activity, all other types of income are additional. They can be used to improve the financial condition of an economic entity, and are rather temporary, non-permanent. If, as a result of production and economic activities, the enterprise also has losses, then this is also reflected in the indicator of balance sheet profit (the final financial result of the enterprise, reflected in the balance sheet). The order of distribution of the balance sheet profit depends on the organizational and legal form of the enterprise. After deduction of taxes and fees, the company's net profit is formed (from which payments and deductions are also possible), which is subject to distribution. The directions of distribution of profits remaining at the disposal of the enterprise are in the competence of the enterprise and are fixed in its charter and the regulations being developed. The profit remaining at the disposal of an economic entity can be directed to the reconstruction of existing production, modernization of equipment, replenishment of its own working capital, to finance R&D, to improve the technology and organization of production, to meet consumer and social needs, etc. The listed activities are financed from funds formed at the enterprise, the number and name of which is determined by the economic entity independently, but, as a rule, the following funds can be allocated: consumption, accumulation, reserve, social sphere, etc.

Depreciation deductions are the second largest source of financial resources of an enterprise after profit. Depreciation deductions are an expression in monetary form of the amount of depreciation corresponding to the degree of depreciation of fixed assets and intangible assets. These deductions are included in the cost of production. The main purpose of depreciation deductions is to ensure the reproduction of fixed assets and intangible assets of the enterprise.

Significant financial resources, especially in newly created and reconstructed enterprises, can be mobilized in the financial market. Specific forms of their mobilization can be: sale of shares, bonds and other types of securities issued by a separate enterprise, as well as credit investments.

Funds received by way of redistribution include insurance indemnity for emerging risks, financial resources coming from concerns, associations, parent companies or other industry structures, resources received on a shared basis, dividends and interest on securities of other issuers, budget subsidies, etc. other types of resources.

Also, the financial resources of an operating commercial enterprise by the main sources of their formation can be structured as follows:

Financial resources formed from the proceeds from the sale of products (profit, depreciation fund, payroll, material cost recovery fund);

Financial resources received from other sales (property, services not related to the main activity, etc.);

Financial resources generated in the financial market (loans and borrowings, sale of own shares and other types of securities, dividends and interest on securities of other issuers, insurance compensation, etc.);

Financial resources generated from accounts payable (to suppliers and contractors, wages, social insurance, before the budget, etc.);

Financial resources generated from contributions and earmarked receipts (received from other organizations and individuals, budget subsidies, etc.).

So, the financial resources of the organization are divided into own and borrowed. Own financial resources and funds equivalent to them include: profit, amortization, stable liabilities, equity capital, earmarked receipts, shares and other contributions of members of the labor collective and others. The borrowed ones include: attracted additional share capital, bank loans and credits, provided gratuitous assistance.

1.2 The role of financial resources in ensuring the reproductive process of the enterprise

An indispensable condition for the existence and development of society at a specifically identified historical stage is, as you know, ensuring the continuity of the production of material goods and the system of corresponding production relations between people as socio-economic forms of its actual implementation. The constant repetition of the production process in constant (quantitative and qualitative) or changing scales is defined by economics as a reproductive process. In the economic literature, two types of reproduction are distinguished: simple and extended.

According to the well-established scientific opinion, simple reproduction is characterized by the fact that the dimensions of the produced product, as well as its quality, remain unchanged in each subsequent cycle. Accordingly, the factors of production do not undergo changes. All surplus product, if produced, is used by the producers themselves for personal consumption.

With expanded reproduction, the size of the produced product increases in each subsequent cycle, which is achieved, among other things, by improving the quality of the product. The factors of production do not remain unchanged either. In order for reproduction to take place on an expanded scale, additional or better resources are needed by the beginning of each next cycle (year). The source of expansion or qualitative improvement of the factors of production is the surplus product. Consequently, with expanded reproduction, he can no longer go entirely to the satisfaction of personal needs.

The material and technical basis of the production process at any enterprise is the main production assets. In a market economy, the initial formation of fixed assets, their functioning and expanded reproduction is carried out with the direct participation of financial resources, with the help of which targeted monetary funds are formed and used, mediating the acquisition, operation and restoration of labor instruments.

The initial formation of fixed assets at newly created enterprises occurs at the expense of fixed assets, which are part of the authorized capital. Fixed assets are cash invested in fixed assets for production and non-production purposes. At the time of the acquisition of fixed assets and their acceptance on the balance sheet of the enterprise, the value of fixed assets quantitatively coincides with the value of fixed assets. In the future, as the fixed assets participate in the production process, their value doubles: one part of it, equal to wear and tear, is transferred to the finished product, the other expresses the residual value of the existing fixed assets.

The worn-out part of the value of fixed assets transferred to finished products, as the latter is sold, gradually accumulates in monetary form in a special depreciation fund. This fund is formed by means of annual depreciation deductions and is used for simple and partially expanded reproduction of fixed assets. The direction of depreciation for the expanded reproduction of fixed assets is due to the specifics of its accrual and expenditure: it is charged during the entire standard service life of fixed assets, and the need to spend it occurs only after their actual retirement. Therefore, until the replacement of retired fixed assets, the accrued depreciation is temporarily free and can be used as an additional source of expanded reproduction. In addition, the use of depreciation for expanded reproduction is facilitated by scientific and technological progress, as a result of which some types of fixed assets can become cheaper, more advanced and more productive machines and equipment are put into operation.

The amount of the depreciation fund is calculated annually by multiplying the book value of fixed assets by the depreciation rate. Economically sound depreciation rates are essential. They allow, on the one hand, to ensure full reimbursement of the cost of fixed assets retired from operation, and on the other, to establish the true cost of production, a component of which is depreciation deductions. From the point of view of commercial calculation, both the underestimation of depreciation rates (because it can lead to a lack of financial resources necessary for the simple reproduction of fixed assets) and their unreasonable overestimation, which causes an artificial increase in the cost of production and a decrease in the profitability of production, are equally bad. The depreciation rates are periodically revised, as the service life of fixed assets changes, the process of transferring their value to the manufactured product is accelerated under the influence of scientific and technological progress and other factors. Also, the revaluation of fixed assets is periodically performed; its purpose is to bring the book value of fixed assets in line with current prices and conditions of reproduction.

However, it should be noted that expanded reproduction cannot be provided only by depreciation charges, since they are intended mainly for simple reproduction. Therefore, to a large extent, capital investments are provided from the national income, and in the capital expenditures, first of all, the company's own financial resources are reinvested; share capital mobilized in the financial market is also directed here, credit resources are attracted, and in special cases specially stipulated in government decisions - budgetary allocations and extra-budgetary funds.

In the composition of the company's own financial resources used for capital investments, profit occupies an important place. Recently, there has been a tendency towards an increase in the absolute size and share of profits in the sources of financing capital investments. There is an opinion that this trend needs to be developed, since its progressiveness lies in the fact that the sources of reproduction of fixed assets are directly linked to the results of production activities. As a result, the material interest of enterprises in achieving better production results increases, since the timeliness and completeness of the formation of financial sources of capital expenditures depends on them.

Along with profit to finance capital investments, funds are also used that are mobilized in production itself (profit and savings on construction and installation work performed in an economic way, mobilization of internal resources, etc.), income from the sale of retired property, funds for social development funds.

The allocation of budgetary funds for capital expenditures ensures the implementation of a unified technical policy, creates financial prerequisites for regulating the structure of social reproduction, the development of priority sectors of the economy. With the transition to a market economy, the procedure for providing budgetary funds for capital investments is gradually changing. Previously, budgetary funds were allocated in the form of direct irrevocable appropriations; now they can be obtained through targeted subsidies (investment allocations), subventions and investment tax credits.

The objective prerequisites for the purposeful use of finance in the reproduction process of an organization lie in the main functions of finance - distribution, reproduction, incentive and control.

