Analysis of the use of working capital table. Analysis of the efficiency of using the working capital of the enterprise and ways to improve it. The main place in working capital is occupied by funds advanced in inventory. These include t

Introduction

The problem of effective management of enterprises includes the best use of their funds, and first of all - working capital. The availability of sufficient circulating assets at the enterprise is a necessary prerequisite for its normal functioning in a market economy.

The main place in working capital is occupied by funds advanced in inventory. These include goods, inventories and other inventory items. Manufacturing stocks include raw materials, basic materials and purchased semi-finished products, low value and wear items.

Other inventory items include the cost of packaging, fuel, materials for household needs, packaging materials.

2.2 Composition and structure of working capital of OAO Tatgazstroy

2.3 Analysis of receivables

2.4 Analysis of the efficiency of using working capital

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Theoretical foundations of the management of current assets of the enterprise, their concept. Indicators of the effectiveness of the use of assets, the method of their analysis. Analysis of the formation and use of working capital of the enterprise, proposals for improving their efficiency.

Use efficiency indicators

Improving the use of working capital

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conclusions

Introduction ……………………………………………………………………… ...… 3
CHAPTER I. Theoretical and methodological foundations for assessing the effectiveness of the use of working capital …………………………… .5

The concept and the economic essence of working capital ……………… ..… 5

Composition and structure of working capital …………………………………… ..7

Rationing of current assets ……………………………………… ..9

Indicators for assessing the use of working capital ... ... ... ... ...... ... 10

The value of accelerating the turnover of circulating assets …………… 11

CHAPTER II. Analysis of the composition, structure, dynamics of circulating assets and assessment of their turnover at JSC "Tatgazstroy" ..................... 13
2.1 Technical and economic characteristics of JSC "Tatgazstroy" ……… ..… .13
2.2 Composition and structure of working capital of JSC "Tatgazstroy" ………….… 21
2.3 Analysis of accounts receivable …………………………………….… 24
2.4 Analysis of the efficiency of the use of working capital ……… .. …… ..25
2.5 Analysis of cash flows ……………………………………… .29
2.6 Proposals to improve the efficiency of using working capital at OAO Tatgazstroy …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 33
Conclusion ………………………………………………………………………… .41
References …………………………………………………… ………… 43

The topic of my course work is the analysis of the efficiency of using the working capital of the enterprise. Every year this issue is gaining relevance, since it is the rational and efficient use of working capital that is the main indicator of the financial and economic condition, which is important both for the enterprise itself and for investors.

Each enterprise, starting its activities, must have a certain amount of money. The circulating assets of enterprises are designed to ensure their continuous movement at all stages of the circulation in order to satisfy the needs of production in monetary and material resources, to ensure the timeliness and completeness of calculations, to increase the efficiency of using circulating assets.

Some part of the working capital of trade enterprises may be in the calculations. This is the debt of buyers for the goods sold and services rendered; indebtedness of the population for goods and services sold to them on credit; amounts for claims; various accounts receivable (buyers for unpaid settlement documents, calculations for compensation for material damage, etc.). As a rule, accounts receivable arise due to the lack of compliance with financial and payment discipline and poor performance on the preservation of property, which requires close attention from the employees of the finance department.

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 for the successful operation of the enterprise. 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.

The objective of this course work is a theoretical acquaintance with the structure of current assets, methods of assessing and analyzing the effectiveness of their use. The practical part will be based on the actually operating enterprise of our republic, OAO Tatgazstroy. I will present practical recommendations to improve the efficiency of using this indicator.

CHAPTER I. Analysis of the composition, structure, dynamics of working capital and assessment of their turnover

The concept and the economic essence of working capital

Along with fixed assets, the availability of the optimal amount of working capital is of great importance for the operation of the enterprise.
Working capital is a set of funds advanced for the creation of working capital and circulation funds, ensuring their continuous circulation.
Working capital ensure the continuity of production and sales of the company's products. Revolving production assets enter production in their natural form and in the process of manufacturing products are entirely consumed, transferring their value to the product being created. Circulation funds are associated with servicing the process of goods circulation. They do not participate in the formation of value, but are its carriers.
After the end of the production cycle, the manufacture of finished products and their sale, the cost of working capital is reimbursed as part of the proceeds from the sale of products (works, services). This creates the possibility of a systematic renewal of the production process, which is carried out through the continuous circulation of the enterprise's funds.
In its movement, circulating assets go through three successive stages: monetary, productive and commodity.
The first stage of the circulation of funds is preparatory. It takes place in the sphere of circulation. This is where the transformation of funds into the form of inventories takes place.
The production stage is an immediate production process. At this stage, the cost of the created products continues to be advanced, but not completely, but in the amount of the value of the used production stocks, the costs of wages and related expenses, as well as the transferred value of fixed assets, are additionally advanced. The productive stage of the circulation ends with the release of finished products, after which the stage of its implementation begins.
At the third stage of the circulation, the product of labor (finished product) continues to be advanced in the same amount as in the second stage. Only after the commodity form of the value of the produced product turns into monetary, the advanced funds are restored at the expense of a part of the proceeds received from the sale of products. The rest of its amount is money savings, which are used in accordance with the plan for their distribution. A part of the savings (profit) intended for the expansion of working capital is added to them and completes the subsequent cycles of turnover with them.
The monetary form, which is taken by circulating assets at the third stage of their circulation, is at the same time the initial stage of the circulation of funds.
The circulation of working capital takes place according to the scheme:
D - T ... P ... 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 including realized profit.
The dots (...) mean that the circulation of funds is interrupted, but the process of their circulation continues in the sphere of production.
Current assets in motion are at all stages and in all forms. This ensures a continuous production process and smooth operation of the enterprise.

1.2 Composition and structure of working capital

Distinguish between the composition and structure of working capital.
The composition of working capital is understood as a set of elements that form working capital. The division of circulating assets into circulating production assets and circulation funds is determined by the peculiarities of their use and distribution in the spheres of production and sales.
Revolving production assets include:

Labor items (raw materials, basic materials and purchased semi-finished products, auxiliary materials, fuel, containers, spare parts, etc.);

Labor tools with a service life of no more than one year or a cost of no more than 100-fold (for budgetary organizations - 50-fold) of the established minimum wage per month (low-value wearing items and tools);

Incomplete production and semi-finished products of our own manufacture (objects of labor that have entered the production process: materials, parts, units and products in the process of processing or assembly, as well as semi-finished products of our own production that are not fully completed by production in some workshops of the enterprise and subject to further processing in other workshops the same enterprise);

Deferred expenses (non-material elements of working capital, including the costs of preparing and mastering new products that are produced in a given period, but are attributed to products of the future period; for example, the costs of designing and developing technology for new types of products, for rearranging equipment).

