Measures to improve the financial situation. Thesis: Development of measures to improve the financial stability of the enterprise (on the example of Avangard LLC)

The analysis of MVT LLC showed that the company is in an unstable financial situation, the reasons for which are:

1) a decrease in revenue from the sale of products, as a result of which an increase in the strength of the impact of the operating leverage;

2) lack of own working capital;

3) increase in the asset turnover period;

4) decrease in profitability indicators;

5) high dependence on borrowed capital.

Thus, the enterprise under study needs to seriously work on improving the composition and structure of sources of funds: strive to increase equity, limit the growth of accounts payable, improve its quality, learn to use the benefits of loans and borrowings.

As of the dates under consideration, the enterprise turned out to be completely insolvent; the balance sheet cannot be called liquid. And it is almost impossible to restore the lost solvency, as evidenced by the above calculations and the dynamics of indicators.

In most cases, the enterprise does not use the prepayment system, the funds are received, in the best case, after the shipment of the goods, in the worst case, receivables arise, including overdue ones.

There is also arrears in wages and payments to the budget, which causes other expenses: fines, penalties, forfeits, legal costs.

The main "weak" places in the financial position of the enterprise are:

– low profitability of sales (or high level of expenses),

– unsatisfactory indicator of absolute liquidity of assets.

To improve the financial condition, it is necessary to carry out the following activities:

1. Increase sales profit. In this regard, the company needs to increase production and sales by attracting new customers, providing a system of discounts.

2. To ensure an uninterrupted production process and sales of products, inventories must be optimal.

Inventory management is a complex set of activities in which the tasks of a financial manager are intertwined with the tasks of production management and marketing.

The fundamental formula by which the required volume is determined financial resources advanced for the formation of inventories, has the form (see formula 20):

PSz = SR × Nz - KZ, (26)

where FSz is the amount of financial resources advanced into reserves,

SR - the average daily amount of expenses in the amount,

Nz - the standard of storage of stocks, in days (in the absence of developed standards, the indicator of the average duration of the turnover of stocks in days can be used),

KZ - the average amount of accounts payable for settlements for acquired inventory items (this element is included in the calculation, as a rule, only for inventories, when selling finished products it includes only with the established practice of prepayment for it).

The calculation is carried out for each type of reserves. Summing up the results of the calculations allows you to get the total need for financial resources advanced for the formation of reserves, i.e. determine the size current assets serving this stage of the production and commercial cycle.

minimization running costs inventory maintenance is an optimization problem that is solved in the process of their normalization.

The calculation of the optimal size of the delivery lot, at which the total current costs of inventory maintenance are minimized, is carried out according to formula 21:

where ORpl is the optimal size of the delivery lot,

Zg - the required volume of purchases of goods (raw materials and materials) per year (quarter),

TK1 - the amount of current costs for placing an order, delivery of goods and their acceptance per one supplied batch,

ТЗ2 - the size of the current costs of storing a unit of stock.

The calculation of the optimal order size is presented in table 31.

Table 31. Calculation of the optimal order size

The main purpose of these measures is the release of part of the financial resources, "dragging" in excess reserves.

The amount of released financial resources in this case is determined by formula 19:

FSv = Zn – Zf = (ZDn – Zdf) × SR, (28)

where CSF is the amount of released financial resources in the process of normalizing stocks,

Зн - the standard of reserves in the amount,

Zf - actual reserves in the amount,

ZDn - stock standard in days,

ZDf - actual stocks in days,

SR - the average daily volume of spending stocks in the amount.

Thus, per year we need reserves in the amount of: 4 × 832 × 4 = 13312 tr.

In fact, for this period, the reserves amounted to 17697 thousand rubles.

Consequently, when optimizing a batch of orders, we will get a release of funds in the amount of 4385 thousand rubles, which indicates an increase in the cost of their storage and use. Therefore, it is advisable to reduce stocks by 4385 thousand rubles. by selling them at market value (4,300 thousand rubles).

Duration of inventory turnover in 2009: Pz=360/(76211/17697)=84 days.

If we reduce stocks by 4385 thousand rubles, then the duration of the turnover will be: Пз=360/(76211/13312)=63 days.

Consequently, the duration of inventory turnover will be reduced by 21 days and as a result: ±E=76211/360×(-21)= -10.08 thousand rubles.

3. To collect debt in order to accelerate turnover Money necessary:

- create incentives for the company's customers to pay their bills faster by providing special discounts;

– create a client assessment system that would summarize all the risks associated with it. The total dependency on such a partner would include its accounts receivable, goods in stock ready for shipment, products in production destined for that customer. Establish formal credit limits for each client, which will be determined by the general relationship with this client, the need for funds and an assessment of the financial situation of a particular client.

4. To increase cash flow and reduce receivables, use a prepayment system.

5. Set off accounts receivable and payable. This will lead to a decrease in the value of current assets, which in turn will lead to an increase in the value of the ratio of own working capital.

6. Consider possible risks in the process of production and sale of products. To do this, it is necessary to determine probable losses, for example, a decrease in sales volumes, a decrease in the sale price of products, an increase in the purchase price, and loss of goods in the circulation process.

7. Carry out activities aimed at reducing excess balances of raw materials and materials that will allow the company to increase cash and reduce accounts payable to suppliers.

At the same time, work should be carried out to increase the competitiveness of manufactured products, primarily by improving their quality, reducing the number of defects and reducing the cost of production and sale of products.

The most important problem of the deterioration of the financial condition of MVT LLC is a large receivables.

In order to reduce the risks of untimely return of funds and the occurrence of losses, it is proposed to conclude an insurance contract for receivables. Due to the delay in payment, the seller loses part of the money as a result of inflation, therefore, when determining the seller's gain, it is necessary to take into account the amount of losses from inflation.

If the amount to be received by the contract is S, and the price dynamics is characterized by the index Iц, then the real amount of money, taking into account their purchasing power at the time of payment, will be S:I. According to the data of the Ministry of Economic Development and Trade of the Russian Federation for 2009, inflation in the consumer market was 8.8%.

