Analysis of the effectiveness of the use of working capital of the enterprise. Analysis of the working capital of an enterprise

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Introduction

Section 1. Working capital of the organization

1.1 The essence and composition of working capital, the basics of its organization

1.2 Sources of working capital formation and financing of its growth

1.3 Analysis and efficiency of working capital use

Section 2. Practical part on the example of OAO Severstal

2.1 Analysis of sources of working capital formation

2.2 Analysis of the use of working capital of the enterprise

2.3 Analysis of the liquidity and solvency of the enterprise

Section 3. Analysis of the effectiveness of the working capital management mechanism and substantiation of directions for its improvement

Conclusion

Bibliography

Applications

Introduction

The relevance of working capital management of an organization lies in the fact that any business entity for successful work it is necessary to rationally use working capital in such a way that after covering all costs the company has a positive result.

The main areas of working capital in the enterprise require specific approaches to managing it. Effective management of the enterprise's working capital and borrowed funds allows solving the problems of technical and technological renewal of production and increasing the competitiveness of the enterprise, the profitability of its activities.

The processes of formation of market relations in Russia have significantly changed the characteristics and conditions for managing the working capital of an enterprise, which necessitated the use of new methods and approaches to management.

Objectives of the course work:

Understand what is the working capital of an organization

Consider working capital management in the practical part on the example of JSC "Severstal"

The purpose of the course work: to study the management of working capital of the organization.

Section 1. Working capital of the organization

1.1 The essence and composition of working capital, the basics of its organization

Since one of the important parts of the short-term financial policy of an enterprise is the policy of working capital management, this justifies the need to consider the composition, structure of working capital and the characteristics of its organization in enterprises and organizations.

So, any commercial organization (enterprise) conducting production or other commercial activities must have certain real, that is, functioning property or active capital in the form of fixed and working capital. The concept of working capital is identical to working capital and is one of the components of the property of an economic entity, necessary for the normal implementation and expansion of its activities.

Working capital should be understood as a balance sheet asset that reveals the subject matter of the enterprise's property, in particular, its current and current assets (working capital, receivables, free cash), and working capital is a balance sheet liability, showing what amount of funds (capital ) is invested in the economic activity of the enterprise (own and borrowed). Otherwise, working capital is a value for the formation of current assets of an enterprise. Blank, I.A. Basics financial management: textbook / I.A. Form. - 2nd ed., revised and additional. - K .: Elga, Nika - Center, 2011. - 624 p.

Working capital is the funds that serve the process economic activity participating simultaneously in the production process and in the process of selling products. In ensuring the continuity and rhythm of the process of production and circulation is the main purpose of the working capital of the enterprise.

According to the functional purpose, or role in the process of production and circulation, the working capital of an enterprise is divided into working capital and circulation funds. Based on this division, working capital can be characterized as funds invested in working capital and circulation funds and making a continuous circulation in the process of economic activity.

Revolving production assets serve the sphere of production. They materialize in the objects of labor (raw materials, materials, fuel, etc.) and partly in the means of labor in the form of low-value and wearing out items (IBE) and are embodied in inventories, work in progress, in semi-finished products of their own manufacture.

Thus, circulating production assets serve the sphere of production, fully transfer their value to the newly created product, while changing their original form. And all this - during one production cycle or circulation.

The unification of working capital and circulation funds into a single category - working capital is due to the fact that:

The production process is the unity of the production process and the process of product sales. Elements of circulating capital continuously move from the sphere of production to the sphere of circulation and again return to production.

Elements of working capital and circulation funds have the same nature of movement, circulation, which is a continuous process.

Advance payment means that the used funds are returned to the enterprise after the completion of each production cycle or circuit, including: production of products - its implementation - receipt of proceeds from the sale of products. It is from the sale proceeds that the advanced capital is reimbursed and returned to its original value. Thus, working capital, intended to ensure the continuity of the production process and the sale of products, can be characterized as a set of funds advanced for the creation and use of working capital and circulation funds.

The term "working capital" refers to the mobile assets of an enterprise that are cash or can be turned into cash within a year or one production cycle.

Working capital can be characterized from different positions, but the main characteristics are their liquidity, volume and structure. Since the economic essence of working capital is determined by their role in ensuring the continuity of the reproduction process, during which working capital and circulation funds pass both the sphere of production and the sphere of circulation, while being in constant motion, working capital makes a continuous circulation, which is reflected in the constant renewal production process.

The circulation is not a single process. This is a process that takes place constantly and represents a turnover of capital. Having completed one circuit, circulating capital enters into a new one, that is, the circuit is continuous and there is a constant change in the forms of the advanced value. At the same time, at each given moment of the circulation, working capital functions simultaneously in all stages, ensuring the continuity of the production process. Advance value in various parts simultaneously exists in many functional forms - monetary, productive, commodity.

For the financial services of the enterprise, the circulation of working capital is important for assessing the duration of the production and financial cycles and managing them. The period of turnover of inventories from the moment they enter production, work in progress and finished products until the moment they are shipped form the production cycle, while the financial cycle, covering the process of both production and sales of products, begins with payment for raw materials, materials and other goods. -material assets and ends with the receipt of money from the buyer.

Current assets of the enterprise exist in the sphere of production and in the sphere of circulation. Circulating production assets and circulation funds are divided into various elements that make up the material structure of working capital.

Circulating production assets of enterprises, firms consist of three parts: inventories; work in progress and semi-finished products of their own manufacture; deferred expenses.

Industrial stocks are objects of labor prepared for launch into the production process; consist of raw materials, basic and auxiliary materials, fuel, fuel, purchased semi-finished products and components, containers and packaging materials, spare parts for the current repair of fixed assets.

Work-in-progress and semi-finished products of own manufacture are objects of labor that have entered the production process: materials, parts, components and products that are in the process of processing or assembly, as well as semi-finished products of their own manufacture, not completely finished by production in one workshop of an enterprise, firms subject to further processing in other shops of the same enterprise, firm.

Deferred expenses are intangible elements of working capital, including the costs of preparing and developing new products that are produced in a given period (quarter, year), but are related to products of the future period. These are the costs of designing and developing technology for new types of products, for rearranging equipment and etc.

The structure of working capital, as well as the structure of circulation funds, depends on the sectoral affiliation of enterprises, the nature and characteristics of the organization production activities, conditions of supply and sale, settlements with consumers and suppliers. So, based on the above, we can present the composition and structure of the company's working capital as follows.

These elements of working capital are grouped in various ways. Usually, two groups are distinguished, differing in the degree of planning: standardized and non-standardized working capital.

1.2 Sources of working capital formationand financing of its growth

Among the sources of formation of working capital, there are own, borrowed and borrowed funds. The total amount of own working capital is established by the enterprise independently. Usually it is determined by the minimum need for funds to form the necessary reserves and to ensure the planned volumes of production and sales of products, as well as to make payments on time. Vasilyeva, L.S. Financial analysis: textbook / L.S. Vasilyeva, M.V. Petrovskaya. - 2nd ed., revised. and additional - M.: KNORUS, 2010. - 816 p.

In progress financial planning the enterprise takes into account the growth and reduction of the norms of own working capital, defined as the difference between the norms at the end and the beginning of the planning period. The increase in the standard of own working capital is financed primarily at the expense of own resources.

Along with profit, the so-called stable liabilities are used to replenish own working capital, which are equated to own funds. Sustainable are called liabilities that are constantly used by the enterprise in circulation, although they do not belong to it. As stable liabilities, there are normal arrears of wages and deductions from month to month. social insurance, the balance of the repair (reserve) fund, consumer funds on pledges for returnable packaging, the reserve for future payments. Since these funds are constantly in the turnover of the enterprise and their size fluctuates significantly throughout the year, their minimum amount in a given year is used as a source for the formation of equivalent working capital. During the year, the need of enterprises for working capital may change, so it is not advisable to fully form working capital from their own sources. This would lead to the formation of surplus working capital in individual moments and weakening incentives for their economic use.

The company therefore uses borrowed funds to finance working capital. Additional need for working capital, due to temporary needs, is provided by short-term bank loans.

In addition to own and borrowed funds, borrowed funds are in the turnover of the enterprise. These are accounts payable of all types, as well as funds for targeted financing before they are used for their intended purpose.

1.3 Analysis and efficiency of working capital use

The additional need for own funds and equivalent funds is determined by comparing the total standard for the planned year with the total standard for the previous year. The sources of financing this need are established in the process of drawing up the financial plan of the organization. In cases where in the planned year the enterprise's need for working capital decreases and, as a result, the working capital ratio is reduced, their surplus is formed. The surplus of current assets can be used for new investments or sent to the financial reserve of the company. If the need for working capital increases, and the standard remains at the same level, then there is a shortage of current assets. An increase in working capital can occur due to the following factors: equity;increase in retained earnings; increase in the share of borrowed capital; increase in accounts payable.

Of all the listed factors that form the value of current assets, the most realistic for their growth is the organization's retained earnings, which is extremely problematic for domestic producers in the conditions of the economic crisis. Kovalev. - M.: TK Velby, Prospekt Publishing House, 2010 - 1016 p.

IN modern conditions many enterprises lack working capital, which is due to: internal signs (shortcomings in the work of the enterprise, lack of working capital planning, etc.); external signs (price changes, inflation, decline in production, instability of the regulatory framework and tax legislation).

Costs and risks associated with lack of working capital :

Increasing the duration of the operating cycle;

Decrease in sales due to insufficient stocks of finished products;

Additional costs for resolving issues of additional financing.

Costs and risks associated with excess working capital:

Stocks may deteriorate physically or become obsolete;

The cost of storing excess inventory increases;

Debtors may refuse to pay or go bankrupt;

Increasing property tax

Inflation significantly reduces the real value of receivables and cash.

Therefore, the problem of optimizing working capital is one of the most important, on the solution of which the level of liquidity of a commercial organization depends. At present, a commercial organization must choose either turnover or liquidity, since the value of assets has the opposite effect on these coefficients.

Working Capital Efficiency:

The enterprise should strive to improve the efficiency of the use of working capital. This is necessary in order to maximize the efficiency of the economic activity of the enterprise as a whole. The use of working capital is characterized by three coefficients: turnover, turnover in days and loading.

The turnover ratio of working capital shows how many turnovers make working capital for the analyzed period (quarter, half year, year). It is determined by the formula Kob = = VP / Osr, where Vfi- sales volume for the reporting period; Osr - the average balance of working capital for the reporting period.

The duration of one turnover in days shows the period for which the enterprise returns its working capital in the form of proceeds from the sale of products: D = T / Kob or D = T x Osr / VP, where T- the number of days in the reporting period.

The utilization factor of funds in circulation characterizes the amount of working capital advanced for 1 rub. proceeds from the sale of products. Thus, this indicator represents the working capital intensity, or the cost of working capital to obtain 1 ruble. of products sold: Kz = Osr / VP x 100, where Kz is the utilization factor of funds in circulation (i.e., the reciprocal of the turnover ratio), kop.; 100 is the coefficient for converting rubles into kopecks.

The smaller Kz, the more efficiently working capital is used at the enterprise, the better it financial position.

The release of working capital as a result of accelerating their turnover is determined by the formula DO \u003d Oo - Opl, where DO is the amount of released working capital, Oo is the need for working capital in the planning period (provided there is no acceleration in their turnover), rub.; Opl - the need for working capital in the planning period, taking into account the acceleration of their turnover, rub.

The release of working capital can be absolute and relative.

Absolute release takes place if the actual balances of working capital are less than the standard or the balances of the previous period while maintaining or converting the volume of sales for the period under review.

The relative release of working capital takes place in cases where the acceleration of their turnover occurs simultaneously with the growth in output, and the growth rate of production outpaces the growth rate of working capital balances.

As indicators of the efficiency of the use of working capital, indicators of the efficiency of the use of material resources can be considered. This is due to the fact that the production stocks of the enterprise, as a rule, constitute a significant share of working capital.

Ways to improve the efficiency of working capital use:

1. rationing of working capital;

2. reducing the cost of production;

3. optimization of production stocks;

4. optimizing the delivery of raw materials and supplies;

5. optimization of storage and delivery of finished products;

6. management of receivables;

7. cash management;

8. reduction of the production cycle;

9. Reducing the need for inventory. Nezamaykin, V.N., Yurzinova, L.L. Finance of organizations: management and analysis: study guide / V.N.

Section 2. Practical part by exampleOAO Severstal»

JSC "Severstal") - one of the largest integrated plants for the production

The main types of products manufactured by the enterprise are fittings, wire rod, circle, angle, channel, hexagon, ship steel, steel for bridge building, construction of buildings and structures, steel for pressure vessels, electrical steel, galvanized steel, galvanized steel with a polymer coating , auto sheet, bent profiles, two-layer clad steel, pipe blanks.

The client base of the enterprise includes over 40 thousand Russian and foreign companies operating in the main sectors of the industry, such as construction, automotive, fuel and energy complex, mechanical engineering, shipbuilding and others.

The company is actively working to expand the range of metal products sold, demanding approaches to ensuring its quality, the level of which is confirmed by both international (ABS, Bureau Veritas, Det NorskeVeritas, Germanischer Lloyd "s, Lloyd" s Register) and Russian (Russian Maritime Register of Shipping , Russian River Register, GOST R) certificates.

In 2012-2013, CherMK mastered 54 new types of products for strategic important industries Russian economy. At the same time, the emphasis is on the development of high value-added products in the sector. In 2013 the largest number The NVP was developed for car manufacturers, including companies localizing production in the Russian Federation, as well as for the fuel and energy complex and shipbuilding.

In 2010-2013, the developments of employees of the Nizhny Novgorod Iron and Steel Works were awarded government prizes Russian Federation in science and technology.

The number of employees at the enterprise is more than 400 people. The growth of production capacities, the competitive situation in the dairy products market, the instability of today's economy have necessitated the need to bring enterprise automation to a more high level.

2.1 Analysis of the sources of working capital formation

Sources of formation of working capital and their size have a significant impact on the level of efficiency in the use of working capital. An excess of working capital means that part of the company's capital is idle and does not generate income. At the same time, the lack of working capital will slow down the course of the production process, slowing down the rate of economic turnover of the enterprise's funds.

The question of the sources of working capital formation is important from another point of view. Market conditions are constantly changing, so the company's needs for working capital are unstable. It becomes practically impossible to cover these needs only at the expense of own sources. Therefore, the main task of managing the process of working capital formation is to ensure the efficiency of attracting borrowed funds.

The formation of working capital occurs at the time of the creation of the organization, when its authorized capital is formed. The source of formation in this case is the investment funds of the founders of the organization. In the future, the organization's minimum need for working capital is covered by its own sources: profit, authorized capital, additional capital, reserve capital, accumulation fund and targeted financing. However, due to a number of objective reasons (inflation, growth in production volumes, etc.), the organization has temporary additional needs for working capital. When it is impossible to cover these needs with own sources, the financial support of economic activity is carried out at the expense of borrowed sources: bank and commercial loans, loans, investment tax credit, deferred tax liabilities, investment contribution of employees of the organization, attracted sources - accounts payable, as well as sources equated to own funds, the so-called stable liabilities.

Thus, the sources of the formation of working capital are: working capital liquidity solvency

own funds;

funds equivalent to own;

borrowed funds;

involved funds.

At the expense of own sources, as a rule, the minimum stable part of working capital is formed. The presence of own working capital allows the organization to freely maneuver, increase the effectiveness and sustainability of its activities.