Circulation funds include:

Enterprise funds invested in stocks of finished products, goods shipped but not paid for;

Funds in payments;

Cash on hand and in accounts.

The amount of working capital employed in production is determined mainly by the duration of production cycles for the manufacture of products, the level of development of technology, the perfection of technology and the organization of labor.
The amount of means of circulation depends mainly on the conditions for the sale of products and the level of organization of the supply and marketing system of products.
The ratio between the individual elements of working capital, expressed as a percentage, is called the structure of working capital. The difference in the structures of the working capital of industries is determined by many factors, in particular, the peculiarities of the organization of the production process, the conditions of supply and sale, the location of suppliers and consumers, and the structure of production costs.
According to the sources of formation, working capital is divided into own and borrowed.
Own working capital is funds that are constantly at the disposal of the enterprise and formed from its own resources (profit, etc.). In the process of movement, own circulating assets can be replaced by funds that are essentially part of their own, advanced for wages, but temporarily free (due to the one-time payment of wages). These funds are called equated to own, or stable liabilities.
Borrowed working capital - bank loans, accounts payable and other liabilities.
The efficient operation of the enterprise is the achievement of maximum results at the lowest cost. Cost minimization is, first of all, optimization of the structure of sources for the formation of a company's working capital, i.e. a reasonable combination of own and credit resources.
1.3 Rationing of working capital
Working capital management is to ensure the continuity of the production process and sales of products with the smallest amount of working capital. This means that the working capital of enterprises must be distributed at all stages of the circuit in the appropriate form and in a minimum but sufficient volume.
In modern conditions, when enterprises are fully self-financed, correctly determining the need for working capital is of particular importance.
The process of developing economically justified values of circulating assets necessary for organizing the normal operation of an enterprise is called rationing of circulating assets. Thus, rationing of working capital consists in determining the amount of working capital required to form constant minimum and at the same time sufficient stocks of material assets, irreducible balances of work in progress and other working capital. Rationing of working capital helps to identify internal reserves, reduce the duration of the production cycle, and more quickly sell finished products.
The circulating assets in production inventories, work in progress, and finished product balances in the company's warehouses are normalized. These are standardized working capital. The rest of the elements of working capital are called non-standardized.
In the process of standardization of working capital, the rate and standard of working capital are determined.
Working capital rates characterize the minimum stocks of inventories at an enterprise and are calculated in days of stock, stock rates for parts, rubles per unit of account, etc.
Working capital rate - the product of the working capital rate by the indicator, the rate of which is determined. Calculated in rubles.
The working capital ratio establishes their minimum estimated amount, constantly necessary for the enterprise to work. Actual stocks of raw materials, cash, etc. can be higher or lower than the standard or correspond to it. This is one of the most volatile indicators of current financial performance. Failure to fill the working capital standard can lead to a reduction in production, non-fulfillment of the production program due to interruptions in production and sales of products.
1.4 Indicators for assessing the use of working capital
There are several standard indicators used to assess the use of working capital of an enterprise.
The first in the list of these indicators is the working capital turnover ratio. It shows how many turns are made by circulating assets during the analyzed period. It is determined by the formula:
BER = Vp / OSR,
where Vp is the volume of product sales for the reporting period;
OCP - the average balance of working capital for the reporting period.
It can be seen from the formula that an increase in the number of revolutions with a constant volume of products sold reduces the average annual balance of working capital.
The next indicators of the effectiveness of the use of working capital in the organization is the coefficient of the duration of one turnover in days. It shows how long it takes the company to return its working capital in the form of proceeds from the sale of products:
D = T / K0B or D = T x OSR / Vp,
where T is the number of days in the reporting period.
The indicator is the load factor of funds in circulation. It characterizes the amount of working capital advanced by 1 ruble. proceeds from the sale of products, i.e. this indicator represents the turnover capital intensity or the cost of working capital to obtain 1 ruble. products sold:
KZ = OSR / Vp x 100,
where K3 is the load factor of funds in circulation,%;
100 is the conversion factor of rubles to kopecks.
This means that K3 is the reciprocal of the turnover rate. The less K3, the more efficiently the working capital is used at the enterprise, the better the financial position of the enterprise.
The indicators of the turnover of working capital can be calculated for all working capital involved in the turnover, and for individual elements. The longer the turnover of circulating assets and the longer they are at any of its stages, the less efficiently they work.
The release of working capital as a result of accelerating their turnover is determined by the formula:
? О = OO - OPL,
where? About - the amount of released circulating assets;
Oo - the need for working capital in the planning period, if there was no acceleration of their turnover, rubles;
OPL - the need for working capital in the planning period, taking into account the acceleration of their turnover, rubles.
An absolute release takes place if the actual balances of working capital are less than the standard or the balances of the previous period while maintaining or exceeding the volume of sales for the period under review. The relative release of working capital takes place in cases where the acceleration of their turnover occurs simultaneously with an increase in the volume of output, and the growth rate of the volume of production outstrips the growth rate of the balance of working capital.
1.5 The value of accelerating the turnover of working capital
The effect of accelerating the turnover of circulating assets is expressed in the release, reducing the need for them in connection with the improvement of their use. Distinguish between absolute and relative release of working capital.
The absolute release reflects a direct decrease in the need for working capital.
The relative release reflects both a change in the amount of working capital and a change in the volume of products sold. To determine it, you need to calculate the need for working capital for the reporting year based on the actual sales turnover for this period and the turnover in days for the previous period. The difference gives the amount of funds released.
The release of working capital has a number of positive effects:

Production of products takes place at lower costs of working capital;

Material resources are released;

Receipt of deductions from profit to the budget is accelerated;

The financial position of the company is improving, because The financial resources released as a result of the over-planned acceleration of the turnover of funds remain at the disposal of the enterprise until the end of the year and can be successfully used (profitably invested).

Unfortunately, the own financial resources, which enterprises currently have, cannot fully ensure the process of not only expanded, but also simple reproduction.

CHAPTER 2. Analysis of the composition, structure, dynamics of working capital and assessment of their turnover at JSC "Tatgazstroy"
2.1 Technical and economic characteristics of JSC "Tatgazstroy"
OJSC Tatgazstroy was created in the process of privatizing the state property of the leased specialized mobile mechanized column No. 3 of the Kamspecmontazh-3 trust, Nizhnekamsk, by the Zakamsk Fuel and Gasification Concern by the founding conference.
The founders of the Company are the Zakamsky Committee for State Property Management with a share of ownership of 98.7% and members of the lease collective of the enterprise transformed into an OJSC with a share of ownership of 1.3%.
A rational organization and a well-formed production and personnel management system occupy an important place in the effective and profitable work of OAO Tatgazstroy. Ensuring the proportionality of all elements of the production process and clear consistency of all links of management is the most important condition for obtaining a positive effect on the work of the enterprise as a whole.
The structure of the enterprise includes:
- management personnel (director, chief engineer, deputy directors, chief mechanic, heads of structural divisions, foreman, foremen);
- specialists of departments, laboratories;
- workers of construction and assembly sites No. 1, 2 of ancillary production site, a mechanization site;
- staff service.
The structure of OAO Tatgazstroy is detailed in the staffing table. The distribution of functions and responsibilities is provided for by job responsibilities, qualified requirements.
OJSC Tatgazstroy carries out the following activities:

construction of gas supply systems;

design of gas supply systems;

production of products for gas supply systems (units and parts);

operation and technically related to operation, storage and transportation of radiation devices;

shooting underground and aboveground structures;

intercity transportation of goods by road;

operation of cranes;

transportation of dangerous goods (oxygen, sulfuric acid, etc.) by road;

accreditation for types of non-destructive testing and other tests.