Prices for 2009 increased by 8.8%, then Ic = 1.088. Accordingly, the payment of 1000 rubles. at this point is equivalent to the payment of 919 RUB. in real dimension. Consequently, the real loss of revenue due to inflation will be 81 rubles. Let's determine the amount of losses from inflation (see Table 32).

Table 32. Accounts receivable

As can be seen from Table 32, the amount of receivables from unreliable clients amounted to 8,993,722 rubles, and the amount of losses from inflation was 1,066,804 rubles.

Accounts receivable insurance involves insuring the risk of losses from late return of funds by the buyer or his bankruptcy.

In order to insure its receivables, the company must insure all buyers who purchase products on a deferred payment basis. But this does not mean that all of them will be insured.

An insurance company, before offering specific insurance conditions (insurance premium, deductible), will analyze the credit risks of the company's counterparties, select those with whom it is permissible to work on a deferred payment basis, and set a credit limit for each of them.

After paying the insurance indemnity, the company retains the right to claim for the obligations (accounts receivable) of the buyer in the amount of the franchise established in the franchise agreement.

Let us assume that the deductible in the insurance contract is set at 15%, the insurance premium is 9% of the insured sales volume and we will make calculations in table 33.

Table 33. Calculation of insurance indemnity and deductible for insurance of receivables

As can be seen from table 33, products worth 8,993,722 rubles were shipped to MVT customers. The obligations of the buyers were not repaid. At the end of the waiting period, the insurance company would have paid 7,644,661 rubles. insurance compensation. Debt in the amount of 1349060 RUB. would remain outstanding, and the enterprise has the right to demand this money from the buyer.

The calculation of the company's gain from insurance of receivables is shown in table 34.

Table 34

As can be seen from the table 34, the gain of the enterprise in the case of insurance of receivables of unreliable debtors will be 6552974 rubles.

The use of accounts receivable insurance will increase the financial independence of MVT LLC, it will be much easier for the enterprise to obtain more favorable conditions for bank loans. In this case, the insured receivables can serve as a pledge for the bank.

The main disadvantage of receivables insurance is the rather high cost of this service compared to similar offers in foreign markets. The insurance premium can range from 0.9 to 9% of the insured sales volume with installment payment. This is due to the fact that Russian insurance companies, when determining the amount of the premium, take into account the country risk of Russia in the cost of insurance.

8. It is necessary to develop such a sales plan that would have the maximum profitability for the forecast year.

As the target function, we use marginal profit, which is of paramount importance, i.e. the faster the turnover, the more important it is contribution margin which maximizes sales revenue. That is, maximizing turnover allows you to maximize profits.

Target function:

MVT LLC manufactures the following products:

- solution;

- foundation blocks.

The consumption of resources for the production of marketable products of each type is presented in table 35.

The objective function is a mathematical notation of the optimality criterion, i.e. expression to be maximized.

Table 35. Consumption of resources for the production of marketable products

The target function looks like:

F(х)=1500X1.1+1650X1.2+1890X1.3+2080X1.4+2250X1.5+2380X1.6+2700X1.7+1700X2.1+1950X2.2+2360X2.3+2400X2.4+930X3 .1+1390X3.2+1820X3.3+2350X3.4→max.

Restriction system:

1) for cement

0.26X1.1+0.265X1.2+0.31X1.3+0.34X1.4+0.4X1.5+0.42X1.6+0.48X1.7+0.27X2.1+0.34X2. 2+0.38X2.3+0.44X2.4+0.0934X3.1+0.125X3.2+0.156X3.3+0.175X3.4<=17000;

2) on gravel

0.5X1.2+0.5X1.3+0.55X1.4+0.55X1.5+0.55X1.6+0.55X1.7+0.162X3.1+0.217X3.2+0.2716X3. 3+0.326X3.4<=13000;

1.95X1.1+1.3X1.2+1.3X1.3+1.35X1.4+1.3X1.5+1.3X1.6+1.2X1.7+0.65X3.1+0.869X3 .2+1.086X3.3+1.304X3.4<=35000;

4) along the sand

1.45X2.1+1.4X2.2+1.4X2.3+1.35X2.4<=15000

5) for plasticizers

0.00708X1.1+0.00504X1.2+0.0049X1.3+0.00612X1.4+0.0077X1.5+0.00879X1.6+0.008X1.7+0.00337X2.1+0.00422X2 .2+0.00506X2.3+0.0059X2.4<=192

This linear programming problem is solved using the search for solutions. Solution Finder is an Excel add-in that allows you to solve optimization problems.

To solve the problem, the following solution is made:

1) the initial data of the task are entered into the created form - a table in MS Excel;

2) dependency is introduced

F(х)=1500X1.1+1650X1.2+1890X1.3+2080X1.4+2250X1.5+2380X1.6+2700X1.7+1700X2.1+1950X2.2+2360X2.3+2400X2.4+930X3 .1+1390X3.2+1820X3.3+2350X3.4→max;

3) dependencies for constraints are introduced;

4) restrictions on resources are introduced (see Fig. 2);

5) parameters are introduced for solving the linear programming problem.

Introduction of conditions for solving the problem

After a short time, the Solution Search Results dialog box will appear and the original table with filled cells B3:P3 and cell Q4 with the maximum value of the objective function (see Fig. 3).

Solution Search Result

The resulting solution means that due to the production of concrete M 400 in the amount of 15805.6 m3, mortar M 200 in the amount of 11111.1 m3, FBS 12295 units, you can get additional profit in the amount of 98236 thousand rubles, while ASG, sand and plasticizers will be used in full, and out of 17,000 tons of cement, 14,781 tons will be used, and out of 13,000 tons of gravel, 12,701 tons will be used. in its implementation.

Table 36. The state of the main economic indicators for the optimization of the range, thousand rubles.

As a result of the calculations, it can be seen that the proposed measures to optimize the assortment are of practical importance, since the growth rates for performance indicators, such as profit, revenue are above 100%.

The constant strong financial position of the enterprise depends primarily on the improvement of such indicators as labor productivity, production profitability, capital productivity, as well as following and fulfilling its profit plan.

The appropriate distribution of enterprise funds is facilitated by the correct organization of the material and technical support of production, effective activities to accelerate the cash flow. In order to understand how competently and efficiently the financial resources at the disposal of the company are used, an analysis of the financial condition of the company is carried out.