The authorized capital is a set of contributions (calculated in monetary terms) of shareholders to the property when creating an enterprise to ensure its activities in the amounts determined by the constituent documents.

Reserve capital is the funds that go to cover the total balance sheet losses in the absence of other possibilities for their compensation. The amount of reserve capital, the amount of mandatory contributions to it from net profit are determined by the current legislation and the company's charter.

The formation of other funds at the enterprise, in particular the accumulation fund (the amount of deductions, the procedure for using it), may be provided for in the charter or in accounting policy enterprises.

Additional capital shows the increase in the value of property as a result of revaluation of fixed assets and construction in progress of the organization, carried out by decision of the government: received cash and property in the amount of excess of their value over the value of the shares transferred for them. The additional capital can be used to increase the authorized capital, pay off the balance sheet loss for the reporting year, and also distributed among the founders of the enterprise, etc. In this case, the procedure for using the additional capital is determined by the owners, as a rule, in accordance with the constituent documents when considering the results of the reporting year.

Retained earnings are net profit (or part of it) not distributed in the form of dividends between shareholders (founders) and not used for other purposes. Typically, these funds are used to accumulate the property of an economic entity or replenish its working capital in the form of free cash, i.e., ready for a new turnover at any time.

Targeted funding is funds received from other organizations and individuals, budgetary funds intended for the implementation of targeted activities.

In the economic literature, the concept of sources equated to own sources is added to the category of own sources. The basis for such a proposal was the study of the experience accumulated by our science and practice in planning the financing of working capital.

Some resources, although they do not belong to the enterprise, are constantly in its circulation due to the conditions of settlements, and are stable liabilities. Such funds serve as a source of formation of working capital in the amount of their minimum balance. These include, in particular:

minimum wage arrears to employees of the organization;

minimum debt on deductions for social needs (single social tax);

minimum debt on taxes and fees;

the minimum balance of the reserve for future expenses;

minimum debt on advances to buyers.

Borrowings are primarily bank loans and borrowings to meet temporary additional working capital needs. Bank loans are provided in the form of investment (long-term) or short-term loans. The purpose of bank loans is to finance the costs associated with the acquisition of fixed and current assets, as well as financing the seasonal needs of the organization, temporary replenishment of the lack of working capital, settlements and tax payments.

Along with bank loans, sources of financing for working capital are also commercial loans from other organizations, issued in the form of loans, bills of exchange, commodity credit and advance payment.

An investment tax credit is provided to an organization by public authorities and represents a temporary deferment of the organization's tax payments.

Deferred tax liability is that part of deferred income tax that should lead to an increase in income tax payable to the budget in the next reporting period or in subsequent reporting periods.

The investment contribution (contribution) of employees is a monetary contribution of an employee to the development of an economic entity at a certain percentage.

The funds raised in the form of accounts payable are provided to the enterprise for temporary use by suppliers and contractors.

When analyzing the sources of working capital formation, it is necessary to consider ways of financing current assets, the main of which are: self-financing, financing through capital market mechanisms, bank lending, budget lending and mutual financing of business entities.

Self-financing - financing activities at the expense of own funds available to the organization. This is the profit remaining at the disposal of the organization, and depreciation on fixed assets and intangible assets.

However, financing activities from own sources is not always possible and appropriate. Therefore, in order to develop business and allocate funds for the formation and efficient use of working capital, it is necessary to attract additional sources of financing. This source is the capital market. In this case, the options for mobilizing resources are:

equity financing (the organization carries out an additional sale of shares and thereby increases the number of owners or existing owners make additional contributions);

debt financing (an organization sells term securities (bonds) that entitle their holders to long-term current income and return of the provided capital in accordance with the terms of this bonded loan).

This source of funding can provide investment resources to the organization in the long term, provided that investors receive predictable returns on capital investments.

Bank lending is one of the most common sources of financing activities. Obtaining a bank loan mainly depends on the correctness of the justification by the borrowing organization of the need to obtain a loan. Bank lending can be carried out to finance current, financial and investment activities.

With budget financing, an organization can receive funds from budgets different levels. Budget financing refers to funds received by an organization for specific purposes. Funds of budget financing can be directed to the implementation of current activities and investment projects.

In the process of functioning, organizations have numerous economic ties, they supply each other with raw materials, materials, products on terms of payment with a deferred payment, thereby, as it were, financing each other. Mutual financing allows for short-term financing of current activities.

Summarizing the above, it is necessary to pay attention to the importance of the analytical substantiation of the processes of financing current assets. The quality of the solution of this issue has a direct impact on the financial condition and the possibility of "survival" of the enterprise. The absence in the economic literature of clearly formulated criteria for assessing the process of formation of working capital, of course, complicates the practical work of analysis at enterprises. Therefore, in the process of analyzing the sources of working capital formation, it is necessary to assess the enterprise's need for working capital and compare it with the amount of available financial sources. In addition, the analysis of the sources of working capital formation should include not only an assessment of their dynamics, but also a consideration of their structure both as a whole by types of sources, and a detailing of the internal structure of individual sources by components. When determining the expediency of attracting a particular financial source, it is necessary to compare the profitability of investments of this type and the cost (price) of this source.

The need of the enterprise for its own and borrowed funds is an object of planning, and here a large role belongs to the rationing of working capital. Therefore, the issues of analyzing the needs of an enterprise in working capital and the sources of their formation on the basis of comprehensively justified norms and standards are currently relevant.

2.2 Analysis of the use of working capital of the enterprise

The efficiency of the use of working capital is characterized by a system of economic indicators, primarily the turnover of working capital. The turnover of working capital is characterized by a number of interrelated indicators: the duration of one turnover in days, the number of revolutions for a certain period (turnover ratio), the amount of working capital employed at the enterprise per unit of output (load factor).

The duration of one turnover of working capital is calculated by the formula:

O \u003d Co: T / D,

where O is the duration of the turnover, days;

Co - balances of working capital (average or on a certain date), rub.;

T - the volume of marketable products, rub.;

D is the number of days in the period under review, days.

Reducing the duration of one turnover indicates an improvement in the use of working capital.

The number of turnovers for a certain period, or the turnover ratio of working capital (Ko), is calculated by the formula:

The higher the turnover ratio under these conditions, the better the use of working capital.

The utilization rate of funds in circulation (Kz), the reciprocal of the turnover ratio, is determined by the formula:

In addition to these indicators, the indicator of return on working capital can also be used, which is determined by the ratio of profit from the sale of the company's products to the balance of working capital. Indicators of turnover of working capital can be calculated for all working capital involved in the turnover, and for individual elements. The change in the turnover of funds is revealed by comparing the actual indicators with the planned or indicators of the previous period. As a result of comparing the turnover of working capital, its acceleration or deceleration is revealed. With the acceleration of the turnover of working capital, material resources and sources of their formation are released from circulation, with a slowdown, they are involved in turnover additional funds. The release of working capital due to the acceleration of their turnover can be absolute and relative. Absolute release takes place if the actual balances of working capital are less than the standard or the balances of the previous period while maintaining or exceeding the volume of sales for the period under review. The relative release of working capital takes place in cases where the acceleration of their turnover occurs simultaneously with the growth in output, and the growth rate of production outpaces the growth rate of working capital balances

2.3 Analysis of liquidity and solvency of the enterprise

Balance sheet liquidity is defined as the extent to which an organization's liabilities are covered by its assets, the maturity of which is equal to the maturity of the liabilities.

Analysis of the liquidity of the balance sheet consists in comparing the funds of the asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with the liabilities of the liability, grouped by their maturity and arranged in ascending order of terms.

Depending on the degree of liquidity, that is, the rate of conversion into cash, the assets of the enterprise are divided into the following groups:

· A1 - the most liquid assets: short-term financial investments and cash;

· A2 - quick assets: short-term receivables;

· A3 - slow-moving assets: stocks and VAT, long-term accounts receivable, other current assets;

· А4 - hard-to-sell assets: non-current assets.

Table 1 Balance liquidity analysis

	At the beginning of the period	At the end of the period		At the beginning of the period	At the end of the period



Marketable assets (A2)			Short-term liabilities (P2)
			Long-term liabilities (P3)
Hard-to-sell assets (A4)			Permanent liabilities (P4)


Most liquid assets (A1)			Most urgent liabilities (P1)
Marketable assets (A2)			Short-term liabilities (P2)
Slow selling assets (A3)			Long-term liabilities (P3)
Hard-to-sell assets (A4)			Permanent liabilities (P4)

For the liquidity of the enterprise, it is necessary to compare the calculations made by groups of assets and groups of liabilities. The balance is considered liquid if the following ratios are met simultaneously:

A1? P1; A3? P3; A2? P2; A4? P4.

Table 2 Liquidity balance of the enterprise

To assess the solvency of the organization, three relative liquidity indicators are used, which differ in the set of liquid funds considered as coverage for short-term obligations.

The analysis showed that the balance sheet is liquid, since most of the conditions are met in both 2012 and 2013.

Section 3Analysis of the effectiveness of the working capital management mechanism and justification forboards of its improvement

Asset management is carried out by the accounting department, which prepares draft current plans for all types of activities in accordance with orders from consumers of products, works (services) and concluded contracts, as well as justifications and calculations for them. Also, the investment policy and asset management of the enterprise are being implemented, their optimal structure is being determined, proposals are being prepared for the replacement, liquidation of assets, the securities portfolio is being managed; the development of working capital standards and measures to accelerate their turnover are being organized.

The efficiency of the enterprise largely depends on the correct determination of the need for working capital. For normalized working capital (for inventories, for finished products, for work in progress), the company calculates the standards. Plans for the purchase of materials (materials are expressed in physical terms) and financial plans (inventories are expressed in value terms) are being developed. For the main production, a standard is set - consumption per month. For warehouses that provide technical preparation for production - the standard is quarterly consumption. For finished products and work in progress, the standards are set in accordance with the orders of consumers of products and concluded contracts.

Stocks at the enterprise occupy the largest specific gravity in the asset structure. The largest share in the structure of reserves is occupied by raw materials and materials, WIP and finished products. Surplus stocks at the enterprise are sold.

The existing stock management policy at the enterprise is not effective enough: the share of stocks in the structure of assets tends to increase, the duration of stock turnover in days does not meet the recommended value. Kovalev, V.V., Volkova, O.N. Analysis of the economic activity of the enterprise: textbook / V.V. Kovalev, O.N. Volkov. - M.: Velby, 2010. - 424 p.

To control accounts receivable in the accounting department, a special program has been developed and is in operation. Each structural subdivision, having received a printout of debtors and having carried out mutual settlement, immediately informs about it. The maturity of advanced amounts for finished products does not exceed 3 months.

Profitability of current assets - a derived indicator of the profitability of sales and turnover of current assets.

Conclusion

In economic science, working capital is one of the most important and at the same time complex economic categories.

One of the main components of working capital is the company's inventories, the task of the financial manager is to identify the result and costs associated with the storage of inventories and make a reasonable balance.

Accounts receivable is another important component of working capital. One of the tasks of the financial manager for managing receivables is to determine the risk of insolvency of buyers.

Cash and cash equivalents are the most liquid part of working capital. Choosing between cash and securities, the financial manager solves the problem that the production manager solves.

Short-term liabilities (liabilities) are the obligations of an enterprise to its suppliers, banks, the state, etc., planned for repayment within the next 12 months. Some enterprises can solve their problems of short-term financing by pledging existing assets, others - by selling them partially.

Financial planning of production and financial activities of the organization an integral part of for every organization. Grade financial condition organization is the first stage of financial planning, as it gives an opinion on the possibility of liquidating the organization based on a comparison of the liquidation value of the organization and the current market value of the organization. The forecast of the aggregated financial statements is carried out on the basis of additional data from the profit and loss account and the balance sheet.

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Applications

Annex 1

The results of calculating the increase or decrease in the required working capital by the years of the forecast and the first year of the post-forecast period (conditional figures)

Parameter name	Retrospective period	forecast period	Post-forecast period
	at the beginning of 2012	at the end of 2012	2013	2014	2015	2016
Revenue, thousand rubles
Share of required working capital in revenue
Required own working capital, thousand rubles.
Decrease (increase) in own working capital, thousand rubles.

Annex 2

Comparative analytical balance sheet of the company's assets for 2012-2013.

Name of balance sheet items	Row codes	Horizontal analysis, thousand rubles	Vertical analysis, %


fixed assets
Section 1 Total
2. Current (current) assets
including:
Future expenses

Cash
Section 2 total


1. Non-current (long-term) assets fixed assets
Section 1 Total
2. Current (current) assets
including: raw materials, materials and other similar values
Future expenses
Accounts receivable (within 12 months)
Cash
Section 2 total

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2.3. Calculation and evaluation of turnover indicators

The duration of funds in circulation is influenced by external and internal factors.

External factors - this is the field of activity of the enterprise, industry affiliation, the scale of the enterprise, the economic situation in the country and the associated business conditions of the enterprise.

Internal factors - pricing policy of the enterprise, structure of assets, methodology for estimating reserves.

To assess the turnover of working capital, the following indicators are used.

1. Working capital turnover ratio:

Kob \u003d B: CO,

where Kob - turnover ratio (in revolutions);

B - proceeds from sales; products, works, services (thousand rubles);

SO - the average value of working capital (thousand rubles).

According to the financial statements, this indicator can be calculated as follows:

Kob \u003d B: 0.5 (p. 290 b. n.g. + p. 290 b. k. g.).

The turnover ratio shows the number of turnovers made by working capital for a certain period of time, and characterizes the volume of sales per 1 ruble invested in working capital.

2. Duration of one turnover of working capital:

Tob \u003d COt: B,

where Tob - the duration of the period of circulation of working capital (in days);

SO - the average value of working capital;

t is the reporting period (in days);

B - proceeds from the sale of products.

3. Coefficient of fixing working capital:

Kz \u003d CO: V.

The coefficient of fixing (or loading) working capital - an indicator that is the inverse of the turnover ratio, is used for planning and shows the amount of working capital per 1 ruble of sold products.

When calculating turnover ratios, trade organizations use the indicator of sales of goods at selling prices.

The acceleration of capital turnover contributes to a reduction in the need for working capital (absolute release), an increase in production volumes (relative release) and an increase in profits. As a result, the financial condition of the enterprise improves, solvency is strengthened.

The main factors affecting the size and speed of turnover of working capital of the enterprise are:

The scale of the enterprise (small business, medium, large);

The nature of the business or activity, i.e. the sectoral affiliation of the enterprise (trade, industry, construction, etc.);

The duration of the production cycle (the number and duration of technological operations for the production of products, the provision of services, works);

The quantity and variety of consumed types of resources;

Geography of product consumers and geography of suppliers and subcontractors;

Payment system for goods, works, services;

solvency of clients;

The quality of banking services;

Growth rates of production and sales of products;

The share of added value in the price of the product;

Accounting policy of the enterprise;

Qualification of managers;

Inflation.

The amount of absolute savings (attraction) of working capital can be calculated in two ways.

1. The release (attraction) of working capital from circulation is determined by the formula

ΔСО = СО1 – СО0 × Крп,

where ΔСО is the amount of savings (-) (attracting) (+) working capital;

SO1, SO0 - the average value of the working capital of the enterprise for the reporting and base period;

Krp is the coefficient of production growth (in relative units).

