Cash flow

The concept and classification of cash flow

Cash flow management

The cash flow of an enterprise is a set of time-distributed receipts and payments of cash generated by its economic activities.

Cash flow is the difference between:

Cash inflow minus current expenses (funds inflow);

Investments (outflow of funds).

The general scheme for determining cash flow is as follows:

CF = (R-C-D) * (1-T) + D-I+F,

where CF ─ cash flow ( Cash-flow);

R ─ total cash inflow (revenue);

C ─ cash outflow for current expenses;

D ─ depreciation charges;

T ─ income tax rate;

I─ investments in fixed and working capital;

Ф - cash flow from financial activities.

Rice. 1. Classification of cash flow

When calculating cash flow from operating activities the indicators of profit, depreciation and changes in working capital items are summed up. working capital represents the difference between the value of current assets in terms of inventories and receivables and current liabilities in terms of accounts payable.

When calculating cash flow from investment activity the changes in the items of non-current assets and financial investments are summed up, taking into account the sign of the influence of these factors on the cash flow.

When calculating cash flow from financial activities summarizes changes in items of long-term liabilities, equity (excluding profits) and proceeds from loans and borrowings.

When calculating the net cash flow from the operating activities of the enterprise, the basic element is its net profit received in the reporting period. By making adjustments, net income is then converted into net cash flow.

NDP = CHP + A - ∆KFV - ∆DZ - ∆Z + ∆KZ, where:

NPV - the amount of net cash flow of the enterprise for operating activities in the period under review;

PE - the amount of net profit of the enterprise;

A - the amount of depreciation;

∆KFV - change in the amount of short-term financial investments;

∆DZ - change in the amount of accounts receivable;

∆З - change in the amount of reserves;

∆KZ - change in the amount of accounts payable.

For investment activities, the amount of net cash flow is determined as the difference between the amount of sale of certain types of non-current assets and the amount of their acquisition in the reporting period.

NPDi = ∆ OS + ∆NA + ∆ NKZ + ∆DFV + ∆Pr, where:

∆OS - change in the amount of fixed assets;

∆NA - change in the amount of intangible assets;

∆NKZ - change in the amount of unfinished capital investments;

∆DFV - change in the amount of long-term financial investments;

∆Pr - change in the amount of other non-current assets.

For financial activities, the amount of net cash flow is determined as the difference between the amount of financial resources attracted from external sources and the amount of the principal debt, as well as dividends (interest) paid to the owners of the enterprise.

NDPf = ∆SK + ∆DK + ∆KK, where

NDPf - the amount of net cash flow of the enterprise for financial activities in the period under review;

∆SK - change in the amount of equity capital;

∆DK - change in the amount of long-term credits and loans;

∆КК - change in the amount of short-term credits and loans.

The amount of cash flows in these three areas of the enterprise forms a net cash flow.

NDP \u003d NDP + NDPi + NDPf, where:

NPV - net cash flow;

NPV - the amount of net cash flow of the enterprise for operating activities in the period under review;

NPDi - the amount of net cash flow of the enterprise for investment activities in the period under review;

NDPf - the amount of net cash flow of the enterprise for financial activities in the period under review.

According to the forms used financial statements(Form 1 “Balance Sheet” and Form 4 “Cash Flow Statement”), two types of cash flow models can be built.

The direct method of constructing a cash flow is based on the use of f. 4 "Cash flow statement":

DP - cash flow; P ─ cash receipts for the period; Р ─ cash expenses for the period.

The indirect method of calculating the cash flow is based on the use of Form 1 "Balance Sheet". The scheme for constructing a cash flow model by the indirect method (Table 1) consists in its determination based on changes in the balance sheet items.

Table 1

Cash flow model based on balance sheet items

Thus, the cash flow according to the balance sheet can be defined as the difference between the cash accounts at the end and beginning of the reporting period

Under nominal money a flow is understood as a flow without taking into account inflation (in current prices). Under real money the flow is understood as the flow taking into account the inflation factor. The real flow is always less than the nominal one.

There are real and nominal discount rates, which are used depending on the selected cash flow. The dependence of these rates is as follows:

If the inflationary rate of price growth in the country exceeds 10%, then appraisers recommend calculating the real rate of income using the Fisher formula:

Rр=(Rн-i)/(1+i),

where Rр is the real discount rate (cleared from inflation);

Rn is the nominal rate of return that the investor requires for his capital.

i – inflation growth rate;

If the inflationary rise in prices in the country does not exceed 10%, then appraisers recommend calculating the real rate of income as: Rр=Rн-i.

When calculating debt money flow (cash flow for equity) it is assumed that the company pays interest on borrowed funds, by the amount of which the profit of the enterprise has been reduced.

Applying the model debt-free cash flow (cash flow for all invested capital), conditionally do not distinguish between equity and borrowed capital of the enterprise, and the total cash flow is considered. Based on this, interest payments on debt, which were previously deducted when calculating net profit, are added to the cash flow for equity (Table 2).

table 2

Cash flow calculation models

Effective cash flow management implies the allocation of four large blocks of procedures:

Calculation of the financial cycle;

Analysis of the movement of cash flows;

Planning and forecasting cash flows;

Determining the optimal level of funds.

An important point in cash management is to determine the duration of the financial cycle concluded in the time interval from the moment of acquisition of production resources to the moment of receipt of funds for the goods sold.

The financial cycle in relation to cash is the time during which funds are diverted from circulation.

The duration of the financial cycle calculated by the formula

where PFC– the duration of the financial cycle in days;

POC- the duration of the operating cycle in days;

WOK- the time of circulation of accounts payable in days;

WHO- the time of circulation of inventories in days;

WOD- the time of circulation of receivables in days.

The calculation can be done in two ways:

For all data on receivables and payables;

According to data on receivables and payables directly related to the production process.

The calculation of the duration of the financial cycle allows you to specify ways to accelerate the turnover of funds by evaluating the impact of indicators used in determining the duration of the financial cycle. For example, the financial cycle can be shortened by speeding up the production process, the turnover of receivables, and also by slowing down the turnover of accounts payable.

Cash flow analysis allows you to assess the security of the enterprise in cash. The main task of cash flow analysis is to identify the causes of shortage (excess) of funds, as well as to determine the sources of their receipts and directions of use. When analyzing flows for three types of activities (main (current or operating), investment and financial), it allows you to determine which type of activity generates cash and which one consumes. Such an analysis helps to assess the prospects of the enterprise.

The main document for cash flow analysis is the Cash Flow Statement.

An analysis of cash flow makes it possible to draw more informed conclusions about:

In what volume and from what sources the received funds were received, what are the directions of their use;

Is the company's own funds sufficient for investment activities;

Is the company able to pay its current liabilities?

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Efficiently organized cash flows of the company are the most important symptom of its "financial health", a prerequisite for ensuring sustainable growth and achieving high final results of economic activity in general. Knowledge and practical use modern principles, mechanisms and methods of organization and effective management of cash flows make it possible to ensure the transition of the company to a new quality economic development in market conditions.

Cash flows represent a set of receipts and payments of cash in the process of operating, investing and financial activities of the company. Cash flows from operating activities are associated with current operations for receipt of sales proceeds, payment of supplier invoices, receipt of short-term loans and borrowings, payment of wages, calculations with the budget. Cash flows (outflows) in the process of investment activity, as a rule, are directed to the acquisition of fixed assets, intangible assets.

Cash flows from financing activities are receipts and payments of cash associated with raising additional equity or share capital, obtaining long-term and short-term loans and borrowings, paying in monetary form dividends and interest on deposits of owners, and some other cash flows associated with the implementation of external financing of the economic activities of the organization.

Information about cash flows related to financial activities, allows you to predict the future amount of funds to which the suppliers of capital of the enterprise will be entitled.

The directions of the outflow and inflow of funds from financial activities are presented in Table. one.

Table 1. Main directions of cash inflow and outflow from financial activities

Managing the company's cash flow is an important integral part a common system for managing its financial activities. Effective cash flow management requires the formation of a special cash flow policy as part of the overall financial strategy companies. The implementation process of this policy is developed in accordance with the following main stages:

• analysis of the company's cash flows in the previous period;
• study of factors influencing the formation of the company's cash flows;
• substantiation of the type of cash flow management policy of the company;
• the choice of directions and methods for optimizing the company's cash flows, ensuring the implementation of the chosen policy for managing them;
• planning the company's cash flows in the context of their individual types;
• ensuring effective control over the implementation of the chosen cash flow management policy of the company.

