General assessment of the turnover of assets of the enterprise

The financial position of the enterprise, its liquidity and solvency indicators directly depend on how quickly the funds invested in current assets turn into real money.

The following are related to the rate of turnover of funds:

• · minimally the required amount of the advanced (involved) capital and related payments of funds (interest for using a bank loan, dividends on shares and DR.);
• · The need for additional sources of funding (and payment for them);
• · The amount of costs associated with the possession of inventories and their storage;
• · The amount of taxes paid, etc.

Certain types of enterprise assets have different speed turnover.

The duration of funds in circulation is determined by the cumulative influence of a number of multidirectional external and internal factors. The first should include the scope of the enterprise (production, supply and sales, intermediary, etc.), industry affiliation (there is no doubt that the turnover of working capital at a machine-tool plant and a confectionery factory will be objectively different) the scale of the enterprise (in most cases, the turnover of funds in small enterprises it is much higher than in large ones - this is one of the main advantages of small business) and a number of others. The economic situation in the country and related business conditions of enterprises have no less impact on the asset turnover. So, inflationary processes, the lack of established economic relations with suppliers and buyers in most enterprises lead to a forced accumulation of stocks, which significantly slows down the process of turnover of funds.

However, it should be emphasized that the period of funds in circulation is largely determined by the internal conditions of the enterprise, and primarily by the effectiveness of the strategy for managing its assets (or lack thereof). Indeed, depending on the applied pricing policy, the structure of assets, the methodology for assessing inventories, the enterprise has more or less freedom to influence the duration of the turnover of its funds.

It should be borne in mind that the value of the turnover ratio of current assets is directly influenced by the methodology adopted at the enterprise for their assessment and, based on the tasks and the chosen asset management strategy, the enterprise has a certain ability to regulate the value of the turnover ratio of its assets.

In the general case, the turnover of funds invested in property can be assessed by the following main indicators: the rate of turnover (the number of revolutions that the capital of the enterprise or its components make during the analyzed period) and the period of turnover - the average period for which they return to the economy, invested in production -commercial transactions monetary funds.

It is customary to calculate the rate of turnover of an enterprise's assets using the formula:

The duration of one revolution (Before) is determined by the formula:

where Co - balances of working capital for the period;

Тпр - the number of days in the period;

Vreal - amount products sold.

The turnover ratio shows the number of revolutions made over a certain period. It is determined by the formula:

Coefficient OS load characterizes the amount of OS per 1 ruble. products sold:

IN As a result of the acceleration of turnover (intensity of use of fixed assets), a certain amount of fixed assets is released.

Absolute release occurs if

where Co.fact - actual residuals of the OS;

Co.plan - planned residuals of fixed assets;

Vreal - sales volume. Absolute release is determined by the formula

The shorter the duration of one turnover, the more turnovers the circulating assets will make. With the acceleration of the turnover of circulating assets, the need for them decreases, a reserve is created to increase production.

To accelerate the turnover of circulating assets, it is necessary to reduce the time of their stay both in the sphere of production and in the sphere of circulation. To do this, it is necessary to reduce the processing and assembly time of products through mechanization and automation of the production process; improve the use new technology; accelerate the control and transportation of products during the processing period; to reduce stocks of materials, fuel, containers, work in progress to the established standard; to ensure the rhythmic work of all production areas and workshops of the enterprise, the timely delivery of materials to the enterprise and workplaces; accelerate the shipment of finished products; timely and quickly make settlements with consumers; improve the quality of products, prevent the return of finished products from the consumer, etc.

Profitability of working capital

Special attention should be paid to the efficiency of the use of working capital, since the rational use of working capital affects the main indicators economic activity industrial enterprise: to increase the volume of production, reduce the cost of production, increase the profitability of the enterprise. Analysis of the efficiency of the use of working capital should help to identify additional reserves and contribute to the improvement of the main economic indicators of the enterprise.

One of the criteria for the effectiveness of the use of working capital is the amount of working capital, which depends on:

• · turnover current assets (how often funds invested in operational activities are returned to the enterprise);
• · Structure of working capital (what part of current assets is financed from own funds and how resources are allocated in the operating cycle).

The main synthetic indicator of the use of working capital is the rate of return on assets (property). This ratio shows what profit the company receives from each ruble invested in assets.

For analytical purposes, both the profitability of the entire set of assets and the profitability of current assets are calculated. This indicator provides a comprehensive assessment of the effectiveness of the use of working capital.

The indicator can be presented as a product of two other indicators: profitability of sales and turnover of current assets (Fig. 5).

Rice. five. Return on current assets

Acceleration the turnover of circulating assets depends on the time spent at different stages of the circulation, reducing its duration. It is achieved by an increase in the output and sale of products, a more complete and rational use of material resources, and a reduction in the time of the technological cycle. The turnover is influenced by the use of the latest achievements of scientific and technological progress.

FGOU VPO Siberian Federal University

Institute of Business Process Management and Economics

Faculty of Economics

Abstract on discipline: "Finance and credit"

Topic: "Analysis of the effectiveness of the use of working capital"

Completed: 3rd year student

groups EA 08-22 Kozlova N.V.

Checked by: Chudnovets A.Yu.

Krasnoyarsk

INTRODUCTION ………………………………………… ... ………………………… ..3

1. WORKING EQUIPMENT OF THE ENTERPRISE AND THEIR CIRCULATION ……………………………………………………. ……………………… 4

1.1 The economic essence of working capital …………… .. ……………… ..4

1.2 Classification of current assets ………………………………………… .7

1.3 Methodology for analyzing the effectiveness of the use of working capital ... .10

2. ANALYSIS of the efficiency of using the working capital of the enterprise and ways to increase it ………………… .19

conclusion ………………………………………………………………… .25

LIST of literature …………………………………………………… 27

INTRODUCTION

Working capital is one of the constituent parts of the property of the enterprise. The state and efficiency of their use is one of the main conditions successful activities enterprises. The development of market relations determines new conditions for their organization. High inflation, non-payments and other crisis phenomena are forcing enterprises to change their policy in relation to working capital, to look for new sources of replenishment, to study the problem of the efficiency of their use.

To ensure an uninterrupted production process, along with the main production assets, objects of labor and material resources are needed. The objects of labor, together with the means of labor, participate in the creation of the product of labor, its use value.

The presence of an enterprise with sufficient working capital and production stocks of the optimal structure is a necessary prerequisite for its normal functioning under conditions market economy... Therefore, the enterprise should carry out rationing of working capital, whose task is to create conditions that ensure the uninterrupted production and economic activities of the company.

It is also important to be able to properly manage working capital and stocks, develop and implement measures to reduce the consumption of materials and accelerate the turnover of working capital. As a result of the acceleration of the turnover of circulating assets, their release occurs, which gives a number of positive effects.

An enterprise in the case of effective management of working capital and stocks can achieve a rational economic situation, balanced in terms of liquidity and profitability.

All of the above determines the relevance of the selected topic of the abstract.

The purpose of the abstract is: analysis of the state of working capital and assessment of their effectiveness on the example of the enterprise JSC "Yaransky KMP".

1. CURRENT FACILITIES OF THE ENTERPRISE AND THEIR CIRCULATION

1.1 The economic essence of working capital

Working capital is part of the company's capital invested in its current assets. On the material and material basis, the working capital includes: objects of labor (raw materials and materials, fuel, etc.), finished products in the warehouses of the enterprise, goods for resale, cash and funds in the calculations.

Working capital is usually understood as the monetary expression of the value of funds in production, that is, stocks of raw materials and materials in warehouses, work in progress, finished goods in the warehouse, as well as funds in settlements - mainly funds in arrears for shipped but unpaid products and receivables, as well as funds in the company's accounts.

The main purpose of working capital is to ensure a continuous process of production and sale of products, completeness and timeliness of financing commercial activities.

The organic property of circulating assets is their constant movement, which takes place in the form of a circuit - a sequential change in their functional forms in production.

In the first phase of the circulation, circulating assets act in monetary form.

This stage of the circulation of funds is preparatory. It takes place in the sphere of circulation. Their main purpose is to service the formation of production stocks with monetary resources. Further, at the production stage, they take the form of work in progress, concentrated at workplaces, individual technological transitions, in warehouses. At the final stage, the newly created finished product goes to the warehouse, and then is sold to the consumer, and the funds invested in it are returned to monetary form... There is a possibility of the next investment of resources.

A characteristic feature of circulating assets is the high rate of their turnover. The functional role of circulating assets in the production process is fundamentally different from fixed capital. Working capital ensures the continuity of the production process.

The material elements of working capital (objects of labor) are consumed in each given production cycle. They completely lose their natural form, therefore they are fully included in the cost of manufactured products (work performed, services rendered).

Stages of the circulation of working capital:

D-T -. ... .NS. ... ... - T "- D",

where D - funds advanced by an economic entity;

T - means of production;

P - production;

T "- finished product;

D "- cash received from the sale of products and includes realized profit.

The dots (...) mean that the circulation of funds is interrupted, but the process of their circulation continues in the sphere of production.

The circulation of capital encompasses three stages: procurement (procurement), production and marketing.

Any business starts with a certain amount of cash that is expanded into a certain amount of resources for production (or goods for sale).

As a result of the procurement stage, the working capital is transferred from the monetary form to the production one (objects of labor or goods).

At the production stage, resources are embodied in a product, work or service. The result of this stage is the transition of working capital from a production form to a commodity one.

At the stage of implementation, the working capital is again transferred from the commodity form to the monetary one. The sizes of the initial amount of money (D) and proceeds (D ") from the sale of products (works, services) do not coincide in size. The obtained financial result of the business (profit, loss) explains the reasons for the discrepancy.

As you can see, the elements of working capital are part of the continuous flow of business transactions. The purchase leads to an increase in inventories and accounts payable; production leads to an increase in finished goods; implementation leads to an increase in accounts receivable and cash on hand and on the current account. This cycle of operations is repeated many times and ultimately comes down to cash receipts and payments.

The period of time during which the turnover of funds is made is the duration of the production and commercial cycle.

This period consists of the time interval between the payment of money for raw materials and materials and the receipt of money from the sale of finished products. The length of this period is influenced by: the period of lending by the enterprise to buyers, the period when raw materials and materials are in stock, the period of production and storage of finished products.

The elements of circulating capital are continuously transferred from the sphere of production to the sphere of circulation and again return to production. Part of the working capital is constantly in the sphere of production (inventories, work in progress, finished goods in stock, etc.), and the other part is in the sphere of circulation (shipped products, accounts receivable, cash, securities, etc.) ). Therefore, the composition and size of the working capital of the enterprise is determined not only by the needs of production, but also by the needs of circulation.

The need for working capital for the sphere of production and for the sphere of circulation is not the same for different types of activity and even for individual enterprises of the same industry. This need is determined by the material content and the rate of turnover of circulating assets, the volume of production, technology and organization of production, the procedure for selling products and purchasing raw materials and materials, and other factors.

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Production stocks at the enterprise are divided into current, insurance (warranty), technological (preparatory), seasonal and transport.

The current stock is required for normal work enterprises between regular deliveries:

Ztek = Mn * Tin,

where Mn is the average daily consumption of the material; Tin is the delivery interval.

Since the current stock reaches its maximum value only at the time of delivery and subsequently decreases, half of the stock is taken into account when calculating the cost of creating the current stock.

The safety stock, as a rule, is always less than the current one:

Zstr = Mn (To + Ttr + Tpr + Tpod),

where To is the time for shipment of material to suppliers; Ttr - transportation time; Тпр - time for acceptance of the material by the consumer; Тпод - time to prepare material for production.

The transport stock rate is determined by the distance of the enterprise from the supplier, the average speed of the cargo and the time it takes to complete the documentation. The amount of circulating assets, enclosed in goods, at the time of their stay on transport is determined in the average annual amount as follows:

where Q is the annual volume of cargo transportation, t; p is the price of 1 ton of cargo, rubles; TD - time of delivery of goods; 360 is the number of days in a year taken in the calculation.

The stock rate of individual materials is determined by summing up the current, insurance, seasonal, technological and transport stocks.

The production stock rate is determined as follows:

where Ms is the consumption of materials during the planning period, rubles; Тпл - planned period in days (quarter, year); Нз - stock rate of materials, days.

The working capital ratio for work in progress is determined as follows:

where Нн.пр - standard of work in progress; Nт - commercial products at the factory cost for the planning period; Tpl is the duration of the planning period; Тц - the duration of the production cycle; Кнз - the rate of increase in costs in work in progress.

The cost escalation ratio is the ratio of the average work in progress to the cost of production.

The working capital ratio at the end of the planning period is determined as follows:

Nn.pr.k = Nn.pr.n + (V - Nt),

where Нн.пр.к - the standard of work in progress at the end of the period; Nn.pr.n - ​​the standard of work in progress at the beginning of the period; B - cost estimate for the planned period; NT - commercial products for the planned period at the planned cost.

The effectiveness of the use of working capital is characterized primarily by their turnover. The duration of one revolution in days Tob is the following ratio:

where Sob is the average balance of working capital for the analyzed period; T is the number of days of the analyzed period; Np - revenue from sales of products for the analyzed period.

The average balance of working capital Ob is determined as the average chronological moment series, calculated by the totality of the indicator values ​​at different points in time.

The turnover ratio characterizes the amount of proceeds from the sale of products per one ruble of working capital:

The turnover ratio simultaneously shows the number of turnover of current assets for the analyzed period and can be calculated by dividing the number of days of the analyzed period by the duration of one turnover in days:

The utilization factor of funds in circulation Kz characterizes the amount of circulating assets advanced for one ruble of proceeds from the sale of products:

The lower the load factor, the more efficiently the working capital is used.