2. The release (attraction) of working capital as a result of a change in the duration of turnover is determined by the formula

ΔCO = (Tob1 - Tob0) × Water,

where Tob0, Tob1 - the duration of one turnover of working capital (in days);

Vodn - one-day sales of products.

The value of the increase in the volume of production due to the acceleration of working capital is determined by the method of chain substitutions:

ΔVr = (Tob1 – Tob0) × CO1.

The influence of the turnover of working capital on the increment of profit ΔР can be calculated by the formula:

ΔР = Р0× Kob1 / Kob0– Р0,

where P0 is profit for the base period;

Kob1, Kob0 - turnover ratios of working capital for the reporting and base periods.

Often, for analytical purposes, it is required to determine private indicators of turnover, while instead of the total amount of current assets, individual constituent elements are used. Partial turnover rates are calculated based on a specific turnover. As a special turnover, indicators are used for inventories - the amount of their consumption for production, for work in progress - the receipt of goods at the warehouse, for finished products - shipment, for shipped products - its sale.

The absolute release (loading) of funds from circulation is the sum of the values of the two indicated factors.

The total amount of the absolute release of working capital, or their loading into circulation, can be determined from the data of the second section of the balance sheet. The difference in the total value of current assets at the beginning and end of the year (quarter, month) will show their total change in the turnover of the enterprise for the analyzed period

Of great importance for the efficiency of the use of working capital is the calculation of the relative release of working capital (RC), which is defined as the difference between the amount of working capital of the base period (OSB), recalculated (adjusted) for the turnover of sales of products and services of the analyzed (reporting) period (Watch) , and the actual value of working capital in the analyzed (reporting) period (OSotch):

OV = OSb × Watch / Vbase - OSotch,

where Vbaz, Watch - turnover on the sale of products and services, respectively, in the base and reporting periods.

Relative release shows how much the actual value of working capital (OSotch) is less (greater) than the amount that would be required by the enterprise in the analyzed period, based on the conditions for their use in the base year (quarter, month). For these purposes, the base value of working capital (OSbase) is adjusted for the rate of growth (decrease) in the volume of sales.

2.4. Calculation and evaluation of the effectiveness of the use of working capital

The efficiency of the use of working capital is characterized by two factors:

an increase in the turnover of working capital;

· Reducing the need for working capital by 1 ruble of output.

The growth of capital turnover contributes to saving this capital (reducing the need for working capital); increase in production volumes and, ultimately, an increase in profits.

As a result of the acceleration of turnover, the material elements of working capital are released, less stocks of raw materials, materials, fuel, work in progress, etc. are required, and, consequently, the monetary resources previously invested in these stocks and backlogs are also released. The released financial resources are deposited on the current account of enterprises, as a result of which their financial condition improves, and solvency is strengthened.

Based on the results of turnover, the amount of savings in working capital (absolute or relative release) or the amount of their additional attraction is calculated.

To determine the amount of relative savings (overspending) of working capital, two approaches can be used.

In the first approach, this value is found as the difference between the amount of working capital that actually took place in the reporting period and its value for the period preceding the reporting period, reduced to the production volumes that took place in the reporting period:

ΔObC = ObC1 – ObC0 × Tr,

where ObS1 - the amount of working capital of the enterprise at the end of the reporting year;

obS0 - the amount of working capital of the enterprise at the end of the base year of operation;

Tr is the coefficient of production growth.

In this expression, ObS0 - the value of the value of working capital - is recalculated using Tr - the coefficient of production growth. The result is the value of the amount of working capital that would be necessary for the enterprise while maintaining unchanged production volumes. The resulting value is compared with the actual value of this indicator in the reporting period.

In the second approach for calculating the relative savings of working capital, they proceed from a comparison of the turnover of working capital in different reporting periods:

ΔObS = B / 360 (Kob1 - Kob0),

where B / 360 - one-day sales;

Kob1 - turnover of working capital in the second reporting period, days;

Kob0 - turnover of working capital in the first reporting period, days.

In this expression (Kob1 - Kob0) - the difference in the turnover of working capital is reduced to the volume of products sold using the coefficient of one-day sales (B / 360).

To determine the value of the increase in the volume of production due to an increase in the turnover of working capital (ceteris paribus), we will use the dependence B - the volume of sales of the company's products - on the SV - the amount of working capital necessary for the operation of the enterprise:

B \u003d Kob × ObS,

where Kob - the number of turnovers of working capital, i.e. the turnover ratio of working capital, which is equal to

Cob \u003d B / Osr.

In a market economy, finances are the main constraint. If financial resources are available, then the remaining resources necessary to ensure the growth of sales volumes can be acquired.

Let us denote by ΔB the increase in production due to the acceleration of the turnover of working capital. To determine its value, you can use the method of chain substitutions.

Considering that the change in the number of revolutions is an intensive factor affecting the increase (decrease) in the volume of sales of products, the calculations are carried out as follows:

ΔB \u003d ΔKob × ObS1,

where ΔKob = Kob1 – Kob0 is the increase in the number of turnovers of working capital during the reporting period.

Working capital ensures the turnover of all resources in the enterprise. The need for total working capital (current working assets), along with the scale of production, is determined by the time of its turnover. Reducing this time allows you to increase the efficiency of the use of working capital, increase their return (profitability).

The circulation of working capital is associated with the implementation of the entire range of business operations for:

Purchase of raw materials and materials, components. In the process of these operations, accounts payable are formed;

Compensation, when normal accounts payable are also formed

Payment for services of third parties and credit payments;

Shipment and sale of products and services in which receivables arise;

Payment of taxes and settlements with tax authorities.

To this end, when analyzing the effectiveness of the use of working capital, an analysis is made of the dependence of the profitability of working capital on the indicators of turnover of working capital and profitability of sales (Rpr), which is calculated as the ratio of profit from sales of products (Pr) to the volume of products sold (VR):

Rpr \u003d Pr / Vr;

Rob \u003d P / Os,

that is, the profitability of working capital is directly proportional to the profitability of sales and turnover of working capital. This conclusion is of great importance for the development of an enterprise strategy to improve the financial efficiency of working capital.

When analyzing the effectiveness of the use of working capital, it is necessary to investigate all components of the operating cycle and the financial cycle, to identify and implement reserves for accelerating the turnover of working capital. The operating cycle (Ots) is measured by the time of the full turnover of all funds of the enterprise, including funds in the form of accounts payable for the supply of raw materials and materials.

The financial cycle (FC) is measured by the time from payment for raw materials and materials to the moment the funds are returned, in the form of revenue for products sold:

Ots \u003d Fts + Tkz \u003d Tz + Tdz + Tkz;

Fts \u003d Ots - Tkz \u003d Tz + Tdz,

where Ots - the duration of the operating cycle;

Fts - the duration of the financial cycle;

Tz - the time of circulation of funds included in stocks (warehouse, work in progress, finished products, etc.);

Tdz - the time of circulation of receivables;

Tkz - the time of circulation of accounts payable.

Accelerating the circulation of current assets and reducing the time of the financial cycle depends, therefore, on many factors, primarily related to:

Reducing the time of circulation of funds included in stocks:

Тз = Average value of stocks / One-day turnover at cost price;

Reducing the time of circulation of receivables:

Tdz \u003d Average receivables / One-day turnover for product sales

The time of the operating cycle depends, in addition, on the reduction of the time of circulation of accounts payable:

Tkz = Average accounts payable / one-day turnover for the supply of materials.

All factors affecting the efficiency of the use of current assets of an enterprise can thus be combined into three large blocks:

1) production and technological, affecting stocks;

2) organizational and settlement, determining the amount of receivables;

3) credit-organizational, which determine the volume of attracting resources into circulation in the form of accounts payable.

Analytical work at the enterprise should be aimed at identifying opportunities to accelerate turnover in these critical areas. In addition, it is necessary to take into account as much as possible the fact that the completion of the turnover of resources is the act of selling goods and receiving revenue (its crediting to the current account).

Obviously, the efficiency of economic activity, a stable financial condition can be achieved only with sufficient and coordinated control over the movement of profits, working capital and cash.

The main source of information for analyzing the relationship between profits, working capital and cash flow is the balance sheet, appendix to the balance sheet, profit and loss statement. A feature of the formation of information in these reports is the accrual method, and not the cash method. This means that the income received or the costs incurred may not correspond to the actual "inflow" or "outflow" of cash in the enterprise.

The report may show a sufficient amount of profit, and then the estimate of profitability will be high, although at the same time the enterprise may experience an acute shortage of funds for its functioning. Conversely, the profit may be insignificant, and the financial condition of the enterprise is quite satisfactory. The data shown in the reporting of the enterprise on the formation and use of profits do not give a complete picture of the real process of cash flow. For example, to confirm what has been said, it is enough to compare the amount of balance sheet profit shown in the income statement with the amount of change in cash in the balance sheet. Profit is only one of the factors (sources of formation) of the liquidity of the balance sheet. Other sources are: credits, loans, issue of securities, contributions of founders, etc.

Therefore, in some countries, the cash flow statement is currently preferred as a tool for analyzing the financial condition of the company. This approach allows a more objective assessment of the company's liquidity in terms of inflation and taking into account the fact that the accrual method is used in the preparation of other reporting forms, that is, it involves the reflection of expenses, regardless of whether the corresponding amounts of money are received or paid.

The main financial criterion for the effectiveness of the use of working capital is their profitability (Ros), calculated as a percentage of gross profit (P) to the average cost of working capital (OS) for the analyzed period:

Ros = P / OS × 100% = Profit before tax / 0.5 (line 290 of the beginning - line 290 of the balance sheet).

This indicator characterizes the amount of profit attributable to the ruble of operating working capital, i.e. their financial profitability; can be calculated both relative to the value of own working capital, and their total value.

In order to most fully reflect the real profitability of the company's current assets in the numerator of the fraction, it is advisable to take the amount of net profit (cleared from all taxes and other payments to the budget). This indicator reflects the real financial efficiency of the use of the working capital of the enterprise. The higher this figure, the better.

Profitability of working capital is directly proportional to the profitability of sales and turnover of working capital. This conclusion is of great importance for the development of an enterprise strategy to improve the financial efficiency of working capital. The company has two ways to solve this problem: either the growth of profitability of sales, or the increase in turnover of working capital. Both of these directions give the maximum effect in their optimal combination in the specific conditions of the enterprise. It should be borne in mind that working capital is the most active part of the total capital of the enterprise and the overall profitability of using the capital of the enterprise as a whole largely depends on their effective use. And the greater the share of working capital in its total volume, the more noticeable the influence of this factor. In practice, increasing the level of financial efficiency of the use of working capital is an important reserve for the growth of the financial stability of enterprises and corporations.

3. Ways and reserves to improve the efficiency of the use of working capital

The financial condition, liquidity and solvency of the organization to a greater extent depend on the level of business activity, the optimal use of working capital, assessment of its size and structure. Due to the fact that current assets form the bulk of the company's liquid assets, their value should be sufficient to ensure the rhythmic and uniform operation of the organization and, as a result, profit.

The use of working capital in economic activity should be carried out at a level that minimizes time and maximizes the speed of circulation of working capital and its transformation into real money supply for subsequent financing and acquisition of new working capital. The need for financing proportionally depends on the rate of turnover of assets.

The lower the turnover of working capital, the greater the need to attract additional sources of financing, since the organization does not have its own funds to carry out business activities. Thus, the indicators of working capital turnover are closely related to the solvency and liquidity of the balance sheet structure.

The main reserves for accelerating the turnover of working capital, taking into account the characteristics of each stage of the circulation, are shown in table 3.1.

As can be seen from Table 3.1, an increase in the efficiency of working capital can be achieved as a result of the impact on manufactured products, the planning system and the organization of production. Significant reserves are also available in the field of organization of production and labor. The correct use of economic incentives is also important. At the production stage, there are three main areas for saving materials by reducing unit costs: improving the design of products, reducing waste during processing (due to the use of more advanced technologies) and eliminating defects, which should lead to a decrease in the material consumption of products.

Table 3.1

Reserves for accelerating the turnover of working capital

reserves	Object of influence	Result
Reducing the material consumption of manufactured products	Manufactured products	Reducing the need for materials, raw materials, components, reducing the share of working capital in inventories
Reducing the duration of the production cycle of manufacturing products	manufactured products and	Reducing the share of working capital in work in progress
Improving the planning and formation of working capital	Technical and organizational level of production	Increasing the accuracy of calculating working capital ratios and strengthening control over their value
Improving the logistics system	Technical and organizational level of production	Reducing the standard of working capital in inventories
Automation and mechanization of loading and unloading and warehouse operations	Technical and organizational level of production	Reducing the standard of working capital in inventories and finished products in the company's warehouse
Improvement of the product marketing system	Marketing system	Reducing the standard of working capital in finished products
Implementation of best practices in material consumption	Organization and production technology	Reducing the need for materials and raw materials

Now consider the stages of working capital optimization.

1. Optimization of the volume of working capital. If the amount of working capital is underestimated, then the company will constantly experience a lack of funds, have a low level of liquidity, interruptions in the production process, loss of profit. On the contrary, the greater the excess of current assets over current liabilities, the higher the liquidity of the enterprise, however, an increase in the amount of working capital compared to the optimal need for them leads to a slowdown in their turnover and also reduces the amount of profit. Therefore, the optimization of the volume of working capital should proceed from the chosen type of policy for the formation of current assets, providing a given level of correlation between the efficiency of their use and risk. The optimization process takes place taking into account the results of the analysis of working capital in the previous period. On this stage has a direct impact on the planned volume of production. The result is the optimal amount of working capital for the coming period.

2. Optimization of the ratio of the constant and variable parts of working capital. The need for certain types of current assets and their amount as a whole varies significantly depending on seasonal and other features of the implementation of operating activities. Therefore, in the process of managing current assets, their seasonal (or cyclical) component should be determined, which is the difference between the maximum and minimum demand for them throughout the year. Optimization of the ratio of the constant and variable parts of working capital is based on the results of the analysis of the dynamics of the level of working capital.

3. Optimization of the working capital structure. In the process of optimization, the problem of determining such a structure of working capital, which provides the greatest value of profit and profitability of working capital, is solved. In addition, this structure should ensure the financial stability of the enterprise, which is directly related to the choice of sources of financing for working capital. The result of executing this function is:

· the optimal volume and structure of working capital, which are a quantitative justification for decision-making for a financial manager in the process of planning and operational management of working capital;

· the calculated maximum values of profit and profitability of working capital, which were obtained as a result of working capital optimization.

Conclusion

Working capital is a part of the capital that changes its natural material form and completely transfers its value to finished products during one production cycle.

The main task of working capital is to ensure the continuity, continuity of production and economic activities. Therefore, the size of the working capital of the enterprise, its composition and structure must ensure the fulfillment of this task all the time while products are made from raw materials and sold in the sphere of circulation.

The working capital of the organization, making a circuit, serves both the sphere of production and the sphere of circulation. At the same time, the natural-material form of working capital is constantly changing. In accordance with the functions performed, the in-kind composition of working capital is divided into working capital and circulation funds. Working capital includes: inventories, work in progress, deferred expenses, finished products in stock. Circulation funds include: goods shipped but not paid for, receivables, cash and settlements, securities and short-term investments.