The main purpose of cash flow analysis is to determine the causes of the shortage (excess) of funds, sources of their receipt and directions of spending to control the current solvency of the company.

In practice, direct and indirect methods are used to determine cash flows. The difference between them lies in the different sequence of procedures by which the amount of cash flow is determined.

Analysis of funds by the direct method makes it possible to assess the liquidity of the enterprise, since it reveals in detail the cash flow in the accounts and allows you to draw operational conclusions regarding the sufficiency of funds for payments on current obligations, for investment activities and additional costs.

The direct method is based on the calculation of the inflow (revenue from the sale of products, works and services, advances received, etc.) and outflow (payment of supplier invoices, return of short-term loans and borrowings, etc.) of funds, that is, the initial element is revenue.

The indirect method is based on the analysis of balance sheet and income statement items, accounting for cash flow transactions, and consistent adjustment of net profit, that is, the initial element is profit. This method is preferable from an analytical point of view, as it allows you to determine the relationship between the profit received and the change in cash. The indirect method is based on studying the form of the Profit and Loss Statement from the bottom up, which is why it is sometimes called the "bottom". The direct method is called the "upper" method, since the "Profit and Loss Statement" is analyzed from top to bottom.

Net cash flows from financing activities are calculated using the direct method only.

The direct method has a simpler calculation procedure that is understandable to domestic accountants and economists. It is directly related to accounting registers (General Ledger, order journals, analytical accounting data, etc.), and is convenient for calculating indicators for controlling the receipt and expenditure of funds. At the same time, the excess of receipts over payments both for the company as a whole and for types of activity means an inflow of funds, and the excess of payments over receipts means their outflow.

Cash flow analysis allows us to explain with a certain degree of accuracy the discrepancy between the amount of cash flow that took place at the enterprise in the reporting period and the profit received during this period.

The source of information for the analysis is form No. 1 "Balance sheet of the enterprise" and form No. 4 "Cash flow statement", the content of which can be summarized in the following model:

d 0 + Δ +d - Δ -d \u003d d 1, (1)

where d 0 , d 1 - cash balances of the enterprise at the beginning and end of the reporting period;

Δ +d - receipt of funds for the period;

Δ -d - disposal (expenditure) of funds for the period.

Cash flow can be associated with various aspects of the enterprise, therefore, in the form No. 4, cash receipts and expenditures are presented in the context of current, investment and financial activities.

We reflect this structure of cash flows in the relevant models:

Δ +d = Δ +d current + Δ +d inv + Δ +d fin, (2)

Δ -d = Δ -d current + Δ -d inv + Δ -d fin, (3)

where Δ +d current, Δ -d current - receipt and expenditure of funds from current activities;

Δ +d inv, Δ -d inv - receipt and expenditure of funds from investment activities;

Δ +d fin, Δ -d fin - receipt and expenditure of funds from financial activities.

For a more in-depth analysis of the cash flow from the financial activities of the company, changes are required that are advisable to be introduced into Form No. 4 “Cash Flow Statement”. This report can be prepared monthly or quarterly. An example of such a form is presented in Table. 2.

Table 2. Analytical report on cash flows from the financial activities of the company

	Indicator	Sources and directions of use of funds	Cash inflow	Cash outflow
	External use of funds, including:	Settlement: line 2 + line 3
	Reducing the amount of borrowed capital
	Decrease in equity
	Dividends paid by company owners
	Surplus (deficit) of funds	Settlement
	External financing of the company, including:	Settlement
	Equity Growth
	Debt growth
	Gross cash flow from ordinary financial activities	Settlement
	Net cash flow from ordinary financing activities	Settlement: VP - VO
	Net cash flow from extraordinary financial activities
	Non-cash adjusting items for financial activities: a) currency revaluation; b) other
Total net cash flow from financing activities		Settlement

Notes.

+, (-) - the digital value of the positive and negative cash flow, respectively;
NPV, CHODS - net inflow (outflow) of funds;
VP, VO - gross inflow (outflow).

Optimization of cash flows from the financial activities of the company is the process of choosing the best forms of their organization, taking into account the conditions and characteristics of the implementation of economic activities.

An important component of the cash flow statement is information on the involvement in economic turnover and withdrawal from it of funds supplied by owners and third parties.

In table. 3 provides a description of the main items of receipt and expenditure of funds in the context of accounting accounts of financial and economic activities attributable to the external economic environment, that is, borrowings and their repayment.

Table 3. Cash flows from financial activities

Admission			Sent
Proceeds from additional issue of own shares			Redemption of own shares
Proceeds from the issue of own bonds			Redemption of own bonds
Getting a bank loan			Bank loan repayment
Additional cash contributions of the participant, owner and repayment of debt on contributions to the authorized capital			Dividend payments
Advances received			Advances paid
Financial help			Financial assistance provided
Targeted funding receipts
Funds received free of charge

To calculate the optimal cash balance on the current account, models are used that allow estimating the total amount of cash and cash equivalents, the share that should be kept on the current account, the share that should be kept in the form of marketable valuable papers, as well as assess the moments of transformation of cash and marketable assets.

If the organization has large stock of cash exceeding the amount of forecast payments, then it suffers certain losses, since it does not use them to purchase government securities that generate income in the form of interest. Government securities are discless, so an alternative to free cash in bank accounts is to invest excess funds in liquid securities, that is, assets that are close to absolutely liquid.

Thus, the company's typical cash policy is as follows: the company must maintain an optimal level of free cash, which is supplemented by some amount of cash invested in liquid securities or time deposits.

To determine the optimal level of funds in Western practice, the Baumol and Miller-Orr models are used.

Baumol's model assumes that an enterprise starts operating with the maximum and appropriate level of funds for it, and then gradually spends them over a certain period. As soon as the cash reserve is depleted, that is, it becomes equal to zero or reaches the level of safety, the enterprise sells its short-term securities and replenishes the cash reserve to the original amount. This model is only suitable for companies whose cash income is stable and predictable.

where Q is the replenishment amount;

V is the projected need for funds in the period (month, quarter, year);

C is the cost of converting cash into securities;

r - acceptable income for the enterprise on short-term financial investments.

The logic of the Miller-Orr model is as follows: the cash balance on the current account changes randomly until it reaches a certain upper limit. As soon as this happens, the company begins to buy securities in order to return the stock of funds to some normal state, called the point of return.

If the stock of cash reaches the bottom limit, then in this case the company sells its securities and receives cash, bringing their stock to the normal limit.

So, if for a month you need 1 million rubles. provided that the money is in a bank deposit account at 6% per annum, or 0.5% per month, and the costs of withdrawing money from the account and converting it are 100 rubles, then the optimal amount of replenishment funds will be 630 thousand rubles. ((2 × 1,000,000 × 100) / 0.005).

The average amount of funds on the current account is 20 thousand rubles. Total transactions for the transformation of securities into cash will amount to 1.59 (1,000,000 / 630,000).

Thus, the company's cash management policy is as follows: if the funds in the current account are depleted, the company must sell some of its liquid securities in the amount of approximately 630 thousand rubles. Maximum size cash on the current account will be 630 thousand rubles, the average reserve of funds is about 300 thousand rubles. (Q/2).

A simplified calculation method can be applied in Russian practice as follows. For example, for the reporting period, the average daily cash balances on the current account and on hand are calculated. Then the average daily payments and receipts are calculated. The difference between balances and payments, or receipts and payments, constitutes excess cash that can be deposited in a deposit account or invested in marketable securities.

Thus, existing methods definitions of cash flow complement each other and give a real picture of the cash flow in the company for the billing period.

In the process of studying the factors influencing the formation of cash flows, they should be divided into external and internal factors. So, for example, to external factors include: the stock market situation, the availability of a financial loan, the possibility of attracting funds from gratuitous targeted financing, etc.

In the system of internal factors, the main role is played by the life cycle of the company, the duration of the operating cycle, the seasonality of production and sales of products (services), the urgency of investment programs, the depreciation policy of the company, the financial mentality of owners and managers.