We will consider the analysis of the turnover of working capital on the basis of data on the analyzed enterprise (table 19). According to table 19, it can be seen that the turnover of the company's working capital for the year accelerated by 3.9 days - from 51.2 to 47.3 days. This led to an increase in the turnover ratio of funds by 0.6 - from 7 to 7.6 and to a decrease in the utilization ratio of funds in circulation by 1.08 kopecks. - from 14.23 to 13.14 kopecks.

Let us determine the value of the economic effect obtained from the acceleration of the turnover of circulating assets:

Thus, the total amount of savings in working capital from the total revenue is 5948.96 thousand rubles.

Table 19

Analysis of the turnover of working capital

Introduction.

History of development economic analysis.

The theory, methodology, methods and techniques of economic analysis evolved gradually, passing through complex, sometimes contradictory stages of history. The path of economic analysis as a science is complex and tortuous.

Our country also has a well-known experience in organizing economic analysis, both science and professional activity. The history of the development of economic analysis in our country could be periodized as follows: the state of analysis in tsarist Russia, its development in the post-revolutionary period, during the transition to market relations.

It would be wrong to assert that under capitalism in Russia there was no need for deep analytical research, for generalization of certain economic processes and phenomena. However, individual analytical developments, unfortunately, ended in failure.

As is known, drastic changes in the economy took place after October 1917. A fairly high activity was noted in the development of the analysis of the economic activities of trade enterprises and organizations. At first, economic analysis in trade developed somewhat faster than in industry. During the period under review, trade was one of the important links in the chain of tasks facing the country. The expansion of trade between town and country required the creation of a ramified and economical trading apparatus. This was all the more necessary because trade intermediation in the first post-revolutionary years was more expensive than in capitalist Russia. During this period, economic analysis was finally formed as an independent discipline of higher education. educational institutions... The content of the analysis was not only the study of financial indicators according to the balance sheet data, but also a comprehensive study of the economy of the enterprise using the entire arsenal of accounting and reporting data. On the one hand, this stimulated scientific research and the development of textbooks in this area, on the other hand, the graduation of highly qualified specialists ensured the introduction of scientifically grounded methods of analysis into practice.

The restructuring of the economic mechanism and its orientation towards market relations require a revision of the traditional understanding of many important economic categories, and in some cases filling them with a completely different meaning and practical content. The peculiarity of the analysis of commercial activity in the conditions of market relations is a significant change in its tasks and functions, which entails a change in its methodology. With the orientation of production, intermediary and others

activities to meet the requirements of both the internal and external markets, completely new, not traditional for our economic practice, tasks arise, which are implemented by all commercial services of enterprises.

The value of the analysis of fixed and circulating assets of the enterprise.

The topic of the course work "Analysis of the effectiveness of the use of fixed and circulating assets of the enterprise" reveals most fully and in detail the most important issues related to the study of the financial condition and the development of measures to improve it using data from the analysis of fixed and circulating assets of the enterprise. Currently, this topic is very relevant. In this regard, the importance of this analysis is greatly increasing.

In a market economy, the role financial analysis not only intensified, but also qualitatively changed. This is primarily due to the fact that financial analysis from an ordinary link in economic analysis has turned under market conditions into the main method for assessing the entire economy. In other words, financial analysis from an appendage of economic analysis has turned into a comprehensive analysis of all economic activities of any industry, region, economic entity, individual entrepreneur... Thus, only financial analysis is capable of comprehensively investigating and evaluating all aspects and results of capital flows and determining the financial condition of a given object.

Fixed and circulating assets, as a rule, make up the bulk of the total capital of a commercial enterprise. Capital investment should be the most efficient. Capital efficiency is understood as the amount of profit per one ruble of invested capital. This is a complex concept that includes the movement of fixed and circulating assets of an enterprise. Therefore, the analysis of the efficiency of capital use is carried out in separate parts, and then a summary analysis is done.

Specific tasks, facing the analysis of the effectiveness of the use of fixed and circulating assets of the enterprise, can be formulated as follows:

Study of the efficiency of using fixed assets of trade enterprises and organizations;

Study of working capital, their compliance with the volume of economic activity, correct use;

Study of working capital according to their classification, as well as their turnover;

Study of settlements with the budget, the bank, with debtors and creditors (in statistics and in dynamics);

Identification of reserves for strengthening financial situation trade enterprises and organizations.

1. Concept and classification of fixed and circulating assets of a commercial enterprise.

Implementation trading activities associated with the use of various means of labor necessary for the promotion, storage and sale of goods.

Fixed assets - this is a part of the property used as means of labor in the performance of work and provision of services, or for the management of the organization for a period exceeding 12 months.

For accounting, drawing up a balance sheet of fixed assets, reporting, inventory, it is necessary to classify fixed assets.

Fixed assets of trade can to classify according to a number of characteristics.

By economic purpose and nature of operation

- production;

- non-production.

Production fixed assets trade are means involved in the production and sale of goods. These include buildings, structures, equipment, vehicles. Their share in the total mass of fixed assets is about 90%.

Non-production facilities - these are the means of communal and cultural and domestic purposes, such as buildings and structures of health care, housing, management, the share of which is about 10%.

By role in production and technological processes fixed assets are subdivided into:

- active;

- passive.

Active fixed assets in natural-material form include machines, trade and technological, lifting and transport, refrigeration equipment, household inventory, mechanisms, vehicles (vehicles).

Passive means - these are buildings of shops, pavilions, tents for the sale of goods, restaurants, cafes, snack bars, etc. for the production of semi-finished products, preparation, sale of food, the organization of its consumption and trade services for the population; warehouses, bases; structures; household inventory. They account for approximately 80% of all fixed assets.

In natural-material form

- building - architectural and construction projects that provide working conditions for trade workers, storage, part-time work, sorting and preparation of goods for sale, sale of goods, provision of trade services and trade services for the population;

- constructions - objects necessary for the implementation of production and trade and technological processes, the performance of auxiliary functions of servicing the population;

- cars and equipment , which include power machines, work machines and equipment, vending machines, mechanical equipment, production lines, material handling equipment; cash registers, weighing devices, filling and packaging equipment, heating equipment. Here also stand out automatic machines and equipment, i.e. units, which are a system of mechanisms and devices in which the processes of receiving, transferring, and using energy are fully mechanized; materials and program tasks, as well as regulating and measuring instruments, laboratory equipment;

- production and household inventory. Production equipment is a production item that serves to facilitate trade, technological and production operations during work (tables and counters); labor protection equipment; containers for storing bulk and liquid goods (for example, tanks, trade cabinets, inventory containers), etc. Household inventory is office and household items;

- tool - mechanized and non-mechanized guns manual labor or tools attached to machines;

- vehicles - vehicles designed to move people and goods;

- other types of fixed assets.

With the development of market relations, changes occur in the ratio different types fixed assets. In addition, the development of science and technology contributes to the emergence of new types of machines, equipment, the introduction of computer technology.

By affiliation fixed assets can be subdivided into:

- own;

- attracted (rented).

By the nature of use on the:

- acting ;

- inactive (decommissioned as a result of physical and moral deterioration);

- newly acquired ready to install.

Trade by virtue of its technological features does not and cannot have, like industry, significant fixed assets. Their share in the production fixed assets of the country is only 3-4%. In terms of their composition, these are mainly buildings and premises. Their share in fixed assets of trade is 75-85%, and

the remaining 15 - 25% are vehicles, transmission devices, machines, refrigeration and other equipment, tools, production and household inventory. But the acceleration of the turnover of economic resources is more related to circulating assets. And if we take into account the share of trade in the circulating assets of the national economy, then we can say that the task of accelerating the turnover of economic resources relates primarily to trade. Indeed, trade here surpasses any of the branches of the country's national economy.

Working capital occupy an important place in the property of a commercial enterprise. They represent part of the funds invested in current assets.

Elements of working capital are:

Labor items (raw materials, materials, fuel);

Finished products in the warehouses of the enterprise, goods for resale;

Settlement funds, short-term financial investments, cash .

The functional role of working capital in the course of a trading enterprise is fundamentally different from the role of fixed assets. Working capital items are part of a continuous flow of business transactions.

Classification of working capital is carried out on the following grounds.

By functional role in product creation Working capital is subdivided into:

- working capital in the field of production;

- circulating assets in the sphere of circulation .

The sphere of circulation includes circulating assets serving the implementation process: goods, finished products, goods shipped, cash, debtors. Working capital related to the sphere of production include production inventories and work in progress. Trading enterprises, if they do not carry out production activities, have current assets only in the sphere of circulation.

Depending on the characteristics of the formation at trade enterprises, circulating assets are divided into:

- standardized;

- unstandardized .

The main part standardized working capital make up stocks of current storage (75-85% of all circulating assets).

Some part of the working capital of enterprises is not standardized ... These funds are generated in the course of operational and economic activities in the process of settlements with suppliers, buyers, various persons and organizations, as well as in connection with the availability of bank lending facilities.

By sources of formation working capital can be divided into:

- own;

- borrowed;

- attracted.

The division of circulating assets into own and borrowed indicates the sources of origin and forms of providing the enterprise with circulating assets for permanent or temporary use.

Own working capital are formed at the expense of the company's own capital (authorized capital, reserve capital, accumulated profit, etc.). Long-term liabilities are also referred to own circulating assets, that is, it is assumed that long-term liabilities are intended to finance fixed assets and capital investments.

Borrowed working capital are formed in the form of bank loans, as well as accounts payable. They are provided to the enterprise for temporary use.

Grouping of working capital by the way it is reflected in the balance sheet the enterprise allows you to distinguish the following groups:

- material circulating assets ... This includes materials, IBE, finished goods, goods, other supplies and costs;

- receivables ... It includes the following items: shipped goods, settlements with debtors, other current assets;

- cash. They include the following balance sheet items: cash desk, current account, foreign currency account, other monetary funds, short-term financial investments.

Thus, trading enterprises can normally exist and develop when endowed with fixed and circulating assets. The condition of fixed and circulating assets and their rational, efficient use directly affect the final results of economic activities of enterprises.

1. Tasks and information support for the analysis of fixed and circulating assets of a trading enterprise.

The analysis of fixed assets can be carried out in several directions, the development of which in combination makes it possible to assess the structure, dynamics and efficiency of the use of fixed assets and long-term investments.

At the same time, the analyst's actions can be systematized and basically boil down to the following analytical procedures:

Comparison of the data of the reporting period with the corresponding data of the base period;

Comparison of reported data with planned estimates or design indicators;

Comparison of indicators of the efficiency of the use of fixed assets with indicators of the use of other types of enterprise resources;

Comparison of reports on fixed assets with statements of financial results of the enterprise;

Factor modeling of the relationship of indicators of the use of fixed assets.

The main directions of the analysis of fixed assets and the corresponding tasks solved within each direction are presented in table. one.

Table 1 . The main directions and tasks of the analysis of fixed assets.

Main directions of analysis	Analysis tasks
Structural analysis noah dynamics fixed assets	Assessment of the size and structure of capital investments in fixed assets Determination of the nature and size of the impact of changes in the value of fixed assets on the financial position of the enterprise and the structure of the balance sheet
Analysis of effective use of the main	Analysis of the movement of fixed assets Analysis of indicators of the effectiveness of the use of fixed assets Analysis of the use of equipment operating time Integrated assessment of equipment use
Analysis of effective cost of exploitation equipment	Capital repair cost analysis Analysis of maintenance costs Analysis of the relationship between sales volume, profit and equipment operating costs
Analysis of effective investment in fixed assets	Assessment of the effectiveness of capital investments Evaluation of the effectiveness of attracting loans for investment

Completeness and reliability of the results of the analysis of fixed assets depend on the degree of perfection accounting, system debugging

registration of operations with fixed assets, completeness of filling out accounting documents, accuracy of assigning objects to accounting classification groups, reliability of inventory lists, depth of development and maintenance of analytical accounting registers.

As sources of accounting information for the analysis of fixed assets are used:

Account 01 "Fixed assets";

Account 02 "Depreciation of fixed assets";

Account 03 "Profitable investments in material assets";

Account 07 "Equipment for installation";

Account 08 "Investments in non-current assets";

Analytical accounting data for the corresponding accounts by type and individual inventory items of fixed assets (statements and analytical accounting cards;

Forms of annual and quarterly financial statements of the enterprise.

In trade, the main place in the composition of funds is occupied by circulating assets. Therefore, special attention should be paid to the analysis of working capital.

The main tasks of the analysis of working capital are:

Study of changes in the composition and structure of working capital;

Grouping of working capital according to the main features;

Determination of the main sources of the formation of working capital;

Determination of the main indicators of the effectiveness of the use of working capital.

Particular attention is paid to the study of the reasons for the identified deviations for certain types of working capital and the development of measures to optimize them. For example, an increase in inventory may be the result of shortcomings in the organization of trade, advertising, the study of customer demand, the presence of stale, slow-moving, excess goods, etc. untimely delivery proceeds to the bank and unused funds, other violations of cash discipline. Excessive balances of other inventory items are the result of the presence or acquisition of surplus and unnecessary materials, raw materials, low-value and wearing out items, and other material values. Reduce stocks of goods, materials, raw materials, fuel to optimal sizes it is possible through their wholesale or barter transactions. The rhythmic development of retail turnover contributes to the normalization of the balances of goods and cash at the checkout and on the way. Remains of empty containers can be optimized by timely returning them to suppliers, accelerating delivery to tare-collecting enterprises, organizing a centralized export of containers. The minimum required amounts of funds should be kept on accounts with the bank, and all their free balances should be transferred to

early repayment of received loans, invest in securities, provide loans to legal entities and individuals.

The main sources of information for the analysis of working capital are:

Balance sheet (form No. 1);

Profit and loss statement (form No. 2);

Primary accounting data, which decipher and detail individual balance sheet items.

The data from the analysis of working capital is used to study the financial condition and develop measures to improve it for trade enterprises.