A five-day working week with two days off has been established, for workers at construction and assembly sites - a summarized accounting of working hours with a reporting period of 0.5 years. The works are carried out in one shift.
OAO Tatgazstroy has five sections: construction and assembly sections No. 1 and No. 2, a subsidiary production section, a mechanization section, and a welding and insulation quality control section.
Construction and overhaul of gas supply facilities is carried out in the settlements of Agryz, Almetyevsk, Nizhnekamsk, Naberezhnye Chelny, Elabuga, Aznakaevo, Mendeleevsk, Menzelinsk, Bavly, Bugulma and others.
During its activity, the collective of the company has built and put into operation 1150 km of gas networks and supplied gas to 54 settlements of the Republic of Tatarstan.
All facilities under construction are accepted by the technical commissions in the agreed and planned terms.
The production capacity of the company with the most complete use of production resources is more than 6000.0 million rubles of construction and installation work.
The existing capacity of technological equipment allows to increase the volume by 30-40%. All facilities planned for construction are fully provided with materials, raw materials, provided for by production technology and design conditions. Work is constantly underway to improve technological processes and mechanization of construction work.
The main types of work at Tatgazstroy OJSC are the construction of gas pipelines in cities and towns, gasification of residential buildings, boiler houses, industrial enterprises, agricultural enterprises, the design of gas supply systems, the manufacture of units and parts by an auxiliary production site.
The technology for the construction of gas pipelines consists of a preparatory period, welding and assembly, insulation, earthworks.
JSC "Tatgazstroy" is one of the oldest specialized enterprises in the region for the construction of gas supply systems. During its existence, a great deal of experience has been accumulated, highly qualified personnel have been trained and trained, there is a production base that makes it possible to manufacture units, parts and other types of work in factory conditions, and has its own laboratory for quality control of the work performed.
The main customers of OJSC Tatgazstroy are: OJSC Tattransgaz, industrial enterprises, construction organizations in Nizhnekamsk, owners of departmental housing stock, owners of housing facilities.
OJSC Tattransgaz, at the expense of the innovation fund, is building gas distribution pipelines in cities, repairing and replacing gas pipelines.
The customers are also large construction organizations of the republic.
The production potential of OAO Tatgazstroy allows to increase the number of customers by performing additional work on the installation of heating and water supply systems, the installation of smoke and ventilation ducts, the provision of services for cargo transportation and repair of vehicles, design work, survey of underground and surface structures, control of welded joints and etc.
Reducing the cost of construction and installation work by reducing their cost, allows attracting additional customers for the gasification of the housing stock of the population.
Work was carried out to reduce emissions of pollutants into the atmosphere by modernizing the supply and exhaust ventilation by the society.
To calculate prices for construction and installation work financed from the budget and other sources, indices by cost elements are used, calculated by the Republican Scientific and Technical Center for Pricing in Construction. Calculations are made for the products of the subsidiary production site.
During the construction of gas pipelines, the quality control of welding by non-destructive method (X-ray) and mechanical tests is carried out in accordance with the requirements of SNiP 3.05.02-88. The quality control of the insulating coating is carried out by the instrumental method (GOST 9.602-89). The welding and insulation quality control section is accredited for types of non-destructive testing and other tests.
The production base of JSC "Tatgazstroy" is intended for sludge, repair of automotive and construction equipment, as well as for storage, processing of necessary building materials and manufacture of units and parts, welding of pipes with a diameter of up to 500 mm. It has repair sites, warehouses, and utility rooms.
A rational organization of production and a well-formed management system occupy a special place in the efficient and profitable work of OAO Tatgazstroy. Ensuring the proportionality of all elements of the production process and clear consistency of all links of management is the most important condition for making a profit - the most important economic indicator characterizing the final results of the economic activity of any commercial entity.
In the process of intra-firm planning, in addition to efficiency criteria for the establishment and selection of optimal values of the planned indicators, particular criteria can be used: cost, material consumption, labor intensity, profitability, break-even, shareholder income, market price, etc. Selection of certain economic indicators as evaluation criteria efficiency depends on the specific production conditions, the specifics of the work.
Table 2.1
Technical and economic indicators of production and economic activity of JSC "Tatgazstroy" for 2008-2009.

	Unit rev.	2008 r.	2009 r.	Growth rate %
1. Energy saving	%	- 16,1	-6,5
2. Scope of contract work (in current prices)	million rubles	8568,2	8916,3	104,0
including on their own	million rubles	4472	4830	108,0
3. Volume of construction and installation works - total (in comparable prices)	thousand roubles.	2920	3197	109,5
incl. on their own	thousand roubles.	2579	2824	109,5
4. Volume of construction and installation works - total (in current prices)	million rubles	4513	4874	108,0
incl. on their own	million rubles	4005	4325	108,0
5. Commissioning of fixed assets	million rubles	43	43	100,0
6. Capital investments	million rubles	43	43	100,0
incl. construction and installation work	million rubles	0	0
7. Sales proceeds	million rubles	8568,2	8916,3	104,0
incl. secured by cash flow	million rubles	3983	4302	108,0
8. Cost of products sold	million rubles	6805,8	7403,4	99,5
including material	million rubles	2784	2755	99,5
depreciation of fixed assets	million rubles	139	148	107,6
wage	million rubles	1292	1455	108,0
deductions for social needs	million rubles	284	298	105,0
other costs	million rubles	679	584	86,0
9. Profit from sales	million rubles	619,3	500,7	81,0
10. Net profit	million rubles	389,4	121,6	31,2
11. Profitability of products sold	%	5,66	6,15	108,7
12. Payroll	million rubles	835,9	902,8	108,0
13. Average headcount	people	122	122	100,0
incl. personnel engaged in construction and installation work	people	89	89	100,0
14. Average monthly salary	rub.	570970	673700	118,0
15. Labor productivity	rub.	1762	1929	109,5
16. Commissioning of capacities by contractors	km	51,1	55,2	108,0
incl. on their own	km	51,1	55,2	108,0
17. The volume of sales of regular services to the population	million rubles	80,8	87,3	108,0

Table 2.2
Execution of the volume of construction and installation work (thousand rubles)

	2008 year		year 2009		Growth rate % prices current years prices 109,4 136,8
	1991 prices	Current prices	1991 prices	Current prices
Construction and installation works - total:	2920	4513473	2 670	3299574
Including: on their own	2 579	4005310	2 286	2806955	112,8 142,7

As can be seen from the table, the volume of construction and installation work in current prices increased by 36.8%. In basic prices, this increase was only 9.4%. In particular, the volume of construction and installation work on its own also increased during the studied period.

