The functions of finance include: - providing the enterprise with cash; - distributive; - control. These functions are interconnected.
financial mechanism distribution relations, closely related to the function of providing the enterprise with cash, primarily includes:
· addiction wages from the sale of manufactured products and the receipt of payments for it, savings from reducing the cost of production;
· effective management farms;
· reasonableness of norms of distribution of profit between the enterprise and the budget;
· Validity of deductions for economic incentives;
· efficient use of funds for research and development, reconstruction and technical re-equipment, personnel training, etc. Goals. Distribution relations are diverse.
· The financial mechanism of the enterprise and industries associated with the implementation of the control function of finance is built on the basis of incentives and sanctions, their reality is determined by the actual results of each enterprise, its employee.
Financial activities at enterprises is carried out by the financial department, which is their independent structural unit. In small enterprises, the financial department can be combined with the sales department (finance and sales department) or accounting (accounting and finance department). Boss financial department reports to the manager and is responsible for financial condition enterprises.
The composition of the financial department of the enterprise may include the head of the department, deputy. Chief, senior economists, economists, cashier, cashier-collector, typist.
The tasks of the financial services of the enterprise include:
Creation of financial resources for production and social development, ensuring profit growth, increasing profitability;
fulfillment of financial obligations to the budget, banks, suppliers, a higher organization, for the payment of wages and other obligations arising from financial plan, as well as the organization of settlements;
· promotion of the most efficient use of production assets and investments;
· development and implementation of financial, credit and cash plans;
implementation of measures for the effective use of the PF, bringing the size own funds up to the established economically justified standards, ensuring the safety and speeding up the turnover of fixed assets; control for correct use financial resources, ensuring the safety and speeding up the turnover of fixed assets.
Thus, financial service enterprises are called upon to play important role in the process of production and sale of products.
Currently, the company's finances are in a crisis. Therefore, in this moment the primary task for the state and enterprises is to strengthen the finances of enterprises and, on this basis, to stabilize the finances of the state. Without its implementation, other tasks, including the problem of inflation, cannot be solved.
The main ways to strengthen the finances of an enterprise are related to the optimization of the Money and elimination of their deficit.
Principles of organization of enterprise finance
financial relations commercial organizations and enterprises are built on certain principles related to the fundamentals economic activity Keywords: economic independence, self-financing, material interest, liability, provision of financial reserves.
· The principle of economic independence cannot be realized without financial independence. Its implementation is ensured by the fact that economic entities, regardless of the form of ownership, independently determine their costs, sources of financing, directions for investing funds in order to make a profit. Commercial organizations and enterprises, in order to obtain additional profit, can make financial investments of a short-term and long-term nature in the form of an acquisition valuable papers other commercial organizations, the state, participation in the formation authorized capital another economic entity, keeping funds in deposit accounts of commercial banks. However, it is impossible to say about the complete financial independence of economic entities in the process of generating financial resources and using their funds. The state regulates certain aspects of their activities (taxes, depreciation).
The principle of self-financing The implementation of this principle is one of the main conditions entrepreneurial activity and ensures the competitiveness of the economic entity. Self-financing means full payback of costs for the production and sale of products, investment in the development of production at the expense of own funds and, if necessary, bank and commercial loans. Currently, not all enterprises and organizations are able to fully implement this principle. These include individual enterprises of urban passenger transport, housing and communal services, Agriculture, defense industry, extractive industries. Such enterprises receive additional allocations from the budget on different terms.
· The principle of material interest - its objective necessity is dictated by the main goal of entrepreneurial activity - making a profit. The implementation of this principle can be ensured by decent wages, the optimal tax policy of the state, and the observance of economically justified proportions in the distribution of net profit for consumption and accumulation.
Principle liability- means the presence of a certain system of responsibility for the results of financial and economic activities. financial methods implementation of this principle is different for individual business entities, their managers and individual workers. In general, for an economic entity, this principle is implemented through penalties and penalties, fines levied in case of violation of contractual obligations (terms, product quality), untimely repayment of short-term and long-term loans, repayment of promissory notes, violation of tax laws, as well as in case of inefficient activity by applying to bankruptcy proceedings for this business entity.
· The principle of providing financial reserves - the need for the formation of financial reserves and other similar funds is associated with entrepreneurial activity, which is always associated with risk. In the conditions of market relations, the consequences of the risk fall directly on the entrepreneur, who voluntarily and independently implements the program developed by him at his own peril and risk.