3. Analysis of the effectiveness of the use of fixed and circulating assets of the enterprise.

3.1. Analysis of the movement of fixed assets.

During the reporting period, the value of fixed assets may change as a result of receipts due to capital construction, gratuitous connection, disposal as a result of liquidation, sale of unused fixed assets, gratuitous transfer. In this case, it is necessary to determine the number of funds received and withdrawn, balances at the beginning and end of the year.

Fixed assets at the end of the year can be calculated by the formula:

OK = He + Op - Ov,

where OK - fixed assets at the end of the year;

He - fixed assets at the beginning of the year;

Op - fixed assets received during the year;

Ov - the cost of fixed assets retired during the year.

The analysis uses indicators of both the original and residual value of fixed assets, as well as cost and physical indicators.

The cost of fixed assets at the end of the reporting year can be calculated using the following formula:

Ocg = He + Op * Tv / 12 - Ov * T / 12,

where Tv - the operating time of fixed assets during the year;

T – time elapsed after disposal of property, plant and equipment during

The average annual cost of fixed assets can also be determined as the quotient of dividing by 12 the sum obtained from the addition of half of the full book value of all fixed assets at the beginning and end of the reporting year and the cost of fixed assets for the 1st day of all other months of the reporting year.

In a market economy, there is an increasing interest in the cost characteristics of fixed assets, the analysis of their condition, the need for timely replacement of obsolete funds and the real financial capabilities of such replacement.

Let us consider the methodology for calculating indicators using an example, the data for which are given in table. 2.

Table 2. Balance of availability and movement of fixed assets (thousand rubles).

Index	Availability at the beginning of the year	Postu- saw	Eliminated	Availability finally of the year
The cost of fixed assets in the original evaluation including new		6158,0
Depreciation of fixed assets
Residual value fixed assets

To analyze the movement of fixed assets, we will calculate the main indicators using the following formulas:

- coefficient of admission Kvv:

Kvv = Value of incoming fixed assets

Kvv = 8351 / 23135 100% = 36,19%;

- Cob refresh rate:

Cob = Cost of new fixed assets

Cost of property, plant and equipment at the end of the period

Cob = 6158 / 23135 100% = 26,6%;

- fixed asset retirement rate Kvyb :

Kvyb = Cost of retired property, plant and equipment

Kvyb = 46 / 14830 100% = 0,31%;

- Kl elimination coefficient :

CL = The value of fixed assets liquidated

The cost of fixed assets at the beginning of the period

From these calculations it can be seen that, in the reporting year, the share of received fixed assets amounted to 36.19%, of which new - 26.6%. The purpose of updating fixed assets is to reduce the costs of maintaining and operating equipment, reducing equipment downtime, increasing labor productivity, and improving the quality of service.

A prerequisite for the effective use of fixed assets is to increase the economic effect of their operation. To analyze the condition of fixed assets, we will calculate the following indicators:

- shelf life K fit:

TO good = Residual value of fixed assets

- wear factor K out:

TO out = The amount of depreciation of fixed assets

Cost of property, plant and equipment

TO out and TO good calculated as of the beginning and end of the analyzed period:

Kizn start = 4449 / 14830 100% = 30%;

Kizn con = 4784 / 23135 100% = 20,7%.

In the example under consideration, the decrease in the wear rate is due to high level update rate.

The usability factor can be calculated as the difference between the unit (or 100%) and the wear factor:

Kyear = 1 – TO out.

The source of the initial information for calculating the indicators is the financial statements (form No. 5 "Appendix to the balance sheet"). To calculate the update rate, data from the primary analytical accounting on the arrival of new equipment is required.

3.2. Indicators of the effectiveness of the use of fixed assets of a trading enterprise.

The structure of fixed assets of a commercial enterprise differs significantly from the structure of industrial fixed assets. This is due to both objective and subjective reasons. Objective factors are associated with the peculiarities of the technological process in trade, the need for widespread use of living labor service personnel which makes this industry labor intensive. Subjective factors are associated with a low level of mechanization and automation of the trade process in the industry as a whole. As noted earlier, most of the fixed assets of a commercial enterprise are buildings, structures and transmission devices, and the rest of the active assets are machinery and equipment. At the same time, an increase in the proportion of the active part of fixed assets is characterized positively, since it contributes to an increase in labor productivity, an improvement in the culture of trade services for the population.

However, the development of a network of supermarkets and hypermarkets, large trade structures, the construction of a commodity supply system necessitate large capital investments in the creation of modern transport and warehouse complexes, automated systems inventory management, modern systems settlements with customers using plastic and discount cards.

Improving the efficiency of using fixed assets is an important task at a trade enterprise.

To assess the effectiveness of the use of fixed assets, it is advisable to use both general indicators , characterizing the effectiveness of the use of the entire set of funds, and private, characterizing the effectiveness of the use of certain groups of funds.

TO summary performance indicators should include indicators:

- return on assets;

- capital intensity;

- capital-labor ratio;

- profitability of fixed assets.

The efficiency of using fixed assets is most often characterized by the indicator return on assets . In trade, the indicator

return on assets is found as the ratio of retail or wholesale turnover to the average cost of used fixed assets.

Fotd = T / OSG,

where F dep - return on assets;

T - trade turnover;

Osg - the average annual cost of fixed assets.

In this way, it is determined how many rubles of turnover fall on each ruble of fixed assets. Consequently, capital productivity increases if the growth rate of turnover outstrips the growth rate of the cost of fixed assets. Thus, the growth of capital productivity is the most important factor in improving the financial results of the enterprise.

Comparison of the actual capital productivity for the reporting and previous periods allows you to establish an increase (decrease) in the efficiency of using fixed assets. Particular attention should be paid to reducing the return on assets and it is necessary to find out the reasons for this situation, to outline measures.

Capital intensity fixed assets is determined by the ratio of the average annual cost of fixed assets to the volume of trade:

F e = O cr / T,

where F e - capital intensity;

T - commodity turnover.

Capital-labor ratio is determined by the ratio of the active part of fixed assets to the number of employees:

Fr = Osg / H,

where Fr - capital-labor ratio;

H - the number of employees;

Osg - the average annual cost of the active part of fixed assets.

Considering this indicator, it is necessary to constantly take into account that the trading industry in terms of capital-labor ratio is among the laggards. The share of manual labor in trade is extremely high, and its reduction by increasing the capital-labor ratio is a priority.

The profitability of fixed assets is determined by the ratio of profit to the average annual cost of fixed assets:

R = P / Osg,

where R - profitability;

NS - profit.

For a general assessment of the effectiveness of the use of fixed assets, it is advisable to calculate the integral indicator:

Whoo = F dep * R,

where Whoo - an integral indicator of the use of fixed assets;

Fotd - return on assets;

R - profitability of fixed assets.

When determining each indicator of the efficiency of using fixed assets, the cost of both own and leased assets is taken into account.

In addition to general indicators of the efficiency of using the entire set of fixed assets, private indicators are used that take into account the peculiarities of individual sub-sectors of trade: retail trade, public catering, wholesale trade... So, the use of commercial and industrial premises is characterized by the following indicators:

Trade turnover per 1m 2 of the total area, per 1m 2 retail space, for one seat (catering establishments);

Area Ratio trading floor and seats;

Profit per 1m 2 of total area, 1m 2 of retail space.

IN retail such indicators are determined as:

:

H = Turnover

Trading floor area

- installation area ratio :

TO at = Area occupied by equipment and bulky goods

Trading floor area

The standard value of the coefficient is 0.27 - 0.3.

- exposure area ratio :

Ke = Display area of ​​goods

Trading floor area

The optimal value of the coefficient is 0.7 - 0.75.

IN public catering indicators are determined:

- turnover per seat ;

- capacity utilization rate :

TO m = Production capacity

Average daily release of dishes

For the wholesale trade, indicators of the efficiency of using the warehouse space are calculated:

- specific warehouse turnover :

Have st = Average warehouse turnover

Total warehouse area

- warehouse space utilization rate:

TO skl = Usable area

Main area

Useful area is the area of ​​the warehouse directly occupied by material values ​​or devices for their storage. The main warehouse area is the usable area plus the area occupied by reception, sorting, picking rooms and equipment for warehousing.

For various methods of storage and movement of goods in the warehouse, standard coefficients for the use of warehouse space are established. In the analysis, the actual coefficient is compared with the normative one; based on the comparison results, a specific management decision is made.

- utilization rate of warehouse volume:

TO v = Useful volume

Main volume

At the present time, the normative coefficients for the use of the warehouse volume have not been determined. However, it was found that if the actual utilization rate of the warehouse volume is less than 0.2, then this indicates the wrong choice of warehouse and handling equipment.

In turn, private indicators of the efficiency of the use of fixed assets have a direct impact on the generalizing indicators.

3.3. Analysis of the effectiveness of the use of working capital in trade.

The amount of working capital of trade enterprises depends on the volume and speed of trade. The task of enterprises and trade organizations is to find ways of the most efficient use of working capital. The effectiveness of the use of working capital is characterized primarily by their turnover.

Under turnover of funds the duration of the passage by means of individual stages of production and circulation is understood.

The turnover of working capital is calculated:

Duration of one turnover in days;

The number of revolutions for the reporting period.

The most common indicator is turnover in days ... The duration of one turnover in days is determined as the quotient of dividing the average value of working capital by the average one-day turnover for the sale of goods or multiplying the average balances of working capital by the number of days of the analyzed period and dividing by the turnover for this period. Average annual balances of current assets can be determined by the formulas of the average chronological or arithmetic mean (according to the data of current accounting and reporting). When calculating the indicators of the turnover of working capital, the comparability of the data must be ensured. So, if the average inventory is included in the calculation at cost, then the turnover is taken at the purchase price (at cost). When calculating the turnover of other types of circulating assets in the wholesale and retail trade, it is customary to take the turnover in retail prices (in public catering, according to the sales value). The turnover in days for all types of circulating assets is determined by summing it up for certain types of circulating assets.

Turnover working capital can be studied and in the number of revolutions. It is determined by dividing the volume of turnover for the period under study by the average balances of working capital. The increase in the number of revolutions indicates a more efficient use of working capital.

The turnover of current assets is usually studied in dynamics. For certain types of working capital and for the enterprise as a whole, it is established how much their turnover has accelerated or slowed down and how much money has been released or additionally invested as a result. To determine the amount of funds released or additionally invested as a result of changes in the circulation time of current assets, it is necessary to multiply the actual average daily turnover of the reporting period by the acceleration or deceleration of the turnover of working capital in days. The acceleration of the turnover of circulating assets is facilitated, first of all, by the improvement of the processes of transportation of goods and their sale, the improvement of the organization of economic activity, etc.

Let us consider the analysis of the turnover of working capital on the basis of the data given in table. 3.

Table 3 . Turnover of working capital.

Index	Previous year	Reporting year	Changes (+;-)
Revenue, rub.
Number of days of analysis the period
Average balance of circulating funds, rub.
Duration of one turnover, days
The number of revolutions per one- lysed period

According to the table, it can be seen that the turnover of the working capital of an economic entity for the year accelerated by 2.1 days - from 31.8 to 29.7 days. This led to an increase in the number of revolutions by 0.8 revolutions - from 11.3 to 12.1 revolutions. The change in the rate of turnover of working capital was achieved as a result of the interaction of two factors:

1. increase in revenue by 5,000 rubles.
2. increase in the average balance of working capital by 74 rubles.

For other inventory items (materials, raw materials, fuel, fuel, containers, low-value and wearing out items), the turnover, calculated in relation to the volume of goods turnover, does not quite accurately characterize the time of their circulation. According to them, it is necessary to determine the turnover based on their average daily consumption. This indicator is usually called private turnover of working capital ... Private indicators of the turnover of current assets are calculated by dividing the average balances certain types other commodity

material assets in the amount of their average daily consumption. For accounts receivable, the private turnover rate is determined by dividing its average balances by the average daily repayment amount. Private indicators of the turnover of working capital show how many days on average the balances of other inventories are spent (updated), and for accounts receivable - for what period it is repaid.

An indicator of the efficiency of using current assets is also their level of profitability , determined by the ratio of the annual amount of profit to the average annual balances of working capital. The profitability of current assets is usually studied for a long period, determine the rate of its change, and most importantly, the forecast reserves of growth.

For a generalized assessment of the effectiveness of the use of current assets, it is possible to calculate and analyze integral indicator , determined by extracting the square root of the product of the growth rate or decrease in the turnover of circulating assets (in the number of revolutions) and their profitability. The integral indicator of the efficiency of the use of working capital is studied by the rate of its change over a number of years. The growth in the rate of the integral indicator of the efficiency of current assets indicates an improvement in their use.

Trade enterprises and organizations should accelerate the turnover of working capital by better studying consumer demand, eliminating irrational transportation, reducing the time for loading and unloading, sorting, processing and packing goods, for their delivery to customers. Rational use of circulating assets and acceleration of their turnover improve the financial position of trade enterprises and organizations, allow you to fulfill and overfulfill the turnover plan at the lowest cost.

3.4. Sources of the formation of working capital.

The system of formation of working capital affects the speed of their turnover and the efficiency of use.

A surplus 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 progress of the implemented process, slowing down the rate of economic turnover of the enterprise's funds.

The question of the sources of the formation of working capital is important from another position. The market situation is constantly changing, so the company's needs for working capital are unstable. It becomes almost impossible to cover these needs only from our own sources. Therefore, the main task of management

the process of forming working capital is to ensure the effectiveness of raising borrowed funds.

The composition and structure of sources for the formation of working capital are given in table. 4.

As a rule, the minimum need of an enterprise for working capital is covered by its own sources of profit, authorized capital, reserve capital, etc. However, due to a number of objective reasons, such as inflation, growth in sales volumes, delays in paying customer bills, etc. there are temporary additional requirements for working capital. In these cases, the financial support of economic activity is accompanied by the attraction of borrowed sources - bank and commercial loans, loans, etc.

Table 4. Sources of working capital.

