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The efficiency of using financial resources is determined by their turnover. At the same time, it is possible to analyze both the total amount of financial resources of the commercial organization and their individual types.
The efficiency of using financial resources is determined by their turnover.
The efficiency of using financial resources is determined by their turnover. At the same time, it is possible to analyze both the total amount of the financial resources of the enterprise and their individual types.
The efficiency of using financial resources is largely determined by the effectiveness of the system of their distribution and control over the results of use. From this, regular and in full paylation of interest for credit, elimination of enterprises' debts.
The efficiency of using financial resources is considered as part of the management of current assets. In particular, the turnover of production reserves and funds in the calculations, the duration of operational and financial cycles and other indicators are calculated, the corresponding techniques and their characteristics are given in special literature. Here we only note that the acceleration of investment turnover into current assets is considered as a favorable trend.
The effectiveness of the use of financial resources largely depends the rhythm of the production of products, the national use of funds available to the enterprise produced by CRSDUKTSKI, timely and complete satisfaction of payments and obligations provided for in the financial plan of the enterprise. The financial condition depends on many parties to the activities of the enterprise, and above all, it is determined by the action of industrial factors.
To characterize the efficiency of the use of financial resources in world practice, indicators of profitability of investments are used: all means (assets), net assets, in functioning funds, own investments, in the shares of other enterprises.
As part of the management of current assets, the efficiency of using financial resources is considered. Here are calculated, turnover indicators (Table 15), as well as the duration of the operational and financial cycles.
Financial policy should pursue the goal of increasing the volume and efficiency of the use of financial resources.
Results in any business depends on the availability and efficiency of the use of financial resources that are equal to the circulatory system providing the life activity of the enterprise. Therefore, concern for finance is the starting point and the final result of any business entity. In a market economy, these issues are of paramount importance.
Results in any business depends on the availability and efficiency of the use of financial resources that are equal to the circulatory system providing the life activity of the enterprise. Therefore, concern for finance is the starting point and the final result of any business entity. In a market economy, these issues are of paramount importance. The nomination of the financial aspects of business entities, the increase in the role of finance is a characteristic feature and trend in the world.
The plan and report on cash flow specify and detail the current financial plan, clarify its indicators, allow you to use all available reserves of improving the efficiency of the company's financial resources, give a complete picture of the status of payments and calculations in the analyzed period. With the help of these documents, the preparation of the costs of the costs, production and circulation costs; production of products and its implementation by structural units and branches; The level of self-sufficiency and profitability.
One of the most important conditions for the successful management of the entrepreneurial firm is to analyze its financial condition, as the results in any field of entrepreneurial activity depend on the availability and efficiency of the use of financial resources.
If the main task of state control is to promote the successful implementation of the state's financial policy through ensuring compliance with financial legislation, financial discipline, preventing the misuse of budget and extrabudgetary funds, the main task of non-state control is improving the efficiency of the use of financial resources of economic entities, ensuring the reliability of financial statements.
The problem of improving financial resources management is relevant and attracts increasing attention of financial science representatives. A lot of problems occur very often in the formation of financial resources, as well as when the question is about their effective use.
Evaluation of the efficiency of the use of financial resources includes different components and a whole system of indicators characterizing changes are used for this process: 1. Capital structures of the organization for its placement and sources of education; 2. efficiency and intensity of its use; 3. solvency and creditworthiness of the organization; 4. The stock of its financial stability.
We highlight the main methods for assessing the efficiency of using financial resources:
The method of calculating profitability
Profitability shows the profit received from each ruble of funds invested in the enterprise or other financial transactions. Profitability indicators are more fully rather than profit reflect the results of the enterprise; They are used as instruments of investment, pricing policy. The total profitability of the enterprise can be calculated by the formula:
Profitability \u003d (profit / cost of production)
Method Analysis of financial coefficients (R analysis):
This method is based on the calculation of the ratio of various financial performance of the enterprise among themselves. In financial management, the following groups of analytical financial coefficients were most common: the autonomy coefficient: ka \u003d own capital / assets;
financial dependence ratio: KFZ \u003d obligations / assets;
the coefficient of assets turnover: to OBT. \u003d Sales / Average Total Assets
capital turnover assessment factors: to about. Cap \u003d Clean revenue from sales / average annual capital value
Method for estimating the cost of financial resources
The cost of financial resources of the company serves as a measure of economic activity and characterizes that part of the profit, which must be paid for the use of new capital to maintain the reproduction process and product sales. In this case, the method is calculated: - the cost of the functioning equity of the enterprise:
St.Kap \u003d Total assets - the total amount of obligations is the weighted average cost of capital:
Wacc \u003d RZK * DZK + RSK * DSC,
where RZK is the price of borrowed capital; Dzk is the share of borrowed capital in the capital structure; RSK - the price of equity; DSC - share of equity in the capital structure.