The most important and difficult stage of managing the company's cash flows is their optimization. Optimization of cash flows from the company's financial activities is the process of choosing the best forms of their organization, taking into account the conditions and characteristics of the implementation of economic activities.

The most important task solved in the process of this cash flow management is the identification of reserves that reduce the company's dependence on external sources of raising funds. External sources of financing include an increase in the amount of equity capital (primarily authorized) and borrowed capital (primarily the total amount of loans and borrowings).

Methods for optimizing the scarce cash flow involve the following activities:

• in the short term, it is necessary to accelerate the attraction of funds and slow down their payments;
• in the long run - an increase in the volume of positive cash flow and a decrease in the volume of negative cash flow.

Methods for balancing the deficit cash flow from financial activities are aimed at ensuring the growth of positive and reducing the volume of negative cash flow. The growth of positive cash flow can be achieved through the following activities:

• attraction of strategic investors in order to increase the volume of own capital;
• additional issue of shares;
• attracting long-term financial loans;
• sale of a part (or the entire volume) of financial investment instruments.

Reducing the amount of negative cash flow can be achieved by refusing financial investment.

Ways to optimize excess cash flow are mainly associated with the intensification of the investment activity of the enterprise, aimed at early repayment of long-term bank loans, active formation of a portfolio of financial investments.

Synchronization of cash flows should be aimed at eliminating seasonal and cyclical differences in the formation of both positive and negative cash flows, as well as at optimizing average cash balances.

The results of cash flow optimization should be reflected in the preparation of the financial plan of the enterprise for the year, broken down by quarters and months.

The main purpose of developing a plan and the receipt and expenditure of funds is to forecast the company's cash flows in the context of certain types of economic activity and ensure constant solvency at all stages of the planning period. Such a planning document is a payment calendar.

In the system of operational management of cash flows for the financial activities of the company, the following types of payment calendar can be developed:

1. Calendar (budget) of the issue of shares. This type of payment calendar has two varieties: if it was developed before the sale of shares on the primary securities market, then it includes only one section - “Schedule of payments to ensure the preparation of the issue of shares”; if it is developed for the period of the ongoing sale of shares, then it contains indicators of two sections - "Schedule of receipt of funds from the issue of shares" and "Schedule of payments to ensure the sale of shares."

2. Calendar (budget) of bond issue. The development of such a planning document is of a periodic nature. The principles of its development are similar to those used for the payment calendar for the issue of shares.

3. Calendar of amortization of debt on financial loans. This type of payment calendar contains only one section - "Principal Debt Amortization Schedule". The indicators of this operational financial plan are differentiated in the context of each loan to be repaid. The amount of payments and the timing of their implementation are set in the payment calendar in accordance with the terms of loan agreements concluded with commercial banks and other financial institutions.

The decision to attract a loan is made subject to greater economic feasibility this method external financing compared to other available ways to cover the cash gap (increase in advances from buyers, change in commercial loan conditions, increase in sustainable liabilities). Currently, banks offer various loan products: overdraft, term loans, credit lines, bank guarantees, letters of credit, etc. To eliminate short-term cash gaps, it is preferable to use an overdraft, but with the constant use of borrowed capital, the choice of types of loan products should be based on taking into account the effect of financial and operating levers.

Thus, the effective management of cash flows from the financial activities of the company requires the formation of a special policy for this management as part of the overall financial strategy of the company.

Figuratively, the cash flow can be represented as a system of "financial circulation" of the economic organism of the enterprise. Efficiently organized cash flows of an enterprise are the most important symptom of its "financial health", a prerequisite for achieving high final results of its economic activity in general.

Cash flow management is not just survival management, but dynamic money management, taking into account changes in value over time. In the process of circulation, working capital inevitably changes its functional form and, as a result of the sale of finished products, is converted into cash. Funds are mainly kept on the settlement (current) account of the enterprise in the bank, since a significant part of the settlements between economic entities is carried out in a non-cash manner. In small amounts, cash is in the cash desk of the enterprise. In addition, buyers' funds may be in letters of credit and other forms of payment until they end.

Thus, the composition of cash accounted for in current assets includes: cash, current account, foreign currency account, other cash, as well as short-term financial investments.

Cash- these are the most liquid assets, which in a certain amount must be constantly present in the working capital otherwise the company will be declared insolvent.

Cash management is carried out with the help of cash flow forecasting, i.e. receipts (inflow) and use (outflow) of funds. Determining cash inflows and outflows in conditions of instability and inflation can be very difficult and not accurate enough, especially for a financial year.

The amount of expected cash receipts from the sale of products is calculated taking into account the average term for paying bills and selling on credit. The change in receivables for the selected period is also taken into account, which may increase or decrease the cash inflow. In addition, the impact of non-operating transactions and other receipts is determined.

In parallel, an outflow of funds is forecasted, i.e. estimated payment of invoices for goods (services) received, mainly repayment of accounts payable. Payments to the budget, tax authorities, payment of dividends, interest, remuneration of employees of the enterprise, possible investments and other expenses are envisaged.

As a result, the difference between the inflow and outflow of cash is determined - net cash flow with a plus or minus sign. If the outflow amount is greater, then the amount of short-term financing in the form of a bank loan or other income is calculated to ensure the projected cash flow.

The forecast of expected receipts and payments is drawn up in the form of analytical tables, broken down by months or quarters. Based on the value of net cash flows, the necessary measures are taken to optimize cash management.

Analysis and management of cash flow make it possible to determine its optimal level, the ability of the enterprise to pay off its current obligations and carry out investment activities. The effectiveness of cash management depends on financial condition companies and the ability to quickly adapt in cases of unforeseen changes in the financial market.

Cash flow management is part of financial management and is carried out within the framework of the financial policy of the enterprise, understood as the general financial ideology that the enterprise adheres to in order to achieve the general economic goal of its activities. The objective of financial policy is to build effective system financial management, ensuring the achievement of strategic and tactical goals of the enterprise.

In the activities of any enterprise, the three most important financial indicators are:

1) proceeds from sales;

2) profit;

3) cash flow.

The totality of the values ​​of these indicators and trends in their change characterizes the efficiency of the enterprise and its main problems.

Consider the difference between cash flow and profit.

Revenue - accounting income from the sale of products or services for a given period, reflecting both monetary and non-monetary forms of income.

Profit - the difference between recorded sales revenue and expenses accrued on sold products.

Cash flow - the difference between all the cash received and paid by the enterprise for a certain period.

Cash flow enterprise is a set of time-distributed receipts and payments of funds generated by its economic activity.

The difference between the amount of profit received and the amount of cash is as follows:

- profit reflects monetary and non-monetary income recorded during a certain period, which does not coincide with the actual receipt of cash;

- profit is recognized after the sale is made, and not after the receipt of cash;

- when calculating profit, production costs are recognized after its sale, and not at the time of their payment;

- cash flow reflects the movement of funds that are not taken into account in calculating profits: depreciation, capital expenditures, taxes, penalties, debt payments and net debt, borrowed and advanced funds.

Cash is the most liquid part of working capital. This is what is used to pay all obligations. Cash flow management is closely related to the strategy of increasing the company's market value, since the market value of a company or asset depends on how much the investor is willing to pay for them, which, in turn, depends on what cash flows and risks the asset or company will bring to the investor in future.

Thus, the market value of an asset or company is determined by:

- the cash flow generated by the asset or company in the future;

- distribution in time of this cash flow;

– risks associated with the generated cash flow.

Financial resources related to the sphere of distribution are an important element of reproduction and form the basis of the material and cash flow management system of an enterprise. The financial resources of the enterprise are in constant motion, the management of which is carried out within the framework of financial management. In turn, the cash flows of the enterprise represent the movement (inflows and outflows) of funds on the settlement, currency and other accounts and in the cash desk of the enterprise in the course of its economic activity, collectively making up its cash flow. In this regard, the pace of strategic development and the financial stability of an enterprise are largely determined by the extent to which cash inflows and outflows are synchronized with each other in time and in volume, since a high level of such synchronization contributes to the accelerated implementation of the selected goals.