Own		Additionally attracted
Authorized capital Extra capital Reserve capital Accumulation fund Social Sphere Fund Targeted financing niyas and receipts Undestributed profits	Long-term bank loans Long term loans Short-term bank loans Short-term loans Commercial loans Investment tax free credit Employee investment contribution	Accounts payable suppliers and contractors on wages for insurance other creditors Consumption fund Provisions for future expenses and payments Doubtful debt provisions Charitable and miscellaneous income

Information on the size of own sources of funds is presented mainly in section 4 of the balance sheet of the enterprise and in section 1 of form No. 3 "Statement of capital flows". Information about borrowed and attracted sources of funds is in sections 5 and 6 of the balance sheet of the enterprise, as well as in sections 1, 2 of form No. 5 "Appendix to the balance sheet".

3.5. Factors affecting the working capital of a trading enterprise.

In conditions Russian Federation the transition to market relations is accompanied for many enterprises by falling into a zone of economic uncertainty and increased risk. Most businesses for the first time

faced the need for an objective assessment of the financial condition, solvency and reliability of its partners, constant monitoring of the quality of settlement and financial transactions and payment discipline.

An important task of analyzing the efficiency of using working capital is to calculate the influence of various factors on this indicator.

The main external factors affecting the size and rate of turnover of the company's working capital are:

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

The nature of the business or activity, i.e. industry affiliation of the enterprise;

Duration (number and duration) of technological operations for the provision of services;

The number and variety of consumed types of resources;

Geography of product consumers, suppliers and subcontractors;

Settlement system for goods, works, services;

Customer solvency;

Banking quality;

Growth rate of product sales;

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

Accounting policy of the enterprise;

Qualification of managers;

Inflation.

In addition to external factors, the size and rate of turnover of working capital is influenced by internal factors arising from the economic activity of a trading enterprise.

The most common reasons for the lack of working capital for trade enterprises and associations are:

Failure to fulfill the turnover plan, violation of its commodity structure;

Slowdown in turnover;

Exceeding the standard for commodity stocks and failure to take timely measures to normalize them.

Thus, all shortcomings in economic activity in one way or another affect the situation with working capital.

The state of accounts receivable, their size and quality have a significant impact on the financial condition of enterprises. The financial position of trade enterprises and organizations is deteriorating due to the diversion of their own working capital to cover accounts receivable and other non-standardized assets. This situation should be overcome. Subject to the settlement and contractual discipline, trade organizations should not have significant accounts receivable on their balance sheets, as this leads to an unplanned diversion of working capital from their direct purpose, to

the delay in the turnover of working capital and violates the normal solvency.

Banking institutions consider trade organizations that are not provided with working capital in the prescribed amount as poorly performing and can change their lending regime. For such organizations, the reasons that led to the lack of their own working capital are more thoroughly analyzed, and measures are developed to replenish them to the standard. If a trade organization does not have internal sources to make up for the lack of its own circulating assets, then the bank may, as an exception, issue a short-term loan. In the process of studying the factors that influenced the change in circulating

funds, use the data of the financial plan of the trade organization, while checking its validity.

3.6. Comparative analysis of the use of working capital.

1) enterprises whose own circulating assets meet the standard;

2) enterprises lacking working capital;

3) enterprises with surplus working capital.

The balance sheets of enterprises of the second and third groups are being studied more thoroughly. Enterprises of the second group may experience a shortage of working capital as a result of a discrepancy between the standards and the actual volume of economic activity or, which is more common in practice, as a result of non-fulfillment of the turnover plan, cost overruns, and shortfall in income.

The study of working capital for a group of poorly performing enterprises is aimed mainly at identifying and eliminating the causes of financial tension.

Based on the analysis of the balance sheets of the enterprises of this group, the issue of allocating funds for the temporary replenishment of their own revolving funds those of the enterprises that really need it. The allocation of additional working capital to poorly performing enterprises should be accompanied by the development of measures to improve their financial and economic activities.

Enterprises of the third group achieve an excess of their own working capital, as a rule, by overfulfilling the targets for income, which is the main source of their formation. When analyzing

balance sheets of such enterprises identify best practices and disseminate it to other enterprises. At the same time, in the process of analysis and based on its results, the issue of the rational use of working capital is being resolved. They must be directed to the further expansion of trade, to production and social development, since the replenishment of the norm of own circulating assets is carried out from the production and social development fund.

Conclusion.

The economy of our country is developing according to the laws of the market. In a market economy, financial analysis is one of the main tools for influencing the economy. The growing role of financial analysis in a market economy is associated primarily with the main principle of the market: cruelty. The market lives according to a very strict law: the strongest survive. And the strongest in the market is a business entity that has a good financial condition (not only a lot of money, but most importantly, there are no debts). Achieving a good financial condition requires, among other factors, a systematic financial analysis as a comprehensive analysis of all economic activities. Financial analysis is a deep, scientifically grounded study of financial relations and the movement of financial resources in a single production and trade process. One of the most important tasks of analyzing the financial condition of an economic entity is to study the effectiveness of the use of financial resources.

The financial condition of an economic entity is a characteristic of its financial competitiveness (i.e., solvency, creditworthiness), the use of financial resources and capital, the fulfillment of obligations to the state and other economic entities. The movement of any material assets, labor and material resources is accompanied by the formation and expenditure of funds. Therefore, the financial condition of an economic entity reflects all aspects of its production and trading activities.

Fixed and circulating assets are the most important components of the capital of any enterprise, which are necessary for the implementation of its economic activities. Thus, the results of the financial and economic activities of enterprises largely depend on the rational, efficient use of fixed and circulating assets.

Fixed assets of a trading enterprise are material and material values ​​of production and non-production purposes, functioning and developing in the industry, necessary for the rational and systematic performance of production functions of commercial services for the population, creating conditions for highly productive work of trade workers. To increase the efficiency of the use of fixed assets, it is necessary to introduce progressive forms of trade, improve the supply of goods to the retail network, and more fully study the demand of the population.

Trade as an industry economic activity differs from other industries in the high need for working capital. The need for working capital is determined by three main items of current assets: commodity stocks, inevitable accounts receivable, the necessary funds and, in addition, stocks of low-value and fast-wearing items (containers, packaging materials, dishes), fuel and materials used in the technological processes of trade and during the transportation of goods. The rational use of working capital and the acceleration of their turnover improve the financial position of trade enterprises and organizations and allow fulfilling and overfulfilling the turnover plan, and thereby increasing profits.

In addition, in order to improve the financial situation of the enterprise, it is also necessary:

Monitor the ratio of receivables and payables. Since a significant excess of accounts receivable creates a threat to the financial stability of the enterprise and makes it necessary to attract additional sources of financing;

If possible, focus on increasing the number of customers in order to reduce the scale of the risk of non-payment;

Monitor the status of settlements for overdue debts. In conditions of inflation, any delay in payment leads to the fact that the enterprise actually receives only a part of the cost of the services rendered.

Bibliography:

1. 1. M. S. Abryutina "Economic analysis in trading", M .: Publishing house "Delo and Service", 2000
2. M. I. Bakanov "Theory of economic analysis", M .: "Finance and statistics", 1997
3. MI Bakanov "Analysis of economic activity in trade", M .: "Economics", 2000
4. I. T. Balabanov "Analysis and planning of finance of an economic entity", M .: "Finance and statistics", 1998
5. G. P. Borisov "Analysis of economic activity in trade", M .: "Economics", 1999
6. L. I. Kravchenko "Analysis of economic activity in trade", Minsk: "Higher school", 1995
7. NP Lyubushkina "Analysis of the financial and economic activities of the enterprise", M .: "UNITI-DANA", 1999
8. G. V. Savitskaya "Analysis of the economic activity of the enterprise", Minsk: LLC "New knowledge", 2001
9. A. N. Solomatin "Economics and organization of the trading enterprise", M .: "INFRA-M", 2000
10. A. D. Sheremet "Methodology of financial analysis", M .: "INFRA-M", 1999

INTRODUCTION

An integral condition for the functioning of the enterprise is the availability of working capital. Lack of working capital paralyzes the activities of the enterprise and leads to a deterioration in its financial situation.
The market presupposes a competitive struggle between various commodity producers and encourages a constant search for reserves to increase the efficiency of using all material factors of production, including circulating assets. It is possible to identify and practically apply these reserves using economic analysis. The state and use of working capital is one of critical aspects analytical work. A more complete and rational use of the working capital of an enterprise contributes to the improvement of all its technical and economic indicators: an increase in labor productivity, an increase in output, a decrease in its cost, and maximum profit. The need for forecasting and planning working capital is determined by the special importance of this economic category for the economic activity of the enterprise. The advanced nature of working capital, the need to invest in them until an economic effect is achieved, put them on a par with real investments.
In the context of the economic crisis and sanctions against Russia on the part of the international community, which is characterized primarily by a serious shortage of liquidity, the issues of working capital management, as the largest liquid part of an enterprise's assets, have acquired particular urgency.
In addition, the existing methods for analyzing working capital are not free from shortcomings. The study of economic literature on the issue under consideration allows us to conclude that the improvement of the analysis methodology is largely impeded by problems of both theoretical and practical nature. Until now, there is no uniformity of views of scientists and practitioners on the nature of working capital. The coefficients used in the analysis process do not always allow to reliably determine the results of the use of working capital, therefore, the methods based on the use of such coefficients - to take the correct management decisions, aimed at the formation and improvement of the efficiency of their use. In addition, the information base traditionally used for analysis purposes, based on data financial statements, contains significant limitations for such an analysis.
These problems require deep study in order to find ways to improve the quality of economic analysis of working capital.
The purpose of this work is to develop measures to improve the efficiency of using the company's working capital.
In accordance with this goal, the following tasks are set in the final qualifying work:
1. Consider the concepts and economic content of working capital.
2. Study the classification of working capital.
3. Identify indicators of the use of the company's working capital.
4. To analyze the structure and dynamics of the working capital of the enterprise Non-public joint-stock company (NAO) "City Bakery No. 2". (Formerly ZAO - Closed Joint Stock Company)
5. To assess the efficiency of using the company's current assets.
6. To develop measures to improve the efficiency of the use of working capital.
7. Calculate the effectiveness of the proposed measures.
The object of the research is NJSC "City Bakery No. 2".
The subject of the research is to increase the efficiency of using working capital.
Theoretical and methodological basis of the research. The theoretical and methodological basis of the study was the works of domestic and foreign scientists on economics and analysis of the activities of organizations, legislative and regulatory acts of the Russian Federation on economic development and the organization of accounting systems.
In the course of the research, the economic and statistical method, methods of grouping, complex analysis, comparative and factor analysis, as well as other methods of scientific research were used.

1. ANALYSIS OF THE EFFICIENCY OF USE OF CURRENT MEANS OF THE ENTERPRISE

(THEORETICAL CHARACTERISTIC)

1.1 Concept, content and classification of working capital

Working capital is a complex of production assets and circulation funds in monetary terms. These components of circulating assets serve the reproduction process in different ways: the first in the sphere of production, and the second in the sphere of circulation.

The conditions for the release and sale of goods require that stocks of material assets consumed in the production process, as well as finished goods, are constantly in the warehouses of a manufacturing enterprise. At the same time, in order to ensure uninterrupted operation, it is necessary that certain backlogs of unfinished products be located in the shops. And finally, the company must have certain funds on hand, in bank accounts, in settlements.
The assets of the organization, which, as a result of its economic activities, completely transfer their value to the final finished product, take a one-time participation in the production process, changing or losing their natural-material form, are called circulating assets.
Let's list the features of working capital:
- full expenditure, during one production cycle and full transfer of value to newly created products;
- being in constant circulation;
- during one turnover, current assets change their form from cash to commodity, from commodity to cash, going through the stages of purchase, consumption, sale.
Working capital is studied in terms of composition, structure and efficiency of use.
When studying the structure of working capital, you need to take into account their classification:
1. According to the functional role in the production process, circulating assets (OS) are divided into:
- circulating production assets (stocks and fixed assets in production);
- working capital in circulation (finished products, cash and settlements).
2. According to the degree of liquidity, they are divided into:
- absolutely liquid (cash and short-term financial investments);
- quickly sold current assets (normal accounts receivable);
- slow-moving assets (stocks, finished products, goods).
3. Current assets are divided according to the degree of risk:
- the minimum degree of risk (cash and short-term financial investments);
- low degree of risk (accounts receivable, except for doubtful, finished products);
- medium risk (inventory including VAT, excluding finished goods);
- high degree of risk (doubtful accounts receivable, finished goods not in demand, construction in progress for a canceled order)
- The composition of circulating assets is understood as a set of elements that form circulating production assets and circulation funds.
- The elements of working capital are: raw materials; basic materials and purchased semi-finished products; auxiliary materials; fuel and fuel; container and container materials; spare parts for repair; tools; household inventory and other MBEs; work in progress and self-made semi-finished products; future spending; finished products; shipped goods; cash; debtors; others.
Figure 1.1 shows the elemental composition of working capital.