In the process of turnover of production assets and circulation funds, stages of circulation occur. The circulation of funds begins with the advance of value in cash for the purchase of raw materials, materials, fuel and other means of production. As a result, cash takes the form of inventories, a transition is made from the sphere of circulation to the sphere of production, the cost of raw materials is advanced into production. The second stage of the circuit takes place in the process of production, where a new product is created with the help of labor power, value is created again, the advanced value changes its form - from the productive form it passes into the commodity form. The third stage of the circulation is the sale of manufactured finished products and the receipt of funds. Working capital is again moving from the sphere of production to the sphere of circulation.

Sources of formation of working capital are own, borrowed and additionally attracted funds.

At the expense of own sources, the minimum stable part of working capital is formed. The presence of own working capital allows the enterprise to freely maneuver, increase the effectiveness and sustainability of its activities.

The formation of working capital occurs at the time of the organization of the enterprise, when creating its authorized capital. The source of education in this case is the invested funds of the founders of the enterprise. In the future, the minimum need of the enterprise for working capital is covered from its own sources: profit, authorized capital, accumulation fund and targeted financing. However, due to a number of objective reasons (inflation, growth in production volumes, delays in paying customer bills, etc.), the enterprise has temporary additional needs for working capital, which cannot be covered from its own sources.

In these cases, financial support for economic activity comes from attracting borrowed sources: bank and commercial loans, loans, investment tax credit, investment contribution of employees of the enterprise, bonded loans and other sources equated to own funds, the so-called stable liabilities. Funds that do not belong to the enterprise, but are constantly in its circulation, serve as a source of the formation of working capital in the amount of their minimum balance. These include: the minimum month-to-month payroll arrears to employees of the organization, reserves to cover future expenses, the minimum carry-over debt to the budget and off-budget funds, funds of creditors received as an advance payment for products (works, services), funds of buyers on pledges for returnable packaging, carry-over balances of the consumption fund, etc.

In the analysis of working capital, the company's need for working capital is assessed and compared with the amount of available financial sources. Moreover, the analysis of working capital monitors not only the dynamics, but also the structure as a whole by types of sources, the detailing of the internal structure of individual elements.

The expediency of attracting a specific financial source is based on a comparison of the profitability indicators of investments of this type and the cost (price) of the source. This is especially true for loans.

The change of priorities in the market conditions entails a change in the need of the enterprise for working capital, making them unstable. In this connection, it is almost impossible to cover these needs exclusively from our own sources. Experience shows that it is often more justified to use borrowed funds than own ones.

Information on the size of own sources of funds is presented mainly in the section of the balance sheet “Capital and reserves” and in the appendix to the annual balance sheet. Information on borrowed and attracted sources of funds is presented in the liabilities side of the balance sheet in the section "Current liabilities", as well as in the appendix to the annual balance sheet. In general, the following sources of information are distinguished for the analysis of working capital: the financial statements of the organization (forms No. 1, 2, 4, 5), the logistics plan, contracts for the supply of raw materials and materials, statistical reporting forms on the availability and use of material resources, operational data of the logistics department, analytical accounting information on the receipt, consumption and balance of material resources, etc.

In the process of analysis of working capital, the dynamics of own working capital is considered, absolute and relative deviations from the plan and actual data of past years are determined. In the future, when conducting an analysis of financial stability, a comparison is made of the value of own working capital with the company's need for reserves. Comparison of the growth rates of these indicators makes it possible to judge the security of the enterprise with its own working capital.

The second stage of the analysis is the assessment of factors affecting the level of own working capital. The factors are the structural elements that form both section III of the balance sheet "Capital and reserves" and non-current assets of the enterprise. To determine the share of participation of own funds in the formation of current assets of the enterprise, the following indicators are calculated: the ratio of the enterprise's own working capital, the ratio of stocks of own working capital, the coefficient of maneuverability. The coefficients are analyzed in dynamics, compared with the established standards and can be used in a comprehensive assessment of the financial stability of the enterprise.

For a comprehensive assessment of the liquidity of the balance sheet, the absolute value of net working capital (it is also often called net working capital), which is the excess of current assets over current liabilities, is determined. The dynamics of its size and composition to a decisive extent determine: the current financial condition of the organization, its ability to meet its obligations to business partners, the state, founders, its employees; the ability to ensure the stability of production and supplies. Signs of a troubled net working capital position are delays in paying suppliers and paying wages; penalties for suppliers and deterioration in the terms of supply (terms, prices, payment procedure); penalties for late payments to the budget and extra-budgetary funds; decrease in business activity and failure to fulfill obligations to customers; growth in short-term bank loans and increased dependence on the bank.

The turnover of net working capital shows how many times during the year current assets were used to generate income. The faster the turnover of net working capital (cash - inventories - work in progress - debtors - cash) with a constant sales volume, the higher the financial result of the activity. It is possible to accelerate the turnover of net working capital due to the volume of sales and net working capital.

Management of net working capital comes down to: optimization of production and warehouse stocks; careful selection of customers and control over receivables; careful selection of suppliers and obtaining preferential terms of supply; drawing up and fulfilling the schedule of payment and receipts.

The organization's working capital management is based on determining the optimal volume and structure of current working assets, sources of their coverage and the ratio between them, ensuring the stable and efficient operation of the enterprise. Working capital ensures the continuity of the production process, so the composition and volume of needs is determined by the needs of production and circulation. The calculation of the need for working capital is carried out depending on the time they spend in the sphere of production and circulation. The shorter the turnaround time, the more efficiently working capital is used. With weak business activity, each ruble of current assets generates less revenue and profit. As a result, it is necessary to attract additional funds for economic turnover and, above all, at the expense of profit.

All current assets are divided into standardized and non-standardized. The normalized ones include circulating production assets (materials, work in progress) and part of the circulation funds - finished products in stock. The task of rationing is to determine the need for resources necessary to form the minimum required amount of working capital. The norm of working capital characterizes the ratio of the necessary stocks of material and monetary resources and the corresponding indicator of the activity of the association, enterprise. The calculation of working capital standards is carried out by three methods: analytical, or experimental-statistical, method; coefficient method; by direct counting. The main method is direct counting. The general norm of own working capital is calculated in the amount of their minimum requirement for the functioning of production and the implementation of settlements on time.

The duration of the funds in circulation is influenced by external and internal factors. External factors - this is the field of activity of the enterprise, industry affiliation, the scale of the enterprise, the economic situation in the country and the associated business conditions of the enterprise. Internal factors - pricing policy of the enterprise, structure of assets, methodology for estimating reserves. To assess the turnover of working capital, the following indicators are used: the turnover ratio of working capital, the duration of one turnover of working capital, the coefficient of fixing working capital.

Accelerating the turnover of working capital allows you to reduce the need for them and use the released funds to solve other problems of the enterprise. An increase in the turnover ratio of working capital, which is equal to the number of turnovers of working capital during the year, means a decrease in the organization's need for working capital.

The fixing ratio (the reciprocal of the turnover ratio) characterizes the share of working capital per 1 ruble of products sold. In a successful organization, it should tend to decrease.

The duration of one turnover of working capital is an indicator equal to the number of days of one turnover of working capital. The shorter the turnaround time, the less the organization's need for its own normalized working capital. The released funds can be used to develop other industries or solve social problems, as well as to increase production volumes without attracting additional funds.

The efficiency of the use of working capital is characterized by two factors: an increase in the turnover of working capital; a decrease in the need for working capital by 1 ruble of output. Based on the results of turnover, the amount of savings in working capital (absolute or relative release) or the amount of their additional attraction is calculated.

The efficiency of the use of working capital lies not only in accelerating their turnover, but also in reducing the cost of production by saving natural-material elements of working capital assets and distribution costs. Since the general indicators of the efficiency of industrial enterprises are the amount of profit and the level of overall profitability, it is necessary to determine the impact of the use of working capital on these indicators.

The circulation of working capital is associated with the implementation of the entire range of business operations for: the purchase of raw materials and materials, components; wages; payment for services of third parties and credit payments; shipment and sale of products and services in which receivables arise; payment of taxes and settlements with tax authorities. To this end, when analyzing the effectiveness of the use of working capital, an analysis is made of the dependence of the profitability of working capital on the indicators of turnover of working capital and profitability of sales, which is calculated as the ratio of profit from sales of products to the volume of products sold.

Increasing the efficiency of working capital can be achieved as a result of the impact on manufactured products, the planning system and the organization of production. Significant reserves are also available in the field of organization of production and labor. The correct use of economic incentives is also important. At the production stage, there are three main areas for saving materials by reducing unit costs: improving the design of products, reducing waste during processing (due to the use of more advanced technologies) and eliminating defects, which should lead to a decrease in the material consumption of products.

At the implementation stage, attention should be paid to the indicator of the share of finished products in the total amount of working capital. As practice shows, a high share of finished products in the warehouse is typical for insolvent enterprises (up to 60% of the value of current assets). In order to achieve efficiency economic activity it is necessary to achieve a decrease in this indicator.

The leaders of the organization, in order to increase the efficiency of its activities, should organize constant monitoring of compliance with the standards and dynamics over time of actual unit costs and turnover of working capital. The fact is that material costs in many cases have a significant share in the total production costs which, in turn, have a significant impact on profits.

List of sources used

1. Analysis of the financial and economic activities of the enterprise / Ed. A.I. Lyubushina. – M.: UNITI-DANA, 2000. – 312p.

2. Bakanov M.I. et al. Theory of economic analysis. - M.: Finance and statistics, 2000. - 416 p.

3. Vasilyeva L.S., Petrovskaya M.V. The financial analysis. - M.: KNORUS, 2007. - 816 p.

4. Gilyarovskaya A.T. Comprehensive economic analysis of economic activity. – M.: TK Velby, Prospekt Publishing House, 2006. – 360 p.

5. Efimova O. V. Financial analysis. - M.: Accounting, 2001. - 402 p.

6. Ionova A.F., Selezneva N.N. The financial analysis. - M .: TK Velby, Publishing House Prospekt, 2007. - 624 p.

7. Kovalev A.I. and other analysis of the financial condition of the enterprise. - M.: Center for Economics and Marketing, 2000. - 408 p.

8. Kovalev V.V., Volkova O.N. Analysis of the economic activity of the enterprise. - M .: LLC "TK Velby", 2002 - 523 p.

9. Comprehensive economic analysis of economic activity / A.I. Alekseeva, Yu.V. Vasliev, A.V. Maleeva, L.I. Ushvitsky. – M.: KNORUS, 2009. – 688 p.

10. Complex economic analysis of the enterprise / Ed. N.V. Voitolovsky, A.P. Kalinina, I.I. Mazurova. - St. Petersburg: Peter, 2009. - 576 p.

11. Kreinina M.N. The financial condition of the enterprise: Methods of evaluation. - M.: DIS, 2000 - 325 p.

12. Moky M.S. Economics of the organization (enterprise). - M .: publishing house "Exam", 2005. - 224 p.

13. Savitskaya G.V. Analysis of the economic activity of the enterprise. – M.: INFRA-M, 2002. – 413 p.

14. Stoyanova E.S., Bykov E.V. Working capital management. - M.: Prospect, 2000. - 156 p.

15. Chernov V.A. Economic analysis. – M.: UNITI-DANA, 2009. – 639 p.

Composition, structure and classification of the organization's working capital. Brief description of JSC "MAGE", accounting of working capital. Assessment of the possibility of implementing the proposed measures for the effective use of working capital.

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Introduction

1.1 Composition, structure and classification of the working capital of the organization

2.2 Accounting for working capital

2.3 Methodology for analyzing the composition and structure of working capital

2.4 Methodology for analyzing the effectiveness of the use of working capital

Chapter 3. Analysis of the effectiveness of the use of working capital of JSC "MAGE"

3.1 Analysis of the composition and structure of working capital for 2009-2011

3.2 Analysis of the effectiveness of the use of working capital of JSC MAGE

Conclusion

Bibliographic list

INTRODUCTION

The relevance of this study lies in the fact that in a market economy, changes in the composition and dynamics of current assets as the most mobile part of capital, the state of which largely depends on the financial condition of the enterprise, require especially careful analysis. At the same time, it should be borne in mind that a stable structure of working capital indicates a stable, well-established process of production and marketing of products. The effective use of working capital plays a significant role in ensuring the normalization of the work of an economic entity, increasing the level of profitability of production and depends on many factors. External factors, as a rule, include the general economic situation: tax legislation, conditions for obtaining loans and interest rates on them, the possibility of targeted financing, participation in programs financed from the budget. These factors determine the framework within which any economic entity can use the internal reserves of the rational movement of working capital.

Making a profit today is the result of correct decisions on the proportions of capital investment in working capital, taken even before the start of the enterprise's operating activities. The amount of profit of the enterprise, and hence its further development, depends on how working capital is used. Working capital is involved in the production process and is one of the main management issues in the enterprise. It is generally known that for the normal functioning of each business entity, working capital is primarily cash used by the enterprise to acquire working capital and circulation funds. Rational and economical use of working capital is a top priority for the enterprise. In this regard, the study of problems related to improving the efficiency of the use of working capital of enterprises is of particular importance, since, regardless of the form of ownership, industry and technological features, the scale of production, the movement of the cost of resources and their circulation become possible only thanks to the maintenance of these processes by working capital. .

At present, the disruption of economic ties has a negative impact on the change in the efficiency of the use of working capital and the slowdown in their turnover; violation of contractual and payment and settlement discipline and reduced access to loans due to high bank interest - in this regard, the study of problems related to improving the efficiency of the use of working capital of enterprises is of particular importance, since regardless of the form of ownership, industry and technological features, scale production, the movement of the value of resources and their circulation become possible only thanks to the maintenance of these processes with working capital.

The foregoing is the relevance of the topic of this graduation qualifying work"Accounting and analysis of the organization's working capital" (on the example of JSC "MAGE").

Methodological foundations thesis were regulatory documents on accounting for current assets, as well as the works of domestic and foreign assets on the research topic.

Research methods: linear, vertical, coefficient analysis.

The object of the study is the open joint-stock company "MAGE".

The subject of the study is the accounting and analysis of the organization's working capital (on the example of MAGE JSC).

The purpose of this final qualifying work is to consolidate the acquired knowledge of accounting and analysis of the activities of the working capital of the enterprise.

To achieve the goal, the following tasks were set:

Composition, structure and classification of the organization's working capital.

Sources of working capital formation and efficiency of its use.

Working Capital Accounting

Methodology for analyzing the composition and structure of working capital

Efficiency Analysis Methodology

The practical significance of this final qualification work lies in the possibility of implementing the proposed measures for the effective use of working capital in the activities of MAGE JSC. Subject of study: working capital management system. The practical significance of this final qualification work lies in the possibility of implementing the proposed measures for the effective use of working capital in the activities of MAGE JSC.

working capital

Chapter 1 Theoretical Foundations of Working Capital

1.1 Composition, structure and classification of the working capital of the enterprise

Capital is the means that a business entity has to carry out its activities for profit Kondrakov, N. P. Accounting: textbook / Kondrakov N. P. - M .: INFRA, 2010 .- P. 43.

Working capital can be defined as a component of productive capital, which includes a part of constant capital (raw materials, materials, fuel, work in progress) and all variable capital. In other words, circulating capital includes the value of objects of labor (constant capital) and variable capital expended on the purchase of labor power. At the same time, the constant has the property of self-expansion due to the receipt of surplus value, and the variable can only be reproduced in the same volume.

Modern Western approaches to financial management are based on the concept of current assets - the working capital of an enterprise, considering fixed capital as funds, resources for investment in order to generate income, funds invested in an enterprise in the form of equity capital (authorized fund) or in the form of other forms long term financing, that is, they consider productive capital simply as money, abstracting from the material forms of the existence of capital and its movement1.