First of all, the financial efficiency of the enterprise is characterized by the turnover of working capital of the enterprise.

An increase in production volumes and effective marketing of products leads to an acceleration in the turnover of working capital, which does not require capital investments. Because inflation quickly devalues ​​working capital, then enterprises are forced to spend an increasing part of them on the purchase of goods, non-payments by buyers divert most of the funds from circulation. Current assets are used as working capital in the enterprise.

Savings in working capital, and therefore an increase in its turnover, can be achieved by improving inventory management (i.e. databases). The company needs to ensure that the goods do not deteriorate and there is no obsolescence of the goods, but in the meantime maintain a large stock in the warehouse so that in case of high demand there is no shortage of goods.

To accelerate the turnover of working capital at the enterprise, it is advisable:

Forecasting the demand and preferences of the buyer and introducing a new product (or service) into the database;

use of modern databases;

in the shortest possible time to provide the buyer with the service he has chosen.

In order to gradually reduce the financial dependence of the enterprise and strengthen the financial activities of the enterprise, it is possible to propose an event to manage the company's accounts payable and receivables. You can manage and dispose of receivables when you:

You regularly monitor the status of settlements with customers, especially for deferred payments.

You set certain conditions for crediting debtors

Targeting the largest number of buyers to reduce the risk of non-payment by one or more buyers.

The second action that can be offered to the enterprise is the implementation of an advertising program to increase sales growth and profitability.

Since the company "Inkom-Nedvizhimost" pursues a competent pricing policy and has its own market share, the most optimal and expedient solution for the effective financial activity of the enterprise will, of course, be to increase profits! First of all, this can be achieved, firstly, by increasing the expansion of the agency's base, that is, by offering an even larger assortment to customers. Secondly, the agency needs to attract new consumers. Perhaps this can be done by holding any charity events and sponsoring something, thereby gaining even more consumer confidence. If an enterprise manages to create a good and high-quality image of itself and its activities among the groups of the public that are of interest to it, this will greatly facilitate the achievement of its goals. The main task of the company in this area is to create among the public and, above all, among active and potential buyers, an attractive image, a winning image of the company, which would inspire confidence in the company itself and all its products.

Work with the public (Public Relations, publicity) should be directed in such a way that it convinces buyers that the company takes care of its customers, the environment, strives to improve the well-being of the population, release new, first-class products and, ultimately invoice, should form an opinion among buyers about the company as a reliable partner, a highly professional, reliable and serious supplier.

Third, improve the classification of each worker. In the company "Inkom-Nedvizhimost" most of the management personnel have a secondary or secondary specialized education, which does not fully meet the requirements that provide for standard job descriptions. The qualifications of employees of the financial department are of great importance in the activity and further development, because it is they who make any decisions regarding the financial situation of the enterprise, and their incompetence can lead to financial damage to the enterprise and reduce the efficiency of managing its financial resources. The company's management should also pay a lot of attention to their awareness and preparedness on financial resource management, because if the manager fully understands the tasks and functions of the modern financial system of the company, then he will be able to quickly, and most importantly, accurately make optimal decisions on the company's issues.

Based on the results of the analysis of this organization, we can conclude that Inkom-Nedvizhimost adheres to the leader's strategy.

What is a leader? Usually the leader is the firm that enjoys the highest authority among other firms in the market and which makes the greatest contribution to the development of this market. The most important strategy that determines the leader is the demand increase strategy, which is aimed at finding more consumers of the product, discovering new uses for an existing product, or increasing consumption of the product. Thus, when the leader increases the market, he benefits his competitors operating in the market. In order for the leader to retain a leading position among all enterprises in the market, he needs to try to expand the market as a whole, but also in particular his segment, make every effort to find new consumers, and also reduce product prices by reducing costs. Any strategy that will bring the most income to the firm, and will contain little risk, will always be justified for such organizations. By setting new and changing pricing policies, expanding market share and increasing demand, such organizations will set an example for their competitors, resulting in healthy and almost equal competition in the market. The growth of the market as a whole, the involvement of new consumers, the identification of new, more modern ways of consuming and using products, all this will contribute to the fact that the agency will be able to strengthen its leading position in the market. And in order to rise steadily in the future, the firm must try to find ways to expand overall demand, protect its market segment with well-thought-out actions and try to expand its market share.

BCG matrix

Using this matrix, a firm can determine:

which of its products plays a leading role in comparison with competitors;

what is the dynamics of its market.

Classifications of types of strategic business units:

"Stars"

High sales growth and high market share. Market share must be maintained and increased. "Stars" bring a very large profit. But, despite the attractiveness of this product, its net cash flow is quite low, as it requires significant investment to ensure a high growth rate.

"Cash Cows"

High market share but low sales volume growth. "Cash cows" must be protected and controlled as much as possible. Their attractiveness is explained by the fact that they do not require additional investments and at the same time provide a good cash income. Proceeds from sales can be directed to the development of "Difficult Children" and to support the "Stars".

"Dogs"

The growth rate is low, the market share is low, the product is usually of low profitability and requires a lot of attention from the manager. Get rid of dogs.

"Difficult Children"

Low market share, but high growth rates. Difficult children need to be studied. In the future, they can become both stars and dogs. If there is a possibility of transferring to the stars, then you need to invest, otherwise, get rid of it.

Thus, the agency should abandon the dogs and invest in dairy cows.

The real estate agency "Inkom-Nedvizhimost" is at the stage of maturity, since its task is to obtain the maximum possible profit, it has its own market share. The real estate agency "Inkom-Nedvizhimost" is a well-known agency, therefore, in order to attract and retain customers, it needs to maintain a high quality of services, good relations with customers.

The company "Inkom-Nedvizhimost" pursues a competent pricing policy. Prices provide the company with the planned profit, the competitiveness of products, and the demand for it. The price of services includes a certain level of profitability. The pricing policy is such that people with high and middle incomes can use the services.

Also, during the analysis of the enterprise, the following weaknesses were identified:

A number of priority control subsystems are missing.

Staff demotivation.

Low managerial and professional education of top and middle personnel.

Suboptimal organizational structure.