Figure 1.1- Elemental composition of working capital

Circulation funds include: finished products, cash and settlement funds.
Working capital and circulation funds, being in constant motion, ensure uninterrupted circulation of funds. The turnover of enterprise funds begins with the advance payment of value in cash for the purchase of raw materials, materials, fuel and other means of production - the first stage of the turnover. As a result, money takes the form of inventories, expressing the transition from the sphere of circulation to the sphere of production. With all this, the cost is not expended, but advanced, since after the completion of the circuit it is returned. The second stage of the circulation takes place in the production process, where the labor force carries out productive consumption of the means of production, creating a new product that carries the transferred and newly created value. The advanced value again changes its form - from the productive one, it passes into the commodity one. The third stage of the circulation is the sale of finished products (works, services) and receipt of funds. At this stage, circulating assets are again transferred from the sphere of production to the sphere of circulation. The interrupted circulation of commodities is resumed, and the value from the commodity form passes into monetary. The difference between the amount of money spent on the manufacture and sale of products (works, services) and those received from the sale of manufactured products (works, services) is the company's cash savings.
Raw materials are products of the extractive industries
1. Materials are products that have already undergone certain processing. Materials are divided into basic and auxiliary materials.
The main ones are materials that are directly part of the manufactured product (metal, fabric).
Ancillaries are materials that are necessary to ensure a normal production process. They themselves are part of finished product not included (grease, reagents).
Semi-finished products - products finished processing at one processing unit and transferred for processing to another processing unit. Semi-finished products can be own and purchased. If semi-finished products are not produced in our own enterprise, but are purchased from another enterprise, they are classified as purchased and are included in production inventories.
2. Work in progress is a product (work) that has not passed all stages (phases, redistributions) provided for technological process, as well as incomplete products that have not passed tests and technical acceptance.
3. Deferred expenses are expenses of a given period that are subject to repayment at the expense of the cost of subsequent periods.
4. Finished products are fully finished finished products or semi-finished products received at the warehouse of the enterprise.
5. Accounts receivable - money that is physical or legal entities owe money for the supply of goods, services or raw materials.
6. Cash- these are funds that are in the cash desk of the enterprise, on the current accounts of banks and in settlements.
On the basis of the elemental composition of circulating assets, you can calculate their structure, which is the share of the value of individual elements of circulating assets in their total value.
According to the sources of education, fixed assets are divided into own and borrowed (borrowed) ones.
Own fixed assets are formed at the expense of the company's own capital (authorized capital, reserve capital, accumulated profit, etc.).
The structure of borrowed working capital includes bank loans, as well as accounts payable. They are provided to the enterprise for temporary use. One part is paid (loans and borrowings), the other is free (accounts payable).
According to the level of controllability, OS are subdivided into standardized and non-standardized. The standardized ones include those operating systems that ensure the continuity of production and promote the efficient use of resources. These are production inventories, prepaid expenses, work in progress, finished goods in stock. Cash, shipped products, accounts receivable are classified as non-standardized working capital. The absence of norms does not mean that the size of these funds can be changed arbitrarily. The current procedure for settlements between enterprises provides for a system of sanctions against the growth of non-payments.
Standardized fixed assets are planned by the enterprise, while non-standardized fixed assets are not the object of planning.
In the practice of planning, accounting and analysis, working capital is grouped according to the following criteria:
- depending on the functional role in the production process - circulating production assets (funds) and circulation funds;
- depending on the practice of control, planning and management - standardized OS and non-standardized OS;
- depending on the sources of working capital formation - own working capital and borrowed working capital;
- depending on liquidity (the rate of conversion into cash) - absolutely liquid funds, quickly sold by fixed assets, slowly sold by fixed assets;
- depending on the degree of risk of capital investment - working capital with minimal risk investment, working capital with low investment risk, working capital with medium investment risk, working capital with high risk investments;
- depending on the accounting standards and reflection in the balance sheet of the enterprise - fixed assets in stocks, accounts receivable, short-term financial investments, cash, other current assets;
- depending on the material content - objects of labor, finished products and goods, cash and funds in the calculations.
The structure of working capital is understood as the ratio between the elements in the total amount of working capital.
Composition and structure of working capital are not the same in different sectors and sub-sectors of the economy. They are determined by many factors of production, economic and organizational nature.
So, fixed assets represent the value advanced in monetary form for the planned formation and use of circulating production assets and circulation funds in the minimum necessary amounts, ensuring the implementation of the production program by the enterprise and the timeliness of settlements. Since fixed assets include both material and monetary resources, not only the process of material production depends on their organization and efficiency of use, but also financial stability enterprises.

1.2 Policy for managing the use of working capital of the enterprise

Inflation, non-payments and other crisis phenomena are forcing enterprises to change their policy in relation to working capital, to look for new sources of replenishment, to study the problem of the efficiency of their use. The material basis of production is production assets in the form of means of labor. In the process of functioning, the means of labor and objects of labor in different ways and to varying degrees transfer their value to the value of the product produced. This is the reason for the division of production assets into fixed and circulating assets. Revolving production assets serve the sphere of production and completely transfer their value to the cost of finished goods, changing the original form in the course of one production cycle. In its turnover, circulating assets consistently take monetary, productive and commodity forms, which corresponds to their division into production assets and circulation funds.
The organization of working capital is fundamental in the general complex of problems of increasing their efficiency. The organization of working capital includes:
- determination of the composition and structure of working capital;
- Establishment of the enterprise's need for circulating assets;
- determination of sources of formation of working capital;
- disposal and maneuvering of working capital;
- responsibility for the safety and efficiency of the use of working capital.
So much for industrial enterprises characteristic feature is that most of their working capital is occupied by inventories and accounts receivable.
One of the basic principles of the organization of working capital is rationing. The implementation of this principle makes it possible to economically establish the required amount of own circulating assets and thereby provide conditions for the successful implementation of their production and payment and settlement functions. The erroneous practice of our time of refusal to standardize working capital is one of the reasons for the crisis in the payment and settlement discipline.
The most important principle correct organization working capital is their use strictly for their intended purpose. Violation of this principle by diverting advanced working capital from production turnover to cover losses, losses due to mismanagement, to pay excessive bank interest on loans, to pay tax payments to the budget, led to a crisis in payment and settlement discipline, an increase in huge debts to suppliers for raw materials supplied and finished products, workers and employees on wages, the budget for tax payments.
An important principle of organizing working capital is to ensure their safety, rational use and acceleration of turnover. The organization of the working capital of enterprises necessarily includes a systematic control over the safety and efficiency of use through audits and surveys based on statistical data, operational and accounting reports.
One of the important reasons for the lack of working capital at many enterprises is the lack of a stable supply of raw materials. This leads to the fact that sometimes 30-50 times more than the daily consumption of raw materials is purchased at once. It turns out salvo payments, therefore, huge working capital is needed.
The problem of non-payments makes it necessary to classify your creditors according to the terms of overdue accounts payable and depending on who needs to be paid now, who can still wait, and who can not be paid at all. The first places in this queue are payments on loans and interest for them to commercial banks and taxes to the federal budget. Late payments here turn into penalties in such an amount that they can easily bring the company to bankruptcy. It should be noted, however, that in Russian economic practice this threat is rather conventional. Currently, the possibility of bankruptcy is inversely proportional to the size of the enterprise, while for the former state-owned enterprises this inverse relationship is even more pronounced.
Providing sufficient working capital, which gives the company the ability to pay for raw materials and labor, to incur costs associated with production and marketing activities, in practice comes down to the need to solve several very difficult problems.
The first of them, the solution of which can significantly replenish the working capital of the enterprise, is inventory management. According to Western textbooks financial management, from the point of view of the adequacy of working capital, no factor is as important as the rate of turnover of inventory.
But in order to determine the influence of this factor in Russian reality, you need to have at least accurate information about the availability of reserves and calculate the standards for their use. That is, it all starts with accounting issues. The fact that the accounting system in the warehouses of enterprises requires improvement is beyond doubt.
After all, a company often buys the same raw material at different prices. Storekeepers have all the raw materials recorded on different cards (since they have a different price). The accounting department should write off this raw material at a certain price, but since it is written off from different cards, it turns out new method cheating - at random, as the card was at the storekeeper. Naturally, it is impossible to manage finances based on such data. Until now, the most common method in our country was the method of assessing stocks at the actual cost of procurement. At the same time, when it is used in conditions of long-term storage of stocks, which is typical for many enterprises, firstly, the cost of production is underestimated, and secondly, the cost of residual materials is significantly underestimated, which means that their turnover is artificially overestimated.
The use of the method for evaluating materials at the cost of recent purchases leads to a distortion of the amount of material balances in the direction of their reduction, and, consequently, to an overestimation of the turnover ratio. Evaluation of inventories at the cost of the first purchases leads to the fact that the cost of goods sold is formed on the basis of the lowest prices for materials, and their balances are estimated at the maximum cost. Therefore, the turnover of current assets in this case will be objectively lower than when using the previously considered methods for assessing reserves. The solution is simple - implementation in the warehouse and in the accounting department at an average cost, which is provided for by the instructions of the Ministry of Finance.
The second aspect of the problem of increasing working capital is the improvement of the settlement system. To speed up settlements, first of all, you need to know all the payers - you need a register that includes information about the contractual amounts, terms and other parameters related to the receipt of payments. At the same time, it is worth considering who will delay payments and by how much, and who will not pay at all.
In the context of the transition to a market economy, the state of working capital for most enterprises has seriously deteriorated due to not only local, but also general reasons: the destruction of a single economic space, a drop in production levels, price increases, etc. New models of working capital management must be tested and voluntarily adopted by enterprises. Work in this direction is already underway.

1. Reducing the specific consumption of raw materials, materials, fuel provides the production of great economic benefits. First of all, it makes it possible to produce more finished products from a given amount of material resources and therefore acts as one of the serious prerequisites for increasing the scale of production.
2. The saving of material resources, the introduction into production of new, more economical materials contribute to the establishment in the process of reproduction of more progressive proportions between individual sectors, the achievement of a more perfect sectoral structure of industrial production.
3. The desire to save material resources encourages the introduction of new technology and the improvement of technological processes.
4. Savings in the consumption of material resources helps to improve the use of production capacity and increase social productivity. In itself, a decrease in the unit costs of the past, reified labor means an increase in the productivity of social labor. But the point is not only this - the saving of material resources entails savings in the costs of living labor as well: the relative expenditure of labor for the transportation of materials, their shipment and unloading, for their storage is reduced.
5. Saving material resources greatly helps to reduce the cost of industrial products.
6. Significantly affecting the reduction of production costs, the saving of material resources has a positive effect on the financial condition of the enterprise.

Effective management of working capital is important for a company for the following reasons:
1. The amount of working capital of most companies is more than half of all its assets.
2. Resolving issues related to working capital is an ongoing process and requires, in contrast to other areas of the CFO's activities, more time. The amount invested in each of the current asset positions may change on a daily basis and should be carefully monitored to ensure the most productive use of funds.
3. Optimal control working capital leads to an increase in income and reduces the risk of a shortage of company cash.
4. Proper management of working capital will maximize the rate of return and minimize your liquidity and commercial risk.
When optimizing the management process and the use of current assets, special attention should be paid to accounts receivable and production inventories.
Accounts receivable are funds owed to a firm but not yet received by it. The structure of current assets reflects accounts receivable, the maturity of which does not exceed one year.
Accounts receivable can be represented by the following items: accounts receivable from core activities and accounts receivable from other operations.
Accounts receivable from other transactions include such items as advances to employees, advances to branches, deposits such as a debt guarantee, receivables from financial transactions (receivables for dividends and interest), etc.
Accounts receivable management involves, first of all, control over the turnover of funds in settlements. Acceleration of turnover is a positive trend in the economic activity of the enterprise.
Acceleration of turnover can be achieved through selection potential buyers, determining the terms of payment, monitoring the maturity of accounts receivable and impact on debtors.
The selection of buyers is carried out thanks to the analysis of compliance with their payment discipline in the past, analysis of their current solvency, analysis of the level of their financial stability and analysis of other financial indicators that characterize the financial condition of the company - the buyer.
The definition of the terms of payment for goods by buyers is that the buyer sets the boundaries of the terms of payment for goods: paid earlier - received a discount on payment for goods, paid on time - lost the discount provided, paid later - pay a fine.
Control over the maturity of accounts receivable includes ranking of accounts receivable by the timing of their occurrence. The most common classification provides for the following grouping of accounts receivable in days: up to 30 days, from 30 to 60 days, from 60 to 90 days, from 90 to 120 days, more than 120 days.
The most common methods of influencing debtors in order to pay off debts are sending letters, phone calls, personal visits, and selling debts to special organizations.
Accounts receivable management also implies the mandatory conduct of comparative analysis the amount of accounts receivable with the amount of accounts payable. It is very important for the financial position of the company that the accounts receivable do not exceed the accounts payable.
The receivables management policy is an integral part of the current assets management policy and is aimed at expanding the volume of sales of products, optimizing the amount of this debt and ensuring its timely collection.
Inventory management policy is part of the general policy of managing current assets of the enterprise and consists in optimizing the overall size and structure of inventories, minimizing the cost of maintaining them and ensuring effective control over their movement.
When determining the need for working capital, it should be borne in mind that, firstly, the production costs of the enterprise are carried out at their expense and their shortage can lead to interruptions in production process... Secondly, the receipt of proceeds often does not coincide with the time of shipment of products and the beginning of a new production cycle, that is, with the time of consumption of material resources. In these conditions, the enterprise must provide for such a size of circulating assets that will allow starting a new circuit without waiting for the end of the previous one. In addition, for uninterrupted operation, the enterprise must have sufficient circulating assets not only for the formation of circulating assets and for the implementation of production, commercial and management costs, but also for financing the activities of all service farms of the organization.
Consequently, at the beginning of the first production cycle, it is necessary to accumulate such an amount of working capital so that, until the working capital advanced into it completes its circulation and returns in the form of revenue, the enterprise could carry out costs associated with both production and distribution activities and administrative work.
In a market economy, all financial resources, with the help of which the formation of working capital is carried out, have their own value, therefore the analysis of the sources of working capital plays an essential role.