The distribution function is implemented within the framework of the distribution of financial resources in the process of the circulation of funds directly at the enterprises. The entire circulation of the enterprise's resources is associated with the formation and distribution of funds of financial resources. This function allows you to form financial resources and targeted monetary funds that meet the development needs of the enterprise as a whole and its individual structural divisions.

The reproduction function is realized by regulating the reproduction process in the form of purposeful management of funds of financial resources and the creation of such a financial and economic environment in which it is possible for the subjects to achieve the designated entrepreneurial interests. This function is a necessary prerequisite for effective organization of cash flow management, the possibility of successful use of bank loans, accounts payable, loans and other sources of financial resources.

The stimulating function of finance is of great importance for the development of the production of goods and services, the growth of the profitability of enterprises. Implementation of this function through the system established by the organization for covering production costs and distribution of profits by enterprises, through the tax system, an effective system for organizing financial relationships between market entities, as well as through budget financing of the most promising, priority sectors of the economy.

The control function of finance is an important factor in economic development and serves as a necessary prerequisite for increasing the efficiency of organizations, accelerating the turnover of their financial resources. By controlling the movement of financial flows, it is possible to exercise real control over the state, dynamics and efficiency of the use of the company's property.

Based on the foregoing, we can say that finance plays an important role in the reproduction process. Financial resources are called upon, first of all, to ensure the production process. Their use can be carried out in the form of advance payments and investment in production activities. The role of financial resources can be seen most clearly through their functions: distribution, reproduction, stimulating and control.

1.3 Indicators of financial stability of the enterprise

One of the main tasks of the financial and economic condition of the enterprise is the study of indicators that characterize its financial stability.

Financial stability is such a state of the organization's financial resources, their distribution and use, which ensures the development of the enterprise based on the growth of profits and capital while maintaining solvency and creditworthiness in conditions of an acceptable level of risk. This is the result of the presence of a certain margin of safety that protects the enterprise from accidents and sudden changes in external factors.

Long-term financial stability is characterized by the ratio of own and borrowed funds.

The need for equity capital is due to the requirements for self-financing of the enterprise. It is the basis for the independence and independence of the enterprise. However, it should be borne in mind that financing the activities of an enterprise only at its own expense is not always beneficial for it, especially in cases where production is seasonal.

At the same time, if the funds of the enterprise are created mainly due to short-term liabilities, then its financial position will be unstable, since constant operational work is required with capital of short-term use, aimed at monitoring the timely return.

Consequently, the financial position of the enterprise largely depends on how optimal the ratio of equity and borrowed capital is. Developing the right financial strategy will help many businesses improve their performance.

Below is a characteristic of the financial stability of the enterprise in absolute terms, which allows you to identify the degree of coverage of stocks and costs of the enterprise by sources of funds and to determine the type of its financial stability.

1. Sources of own funds (Capital and reserves).

2. Non-current assets.

3. Availability of own circulating assets (line 1-line 2).

4. Long-term borrowed funds.

5. Availability of own and long-term borrowed working capital (line 3 + line 4).

6. Short-term borrowed funds.

7. The total amount of sources of formation of reserves (line 5 + line 6).

8. Stocks and VAT.

9. Surplus (+) or shortage (-) of own circulating assets (page 3-page 8).

10. Surplus (+) or shortage (-) of own and long-term borrowed working capital (page 5-page 8).

11. Surplus (+) or shortage (-) of the total amount of sources of formation of reserves (own, long-term and short-term borrowed sources) (page 7-page 8).

Financial stability is quantitatively characterized by a system of the following relative indicators - financial ratios.

The ratio of debt and equity capital (leverage, leverage), it is calculated by the formula:

Cl = , (1)

where ЗС - borrowed funds, including long-term and short-term loans and borrowings (the sum of the results of IV and V sections of the balance sheet).

SS - the source of the company's own funds - the result of Section III of the balance sheet.

The maximum value of this ratio should not be more than 1. Its growth indicates an increase in dependence on borrowed capital and a decrease in financial stability. Exceeding the specified limit means the organization's dependence on external sources, the loss of financial stability.

Autonomy coefficient, which is calculated by the formula:

Kav =, (2)

where P is the balance sheet total.

Characterizes dependence on borrowed funds. Shows the share of own funds in the total amount of all funds of the enterprise. The minimum threshold value is at the level of 0.5, i.e. Kav ≥0.5. An excess indicates an increase in financial independence, an expansion of the possibility of attracting funds from outside.In a company with a high share of its own funds, and therefore with a relatively large Cav, creditors and investors invest their funds more willingly, since it can easily pay off its debts at the expense of its own funds.

Financial flexibility ratio is calculated by the formula:

Km = , (3)

where SOS - own circulating assets, defined as SOS = OC - KZ.

Shows the ability of an enterprise to maintain the level of its own working capital and replenish working capital from its own sources, or in other words, it shows the part of its own capital located in the mobile sphere, which allows relatively free capital maneuvering. The higher the Km coefficient, the higher the maneuverability of own funds, which means the higher the financial stability of the enterprise.

The ratio of mobile and immobilized funds is calculated using the following formula:

Km / u =, (4)

where ОА - current assets;

VA - non-current assets.

An important characteristic of the structure of enterprise funds is given by coefficient of property for industrial purposes, which is calculated by the formula :

Kp.im =, (5)

where PZ is production stocks.

Based on the data of economic practice, the following limitation of the indicator is considered normal: Kp.im.> 0.5. In the event of a decrease in the value of the indicator below the critical limit, it is advisable to attract long-term borrowed funds to increase production property, if the financial results in the reporting period do not allow significantly replenishing the sources of own funds.

2 Analysis of the formation and use of financial resources

2.1 Analysis of the formation of financial resources of LLC "Vis"

The state of financial resources and the financial condition of the enterprise is characterized by the composition of the sources of the formation of their funds. For the analysis, we will use the comparative analytical balance. This balance is obtained from the original balance by regrouping and line-up of items and sections. Comparative balance allows you to bring together, systematize and visualize the calculations necessary to assess the state of economic entities (table 2.1)

Table - 2.1 - Structure of sources of funds of LLC "Vis", thousand rubles.

Indicators	2005	2006	2007	Deviation
In the absolute amount, tr. (+), (-)
2006-2005	2007-2006.	2006-2005	2007-2006.
Sources of funds for everything including	1293	1297	2232	+4	+935
Equity, In% to the total amount of funds				-3	- 637
Borrowed funds, In% to the total amount of funds				+7	+1572
Long term duties, % To borrowed funds	-	-	-	-	-	-	-
Short-term liabilities, % To borrowed funds				+7	+1572

Looking at the table, you can see that the largest share in the structure of sources is borrowed funds. This situation is not entirely positive characterizes the position of an economic entity, because it indicates dependence on borrowed sources.

The short-term liabilities of the enterprise exceed 50% of the total amount of sources, and in 2007 this figure was 105.1%. Thus, the high value of this indicator indicates that this entity forms the circulating assets to a greater extent at the expense of borrowed capital.

It should also be noted that the entire amount of borrowed capital is represented by accounts payable, that is, here it is necessary to say about the financing of working capital through settlements with creditors, which may also indicate the high cost and unavailability of both short-term and long-term bank loans.

In general, judging by table 2.1, we can say that the share of own funds of Vis LLC by the end of 2007 sharply decreased by 637 thousand rubles, due to the uncovered loss received in this year in the amount of 122 thousand rubles. (Appendix B). And in the structure of borrowed funds, in the same year, the share of accounts payable increased sharply, this indicator almost tripled in comparison with previous years.

Thus, an economic entity is forced to use mainly borrowed financial resources, especially in connection with the deterioration of the financial situation in 2007. Consequently, in these conditions, it is difficult to update the fixed assets of the enterprise (mainly targeted funding is used for these purposes).