- Maximum capital efficiency.
Pack \u003d profitability of the profitability of further attracted capital / growth of the weighted average cost of further attracted capital
Evaluation of the efficiency of using financial resources is necessary for making management decisions, which are aimed at increasing profitability, identifying causes of losses, as well as ensuring a stable financial condition. The efficiency of management decisions, which are connected to the further use of their own, attracted and borrowed financial resources depends on the quality of this assessment.
Thus, it becomes clear that the results that are detected in the process of assessing the efficiency of the use of financial resources underlie the development of measures aimed at more efficient financial resources management, a more rational distribution of profits, which ultimately contributes to increasing the value of the entire commercial enterprise.
Enterprises of many vital for the country of national economic complexes are essentially today are on a constant surgery of commercial banks in direct and indirect forms of such surgery. It is quite possible to attribute the defense complex, the agro-industrial and a number of others.
The problem of temporary lag was acute. With any delay in the receipt of funds, regardless of the cause of the delay, the enterprises suffer hidden losses. The funds obtained with a significant temporary lag or the funds due to the enterprise can no longer be sent in full into the circuit. In a certain part, they are increasingly turning into a source of repayment of credit obligations.
When moving to market relations, credit and payment and settlement relationships begin to act in a slightly transformed form. From the system of monetary relations to ensure the circulation of funds of enterprises of enterprises of the economy, credit relations are increasingly performing on the surface of economic life phenomena as a bank and non-banking method for maintaining solvency. Payment and settlement relations to a certain extent fall into dependence on the loan, lose once a rigid connection with the turnover of real money (as it takes place in terms of turnover of Co., bills and commercial structures), do not fully fulfill their purpose, speaking a powerful deceleration factor valid circulation of working capital.
The organization of finance finances in the context of a constant lack of financial resources and regular difficulties in the transition period in the payment and settlement sphere reflects the deformed structure of the sources of the circuit of the funds. With the calculations on the sale of products (works, services) and obtaining other receivables with counterparties, many enterprises are forced to switch to emission methods of increasing (preservation) of their own capital. It is understood by no emission of his own shares beyond any real hopes for the payment of dividends to shareholders (this subsequently acts as the worst type of attraction of financial resources), the issue of own debt obligations in the form of bonds and bills, as well as acceptance to payment on account of receivables of billboards bills, issued by other enterprises.
The reflection of the actual state of working capital of our enterprises is the banking mechanism for providing a loan, which, on the one hand, has become a transitional period from once deeply differentiated into a rather unified. On the other hand, this mechanism, which is even recently conducive to the conclusion of a loan agreement or monitoring credit security through the risk insurance of non-return, today has acquired almost ubiquitous collateral. First of all, secured by real estate, the key to treasury commitments.
In addition, many enterprises are used as receiving a credit source of the funds of the funds of funds today. Less frequently in the circuit of the funds of enterprises and the structure of their sources of formation appear borrowed funds obtained on the security of corporate securities. Today it is the so-called "blue chips" - the shares of the largest oil and gas companies, RAO UES of Russia and others.
Almost there is almost no credit coverage of the needs of enterprises in their own working capital on the security of bills, although such lending takes place in certain areas of farming.
The credit form of the value of the value acquires in the transition period as a whole, not peculiar to it earlier (including cash-cash) manifestations. Agreement-repo are actively used, which leads to the visibility of the occurrence of its own source in the cost-proof of the enterprise funds (in fact it is a credit source). At the same time, at the stage of primary and secondary (repurchase) transactions, financial results are generally highlighted up to just opposite, which can cause strong depending on the volume of the oscillation transaction of its own and equivalent to them. This only confirms the conclusion that payment-settlement relations in many cases cease to reflect the actual economic content of funds produced through banks. Combined methods of calculations using non-cash and cash are obtained.
Under the influence of difficulties with working capital, almost all business entities today are achieved by prepayment of commodity supplies, work and provision of services, which, on the one hand, it has a positive effect on the turnover of their working capital, and on the other, it slows down the turnover of current funds of enterprises that have paid the delivery in the preliminary order. It turns out that a kind of "balance" of these simultaneously occurring processes in the economy in the transition period, more and more to the "minus" sign than to the "plus" sign. Otherwise, we would have a slightly different picture on consolidated financial and credit balances.