Indeed, the rational formation of cash flows ensures the rhythm of the operating cycle of the enterprise and the growth of production and sales. At the same time, any violation of payment discipline adversely affects the formation of inventories of raw materials and materials, the level of labor productivity, the sale of finished products, the position of the enterprise in the market, etc. Even for enterprises that successfully operate in the market and generate a sufficient amount of profit, insolvency can occur as a result of the imbalance of various types of cash flows over time.

An important factor in accelerating the turnover of the company's capital is the management of cash flows. This is due to a reduction in the duration of the operating cycle, more economical use of own funds and a decrease in the need for borrowed sources of funds. Consequently, the efficiency of the enterprise depends entirely on the organization of the cash flow management system. This system is created to ensure the implementation of short-term and strategic plans of the enterprise, maintaining solvency and financial stability, more rational use of its assets and sources of financing, as well as minimizing the cost of financing business activities.

2.2. Types and structure of cash flow (cash flow)

The concept of "enterprise cash flow" includes numerous types of these flows, and classification is necessary to ensure their effective management.

By the scale of servicing the business process

- cash flow for the enterprise as a whole - the most aggregated type of cash flow, which accumulates all types of cash flows serving the business process of the enterprise as a whole;

- cash flow for certain types of economic activity of the enterprise - the result of differentiation of the total cash flow of the enterprise in the context of certain types of its economic activity;

- cash flow for individual structural divisions (responsibility centers) - defines the enterprise as an independent object of management in the system of organizational and economic construction of the enterprise;

- cash flow for individual business transactions - is considered as the primary object of independent management.

By type of economic activity in accordance with international accounting standards, the following types of cash flows are distinguished:

- cash flow from operating activities - is characterized by cash payments to suppliers of raw materials and materials; third-party performers of certain types of services that provide operational activities; wages to the personnel involved in the operational process, as well as managing this process; tax payments of the enterprise to the budgets of all levels and extra-budgetary funds; other payments related to the implementation of the operational process. At the same time, this type of cash flow reflects the receipt of funds from buyers of products; from tax authorities in the procedure for recalculating overpaid amounts and some other payments provided for by international accounting standards;

- cash flow from investment activities - characterizes payments and cash receipts associated with the implementation of real and financial investment, the sale of retired fixed assets and intangible assets, the rotation of long-term financial instruments of the investment portfolio and other similar cash flows serving the investment activities of the enterprise;

- cash flow from financial activities - characterizes the receipts and payments of funds associated with attracting additional equity and share capital, obtaining long-term and short-term loans and borrowings, paying dividends and interest on deposits of owners in cash and some other cash flows associated with the implementation external financing of economic activity of the enterprise.

The characteristics of the main cash flows for certain types of economic activity of the enterprise within its total cash flow are presented in Table. 2.1.

Direction of cash flow There are two main types of cash flows:

1) positive - characterizing the totality of cash inflows to the enterprise from all types of business transactions (the term "cash inflow" is used as an analogue of this term);

2) negative - determines the totality of cash payments by the enterprise in the process of carrying out all types of its business operations (the term "cash outflow" is used as an analogue of this term).

The insufficiency of volumes in time of one of these flows causes a subsequent reduction in the volumes of another type of these flows. In the enterprise cash flow management system, both of these types of cash flows represent a single (complex) object of financial management.

Table 2.1Cash flow components

By the method of calculating the volume

- gross - characterizes the totality of receipts or expenditures of funds in the period under consideration in the context of its individual intervals;

- net - determines the difference between positive and negative cash flows (between the receipt and expenditure of funds) in the considered period of time in the context of its individual intervals. Net cash flow is the most important result of the financial activity of the enterprise, which largely determines the financial balance and the rate of increase in its market value. The calculation of the net cash flow for the enterprise as a whole, its individual structural divisions (responsibility centers), various types of economic activities or individual business transactions is carried out according to the following formula:

NDP \u003d MDP - ODP,

where NPV is the amount of net cash flow in the period under review; RAP - the amount of positive cash flow (cash receipts) in the period under review; NFP - the amount of negative cash flow (expenditure of funds) in the period under review.

Depending on the ratio of the volumes of positive and negative flows, the amount of net cash flow can be characterized by both positive and negative values ​​that determine the final result of the corresponding economic activity of the enterprise and ultimately affect the formation of the balance of its monetary assets.

By volume sufficiency level distinguish the following types of cash flows of the enterprise:

- excess - characterizes such a cash flow in which cash receipts significantly exceed the real need of the enterprise for purposeful spending. Evidence of excess cash flow is a high positive value of net cash flow that is not used in the process of carrying out the economic activity of the enterprise;

- scarce - defines such a cash flow in which cash receipts are significantly lower than the actual needs of the enterprise in their purposeful spending. Even with a positive value of the amount of net cash flow, it can be characterized as a deficit if this amount does not meet the planned need for spending money in all the envisaged areas of the enterprise's business activities. The negative value of the amount of net cash flow automatically makes this flow scarce.

According to the method of evaluation in time distinguish the following types of cash flows:

- real - characterizes the cash flow of the enterprise as a single comparable value, reduced by value to the current point in time;

- future - defines the cash flow of the enterprise as a single comparable value, reduced in value to a specific future point in time. The concept of "future cash flow" can also be used as its nominal value in the upcoming moment of time (or in the context of the upcoming intervals of the future period), which is used for discounting in order to bring it to the present value.

By the continuity of formation in the period under review distinguish the following types of cash flows of the enterprise:

- regular - characterizes the flow of receipt or expenditure of funds for individual business transactions (cash flows of the same type), which in the period under consideration is carried out constantly at separate intervals of this period. Most of the cash flows generated by the operating activities of the enterprise have this type: flows associated with servicing a financial loan in all its forms; cash flows that ensure the implementation of long-term real investment projects, etc.;

- discrete - determines the receipt or expenditure of funds associated with the implementation of individual business operations of the enterprise in the period under consideration. The character of a discrete cash flow is a one-time expenditure of funds associated with the acquisition by an enterprise of an integral property complex, the purchase of a franchise license, the receipt of funds in the form of gratuitous assistance, etc.

With a certain minimum time interval, all cash flows of an enterprise can be considered as discrete, and vice versa - within the life cycle of an enterprise, the predominant part of its cash flows is regular.

By stability of time intervals the formation of regular cash flows are characterized by the following types:

- a regular cash flow with uniform time intervals within the period under review - is in the nature of an annuity;

- regular cash flow with uneven time intervals within the period under review - a schedule of leasing payments for the leased property with uneven time intervals agreed by the parties for their implementation throughout the asset leasing period.

Liquidity or change in the company's net credit position during a certain period distinguish the following types of cash flows:

- liquid - is one of the indicators by which the change is assessed financial position enterprises over time and characterize the change in the net credit position of the enterprise during the period. However, the net credit position - it is a positive difference between the amount of loans received by the enterprise and the amount of cash;

- illiquid - characterized by a negative change in the net credit position of the enterprise during the period. At the same time, the net credit position is understood as the negative difference between the amount of loans received by the enterprise and the amount of cash.

When deciding on the possibility of issuing short-term loans, the bank is interested in the liquidity of the company's assets and its ability to generate funds necessary for payments on loans.

Liquid cash flow is closely related to the indicator of financial leverage, which characterizes the limit to which the company's activities can be improved by bank loans. Liquid cash flow is calculated using the formula

LDP \u003d - [(DKk + KKk - DSK) - (DKn + KKn - DSN)],

where LDP - liquid cash flow; DKk, DKn - long-term loans at the end and beginning of the period, respectively; KKk, KKn - short-term loans, respectively, at the end and beginning of the period; DSK, DSN - cash, respectively, at the end and beginning of the period.

According to the features of the alternation of inflows and outflows in time cash flows can be:

– relevant – in them, the flow with a “minus” sign changes to a flow with a “plus” sign once. Relevant cash flows are typical for standard, typical and most simple investment projects in which, after the stage of initial investment of capital, i.e. cash outflows, followed by long-term receipts, i.e. cash inflow;

- irrelevant - they are characterized by a situation where the outflow and inflow of capital alternate.