To analyze the formation of income of LLC "Vis", we present the calculation material in the form of table 2.2. Among the amount of all income, there are: sales proceeds, interest receivable, income from participation in other organizations, operating income, non-operating income.

Table 2.2 - Generation of income of LLC "Vis", thousand rubles

Throughout the analyzed period, there is a slight change in such an indicator as sales revenue. In 2006, the revenue increased by 0.27%, and in 2007 compared to 2006, it decreased by 0.64%.

However, if we consider the proceeds from the other side, then, judging by table 2.2, at this enterprise the share of proceeds from the sale of products accounts for more than 98% of the total amount of income. This value indicates that the plant seeks to receive funds by producing and selling specialized products.

It can also be noted that this economic entity has such a line as non-operating income in the profit and loss account, but the value of this indicator fluctuates within 1% of all income of the enterprise, this fact suggests that this component of income is rather redistributing (previously created value) character and little characterizes the production activities of LLC "Vis".

Now you should pay attention to such an indicator as profit (loss) of the reporting period. In 2006, the profit of the enterprise amounted to 141 thousand. rubles, which is only 10 thousand rubles. more than in the previous year, and in 2007 we can observe a loss in the amount of 237 thousand rubles, which indicates an incorrect production policy. A loss of the reporting period becomes possible if the total amount of expenses incurred by an economic entity exceeds the total amount of its income.

Thus, the company is experiencing a lack of equity capital.

2.2 Assessment of the financial stability of LLC "Vis"

Within the framework of a general analysis of the use of financial resources, it is advisable to conduct an analysis of financial stability. This type of analysis allows you to supplement and consider in more detail the results of the activities of Vis LLC.

Table 2.3 - Calculation of absolute indicators to determine the financial stability of LLC "Vis", thousand rubles.

Index	2005 year	2006 year	2007 year
1 Sources of equity (Capital and reserves)	526	523	-114
2 Non-current assets	794	723	742
3 Availability of own working capital (line 1-line 2)	-268	-200	-856
4 Long-term borrowed funds	-	-	-
5 Availability of own and long-term borrowed working capital (line 3 + line 4)	-268	-200	-856
6 Short-term borrowed funds	767	774	2346
7 The total amount of sources of formation of reserves (line 5 + line 6)	499	574	-1490
8 Inventories and VAT	231	180	1407
9 Surplus (+) or shortage (-) of own working capital (line 3-line 8)	-499	-380	-2263
10 Surplus (+) or shortage (-) of own and long-term borrowed working capital (line 5-line 8)	-499	-380	-2263
11 Surplus (+) or shortage (-) of the total amount of sources of formation of reserves (own, long-term and short-term borrowed sources) (line 7-line 8)	268	394	-2897
Financial strength type	Unstable	Unstable	Unstable

Table 2.3 shows that the financial condition of LLC "Vis" in 2005-2007. is unstable, since the analysis revealed a shortage of own working capital (268 thousand rubles in 2005, in 2006 - 200 thousand rubles, and in 2007 - 850 thousand rubles), the indicators of own and long-term borrowed funds look similar sources of formation of stocks and costs, and also revealed the surplus of the total amount of the main sources of formation of stocks and costs in 2005-2006. (268 thousand rubles in 2005, 390 thousand rubles in 2006) and their shortage of 2897 thousand rubles in 2007. To change this financial condition of the enterprise, it is necessary to improve a number of financial indicators. Now let's calculate the relative indicators - financial ratios that characterize the financial stability of the enterprise. The ratio of debt and equity capital for LLC "Vis":

at the end of 2005: Cl = = 1.46,

at the end of 2006: Cl = = 1.48,

at the end of 2007: Cl = = -20.57.

The value of this coefficient in 2005 was 1.46, in 2006 and in 2007 it was equal to 1.48 and -20.57, respectively, which does not correspond to the established standard. The growth of this indicator indicates an increase in dependence on borrowed capital and a decrease in the financial stability of the analyzed enterprise.

Autonomy ratio for Vis LLC

at the end of 2005: Kav = = 0.41,

at the end of 2006: Kav = = 0.40,

at the end of 2007: Kav = = -0.05.

The autonomy ratio decreased in 2005 from 0.41 to 0.40 in 2006 and significantly decreased in 2007 by and amounted to - 0.05, this circumstance indicates an increase in financial dependence and a decrease in the possibility for an enterprise to raise funds from outside.

Equity financial flexibility ratio for Vis LLC:

at the end of 2005: Km = = 0.05,

at the end of 2006: Km = = -0.1,

at the end of 2007: Km = = -14.07.

As calculations show, the coefficient of financial maneuverability of the enterprise is a lack of its own working capital to replenish its own working capital, therefore, its financial condition is unstable.

The ratio of mobile and immobilized funds for Vis LLC:

at the end of 2005: Km / u = = 0.63,

at the end of 2006: Km / u = = 0.79,

at the end of 2007: Km / u = = 2.

The growth of the coefficient in 2007 (2) by 1.37 in comparison with 2005 (0.63) suggests that the company invests more and more funds in current assets every year.

Industrial property ratio for Vis LLC:

at the end of 2005: Kp.im = = 0.75,

at the end of 2006: Kp.im = = 0.69,

at the end of 2007: Kp.im = = 0.96.

The value of the coefficient of property for industrial purposes throughout the analyzed period corresponds to the standard.

Usually, financial problems are the result of a series of bad decisions. Only by realizing this, you can approach the solution of financial difficulties, and through their successful solution, allow the enterprise to function successfully, regularly make all planned payments, pay wages to their employees on time, to expand their production at the expense of internal resources.

In general, based on the analysis of indicators of financial stability of LLC "Vis" for 2005-2007. we can conclude that this enterprise is in an unstable state, as evidenced by the value of the coefficients, the sizes of which do not correspond to the normal level.

2.3 Analysis of the effectiveness of the use of financial resources of LLC "Vis"

One of the most important characteristics of the financial condition of an enterprise and the efficiency of managing its financial resources is the stability of activities in the light of a long-term perspective. It is associated with the structure of the balance sheet of the enterprise, the degree of its dependence on creditors and investors. But the degree of dependence on creditors is assessed not only by the ratio of own and borrowed sources of financial resources. This is a more multifaceted concept, including the assessment of both equity capital and the composition of current and non-current assets, and the presence or absence of losses, etc.

The value of the marginal boundaries of changes in the sources of funds to cover capital investments in fixed assets or inventories allows you to generate such flows of business transactions that lead to an improvement in the financial condition of the enterprise.

The main indicators characterizing the efficiency of the use of financial resources include the following:

The turnover ratio, which is calculated as the ratio of the proceeds from the sale of products to the average value of the working capital for the period;

Load factor, which is calculated as the ratio of the average value of the current assets for the period to the proceeds from the sale of products;

The duration of one turnover in days, which is calculated as the ratio of the product of the average for the period of the value of the cost of working capital by the number of days in the period to the proceeds from the sale of products;

Average duration of payment of accounts receivable in days, which is calculated as the ratio of the average amount of accounts receivable to the average daily proceeds from sales.

Also, the efficiency of using financial resources is characterized by profitability indicators. Profitability shows the profit received from each ruble of funds invested in an enterprise or other financial transactions. Key profitability indicators:

Return on property, calculated as the ratio of net profit to the average value of assets for the period;

Return on equity, calculated as the ratio of net profit to the average value of equity capital for the period;

Data characterizing the efficiency of the use of financial resources are presented in Table 2.4.

Table 2.4 - Indicators of the effectiveness of the use of financial resources of LLC "Vis"

The turnover ratio reflects how many times during the period the capital invested in the current assets of the enterprise turns around. This coefficient for 2005-2007. decreased 2.7 times. This decrease indicates a decrease in the efficiency of using current assets, therefore, the efforts of management in any case should be aimed at accelerating turnover. The load factor, accordingly, has the opposite tendency.