1.3 Methodology for the analysis of working capital

The relevance of the topic under study lies in the fact that the efficiency of functioning and financial stability of enterprises largely depend on the provision of circulating assets, their structure and level of use. Therefore, the management system of current assets, along with planning, rationing and accounting, includes regular analysis of their composition, dynamics, compliance with the needs of current production and economic activities, as a result of which possible improvements in the use of circulating assets are identified, the duration of the financial cycle is reduced, the production process is uninterrupted, and sales of products with less financial resources. The analysis of current assets should be characterized by consistency, purposefulness and efficiency, objectivity of assessments, validity of conclusions and proposals.
The financial condition of the organization directly depends on how quickly the funds invested in current assets turn into real money. Thus, the growth of non-payments complicates the rhythm of the organization's activities and leads to an increase in accounts receivable; excessive diversion of funds into production inventories, work in progress, finished goods leads to ineffective use of working capital.
The main task of managing current assets is to form the required volume, optimize the composition and ensure the effective use of the company's current assets.
The analysis of current assets occupies an important place in the analysis of the financial condition of an enterprise, since in relation to its economic activities, they perform a service function, i.e. in the process of the circulation of circulating assets, profit from sales is formed, which in many respects is the main source of funds that ensures the successful functioning of a commercial organization.
Working capital analysis covers the following steps:
- identifying the needs of the enterprise in working capital;
- determination of sources of financing of working capital;
- analysis of the influence of the state of current assets on liquidity;
- calculation of the rate of turnover of circulating assets to determine the efficiency of their use;
- analysis of the profit received as a result of the use of working capital.
Generally accepted analysis methods, as a rule, involve the implementation of the above stages by using only the organization's financial reporting data as an accounting and analytical database. At the same time, financial statements are formed according to the rules established by the state, and they do not fully take into account the information needs of the enterprise management. In this regard, in the works of economists it is proposed to use data based on the analysis of working capital. management accounting budgets and reports on their execution, which should reflect the same aspects of economic activity as the forms of financial statements, but the content of the former differs from the content of the latter. The analysis of working capital on the example of an enterprise is of great importance. The former are more analytical, contain not only financial, but also non-financial indicators and make it possible to evaluate the assets of an enterprise not according to the least of two indicators - cost price and market price, - and for each of them. This will not only allow you to get more detailed information for the subsequent analysis of working capital, but also to develop new, more correct methods for calculating analytical indicators.
The following figure shows the stages of the analysis of the working capital of the enterprise.

Figure 1.2- Stages of analysis of working capital

Stage 1 - analysis of the capital structure
The structure of working capital is understood as the ratio between the elements in the total amount of working capital. The structure of current assets is influenced by the specifics of specific production, supply, the accepted procedure for settlements with buyers and customers. The study of structure is the basis of forecasting promising changes as part of working capital.
The structure of the company's current assets, first of all, reflects the specifics of the operating, financial cycle of the company. The composition and structure of current assets depends on the production cycle (for example, in mechanical engineering, where the production cycle is quite long, a significant share is work in progress, in food, a significant share is raw materials and materials), as well as on economic and organizational factors.
The composition and structure of working capital should be considered depending on:
- functional role in the production process (circulating production assets and means of circulation);
- liquidity, that is, the speed of conversion into cash;
- the degree of risk of capital investment.
Some authors believe that when analyzing the composition and structure of current assets, it is necessary to take into account their dependence on many factors of a production, organizational and economic nature, such as:
- sectoral features of production and the nature of the activity;
- the complexity of the production cycle and its duration;
- the cost of stocks, the terms of their delivery and its rhythm;
- settlement procedure and settlement and payment discipline;
- fulfillment of mutual contractual obligations
To analyze the structure of circulating assets, the proportions of the constituent elements of circulating assets in their total value are determined using vertical analysis.
Vertical (structural) analysis is carried out in order to determine the structure of the final financial indicators, i.e. identifying the proportion of individual reporting items in the overall final indicator (identifying the impact of each position on the result as a whole).
This method allows you to determine the proportion of elements of working capital:

Di = obsi / obs (1.1)

Where Di is the share of the working capital component;
Obsi - the value of the working capital component;
Obs - the result of the working capital of the enterprise.
Knowing the share of each major component in current assets, you can draw certain conclusions about the quality of resource management in the company. So, for example, a significant share of receivables indicates ineffective work with buyers and customers, a significant proportion of the inventory can be associated with:
1. an increase in the volume of purchases of raw materials and supplies due to an increase in prices for basic types of raw materials or an ineffective procurement management system;
2. an increase in the volume of production, which, in turn, leads to an increase in inventories;
3.poor-quality planning, lack of a clear relationship between procurement and production activities, etc.
To assess the dynamics of the structure, the horizontal method is used, which makes it possible to determine:
1. Absolute change in structure: Di = Di1 - Di0
2. Relative change: Тпр (Di) = Di / Di0 * 100%
The next stage is the analysis of the profitability of working capital.
Stage 2 - analysis of the liquidity of current assets.
As part of the liquidity analysis, the following ratios are calculated
The total liquidity ratio shows whether the company has enough funds that can be used to pay off short-term liabilities. It reflects how many rubles of the company's current assets fall on 1 ruble of current liabilities. Recommended values ​​are at least 1-2. The coefficient is calculated using the following formula:

To the general. liqu. = OA / KO (1.2)

Where K is common. liqu. - total liquidity ratio
ОА - current assets;

Next, let's consider the quick ratio.
Urgent liquidity is understood as the ability to repay liabilities in the event of an organization's liquidation. The enterprise can be liquid to a greater or lesser extent, since the composition of current assets includes heterogeneous circulating assets, among which there are both easily realizable and hard-to-sell to pay off external debt.
The coefficient is calculated using the following formula:

By urgent liqu. = (DS + KFV + DZ) / KO, (1.3)

Where K is urgent. liqu. - quick liquidity ratio
DS - cash;
KFV - short-term financial investments;
DZ - Accounts Receivable
KO - briefly urgent commitments.
The quick liquidity ratio shows what funds can be used if the maturity of all or some of the current liabilities comes immediately and it will not be possible to sell the least liquid part - stocks. The recommended value is more than 1.
Next, consider the absolute liquidity ratio.
The absolute liquidity ratio shows what proportion of short-term debt obligations can be covered by almost absolutely liquid assets. The absolute liquidity ratio is calculated using the following formula (1.4):

Abs. liqu. = DS / KO, (1.4)

Where DS - cash;
KO - short-term liabilities.
When calculating the indicator - the absolute liquidity ratio - only cash on hand, in bank accounts, as well as securities that can be sold on the stock exchange are taken as liquid assets. The denominator is short-term liabilities. The optimal value of the indicator (0.2-0.7) shows what part of the short-term debt the company can repay in the near future at the expense of cash and short-term financial investments.
Stage 3: analysis of the turnover of working capital.
At the third stage, the turnover rates (in revolutions and days), as well as the load factor, are calculated.
The asset turnover ratio is calculated using the following formula:

(1.5)

Where: Cob.a - asset turnover ratio;
ВР - sales proceeds;
Assets avg. - the average annual value of current assets.
Based on the calculated indicator, we will calculate the coefficient of fixation (load of working capital, fixation ratio).

Where Кз - coefficient of fixed assets of working capital;
K About - the turnover ratio of current assets;
The working capital turnover ratio in days is calculated using the following formula:

Dob = Dp / Cob (1.7)

Where DP is the duration of the period;
Cob is the turnover ratio.
Stage 4: analysis of the profitability of working capital.
Return on current assets (RCA) - demonstrates the company's ability to provide a sufficient amount of profit in relation to the company's current assets used. The higher the value of this coefficient, the more efficiently the circulating assets are used. Calculated by the formula:

Ra = PP / OA of effective management of current assets and informed decision-making when planning current activities, it is important to assess the impact of the main factors on the increase in profitability. Consider the methodology of factor analysis using balance sheet data.
Initial data:
- Current assets (form 1. p. 290);
- Balance sheet profit (form 2. page 140)%
Factor analysis algorithm:
1. values ​​of the profitability of current assets;
2.change overall profitability current assets:
Absolute:

ΔPb = Pb1 - Pb0 (1.9)

ΔRb (BPR) = (BPR1 - BPR0) / OBS0 (1.10)

Let's determine the impact of changes in current assets on the increase in profitability:

Δ Rb (OBS) = BPR1 / OBS1 - BPR1 / OBS0 (1.11)

Based on the above, we will develop an algorithm for analyzing the company's current assets, according to which the calculation will be carried out in the second chapter of the work.

Table 1.1
Algorithm for the analysis of working capital

Stage	Stage name	Content
1	Analysis of the structure and dynamics of current assets	Horizontal Analysis, Vertical Analysis
2	Liquidity analysis	Total liquidity Urgent liquidity Absolute liquidity
3	Profitability analysis	Profitability of working capital
4	Turnover analysis	Turnover ratio in turnovers and days,
5	Factor analysis

Thus, the efficiency of using working capital is characterized by a system of economic indicators, one of which is the ratio of their placement in the sphere of production and the sphere of circulation. The more circulating assets serve the sphere of production, and within the latter - the production cycle (of course, in the absence of excess inventories), the more rationally they are used.
When forming the working capital of the enterprise, it is necessary to pay attention to the liquidity of the emerging structure of assets. The implementation of production and commercial activities is associated with the movement of material and cash flows. On the one hand, the incoming flows of resources required to fulfill the production program cause an outflow of funds. On the other hand, the sale of manufactured products leads to an inflow of cash. Thus, as a result of the use of circulating assets in the production and commercial cycle at the reporting date, the enterprise develops a certain structure of circulating assets formed to carry out its activities and the obligations opposing them.
The traditional method of analyzing liquidity consists in comparing the assets and liabilities of the balance sheet, aggregated into four groups according to the following principle: assets - according to the degree of decreasing liquidity of the property, liabilities - according to the degree of lengthening of the maturity of obligations. At the same time, to conclude that the balance sheet is liquid, each of the first three groups of assets must be no less than the corresponding groups of liabilities.
Without diminishing the importance of the above approach, we note that it does not always allow making informed management decisions, since the current conditions in which the company operates are not reflected in the external financial statements. So, for example, without using additional sources of information, it is impossible to determine the share of doubtful accounts receivable and the consequences of non-payment of accounts payable. In the works of many economists, the need to separate accounts receivable and payable into debts formed in relations with independent counterparties (third-party debt) and formed in relations with counterparties belonging to the same owner as the analyzed enterprise (structural debt) is justified, since in short term structured payables can be attributed to own sources, and structural accounts receivable - to the largest meri-liquid assets. Taking into account the above, an approach to grouping the assets and liabilities of an organization is proposed, which involves the use of management reporting data (Table 2.1).

Table 1.2
Grouping of assets for the purposes of liquidity analysis based on management reporting data

Assets			Passive
1	2	3	4	5	6
Group name	Designation	Asset article	Group name	Designation	Liability clause
Most liquid assets	A 1	Cash, short-term financial investments, structured receivables, promissory notes receivable	Most urgent commitments	P 1	Accounts payable less structural, advances received, other short-term liabilities
Quickly realizable assets	A 2	Short-term accounts receivable less structural, doubtful and bills receivable, regulatory balances of finished goods and other assets	Short-term liabilities	P 2	Short-term loans and borrowings, advances received, deferred tax liabilities
Slowly realizable assets	A 3	Stocks minus standard balances of finished goods and illiquid assets, VAT on purchased values	Long-term liabilities	P 3	Long-term loans and borrowings
Hard-to-sell assets	A 4	Non-current assets, long-term accounts receivable less structural, doubtful accounts receivable and illiquid assets	Permanent liabilities	P 4	Equity, structured payables

As you can see from the table. 1.2, detailing the items of the management balance sheet will allow grouping the assets and liabilities of the organization for the subsequent analysis of working capital more adequately to the conditions of economic activity of a particular enterprise.
In the works of economists, it is argued that for the purpose of analysis, stocks of raw materials, materials and finished products should be estimated at the price of their possible sale, since it is this, and not the cost, that characterizes the amount of potential revenue that allows you to pay off creditors. As a result of changes in the value of inventory and fixed assets, there is a difference between the amount of assets and liabilities of the enterprise, which in the writings of economists is proposed to include in equity.
The practical experience of specialists makes it possible to assert that the analysis of the liquidity of an enterprise's assets, based on the use of management reporting data, allows analysts to conduct more successful research for the purposes of planning the acquisition of assets and making payments and to make the most correct decisions on managing the company's financial flows.
The most important factor in the influence of working capital on the results of the enterprise is the turnover of working capital.
At the same time, the fundamental factor in the value of the traditionally used turnover indicators (the turnover ratio of working capital, the duration of the turnover and the conditional release or attraction of funds) is the amount of revenue received, which depends not only on the rate of turnover of working capital, but also on the profit included in the proceeds. In the generally accepted practice of calculating the turnover, this fact is not reflected, which does not allow a comprehensive analysis of the financial results of the organization's activities.

2. ANALYSIS OF USE OF CURRENT FUNDS OF THE COMPANY NJSC "City Bakery No. 2"

2.1 Analysis of the working capital of the enterprise

The main activities of NJSC "City Bakery No. 2" are:




- baking bread;


- bread;

The implementation of activities classified by the legislation as licensed is preceded by the receipt by the company of the corresponding license in the prescribed manner.
The main activity of NJSC "City Bakery No. 2" is the production of three varieties of flour, barley groats, pearl barley, compound feed, semolina.
On the territory of the enterprise there is an administrative building, a weighing station for receiving raw materials, a milling workshop, a cereals, flour and food products workshop, warehouses for storing and selling products, a garage, locksmiths, a canteen, a health center, security.
Let's analyze the use of the company's working capital. Appendix A presents the company's balance sheet.
Table 2.1 shows a horizontal analysis of changes in the company's current assets.

Table 2.1
Horizontal analysis of changes in current assets

Current assets	Year			Absol. change, thousand rubles		Relates. meas.,%
	2012	2013	2014	2013	2014	2013	2014
	thousand roubles.	thousand roubles.	thousand roubles.	thousand roubles.	thousand roubles.	%	%
Stocks incl.	9 580	9 876	10 078	296	202	3%	2%
VAT	694	723	745	29	22	4%	3%
Receivables	6 476	6 817	7 176	341	359		5%
	30	30	30	-	-	0%	0%
Cash	143	147	151	4	4	3%	3%
Other current assets	-	-	-	-	-
Total for the section	16 923	17 593	18 180	670	587	4%	3%

Let's analyze the results obtained.
Figure 2.1 shows the dynamics of changes in the company's current assets.