Legislatively, this principle is implemented in open and closed joint-stock companies. The size of the reserve fund is regulated and cannot be less than 15% of the amount of the paid-in authorized capital, but not more than 50% of taxable profit, since deductions to the reserve fund are made before income taxation.
The financial relations of enterprises can be grouped into four groups. These are the relationships:
with other enterprises and organizations;
within the enterprise;
· within associations of enterprises: with a higher organization, within financial and industrial groups, as well as a holding company;
with financial credit system- budgets and off-budget funds, banks, insurance, stock exchanges, various funds.
Financial relations with other enterprises and organizations include relations with suppliers, buyers, construction and installation and transport organizations, post and telegraph, foreign trade and other organizations, customs, enterprises, organizations and firms of foreign states. This is the largest group in terms of cash payments. The relationship of enterprises with each other is related to the implementation finished products if acquisition material assets for business activities. The role of this group of financial relations is primary, since it is in the sphere material production national income is created, enterprises receive revenue from the sale of products and profits. The organization of these relationships has the most direct impact on the final results. production activities.
Financial relations within the enterprise cover the relationship between branches, workshops, departments, teams, etc.; relations with workers and employees. Relations between divisions of the enterprise are associated with payment for works and services, distribution of profits, working capital etc. Their role is to establish certain incentives and financial responsibility for the qualitative fulfillment of the obligations assumed. Relations with workers and employees are the payment of wages, bonuses, benefits, dividends on shares, material assistance, as well as the recovery of money for damages, tax withholding. At the same time, it is very important that the employees of the departments receive exactly what they earn.
Financial relations within associations of enterprises are divided into financial relations * of enterprises with higher organizations, relations within financial and industrial groups and relations between enterprises in a holding.
The financial relations of enterprises with higher organizations include relations regarding the formation and use of centralized monetary funds, which, in the conditions of market relations, are an objective necessity. This is especially true for financing investments, replenishment of working capital, financing of import operations, scientific research, including marketing. The intra-sectoral redistribution of funds, as a rule, on a returnable basis plays an important role and contributes to the optimization of enterprises' funds.
In the conditions of property privatization, when a significant part of the shares of privatized enterprises remains in the hands of the state, world experience plays an important role: in many countries, the main share (up to 90%) of privatization funds goes to special funds support for privatized enterprises.
Financial and industrial groups are created, as a rule, with the aim of combining financial efforts in the direction of development and support of production, obtaining the maximum financial result. There may be centralized monetary funds, and commercial credit to each other, and simply financial aid.
Features of holding relations are that they are built on economic basis when the parent company owns controlling stakes in subsidiaries. The latter allows for strategic management subsidiaries. Consequently, financial relations within the holding imply significant financial independence of its participants within the framework of a single strategy.
Relations with the financial and credit system are diverse.
First of all, it is relations with budgets. various levels and off-budget funds related to the transfer of taxes and deductions.
Tax system Russia is imperfect and does not contribute to normal production activities. World experience shows that it is possible to reduce high inflation rates only through the support of production and the development of investments. This should be directed mainly tax, as well as credit and customs policy. In particular, in many countries a certain part or all of the increase in production is not taxed. This is beneficial for both the enterprise and the state, since taxes from such enterprises are received in full, and in a year they increase sharply.
Relations with the insurance link of the financial system consist of transfers of funds for social and medical insurance, as well as insurance of the company's property.
The financial relations of enterprises with banks are built both in terms of organizing non-cash payments, and in obtaining and repaying short-term and long-term loans. The organization of non-cash payments has a direct impact on the financial position of enterprises. Credit is a source of working capital formation, expansion of production, its rhythm, improvement of product quality, helps to eliminate temporary financial difficulties of enterprises.
Banks currently provide enterprises with a number of non-traditional services: leasing, factoring, forfeiting, trust. At the same time, there may be independent companies specializing in the performance of these functions.
Currently, there are a number of problems in relations between enterprises and banks. The practice of non-cash payments is primitive: advance payment, barter, cash, large non-payments. The loan is very expensive, so it specific gravity in the formation of working capital of enterprises is very low (on average, no more than 10%). Long term loan practically does not apply to investment financing. Non-traditional banking services have not been developed either.