So, working capital is the means that serve the process of activity, participating simultaneously in the production process and in the process of selling products.

A feature of working capital is that it is not spent, not consumed, but is advanced into various types of current costs of an economic entity. The purpose of advance payment is to create the necessary inventories, backlog of work in progress, finished products and conditions for its implementation. Thus, working capital, intended to ensure the continuity of the production process and the sale of products, can be characterized as a set of funds advanced for the creation and use of working capital and circulation funds.

Revolving production assets of enterprises consist of three parts:

Production stocks are objects of labor necessary to start the production process, consisting of raw materials, basic and auxiliary materials, fuel, fuel, spare parts and components;

Work in progress (objects of labor that entered the production process: materials, parts, components and products) and semi-finished products of their own manufacture;

Deferred expenses are intangible elements of working capital assets, including the costs of preparing and developing new products.

Along with the listed material elements involved in inventories or in work in progress, circulating production assets are also represented by deferred expenses necessary to create backlogs, install new equipment, etc.

Another element of working capital is circulation funds. They are not directly involved in the production process. Their purpose is to provide resources for the circulation process, to serve the circulation of enterprise funds and to achieve unity of production and circulation. Circulation funds include: finished products in warehouses, goods in transit, cash and funds in settlements with consumers of products, in particular, receivables. Khokhlov V.V. Features of working capital management Russian enterprises. - M.: graduate School, 2009 - p. 34

The unification of working capital and circulation funds into a single category - working capital is due to the fact that, firstly, the reproduction process is the unity of the production process and the process of product sales. Elements of circulating capital continuously move from the sphere of production to the sphere of circulation and again return to production. Secondly, the elements of circulating funds and circulation funds have the same nature of movement, circulation, which is a continuous process.

The financial condition of the enterprise and its sustainability largely depend on what property the enterprise has, in what assets the capital is invested, and what income they bring to it.

The funds of the enterprise can be used both in its internal turnover and outside it (accounts receivable, long-term and short-term financial investments, cash in accounts).

The composition and structure of borrowed funds has a great influence on the financial condition of the enterprise; the ratio of long-term, medium-term and short-term financial obligations.

Attracting borrowed funds into the turnover of an enterprise is a normal phenomenon. This contributes to a temporary improvement in his financial condition, provided that they are not frozen for a long time in circulation and are returned in a timely manner. Otherwise, overdue accounts payable may arise, which ultimately leads to the payment of fines and a deterioration in the financial situation.

Working capital can be in the sphere of production (stocks, work in progress, deferred expenses) and in the sphere of circulation (finished products in warehouses and shipped to customers, funds in settlements, short-term financial investments, cash on hand and in bank accounts, goods and etc.). Capital can function in monetary and material forms. In the period of inflation, the presence of funds in the form of money leads to a decrease in their purchasing power, because. they are not revalued due to inflation.

Depending on the degree of exposure to inflationary processes, all balance sheet items are classified into monetary and non-monetary. Monetary assets -- balance sheet items that reflect funds and liabilities in the current monetary value. Therefore, they are not subject to revaluation. These include cash, deposits, short-term financial investments, funds in settlements. Non-monetary assets -- fixed assets, capital construction in progress, inventories, work in progress, finished goods, goods for sale. Their real value changes with time and price changes and therefore requires revaluation.

Depending on the degree of risk of investing capital, working capital is distinguished with:

Minimal investment risk (cash, short-term financial investments);

Low risk of investments (accounts receivable minus doubtful debts, production stocks minus stale, balances of finished products minus not in demand, work in progress);

High investment risk (doubtful receivables, stale stocks, finished products that are not in demand).

From a legal standpoint, capital should be considered as the ratio of property and liabilities arising from the formation of this property.

From a financial point of view, the capital of an enterprise should be defined as the time-varying ratio of an enterprise's assets to its debts. Therefore, the basis for developing the principles of accounting for the capital of an enterprise should be an objective legal basis, and for the calculation, evaluation and analysis of the state and movement of capital, it is necessary to use financial approaches more often.

Business in any field of activity begins with a certain amount of cash, through which the necessary amount of resources is acquired, the production process and products are organized.

At the first stage, the advanced and invested capital is used to acquire the means of production, objects of labor and labor power, this is done in the form of money, in the sphere of circulation. At the second stage, in the process of production, the components of the first stage are transformed into a commodity, while the value of this commodity exceeds the value of its constituent parts, since it contains, in addition to the advanced capital, surplus value. Therefore, the movement of funds in the process of circulation in the first and second stages is reflected in the form of expenses. In the third stage, implementation - in the form of income. Thus, the surplus value arising in the process of production is expressed in the form of income brought by capital. This process can be defined as the layering of operating profit on advanced, invested capital in a circular process.

Circulation is a process that takes place constantly and represents a turnover of capital. Having completed one circuit, circulating capital enters into a new one, i.e. the circuit is uninterrupted and there is a constant change in the forms of the advanced value. At the same time, at each given moment of the circulation, working capital functions simultaneously in all stages, ensuring the continuity of the production process. Advance value in various parts simultaneously exists in many functional forms - monetary, productive, commodity.

The acceleration of circulation releases (mobilizes) funds. At the same time, there is a direct relationship between the amount of capital and the time of its turnover. The longer the turnover period lasts, the greater the amount of funds in circulation. Consequently, the faster the capital makes a circuit, the more the enterprise will receive and sell products with the same amount of capital for a certain period of time. A delay in the movement of funds at any stage leads to a slowdown in capital turnover, requires additional investment of funds and can cause a significant deterioration in the financial condition. Abryutina, M.S. Analysis of the financial and economic activities of the enterprise / M .: Delo and service, 2008. -C 67.

The target setting for working capital management is to determine its volume and structure, sources of their coverage and the ratio between them, sufficient to ensure long-term production and effective financial activity of the enterprise. The grouping of enterprise assets is shown in Figure 1.

With a low level of working capital, production activities are not properly supported, hence the possible loss of liquidity, periodic disruptions in work and low profits. At some optimal level of working capital, profit becomes maximum. A further increase in the amount of working capital will lead to the fact that the company will have at its disposal temporarily free, inactive current assets, as well as excessive financing costs, which will lead to a decrease in profits.

Rice. 1 - Grouping of enterprise assets

Despite important role capital as a substance that forms a business in the process of applying labor and entrepreneurial initiative to capital, studying the formation, movement and reproduction of capital in research modern specialists not given due attention. Often, capital is considered only as something derivative, playing a secondary role, and the process of the enterprise's activity is placed in the first place. In this case, the role of capital is naturally belittled, and it is capital that is the basis for the emergence and implementation of the enterprise's activities, since it is capital that brings income to the enterprise in the process of its functioning, movement, and not the activity of the enterprise itself. Only capital has the property to generate income. This happens not because of its rarity, but because capital is a material substance, a mechanism capable of generating income, since it sets in motion labor and ideas, embodying them in an entrepreneurial initiative.

1.2 Sources of working capital formation and efficiency of its use

In the course of the analysis of the sources of capital formation, their value is determined, the structure and dynamics are studied, and the balance ratios between individual groups of capital sources are assessed. The sources used by enterprises to form capital are divided into own, borrowed and gratuitously received.

Own funds include funds invested in the enterprise by owners or participants (authorized capital), retained earnings and equity funds created by the enterprise. At the same time, since the sources of capital formation are of a different nature, the principles for assessing their value should be different.

The authorized capital reflected in the balance sheet is the minimum advanced capital for the creation and start-up of the enterprise, otherwise it can be called start-up capital. The formation of the authorized capital of the enterprise is possible both in the form of cash and in the form of tangible and intangible assets. It is part of the amount of equity contributed by the founders (participants) at the time of the establishment of the enterprise. The amount of the formed authorized capital is determined, as a rule, by the capabilities of the owners - the founders and the necessary conditions for the implementation of this type of business. At the same time, the minimum amount of the authorized capital of the enterprise is established in accordance with the requirements of Russian legislation.

The cost of the contribution of owners to the authorized capital of the enterprise should be estimated at the nominal value of the contribution and reflect the amount actually advanced to the enterprise. Therefore, accounting for the authorized capital should be carried out at the nominal value of the shares or the contribution of the founders to the authorized capital of the enterprise. Equity funds of the enterprise also belong to the equity of the owners of the enterprise and are created by their decision, while having various reasons for the formation. By the nature of formation, funds are divided into two categories: obligatory funds (reserves) and those created for the purpose of redistributing profits to increase equity capital, consumption or investment.

The reserve capital is created by the decision of the owners in the amount reflected in the constituent documents in accordance with the requirements of the law, through the use of net profit, and is intended to cover possible losses and losses arising from emergency (unplanned) circumstances.

Additional capital reflects the size of the increase in current capital as a result of the revaluation of fixed assets, the occurrence of share premium, and also to account for the increase in the capital of the enterprise due to property received free of charge. Additional capital funds can be used to increase the authorized capital, to cover the losses of the enterprise, to distribute to the founders. The additional capital is not used for current consumption by the enterprise and serves to maintain a certain level of the value of the capital of the enterprise. Accounting for funds and retained earnings generated by the enterprise should be carried out in a balance sheet assessment, while they should be shown in accounting registers at the actual, current value for the enterprise.4

It is necessary to include all the funds attracted by the enterprise, regardless of where they are received from and at what price, to borrowed sources of capital. Borrowed sources of capital are: bank loans, loans provided by other investors, financing from the state budget and temporarily attracted funds from creditors. They should be accounted for at present value at the time the funds are received.

Temporarily attracted funds (accounts payable) arise within the framework of the resulting commodity credit, depending on the terms of payment and the good faith of partners, as well as delays in remuneration of employees of the enterprise, etc. This type of capital source is estimated at the current value at the time of occurrence.

The general structure of the sources of capital of an enterprise can be represented using the diagram shown in Figure 2.

The source of capital formation of the enterprise - advanced capital - gives the enterprise an abstract right to dispose of assets. At the same time, on the basis of ownership, sources of capital are divided into own and borrowed. In order to conduct an external, financial analysis, capital, with its existing division into equity and attracted, must be evaluated in the unity of the sources of its formation, in general, as attracted capital.4

So, the sources of formation of working capital are own, borrowed and additionally attracted funds. At the expense of own sources, as a rule, the minimum stable part of working capital is formed. The presence of own working capital allows the organization to freely maneuver, increase the effectiveness and sustainability of its activities.

Funds received by the enterprise free of charge are manifested in the form of financing from budgets of various levels, as well as in the form of sponsorship from various organizations, financial assistance received from institutions. Kovalev, V.V. Financial analysis: Money management. Choice of investments. Reporting analysis./ - M.: Finance and statistics, 2009, -p.32

Rice. 2 - Scheme of the structure of sources of capital

The formation of working capital occurs at the time of the creation of the organization, when its authorized capital is formed. The source in this case is the investment funds of the founders of the organization. In the future, the organization's minimum need for working capital is covered by its own sources: profit, authorized capital, reserve capital, accumulation fund and targeted financing. However, due to a number of objective reasons (inflation, growth in production volumes, delays in paying customer bills, etc.), the organization has temporary additional needs for working capital. When it is impossible to cover these needs from own sources, the financial support of economic activity is accompanied by the attraction of borrowed sources: bank and commercial loans, loans, investment tax credit, investment contribution of employees of the organization, bonded loans, as well as sources equated to own funds, the so-called sustainable sources. liabilities. These are funds that do not belong to the organization, but are constantly in its circulation. These funds serve as a source of formation of working capital in the amount of their minimum balance. These include: the minimum monthly wage arrears to employees of the organization, reserves to cover future expenses, the minimum carry-over debt to the budget and extra-budgetary funds, creditors' funds received as an advance payment for products (works, services), buyers' funds for pledges for returnable packaging, carry-over balances of the consumption fund.

Borrowed funds are mainly short-term bank loans, with the help of which temporary additional needs for working capital are satisfied. The main directions of attracting loans for the formation of working capital are: lending to seasonal stocks of raw materials, materials and costs associated with the seasonal production process; temporary replenishment of the lack of own working capital; implementation of settlements and mediation of payment turnover. Berdnikova, T.B. Analysis and diagnostics of the financial and economic activity of the enterprise: a tutorial. / - M.: INFRA-M, 2008.-S 69

Bank loans are provided in the form of investment (long-term) loans or short-term loans. The purpose of bank loans is to finance expenses associated with the acquisition of fixed and current assets, as well as financing the organization's seasonal needs, temporary growth in inventories, receivables, tax payments, and extraordinary expenses. Short-term loans can be provided by government agencies, financial companies, commercial banks, factoring companies.

Along with bank loans, the sources of financing of working capital are also commercial loans of other organizations, issued in the form of loans, bills, trade credit, advance payment.

An investment tax credit is provided to an organization by public authorities and represents a temporary deferment of the organization's tax payments. In order to receive an investment tax credit, an organization enters into a loan agreement with the tax authority at the place of registration of the organization.

The investment contribution of employees is a monetary contribution of an employee to the development of an economic entity at a certain percentage. The interests of the parties are formalized by an agreement or a regulation on an investment deposit.

The organization's needs for working capital can also be covered by issuing debt securities or bonds. The bond certifies the loan relationship between its holder and the person who issued the document. Bonds assume urgency, repayment and payment with a fixed, floating or evenly increasing coupon rate, as well as with a zero coupon (interest-free bonds). The payment of income on interest-free bonds is made once when the securities are redeemed at the redemption price. According to the terms of the loan bonds are classified into short-term (1-3 years), medium-term (3-7 years), long-term (7-30 years). The bonds of the organization are highly profitable securities, although their reliability is lower than that of other securities.

It should also highlight other sources of working capital formation, which include the organization's funds that are temporarily not received for their intended purpose (funds, reserves, etc.).

The correct ratio between own, borrowed and borrowed sources of working capital formation plays an important role in strengthening the financial condition of the organization.

The determination of the expediency of attracting a particular financial source is carried out on the basis of a comparison of the profitability indicators of investments of this type and the cost (price) of this source. This problem is especially relevant for borrowed funds.

In the process of circulation of working capital, the sources of their formation, as a rule, do not differ, but this does not mean that the system for the formation of working capital does not affect the speed and efficiency of the use of working capital. An excess of working capital will indicate that part of the organization's capital is idle and does not generate income. Its lack slows down the course of the production process, slowing down the rate of economic turnover of the organization's funds.

The question of the sources of working capital formation is also important because the market situation is constantly changing, which means that the organization's needs for working capital are not stable. It is often practically impossible to cover them only at the expense of own sources. The attractiveness of the organization's work at the expense of its own sources fades into the background. Experience shows that in most cases the efficiency of using borrowed funds is higher than that of own funds. In such conditions, the main task of managing the process of formation of working capital is to ensure the effectiveness of attracting borrowed funds.

In conclusion, we note that among the indicators of the structure of capital sources, the following should be distinguished:

The structure of individual sources of capital and their dynamics over the period:

the value of own sources;

The amount of long-term borrowed sources;

The amount of short-term borrowed sources.

Cost, weighted average cost and cost structure of capital sources.

Aggregate indicator of the cost of sources of capital.

An indicator of the effect of financial leverage, the same as gearing, but only in this case it is considered as a tool for managing capital, and not just as an indicator of the structure of capital sources.