In 2007, the duration of one turnover was almost 100 days. This is faster than in 2005-2006. for 62 days. Consequently, there is a decrease in the efficiency of the enterprise in 2007 compared to previous years.

The average time to pay for accounts receivable in days reflects the rate at which customers are paying their invoices. In 2007, this indicator was not calculated, since at that time, the enterprise no longer had accounts receivable. The value of this indicator in 2005-2006. was about 12.5, which indicates not very effective work enterprises for collecting money from debtors.

The profitability of property throughout the analyzed period had low indicators, and in 2007 it has a negative value, since the company operated at a loss this year. That is, if in 2005 the small enterprise had a profit of 100 rubles, then in 2007 there is a loss of 110 rubles. for one ruble invested in the property of the organization.

Return on equity - 2005-2006 amounted to 0.25 and 0.27 rubles similarly, and in 2007, due to the negative values ​​of the net profit and equity capital of the organization, its calculation is not advisable. In 2005 the enterprise had a profit of 250 rubles, in 2006 - 270 rubles. for one ruble of equity.

The management of Vis LLC urgently needs to take measures to increase profitability indicators, otherwise they may decrease further, which may lead to bankruptcy of the plant.

So, LLC "Vis" worked most effectively in 2005-2006, and in 2007, too low indicators are observed. Therefore, in last year the enterprise used financial resources irrationally and uneconomically.

3 The main directions for improving the formation and use of financial resources

3.1 Measures to improve the formation of financial resources of economic entities

The successful operation of an enterprise is not possible without sound management of financial resources. It is not difficult to formulate goals for the achievement of which rational management of financial resources is necessary:

Survival of the company in a competitive environment;

Avoiding bankruptcy and major financial setbacks;

Leadership in the fight against competitors;

Maximizing the market value of the firm;

Acceptable growth rates of the economic potential of the firm;

Growth in production and sales;

Profit maximization;

Minimization of costs;

Ensuring profitable operations, etc.

The priority of a particular goal can be chosen by an enterprise depending on the industry, position in a given market segment and on many other things, but successful progress towards the chosen goal largely depends on the perfection of the company's financial resources management.

On the basis of our analysis of the activities of LLC "Vis" in the formation of financial resources, it was revealed that in 2006 there was a shortage of the company's equity capital.

Thus, measures to reduce the equity capital deficit in this case can be: reduction of the production and economic cycle, excess inventory balances, work in progress, construction time, etc.

In order to reduce costs and increase the efficiency of the main production, in some cases it is advisable to abandon some of the activities serving the main production (construction, repair, transport, etc.), and go to the services of specialized enterprises.

A great help in identifying reserves for improving the financial condition of an enterprise can be provided by marketing analysis to study supply and demand, sales markets and the formation on this basis of the optimal range and structure of production.

At the same time, the main attention should be paid to the issues of resource conservation: the introduction of progressive norms, standards and resource-saving technologies, the use of secondary raw materials, the organization of effective accounting and control over the use of resources, the study and implementation of best practices in the implementation of the economy regime, material and moral incentives for workers to save resources and reduction of non-production costs and losses.

For the systematic identification and generalization of all types of losses at each enterprise, it is advisable to maintain a special register of losses with their classification according to certain groups:

From marriage;

Decrease in product quality;

Unclaimed products;

Loss of profitable customers, profitable sales markets;

Incomplete use of the production capacity of the enterprise;

Downtime of the labor force, means of labor, objects of labor and monetary resources;

Overexpenditure of resources per unit of production in comparison with the established norms;

Damage and shortage of materials and shortages of materials and finished products;

Write-off of unclaimed receivables;

Overdue accounts receivable;

Attraction of unprofitable sources of financing;

Natural disasters;

For industries that did not produce products, etc.

Analysis of the dynamics of these losses and the development of measures to eliminate them will significantly improve the financial condition of a business entity.

Based on our analysis of the processes of formation and use of financial resources, VIS LLC identified the following trends:

in the field of income generation:

Decrease in the profit received by the organization;

Increase in the cost of products sold.

The amount of financial resources received depends mainly on the profit from the sale. LLC "VIS" calculates the profit from the sale of products at the time of receipt of money on the current account. Receipt of proceeds from sales to the current account largely depends on the use of non-cash forms of payment.

When an enterprise chooses the forms of payment, it should be guided by specific situations. In our opinion, each form of non-cash payments should facilitate the movement of material assets from the manufacturer to the consumer and eliminate the moments that impede their movement, have a simple economic document flow with the use of unified documents that can be used by all participants in the settlements and adapted for modern computers; create opportunities for mutual control of settlement participants; prevent the occurrence of redistribution of funds in the form of receivables; promote the expedient use of the loan in the form of settlements.

The correct choice of the form of non-cash payments should ensure the timely and quick completion of the circulation of funds from the supplier, prevent non-payments and the occurrence of illegal redistribution of funds between enterprises.

The implementation of deep transformations in the economy necessitates the maximum mobilization of internal reserves. For the effective functioning of the enterprise in the conditions of market relations, it is of paramount importance to identify reserves for profit growth.

Consider the reserves for profit growth of VIS LLC. Profit from the sale of commercial products occupies the largest share in the balance sheet profit, and it, in turn, depends on the cost of products sold. Reducing the cost of production is possible due to the correct marketing policy, identification of suppliers with the most preferred prices for purchased products.

So, since the main reserve for profit growth is cost reduction, this requires the following:

To increase the volume of production of highly profitable and in demand goods;

Tighten economic discipline in order to exclude cases of overspending of raw materials and supplies; to develop a regulation on material incentives for employees of the enterprise for saving material and energy resources; to establish close ties with manufacturing enterprises, which will allow purchasing raw materials at unremarkable prices.

3.2 Improving the efficiency of using the financial resources of the enterprise

The efficiency of using financial resources is characterized by asset turnover and profitability indicators. Consequently, management efficiency can be increased by reducing the turnaround time and increasing profitability by reducing costs and increasing revenue.

The acceleration of the turnover of working capital does not require capital expenditures and leads to an increase in the volume of production and sales of products. However, inflation quickly devalues ​​circulating assets, enterprises use more and more of them to purchase raw materials and fuel and energy resources, non-payments of buyers divert a significant part of funds from circulation.

One of the ways to save working capital for VIS LLC, and therefore to increase its turnover, is to improve inventory management. Since the company invests in the formation of stocks, storage costs are associated not only with storage costs, but also with the risk of damage and obsolescence of goods, as well as with the time value of capital, i.e. with a rate of return that could have been derived from other investment opportunities with an equivalent degree of risk.

The economic and organizational-production results from the storage of a certain type of current assets in a particular volume are specific for this type of assets. A large stock of finished goods (associated with an estimated sales volume) reduces the possibility of a shortage in the event of unexpectedly high demand.
Likewise, a sufficiently large stock of raw materials and materials saves an enterprise in the event of an unexpected shortage of appropriate stocks from stopping the production process or buying more expensive substitute materials. A large number of orders for the purchase of raw materials and supplies, although it leads to the formation of large stocks, nevertheless makes sense if the company can get the suppliers to reduce prices. For the same reasons, an enterprise prefers to have a sufficient stock of finished goods, which allows more cost-effective production management. As a result, the company itself, as a rule, provides a discount to its customers.

Increasing the turnover of working capital is reduced to identifying the results and costs associated with the storage of stocks, and summing up a reasonable balance of stocks and costs. To accelerate the turnover of working capital at the enterprise, it is advisable:

Planning the procurement of the necessary materials;

Introduction of rigid production systems;

Use of modern warehouses;

Improving demand forecasting;

Fast delivery of raw materials and supplies.