Table 2.3
Summary indicators of production and economic activity of OJSC Tatgazstroy for 2008

The name of indicators	Unit rev.	January December	fact 2008
		plan	fact	fulfilled plan,%	growth rate, %	January December
1. Energy saving	%	-6,5	-16,1	247,7		+ 1,6
1. Capital investments	million rubles	4507	5837,6	129,5	139,9	4173,2
	million rubles	3812	5180,8	135,9	146,8	3529,9
2. Scope of contract work (in current prices)	million rubles	3973	5008,2	126,1	136,1	3679,4
including: on their own	million rubles	3392	4471,6	131,8	142,4	3141,0
3. The volume of construction and installation work (in 1991 prices)	thousand roubles.	2884	2920,1	101,3	109,4	2670,0
including: on their own	thousand roubles.	2469	2578,9	104,5	112,8	2286,3
4. Volume of construction and installation works (in current prices)	million rubles	3564	4513,4	126,6	136,8	3299,6
in numbers: on their own	million rubles	3032	4005,3	132,1	147,9	2708,0
5. Commissioning of fixed assets	million rubles	40	43	107,5	148,3	29
6. Sales proceeds	million rubles	8362,1	8916,3	148,2	187,3	2551
including: secured by the receipt of funds	million rubles	2578	4489	174,1	265,6	1690
7. Cost of products sold	million rubles	6982,2	7403,4	166,3	192,5	1989
8. Profit from sales	million rubles	367,4	324,1	77,1	157,0	135
9. Net profit, loss for the year	million rubles	113,8	121,6	115,4	127,7	47
10. Profitability of products sold	million rubles	11,94	5,54	46,4	81,6	6,79
11. Payroll payroll	million rubles	793,4	835,9	105,4	145,0	576,3
12. Average number of employees	people	115	122	106,1	107,0	114
including: personnel, construction workers.	people	85	89	104,7	107,2	83
13. Average monthly salary (forecast indicator)	rub.	574900	570970	99,3	135,5	421272
14. Labor productivity (average monthly)	rub. (in 1991 prices)	1789	1762	98,5	105,4	1671
15. Commissioning of capacities by contractors	km	50,0	51,1	102,2	105,8	48,3
including: on their own	km	48,4	51,1	105,6	109,4	46,7
16. The volume of sales of paid services to the population	million rubles	8,6	80,8	939,5	1122,2	7,2
17. Gasification of individual houses	PC.		654		157,2	416

Thus, the plan was overfulfilled in terms of most indicators. The plan remained unfulfilled only in terms of such indicators as profit from sales, profitability of products sold, average monthly wages, and labor productivity.
It is impossible to ignore the overfulfillment of the plan for the volume of sales of paid services to the population by 839.5%. The growth rate for this indicator is also very high (1022.2%).
Compared to last year, only the profitability of sold products decreased (by 18.4%).
For the rest of the indicators, there is an increase.

The basic circulating assets of the organization are entirely consumed in each production process, completely transfer their value to the finished product and change their natural form.
Revolving production assets are a part of production assets, the material content of which is the objects of labor that function in the sphere of production.
Revolving production assets are subdivided into a number of groups:
-manufacturing stocks (raw materials, basic materials, purchased semi-finished products, auxiliary materials, fuel, containers and container materials, spare parts for maintenance, low-value and quickly wearing out household equipment and tools);
- work in progress - unfinished products subject to further processing;
-expenses of future periods - the costs of preparation and development of new products, produced in this period, but subject to repayment in the future.
Raw materials are the subject of labor, for the extraction or production of which labor was expended. The raw materials are for example: ore, cotton.
Materials are objects of labor that have already undergone industrial processing, for example, rolled metal. Products are made from basic materials, they form its main material content.
Semi-finished products are products of labor that have passed one or more stages of production, but still require further processing or assembly.
Containers and container materials - represent all types of packaging and materials required for their manufacture.
Work in progress is the objects of labor that are being processed or awaiting further processing and have not yet been included in the finished product.
Along with circulating funds, the enterprise has circulation funds that function in the field of circulation. These include:
-finished products in warehouses;
-products shipped but not paid;
-receivables;
- funds in bank accounts, in unfinished settlements.
The totality of circulating production assets and circulation funds constitutes circulating assets.
The analysis of the structure and dynamics of the working capital of OAO Tatgazstroy is presented in Table 2.4.
Table 2.4
The structure of the company's working capital, million rubles

P / p No.	Composition of working capital	2008	2009	2010	2010-2011
1	Stocks	589,8	818	1218,3	628,5
1.1	Raw materials, materials and other values	579,9	704,9	1096,0	516,1
1.2	Future spending	9,9	113,1	122,3	112,4
2		91,1	51	3,1	-88
3	Receivables	419,3	281,4	263,7	-155,6
5	Cash	817,5	216,7	67,1	-750,4
7	TOTAL:	1917,7	1367,1	1552,2	-365,5

To determine the reasons for the change in the amount of working capital for 2008-2010, we will conduct a factor analysis. The factors of the first order include: inventories and costs, taxes on purchased valuables, accounts receivable, cash.
Change in working capital, total:
? K about = K to about1 - K to about0 (2.1)
? K about = 1552.2-1367.1 = 185, 1 million rubles.

Changes in inventory and costs:

? K about (dsz) = K cozz ob1 - K cozz about (2.2)
? K about (dzz) = 1218.3-818 = 400, 3 million rubles.
Change in receivables:
? K about (ddz) = K kodz ob1 - K kodz about (2.3)
? D xi about (ddz) = 263.7-281.4 = -17.7 million rubles.