The problem of strengthening the financial condition and increasing financial stability requires finding ways to improve the entire management system of the enterprise.

The results of the analysis of the financial condition allow us to draw a basic conclusion that at present the enterprise needs an anti-crisis program that would provide a real increase in the level of financial stability and solvency.

The essence of the stabilization program in order to strengthen the financial state is to maneuver cash to fill the gap between their spending and receipt. The maneuver is carried out both by means already received and materialized in the assets of the enterprise, and by those that can be obtained if the enterprise survives the crisis.

Filling the "crisis pit" can be carried out by increasing the flow of funds (maximization), and reducing the current need for working capital (savings). Let us consider the measures of the stabilization program that ensure the solution of this problem, which are always considered as priorities.

1. An increase in cash, which is based on the transfer of the company's assets into cash. This requires decisive and often shocking steps for the average business manager, as it is associated with significant losses. Losses in this case are inevitable.

The sale of short-term financial investments is the simplest and most obvious step for raising funds. As a rule, it has already been done at crisis enterprises. There is one more note: in the conditions of the actual stagnation of the stock market, it makes no sense to calculate the discount when selling securities - they go at the price at which they are ready to buy.

The sale of receivables is also evident and is currently being undertaken by many businesses. The specificity of this measure within the framework of the stabilization program lies in the fact that the discounts here can be much larger than it seems to the management of the crisis enterprise. In some cases, the calculated discount may be 100%, which, as with short-term financial investments, means selling at any price offered.

Selling stocks of finished products is more difficult, because, firstly, it involves selling at a loss, and secondly, it leads to complications with the tax authorities. However, as already noted, the essence of the stabilization program lies in the maneuvering of monetary resources. Losses in this case represent a donation of part of the money received in the past, and problems with paying taxes in such a sale are closed by a decrease in possible future receipts.

Sale of surplus inventories. Having raw material A in stock for a month is excess stock if raw material B is left for one week and there is no money to buy it. Therefore, in order to ensure production, it is necessary to sell part of the stock of raw materials A, even at a price lower than the purchase price and despite the fact that after a while it will again have to be purchased, probably at a higher price. This is another example of maneuvering past and future money.

The sale of investments (deinvestment) can act as a stop to ongoing investment projects with the sale of construction in progress and uninstalled equipment, or as the liquidation of participation in other enterprises (sale of shares). The decision on deinvestment is made on the basis of an analysis of the timing and volume of return on invested capital. At the same time, strategic considerations do not play a decisive role - if a specific investment project begins to give returns beyond the horizon of anti-crisis management, it can be liquidated. Preserving long-term investment projects in a crisis is a sure way to bankruptcy.

The sale of unprofitable industries and non-production facilities is the most difficult and involves a special approach. Part of unprofitable production facilities, as a rule, is included in the main technological chain of the enterprise. At the same time, it is impossible to correctly determine in the stabilization program which of them make sense to keep and which should be eliminated in any case - this requires a detailed analysis that can only be carried out within the framework of restructuring. It is necessary to rank production according to the degree of dependence on them of the technological cycle of the enterprise. Ranking due to tight deadlines is carried out mainly by the expert method, taking into account the following rules:

First of all, non-production facilities and auxiliary production facilities using universal technological equipment (for example, mechanical repair and construction and repair shops) are subject to sale. Their functions are transferred to external contractors;

Secondly, auxiliary productions with unique equipment (production preparation workshops, separate repair units) are liquidated. The absence of these industries in the future can be compensated both through the purchase of relevant services and their reconstruction on an economically justified scale, if necessary;

In the third place, they get rid of unprofitable objects of the main production located at the very beginning of the technological cycle (foundry and forging shops). Their functions are also outsourced to external providers. In some cases, it is advisable to swap objects of the second and third stages;

In the fourth (last) turn, they refuse unprofitable industries that are at the final stage of the technological cycle. Moreover, such a measure is rather acceptable for enterprises that have not one, but several technological chains, as well as for enterprises whose semi-finished products have an independent commercial value. Especially if these semi-finished products are more cost-effective than the final product, which is not uncommon in chemical plants.

The liquidation of the main production facilities in the harsh conditions of anti-crisis management is highly undesirable and is permissible only as a last resort. It would be optimal to decide their fate within the framework of restructuring, and not a stabilization program. The sale of fixed assets will most likely have to be made at a price below their book value, which means problems with taxation in the future.

2. Reducing the current economic needs. Its essence is the most rapid and radical reduction of inefficient costs.

Stopping unprofitable industries is the first step that needs to be taken. If unprofitable production is impractical or impossible to sell, then it must be stopped in order to immediately eliminate further losses. The exception is objects, the stop of which will lead to the stop of the entire enterprise. The criteria for ranking industries here are the same as in the case of their liquidation.

At this stage, as a rule, two mistakes are made. The first is that the production continues to be exploited, as its products are sold, albeit at a price below the actual cost. This is a fairly common picture in enterprises where there is a possibility of distortion in the costing of individual products.

The second mistake is that the production continues to be exploited, since there are no funds for its conservation. Conservation is a measure that is natural for normal economic conditions, but unacceptable for crisis ones, since it is another expression of concern for the future. If production needs to be stopped, but it is not possible to carry out conservation, then it must be stopped without it (the only exception is those situations where this action can cause an accident). At the same time, the deterioration of equipment or the cost of repairing it in the future is another example of a maneuver with past and future funds, respectively. Moreover, it will be necessary to restore the equipment only if the restart of production is strategically and economically justified.

Removal of costly objects from the enterprise is another way to remove unproductive costs for objects that have not yet been sold. It is carried out in the form of the establishment of subsidiaries. Any further financing of the withdrawn objects is excluded, which stimulates the entrepreneurial initiative of the personnel of the latter. Note that the presence of subsidiaries may be useful to the enterprise in the event of arbitration claims. This will allow you to win time, during which the rights to participate in these companies will be described, transferred to creditors and then realized (provided that the company no longer has any money in the account, no receivables, no short-term investments).