By the nature of balance

– to softly balanced - is based on the balance of the deficit flow in the long term, when, outside of one financial year, the deficit of the flow on investment activities is overcome and the flows on operating and financial activities are subordinated to this. This type of balance is associated with the investment orientation of the development of the company;

- tightly balanced - is based on the balance of the deficit flow in the short term according to the system of "accelerating the attraction of funds - slowing down the payment of funds", when within one financial year the deficit of the flow in operating activities as the main activity is overcome and short-term financial and investment activities are subordinated to this. This type of balance is associated with maintaining current financial stability, solvency and liquidity, and is focused on short-term investments of a speculative nature.

By degree of risk cash flows are:

– high-risk - represent a stream of innovative projects, especially in initial stage their life cycle, which is associated with risky investments in innovation. At the same time, the highest riskiness of cash flows is observed in financial and investment activities before the payback point or return on investment of the project is passed, and the lower riskiness is observed in operating activities;

– low risk - exist in the traditional activities of the firm, especially during the peak of the life cycle, which is associated with the stable generation of high incomes during the "cream skimming" period. At the same time, the low riskiness of cash flows is observed in operating activities.

Predictability distinguish the following types of cash flows:

- predictable - when the company's activities are carried out in a relatively stable financial, economic and political environment, many external negative factors are neutralized, and internal factors are predicted according to the history of sustainable development within the framework of representative statistical samples, i.e. systematic risks are neutralized by government policy, and technical internal risks are predicted with a high degree of probability;

- unpredictable - when the company's activities are carried out in an unstable financial, economic and political environment, many external negative factors manifest themselves as uncertainties, and internal factors are predicted due to unrepresentative statistical samples by expert methods, i.e. systematic risks have a high level of uncertainty and are almost unpredictable due to the crisis in government stabilization policy, while technical internal risks are predicted with a low degree of probability.

By manageability cash flows can be:

– managed - represent the dominance of those cash inflows and outflows that the firm can manage by more active operating and passive financial and investment activities in such a way as to develop on the basis of self-sufficiency and self-financing, i.e. financially independent and independent development of the company at the expense of its internal reserves;

- unmanageable - represent the dominance of those cash inflows and outflows that the company cannot manage, carrying out active financial and investment activities mainly in such a way as to develop on the basis of large-scale external borrowings with scanty own funds and internal reserves, i.e. financially dependent development of the company at the expense of other people's funds - with large debts and low net worth.

Controllability cash flows are divided into:

- to controlled - a flow, the inflows and outflows of which can be predicted and controlled, the balance of which is formed at the slightest deviation from the planned level, i.e. "plan - fact - deviation" is minimal in terms of intermediate and final financial results;

- uncontrolled - flow, the inflows and outflows of which cannot be predicted and controlled, the flow balance is formed with a significant deviation from the planned level, i.e. "plan - fact - deviation" as much as possible for both intermediate and final financial results.

Synchronization possible cash flows are:

– synchronized - a flow whose inflows are consistent with the time of outflows over the time period, taking into account seasonal and cyclical differences in receipts and expenditures of funds in such a way that an increase in the level of correlation between positive and negative cash flows is ensured in the pursuit of a value of "+1";

- non-synchronized - a flow whose inflows are not consistent with the timing of outflows over time due to significant seasonal and cyclical differences in cash inflows and outflows in such a way that there is a significant decrease in the level of correlation between positive and negative cash flows, the correlation is negligible, which can mean her absence.

Opportunity to optimize distinguish between cash flows:

– optimized - a flow, the inflows and outflows of which can be aligned and synchronized in time, smoothing the volumes of inflow and outflow in the context of individual intervals of the time period with the elimination of the significant influence of seasonal and cyclical changes in the formation of flows, when the average cash balances correspond to the average financial needs of the company;

- non-optimizable - a flow, the inflows and outflows of which cannot be equalized and synchronized in time, the volumes of inflow and outflow are not smoothed out in the context of individual intervals of the time period due to the significant influence of seasonal and cyclical changes in the formation of flows, when the average cash balances do not largely correspond to the average the financial needs of the firm.

By efficiency in relation to profitability indicators cash flows are divided:

- to efficient - a flow whose soft balance simultaneously contributes to the growth of profitability, especially the return on equity in such a way that the company's sustainable growth is ensured, and financial stability and profitability indicators improve at the same time;

– inefficient but balanced - a flow whose rigid balance occurs due to a decrease or loss of profitability, especially the return on equity in such a way that chronic unprofitability is ensured after covering current liabilities, and the indicator of strengthening current financial stability, solvency, liquidity improves at the cost of loss of profitability.

The considered classification allows more purposefully accounting, analysis and planning of cash flows various kinds at the enterprise.

2.3. Tasks and stages of cash flow analysis

The main task of the analysis of cash flows is to identify the causes of the lack (excess) of funds, determining the sources of their receipts and directions of use.

Based on the results of the cash flow analysis, conclusions can be drawn on the following issues:

1) in what volume and from what sources the funds were received and what are the main directions of their spending;

2) whether the enterprise, in the course of its current activities, is able to ensure the excess of cash receipts over payments and how stable such an excess is;

3) whether the enterprise is able to pay off its current obligations;

4) whether the profit received by the enterprise is sufficient to satisfy its current need for money;

5) whether the company's own funds are sufficient for investment activities;

6) what explains the difference between the amount of profit received and the amount of cash.

The analysis of the types of cash flows of an enterprise involves their identification by individual types and the determination of the total volume of cash flows of specific types in the period under consideration.

The analysis of the volume of cash flows includes a system of key indicators characterizing the volume of generated cash flows of the enterprise:

- the volume of cash receipts;

- the amount of money spent;

- the volume of cash balances at the beginning and end of the period under review;

– volume of net cash flow;

- the distribution of the total volume of cash flows of specific types for individual intervals of the period under review. The number and duration of such intervals is determined by the specific tasks of analyzing or planning cash flows;

– assessment of factors of internal and external character, affecting the formation of cash flows of the enterprise.

The most important indicator is the amount of cash flow from the main activity. It is necessary that the amount of funds received be sufficient at least to cover all costs associated with the production and sale of products.

The main purpose of the analysis of cash flows of the enterprise in the previous period is to identify the level of adequacy of the formation of funds, the efficiency of their use, as well as the balance of positive and negative cash flows of the enterprise in terms of volume and time. The analysis of cash flows is carried out for the enterprise as a whole, in the context of its main types of economic activity, for individual structural divisions (responsibility centers).

There are direct and indirect methods for calculating the net flow.

2.4. Analysis of the cash flow statement

Analysis of the cash flow statement (ODDS) allows you to significantly deepen and adjust the conclusions regarding the liquidity and solvency of the organization, its future financial potential, previously obtained on the basis of static indicators in the course of traditional financial analysis.

The main purpose of the ODDS is to provide information on changes in cash and cash equivalents to characterize an entity's ability to generate cash.

The organization's cash flows are classified in terms of current, investment and financial activities. ODDS shows the movement of cash, taking into account changes in the structure of cash inflows and outflows, taking into account the balance of balances at the beginning and end of the period, which allows you to determine the organization's ability to maintain and generate net cash flow, i.e. the excess of the volume of cash inflows over the volume of cash outflows, taking into account the balance of balances. The balance of balances allows you to manage the liquidity, solvency and financial stability of the organization. Direct calculation method, based on the analysis of cash flow in the accounts of the enterprise:

- allows you to show the main sources of inflow and direction of outflow of funds;

- makes it possible to draw prompt conclusions regarding the sufficiency of funds for payments on current obligations;

- establishes the relationship between sales and cash receipts for the reporting period.

The direct method is aimed at obtaining data characterizing both the gross and net cash flow of the enterprise in the reporting period. It is designed to reflect the entire volume of receipts and expenditures of funds in the context of individual types of economic activity and for the enterprise as a whole. Differences in the results of calculating cash flows obtained by the direct and indirect methods relate only to the operating activities of the enterprise. When using the direct method of calculating cash flows, direct accounting data is used that characterizes all types of receipts and expenditures of funds.