Change in funds:

? K about (dds) = K codes about1 - K codes about (2.4)
? K about (dds) = 67.1-216.7 = - 149.6 million rubles.
Working capital in 2009 increased by 585.4 million rubles. The greatest negative impact on the increase in working capital was made by changes in inventories and costs that occurred due to the growth of work in progress. The growth of accounts receivable does not indicate an ineffective receivables management policy at the enterprise.
The structure of working capital is presented in table 2.5
Table 2.5
Change in the structure of working capital

P / p No.	Composition of working capital	2008 year	year 2009	2010 year
1	Stocks	30,8	59,8	78,5
1.1	Raw materials, materials and jewelry	98,3	86,1	90,0
1.2	Future spending	1,7	13,9	10,0
2	Acquired property taxes	4,8	3,7	0,2
3	Receivables	21,9	20,6	17,0
4	Cash	42,6	15,9	5,3
5	TOTAL:	100	100	100

Rational is such a structure of working capital, when the largest part of them is invested in inventories, and the smallest in cash and receivables. The table shows that the structure of the working capital of a given enterprise fully complies with this rule. It also follows from the table that the components of working capital in percentage terms for the period under review changed during the period under consideration. So in 2009 the reserves increased by 29.8%, and in 2010 the reserves in comparison with 2009 increased by 18.7%. The largest part of the stocks are raw materials, materials and other material assets, and a small part is prepaid expenses. Accounts receivable have been decreasing over quiet years and in 2010 this indicator decreased by 4.9% in comparison with 2008. The item of funds decreased significantly, for the period from 2008 to 2010 by 37.3%.

Table 2.5 shows that the share of accounts receivable in the composition of working capital decreases in 2009 by 26.7%, in 2010 it decreases by 3.6% in comparison with the previous year. This is due to the fact that in connection with the increasing non-payments for manufactured and delivered products, the financial policy of the plant is aimed at fulfilling orders and supplying products on prepayment. Fulfillment of orders for the manufacture of mechanical parts and assemblies is carried out with a 50% advance payment. Delivery of finished products is carried out after 100% advance payment. Reliable relationships have been established with suppliers and contractors.
To assess the turnover of accounts receivable, the following group of indicators is used (table 2.6.).
1. Turnover of accounts receivable:

Where, ВР - revenue from product sales, million rubles;
SDZ - average accounts receivable, million rubles.
2. Period of repayment of receivables:

Table 2.6
Indicators of accounts receivable turnover

Index	Unit Rev.	2008 year	year 2009
Revenue	Mln. rub.	6762,3	8568,2
Receivables	Mln. rub.	419,3	281,4
Percentage of overdue receivables	%	16	13
Accounts receivable turnover	K-nt	16,1	30,4
Accounts receivable repayment period	days	22	12

The table shows that the period of accounts receivable turnover is decreasing. This is a positive result of the company's activities. Reducing the period of arrears reduces the risk of non-repayment.

The most important indicators of the efficiency of using working capital are:

current liquidity ratio;

turnover ratio;

duration of one turnover, in days;

load factor of working capital;

profitability of working capital.

The turnover ratio of current assets shows the number of revolutions that current assets make during the planning period and is determined by the formula:
To turn. = Sales revenue / Average working capital
The average duration of the turnover of working capital (turnover in days) is determined by the ratio of the product of the average balance of working capital and the number of days in a period to the amount of product sales for this period:
Duration of turnover = 360 / Asset turnover

K load = Average working capital / Sales revenue
The profitability of working capital shows how much profit for the estimated period of time the company receives per ruble of its working capital.
Return on working capital. = Net profit / Average working capital
Analysis of the efficiency of the use of working capital is presented in table. 4.
The most general method for calculating the need for working capital of an enterprise is based on the volume of products sold, determined in the business plan for the upcoming period and the level of the coefficient of fixing working capital for previous periods.
Knowing the need for working capital and the availability at the beginning of the planning period, it is easy to then calculate the additional need for working capital and determine the sources of covering this need (at the expense of own or borrowed financial resources).
If we assume that the planned volume of sales of the company's own products is determined on the basis of marketing research, analysis of the existing structure and consumer requirements, fixed in the already concluded and expected to be signed supply contracts, then the main problem is a reasonable determination of the planned level of the working capital fixing ratio.
Of course, one can proceed from the actual value of the reinforcement coefficient in the nearest to the planned reporting period; however, it is more expedient to preliminarily analyze the existing level of working capital and identify possible reserves for reducing the need for it.
Table 2.7
Calculation of the need for working capital in 2009

The total planned need for working capital, based on the target for the volume of products sold for 2008, 6771 million rubles. will be equal to: 0.28 * 8568.2 = 2399.1 million rubles. Taking into account the increase in the volume of sales in 2008 by 26.7.0%, an increase in working capital by 1214 million rubles is required. In 2009. working capital amounted to 1,367 million rubles, which is 43.7% short of the plan.
The current liquidity ratio shows whether the company has enough funds that can be used to pay off short-term liabilities. It characterizes the general provision of the enterprise with the means for conducting economic activities. OJSC Tatgazstroy received this coefficient with a higher value only in 2009 due to the restructuring of accounts payable.
To tek.liq. 2007 = 1917.7 / 2079.1 = 0.92;
To tek.liq. 2008 = 1367.1 / 1197.9 = 1.1;
To tek.liq. 2009 = 1552.2 / 1720.8 = 0.90
An increase in the turnover ratio and a reduction in the period of one turnover during the period under review indicate the effective use of working capital.
To turnover. 2007 = 6762.3 / 1917.7 = 3.5;
To turn around. 2008 = 8916.3 / 1367.1 = 6.5;
To turn around. 2009 = 8568.2 / 1552.2 = 5.5
As a result of the increase in the turnover ratio, the absolute release of working capital was ensured, i.e. fulfillment or overfulfillment of the production plan is ensured with a smaller amount of working capital than provided for by the plan.
Duration of turnover 2007 = 360 / 3.5 = 103 days;
Duration of turnover 2008 = 360 / 6.5 = 55 days;
Duration of turnover 2009 = 360 / 5.5 = 65 days.
Also, to assess the efficiency of the use of working capital, the working capital load factor is calculated. It characterizes their amount per 1 ruble of products sold.
K load = Average working capital / Sales revenue
To download 2007 = 1917.7 / 6762.3 = 0.28 rubles;
To download 2008 = 1367.1 / 8916.3 = 0.15 rubles;
To download 2009 = 1552.2 / 8568.2 = 0.18 rubles.
Analyzing the data obtained, we can say that in 2008, 1 ruble of sold products accounts for 0.28 rubles of working capital. This indicator in 2009 was 0.15 rubles and in 2010 0.18 rubles, respectively.

P rev. drip = Net profit / Average working capital
R ob.cap. 2007 = 389.4 / 1917.7 = 0.2;
R ob.cap. 2008 = 121.6 / 1367.1 = 0.1;
R ob.cap. 2009 = 389.4 / 1552.2 = 0.3.
Thus, in 2008 the enterprise received 0.2 rubles of profit per ruble of working capital, this figure in 2009 was 0.1 rubles. In 2010, the enterprise earned 0.3 rubles of net profit per ruble of working capital, which is the best result for the studied period.