3. Reducing the current financial need. In practice, it is feasible only through some form of debt restructuring, which depends on the goodwill of the company's creditors. By itself, debt restructuring is not a specific tool of anti-crisis management, since it can be used even in a relatively prosperous state of the enterprise - the debtor. However, the crisis situation, on the one hand, somewhat facilitates the restructuring of debts, and on the other hand, justifies its forms, which are unsatisfactory in the normal state.

Buying back debt at a discount is one of the most desirable measures. The crisis state of the enterprise - the debtor devalues ​​its debts, and therefore there is an opportunity to buy them at a significant discount. The subtlety of this decision within the framework of the stabilization program lies in the conditions under which the buyout can be carried out. The main ones are:

Only those debts are redeemed that directly determine the current financial need, and not those whose payment or collection period is relatively distant in time;

The amount that can be spent on debt redemption depends on the level of current economic needs, i.e. it is impossible to spend funds on the redemption of debts to the detriment of economic activity;

The allowable price of debt redemption is determined by the enterprise's own discount, i.e. the redemption of debts should be considered as an investment project.

Converting debts into authorized capital is an extremely painful step. It can be carried out both by expanding the statutory fund (in the absence of formal restrictions), and through the assignment by the owners of the enterprise of a part of their share (block of shares). There are no strictly regulated methods for making such a decision; everything is determined during negotiations with creditors.

Forward contracts for the supply of company products at a fixed price can be another way to restructure debts. If the creditor is interested in this product, he can be offered to set off the company's debt to him as an advance on long-term supplies of the latter. In this case, the contract price should not be lower than some forecasted production cost.

The anti-crisis program, as you can see, includes a lot of activities that should be divided into:

1. Activities carried out in the short term and the implementation of which requires a minimum of financial resources, but which provide the maximum possible increase in solvency.

2. Activities carried out in the medium term, which ensure the strengthening of financial stability.

3. Measures that allow for expanded reproduction with the required level of solvency and financial stability.

The analysis of the financial stability of the enterprise demonstrates the fact of the irrational structure of the enterprise's liabilities. Figure 3.1 shows the dynamics of the structure of the financing of LLC Agroindustrial Company Spring Plot.

Figure 3.1 - Dynamics of the structure of funding sources

As the diagrams show, over the period under study there is a significant decrease in the share of the enterprise's own funds, despite the fact that their increase in monetary terms is ensured by the positive value of net profit.

The share of long-term borrowings at the end of the period is 3.2%, and the share of short-term borrowings reaches 55%. Thus, it is obvious that the share of long-term borrowed funds is too small to meet the need for long-term financing of hard-to-sell assets (non-current capital and company reserves).

The indicator of the enterprise's own working capital also indirectly indicates the irrational structure of the enterprise's funds, and directly indicates a high share of reserves in the property structure. Thus, the amount of own funds does not provide full financing of this amount of reserves and leads to a low level of solvency.

The low level of profitability indicates a fairly high share of costs in the cost structure, which reduces the net income of the enterprise.

Based on the foregoing, it is possible to specify the directions of the anti-crisis program to increase the level of solvency and financial stability:

Indicators of financial stability indicate the need to increase the share of the company's own funds in the overall structure of funding sources.

In order to increase the level of solvency, simultaneously with an increase in the share of own funds, it is necessary to reduce the share of short-term accounts payable by increasing the share of long-term liabilities.

The low index of the provision of stocks with own funds reflects the need to review the structure of current assets in terms of a possible reduction in the need for stocks. Moreover, this is indicated by the constant excess of the actual level over the planned one. It should be noted that the planning of the need for reserves is carried out on the basis of the need to minimize the balance of finished products, which, in the framework of financial planning, have a strict regulatory justification. Reducing the need for inventory is considered primarily from two positions - from the position of financial needs and from the position of marketing needs.

Low profitability indicators indicate the need to revise the cost management policy in the direction of their maximum possible reasonable reduction.

Figure 3.2 - Financial Strengthening Program Logic

Considering the first and fourth problem areas, the solution to it is obvious: an increase in equity capital is possible primarily due to an increase in profits. Reserves for increasing profit growth should be sought in ways to increase the profitability of the main, operating and non-operating activities, as well as in ways to reduce costs.

Optimization of the company's assets is based on reducing the total need for working capital financing. From this follows the need to reduce the need for financing in the first place the stocks of the enterprise.

The share of accounts payable can be reduced by increasing the volume of long-term bank loans.

Thus, we obtain a model of the financial stabilization program states OOO"Agro-industrial company Spring plot" (Figure 3.2).

Problems and prospects for the development of the enterprise

The problem of ensuring financial stability is one of the most relevant for most enterprises. In their activities, they face difficulties in determining the mechanism that would ensure financial balance, and achieving the set goals at the same time for domestic enterprises, ensuring financial stability is quite problematic at the present time. One of the main problems is the predominance of borrowing over measures to increase equity, including the preference for acquiring borrowed funds in a non-financial form (i.e., acquiring material assets on credit, without taking into account the real possibility of paying them in cash). Moreover, this trend is typical for most enterprises in almost any sector of the economy. That is why it is quite difficult for small businesses to get loans for their activities, since many banks simply do not trust the solvency of these enterprises.

From the first problem follows the second, which is the presence of long-term arrears to suppliers, banks, staff, the budget, off-budget funds and other creditors. The ratio between accounts payable and accounts receivable worsened. Overdue accounts payable in general for enterprises is half of the debt of this type.

This high growth in arrears in economic terms means an equally rapid and significant reduction in the financial sources of the restoration of production.

The main reason for the negative dynamics of the indicators of the ratio of receivables and payables, as well as the steady upward trend in overdue debts in its total amount, is the physical reduction and destruction of fixed production assets, the cessation in most cases not only of their expanded reproduction, but also simple.

The result is a sharp drop in production volumes, which is accompanied by a reduction in own sources of production financing. This leads to a significant decrease in the solvency of the enterprise, as well as to disruption of relations with suppliers, investors, creditors, since such an enterprise will be considered an unreliable partner.

Another key problem that caused the decline in the current financial stability of enterprises is the lack of working capital necessary to ensure current production. The lack of free cash on settlement, currency and other bank accounts negatively affects the financial stability of the enterprise and practically means its bankruptcy.