The principal formula for calculating the amount of net cash flow from the operating activities of the enterprise (NFC) by the direct method is as follows:

CHDP = RP + PPO - Ztm - Zpo.p - ZPau - NBb - NPv.f - PVO,

where RP is the amount of money received from the sale of products; PPO - the amount of other cash inflows in the course of operating activities; Ztm - the amount of money paid for the purchase of inventory items - raw materials, materials and semi-finished products from suppliers; Zpo.p - the amount of wages paid to operational personnel; ZPau - the amount of wages paid to administrative and managerial personnel; NPb - the amount of tax payments transferred to the budget; NPv.f - the amount of tax payments transferred to off-budget funds; PVO - the amount of other cash payments in the course of operating activities.

Calculations of the net cash flow of an enterprise for investment and financial activities, as well as for the enterprise as a whole, are carried out according to the same algorithms as with the indirect method.

The results of the calculations are reflected in table. 2.2.

In accordance with the principles of international accounting, the company chooses the method of calculating cash flows on its own, however, the direct method looks preferable, allowing you to get a more complete picture of their volume and composition.

Net cash flows from investing and financing activities are calculated using the direct method only.

Indirect calculation method net cash flow, based on the analysis of balance sheet items and the income statement, allows you to show the relationship between different types of activities of the enterprise; establishes the relationship between net profit and changes in the assets of the enterprise for the reporting period.

The calculation of the net cash flow of the enterprise by the indirect method is carried out by type of economic activity and the enterprise as a whole.

For operating activities, the basic element for calculating the net cash flow of an enterprise by the indirect method is its net profit received in the reporting period. By making the appropriate adjustments, net income is then converted into net cash flow. The principal formula used to calculate the amount of the enterprise's net cash flow from operating activities in the period under review is as follows:

FDP = CHP + AOS + ANA ± DZ ± Ztmts ± KZ ± R,

where PE - the amount of net profit of the enterprise; AOS - the amount of depreciation of fixed assets; ANA - the amount of depreciation of intangible assets; DZ - increase (decrease) in the amount of receivables; Ztmts - increase (decrease) in the amount of inventories of inventory items that are part of current assets; KZ - increase (decrease) in the amount of accounts payable; P - increase (decrease) in the amount of the reserve and other insurance funds.

The results of the calculations are reflected in the following tabular form (Table 2.3).

Table 2.2 Cash flow statement of an enterprise developed by the direct method

Table 2.3 Statement of cash flows of an enterprise developed by the indirect method

In turn, the use of the indirect method of calculating the NPV - the net cash flow of current (or operating) activities, allows us to show by which non-cash items the amount of net profit (loss) declared by the organization in the income statement differs from the NPV.

2.5. Cash flow optimization methods

The basis for optimizing the cash flows of an enterprise is to ensure a balance between the volumes of their positive and negative types. The results of economic activity of the enterprise are negatively affected by both scarce and excess cash flows.

Negative Consequences scarce cash flow are manifested in a decrease in the liquidity and solvency of the enterprise, an increase in overdue accounts payable to suppliers of raw materials and materials, an increase in the share of overdue debts on financial loans received, delays in payment of wages (with a corresponding decrease in the level of staff productivity), an increase in the duration of the financial cycle, and ultimately – decrease in profitability of the use of own capital and assets of the enterprise.

Negative Consequences excess cash flow are manifested in the loss of the real value of temporarily unused funds as a result of inflation, the loss of potential income from the unused part of monetary assets in the field of their short-term investment, which ultimately also negatively affects the level of return on assets and equity of the enterprise.

The slowdown in cash payments in the short term can be achieved by:

– by using the float to slow down the collection of own payment documents;

- increase, in agreement with suppliers, the terms for granting a commodity (commercial) loan to the enterprise;

– replacement of the acquisition of long-term assets requiring renewal with their lease (leasing);

– restructuring the portfolio of received financial loans by converting their short-term types into long-term ones.

The system of accelerating (slowing down) the payment turnover, solving the problem of balancing the volume of scarce cash flow in the short term (and, accordingly, increasing the level of the absolute solvency of the enterprise), creates certain problems of scarcity of this flow in subsequent periods. In this regard, in parallel with the use of the mechanism of this system, measures should be developed to ensure the balance of the deficit cash flow in the long run.

Volume growth positive cash flow in the long run can be achieved:

– by attracting strategic investors in order to increase the amount of own capital;

– additional issue of shares;

– attracting long-term financial loans;

– sale of a part (or the entire volume) of financial investment instruments;

– sale (or lease) of unused types of fixed assets.

Volume reduction negative cash flow in the long term can be achieved through the following activities:

- reducing the volume and composition of real investment programs;

– refusal of financial investment;

– reducing the amount of fixed costs of the enterprise.

Methods for optimizing the excess cash flow of an enterprise are associated with ensuring the growth of its investment activity. In the system of these methods can be used:

– increase in the volume of expanded reproduction of operating non-current assets;

– acceleration of the period of development of real investment projects and the beginning of their implementation;

– implementation of regional diversification of the enterprise's operating activities;

– active formation of a portfolio of financial investments;

– early repayment of long-term financial loans.

In the system of enterprise cash flow optimization important place belongs to their balance in time. This is due to the fact that the imbalance of positive and negative cash flows over time creates a number of financial problems for the enterprise. Experience shows that the result of such an imbalance, even with high level formation of net cash flow is the low liquidity of this flow (respectively, the low level of absolute solvency of the enterprise) in certain periods of time. When enough high duration Such periods for the enterprise there is a serious threat of bankruptcy.

In the process of optimizing the cash flows of an enterprise in time, they are preliminarily classified according to the following criteria.

According to the level of "neutralization"(a term meaning the ability of a certain type of cash flow to change over time) cash flows are divided into amenable and not amenable to change. An example of a cash flow of the first type is leasing payments, the period of which can be set by agreement of the parties, an example of a cash flow of the second type is tax payments, the payment deadline of which cannot be violated by the enterprise.

The level of predictability cash flows are divided into completely and insufficiently predictable (absolutely unpredictable cash flows are not considered in the system of their optimization).

The object of optimization is predictable cash flows that can be changed over time. In the process of optimizing cash flows over time, two main methods are used - leveling and synchronization.

Equalization of cash flows is aimed at smoothing their volumes in the context of individual intervals of the period under consideration. This optimization method allows, to a certain extent, to eliminate seasonal and cyclical differences in the formation of cash flows (both positive and negative), while simultaneously optimizing the average cash balances and increasing the level of liquidity. The results of this method of optimizing cash flows over time are evaluated using the standard deviation or coefficient of variation, which should decrease during the optimization process.

Synchronization of cash flows is based on the covariance of their positive and negative types. In the process of synchronization, an increase in the level of correlation between these two types of cash flows should be ensured. The results of this method of optimizing cash flows over time are evaluated using the correlation coefficient, which should tend to the value "+1" during the optimization process.

The correlation coefficient of positive and negative cash flows over time KKdp is calculated using the following formula:

where R p.o - predicted probabilities of deviation of cash flows from their average value in the planning period; RAP i- options for the amount of positive cash flow in certain intervals of the planning period; RAP - the average amount of positive cash flow in one interval of the planning period; ODP i- options for the amount of negative cash flow in certain intervals of the planning period; ODP - the average amount of negative cash flow in one interval of the planning period; ?RCP, ?RCP – mean square (standard) deviation of the amounts of positive and negative cash flows, respectively.

The final stage of optimization is to provide conditions for maximizing the net cash flow of the enterprise. The growth of net cash flow ensures an increase in the pace of economic development of the enterprise on the principles of self-financing, reduces the dependence of this development on external sources of formation of financial resources, and ensures an increase in the market value of the enterprise.

2.6. Payment calendar development

The plan for the receipt and expenditure of funds, developed for the coming year, broken down by months, provides only a general basis for managing the cash flows of an enterprise. At the same time, the high dynamism of these flows, their dependence on many short-term factors determine the need to develop a planned financial document that ensures the daily management of the receipt and expenditure of the enterprise's funds. This planning document is payment schedule.

The payment calendar, developed at the enterprise in various versions, is the most effective and reliable tool for the operational management of its cash flows. It allows you to solve the following main tasks:

- reduce the forecast options for the plan for the receipt and expenditure of funds ("optimistic", "realistic", "pessimistic") to one real task on the formation of cash flows of the enterprise within one month;

- to the maximum extent possible to synchronize positive and negative cash flows, thereby increasing the efficiency of the company's cash flow;

- to ensure the priority of payments of the enterprise according to the criterion of their impact on the final results of its financial activities;

- to ensure the necessary absolute liquidity of the enterprise's cash flow to the maximum extent, i.е. its solvency in the short term;

- include cash flow management in the system of operational controlling (respectively, current monitoring) of the financial activities of the enterprise.