2.5 Cash flow analysis

Cash flow analysis is carried out according to the data of the reporting period. At first glance, this analysis, like any other section of retrospective analysis, is of relatively low value to the financial manager; however, arguments can be made to justify its implementation to a certain extent.
The important role of the analysis of cash flows, which creates the basis for the formation of an effective policy and the adoption of management decisions by the management of the organization, is due to a number of reasons: cash flows serve the functioning of the organization in almost all aspects of its activities; optimal cash flows ensure the financial stability and solvency of the organization; rationalization of cash flows contributes to the achievement of the rhythm of the production and commercial process of the organization; effective cash flow management reduces the organization's need to raise debt capital; optimization of cash flows is a prerequisite for accelerating the capital turnover of the organization as a whole.
The purpose of the analysis of cash flows is to obtain the required volume of their parameters, which give an objective, accurate and timely characteristic of the directions of receipt and expenditure of funds, volumes, composition, structure, objective and subjective, external and internal factors that have a different effect on the change in cash flows.
Table 5 presents the data of the cash flow statements of OJSC Tatgazstroy for 2008 and 2009, which served as the basis for the analysis of cash flows. As a result of the implementation of production activities in 2008, the organization significantly increased the volume of money supply in terms of both the inflow of funds and their outflow. This situation can be assessed positively, since it is a consequence of an increase in the scale of production and sales of products. A positive moment is the excess of cash inflow over their outflow in 2008 and 2009, which ensured the achievement of a positive value of net cash flow in the amount of 4680 thousand rubles, respectively. and 9722 thousand rubles. The amount of positive cash flow in 2006 increased in comparison with 2005 by 602672 thousand rubles, and in 2005 compared to 2004 it increased by 1,650,518 thousand rubles. The growth rate in 2006 was 21.1%, and in 2005 - 137.6%. Considering the indicators of cash flows by type of activity, it should be noted that the largest volume of money supply provides the main current activities of the organization. In 2004 and 2005. the company's cash is presented in the context of current activities. The amount of cash inflow from current activities in 2006 amounted to 3,325,416 thousand rubles, which is by 475,417 thousand rubles. more than in the previous year. The share of this indicator in the total volume of all cash receipts in 2004 was 96.31%. This is due to the relative intensification of the investment and financial activities of the enterprise. According to Tables 8 and 9, it is possible to analyze the structure of the receipt and disposal of funds of OAO Tatgazstroy for 2008-2009. Indicators characterizing individual elements of positive cash flows are combined into three groups (table 2.8)

Table 2.8
Structure of cash inflow of OJSC "Tatgazstroy" for 2008-2009

The financial position of the enterprise is directly dependent on the state of working capital, therefore, enterprises are interested in organizing the most rational movement and use of working capital.

The efficiency of using working capital is characterized by a system of economic indicators, primarily the turnover of working capital.

Under turnover of working capital means the duration of the complete circulation of funds from the moment of acquisition of circulating assets (purchase of raw materials, materials, etc.) to the release and sale of finished products. The turnover of circulating assets is completed by crediting the proceeds to the company's account.

The turnover of working capital is not the same at different enterprises, which depends on their industry affiliation, and within one industry - on the organization of production and sales of products, the allocation of working capital and other factors.

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

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

O = C: T / D,

where O- the duration of the turnover, days; WITH- balances of working capital (average or for a specific date), rubles; T- volume of marketable products, rubles; D- number of days in the considered period, days.

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

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

K O = T / C.

The higher the turnover ratio under the given conditions, the better the circulating assets are used.

The coefficient of loading funds in circulation (K z), the inverse of the turnover ratio, is determined by the formula:

K z = C / T

In addition to these indicators, the indicator can also be used return on working capital, which is determined by the ratio of profit from the sale of the company's products to the balance of working capital.

The indicators of the turnover of working capital can be calculated for all working capital involved in the turnover, and for individual elements.

The change in the turnover of funds is revealed by comparing the actual indicators with the planned or indicators of the previous period. As a result of comparing the indicators of the turnover of working capital, its acceleration or deceleration is revealed.

When the turnover of circulating assets is accelerated, material resources and sources of their formation are freed from circulation, and when the turnover slows down, additional funds are involved in circulation.

The release of working capital due to the acceleration of their turnover can be absolute and relative. Absolute release takes place if the actual balances of working capital are less than the standard or the balances of the previous period while maintaining or exceeding the volume of sales for the period under review. Relative release working capital takes place in cases where the acceleration of their turnover occurs simultaneously with an increase in the volume of output, and the growth rate of the volume of production outstrips the growth rate of the balances of working capital.

The efficiency of using working capital depends on many factors. Among them, one can single out external factors that influence regardless of the interests and activities of the enterprise, and internal, which the enterprise can and should actively influence.

External factors include: the general economic situation, peculiarities of tax legislation, conditions for obtaining loans and interest rates on them, the possibility of targeted financing, participation in programs financed from the budget. Considering these and other factors, the company can use internal reserves to rationalize the movement of working capital.

Increasing the efficiency of using working capital is ensured by accelerating their turnover at all stages of the circulation.

Significant reserves for increasing the efficiency of the use of working capital are laid down directly in the enterprise itself. In the field of production, this applies primarily to production inventories. Stocks play an important role in ensuring the continuity of the production process, but at the same time they represent that part of the means of production that is temporarily not involved in the production process. Effective organization of inventories is an important condition for increasing the efficiency of using working capital. The main ways to reduce inventories are reduced to their rational use; elimination of excess stocks of materials; improvement of rationing; improving the organization of supply, including by establishing clear contractual terms of supply and ensuring their fulfillment, the optimal choice of suppliers, and streamlined transport operations. An important role belongs to the improvement of the organization of storage facilities.

Reducing the residence time of working capital in work in progress is achieved by improving the organization of production, improving the equipment and technology used, improving the use of fixed assets, primarily their active part, saving on all stages of the movement of working capital.

In the sphere of circulation, circulating assets do not participate in the creation of a new product, but only ensure its delivery to the consumer. Excessive diversion of funds into the sphere of circulation is a negative phenomenon. The most important prerequisites for reducing investment of working capital in the sphere of circulation are the rational organization of the sale of finished products, the use of progressive forms of payment, the timely execution of documentation and the acceleration of its movement, compliance with contractual and payment discipline.

Acceleration of the turnover of working capital allows you to free up significant amounts and thus increase the volume of production without additional financial resources, and use the released funds in accordance with the needs of the enterprise.

1. Working capital of an enterprise - a set of working capital and circulation funds. The circulating production assets include: raw materials, basic and auxiliary materials, unfinished production, fuel and other objects of labor, which are entirely consumed in each production cycle and the cost of which is transferred to the manufactured product immediately in full.

The circulation funds include: finished products in the warehouse, shipped products, cash in settlements.