Financial relations of enterprises with the stock market involve operations with securities. The stock market in Russia is still underdeveloped.
Tourism enterprise finance
The finances of a tourist enterprise are a set of monetary relations arising from the formation, use and turnover of monetary funds and the accumulation of an enterprise. The task of the tourism enterprise is the use of funds on the basis of effective management in order to carry out its activities, make a profit and ensure financial stability.
Financial relations are relations arising from the cash flow, the turnover of money, continuously flowing in time. In the course of the production and service process of a tourist enterprise, the following financial relations arise:
1. A travel agent with a tour operator for settlements for received tourist vouchers and for other payments.
2. Tourism enterprise with:
bodies of housing and communal services for payment of rent and utilities;
· municipal government when paying rent for land plot;
· their employees for the payment of wages, bonuses, etc.;
in other banking transactions;
the budget and tax services when making taxes and other payments, etc.
Business finance related with cash flow. Therefore, this concept is often identified with or even money. Of course, not all monetary relations can be attributed to financial ones. This is true only in relation to those monetary relations that are carried out according to the principles of irrevocable, non-equivalence and perpetuity, which is possible in the processes of formation, use, distribution of monetary income and individual trust funds in the form of financial resources.
The concept and role of finance functions of the finance of the enterprise are quite closely related.
Enterprise Finance- these are relations of an economic nature, directly related to the circulation of cash flows, the use of income and funds in the process of production and reproduction.
The object of finance in the enterprise all relations of an economic nature are involved in which funds are involved and monetary funds are used. Subjects enterprises, audit organizations, extra-budgetary organizations, banks, insurance institutions, investment funds, and other legal entities acting as business entities act in these relations.
Financial relationships include relations connected with the creation of the statutory fund; the formation of cash income, proceeds, profits, other monetary funds of the enterprise and their distribution; relations between enterprises and the state on tax and other payments to the budget, receiving subsidies; relations between enterprises in connection with investment processes, the implementation of share contributions, the receipt of income, payment, etc.; relations of enterprises with banks, insurance organizations for obtaining loans, insurance payments; relations between enterprises regarding the intra-production distribution of income.
Functions of enterprise finance are manifested through their essence in the main functions of finance - the formation of resources in the production and economic activities; the use and distribution of financial resources in the course of supporting production, operating, investment activities to ensure financial obligations that arise to the budget and other business entities, banks; control over the use and formation of resources in production processes.
The functions of the finance of an enterprise manifest their internal properties in the course of almost all processes of an economic nature that take place in the life of an enterprise, because they are all mediated by the movement of financial resources in one direction or another.
The functions of enterprise finance most fully reveal their essence. Most experts believe that finance is primarily characterized by two primary functions: distribution and control. These two functions interact with each other. With the help of distributive capital, initial capital is formed, the gross domestic product is distributed, cost proportions are determined in the distribution of income, and the best combination of interests of commodity producers, the state and the enterprises themselves is ensured.
The control function is responsible for the cost accounting of absolutely all costs for the production of products and their sale, the formation of income and their use.
The specific content of the organization's finances is revealed in their functions. .
The finances of the enterprise are carried out mainly three functions:
distributive (stimulating);
control;
serving (reproductive).
distribution function
The distributive function of an organization's finances should be understood as its participation in the process of income distribution.
The distributive function of finance lies in the fact that with their help all cash income and funds available at the enterprise are formed and used in order to fulfill monetary obligations to contractors, staff, budget and creditors. Correct distribution of funds has a stimulating effect to improve the performance of the firm.
control function
The control function of the organization's finances is to monitor the financial condition and performance testing her activities. So, for example, control over the level of profitability allows you to determine the degree of effectiveness of the economic activities of the organization. Along with this, the finances of an organization are able to influence the degree of efficiency of its economic activity through the so-called ruble control, which is carried out within the organization, in its relationship with other participants in business turnover, a higher organization, the state and other participants in the financial system. Inside the enterprise, the ruble controls the quality and quantity of labor, the use of non-circulating and current assets, etc. Control of the ruble in relations with other participants in business turnover is carried out subject to contractual obligations. The economic activity of the enterprise is controlled by the ruble in the process of fulfilling obligations to the budget.