The financial position of the enterprise and its stability largely depend on how optimal the ratio of own and borrowed capital is.

The effect achieved as a result of the acceleration of turnover is expressed primarily in an increase in output without additional attraction of financial resources. In addition, due to the acceleration of capital turnover, there is an increase in the amount of profit, since it usually returns to its original monetary form with an increment. If the production and sale of products are unprofitable, then the acceleration of the turnover of funds leads to a deterioration financial results and the "eating" of capital.

It follows from this: one must strive not only to accelerate the movement of capital at all stages of the circulation, but also to the maximum return, which is expressed in an increase in the amount of profit per ruble of capital. Increasing the profitability of capital is achieved by the rational and economical use of all resources, preventing their overspending, losses at all stages of the cycle. As a result, the capital will return to its original state in a larger amount, i.e. with a profit. Thus, the efficiency of capital use is characterized by its profitability (profitability) - the ratio of the amount of balance sheet profit to the average annual amount of total capital.6

Efficient use of working capital plays an important role in ensuring the normalization of the enterprise, increasing the level of profitability of production and depends on many factors. In modern conditions, a huge negative impact on the change in efficiency Baryshnikov, NP Accounting, report, taxation. / - M.: Filin, 2008,.-p. Factors that influence the use of working capital and slow down their turnover are: violation of contractual and payment and settlement discipline; high level of tax burden; reduced access to credit due to high bank interest rates. All of these factors are objective and, of course, affect the use of working capital of the enterprise.

At the same time, enterprises have internal reserves to improve the efficiency of the use of working capital. Measures to find such reserves are included in the task of financial services. This:

Rational organization of inventories (resource saving, optimal rationing);

The stay of working capital in work in progress (the introduction of the latest technologies, especially waste-free ones, the renewal of the production apparatus, the use of modern, cheaper construction materials);

Efficient organization of circulation (improvement of the settlement system, rational organization of sales, bringing consumers of products closer to their manufacturers, systematic control over the turnover of funds in settlements).

Solvency, i.e. the ability to repay their debt obligations on time;

Liquidity, i.e. the ability to make the necessary expenses at any time;

Opportunities for further mobilization of financial resources.

Working capital management is important in solving the key problem of the financial condition: achieving the optimal ratio between the growth of production profitability (maximizing profit on invested capital) and ensuring sustainable solvency, which serves as an external manifestation of the financial stability of the enterprise. An extremely important task is the provision of reserves and costs of the enterprise with sources of their formation and maintaining a rational ratio between own working capital and borrowed resources directed to replenish working capital.

The efficiency of capital use is determined by the results of its operation and the relationship with the costs necessary to obtain these results. Currently, the efficiency of capital use, as a rule, means the amount of profit received per ruble of invested capital.

Since the state of capital in the course of the enterprise's activity is constantly changing, in our opinion, in addition to the indicator of the amount of profit received, the efficiency of capital functioning should also be determined by a more general indicator - the amount of capital growth for the period. Therefore, as the main criteria in assessing the efficiency of the use of capital, it is necessary to apply several indicators, namely: the profit received by the enterprise for the reporting period, the change in the indicators of the financial condition as a whole, the indicators of the business activity of the enterprise, and the amount of capital growth of the enterprise for the period.

When determining the efficiency of capital use, both the methods of financial and investment analysis and the methods of complex analysis of capital should be used.

The impact of the amount of capital on other performance indicators of the enterprise can be seen using the diagram shown in Figure 3.

The main objectives of the analysis of the effectiveness of the functioning of capital are:

Determining the impact of profit on capital;

Establishment of capital gains;

Assessment of the impact on the financial position of the enterprise of the state of capital indicators.

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Rice. 3 - The relationship between the amount of capital and other indicators of the enterprise

A generalizing indicator of the effectiveness of the use of working capital is an indicator of its profitability, calculated as the ratio of profit from the sale of products to the amount of working capital:

ROCK \u003d PRP / JUICE * 100%, (1)

where ROCK - profitability;

PRP - profit from the sale of products;

SOK - working capital.

This indicator characterizes the amount of profit received for each ruble of working capital, and reflects the financial efficiency of the enterprise, since it is the working capital that ensures the turnover of all resources in the enterprise.

The duration of one turnover (turnover of working capital) in days is determined by dividing the working capital of the SOK by a one-day turnover, defined as the ratio of the volume of sales to the duration of the period in days or as the ratio of the duration of the period to the number of turnovers of the BER:

OBOK \u003d JUICE: RP / D \u003d (SOCD) / RP \u003d D / BER, (2)

where OBOK - turnover of working capital;

RP - sales volume;

D is the duration of the period in days;

KOB - the number of revolutions.

The turnover rate characterizes the direct turnover ratio (number of turnovers) for a certain period of time - a year, a quarter. This indicator reflects the number of circuits made by the working capital of the enterprise, for example, per year. It is calculated as the quotient of the volume of products sold divided by working capital, which is taken as the average amount of working capital:

BER = RP / SOK (3)

Direct turnover ratio shows the value of sales per 1 ruble of working capital. An increase in this ratio means an increase in the number of turnovers and leads to the fact that: an increase in output or sales volume for each invested ruble of working capital; the same volume of production requires a smaller amount of working capital.

The reverse turnover ratio or working capital utilization factor shows the amount of working capital spent on each ruble of sold products:

KZ \u003d SOB / RP \u003d 1 / BER, (4)

where KZ - load factor;

SOB - the amount of working capital.

To characterize the sources of formation of reserves and costs, several indicators are distinguished.

Own current assets (SOS) - an absolute indicator representing the difference between equity and non-current assets:

SOS = p.490 - p.190 (according to form 1) (5)

Own and long-term borrowed funds (DOS) - is defined as the difference between own and long-term borrowed funds and non-current assets:

SDOS = SOS + p.510 (according to form 1) (6)

The total value of the main sources of formation of reserves and costs of the enterprise (OOS) is an absolute indicator characterizing the sufficiency of normal sources of formation of reserves and costs.

According to various authors, this indicator is calculated in different ways. Some authors (Sheremet A.D., Savitskaya G.V.) believe that it should be calculated by adding the value of short-term loans and borrowings to the previous indicator and is calculated using formula (7). Other authors, such as Kovalev V.V. and Borisov L.N., believe that the total value of the main sources of formation of reserves and costs, in addition to the previous indicator and the value of short-term loans and borrowings, includes a part of accounts payable (attracting commodity loans and advances for work and orders) and is calculated by the formula (8):

OS = SDOS + p.610 (7)

OOS = SDOS + p.610 + p.621 + p.622 p.627 (8)

* - formulas are filled according to form 1

Stocks and costs (ZIZ) - an absolute indicator that characterizes the availability of stocks and costs in an enterprise in an unfinished state for conducting normal financial and economic activities:

ZIZ = p.210 (according to form 1)

One of the indicators characterizing the financial position of an enterprise is its solvency - this is the ability to pay off its payment obligations in a timely manner. Liquidity indicators are used to assess the solvency of an enterprise.

The liquidity of the balance sheet is the ability of a business entity to turn assets into cash and pay off its payment obligations, or rather, it is the degree of coverage of the company's debt obligations by its assets, the period of conversion of which into cash corresponds to the maturity of payment obligations.

The efficiency of capital use is characterized by its profitability (profitability). To characterize the intensity of the use of capital, the coefficients of its turnover are calculated.

The main profitability indicators are calculated in Table 1.

The analysis of business activity and profitability is to study the levels and dynamics of various financial ratios turnover and profitability, which are relative indicators of financial results.

Table 1

Profitability indicators

Name indicator	Calculation method	Explanations

Profitability of sales	Profit from sale / Sales revenue	Shows how much profit falls on a unit of product sold
2. Profitability	Revenue from sales/	Shows how much profit
core business	Full cost	accounts for one ruble of expenses
3. Overall return on total capital	Balance sheet (net) profit/ Average capital (balance sheet currency)	Shows the efficiency of using all capital
4. Return on equity	Balance sheet (net) profit/ Average equity	Shows the effectiveness of the use of equity capital
5. Payback period of equity	Average equity/ Net profit	Shows how many years the owners will pay back their investments at the current level of profitability
6. Return on investment capital	Balance sheet (net) profit/ Average cost of equity and long-term liabilities	Shows the effectiveness of the use of capital invested in the activities of the organization for a long period of time
7.Fundorability	Balance sheet (net) profit/ Average value of non-current assets	Shows the effectiveness of the use of fixed assets and other non-current assets

Business activity characterizes the results and efficiency of current core activities. Evaluation of business activity is carried out at a qualitative and quantitative level. The main indicators of business activity are calculated in Table 2.

The relationship between the indicators of profitability of total capital and its turnover is expressed as follows:

table 2

Business Activity Indicators

Name indicator	Calculation method	Explanations
1. Labor productivity or output per worker	Sales revenue/average headcount	It characterizes the efficiency of the use of labor resources.
2. Return on assets	Sales revenue/ fixed assets	Characterizes the efficiency of the use of fixed assets
3.Inventory turnover, in turnovers	Cost and distribution costs / avg. productions. reserves	Characterizes the duration of the passage of stocks of all stages of production and sale
4. Accounts receivable turnover	Sales revenue/ Average receivables	Characterizes the speed of repayment of the company's accounts receivable
5. Accounts payable turnover	Cost and distribution costs/ average credit debt	Characterizes the speed of repayment of accounts payable of the enterprise
6. Turnover of equity capital	Sales revenue/ Average cost of capital	Characterizes the turnover rate of the company's own capital

To characterize the sources of formation of reserves, three main indicators are determined:

The presence of working capital -- as the difference between capital and reserves-mi (section III liabilities) and non-current assets (section I asset); characterizes net working capital:

SOS \u003d IIIr P - Ir A, (10)

where SOS - own working capital;

IIIr P - section III of the liabilities side of the balance sheet;

Ip A -- section I of the asset balance;

The presence of own and long-term borrowed sources of formation of reserves and costs (SD) is determined by increasing the previous indicator by the amount of long-term liabilities:

SD \u003d SOS + IVpP; (eleven)

where IVpП - section IV of the balance sheet liabilities.

The total value of the main sources of formation of reserves and costs (OI) - is calculated by increasing the previous indicator by the amount of short-term borrowed funds - page 610 of section V of the liability:

OI \u003d SD + GLC (12)

where KLC - short-term borrowed funds.

Three indicators of the availability of sources of formation of reserves correspond to three indicators of the availability of reserves with sources of their formation:

Surplus "plus" or lack of "minus" own working capital (DSOS) - Fs:

DSOS = SOS-3, (13)

where 3 - stocks (line 210 of section II of the asset balance);

Excess "plus" or shortage "minus" own and long-term borrowed sources of reserves and costs (ASD) -- Ft:

DSD = SD-3; (14)

Surplus "plus" or lack of "minus" of the total value of the main sources of formation of reserves (DOI) - F0:

DPI= GR - 3. (15)

Identification of surpluses (or shortcomings) of sources of funds to cover stocks and costs allows, in turn, to determine the type of financial situation in the organization.

1.3 Circulation of capital as the main source

The circulation of capital, the movement of self-increasing value in the sphere of production and circulation, during which capital takes three functional forms (monetary, productive and commodity) and goes through three stages. At the end of this process, capital returns to its original form. The first stage in the movement of industrial capital -- the transformation of money capital (M) into productive capital, i.e., the purchase of commodities (C) -- means of production (Cn) and labor power (P) -- is expressed by the formula D -- C< . Первую стадию капитал проходит в сфере обращения. Именно акт купли специфического товара -- рабочей силы превращает деньги в капитал, который возвращается к владельцу в размере, превышающем первоначальную капитальную стоимость на величину прибавочной стоимости. Денежный капитал выражает, т. о., отношения между двумя классами буржуазного общества: рабочими, которые лишены средств производства и вынуждены продавать свою рабочую силу, и капиталистами -- собственниками средств производства. Условием превращения денег в капитал является наличие на рынке специфического товара -- рабочей силы. На первой стадии К. к. возрастания стоимости не происходит. Вторая стадия К. к. -- превращение производительного капитала в товарный -- совершается в сфере производства и выражается формулой... П.... Характеризуется возрастанием капитальной стоимости. Функция капитала в этой форме заключается в производстве стоимости и прибавочной стоимости. Средства производства становятся вещественным носителем постоянного капитала, рабочая сила -- переменного капитала. Стоимость вновь созданного в процессе производства товара уже включает прибавочную стоимость. Третья стадия -- превращение товарного капитала в денежный -- выражается формулой Т"--Д" и происходит в сфере обращения. Функцией товарного капитала является процесс реализации, т. е. превращение произведённой стоимости и прибавочной стоимости из commodity form in cash. The transformation of commodity-capital into the money-form completes capital capital: capital begins a new circuit in its original form—money. Every individual capital at any given moment is simultaneously in its three different functional forms and at three different stages. The circuit of industrial capital is thus the unity of three circuits. The movement of industrial capital is not limited to a single circuit. The continuous repetition of cash flow forms the turnover of capital. The continuity of capitalist capitalism is determined by the conditions of capitalist reproduction and its laws. Money capital, which is the original form of industrial capital, makes a circuit according to the following formula: M - C - ... P ... C "- M". The continuity of the circulation of money capital -- necessary condition continuity in the production of surplus value. The main function of productive capital is the exploitation of wage workers for the production of surplus value. The formula of its circulation is P ... T "-D" - T "... P". For the uninterrupted movement of industrial capital, the uninterrupted functioning of commodity capital is also necessary: C "-M" - C ... P ... C. capitalist. But this process cannot take place without the sale of commodities as use-values. If the produced commodities do not satisfy social needs, they cannot be sold at a profit for the capitalist, and the process of circulation may be interrupted at the first stage. Analysis of industrial capital in the unity of all three of its circuits, first produced by K. Marx, gives a complete characterization of capital capital and reveals the conditions for the continuity of its movement. "The circulation of capital is normal only as long as its various phases pass without delay into one another" (Marx K., see K. Marx and F. Engels, Soch., 2nd ed., vol. 24, p. 60. Due to the antagonistic nature of capitalist production, this continuity is constantly disrupted and accompanied by crises, and is cyclical (see p. Economic crises). Since money, productive and commodity capital perform different functions in the movement of industrial capital, they can be isolated into independent types of capital. At a certain stage in the development of capitalism, money capital in the form of loan capital and commodity capital in the form of commercial capital separate from industrial capital. The isolation of these forms of capital complicates the movement of industrial capital and sharpens the contradictions of capitalist reproduction.

Chapter 2. Methodology for accounting and analysis of working capital of JSC MAGE

2.1 a brief description of OJSC "MAGE"

The Marine Arctic Geological Exploration Expedition was founded in Murmansk in 1972 with the aim of studying the geological structure and determining the prospects for oil and gas potential of the Arctic shelf of the Russian Federation. In 1994 the company was transformed into a joint stock company.

Since 1973 JSC "MAGE" has been systematically carrying out regional geological and geophysical studies on the shelves of the Arctic seas, in the World Ocean and Antarctica.

Only in the period from 2004 to 2011 JSC "MAGE" by order of the Government of Russia carried out regional geophysical surveys in the amount of about 65,000 linear meters. km, including seismic surveys of MOV OGT 2D, refraction, differential hydromagnetic and above-water gravimetric observations. The work that covered the northern part of the Barents Sea, the southern waters of the Kara Sea, the Laptev Sea, the White Sea made it possible to identify new promising areas and objects in terms of oil and gas and will undoubtedly contribute to solving the problem of reproducing the country's resource base. This extensive research continues to the present day.