The main purpose of developing a payment calendar (in all its variants) is to establish specific deadlines for the receipt of funds and payments from the enterprise and bring them to specific executors in the form of planned targets. With this goal in mind, a payment calendar is sometimes defined as a "payment plan by exact date."

The most common form of the payment calendar used in the process of operational planning of the enterprise's cash flows is the allocation of two sections in it:

1) the schedule of upcoming payments;

2) the schedule of forthcoming receipts of funds.

However, if the planned type of cash flow is one-sided (only positive or only negative), the payment calendar is developed in the form of one corresponding section.

The time schedule of payments is maintained in the payment calendar, usually daily, although certain types of this planning document may have other periodicity - weekly or ten-day (if such frequency does not significantly affect the course of the enterprise's cash flow or is caused by the uncertainty of payment terms).

The payment calendar within the enterprise is maintained for certain types of business activities, as well as for various types of responsibility centers (structural units and divisions).

Consider the main types of payment calendar in the system of operational cash flow management for the operating activities of the enterprise.

Tax payment calendar is developed for the enterprise as a whole and usually contains only one section - “tax payment schedule” (refundable payments for tax recalculations of funds are usually included in the receivables collection calendar). This payment calendar reflects the amounts of all types of taxes, fees and other tax payments transferred by the enterprise to the budgets of all levels and extra-budgetary funds. calendar date payment is chosen, as a rule, the last day of the established deadline for the transfer of tax payments of each type.

Receivables collection calendar is usually developed for the enterprise as a whole (although if there is a specialized unit - a credit department - it can cover a group of payments only from this responsibility center). For current accounts receivable, payments are included in the calendar in the amounts and terms stipulated by the relevant agreements (contracts) with counterparties. For overdue receivables, these payments are included in this planning document on the basis of prior agreement between the parties. The receivables collection calendar contains only one section - “cash receipt schedule”. In order to reflect the real cash turnover of the enterprise, the date of receipt of funds is the day they are credited to the company's current account (this allows us to exclude the float period in settlements with debtors).

In accordance with the current international practice of reporting and forecasting cash flows, the servicing of financial loans is reflected in the operating (and not financial) activities of the enterprise. This is due to the fact that interest on loans, leasing payments and other expenses of an enterprise for servicing a financial loan are included in the cost of production and, accordingly, affect the amount of generated operating profit. Financial loan servicing calendar is developed as a whole for the enterprise and contains only one section - "schedule of payments related to servicing a financial loan." Amounts and dates of payments are included in the payment calendar in accordance with the terms of credit (leasing) agreements.

Payroll calendar is usually developed at enterprises that use a multi-stage schedule of wage payments to employees of various structural units (branches, workshops, etc.). The dates of such payments are set on the basis of a collective labor agreement or individual labor contracts, and the amount of payments is based on staffing and an appropriate cost estimate developed. The specified payment calendar usually contains one section - “schedule of payment of wages”.

Calendar (budget) for the formation of inventories is usually developed for the corresponding cost centers ( structural divisions that carry out the material and technical support of production). The composition of payments reflected in this calendar usually includes the cost of purchased raw materials, materials, semi-finished products, components, as well as transportation and insurance costs during transportation. If the formed production stocks require special storage modes (cooling, gas environment, etc.), then this type of payment calendar can also reflect the costs of their storage. The specified calendar contains only one section - "schedule of payments associated with the formation of inventories." The amounts and dates of these payments are set in accordance with contracts with contractors or plans for the purchase of inventory items. Usually, these payments also include the repayment of the company's accounts payable for settlements with suppliers.

As part of calendar (budget) of management expenses payments for the purchase of office supplies, computer programs and office equipment that are not included in non-current assets are reflected; travel expenses; postal and telegraph expenses and other expenses associated with the management of the enterprise (except for the expenses for the remuneration of administrative and managerial personnel, reflected in the salary payment calendar). This type of payment calendar contains only one section - "payment schedule for general economic management." The amount of payments of this calendar is determined by the corresponding estimate, and the dates of their implementation - in agreement with the relevant management services.

Calendar (budget) of product sales usually developed for revenue centers or profit centers of the enterprise. The specified payment calendar contains two sections - "schedule of receipt of payments for products sold" and "schedule of expenses that ensure the sale of products." The first section reflects cash receipts in cash payments for products (if this responsibility center controls the collection of receivables for settlements with customers, then this type of cash receipts is also reflected in the first section). The second section forms the costs of marketing, maintenance of the sales network, advertising, etc.

Consider the main types of payment calendar in the system of operational management of cash flows for the investment activities of the enterprise.

Calendar (budget) for the formation of a portfolio of long-term financial investments consists of two sections - "schedule of costs for the acquisition of various long-term financial instruments of investment" (stocks, long-term bonds, etc.) and "schedule of receipt of dividends and interest on long-term financial instruments of the investment portfolio". The indicators of the first section within the framework of the general cost estimate are set in agreement with the relevant investment managers, and the indicators of the second section - in accordance with the terms of issue of individual financial instruments of the portfolio.

Calendar (capital budget) for the implementation of the real investment program is compiled for the enterprise as a whole, if large-scale investments are not made on separately developed investment projects. This type of operational financial plan contains indicators of two sections - “capital costs schedule” (costs for the acquisition of fixed assets and intangible assets) and “schedule for the receipt of investment resources” (in the context of their individual sources).

Calendar (capital budget) for the implementation of individual investment projects is compiled, as a rule, for the corresponding responsibility centers of the enterprise (investment centers). Its structure is similar to the previous type of calendar with cash flow limited to only one investment project.

In the system of operational management of cash flows for the financial activities of the enterprise, the following types of payment calendar can be developed.

Calendar (budget) of share issue has two varieties - if it is developed before the sale of shares on the primary stock market, then it includes only one section: "Schedule of payments to ensure the preparation of the issue of shares"; if it is developed for the period of the ongoing sale of shares, then it consists of two sections: “Schedule of receipt of funds from the issue of shares” and “Schedule of payments to ensure the sale of shares” (commission to investment brokers, information costs, etc.) .

Calendar (budget) of bond issue developed periodically. The principles of its formation are the same as the previous version of the operational financial plan.

Principal amortization calendar for financial loans contains only one section - "Principal Amortization Schedule". The indicators of this operational financial plan are differentiated in the context of each loan to be repaid. The amount of payments and the timing of their implementation are set in the payment calendar in accordance with the terms of loan agreements concluded with commercial banks and other financial institutions.

The listed types of payment calendar as a form of an operational planning document can be supplemented taking into account the volume and specifics of the economic activity of the enterprise. The enterprise establishes a specific list of types of the payment calendar on its own, taking into account the requirements for the effectiveness of cash flow management.

Enterprise cash flow management

Enterprise cash flow management process

Cash flow management is one of the main activities of the company. Cash flow management includes calculation of the time of circulation of funds (financial cycle), analysis of cash flow, its forecasting, determination of the optimal level of funds, budgeting of funds, etc.

Cash flow management of any commercial organization is an important part of the overall management system of its financial activities.

Cash flow management allows you to solve various problems of financial management and is subordinate to its main goal.

The main goal of cash flow management is to ensure the financial balance of the enterprise in the process of its development by balancing the volume of receipts and expenditures of funds and their synchronization in time.

Cash flow management involves the analysis of these flows, cash flow accounting, development of a cash flow plan. In world practice, cash flows are referred to as "cash flow".

Cash flow management process The enterprise is based on certain principles, the main of which are:

1. The principle of informative reliability. Like every control system, cash flow management should be provided with the necessary information base. The source of information for the analysis of cash flows, first of all, is the cash flow statement (formerly form 4 of the balance sheet), the balance sheet itself, the income statement and appendices to the balance sheet.