Excessive dependence of the enterprise on external creditors and investors also indicates a too high proportion of borrowed funds in the capital of the enterprise and adversely affects financial stability.

These problems are to some extent typical for most enterprises. This trend has been observed over the past few years and is associated with the post-crisis period, which the state is trying to overcome, alas, too slowly.

As regards StavroPos LLC, and increasing its financial stability, it is possible to implement the following series of measures. First, it is necessary to improve its organizational structure and management structure, create a service that carries out a constant financial analysis of the enterprise's activities in order to manage the financial stability and control over the level of solvency of the enterprise. Secondly, it is necessary to reduce accounts receivable, because a rather large part of it in the total structure of assets reduces the liquidity and financial stability of the enterprise and increases the risk of financial losses of the company. Thirdly, it is necessary to create a reserve for doubtful debts.

3.2. Directions for increasing the financial stability and solvency of the enterprise StavroPos LLC

Event number 1. Establishment of a financial department.

Any measures to improve the financial condition of the enterprise cannot be carried out without the active work of the employees of this enterprise. At the present stage of its functioning, StavroPos LLC is not able to solve various financial problems, including financial analysis, both internal and external. The enterprise does not have not only a department or service that solves these issues, but also specialists who can be entrusted with the implementation of individual measures to improve the financial condition of StavroPos LLC. Employees of the accounting department are engaged in the calculation of individual indicators of financial and economic activity, but in matters of planning and finding ways out of the current situation, they are not competent enough.

The department will solve the following tasks, which are currently not considered at the enterprise or are not fully resolved, namely:

providing financial resources for the current activities of the enterprise, finding reserves to reduce costs, increase profits and increase profitability with full fulfillment of obligations to the budget, banks, suppliers

analysis of the current economic activity of the enterprise;

participation in the implementation of financial and economic activities;

constant analysis and control of tax legislation, control over the timeliness of paying taxes and other obligatory payments to the budget and extra-budgetary funds, as well as debts to the budget and funds;

constant analysis of receivables and payables, analysis of agreements and contracts;

preparation of operational information on the movement of funds in the accounts of the enterprise.

It is natural that the creation of another structural subdivision at the enterprise will lead to an increase in the cost price and will require additional financial investments. But the effect that can be obtained from this event is obvious.

It is planned that the department will consist of the following units, which will perform certain functions.

Department composition:

bureau of financial planning;

Bureau of Operational Accounting of Financial and Settlement Operations;

bureau of operational accounting of financial investments.

The main functions of the financial planning bureau include:

participation in the preparation and endorsement of contracts concluded by the enterprise, in particular the terms of settlements with suppliers and consumers in accordance with the financial plan;

ensuring the fulfillment of financial obligations to creditors;

conducting systematic monitoring of the financial condition of the enterprise based on the analysis of accounting, statistical and operational reporting;

control over the state of normalized working capital.

The Bureau of Operational Accounting for Financial and Settlement Operations performs the following functions:

conducts systematic monitoring of the state of receivables, takes measures to collect them;

prepares materials for filing claims arising from non-payment of invoices by consumers of products;

regulates daily payments to suppliers and contractors.

The bureau of operational accounting of financial investments of the enterprise will exercise control over long-term and short-term financial investments of the enterprise, analyze agreements and contracts.

Suppose that 3 specialists will be initially employed to work in the financial department, and as the need and expansion of the department’s activities, the management will decide to hire additional employees

The costs that the company will have to bear in connection with the creation of a financial department will consist of capital investments in the amount of the cost of a personal computer and furniture (90 thousand rubles) and costs associated with the payment of wages (15 thousand rubles * 12 months + deductions for social needs, total 54 thousand rubles).

Total: 90 + 54 = 144 thousand rubles.

Thus, the inefficient structure of the company's property, in particular the increased accounts receivable, requires immediate work to stabilize and improve the financial condition of StavroPos LLC. This work should be entrusted to the specialists of the financial department, which are proposed to be created at the enterprise.

Event number 2. Creation of a scoring system for counterparty reliability in order to reduce accounts receivable. Implementation of a system of fines.

A well-built database and analysis of statistical data on the fulfillment by the counterparty of its obligations make it possible to make an informed decision on the possibility of providing a commercial loan.

At the enterprise StavroPos LLC, it is necessary to create a system for scoring the reliability of a counterparty based on an analysis of work with him. All counterparties must be grouped into four groups according to the level of reliability:

• increased attention;

  reliable clients;

  "gold" clients.

The reliability of counterparties is assessed based on the period of work with the client, the volume of sales to the client and the amount of overdue debt of this client at the end of the period (see Table 3.1).

Table 3.1

Client Reliability Rating Scale

The assignment of the counterparty to a particular group is carried out on the basis of an integral assessment, which is calculated as the product of scores for all three indicators.

The risk group includes enterprises with an integral score from 1 to 4, the group of increased attention - enterprises with 5-12 points, reliable customers - from 12-27, "gold" - from 28-64.

The next measure to reduce accounts receivable is the introduction of a system of penalties for late payment.

One of the most effective tools to maximize cash flow and reduce the risk of overdue receivables is a system of discounts and penalties. The system for accruing penalties and fines for violation of the payment terms established by the debt repayment schedule should be provided for in the contract. Discounts are provided depending on the term of payment for the goods. For example, with a full prepayment, a discount of 3% of the cost of the goods is provided, with a partial prepayment (more than 50% of the cost of the shipped batch) - a 2% discount, with payment upon shipment - a 1% discount. When providing payment by installments for 7 days, discounts are not provided. In case of delay in payment, the penalty is 1% per day from the total amount owed. These conditions must be specified in the contract.

Activities #3. Creation of a provision for doubtful debts.

The organization creates provisions for doubtful debts in case of recognition of receivables as doubtful.

At the same time, the accounts receivable of the enterprise, which is not repaid or with a high degree of probability will not be repaid within the terms established by the contract and is not provided with appropriate guarantees, is considered doubtful.

Creation of a reserve for doubtful debts in tax accounting is an element of tax planning that allows an enterprise to save on paying income tax. With the help of deductions to the reserve, the organization increases its non-operating expenses and thereby reduces its taxable profit.