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The concept and composition of working capital. Appointment of working capital and its role in production. Factors for increasing the efficiency of working capital use. Economic characteristics of economic activity in OAO "Znamensky Sugar Plant".

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Characteristics, composition and economic essence of working capital. Organizational-legal and financial characteristics of the enterprise. The composition and structure of the organization's working capital. Sources of its financing, analysis of the efficiency of use.

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The concept of working capital, its classification, economic essence. Characteristics of the enterprise Energorayon Chulman LLC: analysis of the financial condition; dynamics, structure, sources of working capital formation, efficiency of use.

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The essence, composition and sources of formation of the working capital of the organization. The study of indicators of financial and economic activities of OAO "TGC-9". Analysis of the dynamics and structure of working capital. Demand, revenue and accounts receivable planning.

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Analysis of the composition and dynamics of the organization's working capital on the example of Megamart CJSC. Efficiency of working capital use. Legal support of activity. Analysis of the financial condition. Assessment of the dynamics and structure of assets and liabilities of the balance sheet.

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Theoretical foundations for studying the security and efficiency of the use of working capital. Organizational and economic characteristics of the state of LLC "Cheremushinsky ATP". Analysis of the financial condition. Security of the enterprise working capital.

The need for analysis and evaluation of working capital by the creditor bank

In general, we can say that current assets serve the current activities of the enterprise, and the entire operating cycle, continuity and continuity of the enterprise depends on their condition. Therefore, the analysis of changes in the structure of current assets is a mandatory step in assessing the solvency of the borrowing enterprise.

The need to analyze the working capital of the borrowing enterprise is due to the fact that this type of asset primarily ensures the solvency of the enterprise. Problems in the management of the borrower's working capital lead to the following risks, which should be known to the creditor bank:

Insufficiency of funds. The enterprise must have cash to carry on day-to-day activities, in case of unforeseen expenses and in case of probable effective investments. Lack of funds at the right time is associated with the risk of interruption of the production process, the possible default on obligations or the loss of possible additional profit.

Insufficiency of own credit opportunities. This risk is related to the fact that when selling goods on credit, buyers can pay for them within several days or even months, as a result of which the company has a receivable. As a result, there is an immobilization of own working capital, and exceeding a certain limit by it can also lead to a loss of liquidity and even a halt in production.

Lack of inventories. The enterprise must have a sufficient amount of raw materials and materials for an efficient production process; finished products should be enough to fulfill all orders, etc. Non-optimal inventory levels are associated with the risk of additional costs or production stoppages.

Excess working capital. Since its value is directly related to the cost of financing, maintaining excess assets reduces income. There are various reasons for the formation of surplus assets: slow-moving and stale goods, the habit of “to have in reserve”, etc.

After analyzing, the lending bank should take into account that the most significant phenomenon, potentially bearing the risk of the borrower's inability to service the received loan, is the following:

High level of accounts payable;

Suboptimal mix between short-term and long-term sources of borrowings;

High share of long-term borrowed capital.

Analysis of the effectiveness of the use of working capital of business entities

The efficiency of the use of working capital is characterized by the following system of economic indicators:

turnover of working capital;

Load factor of funds in circulation;

Indicator of return on working capital;

liquidity ratios;

Profitability of current assets;

Calculation of the degree of financial stability depending on the degree of availability of reserves and costs various types sources;

Generalizing analysis of the state of working capital of the enterprise.

Considering the turnover of working capital, it should be noted that the financial position of the enterprise directly depends on how quickly the funds invested in assets are converted into real money, that is, on the turnover of working capital.

The duration of one turnover of working capital is calculated by the formula:

where O is the duration of the turnover, days;

C - balances of working capital (average or on a certain date), rub.;

T is the volume of marketable products, rub.;

D is the number of days in the period under review, days.

Reducing the duration of one turnover indicates an improvement in the use of working capital.

The number of turnovers for a certain period, or the turnover ratio of working capital (K O), is calculated by the formula:

To assess solvency in the short term, the following indicators are calculated:

Coverage ratio (general). Gives a general assessment of the liquidity of assets, showing how many rubles of the company's current assets account for one ruble of current liabilities. The logic of calculating this indicator is that the company repays short-term liabilities mainly at the expense of current assets; therefore, if current assets exceed current liabilities, the enterprise can be considered as successfully functioning (at least theoretically). The amount of excess and is set by the coverage factor.

where A1 - the most liquid assets - the company's cash and;

A2 - quickly realizable assets - accounts receivable and other assets;

A3 - slow-moving assets - stocks (excluding future expenses of the balance sheet form No. 1), as well as items from section I of the balance sheet asset "Long-term financial investments" (reduced by the amount of investments in the authorized capital of other enterprises);

P1 - the most urgent liabilities - accounts payable, other liabilities, as well as loans not repaid on time;

P2 - short-term liabilities - short-term loans and borrowings.

The value of the indicator can vary significantly by industry and activity, and its reasonable growth in dynamics is usually regarded as a favorable trend. In Western accounting and analytical practice, the critical lower value of the indicator is given - 2; however, this is only an indicative value, indicating the order of the indicator, but not its exact normative value.

If the coverage ratio is high, then this may be due to a slowdown in the turnover of funds invested in inventories, an unjustified increase in receivables.

A constant decrease in the ratio means an increasing risk of insolvency. It is advisable to compare this indicator with the average values for groups of similar enterprises.

However, this indicator is very aggregated, since it does not take into account the degree of liquidity of individual elements of working capital.

The quick liquidity ratio (strict liquidity) is an intermediate coverage ratio and shows what part of current assets, minus inventories and receivables, payments on which are expected more than 12 months after the reporting date, is covered by current liabilities.

Quick liquidity ratio is calculated by the formula:

It helps to assess the ability of the firm to repay short-term obligations in the event of a critical situation, when it will not be possible to sell stocks. This indicator is recommended in the range from 0.8 to 1.0, but can be extremely high due to unjustified growth in receivables.

The absolute liquidity ratio is determined by the ratio of the most liquid assets to current liabilities and is calculated by the formula:

This coefficient is the most stringent criterion of solvency and shows what part of the short-term debt the company can repay in the near future. Its value should not be lower than 0.2. If an enterprise is currently able to pay off its debts by 20–25%, then its solvency is considered normal.

The equity ratio characterizes that part of the enterprise's own capital, which is the source of coverage of the enterprise's current assets (that is, assets with a turnover of less than one year). This is a calculated indicator that depends both on the structure of assets and on the structure of sources of funds.

The indicator is of particular importance for enterprises engaged in commercial activities and other intermediaries. Ceteris paribus, the growth of this indicator in dynamics is regarded as a positive trend.

The main and constant source of increasing own working capital is profit. Return on current assets shows how many rubles of net profit fall on 1 ruble of current assets.

Return on current assets is calculated using the following formula:

where P TA is the return on current assets,

PE - net profit of the enterprise,

AII, - the average value of section II of the balance sheet of the enterprise - current assets.

The most general indicator of the financial stability of an enterprise is the surplus or lack of sources of funds for the formation of reserves and costs. This surplus or shortage is formed as a result of the difference in the magnitude of sources of funds and the magnitude of stocks and costs.

Availability of own working capital Е С. This indicator is calculated according to the following formula:

E C \u003d K + P D - A B

where K - capital and reserves;

P D - long-term loans and borrowings;

A B - non-current assets.

The total value of the main sources of formation of reserves and costs E O.

E O \u003d E C + M

where M - short-term credits and loans.

Based on the above indicators, indicators of the availability of reserves and costs by the sources of their formation are calculated.

Surplus (+) or shortage (-) of working capital ± Е С:

± E C \u003d E C - Z

where Z - stocks.

Surplus (+) or shortage (-) of the total value of the main sources for the formation of reserves and costs ± E O:

± E O \u003d E O - Z

According to the degree of financial stability of the enterprise, four types of situations are possible:

Absolute financial stability. This situation is possible under the following condition:

W< Е С + М

Normal stability of the financial condition, guaranteeing the solvency of the enterprise. It is possible under the condition:

An unstable financial situation is associated with a violation of solvency and occurs under the condition:

Z \u003d E C + M + I O

where I and O are sources that ease financial tension (temporarily free own funds, borrowed funds, bank loans for temporary replenishment of working capital and other borrowed funds).

Crisis financial condition:

Z > E C + M

It is proposed to carry out a generalizing analysis of the state of working capital of an enterprise by bringing the assessment indicators into a single table, where each indicator is assigned its own score and by their sum rating is determined. Next, the deviation of the total score from the maximum possible value is determined, and appropriate conclusions are drawn. (Table 1) .

Name of indicator	Minimum value	Average value	Maximum value
Name of indicator	meaning	meaning	Meaning


2. Current liquidity
3. Quick liquidity
4. Absolute liquidity

Interesting are the approaches to the assessment of working capital, proposed in the work of L.Yu. filobokova

- (K1, weight value 8);

The coefficient of security with own working capital (K2, weight value 8);

Absolute liquidity ratio (K3, weight value 7);

Working capital mobility coefficient (K4, weight value 7);

The share of real net working capital in current assets (K5, weight value 6);

Return on working capital (K6, weight value 3);

Working capital turnover ratio (K7, weight value 5);

Inventory turnover ratio (K8, weight value 1-3);

Accounts receivable turnover ratio (K9, weight value 1-3);

Profitability of net cash flow (K10, weight value 9).

An integrated indicator that evaluates working capital is calculated by the formula

Where K are weight coefficients, Xij is the ratio of the value of a particular indicator to its maximum value for the total population of the enterprises under study.

T.B. Kupriyanova, in her dissertation work on the development of recommendations for working capital management, also suggests using an integral indicator, the coefficients for calculating which are presented below:

Working capital turnover ratio (weight value 20);

Current liquidity ratio (weight value 20);

The coefficient of maneuverability of own funds (weight value 15);

The coefficient of security of current assets with own working capital (weight value 10);

Accounts payable turnover ratio (weight value 10);

Ratio of borrowed and own funds (weight value 10);

Profitability ratio of working capital (weight value 10).

Analysis of the state of working capitalJSC "Enterprise A"

Let's analyze the working capital of JSC "Enterprise A" using the above methodological approaches ( table 2) .

Table 2. Analysis of changes in the working capital of the branchJSC "Enterprise A"

Name of articles
Name of articles


including:

finished goods and goods for resale
Future expenses




including buyers and customers
Short-term financial investments
Cash
Other current assets
TOTAL for Section II

As we can see, during the analyzed period, the volume of working capital of JSC "Enterprise A" increased by 534,205 thousand rubles.

In the composition of working capital, there was an increase in the following items:

Cash - by 981,404 thousand rubles;

Other current assets - by 44,232 thousand rubles.

There was a decrease in other items.

An analysis of the structure of working capital of the branch of JSC "Enterprise A" is presented in table 3 .

Table 3Analysis of the structure of working capital of JSC "Enterprise A"

Name of articles
Name of articles


including:
raw materials, materials and other similar values
Future expenses
Value added tax on acquired valuables
Accounts receivable (for which payments are expected more than 12 months after the reporting date)
including buyers and customers
Accounts receivable (for which payments are expected within 12 months after the reporting date)
including buyers and customers
Short-term financial investments
Cash
Other current assets
TOTAL for Section II

Most high share in the structure of working capital in short-term receivables - 49.87% in 2011. It should be noted that compared to 2009, the share of this item decreased by 9.48%.

During the analyzed period, there was a slight decrease in the share of reserves - from 21.75% in 2009 to 17.50% in 2011.

The share of cash increased over the analyzed period from 9.22% in 2009 to 25.74% in 2011, which indicates the growth of highly liquid items in the working capital structure of JSC "Enterprise A".

There is also an increase in the share of other current assets - from 2.74% in 2009 to 3.27% in 2011.

In general, the growth of the working capital of JSC "Enterprise A" for the analyzed period occurred due to the growth of cash and other current assets.

In order to characterize the main stages of the circulation of funds in the course of the production activities of the enterprise, we analyze the financial and operating cycles. On figure 1 presents the stages of circulation of funds of JSC "Enterprise A" in 2011.

Figure 1. Stages of circulation of funds of JSC "Enterprise A"

1 - Receipt of raw materials; 2 - Shipment of finished products; 3 - Payment for raw materials; 4 - receiving funds from buyers

The logic of the presented scheme is as follows. The operating cycle characterizes the total time during which financial resources are dead in stocks and receivables.

The financial cycle, or the cycle of circulation of cash, is the time during which funds are diverted from circulation, that is, the financial cycle is less than the average time of circulation of accounts payable.

The shortening of the operating and financial cycles in dynamics is seen as a positive trend. We will calculate these indicators in table 4.

The duration of the financial cycle is the time during which funds are diverted from circulation. In the branch of OJSC “Enterprise A”, its duration increased by 11 days over the analyzed period - from 6 days in 2009 to 17 days in 2011, which is a negative trend, since there was an increase in the period of receivables turnover.

Table 4. Analysis of the operating and financial cycles of JSC "Enterprise A"

Indicators

1. Time of circulation of accounts payable, days (line 620 f. No. 1)	Cost price
2. Time of circulation of inventories, days (lines 210+220+270 f. No. 1)	Cost price
3. Time of circulation of receivables, days (lines 230+240 f. No. 1)	DZav.*365/Revenue
4. The duration of the operating cycle of the enterprise, days
5. The duration of the financial cycle of the enterprise, days

The operating cycle characterizes the time during which financial resources are immobilized in stocks and receivables. Its duration at the enterprise also increased - from 37 days in 2009 to 54 days in 2011, which can be characterized as a negative trend.

In order to assess the solvency of the enterprise and analyze the liquidity of the balance sheet, it is necessary to determine the degree of coverage of the enterprise's obligations by assets, the period of transformation of which into cash corresponds to the maturity of the obligations.

Depending on the degree of liquidity, that is, the ability and speed of transformation into cash, the assets of the enterprise are divided into groups. Let's analyze the liquidity of the balance sheet of JSC "Enterprise A". To do this, we group the assets of the balance sheet by the degree of liquidity, and the liabilities of the balance sheet by the degree of urgency of obligations in descending order, using table 5 .

Table 5. Analysis of the liquidity of the balance sheet of JSC "Enterprise A"

	Index

	Most liquid assets (line 250 + line 260)
	Marketable assets (p. 230 + p. 240 + p. 270)
	Slow selling assets (line 210 + line 220)
	Hard-to-sell assets (p. 190)

	Current liabilities (line 620)
	Short-term loans and borrowings (lines 610 + 630 + 640 +660)
	Long-term liabilities (line 590)
	Permanent liabilities (p. 490 - p. 252)

Consider the ratio of asset and liability items in the balance sheet of JSC "Enterprise A" for 2009–2011:

Comparison of the most liquid (A 1) and marketable assets (A 2) with the most urgent liabilities (P 1) and short-term liabilities (P 2) allows us to assess the current liquidity.

As we can see, during the analyzed period, JSC "Enterprise A" observed only the second inequality - the excess of fast-moving assets over short-term liabilities, which indicates the sufficiency of quick liquidity. Since the first inequality (the excess of the most liquid assets over the most urgent liabilities) is not met, the absolute liquidity ratio is not met.