The control function is implemented in two ways through:
financial indicators in accounting, statistical and operational reporting;
financial impact, which is carried out with the help of economic levers and incentives (taxes, benefits, subsidies, etc.).
Maintenance function
The function of servicing the movement of the organization's income is the second function that reveals the content of the enterprise's finances. Since the movement of enterprise income is associated with the renewal of consumed resources, this function is often called reproductive. This feature is associated with the need to ensure the continuous movement of income in the course of business activities of the enterprise. The effectiveness of the process of servicing the organization's finances for the movement of its income depends on the conformity of the flows of material and monetary resources that ensure the economic activity of the organization. In many ways, this correspondence determines the solvency of the enterprise, the ability to timely and fully fulfill its obligations to other subjects of financial relations.
Distribution, servicing and control functions reveal the content of the organization's finances in the process of movement of each of the three forms of its income - primary, secondary and final.
The functions of the organization's finances act in interconnection and interdependence. Servicing the movement of income is impossible without its distribution, and ensuring compliance between the flows of material and financial resources is achieved using the control function of the organization.
As part of the financial relations of enterprises the following groups of monetary relations of enterprises are distinguished:
with counterparties regarding the generation of income and the use of funds;
with enterprises regarding the distribution of finance; in non-fund form (payment and receipt of fines in case of violation of contractual obligations, making various share contributions, participating in the distribution of profits from joint activities, acquiring securities of other enterprises and the state, receiving dividends on them, etc.);
with consumers of products in accordance with contracts;
with insurance organizations regarding various types of compulsory and voluntary insurance;
With banking system regarding settlement and cash services in connection with obtaining and repaying loans, paying interest, as well as providing banks with free cash for temporary use for a certain fee;
with the state on the formation and use of budgetary and non-budgetary funds;
with higher management structures vertical and horizontal relationships regarding intra-industry redistribution of financial resources.
These groups of monetary relations constitute, on the whole, the content of enterprise finance. Firm Finance represent monetary relations associated with the formation and distribution of cash income and savings among business entities, and their use, the fulfillment of obligations to the financial and banking systems, the financing of current costs and the costs of expanded reproduction, social security and material incentives for workers.
Price- the market equivalent of the generally accepted value of the proposed product.
production costs- these are expenses, cash expenditures that must be made to create a product. For an enterprise (firm), they act as payment for the acquired factors of production.
Public costs = Private costs + Externalities
Socio-economic essence and principles of organization of enterprise finance
The essence and economic content of the organization's finances.
An organization (enterprise) is an independent economic entity with the rights legal entity producing products, goods, services, performing works, engaged in various types economic activity, the purpose of which is to meet social needs, profit and capital growth.
An organization can carry out any of the types of business activities or all types at the same time.
In the process of entrepreneurial activity, organizations have certain economic relations with its counterparties: suppliers and buyers, partners in joint activities; unions and associations; financial and credit system, accompanied by the movement of funds. The material basis of finance is money. However necessary condition their occurrence is the real movement of funds: their accumulation, spending and use at all levels of management.
Organizational finance- this is a set of financial relations associated with the organization of production and sales of products, the performance of work, the provision of services, the formation of financial resources, the implementation of investment activities.
The financial relations of enterprises, depending on the economic content, can be grouped into the following areas:
- between founders at the time of the establishment of the organization when forming the authorized (share, share) capital;
- between individual organizations associated with the production and sale of products, the emergence of newly created value;
- between organizations and their departments- branches, workshops, departments, teams - in the process of financing expenses, distribution and redistribution of profits, working capital;
- between organizations and their employees when distributing and using income, issuing and placing shares and bonds of enterprises, paying interest on bonds and dividends on shares;
- between organizations and financial system states when paying taxes and other obligatory payments to the budgets of different levels, the formation off-budget funds, providing tax incentives;
- between organizations and the banking system in the process of storing money in commercial banks, organizing cashless payments, obtaining and repaying loans, paying interest on a loan;
- between organizations and insurance companies and organizations arising from property insurance, certain categories employees, commercial and entrepreneurial risks;
- between organizations and investment institutions during the placement of investments, privatization and other business entities.
Each of these groups has its own characteristics and scope, methods of implementation. However, all types of relations are bilateral in nature, their material basis is the movement of funds, through the use of which cash flows, they are accompanied by the formation of the authorized capital of the organization, the circulation of funds and the use of funds for various purposes begins and ends.