In this case, income tax is paid only after the organization receives payment from the buyer for the shipped goods, work performed, services rendered (clause 7 of article 250 of the Tax Code of the Russian Federation).

The Tax Code does not establish a requirement to reflect the creation of a provision for doubtful debts in the accounting policy of an enterprise.

The procedure for creating a reserve for doubtful debts is given in Art. Art. 266 and 313 of the Tax Code of the Russian Federation.

Doubtful debt is debt to the taxpayer, which:

Not repaid within the terms established by the agreement;

Not secured by collateral, surety, bank guarantee.

The amount of the allowance for doubtful debts is determined based on the results of an inventory conducted as of the last day of the reporting or tax period (clause 4, article 266 of the Tax Code of the Russian Federation).

Tax legislation does not establish the specifics of conducting an inventory for the use of its data for tax purposes. Therefore, on the basis of Art. 11 of the Tax Code of the Russian Federation, when forming reserves for doubtful debts in tax accounting, inventory data should be used, which is carried out in accordance with the Guidelines for the inventory of property and financial obligations (approved by Order of the Ministry of Finance of Russia dated 13.06.1995 N 49). This is stated in the Letter of the Ministry of Finance of Russia dated July 26, 2006 N 03-03-04 / 1/612.

The number of inventories in the reporting year, the date of their conduct, the list of property and financial obligations checked during each of them, are established by the head of the enterprise in accordance with the law. Information on the inventory procedure is reflected in the approved accounting policy (Letter of the Ministry of Finance of Russia dated July 17, 2008 N 03-03-06 / 2/84).

When conducting an inventory, the organization checks the correctness and validity of the amounts of receivables, which are listed on the balance sheet of the enterprise (paragraph 3.48 of Methodological recommendations N 49). The results of the inventory of receivables are issued:

Act of inventory of settlements with buyers, suppliers and other debtors and creditors (form N INV-17, approved by the Decree of the State Statistics Committee of Russia dated 18.08.1998 N 88);

Help to the Act of Inventory of Settlements with Buyers, Suppliers and Other Debtors and Creditors (Appendix to Form N INV-17).

They reflect only those amounts of receivables for which the limitation period has not yet expired.

Allocations to the reserve for doubtful debts are included in non-operating expenses on the last day of the reporting or tax period (clause 3, article 266 of the Tax Code of the Russian Federation).

If the reporting period for income tax for an enterprise is a quarter, then deductions to the reserve for doubtful debts are charged to non-operating expenses on the last day of the quarter. If the organization reports on income tax on a monthly basis, then deductions to the reserve for doubtful debts must be included in non-operating expenses on the last day of each month.

Let's consider the possibility of creating reserves for doubtful debts for the company StavroPos LLC.

According to the results of the inventory of receivables for services rendered as of 01.01.2013, the following was revealed:

Debt in the amount of 2170.8 thousand rubles. - the period of occurrence is more than 90 calendar days;

In accounting, all debts are recognized as doubtful. Sales proceeds for 2012 amounted to 9322.02 thousand rubles.

Let's define RSO: 2170.8 * 100% = 2170.8 thousand rubles.

Let's define PSO: 9322.02 thousand rubles. x 10% = 932.2 thousand rubles

Thus, in tax accounting, the amount of the reserve as of 01/01/2013 will be 932.2 thousand rubles.

Creation of a reserve for doubtful debts creates an opportunity to save on income tax in the amount of 186.44 thousand rubles.

The creation of a reserve mitigates the negative consequences of writing off bad debts, but does not eliminate them; in this regard, the basis for managing accounts receivable of StavroPos LLC should be measures to prevent the occurrence of debts and enterprises from recovery.

Summing up the above, it should be noted that the decline in financial stability and solvency is to some extent typical for most enterprises. This trend has been observed over the past few years and is associated with the post-crisis period, which the state is trying to overcome, alas, too slowly.

With regard to the company StavroPos LLC, and increasing its financial stability, it is possible to implement the following series of measures. First, it is necessary to improve its organizational structure and management structure, create a service that carries out a constant financial analysis of the enterprise's activities in order to manage the financial stability and control over the level of solvency of the enterprise. Secondly, it is necessary to reduce accounts receivable, because A rather large part of it in the overall structure of assets reduces the liquidity and financial stability of the enterprise and increases the risk of financial losses for the company. Thirdly, it is necessary to create a reserve for doubtful debts.

CONCLUSION

Financial stability acts as a guarantor of the strong position of a commercial enterprise. The higher the stability of the enterprise, the more it is independent of unexpected changes in market conditions and, therefore, the less the risk of being on the verge of bankruptcy. The assessment of financial stability in the short term is related to the liquidity of the balance sheet and the solvency of the enterprise.

Ensuring a stable financial position of the enterprise allows attracting additional investments, improving the quality of customer service, the range of products sold, increasing sales and, ultimately, increasing the profitability of the enterprise. If the financial stability of an enterprise is considered reliable, then this allows not only to attract investments, but also to receive a deferred payment from suppliers, to raise funds at a lower interest rate, and this reduces costs and increases its competitiveness.

Summing up the final qualification work, I would like to note that the purpose of the study, which is to develop recommendations for improving financial stability, has been generally achieved.

The implementation of the tasks of this work allowed us to obtain the following main results of the study:

The financial stability of an enterprise is the ability of a business entity to function and develop, to maintain a balance of its assets and liabilities in a changing internal and external environment.

To ensure financial stability, an enterprise must have a flexible capital structure, be able to organize its movement in such a way as to ensure a constant excess of income over expenses in order to maintain solvency and create conditions for self-financing.

The financial stability of an enterprise is determined by the level of its financial independence and the level of its solvency.

An analysis of the financial stability of an enterprise is the most important stage in assessing its activities and financial and economic well-being, reflects the result of its current, investment and financial development, contains the necessary information for investors, and also characterizes the ability of an enterprise to meet its debts and obligations and increase its economic potential.

Financial instability is considered normal (acceptable) if the amount of short-term loans and borrowed funds attracted for the formation of stocks does not exceed the total cost of raw materials, materials and finished products.