The everyday practice of economic management of many enterprises of different industries has increasingly confirms the expansion of the process of almost complete replacement of its own sources of formation of working capital of manufacturers of borrowed. For the sake of fairness it should be noted that these processes of impact of the loan and debt of enterprises that are credit in nature are exacerbated to the practice of financial and economic activities and the budget advancement taxing policy on a number of payments.
For a resource problem that occupies a central place in a wide range of problems of organizing finance of enterprises of the economy enterprises, it would be unlawful to see only the question of the question of attracting financial resources to ensure financial and economic activities. The turnover of financial resources, their mobilization as part of such a turnover is the question of expenditure directions, on investments that are associated with the general economic and specific financial and credit conditions of the current transition phase.
If at the very beginning of the economy movement to market relations, along with an increase in the number of commercial banks, the enterprise, the enterprises of the national economy conducted an active deposit policy, allowing many of them to increase their own capital, or, in any case, to some extent to compensate its loss, now the situation is now Other. In the structure of deposits of large, medium and small 6 Ancov, the overwhelming part of deposits is not on the former or now existing state-owned joint-stock enterprises and organizations, but for newly created commercial structures in recent years. Many enterprises of the material production sectors "left deposits". This situation is largely due to the relative fall in the profitability of customers to implement the deposit operations. Investments in deposits for individual agreements or the acquisition of deposit certificates has become not attractive for the farm.
All this leads to the idea of \u200b\u200bthe possibility and feasibility of holding a more active policy regarding enterprises, primarily manufacturers who have small and medium bonds of bonds of the state domestic currency loan of the Ministry of Finance of the Russian Federation, i.e. Help them organizationally in the consolidation of such packages into large, followed by effective currency or ruble lending due to powerful market operators of currency bonds and large commercial banks, for which this position of earning funds may be considerable interest.
Profitability, liquidity of the enterprise - the most important questions in the management of resources of the enterprise, but few people can manage the topics and other. Another major aspect is profitability. The result of the discussion of this topic by leading experts is disappointing. It is briefly formulated as: in today's conditions, it is impossible to accurately calculate the profit for the purposes of management, it is a greater or less self-degree of managers in this matter. The budget of income and expenses (BDR) comes to the aid, on the basis of which a report is drawn up for the Director. As a result, the utility of this document for the director increases sharply.
The advantages of this budget are obvious:
- a) First, there are a lot of profit calculation options, and it is necessary to choose exactly the one that is optimal for this type of business. But this can be done, only having a budget at hand.
- b) Secondly, with the help of a budget, you can calculate the break-even point and the deadline for the normal trajectory of development
- c) third. If we are talking about the old businesses of the company, then with the help of DBD, it is determined where to invest what kind of business species on the mass of profit will close the company's entire profit for the month, year.
- d) Finally, take a bank loan or investment. The financial guarantee of the return of this money is traced mainly from here from the budget, because let's say, interest on the loan can be attributed to the cost of the loan, and return the loan according to the rules follows from net profit. By the way, a delicate problem is solved here, due to the fact that the budget is needed to show profitability, and no one wants to show it (in other words, internal and external reporting in this case are directly opposite).
A financial result is calculated here, which depends on the formation of source data and accounting policies.
The first indicator of business profitability for the director - gross (marginal) profits (net sales minus direct costs) - on Western standards should not be less than 33%. In Russia, due to instability of business, huge reserves are needed, so the standard grows up to 50%. Margin profit shows what is in fact, everything else can be hidden, and this is not harnessed, this is the main landmark for the director
As for overhead costs, the budget function here is to establish hard limits in absolute values. The main difficulty is associated with strategic design of DAM - to consider profit on businesses. This is a problem of separating society costs on financial accounting centers (CFCs), and today does not have an optimal solution.
The problem is that the BDR as a whole is determined by the accounting methods, but in the case of the CFCs of these methods is not enough. When it is necessary to calculate the financial result of a separate accounting center, it is necessary to somehow disseminate soci-exchange costs, but there is no financial wiring of technology or the rule for this. Moreover, there are no universal algorithms for such a separation - this is what is called management financial policies, which significantly affects financial results. One option when you receive 10 percent on advertising costs to your CFU, and a completely different option - when 50 percent. There may be countless options for such options, and each of them generates a model of internal corporate economically.
In other words, the qualification of the manager is to know, firstly, the principle of education of such models and, secondly, in what cases is the model optimal. At the same time, there is no ideal model, therefore it is reasonable to immediately begin the case (the technology of building such a model is very simple). The result obtained by scientific tyk will manifest quickly. Divisions that feel stuck already in two or three iterations of this budget will put a question about the leadership of the incorrect scheme of separation of a particular article. Here is a search for a compromise, so each model of separation is a compromise model that partially infringe on the interests of each.