2. According to the sources of formation, working capital is divided into own (funds that are constantly at the disposal of the enterprise and formed from its own resources) and borrowed (bank loans, accounts payable and other liabilities).

3. According to the scope of rationing, working capital is divided into standardized (according to which stock standards are established: working production assets and finished products in stock) and non-standardized. Working capital standardization is a process of developing economically justified values of working capital required to organize the normal operation of an enterprise. It is a prerequisite for the effective use of working capital. Usually, the enterprise determines the standards of working capital for materials, stocks in the production process, and stocks of finished products.

4. Increasing the efficiency of using working capital is achieved by accelerating their turnover.

« »

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

The current stock is necessary for the normal operation of the enterprise between the next 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 of the 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 coefficient of utilization of funds in circulation Kz characterizes the amount of working capital 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

The efficiency of using working capital at the enterprise and ways to improve it

Introduction

An indispensable condition for an enterprise to carry out economic activities is the availability of working capital (working capital).

The successful implementation of the production cycle of the enterprise depends on the state of working capital, because their lack negatively affects production activities, interrupts the production cycle and ultimately leads to a lack of opportunities to pay for its obligations and to bankruptcy. Therefore, at present, the problem of the most efficient and rational use of these funds is becoming increasingly important for enterprises. In this regard, the chosen topic of the course work is very relevant.

The purpose of the course work is to assess the effectiveness of the use of working capital at the enterprise and propose ways to improve it.

In accordance with the chosen goal, the following research objectives were identified:

to study the theoretical foundations of the analysis of the use of working capital at the enterprise;

give a brief organizational and economic description of LLC "LEADER" for 2008-2009;

analyze the efficiency of using working capital at the enterprise and propose ways to improve it

The object of the research is LLC "Leader".

The subject of the research is the efficiency of using circulating assets at the enterprise and ways to increase them.

The theoretical basis of the study was the legislative and regulatory acts of the Russian Federation, as well as the works of domestic and foreign scientists, practitioners on the problem under study.

The information base of the research is the accounting and financial statements of LLC "LEADER" for 2008-2009.

The following research methods are used in the work: historical, monographic, economic and statistical, etc.

1.
Theoretical foundations of the working capital of the enterprise

.1 The essence of the working capital of the enterprise: concept, classification

Working capital refers to the mobile assets of an enterprise, which are cash or can be converted into cash during the production process. They are necessary to create inventories in warehouses and in production, for settlements with suppliers, the budget, for the payment of wages, etc. According to the economic content (spheres of turnover), mobile funds are divided into circulating production assets and circulation funds.

The concepts of working capital and working capital are not identical. Some authors, such as Likhacheva O.N., Bocharov V.V., Zaitsev L.N., use the term revolving assets in the meaning of an obligatory element of the production process, the main part of the cost of production. The lower the consumption of raw materials, materials, fuel and energy per unit of production, the more economically the labor expended on their extraction and production is spent, the cheaper the product. The availability of sufficient circulating assets at the enterprise is a necessary prerequisite for its normal functioning in a market economy.

Other authors, Kuznetsov B.T., Radionov A.R., use the term working capital of an enterprise, which is an economic category in which many theoretical and practical aspects are intertwined.

Working capital- this is the value advanced in monetary form, which, in the process of systematic circulation of funds, takes the form of circulating funds and circulation funds, necessary to maintain the continuity of the circulation and returning to its original form after its completion.

The circulating production assets include objects of labor that are wholly consumed during one production cycle and completely transfer their value to the cost of finished goods. These are production stocks of raw materials, materials, semi-finished products, fuel, energy, containers, spare parts, work in progress and deferred expenses.

Depending on the role played by production stocks, in the production process they are divided into the following groups: raw materials and basic materials, auxiliary materials, purchased semi-finished products, waste (returnable), fuel, containers and container materials, spare parts, low-value and wearing items.

Raw materials and basic materials- these are the objects of labor from which the product is made (they constitute the material basis of the product). At the same time, raw materials are called products of agriculture and extractive industries (grain, cotton, milk, etc.), and materials are products of the manufacturing industry (sugar, fabrics, etc.).

Subsidiary refers to materials that are used to influence raw materials and materials to give the product certain consumer properties or to care for tools and facilitate the production process (onions, peppers and other spices in sausage production, lubricants, etc.).

All these provisions allow a deeper study of the composition and structure of working capital and determine the ways of their optimization.

Cash intended for the formation of stocks of finished goods, as well as checks and bills receivable, debt of shareholders, various accounts receivable, funds on settlement accounts in banks and cash desks (temporarily free cash) are circulation funds.

The main factors that determine the amount of working capital employed in production (working capital) are the duration of the production cycle of manufacturing products, the level of labor organization and development of technology and the perfection of technology. In turn, the amount of means of circulation depends mainly on the conditions for the sale of the product, the level of organization of the supply and marketing system.

The aggregate of funds advanced into mobile (in constant motion) funds forms the working capital of the enterprise.

Classification of working capital

Purposeful management of current assets of the enterprise determines the need for their preliminary classification. From the standpoint of financial management, this classification of working capital is based on the following main features (Fig. 1.)

Figure 1 - Classification of current assets of the enterprise according to the main features

By the nature of the financial sources of formation, gross, net and own current assets are distinguished:

1) gross current assets (or circulating assets in general) characterize their total volume, formed at the expense of both own and borrowed capital. As part of the balance sheet of the enterprise, they are reflected in the amount of the second section of its asset;

2) net current assets (or net working capital) characterizes that part of their volume, which is formed at the expense of own and long-term borrowed capital.

2. By types of current assets, there are:

1) stocks of raw materials, materials and semi-finished products. This type of circulating assets characterizes the volume of their incoming material flows in the form of stocks that ensure the production activities of the enterprise;

) stocks of finished products. This type of circulating assets characterizes the current volume of their outgoing material flows in the form of inventories of manufactured products intended for sale.

3) accounts receivable. It characterizes the amount of debt in favor of the enterprise, represented by the financial obligations of legal entities and individuals for payments for goods, works, services, advances issued, etc.

4) monetary assets. These include not only the balances of funds in national and foreign currencies (in all their forms), but also the amount of short-term financial investments, which are considered as a form of investment use of the temporarily free balance of monetary assets.

) other types of current assets. These include current assets that are not included in the above types, if they are reflected in their total amount (deferred expenses, etc.).

3. The nature of participation in the operational process. In accordance with this feature, current assets are divided as follows:

1) current assets serving the production cycle of the enterprise (stocks of raw materials, materials and semi-finished products; volume of work in progress, stocks of finished products);

) current assets serving the financial (monetary) cycle of the enterprise (accounts receivable, etc.).

4. The period of functioning of current assets. On this basis, the following types are distinguished:

1) a permanent part of current assets. It is a constant part of their size, which does not depend on seasonal and other fluctuations in the operating activities of the enterprise and is not associated with the formation of inventories of seasonal storage, early delivery and intended purpose.