Functions of the organization's finances.
The essence of finance is most fully manifested in their functions. Currently, there is a wide variation in the definition of functions, however, it is recognized that enterprise finance performs three main functions: the formation of capital and income of the organization; distribution and use of income; control.
All functions are closely interconnected.
When financed capital formation functions there is a formation initial capital organization, its increment; attraction of funds from various sources in order to form the volume of financial resources necessary for entrepreneurial activity, accompanied by the movement of funds.
Distribution and use of income at the level of organizations, it manifests itself in the distribution of proceeds from the sale of products and income from other activities in value terms by areas of use, determining the main cost proportions in the process of distributing income and financial resources, ensuring the optimal combination of interests of individual producers, enterprises and organizations and the state as a whole.
objective basis control functions are the cost accounting for the costs of production and sales of products, the formation of income and cash assets of enterprises and their use. With the help of this function, control is exercised over the timely receipt of proceeds from the sale of products and the provision of services, the formation and intended use monetary funds and, in general, the financial resources of the organization, changes in financial indicators.
The distribution function is closely related to the reproductive function, since the proceeds from the sale of products, goods, works and services are subject to distribution and redistribution. The main difference between enterprise finance and public finance, based on the redistribution of financial resources through centralized funds and mainly the budget, is that in the process of entrepreneurial activity, financial resources are distributed.
The distributive function is that the financial resources of the enterprise are subject to distribution in order to fulfill monetary obligations to the budget, banks, counterparties. Its result is the formation and use of targeted funds of funds, maintaining an effective capital structure.
reimbursement fund. The distribution of funds begins with the formation of a compensation fund that covers the costs of simple reproduction and depreciation. The sources of formation of the compensation fund are:
rent;
depreciation charges included on the main production funds in the cost of products, goods, works and services.
The prime cost includes the amount of depreciation deductions for the full restoration of fixed production assets, calculated on the basis of their book value and duly approved norms, including accelerated depreciation of their active part, carried out in accordance with the law.
Enterprises operating on a lease basis, as part of the depreciation of fixed assets, reflect depreciation deductions for full recovery, both for their own and leased fixed assets. This cost element also reflects depreciation deductions from the cost of fixed assets (premises) provided free of charge to public catering enterprises serving labor collectives, as well as from the cost of premises and equipment provided by enterprises to medical institutions for organizing first-aid posts directly on the territory of enterprises.
Enterprises that, in accordance with the procedure established by law, index the depreciation charges accrued according to the current norms for the full restoration of fixed assets, include in the depreciation of fixed assets also the amount of the increase in depreciation charges as a result of their indexation.
Lease relations usually exist in the form of property lease of premises, equipment and other real estate on a contractual basis. This is a current lease that has a specific time period. Renting involves the mandatory return of the leased property to the lessor.
For a long period, in the absence of private ownership of the means of production in Russia, the lease was practically indefinite and was characterized by low payment.
With the transition to market relations in the development of rent, a new stage began, marked by the creation of rental enterprises, which were a certain type of management. And, finally, in recent years, financial leases have become widespread, suggesting the possibility of transferring ownership of the leased property from the lessor to the lessee upon the expiration of the lease.
Depending on the length of the lease period, there are three main types of financed lease in financial practice: leasing - long-term, for a period of more than three years; hairing - medium-term, for a period of one to three years; rating - for a period of not more than one year.
Of particular importance is such an element of the compensation fund as depreciation. Depreciation is charged in proportion to the physical and moral depreciation of fixed assets. Worn-out fixed assets (non-current assets) require either replacement or partial restoration through their repair, reconstruction or modernization. Depreciation serves the purpose of accumulating the financial resources necessary for this.
The next element in the implementation of the distributive function of enterprise finance is the formation of a wage fund, which is included in the cost of products, goods, works and services in terms of the cost of wages for the main production personnel of the enterprise, including bonuses to workers and employees for production results, incentive and compensatory payments, including including compensations for wages in connection with the increase in prices and indexation of incomes within the limits provided for by law, compensations paid in the amounts established by law to women who are on partially paid parental leave until they reach the age specified by law, as well as the cost of paying labor of non-employees of the enterprise, employed in the main activity. All other payments to employees are made from the net profit of enterprises. These are bonuses paid out of special-purpose funds and earmarked revenues, and material assistance, and an interest-free loan for improving housing conditions, housekeeping and other social needs, and pension supplements, and payment for vouchers for treatment and recreation, excursions and travel and etc.