If we talk about the completeness of financial results, it is obvious that it is necessary to take into account the CFC not only the costs, but other lines of the budget, that is, revenue and taxes. In Western accounting practice, this is solved simply the balance and account plan for each allocated CFU. However, in Russian conditions, this is due to the difficulties of sometimes irresistible
As for taxes, due to the peculiarities of tax legislation and the established practice, the general mutual tax is not necessarily equal to the amount of taxes on individual businesses. That is, it is better to refuse it right away. The problem of accounting for the income of the Central Federal District is relatively easy to decide if it is a separate business that represents the final products and services to the market. Otherwise, when the accounting center is in the middle of the technological chain, the question arises, at what prices it sells its products and services faces the problem of transfer pricing This sharply complicates the life of the director first, a special unit (treasury or settlement center) will be required for centralized price determination inside Companies and development of special settlement procedures, which in itself is expensive, secondly, centrally established prices by definition cannot be correct, therefore, it is only another compromise.
Thus, a worthy option for most of the company is a conscious simplification of the budget when it comes to CFC, to the cost line. In fact, the calculation of the BDR is reduced to the calculation of the cost.
The presence of the enterprise of its own working capital, its composition and structure, speed of turnover and the efficiency of the use of working capital are largely predetermined by the financial condition of the enterprise and the sustainability of its position in the financial market, namely: Savitskaya N.I. Analysis of the financial and economic activity of the enterprise. - M.: Infra-M, 2006 - p.280
- - solvency, i.e. the opportunity to repay their debt obligations on time,
- - liquidity - the ability to perform the necessary expenses at any time;
- - the possibility of further mobilization of financial resources
Efficient use of working capital plays a large role in ensuring the normalization of the enterprise's work, an increase in the level of profitability of production and depends on the set of factors. In modern conditions, a huge negative impact on the change in the efficiency of the use of working capital and the deceit of their turnover is factors of the crisis state of the economy:
- - reduction of production and consumer demand;
- - High inflation rates;
- - rupture of economic relations;
- - violation of the contractual and payment and settlement discipline;
- - high tax burden;
- - Reduced access to loans due to high bank interest.
All listed factors affect the use of working capital, regardless of the interests of the enterprise. At the same time, the enterprises have internal reserves of improving the efficiency of working capital to which it can actively influence. These include:
- - rational organization of production reserves (resource saving, optimal rationing, use of direct long-term economic ties);
- - reduction of working capital in unfinished production (overcoming a negative trend towards a decrease in foundation, the introduction of the latest technologies, especially waste-free, updating the production apparatus, the use of modern cheaper structural materials);
- - Effective organization of treatment (improvement of the settlement system, rational sales organization, approximation of product consumers to its manufacturers, systematic control over the turnover of funds in the calculations, execution of orders for direct relations).
The generalizing indicator of the efficiency of working capital is the indicator of its profitability (R OK), calculated as the ratio of profits from the sale of products (P RP) or other financial results to the magnitude of working capital (with OK):
This figure characterizes the magnitude of the profit received by each ruble of working capital, and reflects the financial efficiency of the enterprise, since it is the working capital that provides turnover of all resources in the enterprise.
In Russian economy practice, the assessment of the efficiency of working capital is carried out through the indicators of its turnover. Since the criterion for evaluating the effectiveness of working capital management is the time factor, indicators reflecting, firstly, the total turnover time, or the duration of one turn in days, and, secondly, the speed of turnover is used.
The duration of one turn is consisted of the time of stay of working capital in the production and sphere of treatment, starting from the moment the production reserves and ending the revenue from the sale of products issued by the enterprise. In other words, the duration of one turn thing in days covers the duration of the production cycle, and the amount of time spent on the sale of finished products, and represents the period during which the working capital takes place all steps of the circle-turnover at this enterprise.
The duration of one turnover (turnover of working capital) in days is determined by the division of working capital with OK on a one-day turnover, defined as the ratio of the implementation of the RP to the duration of the period in days, either as the ratio of the duration of the period to the number of revolutions to about:
The smaller the duration of the treatment period or one working capital, those, with other things being equal to the enterprise requires less working capital. The faster the working capital make a circuit, the better and more efficient they are used. Thus, the time turnover of capital affects the need for aggregate working capital. The reduction of this time is the most important direction of financial management, leading to an increase in the efficiency of the use of working capital and an increase in their return.