The second way to reduce working capital costs for VIS LLC is to make better use of cash. From the standpoint of investment theory, money is one of the special cases of investing in inventory. Therefore, they are applicable General requirements... First, you need a base stock of cash to carry out current calculations. Secondly, certain funds are required to cover unforeseen expenses. Third, it is advisable to have a certain amount of free cash to ensure a possible or projected expansion of activities.

Another important tool for improving the efficiency of the use of financial resources is the management of the main production assets enterprises and intangible assets. The main issue in their management is the choice of the depreciation method.

In a market economy, an enterprise independently determines rational options for all components of production and economic activity based on a balance of interests of manufacturers and consumers of products. Wherein economic assessment the effectiveness of the option of measures is the profit of the enterprise, which remains at its disposal. Therefore, the main task in market conditions is to increase the efficiency of the enterprise by optimizing the use of its resources, including financial ones, and building a promising production program.

The key issue in optimizing the activities of an enterprise is the construction of its production program, taking into account the most rational use of the enterprise's resources. To determine the amount of profit from the implementation of the production program options, it is necessary to have data on the sales price of products and the cost of manufacturing them, as well as data on the volume of output for each type of product.

The mechanism for distributing profits at the enterprise should be built in such a way as to facilitate the creation of conditions for the most rational use of funds for the development of the enterprise, taking into account the indicators of the levels of capital and power supply, turnover of working capital, labor productivity, etc.

The efficiency of using profit is possible only if the actions of the system of economic levers are coordinated. At the same time, the sale of products is of paramount importance. Firstly, because in the process of selling goods on the sales market, the expended means of production are reimbursed. Secondly, the sale of products is the moment when the manufactured product is recognized in the market. Since profit reflects the results of all types of enterprise activities: production, non-production, financial, this means that all aspects of the enterprise are reflected in the amount of profit. So, an increase in labor productivity means a decrease in its costs per unit of output, respectively, under normal working conditions, labor costs per unit of output should relatively decrease. Improving the use of fixed assets means that the costs of their maintenance and operation are relatively reduced, and depreciation charges in the cost of individual products are reduced. This, like the savings in material costs, increases profit and the efficiency of its use.

The management of the company should also improve its competence in the field of financial resource management, because a manager who understands the tasks and functions of the modern financial service of the company would be able to make optimal decisions on these issues faster.

Develop a payment calendar. Monitor the status of settlements with buyers and customers.

Improving the use of working capital with the development of entrepreneurship is becoming increasingly important, since the material and monetary resources released in this case are an additional internal source of further investment, that is, it becomes possible to direct them to the development of entrepreneurial activity and do without attracting additional financial resources. Development of a payment calendar and timely control of accounts receivable would allow VIS LLC to reduce its financial dependence and increase its financial stability.

Introduce into practice on an ongoing basis the economic analysis of the enterprise. Form an information and analytical base. On the basis of the existing information and analytical base of the enterprise, it is necessary to create a report that would show the efficiency of using the enterprise resources for a specific date, calculated on the basis of economic and financial indicators. Periodically review and analyze it to make tactical and strategic decisions.

Thus, the success of financial resource management directly depends on the capital structure of the enterprise. The capital structure can facilitate or hinder a company's efforts to increase its assets. It also has a direct impact on the rate of return, since the fixed interest components of the debt paid on debt are independent of the company's projected level of activity.

3.3 The use of alternative sources of financing for the activities of the enterprise

Based on our analysis in the second chapter of this course work, it was revealed that the largest share in the structure of sources of Vis LLC is borrowed funds, and the entire amount of borrowed capital is represented by accounts payable, while the share of the company's own funds is decreasing, so by the end In 2006, equity capital fell sharply by 637 thousand rubles, due to the uncovered loss received in this year in the amount of 122 thousand rubles.

Thus, on the basis of such information, it is possible to offer Vis LLC to use alternative sources financing of its production activities, which in the future will help bring the company out of the crisis.

So, at present, new forms and methods of obtaining funds appear on the financial market, which can be used as additional sources of financing for the activities of an enterprise.

One of these forms is leasing - this is an operation for the placement of movable and immovable property, which is specially purchased by a leasing company, remains in its ownership, but is leased to entrepreneurs. Leasing is a form of not only leasing, but also financing.

Financial leasing with full payback has become widespread in Russia. During the term of the contract, the property is almost completely amortized and the lessor returns its value or most of it through lease payments.

Thus, LLC "Vis", if it had used this method of financing its activities, would have been able, thanks to leasing, to quickly and with minimal investment risks replace obsolete equipment.

The financial lease agreement specifies the amount and form of lease payments, payment terms, insurance conditions, etc. At the end of the lease term, the enterprise - the lessee, has the opportunity to purchase equipment at a price determined by a certain cost of the equipment.

A common practice is to conclude leasing agreements for a period ranging from 70 to 80% of the amortization period. Leasing provides benefits to all participants in a leasing transaction. The manufacturer is expanding the sales market for its products, establishing long-term relations with leasing companies; the enterprise - the lessee simultaneously solves two problems: the acquisition and financing of equipment and its use without mobilizing large financial resources and without attracting loans, which allows maintaining the ratio of borrowed and own food without the risk of disrupting the financial stability of the enterprise. Therefore, leasing operations are most popular among small and medium-sized enterprises. When organizing new production facilities, leasing makes it possible to form the necessary equipment park without large initial investments.

However, in some cases, leasing can be more expensive than a bank loan. Therefore, when choosing a financing method, it is necessary to take into account the size of the lease payments and the schedule for their payment. Lease payments are included in the cost of goods produced by the lessee, which can significantly reduce taxable profit and the amount of taxes paid. The leased property is on the balance sheet of the lessor, who retains the title to it with all the ensuing obligations. He also calculates depreciation charges. If, by agreement of the parties, the lease agreement provides for the use of accelerated depreciation, leasing companies are able to return the bulk of the funds spent on the purchase of equipment already in the first years of its operation. This actually means a reduction in the tax burden for the landlord.

To cover the need for fixed and circulating funds, in some cases, Vis LLC may resort to the need to attract a bank loan. As a rule, borrowed capital for a period of up to one year refers to short-term, and more than a year - to long-term. The question of how to finance certain assets of an enterprise - at the expense of short-term or long-term capital - must be discussed in each specific case. The effectiveness of the investment of borrowed capital is determined by the degree of return on fixed or circulating assets.

However, in recent years, factoring operations carried out by banks have become increasingly popular. Factoring is an operation in which a supplier (client) assigns to a bank (factor) the rights of claim arising from contracts concluded with its buyers (debtors);

Depending on the type of factoring, the factor offers a number of the following services:

Accounting for assignable claims;

Supplier financing;

Working with debtors in order to receive payments;

Client protection against insolvency of debtors.

Thus, given the variety of services provided by a factor, it is more correct for a service provider to speak of factoring, not as a kind of transaction, but as a complex of services - factoring services.

So, due to the lack of equity capital, Vis LLC can be offered to use alternative sources of financing for its production activities, which in the future will help bring the company out of the crisis, such sources may be: bank lending, both short-term and long-term, leasing, factoring ...

Conclusion

In accordance with the set goal and objectives of the course study, the analysis of the theoretical and methodological foundations and applied aspects of considering the theory of the formation and use of financial resources of business entities in modern conditions made it possible to draw a number of the following conclusions.

The financial resources of the organization are divided into own and borrowed. Own financial resources and funds equivalent to them include: profit, amortization, stable liabilities, equity capital, earmarked receipts, shares and other contributions of members of the labor collective and others. The borrowed ones include: attracted additional share capital, bank loans and credits, provided gratuitous assistance.