Comparison of slow-moving assets with long-term liabilities reflects prospective liquidity, which is also insufficient.

The fulfillment of the fourth inequality (the excess of permanent liabilities over permanent assets) indicates that the minimum condition for financial stability is met - that the enterprise has its own working capital. For the analyzed period JSC "Enterprise A" this condition is not met.

For the most detailed analysis, we will calculate the liquidity indicators of the balance sheet of JSC "Enterprise A" in table 6 .

Table 6. Analysis of liquidity indicators of the branch's balance sheetJSC "Enterprise A"

Name of indicator	Calculation formula	standard

Current liquidity ratio
Quick liquidity ratio
Absolute liquidity ratio
The amount of own working capital	page 190 f.№1
The coefficient of maneuverability of own working capital	p. 260 / (p. 490 - p. 190) f. #1
Share of working capital in assets	p. 290 / p. 300 f. #1
Share of own working capital in working capital	(p. 490- p. 190) / p. 190
Share of stocks in working capital	(p. 210+ p. 220) / p. 290
The share of own working capital in covering reserves and costs	(p. 490 - p. 190) / (p. 210 + p. 220)

Analysis of the data presented in Table 6 showed:

The current liquidity ratio of JSC "Enterprise A" does not meet the standard in 2009 and 2011;

The quick liquidity ratio did not meet the standard in 2009 - it was lower than the prescribed value by 0.15 points in 2009 as well;

The absolute liquidity ratio was below the norm in 2009;

The value of own working capital has a negative value, which in 2011 amounted to minus 3,767,852 thousand rubles;

The coefficient of flexibility of own working capital decreased during the analyzed period by 0.29 or 209%, which indicates that the funds are fully included in the composition of own working capital, and their share is 39%;

The share of current assets in assets increased by 1% over the analyzed period, which is associated with the growth of cash and other current assets;

The share of inventories in current assets decreased from 24% in 2009 to 18% in 2011;

Stocks and expenses of JSC "Enterprise A" for the analyzed period are not covered by their own working capital.

Thus, for 2009–2011, the liquidity indicators of the balance sheet of OJSC “Enterprise A” basically do not correspond to the normative ones.

Let's calculate the equity ratio using table 7.

Table 7. Analysis of the solvency of JSC "Enterprise A"for 2009–2011

Name of indicator	Calculation formula	standard
Current liquidity ratio
Equity ratio

As we can see, JSC "Enterprise A" for 2009-2011 has a sufficient level of own funds.

In the conditions of market relations the role of indicators of profitability is great. An analysis of the profitability of working capital of JSC "Enterprise A" is presented in table 8.

Table 8. Analysis of the profitability of the working capital of the branchJSC "Enterprise A"

Indicators

1. Net profit, thousand rubles.
2. Current assets, thousand rubles.
3. Return on current assets (p. 1 / p. 2) * 100,%
4. Accounts receivable, thousand rubles.
5. Profitability of receivables (p. 1 / p. 4) * 100,%
6. Stocks and costs, thousand rubles.
7. Profitability of reserves and costs (p. 1 / p. 6) * 100,%
8. Short-term financial investments, thousand rubles.
9. Profitability of short-term financial investments(p. 1 / p. 8) * 100,%

As the data presented in table 8 show, there is a decrease in all indicators of profitability of working capital due to a decrease in the net profit of the enterprise.

Thus, the profitability of all current assets decreased in 2009–2011 from 15.82% to 2.51%, the profitability of inventories and costs from 66.51% to 13.79%, the profitability of receivables - from 24.69% to 4, 76%.

Let's analyze the profitability of all assets of the enterprise using a factorial model based on the method of chain substitutions (table 9) :

Table 9. Analysis and assessment of the profitability of the assets of JSC "Enterprise A", thousand rubles.

Indicators

1. Profit from sales, Р
2. Sales revenue, N
3. Total cost of goods sold, Sp
4. Average inventory balances, including VAT, 3
5. Average balances of current assets, OA
6. Average balances of assets, A
Estimated data - factors
7. Revenue per 1 rub. cost (clause 2: clause 3), Х
8. The share of current assets in the formation of assets (p. 5: p. 6), Y
9. The share of stocks in the formation of current assets (clause 4: clause 5), Z
10. Inventory turnover in turnovers (p. 3: p. 4), L
11. Return on assets, ra
12. Change in return on assets to a variable base
Assessment of the influence of factors on the change in the return on assets
13. Revenue per 1 rub. cost, X
14. The share of current assets in the formation of assets, Y
15. The share of stocks in the formation of current assets, Z
16. Inventory turnover in turnovers, L
The combined effect of all factors

The results of the calculations made allow us to conclude that in all analyzed periods, the proceeds from sales were higher than the cost. The company made the most profit in 2009.

The share of current assets in the formation of assets throughout the study period remains virtually unchanged.

The dynamics of the indicator of the share of reserves in the formation of current assets indicates that during the three years under study there was a gradual decrease from 24% to 18%. This figure reached its maximum in 2009.

The fourth factor of the model - inventory turnover - shows how many turnovers during the reporting year the inventory makes in the process of production and sale of products. The dynamics of this indicator shows that the organization has developed unfavorable circumstances that contribute to a decrease in the efficiency of inventory use. This is understandable if you look at the dynamics of sales revenue and inventory.

Revenue from product sales is growing at a slower pace than inventories. In 2011, inventory turnover decreased and amounted to 26.93 turnovers per year, that is, approximately 13.4 days. It should be noted that this indicator at the beginning of the analyzed period was at the level of 11.3 days.

The influence of each individual factor on the performance indicator can be determined using factor analysis. Its results are presented in the final part of Table 3.6.

The obtained data can be commented as follows.

In 2010, compared to 2009, the main factor that influenced the growth in the profitability of assets was the price - the share of revenue per 1 ruble of cost. As a result of its influence, the return on assets decreased by 6%.

The overall impact of factors on the growth of return on current assets in 2009–2010 was minus 7%.

In 2011, the factor of the share of revenue per 1 ruble of production costs ceased to play a decisive role in changing the performance indicator. Due to its slight growth, the return on assets increased by 3%.

The change in inventory turnover had a negative impact and amounted to minus 1%.

Also, the decrease in the share of inventories in the formation of current assets had a negative impact on the growth of return on assets. As a result of its influence, the return on assets decreased by 1%.

The overall impact of factors on the growth of the profitability of current assets in 2010-2011 amounted to 1%.

The results of the analysis show that external factors have a great influence on the change in the level of production efficiency. At the same time, the organization has internal reserves for increasing production efficiency, for example, by optimizing the structure of assets, increasing their turnover, etc. Since the administration of the enterprise is not able to influence the change in external factors, the greatest efforts must be directed to the use of internal reserves.

Thus, according to the proposed methodology, we analyzed in sufficient detail the influence of various factors on the change in the level of profitability of the organization's main production activities.

We will carry out a general analysis of the state of the working capital of the branch of JSC "Enterprise A" by reducing the assessment indicators into a single table 10.

Name of indicator
Name of indicator	meaning	meaning	meaning

1. Return on current assets, %
2. Current liquidity
3. Quick liquidity
4. Absolute liquidity
5. Growth rate of the most liquid assets, %
6. Growth rate of marketable assets, %
7. Growth rate of slow-moving assets, %
8. Share of working capital financing costs in their total amount, %

In 2009–2011, the rating of the state of working capital of JSC “Enterprise A” increased by 1 point, and its value by 2011 was 23 points. This value refers to the average, that is, the state of working capital in the analyzed period is normal with a tendency to improve its structure.

Important in the management of working capital is the process of normalization of working capital, and control over the implementation of the calculated standards. The need to analyze compliance with the standards comes from the fact that an enterprise can invest a significant amount of funds, for example, in stocks, which will disrupt its liquidity.

We will calculate the need for working capital of JSC "Enterprise A" according to the available data on the volume of sales and the period of turnover of working capital (table 11) .

Table 11. Calculation of the working capital ratioJSC "Enterprise A"

Name of indicator

Sales volume (sales proceeds), thousand rubles
The average value of current assets is actual, thousand rubles.
Working capital turnover period, days
Working capital turnover ratio
The need for working capital \u003d Revenue of the reporting period / Turnover of working capital of the previous period
Deviation of actual values from calculated ones

As we can see, in general, the amount of working capital at the enterprise exceeds the calculated standard. In 2010, the excess amounted to 863,572 thousand rubles, and in 2011 - 1,639,643 thousand rubles.

Consider, due to which articles of working capital there was an excess over the standard. To do this, we calculate the turnover of individual items of working capital (Table 3.2) and the need for working capital of JSC "Enterprise A" for 2010 and 2011 and analyze the deviations from the actual data (table 12) .

Table 12. Calculation of the turnover of working capital of JSC "Enterprise A"

Name of indicator

1. Sales proceeds
2. Average value of current assets
3. Average inventory and costs
4. Average amount of accounts receivable
5. Average amount of cash and short-term financial investments
6. Turnover of current assets (p. 1 / p. 2)
7. Inventory and cost turnover (p. 1 / p. 3)
8. Accounts receivable turnover (p. 1 / p. 4)
9. Turnover of cash and short-term financial investments (p. 1 / p. 5)

The planned volume of financial needs is calculated by the formula:

Table 13. Calculation of the financial needs of JSC "Enterprise A"

Indicators	Deviation	Deviation
Indicators	Deviation	Deviation

1. Average inventory and costs
2. Average amount of accounts receivable
3. Average amount of cash and short-term financial investments
4. Average value of current assets

As we can see, for all items of working capital, the actual values are higher than the calculated standards. Consequently, the reserves for increasing the efficiency of the use of working capital of JSC "Enterprise A" are:

Accelerated turnover of working capital;

Increasing the profitability of services.

Thus, as a result of the analysis, we can draw the following general conclusions:

There is a decrease in the economic turnover of JSC "Enterprise A" for 2009-2011;

During the analyzed period, the volume of working capital of JSC "Enterprise A" increased by 534,205 thousand rubles;

In general, the growth of the current JSC "Enterprise A" for the analyzed period occurred due to the growth of cash and other current assets;

In OJSC “Enterprise A”, the duration of the financial cycle increased by 11 days over the analyzed period - from 6 days in 2009 to 17 days in 2011, which is a negative trend, since there was an increase in the period of receivables turnover;

The duration of the operating cycle at the enterprise also increased - from 37 days in 2009 to 54 days in 2011, which can be characterized as a negative trend;

For 2009–2011, the liquidity indicators of the balance sheet of OJSC “Enterprise A” generally do not correspond to the normative ones;

In 2009, normal financial stability was observed, as the value of reserves and costs exceeded the value of own working capital, however, it was covered by the main sources for the formation of reserves and costs;

There is a decrease in all indicators of profitability of working capital due to a decrease in the net profit of the enterprise;

The state of working capital in the analyzed period can be assessed as normal with a tendency to improve its structure.

Estimate:

2 0

The essence of working capital

Definition 1

Working capital includes the financial resources of the company, which are intended for the formation of current assets. The use of these funds is carried out within each cycle of reproduction for a certain short period of time. As a rule, such a period of time is not more than one year.

The main purpose of working capital, as well as working capital, is to ensure the production process through equipping the enterprise with objects of labor, as well as ensuring current payments for consumed resources and the provision of services to the enterprise by other companies.

Circulating and non-current assets differ in the nature of their reproduction and in the methods of transferring value to a newly created product.

Features of working capital

The main feature of working capital is a short service life and a price that is immediately attributed to production costs. Such capital is spent on the purchase of raw materials and materials, products that are intended for sale, as well as semi-finished products and components.

Working capital is a value expression for various objects of labor, the turnover of which occurs in the production process at a time.

Objects of labor transfer all their price to the manufactured products, creating its cost price. Working capital can be represented in the form of working capital consumed by the enterprise in the course of its activities.

The main feature of working capital is that they are consumed in one interval in the normal production cycle.

Working capital includes:

Production inventories, including raw materials and semi-finished products, materials, fuel and electricity, components and spare parts, finished products and work in progress costs,
Accounts receivable with a term of one year,
Cash on hand and in accounts
short-term financial investments,
Other current assets.

Working capital analysis

In the process of analysis, working capital is divided into working capital and circulation funds.

Working capital consists of inventories, funds in production and deferred costs. Industrial stocks may include raw materials and materials, fuel and semi-finished products, auxiliary substances, low-value and wearing items.

Definition 2

Circulation funds include unsold products that are in warehouses, shipped but not paid for products, goods for resale, cash on hand, on the current account.

The main purpose of the analysis of working capital is to determine the most optimal size and clear structure of working capital.

Sources of funding are also analyzed. Thus, working capital can be divided into fixed and variable capital.

Fixed capital includes current assets, the need for which practically does not change during all production cycles.

Permanent capital consists of the minimum amount of current assets and is an indispensable condition for the normal production activities of the enterprise.

Variable capital consists of an additional current asset, which is necessary for the implementation of various unforeseen operations.

An important indicator of the analysis is the net working capital used in the financial calculations of the company. With the help of net working capital, the value of the amount of capital, which is free from all short-term liabilities, is characterized. Another name for net working capital is working capital, which is necessary to sustainably support the financial stability of an enterprise.

In the case when working capital exceeded the amount of short-term liabilities, we can say that the company is easily able to pay off its liabilities. Such an enterprise has reserves for its functioning.

Own working capital may indicate how much of the current assets the company finances through its own funds. The presence of a mandatory and sufficient amount of equity capital is the most important characteristic financial stability of the company.

Remark 1

The amount of equity can be determined by subtracting the amount of current liabilities from the amount of current assets. With an insufficient amount of capital, there is a significant decrease in the constant part of assets, an increase in the variable part of assets. This situation may indicate an increase in the financial dependence of the company, as well as its instability.

The state of this indicator also affects the liquidity ratio, which characterizes the ratio between the value of current assets and attracted capital.

Working capital indicators

In order to assess the turnover of working capital, several indicators are used. The most important of the indicators is the turnover ratio, which reflects the speed of turnover and shows the number of revolutions that the working capital makes for the corresponding period of time.

The turnover ratio formula is as follows:

$Ko = RP / OS$

$KO$ - turnover indicator, turnover;
$RP$ - proceeds from the sale of finished products, works, services, rubles;
$OS$ – average value of working capital, rub.

Using the duration of one revolution, you can show the number of days that it takes to complete one circuit. This ratio is defined by the formula:

$DO = Dcap / KO$

$DO$ - duration of one turn, days;
$Dcap$ - the number of capital days in the billing period, days.

Another important indicator is the working capital fixation ratio, which is the reciprocal of the turnover ratio. The fixing coefficient reflects the amount of working capital, which is contained in each ruble of sold products. This indicator is calculated using the following formula.

Introduction	3
1. Characteristics of the working capital of the organization	6
	6
	9
2. Methodology for analyzing the working capital of an organization	11
	11
	14
2.3. Calculation and evaluation of turnover of working capital	16
	19
3. Reserves for increasing the efficiency of the use of working capital	24
Conclusion	27
	33

Analysis of the effectiveness of the use of working capital of the enterprise. Analysis of the working capital of an enterprise

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2.3. Calculation and evaluation of turnover indicators

3. Ways and reserves to improve the efficiency of the use of working capital

The main reserves for accelerating the turnover of working capital, taking into account the characteristics of each stage of the circulation, are shown in table 3.1.

Table 3.1

Reserves for accelerating the turnover of working capital

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