The speed of turnover characterizes the direct turnover coefficient (the number of revolutions) for a certain period of time - year, quarter. This indicator reflects the number of circuits performed by working capital of the enterprise, for example, for the year. It is calculated as private from dividing the volume of realized (or commodity) products on working capital, which is taken as the average amount of working capital:
The direct coefficient of turnover shows the value of a realized (or commodity) product coming by 1 ruble of working capital. An increase in this coefficient means an increase in the number of revolutions and leads to the fact that:
- - the production of products or the volume of implementation on each nested ruble of working capital is growing;
- - The same amount of products requires a smaller amount of working capital.
Thus, the turnover coefficient characterizes the level of production consumption of working capital. The growth of the direct turnover coefficient, i.e. An increase in the speed of turnover performed by working capital means that the enterprise is rationally and effectively uses working capital. Reducing the number of revolutions indicates the deterioration of the financial condition of the enterprise. The reverse coefficient of turnover or the coefficient of loading (fixing) of working capital shows the amount of working capital spent on each ruble of realized (commodity) products, and is calculated as follows: financing and lending to trade, catering and logistics / ed. E.G. Umbrella - Minsk, Higher School, 1990 - p. 150.
where k h is the boot factor.
Comparison of turnover and loading coefficients in the dynamics makes it possible to identify trends in changing these indicators and determine how rationally and efficiently used the revival means of the enterprise.
The turnovering indicators can be calculated on all working capital and on individual elements, such as production reserves, work in progress, ready and realized products, funds in settlements and receivables. The turnover of stocks is calculated as the ratio of the cost of production to the average size of reserves, turnover of work in progress - as the attitude of goods received to the warehouse to the average annual volume of unfinished production, turnover of finished products - as the ratio of shipped or sold products to the average value of finished products. The indicator of the turnover of funds in the calculations is the ratio of revenue from sales to average receivables. The listed indicators make it possible to carry out an in-depth analysis of the use of own working capital (they are called private indicators of turnover).
Curvas turnover can accelerate or slow down. When slowing the turnover, additional funds are involved in the turnover. The effect of turnover acceleration is expressed in reducing the need for working capital due to improving their use, their savings, which affects the increase in production volumes, and as a result - on financial results. Acceleration of turnover leads to the release of part of working capital (material resources, money), which are used either for the needs of production, or for accumulation at the current account. It eventually improves solvency and financial condition.
The release of working capital as a result of accelerating their turnover can be absolute and relative. Absolute release is a direct reduction in the need for working capital, which occurs in cases where the planned volume of production is made with a smaller volume of working capital compared with the planned need.
The relative release of working capital occurs in cases where in the presence of working capital within the planned need is provided to over-fulfillment of the production plan. At the same time, the growth rate of production is ahead of the growth rate of the remains of working capital.
The management of working capital is important in solving the key problem of the financial condition: achieving the optimal relationship between the increase in the profitability of production (maximizing profits for invested capital) and ensuring sustainable solvency that serves as an external manifestation of the financial stability of the enterprise. An extremely important task is also the provision of stocks and costs of the enterprise by sources of their formation and maintaining a rational relationship between their own working capital and borrowed resources directed to the replenishment of working capital.
Profitability, in contrast to the profit of the enterprise, showing the effect of entrepreneurial activities, characterizes the effectiveness of this activity. Profitability - relative indicator reflecting the degree of profitability of the enterprise. In the market economy there is a system of profitability indicators.
The profitability of all the products implemented can be defined as:
- - the percentage of profits from the sale of products to the cost of its production and implementation;
- - the percentage of profits from sales of products to revenue from sales;
- - the percentage of the balance sheet profit to the revenue from the sale of products;
- - The ratio of net profit to the revenue from the sale of products.
These indicators give an idea of \u200b\u200bthe effectiveness of the current costs of the enterprise and the degree of profitability of the products being implemented.
The profitability of certain types of products depends on the price and complete cost. It is defined as the percentage ratio of the sale of a unit of this product minus its total cost to the total cost of a unit of this product.
The profitability of the property (assets) of the enterprise is calculated as the percentage of net profit to the average value of assets (property).
The profitability of non-current assets is defined as the percentage of net profit to the average value of non-current assets.
The profitability of current assets is defined as a percentage of net profit to the average annual value of current assets.
The profitability of the investment is defined as the percentage of gross profits to the cost of the property of the enterprise.
The profitability of equity is calculated as the percentage of net profit to the magnitude of equity.
Profitability indicators are used in the process of analyzing financial and economic activities, making management decisions, solutions of potential investors on the participation of financing of investment projects.