2012 2013 2014

Figure 2.1- Dynamics of changes in the company's current assets, thousand rubles

As can be seen from the figure, throughout the entire period under consideration, there is an increase in the company's working capital. At the same time, in 2013 the increase was 4% or 670 thousand rubles, and in 2014 - 3% or 587 thousand rubles. In total, the current assets of the company at the end of 2014 amounted to 18,180 thousand rubles.
Next, we will analyze the structure of current assets (table 2.2).

Table 2.2
Structure of current assets

	2012	2013	2014
Stocks	57%	56%	55%
VAT	4%	4%	4%
Receivables	38%	39%	39%
Short-term fin. investments	0%	0%	0%
Cash	1%	1%	1%
Other current assets	0%	0%	0%

Figure 2.2- The structure of the company's current assets, thousand rubles

As can be seen from the figure, over the entire period under consideration, the prevailing share in the total value of current assets is occupied by reserves - 57% in 2012, 56% in 2013 and 55% in 2014. In addition, accounts receivable account for a significant share, increasing from 38% in 2012 to 39% in 2014.
Let's analyze the change in individual components of current assets.

Figure 2.3- Elements of current assets, thousand rubles

Let's analyze the dynamics of individual components

Figure 2.4- Dynamics of reserves, thousand rubles

The subsection "Inventories" reflects the balances of assets used as raw materials, materials in the production of products for sale; intended for sale (finished products, goods, goods shipped); used for the management needs of the organization (PBU 5/01). As can be seen from the figure, during the period under review, there is an increase in the company's reserves - by 296 thousand rubles. for 2013 and 202 thousand rubles. for 2014. Excessive stocks lead to unjustified diversion of funds from economic circulation, which ultimately affects the growth of accounts payable and is one of the reasons for the unstable financial situation. A decrease in the proportion of inventories (as was determined earlier - from 57% to 55%) may indicate: a decrease in the increase in the production capacity of the organization; rationality of the chosen economic strategy, as a result of which a significant part of current assets is immobilized in reserves, which may be low. Lack of inventory can lead to a reduction in production and a decrease in the amount of profit, which also affects the deterioration of the financial condition of the enterprise. With this in mind, stocks must be optimal. A decrease in the amount of stocks indicates a decrease in the production potential of the enterprise, the rationality of the chosen economic strategy.
Let's analyze such an element of current stock as cash.
Figure 2.5 shows the dynamics of the company's cash, thousand rubles.

Figure 2.5- Dynamics of the company's cash, thousand rubles.

Cash is a significant part of non-standardized working capital. In the process of circulation, circulating assets inevitably change their functional form, as a result of which the finished finished product turns into cash. Funds are mainly stored in the settlement (current) account of the enterprise in the bank, since the overwhelming part of settlements between business entities is carried out in a non-cash manner. In small amounts, funds are at the cash desk of the enterprise. In addition, buyers' funds may be in letters of credit and other forms of payment until their expiration. Cash in a certain amount must always be present in the non-standardized working capital, otherwise the company will be declared insolvent.
As can be seen from the figure, annually funds increase by 3% or 4 thousand rubles.
Next, let's analyze the change in receivables.
Funds in accounts receivable indicate a temporary diversion of funds from the turnover of a given enterprise, which causes an additional demand for resources and can lead to a tense financial state. Accounts receivable may be eligible, i.e. due to the current settlement system, and unacceptable, indicating shortcomings in financial and economic activities. In order to prevent losses and declare an enterprise insolvent, each business entity should strive to reduce the receivables in every possible way.
Figure 2.6 shows the dynamics of accounts receivable.

Figure 2.6- Dynamics of accounts receivable
The figure shows that there is an increase in accounts receivable - by 341 thousand rubles. for 2013 and 359 thousand rubles. for 2014.

2.2 Assessment of the efficiency of using the company's current assets

Let's calculate the duration of one turnover in days.
Table 2.3 shows the data for calculating the duration of one revolution.

Table 2.3
Calculation of the duration of one revolution

	2012	2013	2014
Co, thousand rubles	16 923	17 593	18 180
T, thousand rubles	40 173	43 197	45 470
D, thousand rubles	360	360	360
Oh days	152	147	145

Figure 2.7 shows the duration of one revolution

Figure 2.7- Duration of one revolution
As can be seen from the figure, during the period under consideration, there is a decrease in the duration of the turnover, which is a positive factor in the functioning of the company. With a slowdown in turnover, there is a need for additional involvement of funds in turnover.
Next, we calculate the asset turnover ratio using the formula 1.2. The turnover ratio shows the number of revolutions made by working capital for the year (half a year, quarter), and is determined by the formula:
Table 2.4 shows the data for calculating the turnover ratio of the company's current assets.

Table 2.4
Calculation of the turnover ratio

	2012	2013	2014
T	16 923	17 593	18 180
With	40 173	43 197	45 470
NS	2,37	2,46	2,5

Figure 2.8 shows the dynamics of the turnover ratio of current assets.

Figure 2.8- Dynamics of the turnover ratio

As can be seen from the figure, throughout the entire period under consideration, there is a decrease in the turnover ratio. In 2014, the turnover ratio was 2.5, which means that the working capital made 2.5 turnovers per year. At the same time, this indicator means that for every ruble of working capital, there were 2.5 rubles. products sold. At the same time, an increase in this indicator can be observed in dynamics.
Next, we calculate the load factor of working capital according to the formula 1.3.
Table 2.5 shows the data for calculating the load factor of working capital.

Table 2.5
Calculation of the load factor of working capital

	year 2012	year 2013	year 2014
With	40 173	43 197	45 470
T	16 923	17 593	18 180
Kz	0,42	0,41	0,40

Figure 2.9 shows the dynamics of the working capital utilization factor.

Figure 2.9- Dynamics of the working capital utilization factor

As can be seen from the figure, during the period under consideration, there is a decrease in the working capital utilization ratio from 0.42 in 2012 to 0.4 in 2014. Consequently, for 1 ruble of products sold, there are 0.4 rubles. working capital. This indicator indicates an increase in the inefficiency of the use of working capital.
Next, let's calculate the liquidity indicators.
Let's calculate the liquidity ratio:
K ol 2012 = 16 923/14 986 = 1.129
K ol 2013 = 17 593/15 534 = 1.133
K ol 2014 = 18 180/16 079 = 1.131
The figure shows the dynamics of the total liquidity ratio.

Figure 2.10- Dynamics of the total liquidity ratio

As can be seen from the figure, during the period under consideration, the calculated indicator fluctuates. A slight decrease in the indicator in 2014 indicates a decrease in the company's funds that can be used to pay off short-term liabilities. At the same time, it can be concluded that there is a decrease in the value of the company's current assets per 1 ruble of current liabilities.

Let's calculate the quick ratio:
K sl 2012 = (143 + 30+ 6 476) / 14 986 = 0.44
K sl 2013 = (147 + 30 + 6 817) / 15 534 = 0.45
K sl 2014 = (151 + 30 + 7 176) / 16 079 = 0.46

Figure 2.11- Dynamics of the quick liquidity ratio

The quick liquidity ratio shows what funds can be used if the maturity of all or some of the current liabilities comes immediately and it will not be possible to sell the least liquid part - stocks. The recommended value is more than 1. As can be seen from the figure, the ratio does not correspond to the standard value, with all this, during the period under consideration, the indicator grows, which indicates an increase in the funds available to the company, as well as a large amount of short-term liabilities.
Next, let's calculate the absolute liquidity ratio:
Let's calculate the value of the coefficient:
K sl 2012 = 143/14 986 = 0.01
K sl 2013 = 147/15 534 = 0.01
K sl 2014 = 151/16 079 = 0.01
The figure shows the dynamics of the absolute liquidity ratio.

Figure 2.12- Dynamics of the absolute liquidity ratio

As can be seen from the calculations, the value of the indicator is very low, which means the possibility of covering a very low share of short-term debt obligations at the expense of absolutely liquid assets, that is, cash. At the same time, the value of the indicator is much lower than the standard value. Next, we calculate the rate of return on current assets:
Ra 2012 = 1 762/18 180 x 100% = 9.7
Ra 2013 = 2 077/32 971 x 100% = 6.3
Ra 2014 = 4 715/38 644 x 100% = 12.2

Figure 2.13- Dynamics of profitability of current assets
Return on current assets (RCA) - demonstrates the company's ability to provide a sufficient amount of profit in relation to the used working capital. The growth of the indicator from 9.7% in 2012 to 12.2% in 2014 indicates an increase in the efficiency of using current assets.
Next, we will carry out a factor analysis.
Current assets:
OBS 2013 = 32,971 thousand rubles.
OBS 2014 = 38 644 thousand rubles.
Δ OBS = 5673 thousand rubles.
Balance sheet profit (form 2. p. 140):
BP 2013 = 3472 thousand rubles.
BP 2014 = 4256 thousand rubles.
Δ BP = 784 thousand rubles.
Profitability values ​​of current assets:
Pb0 = 3472/32 971 = 0.105 (10.5%)
Pb1 = 4256/38 644 = 0.11 (11%)
Change in the overall profitability of current assets:
Absolute:
ΔPb = Pb1 - Pb0 = 0.105 - 0.11 = -0.005
Let us determine the impact of changes in the balance sheet profit on the increase in the profitability of current assets:
ΔRb (BPR) = 5673/32 971 = 0.17
By increasing the balance sheet profit by 5673 thousand rubles. current assets increased by 0.17 points, for each ruble of current assets in the reporting period there was more balance sheet profit by 17 kopecks.
Let's determine the impact of changes in current assets on the increase in profitability:
Δ Pb (OBS) = 4256/38 644- 4256/32 971 = 0.11 - 0.13 = - 0.02
Increase in current assets by 5673 thousand rubles. led to a decrease in the overall profitability of circulating assets by 0.02 points, for each ruble of circulating assets due to this there was less balance sheet profit by 2 kopecks.
Calculations clearly show that it is necessary to increase the level of management of circulating assets, while planning for the future, it is more rational to form the structure of circulating assets.
Conclusions on chapter two

3. DEVELOPMENT OF MEASURES TO INCREASE THE EFFICIENCY OF USE OF CURRENT FUNDS OF THE COMPANY

3.1 Measures to improve the efficiency of using working capital

The need for working capital depends on many factors: production and sales volumes; the nature of the enterprise's activities; the duration of the production cycle; types and structure of consumed raw materials; growth rates of production volumes, etc.
An accurate calculation of the enterprise's need for working capital should be carried out on the basis of the residence time of working capital in the sphere of production and the sphere of circulation.
The residence time of circulating assets in the sphere of production covers the period during which the circulating assets are in the state of inventories and in the form of work in progress.
The residence time of circulating assets in the sphere of circulation covers the period of their stay in the form of balances of unsold products, in the form of shipped but not yet paid products, accounts receivable, in the form of funds held in the cash desk of the enterprise, in bank accounts.
The higher the rate of turnover (the total time spent in the sphere of production and circulation), the less the need for circulating assets. The company is interested in reducing the size of its working capital. But this reduction must have reasonable limits, since the working capital must ensure the normal mode of its operation.
When determining the optimal need for working capital, the amount of money is calculated that will be advanced to create production inventories, backlog of work in progress and the accumulation of finished goods in the warehouse. For this, three methods are used: analytical, coefficient and direct counting.
The essence of the analytical, or experimental-statistical method is that when analyzing the available inventory, their actual stocks are adjusted and unnecessary and unnecessary values ​​are excluded.
With the coefficient method, amendments are made to the standard of the previous period for the planned change in production volumes and for the acceleration of turnover.
Analytical and coefficient methods can be applied at those enterprises that have been operating for more than a year, have formed a production program and organized a production process, have statistical data for past years and do not have a sufficient number of qualified specialists for more detailed work in the field of working capital planning.
The direct account method provides for the calculation of stocks for each element of working capital. This method is used when organizing a new enterprise and periodically updating the need for working capital of an existing enterprise.
General standards for own circulating assets are determined in the amount of their minimum requirements for the formation of stocks of raw materials, materials, fuel, work in progress, deferred costs, finished goods.

The structure of working capital is influenced by a number of factors: the nature of the products produced, the features of material and technical support, the progressiveness of consumption rates, standards for stocks and work in progress, the duration of the production cycle, etc.
One of the main tasks of the enterprise in modern conditions- intensification of production with strict adherence to the principle of resource conservation.
In the general system of measures to ensure the saving regime, the main place is occupied by the saving of objects of labor, which is usually understood as a decrease in the cost of raw materials, materials, fuel per unit of production, of course, without any damage to the quality, reliability and durability of the product.
The economic significance of the rational use of working capital is expressed in the following.
- Reducing the specific consumption of raw materials, materials, fuel provides the production of great economic benefits. First of all, it makes it possible to produce more finished products from a given amount of material resources and therefore acts as one of the serious prerequisites for increasing the scale of production.
- The saving of material resources, the introduction of new, more economical materials into production contribute to the establishment in the reproduction process of more progressive proportions between individual industries, the achievement of a more perfect sectoral structure of industrial production.
- The desire to save material resources encourages the introduction of new technology and the improvement of technological processes.
- Savings in the consumption of material resources helps to improve the use of production capacity and increase social productivity. In itself, a decrease in the unit costs of the past, reified labor means an increase in the productivity of social labor. But the point is not only this - the saving of material resources entails savings in the costs of living labor as well: the relative expenditure of labor for the transportation of materials, their shipment and unloading, for their storage is reduced.
- Saving material resources greatly helps to reduce the cost of industrial products.
- Significantly influencing the reduction of production costs, the saving of material resources has a positive effect on the financial condition of the enterprise.
Thus, the value of the economic efficiency of improving the use and saving of working capital is very high, since they have a positive effect on all aspects of the production and economic activities of the enterprise.