The financier should remember that payments to employees of the enterprise are the basis for social insurance charges to state federal extra-budgetary funds, which are charged to the cost price if the main payment is related to the cost price, and to net profit if the payment is made from profit after tax.
From the standpoint of the finances of enterprises, the organization of remuneration, forms and conditions of payments that stimulate an increase in profits and innovative activity are of great importance. This problem is in the center of attention of financiers of all countries. The main criteria for well-being in the economy can be a high level of labor productivity, the competitiveness of manufactured products and the standard of living of the people. At the turn of the century, such a conclusion was made by entrepreneur Henry Ford.
The right price is not the yen that the market can bear. A fair wage is not the lowest amount for which a man agrees to work. The right price is lowest price, for which the product can be constantly sold, and the fair wage is the highest wage that the entrepreneur can constantly pay. This is where entrepreneurial ingenuity comes into play.
The relationship between the organization of wages and its productivity is important for any enterprise that wants to increase production efficiency and achieve a stable position in the market for means of production, consumer goods, services, etc.
Thus, if the goal of investment is to reduce labor costs, then they are doomed to failure in advance. Savings in labor costs are in conflict with the desire to stimulate the growth of labor productivity.
The main shortcomings of the wage system can be observed in the following ways. When the growth rate of wages is higher than the growth rate of labor productivity, there is an increase in labor costs per unit of output. With a low level of wages, the minimum consumer budget and the living wage are not covered.
The wage system should be flexible and adequately respond to changing business conditions.
Wage systems based on profit sharing and income distribution deserve special attention. This system is most widespread in Japan, where bonus payments in the form of direct profit participation can reach 50% of wages.
The philosophy of common destiny consists of the following main parameters: understanding of the problems of the firm, willingness to accept greater responsibility and risk, quick response to innovative activity, a sense of belonging to the company, the inextricable connection of personal interests with the success of the company. This philosophy exists not only for workers, but also for managers, united by common interests and incentives.
Profit - the main object of implementation of the distributive function of finance enterprises. At the expense of profit, a whole set of funds of funds is formed.
Profit has the following meaning in the activities of enterprises:
In a generalized form, it reflects the results of entrepreneurial activity and is one of the indicators of its effectiveness;
It is used as a stimulating factor for entrepreneurial activity and labor productivity;
Acts as a source of financing for expanded reproduction and is the most important financial resource enterprises. The multifaceted nature of profit means that its study must have a systematic approach. This approach involves an analysis of the totality of factors of formation, mutual influence, distribution and use.
The generating factors include the proceeds received by the enterprise from various types of entrepreneurial activities, including from the sale of products, which occupy the main share, from the sale of other assets, fixed assets. An important component of the forming factors is income from equity participation in other enterprises, including subsidiaries, income from securities, gratuitous financial assistance, and the balance of fines received and paid.
Mutually influencing factors include external, determined by the financial and credit policy of the state, including taxes and tax rates, interest rates on loans, to a certain extent, prices, tariffs and fees, as well as internal ones, including cost, labor productivity, capital productivity, capital-labor ratio, turnover of working capital. funds.
Distribution factors consist of mandatory payments to the budget and off-budget funds, to banking and insurance funds, voluntary payments, including charitable funds, and the transfer of profits to funds created by enterprises. Utilization factors refer only to the profits that remain in enterprises and commercial organizations. They include the following areas: consumption, accumulation, social development, capital and financial investments, covering losses and other costs.
Thus, the relationship between price and profit determines the priorities of the financial policy of enterprises. G. Ford defined the value of profit for reproductive processes as follows:
A peculiar view of the problem of profit motivation by the American economist D.K. Galbraith. In the theory of industrial society, while studying the process of functioning of the technostructure, he offers a new conceptual approach to the problem of profit management:
The task of the financial service is to develop an enterprise policy in the field of profit distribution, to specify the role and importance in the reproduction process and stimulation. The general conceptual approach to the development of enterprise finance also depends on this. The result of the distribution processes is the creation of cash funds that provide financing for the programs accepted for implementation, maintaining an optimal capital structure, and minimizing the risk of bankruptcy.