2. The principle of ensuring balance. Enterprise cash flow management deals with many types and varieties of enterprise cash flows. Their subordination to the common goals and objectives of management requires balancing the cash flows of the enterprise by types, volumes, time intervals and other essential characteristics. The implementation of this principle is connected with the optimization of the company's cash flows in the process of managing them.

3. The principle of ensuring efficiency. Cash flows are characterized by a significant unevenness in the receipt and expenditure of funds in the context of individual time intervals, which leads to the formation of volumes of temporarily free cash. In essence, these temporarily free cash balances are in the nature of non-productive assets (until they are used in the economic process), which lose their value over time, from inflation and for other reasons. The implementation of the principle of efficiency in the process of managing cash flows is to ensure their effective use by making financial investments of the enterprise.

4. The principle of providing liquidity. The high unevenness of certain types of cash flows generates a temporary shortage of funds, which adversely affects the level of its solvency. Therefore, in the process of managing cash flows, it is necessary to ensure a sufficient level of their liquidity throughout the entire period under review. The implementation of this principle is ensured by appropriate synchronization of positive and negative cash flows in the context of each time interval of the period under consideration.

Taking into account the considered principles, a specific process of managing the enterprise's cash flows is organized.

Cash flow management system

If the object of management is the cash flows of the enterprise associated with the implementation of various economic and financial transactions, then the subject of management is the financial service, the composition and number of which depends on the size, structure of the enterprise, the number of operations, activities and other factors:

1. in small businesses Chief Accountant often combines the functions of the head of finance and planning departments;

2. in the middle - accounts department, department of financial planning and operational management stand out;

3. in large companies the structure of the financial service is expanding significantly - under the general supervision of the financial director there are accounting departments, departments of financial planning and operational management, as well as an analytical department, a department of securities and currencies.

As for elements of the cash flow management system, then they should include financial methods and tools, regulatory, information and software:

· among the financial methods that have a direct impact on the organization, the dynamics and structure of cash flows of the enterprise, we can distinguish a system of settlements with debtors and creditors; relationships with founders (shareholders), contractors, government agencies; lending; financing; fund formation; investment; insurance; taxation; factoring, etc.;

financial instruments combine money, loans, taxes, forms of payment, investments, prices, bills and other stock market instruments, depreciation rates, dividends, deposits and other instruments, the composition of which is determined by the peculiarities of the organization of finance at the enterprise;

· Regulatory support of the enterprise consists of a system of state laws and regulations, established norms and regulations, the charter of an economic entity, internal orders and orders, and a contractual framework.

AT modern conditions a necessary condition for the success of a business is the timely receipt of information and prompt response to it, therefore, an important element in managing the cash flows of an enterprise is intracompany reporting.

Thus, the cash flow management system at an enterprise is a set of methods, tools and specific techniques for a purposeful, continuous impact on the cash flow by the financial service of an enterprise in order to achieve the goal.

Enterprise cash flow planning

The economic activity of the enterprise is connected with the implementation of financial transactions. Cash flow management is one of the most important tasks of financial management. To ensure the solvency of the company and the fulfillment of all financial obligations, it is necessary to rationally distribute and manage cash flows in the organization.

Cash flow management of the enterprise is based on the principles:

• efficiency;
• liquidity;
• balance;
• reliability.

The principle of efficiency must be implemented in the management of the company's cash flows with the help of financial investment of temporarily free cash. If the company regularly generates a large amount of cash balances, then, in fact, these balances, as an asset, are inefficient, because do not generate income until they are used in operating activities.

The principle of liquidity is to manage cash gaps (temporary shortage of funds) when negative cash flow is synchronized with positive cash flow in a certain period of time.

The principle of balance implies balance by types, amounts, periods of time and other significant characteristics (see classification below). Ensuring financial balance and surplus by optimally balancing the volume of receipts and expenditures of funds is the main goal of managing the organization's cash flows.

The principle of reliability requires the presence of a certain information base for cash flow management, as well as the standardization of approaches to cash accounting.

The implementation of these principles is entrusted to the Treasury, whose tasks of managing cash flows at the enterprise include:

• increase in the turnover of funds;
• reduction in the number and volume of cash gaps;
• management of cash flows associated with various types of activities - operating activities, financial activities and investment activities;
• increasing the efficiency of using available financial resources, etc.

Figure 1. Balanced cash flow on the example of the software product "WA: Financier".

Classification of cash flows

The organization of the work of the treasury begins with the classification of cash flows, which must be adapted to the accounting system. Such a process can be carried out in a number of ways.

sign	Cash flow
Process service scale	Enterprises Structural unit Separate business transaction
Kind of activity	Total cash flow Current activity Investment Financial
Direction of travel	Incoming Outgoing
The form	Cashless Spot
Scope of circulation	External Interior
Duration	Short long term
Adequacy	Excess Optimal In short supply
Type of currency	In national currency in foreign currency
Predictability	Planned unplanned
Continuity	Regular Discrete
Stability	Regular at regular intervals Regular at irregular intervals
Grade	Current Future

Cash flow management of an enterprise is associated with the implementation of three stages:

• planning of cash flows of the enterprise (receipts and payments);
• accounting and control of the movement of funds in accordance with the articles of planning;
• analysis of the movement of funds and the deviation of actual indicators from planned ones (using various methods).

Cash flow planning

At the stage of preliminary planning, enterprises form a cash flow budget (BCDS), in accordance with which financial transactions are carried out. Depending on the type of activity of the company, the list of articles included in the BDDS may be different. Each enterprise has its own model, therefore, a mechanism is needed that would allow organizing the management of cash flows of a commercial organization in a qualitative manner.

The cash flow budget can be compiled separately for each financial responsibility center (FRC) and / or legal entity, which is part of a group of companies, and then consolidated into a common document. In addition, different planning scenarios, currencies, various indicators can be calculated, etc. Below is an example of a consolidated cash flow budget and a comparison of two planning scenarios: quarterly (by months) and annual (by quarters). The budget is compiled in terms of document currency, management accounting currency, which in this case are the same, and scenario currency. In addition, the deviation of one scenario from another was calculated in absolute terms and as a percentage.

Figure 2. Formation of a consolidated BDDS on the example of the software product "WA: Financier".

At the stage of operational planning of cash flows, another convenient tool is the payment calendar. The payment calendar is a collection of applications for spending money and planned cash receipts. The payment calendar is usually compiled with details down to the places where funds are stored - bank accounts and cash desks of the company. When drawing up a payment calendar, its feasibility is automatically checked - the sufficiency of funds in the places of their storage - and cash gaps are determined.

Accounting and control of the movement of funds in accordance with the planning items

Accounting and control is carried out at the stage of operational planning, when operational plan documents are formed and agreed within the budget, for example, applications for spending funds, planned receipts of funds, and then executed in accordance with budget limits.

Figure 3. Application for the expenditure of funds on the example of the software product "WA: Financier".

An important point is the possibility of prompt coordination of documents of the operational plan in order to record and control cash flows in real time.

Cash flow analysis

Cash flow analysis can be carried out by comparing the plan and the actual, different scenarios, calculating various deviations and indicators, for example, planned net cash flow and actual cash flow.

Automated cash flow management system

The effective work of the Treasury in modern conditions depends on the use of various methods of cash flow management and the introduction of high-tech information systems.

An automated cash flow management system should provide:

• implementation of support for procedures for coordinating documents (cash flow budgets, applications for spending money, etc.);
• creation of electronic documents for accounting of funds (for example, applications for expenses, payment orders);
• formation of reporting necessary to control the execution of payments, compliance with regulations payment system, cash flow budgets;
• the ability to configure advanced analytics, which is necessary for analysis in a particular company;
• formation of a payment calendar;
• differentiation of access rights to financial information for different users according to their role in the company.

Automation of management processes using the software solution "WA: Financier" meets all the above requirements. The solution helps to effectively manage cash flows at all three stages: planning, receipts and payments, accounting and control of the movement of funds, analysis of the movement of funds using various types of reports. The solution provides flexible analytics capabilities, as it has extensive software functionality and a cash flow management methodology based on the best practices used in large and small enterprises in Moscow and other regions of Russia.

The introduction of "WA: Financier" allows the organization to use a universal mechanism, which increases the efficiency of not only cash flow management, but also other areas of financial management, such as budgeting, management accounting and contract management.