Table 3.1
The main problems and ways to solve them

Thus, in order to improve the efficiency of the management of the financial flow of NJSC "City Bakery No. 2", we will develop measures for the application of the factoring scheme.

Let's graphically represent the diagram.

Figure 3.1 - Factoring scheme

1. A supplier (creditor) who ships products or provides services to a buyer (debtor).
2. A buyer who makes partial payment for goods (services), usually at least 10%.
3. A factoring company (called a factor or an agent), which pays the supplier the remainder for the buyer and notifies the latter that now the rights of claims for payment of the remainder of the payment are transferred to it.

As a rule, a factoring company takes over the work of managing accounts receivable: accounting, monitoring the financial condition and solvency of debtors and other activities. At the same time, only those counterparties with whom the enterprise has established long-standing contractual relations, and the statistics of shipments and payments, are sufficient to be relatively confident in the debtor's solvency. Often, in order to reduce possible risks of non-payment, factoring companies analyze the financial condition of debtors according to their financial statements (we wrote about the documents for processing factoring earlier), but not all buyers will want to provide such data to a third party.
The full range of factoring services includes the management of accounts receivable, coverage of a number of risks (loss of liquidity, credit, inflation, currency), information and analytical services (special programs that allow you to control cash flow, the current state of accounts receivable, payment discipline of buyers, plan daily financial flows companies and form analytical reports for making management decisions).
Depending on the relationship between the supplier, the buyer and the factoring company, the following main types of factoring are distinguished (these types are not legally prescribed, they are more terminological in nature): with regression or without recourse.
Recourse factoring is a type of factoring in which the supplier is obliged to return the funds to the factoring company in the event that the buyer (debtor) has not fully fulfilled the payment obligations (for the supply and remuneration to the factor) at the time specified in the contract.
On the one hand, recourse factoring is not very interesting for suppliers: in case of insolvency of the debtor (buyer), the losses will ultimately have to be borne by the creditor. On the other hand, the commission of the factor with this type of financing is significantly lower, moreover, the manufacturer does not withdraw own funds from circulation, which is critical for certain production processes.
Non-recourse factoring is a type of factoring in which a factoring company assumes all the risks of debtors' insolvency. Of course, in this case, the cost of factoring services will be higher (the factor will include the risks of non-payment in the cost), and the requirements for financed consumers will be stricter.
Let's present the benefits of factoring.
Factoring, in essence, is a kind of lending to a specific buyer for a specific delivery, with all this unsecured lending, respectively, the risks of covering possible losses due to non-payment of debtors, as it were, are returned, "if something happens", back to the supplier.
It is certainly convenient for a supplier or manufacturer that he receives money immediately upon receipt of a product or service by a consumer. In this case, it doesn't matter who pays: the client or the factor. Thus, there is no leaching of current assets, the risks of cash gaps are minimized. The use of factoring schemes gives the supplier an additional competitive advantage: he, in fact, provides a commodity loan (well, or delivery with payment in installments).
Likewise, it is convenient for the buyer, who can increase the volume of purchases and earn additional marginal income. The combination of these factors results in an increase in both sales and production. In this case, the cornerstone in this scheme is the question: "who will pay for the resources provided by the factoring company?" And here the question is solely of agreements between the supplier and consumers: as a rule, the longer the installment plan, the higher the rate for using the factoring company's money. Usually, in practice, part of the commission is paid by the supplier (and this is regulated at the level of discounts), part - by the buyer (so that there is an incentive not to delay the deadlines for the final payment).
The scheme is complicated by the need to sign a trilateral agreement between the factoring company, the supplier and the consumer (as a rule, the more parties are involved in signing legal documents, the longer it takes).

The upward trend in accounts receivable indicates an unsatisfactory state of internal control over settlements.
In case of non-cash payments, the shipment and payment of goods do not coincide in time. This leads to the appearance of receivables or payables. Part of this debt in the process of economic and financial activities is inevitable, for example, with advance and security payments. But a violation of payment and settlement discipline is also possible. For a financial manager, managing a company's debt is one of the most complex operational tasks.
Accounts receivable can be caused by late payments, shortages, waste and embezzlement, damage to valuables. In recent years, there has been a sharp increase in the untimely payment of bills for shipped products, work performed and services rendered. This leads to the fact that manufacturing enterprises divert a significant amount of working capital from circulation for an indefinite time. In this regard, reserves for doubtful debts, formed at the expense of balance sheet profit, have acquired great importance. When writing off unclaimed debts from the balance sheet of the enterprise, which were previously recognized as doubtful, the amount of the created reserve in correspondence with accounts for accounting for settlements with debtors is correspondingly reduced. When unspent amounts of reserves for doubtful debts are added to the profit of the year following the year of their creation, the amount of reserves decreases and the amount of taxable profit increases.
In the process of analyzing and managing accounts receivable, the firm should, as a forecast, develop such a flexible system of contracts, which would provide for either prepayment of products (full or partial), or issuance of an interim invoice, or flexible pricing depending on the inflation index. The firm must then assess the impact of these measures on financial results.
The following table shows the implementation plan for a factoring scheme.

Table 3.2
Factoring scheme implementation plan

Stage	Duration, days	Period	Responsible person
Search for a potential partner - a factoring company	15	10.05.2013-25.05.2013	Director
Choosing a potential partner - a factoring company and concluding an agreement	3	25.05.2013-28.05.2013	Director
Starting to use the schema	-	01.06.2013	Deputy Economics Directors
Evaluation of performance results	-	31.12.2013	Director Deputy Economics Directors

Next, we will calculate the economic efficiency of the proposed measure.

3.2 Calculation of the effectiveness of the proposed measures

According to the company's experts, the application of the factoring scheme, the proposed measures to reduce the level of receivables will reduce receivables, payments for which are expected more than 12 months after the reporting date by 20% within two years.
Table 3.3 shows the calculation of the effectiveness of the factoring scheme application.

Table 3.3
Calculating the effectiveness of factoring receivables

Index	Units	Meaning
Accounts receivable	rub.	7 176 231
The amount of one invoice	rub.	6 135
Number of days of grace	days	30
The size of the commission for financing one delivery	rub.	181
Number of invoices	pieces	1 198
Factoring costs	rub.	216 838
Decrease in accounts receivable	rub.	717 623
Saving	rub.	500 785

CONCLUSION

The object of the study of this course work was the working capital of the NJSC "City Bakery No. 2".
The main activities of NJSC "City Bakery No. 2" are:
- production of cereals, feed mixtures and other consumer goods;
- purchase, drying, storage and processing of grain;
- trade and procurement activities;
- intermediary services for the purchase and sale and exchange of goods, raw materials;
- baking bread;
- wholesale and retail trade.
Main manufactured products:
- bread;
- bakery and confectionery products;
Throughout the period under review, there has been an increase in the company's working capital. At the same time, in 2013 the increase was 4% or 670 thousand rubles, and in 2014 - 3% or 587 thousand rubles. In total, the current assets of the company at the end of 2014 amounted to 18,180 thousand rubles. Throughout the period under review, the prevailing share in the total value of current assets is occupied by reserves - 57% in 2012, 56% in 2013 and 55% in 2014. In addition, accounts receivable account for a significant share, increasing from 38% in 2012 to 39% in 2014.
During the period under review, there is an increase in the company's reserves - by 296 thousand rubles. for 2013 and 202 thousand rubles. for 2014. Excessive stocks lead to unjustified diversion of funds from economic circulation, which ultimately affects the growth of accounts payable and is one of the reasons for the unstable financial situation. A decrease in the proportion of inventories (as was determined earlier - from 57% to 55%) may indicate: a decrease in the increase in the production capacity of the organization; rationality of the chosen economic strategy, as a result of which a significant part of current assets is immobilized in reserves, which may be low. There is an increase in accounts receivable - by 341 thousand rubles. for 2013 and 359 thousand rubles. for 2014.
During the period under review, there is a decrease in the duration of the turnover, which is a positive factor in the functioning of the company. With a slowdown in turnover, there is a need for additional involvement of funds in turnover.
Throughout the entire period under consideration, there is a decrease in the turnover ratio. In 2014, the turnover ratio was 2.5, which means that the working capital made 2.5 turnovers per year. At the same time, this indicator means that for every ruble of working capital, there were 2.5 rubles. products sold. At the same time, an increase in this indicator can be observed in dynamics.
During the period under review, there is a decrease in the working capital utilization ratio from 0.42 in 2012 to 0.4 in 2014. Consequently, for 1 ruble of products sold, there are 0.4 rubles. working capital. This indicator indicates an increase in the inefficiency of the use of working capital.
The effective use of working capital largely depends on the correct determination of the need for working capital. The underestimation of the value of working capital entails the instability of the financial situation, interruptions in the production process and a decrease in production volumes and profits.
The effective use of working capital largely depends on the correct determination of the need for working capital. The underestimation of the value of working capital entails the instability of the financial situation, interruptions in the production process and a decrease in production volumes and profits.
The efficient operation of the enterprise is the achievement of maximum results at the lowest cost. Cost minimization is achieved primarily by optimizing the structure of sources for the formation of working capital, i.e. a reasonable combination of own, credit and borrowed resources.
To improve the efficiency of the financial flow management of NJSC "City Bakery No. 2", we will develop measures for the application of the factoring scheme.
Factoring, in the most simple sense, is the sale of receivables, or rather the transfer of agency functions to manage it to a third party. Let us immediately note that factoring is fundamentally different from the assignment of a right of claim under a contract (cession). During the assignment, the rights of claims are completely transferred to the new party, the contracting party changes. In an assignment, the assignment (as a rule, sale) of the rights of claims occurs unilaterally, that is, the creditor in the simplest case sells the rights of claim (cash, tangible and other assets) to a third party, with all this the consent of the debtor (debtor) is not required. In factoring, as a rule, a tripartite agreement is signed between the supplier, buyers and the factoring company.
The main subjects of the factoring scheme are:
- A supplier (creditor) who ships products or provides services to a buyer (debtor).
- A buyer who makes partial payment for goods (services), usually at least 10%.
- A factoring company (called a factor or an agent), which pays the supplier the remainder for the buyer and notifies the latter that now the rights of claims for payment of the remainder of the payment are transferred to it.
After a certain time, the buyer pays to the factoring company the rest of the payment, as well as the remuneration for the actually provided installments.
The effectiveness of the use of a factoring system for an enterprise lies in the fact that when this enterprise makes the shipment of products to the buyer, then it can immediately receive payment from the factor for the shipped goods, without waiting for the settlement period with the buyer. In addition to preventing long-term cash flow gaps, this allows you to increase sales and competitiveness, providing buyers with preferential terms (deferral) of payment for goods under a reliable guarantee. The use of factoring allows you to receive financing up to 90% of the value of the supplied goods.
According to the company's experts, the application of the factoring scheme, the proposed measures to reduce the level of accounts receivable, will reduce accounts receivable, payments for which are expected more than 12 months after the reporting date by 20% within two years.
Thus, the implementation of the proposed measure will allow the organization of NJSC "City Bakery No. 2" to reduce accounts receivable. The savings will amount to 500,785 rubles.

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56. Balance sheet
57. Statement of financial results

APPENDIX A

Balance sheet

	Code	At December 31, 2012	At December 31, 2013	At 31 December 2014
ASSETS
I. NON-CURRENT ASSETS
Intangible assets	1110	10	10	10
Research and development results	1120
Intangible search assets	1130
Tangible search assets	1140
Fixed assets	1150	10 522	11 194	11 783
Profitable investments in material assets	1160
Financial investments	1170	10	10	10
Deferred tax assets	1180
Other noncurrent assets	1190	693	679	653
Total for Section I	1100	11 235	11 893	12 456
II. CURRENT ASSETS
Stocks	1210	9 580	9 876	10 078
Value added tax on acquired assets	1220	694	723	745
Receivables	1230	6 476	6 817	7 176
Financial investments (excluding cash equivalents)	1240	30	30	30
Cash and cash equivalents	1250	143	147	151
Other current assets	1260
Total for Section II	1200	16 923	17 593	18 180
BALANCE	1600	28 158	29 486	30 636
PASSIVE
III. CAPITAL AND RESERVES 6
Authorized capital (share capital, authorized capital, partners' contributions)	1310	100	100	100
Additional capital (without revaluation)	1350	12 508	12 508	12 508
Reserve capital	1360	177	177	177
Retained earnings (uncovered loss)	1370	387	1 167	1 772
Total for Section III	1300	13 172	13 952	14 557
IV. LONG TERM DUTIES
V. SHORT-TERM COMMITMENTS
Borrowed funds	1510	1 821	1 958	2 083
Accounts payable	1520	6 692	6 970	7 186
revenue of the future periods	1530	-	-
Estimated liabilities	1540	-	-
Other liabilities	1550	6 474	6 606	6 810
Total for Section V	1500	14 986	15 534	16 079
BALANCE	1700	28 158	29 486	30 636

APPENDIX B

Fin report ANSUAL RESULTS

Indicator name	year 2012	year 2013	year 2014
Handing out	49 717	53 459	56 273
Cost of sales	40 173	43 197	45 470
Gross profit	9 544	10 263	10 803
Business expenses	3 287	3 535	3 682
Administrative expenses	2 527	2 660	2 800
Profit (loss) from sales	3 730	4 068	4 321
Income from participation in other organizations			-
Interest receivable
Percentage to be paid
Other income	4 222	4 099	3 941
other expenses	4 914	4 770	4 587
Profit (loss) before tax	3 038	3 396	3 675
Current income tax	729	815	882
Change in deferred tax liabilities	2 309	2 581	1 031
Change in deferred tax assets			-
Other			-
Retained profit (loss) of the reporting period	2 309	2 581	1 762

All tables, formulas, figures and graphs are in the archive with the work, which can be downloaded from our website.