Finance plays an important role in the reproduction process. Financial resources are called upon, first of all, to ensure the production process. Their use can be carried out in the form of advance payments and investment in production activities. The role of financial resources can be seen most clearly through their functions: distribution, reproduction, stimulating and control.

Based on the analysis of the formation of financial resources of Vis LLC, it was revealed that the largest share in the structure of sources is occupied by borrowed funds, and the entire amount of borrowed capital is represented by accounts payable, that is, here it should be said about the financing of working capital through settlements with creditors ... By the end of 2006, the share of own funds of Vis LLC had sharply decreased by 637 thousand rubles, due to the uncovered loss received in this year in the amount of 122 thousand rubles. And in the structure of borrowed funds, in the same year, the share of accounts payable increased sharply, this indicator almost tripled in comparison with previous years.

In 2005, the profit of the enterprise amounted to 141 thousand. rubles, which is only 10 thousand rubles. more than in the previous year, and in 2006 we can observe a loss in the amount of 237 thousand rubles, which indicates an incorrect production policy. A loss of the reporting period becomes possible if the total amount of expenses incurred by an economic entity exceeds the total amount of its income.

Based on the assessment of indicators of the financial stability of the enterprise, it was revealed that the financial condition of LLC "Vis" in 2004-2006. is unstable, since in the course of the analysis a lack of own circulating assets was established (268 thousand rubles in 2004, in 2005 - 200 thousand rubles, and in 2006 - 850 thousand rubles), the indicators of own and long-term borrowed funds look similar sources of formation of stocks and costs, and also revealed the surplus of the total value of the main sources of formation of stocks and costs in 2004-2005. (268 thousand rubles in 2004, 390 thousand rubles in 2005) and their shortage of 2897 thousand rubles in 2006. Also, when calculating the relative indicators characterizing the financial stability of an enterprise, we can say that this enterprise is in an unstable state, as evidenced by the value of the coefficients, the sizes of which do not correspond to the normal level.

Analysis of the efficiency of the use of financial resources of Vis LLC showed that Vis LLC worked most effectively in 2004-2005, and in 2006 too low indicators were observed. Consequently, in the last year the enterprise used financial resources irrationally and uneconomically.

One of the main and most radical areas of financial recovery of Vis LLC is the search for internal reserves to increase the profitability of production and achieve break-even operation through a more complete use of the production capacity of the enterprise, improving the quality and competitiveness of products, reducing its cost, rational use of material, labor and financial resources, reduction of non-production costs and losses.

One of the ways to save working capital for VIS LLC, and therefore to increase its turnover, is to improve inventory management.

The second way to reduce working capital costs for VIS LLC is to make better use of cash.

Another important tool for increasing the efficiency of the use of financial resources is the management of fixed assets of the enterprise and intangible assets.

Due to the lack of equity capital, Vis LLC can be offered to take advantage of alternative sources of financing for its production activities, which in the future will help bring the company out of the crisis, such sources may be: bank lending, both short-term and long-term, leasing, factoring.

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17 Levchaev P.A. Financial resources of the enterprise: theory and methodology systems approach/ P.A. Levchaev; ed. prof. P.V. Shichkin. Saransk: Publishing house of Mordv. University, 2002.-104s.

18 Levchaev, P.A. Financial resources and cost relations of enterprises of the national economy / P.A. Levchaev; ed. prof. N.P. Makarkin. Saransk: Publishing house of Mordv. University, 2004.-168s.

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Appendix A

(required)

Assets	At the beginning of the reporting year	At the end of the reporting year
I. Non-current assets
Intangible assets
Fixed assets	794	723
Construction in progress
Deferred tax assets
Other noncurrent assets
Total for Section I	794	723
II. Current assets
Stocks	183	180
including:
	181	7
	2	2
goods shipped	-	10
Future expenses	-	4
other supplies and costs	-	157
	48	-
	163	191
including buyers and customers	163	191
Cash	105	203
Other current assets
Total for Section II
Balance	1293	1297
Passive
III. Capital and reserves
Authorized capital	8	8
Extra capital
Reserve capital
including:
reserves formed in accordance with
	518	515
Total for Section III	526	523
Loans and credits
Total for Section IV
Loans and credits
Accounts payable	767	774
including:
suppliers and contractors	29	129
	58	72
	(9)	(13)
	(33)	9
other creditors	722	577
revenue of the future periods
Provisions for future expenses
Total for Section V	767	774
Balance	1293	1297

Appendix B

(required)

Profit and loss statement for 2006, thousand rubles

Name	During the reporting period
	5525	4829
	(5327)	(4696)
Gross profit	198	133
Business expenses
Administrative expenses
Profit (loss) from sales	198	133
Other income and expenses
Interest receivable
Percentage to be paid
Other income
other expenses	(17)	(28)
Non-operating income	5	67
Non-operating expenses
	186	172
Deferred tax assets
Deferred tax liabilities
Current income tax	(45)	(41)
	141	131
FOR REFERENCE.

Appendix B

(required)

Assets	At the beginning of the reporting year	At the end of the reporting year
I. Non-current assets
Intangible assets	44
Fixed assets	723	665
Construction in progress
Profitable investments in material assets
Long-term financial investments
Deferred tax assets
Other noncurrent assets	-	33
Total for Section I	723	742
II. Current assets
Stocks	180	1407
including:
raw materials, materials and other similar values	7	1395
animals for growing and fattening
work in progress costs
finished goods and goods for resale	2	2
goods shipped	10	-
Future expenses	4	-
other supplies and costs	157	10
Value added tax on acquired assets
Accounts receivable (expected to be paid more than 12 months after the reporting date)
including buyers and customers
Accounts receivable (expected to be paid within 12 months after the reporting date)	191	-
including buyers and customers	191	-
Short-term financial investments
Cash	203	83
Other current assets
Total for Section II	574	1490
Balance	1297	2232
Passive
III. Capital and reserves
Authorized capital	8	8
Own shares repurchased from shareholders
Extra capital
Reserve capital
including:
reserves formed in accordance with
reserves formed in accordance with
Retained earnings (uncovered loss)	515	(122)
Total for Section III	523	(114)
IV. long term duties
Loans and credits
Deferred tax liabilities
Other long-term liabilities
Total for Section IV
V. Short-term liabilities
Loans and credits
Accounts payable	774	2346
including:
suppliers and contractors	129	1566
indebtedness to staff	72	112
indebtedness to state extra-budgetary funds	(13)	30
arrears of taxes and duties	9	181
other creditors	577	457
Indebtedness to participants for payment of income
revenue of the future periods
Provisions for future expenses
Other current liabilities
Total for Section V	774	2346
Balance	1297	2232

Appendix D

(required)

Profit and loss statement for 2007, thousand rubles

Name	During the reporting period	For the same period of the previous year
Income and expenses for ordinary types
Revenue (net) from the sale of goods, products, works, services (net of value added tax, excise taxes and similar mandatory payments)	5437	5525
Cost of goods sold, products	(5684)	(5327)
Gross profit	(247)	198
Business expenses
Administrative expenses
Profit (loss) from sales	(247)	198
Other income and expenses
Interest receivable
Percentage to be paid
Income from participation in other organizations
Other income	25	5
other expenses	(15)	(17)
Non-operating income
Non-operating expenses
Profit (loss) before tax	(237)	186
Deferred tax assets
Deferred tax liabilities
Current income tax	-	(45)
Net profit (loss) of the reporting period	(237)	141
FOR REFERENCE.
Permanent tax liabilities (assets)
Basic earnings (loss) per share
Diluted earnings (loss) per share

Appendix D

(reference)

REVIEW

FOR COURSE WORK

student group 412

specialty "Finance and credit"

Kiushkina Olesya Vladimirovna

Topic Formation and use of financial resources of business entities in market conditions (for example, VIS LLC)

1 Positive points ___________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

2 Negative points ________________________________

__________________________________________________________________________________________________________________________________________________________________________________________________________________

3 Defense of term paper ____________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________

Course work supervisor P.A. Levchaev

The efficiency of financial resource management is characterized by indicators that characterize the financial position and activity of the company. At the same time, most of the analysis techniques financial situation involves the calculation of the following groups of indicators: financial stability, solvency, business activity, profitability. To calculate key indicators of the use of financial resources, information is used from such reporting forms as the balance sheet of the enterprise (form No. 1), profit and loss statement (form No. 2).