Assessment of the company's ability to meet its long-term financial obligations is the essence of assessing its financial stability. For the calculation of analytical indicators, data on all sources, on long-term sources, on sources of a financial nature, which is understood as equity, bank loans and loans (long-term and short-term), can be used.

One of the most important criteria for assessing the financial condition of an enterprise is its solvency. In the practice of analysis, a distinction is made between long-term and current solvency. Long-term solvency is understood as the ability of the enterprise to pay for its obligations in the long term.

The ability of an enterprise to pay for its short-term obligations is called current solvency. In other words, an organization is considered solvent when it is able to meet its short-term obligations using current assets.

As a result of the study conducted in the second chapter, the following results were revealed:

As a result of the analysis of the technical and economic analysis, it was revealed that the proceeds from the sale of products tend to increase. In 2010, the volume of product sales amounted to 3500.38 thousand rubles. In 2011, this indicator increased by 35.74% and amounted to 4571.50 thousand rubles. In connection with the increase in production volume, the proceeds from sales in 2012 increased by 96.19% and amounted to 9322.02 thousand rubles. The increase in sales proceeds indicates that the products of the StavroPos LLC enterprise are in demand among the population of the city of Togliatti and every year there is an increase in production activities.

During the analyzed period, the number of employees increased due to the increase in production volume. In 2011, the number of employees of the enterprise amounted to 21 people, which is 26.3% more than in 2010, incl. the number of workers increased by 21.43%. In 2012, the number of employees increased by 14.29%, incl. workers 13.33%.

The largest share in the structure of employees is workers.

The share of workers in the total number of personnel tends to decrease. In 2012, the share of workers was 70.83%, which is 2.85% less than in 2010.

The annual wage fund in 2011 increased by 22.39% and amounted to 2432.23 thousand rubles. And in 2012, this figure amounted to 3002.34 thousand rubles, which is 23.44% more than in 2011.

The average salary of employees in 2012 amounted to 125.1 thousand rubles. Wages per 1 ruble of sold products in 2011 amounted to 0.512 rubles, and in 2012 this figure decreased by 37.08% and amounted to 0.322 rubles.

In 2012, the rate of growth of labor productivity outpacing wage growth was 1.59.

The average annual output of 1 worker in 2011 amounted to 316.77 thousand rubles, and in 2012 this figure increased by 73.11% and amounted to 548.35 thousand rubles. The average annual output of 1 employee amounted to 388.42 thousand rubles.

The average daily output of 1 worker in 2012 amounted to 2211.11 rubles, which is 73.81% more than in 2011.

The average hourly output of 1 worker is 184.26 rubles. in 2012 and 106.01 rubles. in 2011.

Gross profit in 2011 increased by 25.39% and amounted to 1446.36 thousand rubles. In 2012, gross profit increased by 148.35% compared to 2011.

Selling expenses tend to increase in 2012, this indicator amounted to 3232.61 thousand rubles, which is 157.47% more than in 2011, resulting in a decrease in sales profit, and together with management expenses, which increased by 39 .6% was a loss on sales. As a result, the profit from sales in 2011 and 2012 is negative. Profit from sales is declining at a rapid pace, and gross profit is increasing - which means that selling and administrative expenses are pulling the company down.

Net profit in the period 2010-2012 has a negative value. In 2010, net profit amounted to minus 88.01 thousand rubles. In 2012, net profit amounted to -132.51 thousand rubles. In 2012, net profit amounted to minus 1,015.82 thousand rubles. As a result of this analysis, we can say that the company receives losses from its activities. This was due to an increase in selling and management expenses. Therefore, the company needs to pursue a policy to reduce these costs.

Analysis of financial stability showed that the company's balance sheet is not absolutely liquid in the period 2010-2012. The company StavroPos LLC has a payment surplus in the second group of assets and liabilities. This indicates that the organization can fully repay short-term and long-term loans and borrowings. However, there is a shortage of the most liquid assets, as indicated by the negative difference between the first group of assets and liabilities. But this situation cannot indicate a non-payment crisis, given that this group of liabilities includes all accounts payable and other short-term liabilities, which, as a rule, are not presented by creditors for payment at the same time.

In 2011, there was a decrease in solvency indicators compared to 2010. There was a need to attract additional sources of funding. In 2012, the solvency of StavroPos LLC recovered. The company rationally uses borrowed funds.

All the results obtained indicate that the enterprise is financially unstable. As evidenced by the increased coefficient of financial risk. For the period from 2010-2012, this coefficient increased by 0.97 units. The financial balance ratio in 2011 decreased by 0.24 units. And in 2012 it increased by 0.9 units. This indicator characterizes the provision of borrowed funds with own funds. It shows the amount of equity capital that falls on 1 ruble. borrowed funds invested in assets. The higher this indicator, the more stable is the financial position of the enterprise.

The autonomy coefficient in 2012 was 0.25 units, which is 0.7 units less than in 2010.

The financial stability ratio amounted to 0.75 units, which indicates that the StavroPos LLC enterprise is not stable.

An analysis of the probability of bankruptcy using the E. Altman model showed that the probability of bankruptcy of StavroPos LLC is high.

Summing up the whole analysis, it can be noted that despite the fact that the company is increasing production every year and the products are in demand, the profit from sales and net profit are negative, which indicates that the company's activities are inefficient. The negative value of these indicators occurred as a result of an increase in selling and administrative expenses; at the same time, the company's balance sheet is only 25% liquid. The company is financially unstable, despite the fact that the company has restored its solvency. The probability of bankruptcy is high.

The decline in financial stability and solvency is more or less characteristic of most enterprises. This trend has been observed over the past few years and is associated with the post-crisis period, which the state is trying to overcome, alas, too slowly.

As regards StavroPos LLC, and increasing its financial stability, it is possible to implement the following series of measures. First, it is necessary to improve its organizational structure and management structure, create a service that carries out a constant financial analysis of the enterprise's activities in order to manage the financial stability and control over the level of solvency of the enterprise. Secondly, it is necessary to reduce accounts receivable, because A rather large part of it in the overall structure of assets reduces the liquidity and financial stability of the enterprise and increases the risk of financial losses for the company. Thirdly, it is necessary to create a reserve for doubtful debts.

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