Financial stability analysis can be carried out using a system of both absolute and relative indicators. The absolute indicators of financial stability are characterized by the degree of provision of stocks and costs by the sources of their formation. A generalizing indicator of financial stability is the surplus or lack of sources of funds for the formation of stocks and costs.

Assessment of financial stability allows you to determine the financial capabilities of the enterprise for the future. According to the degree of financial stability of the enterprise, four types of situations are possible:

1. Absolute financial stability is rare when stocks (W) are less than the amount of own working capital (SOS):

Z< COC (1.3.1)

This ratio shows that all stocks and costs are covered by its own circulating assets, that is, the company does not depend on external sources.

2. Normal financial stability is characterized by inequality:

SOS< З < CОС +ДО, (1.3.2)

where DO - long-term obligations.

The ratio shows that the amount of stocks exceeds the amount of own working capital, but less than the amount of own working capital and long-term loans.

3. Unstable financial condition: reserves are formed at the expense of own working capital, long-term and short-term loans and credits:

SOS + DO< З < СОС + ДО + КО, (1.3.3)

where KO - short-term liabilities.

4. Crisis (unstable) financial condition: reserves exceed the size of the sources of their formation, i.e. the total cost of equity in circulation, long-term and short-term loans:

З> CОС + DO + KO (1.3.4)

The enterprise is considered insolvent, since the condition of solvency is not met - cash, short-term financial investments and accounts receivable do not cover the organization's accounts payable.

The calculation of these indicators allows you to identify the financial situation in which the company is located, and to obtain a qualitative characteristic of its financial condition. In addition, to obtain quantitative characteristics of the financial stability of an enterprise, the following financial ratios are used: the equity capital concentration ratio (financial independence), the financial stability ratio, the capitalization ratio, etc.

The equity capital concentration ratio (the autonomy or financial independence ratio) (K un) characterizes the share of the firm's owners in the total amount of sources, as well as the firm's dependence on external loans.

The lower the value of the coefficient, the more loans the company has, the higher the risk of insolvency. The low value of the coefficient also reflects the potential danger of the enterprise having a shortage of funds. The recommended value is not less than 0.5 or 50%.

The financial stability ratio (Kfin mouth) shows what part of the assets is financed from the capital used (equity and long-term liabilities).

The value of the indicator below 0.6 is considered alarming, which predetermines the need for a detailed analysis of the structure of equity capital and the conditions and size of long-term borrowing. Optimal value indicator in the range of 0.8-0.9.

The borrowed capital concentration ratio (CCR) also serves to represent the capital structure of the company.

Demonstrates what proportion of the company's assets is financed by borrowed funds (long-term and short-term liabilities). The ratio does not provide information on the likelihood of future income or possible cash flow. The recommended value of the indicator is not more than 0.5.

The financial leverage ratio (Kfr) - the ratio of credit and own sources of financing - is another form of presentation of the coefficient of financial independence.

Shows how much borrowed funds are attracted for each ruble of own funds. In a certain sense, the growth of this indicator in dynamics cannot be interpreted as a positive trend, since it indicates an increase in the dependence of the enterprise on creditors and investors. The optimal value is no more than 1.

The financing ratio (Kfin) shows the amount of borrowed funds and gives the most general assessment of the financial stability of the enterprise. It shows the amount of borrowed funds attributable to each ruble of own funds invested in assets.

For example, the value of the financing ratio, equal to 0.1, shows that one ruble of the company's own funds accounts for one kopeck of borrowed funds. The recommended value of the indicator is not less than 1. A steady upward trend of this indicator can lead to a decrease in the degree of independence of the enterprise and, accordingly, to a decrease in its financial stability.

The ratio of the provision of current assets with own funds (Kosos) is calculated by the formula:

The ratio of the provision of stocks with own circulating assets (Kozos) is calculated by the formula:

The effectiveness of the developed policy for the formation of own financial resources is assessed using the self-financing coefficient (Ks.fin) of production development.

where Ssobs.fin.sr.PP is the amount of own financial resources in the planning period;

Sprir.fin.res.PP - the sum of the increase in financial resources in the planning period.

The critical (intermediate) liquidity ratio (K crit.l.) is calculated by the formula:

where DZ - accounts receivable;

DS - cash;

KFV - short-term financial investments;

POA - projected current assets;

KO - short-term liabilities.

The ratio shows what part of the current debt the company can cover without taking into account reserves, that is, subject to the full repayment of accounts receivable. The range of fluctuations in the level of this indicator is from 0.5 to 1. Low values ​​indicate the need for constant work with debtors in order to ensure the possibility of converting part of the circulating assets into monetary form for settlements with their suppliers.

Current liquidity ratio (coverage) (Ktek.l) shows the extent to which current assets cover short-term liabilities. Calculated by the formula:

where ОА - current assets;

RBP - deferred expenses.

The value of this indicator is considered normal in the range from 1 to 2. It characterizes the extent to which all short-term liabilities are secured by current assets. An excess of working capital over short-term liabilities by more than two times is considered undesirable, since it indicates an irrational investment by the organization of its funds and their ineffective use.

The absolute liquidity ratio (Cal) is calculated by the formula:

It characterizes what part of short-term liabilities can be repaid by available cash and short-term financial investments. The recommended value of the indicator is in the range from 0.2 to 0.5. A low value indicates a decrease in the company's solvency.

By accelerating the turnover of capital, regardless of which field of activity it is advanced into, the entrepreneur minimizes the deadening of resources and funds and receives an increasing profit on the advanced value. The acceleration of turnover is equal to the increase in the value of the advanced capital. The acceleration of turnover is influenced by many factors, including the specifics of production.

The rate of turnover of working capital is the most important indicator of the intensity of the use of working capital and, in turn, is determined using the following interrelated indicators: the duration of one turnover in days, the turnover ratio and the load factor of working capital.

The turnover ratio (To) is determined by dividing the volume of sales of products in wholesale prices by the average balance of working capital at the enterprise:

The coefficient characterizes the number of circuits made by circulating assets for a certain period (year, quarter). An increase in the number of revolutions leads either to an increase in output by 1 ruble of working capital, or to the fact that a smaller amount of working capital is required to spend on the same volume of production.

Inventory turnover ratio (Koz) is calculated by the formula:

Accounts receivable turnover ratio (KOD) is calculated by the formula:

The turnover of cash and short-term financial investments is calculated using the formula:

The duration of one turnover in days (T) is found by dividing the number of days in the period by the turnover ratio of the asset element.

The shorter the duration of the turnover of working capital or more number the circuits made by them with the same volume of products sold, the less circulating assets are required, and the faster the circulating assets complete the circuit, the more efficiently they are used.

The load factor (Kz) of working capital, the inverse of the turnover rate, characterizes the amount of working capital spent on 1 ruble. sold products, calculated by the formula:

The degree of use of the working capital of the enterprise can be judged by the indicator of the return on working capital (Oos), which is defined as the ratio of profit from sales (P) to the balance of working capital (Oo).

The magnitude of the economic effect obtained from the acceleration of the turnover of circulating assets can be determined using the load factor of funds in circulation. The total amount of savings (cost overruns) of working capital (± EOS) is set by multiplying the absolute change in the load factor (DKz) by the amount of proceeds from sales according to the formula:

where ДКз - the absolute change in the load factor is set as the difference between the value of the reporting (Кз1) and the previous period (Кз0): ДКз = Кз1 - Кз0.

Profitability is one of the most important indicators of production efficiency used to assess the performance of an enterprise. The enterprise operates profitably if the income received by it as a result of production and economic activities exceeds the cost of work.

There are two types of profitability indicators: 1) profitability in relation to sales; 2) return on investment. The first type includes: gross profit ratio (Rval.pr), profitability of sales, profitability of production and net profit ratio. The second type includes indicators of return on equity and return on assets.

This coefficient testifies to the efficiency of production and economic activities, including the effectiveness of the assortment and pricing policy of the enterprise.

Return on sales (Rsales) is also called return on sales. It characterizes the amount of profit received from each ruble of proceeds.

Low profit per unit of sales indicates a low demand for the company's products and high production costs.

This indicator differs from the gross profit ratio in that commercial and administrative expenses that are not directly related to the production of goods (performance of work, provision of services) are deducted from the amount of gross profit.

Profitability of production (R production) (current costs in core activities), characterizes the amount of profit from sales received per ruble of expenses for ordinary activities:

Net profitability - shows how much net profit falls on a unit of revenue:

Return on assets reflects the amount of profit per 1 ruble invested in the assets of the enterprise:

The profitability of current assets reflects the amount of profit per 1 ruble invested in the current assets of the enterprise:

The efficiency of using total capital (advanced capital) (Ea) is characterized by its profitability (profitability) - the ratio of the amount of net profit (loss) to the average annual amount of total capital.

Using the same methodology, the efficiency of using equity capital (Eq) is calculated:

The efficiency of using permanent capital (EPC) is calculated by the formula:

Thus, the financial resources of the organization are all the funds accumulated by the enterprise to form the assets it needs, both at its own expense and at the expense of borrowed funds. Financial resources are the material carrier of financial relations. The turnover of financial resources is their formation and distribution with subsequent use through financing costs. The movement of financial resources of commercial organizations is carried out taking into account the principles and characteristics of the organization of their finances. The financial resources of commercial organizations include the following funds, which differ in the form of movement (formation and use):

• - capital and reserves;
• - revenues from sales;
• - non-operating income;
• - borrowed and other debt funds; receipts on a non-refundable or gratuitous basis.

The total capital of the organization is divided into equity and debt capital. The structure of equity capital is formed by: authorized capital, reserve capital, additional capital, targeted financing and receipts, retained earnings. Equity capital consists of invested and accumulated capital. The attraction of borrowed resources can provide a number of advantages, and the opposite effect is also possible. ...

To assess the effectiveness of financial resource management, indicators are used that characterize the financial position and activity of the company. Most of the methods for analyzing the financial situation involve the calculation of the following groups of indicators: financial stability, solvency, business activity, profitability. To calculate key indicators of the use of financial resources, information from financial statements is used.

Page
15

Based on the analysis of the efficiency of the enterprise, the following conclusions can be drawn:

The company suffers large losses due to the non-competitiveness of products,

There is a crisis spending of enterprise funds and equity capital

There is a steady deterioration in the efficiency of the enterprise in which attempts by the management to change the situation are not visible and signs of the existence of a financial strategy and development strategy of the enterprise are not found

Analysis of the formation and use of financial resources at the enterprise.

Analysis of the formation and use of financial resources in the enterprise is the last section of the comprehensive analysis and its purpose is to establish the main sources and direction of spending the financial resources of the enterprise during the period under review. This analysis allows you to more fully represent the financial processes taking place at the enterprise.

Analysis of the expense and receipt of financial resources is a decryption of the results of activities according to the following classification:

1) operational activities,

2) investment activities,

3) financial activities.

An explanation of the items of receipt and expenditure of financial resources is presented in Table 2.12.

Form of expenditure and receipt of financial resources.

Continuation of table 2.12

As can be seen from the analysis form of the receipt and expenditure of financial resources, there is a crisis in the accumulation of financial resources at the enterprise.

The main indicator for assessing the ability of a manufacturing enterprise to generate financial resources is the indicator of net cash flow (Cash-flow) for operating activities.

In 1996-1997, the net cash flow from operating activities is negative, the value of which doubled in 1997. From the above, it should be concluded that the further current work of the enterprise for the production of products is impossible without serious changes in the organization of production, marketing, and cost reduction.

The total cash flow of the enterprise in 1996 amounted to -64.7 thousand hryvnia, which is 4% of the total assets and 5% of the company's own assets. In 1997, the total negative cash flow was reduced to -8.8 thousand UAH. However, if we consider the sources of the formation of financial resources, we note that in 1997 a long-term loan in the amount of UAH 100 thousand was received. Thus, the total cash flow was underestimated and actually amounted to -108.8 thousand UAH, and this is in a situation where In 1996, sales volumes fell by half.

At the end of the analysis of the financial condition, an analysis of the likelihood of bankruptcy according to the Altman model and “hard-to-sell assets” (Table 2.13) will be presented. The end of Section 2 will be a generalized characteristic of the signs of crisis development, the scale of the crisis state is determined and the factors causing the crisis development are identified, the mechanism for overcoming the crisis is proposed.

Analysis of the likelihood of bankruptcy according to the Altman model and “hard-to-sell assets”.

Conclusions.

Altman's and “hard-to-sell assets” methods gave the same conclusion regarding the likelihood of bankruptcy - very high.

Such an assessment is fully consistent with the results of a comprehensive analysis of financial and economic activities carried out in the following areas:

Analysis of liquidity and solvency,

Assessment of the use of property,

Assessment of the use of capital,

Analysis of cost and tax policy,

Property efficiency analysis,

Analysis of the formation and use of financial resources.

The activity of the enterprise was influenced by external and internal factors.

External factors:

¨ nationwide decline in production, which caused the shutdown of many factories, which were the main consumers of the company's products. Compared to 1995, there was a decline in production, taking into account the inflation rate by 5 times and is 10% of the capacity.

¨ inflation, which caused the outflow of circulating assets and necessitated the attraction of additional sources for the formation of circulating assets. One of the sources of replenishment of working capital has become short-term accounts payable, most of which are overdue, and this, in turn, causes additional costs for paying accounts payable.

¨ instability and inefficiency of the state tax policy, in which the costs of the enterprise are taxed at the rate of 40%, the share of tax payments in the proceeds from sales is 62% (1997), 40% (1995-1996). The accumulation of funds in capital-intensive enterprises for the restoration of equipment is artificially underestimated by the state, which introduced a reduction factor for depreciation deductions.

¨ non-competitiveness of manufactured products due to the emergence and introduction of higher quality technologies, materials, new high-performance automated equipment on the Ukrainian market.

¨ a drop in the effective demand of the population, which became the cause and consequence of the general deterioration of the economic situation in Ukraine, which affected the sales volumes in all sectors of the national economy.

Internal:

¨ high physical and moral depreciation of fixed assets, which affect the quality characteristics of the products, the cost of production, since their productivity is much lower than that of existing analogues. Depreciation of equipment by 64% leads to additional costs for ongoing repairs of equipment.

¨ ineffective marketing strategy that is poorly focused on finding new market segments, promoting to the market, setting incentives for consumers to purchase the offered goods,

high level variable costs in the cost structure (81-83%), which is explained before high costs to pay the main production workers. The way out is the automation of production.

¨ insufficiently differentiated range of products offered, which is also a consequence of the ineffectiveness of the marketing and sales service.

¨ ineffective financial strategy and rather the absence of such, so in the course of the analysis, surprise is caused by the lack of measures of the management apparatus to normalize the situation at the enterprise, which, according to the author, is primarily caused by the inability of the apparatus to analyze and predict the development of the enterprise. The consequence of this statement is the lack of qualifications of management personnel in the market conditions of management.