) the variable part of current assets. It represents a varying part of them, which is associated with a seasonal increase in the volume of production and sales of products, the need to form in certain periods of economic activity of the enterprise stocks of inventory of seasonal storage, early delivery and intended purpose. As part of this type of circulating assets, they usually distinguish the maximum and average part of them.

.2 Methodology for analyzing the effectiveness of the use of working capital at the enterprise

The financial position of the enterprise is directly dependent on the state of working capital, so they should pay special attention to their analysis.

The purpose of the analysis of current assets is to improve the efficiency of their use.

The main tasks of the analysis are:

1. identification of the degree of provision of the enterprise with circulating assets;

2. study of the composition and structure of current assets;

Study of the effectiveness of the use of working capital at the enterprise;

Development of ways to improve the efficiency of using working capital.

The analysis of the use of working capital includes the following stages.

First stage- Analysis of the provision of the enterprise with circulating assets.

It begins with a study of the composition and structure of working capital. At this stage, it is revealed which groups are part of them, and what share they occupy in the total volume of working capital at the enterprise.

Second stage - Analysis of the efficiency of using working capital.

At this stage, the following indicators are calculated:

) the ratio of the turnover of working capital in turnover (Cob), characterizes the number of circuits made by the working capital of the enterprise for a certain period (year, quarter), or shows the volume of products sold per 1 ruble. working capital. The formula shows that an increase in the number of revolutions leads either to an increase in output by 1 ruble. working capital, or to the fact that for the same volume of production it is required to spend a smaller amount of working capital

where Revenue is the proceeds from sales.

The average value of working capital for the period, which is calculated by the formula:

, (2)

where ObSn.p. - working capital at the beginning of the period;

ObSk.p. - working capital at the end of the period.

Thus, the turnover ratio characterizes the level of production consumption of working capital. An increase in the speed of revolutions made by working capital means that the company uses them rationally and efficiently. A decrease in the number of revolutions indicates a deterioration in the financial condition of the enterprise.

) coefficient of loading (consolidation) of working capital, the value of which is the reciprocal of the turnover ratio. It characterizes the amount of working capital spent on 1 ruble. products sold:

(3)

3) the duration (time) of one turnover of circulating assets:

where is the number of days in the period under consideration.

Since in the current practice most enterprises do not have enough available working capital, it is necessary at the end of the analyzed period to calculate the economic effect - the release or overspending of working capital as a result of acceleration, slowing down of their turnover:

, (5)

"+" - overexpenditure of working capital;

"-" - saving working capital.

) profitability of using working capital:

. (6)

5) the profitability of one turnover of working capital:

. (7)

The main indicator of the efficiency of using working capital is the turnover ratio. Its level depends on the proceeds from sales and on the average amount of working capital for the analyzed period. Using factor analysis, we will consider the change in the turnover ratio due to:

proceeds from sales

, (8)

where is the average amount of working capital in the base period of time;

average working capital

, (9)

where is the average amount of working capital in the reporting period of time;

vyr1-proceeds from sales in the reporting period of time.

Also, a very important indicator of the efficiency of the use of working capital is the profit from one turnover. The level that depends on the profit from sales and on the turnover ratio. Using factor analysis, we will consider the change in the amount of profit from one turnover due to:

profit from sales

(10)

turnover ratio

(11)

With the help of factor analysis, positive and negative factors will be identified that affect the turnover ratio and profit from one turnover. As a result, the management of the enterprise will adopt ways to improve the efficiency of the use of working capital.

Thus, the analysis of working capital will be able to give clear information about their composition and structure and how effectively these funds are used at the enterprise.

1.3 Ways to improve the efficiency of working capital

Increasing the efficiency of using working capital is ensured by accelerating their turnover at all stages of the circulation.

Significant reserves for increasing the efficiency of the use of working capital are laid down directly in the enterprise itself. In the field of production, this applies primarily to production inventories. Inventories play an important role in ensuring the continuity of the production process, but at the same time they participate in the production process. Effective organization of inventories is an important condition for increasing the efficiency of using working capital. The main ways to reduce inventories are reduced to their rational use; elimination of excess stocks of materials; improvement of rationing; improving the organization of supply, including by establishing clear contractual conditions for deliveries and ensuring their implementation, the optimal choice of suppliers, and the well-organized operation of transport. An important role belongs to the improvement of the organization of storage facilities.

Reducing the residence time of circulating assets in work in progress is achieved by improving the organization of production, improving the equipment and technologies used, improving the use of circulating assets, primarily their active part, saving on all stages of the movement of circulating assets.

At enterprises, a reasonable estimate of stocks is of great importance, which is studied in connection with the movement of products and the determination of their value. In practice, the most often determine the cost of inventories by three methods - FIFO, LIFO and the weighted average cost.

According to the FIFO method, when the price level increases, inventories are recorded at the price of the first batch received at the warehouse, which causes an increase in profit in the income statement compared to that which would be indicated if inventories were recorded in the composition of costs at their current price.

The LIFO method provides for the valuation of stock at the end of the period at the prices of the last purchases. The main goal of this method is to maximize the approximation of the cost of goods sold to the last cost of purchasing them.

From the above provisions, it is obvious that at a stable price level, the estimate of inventory by both methods will be the same. The weighted average cost approach removes value fluctuations in inventory valuation and cost of goods sold.

The advantages and disadvantages of each method should be assessed by the leaders (managers) of the enterprise and give preference to one of them. The use of different methods at the same time when calculating indicators or other tasks is not allowed.

For specific types of circulating assets, the one that most fully characterizes their consumption is selected as the basic estimated indicator. So, for auxiliary materials, such an indicator is their average daily consumption, for containers - the annual (quarterly) volume of commercial products, for general-purpose tools and overalls - the average annual number of employees.

Thus, in modern conditions, when enterprises are fully self-financed, the effective use of working capital is of particular importance.

Chapter 2. Brief organizational and economic characteristics of LLC "LEADER" for 2008-2009

.1 General

Limited Liability Company "LEADER" is a forestry enterprise. It was formed in 2002.

LLC "LEADER" is located at the address: 613440 Kirov region, Nolinsk, Zagorodny lane, house 22.

The following companies compete with him:

IP Loginov A.A .;

SP Alibekov Sh.V .;

LLC "Nema-les" (Nemsky district);

Private entrepreneur Galvas I.P. (Nolinsky district).

LLC "LEADER" manufactures products for the needs of the population, budgetary organizations, private enterprises of Nolinsky and surrounding areas.

The organizational structure of the enterprise is shown in Figure 2.

Figure 2 - Diagram of the organizational structure of LLC "LEADER"

The management structure of LEADER LLC is shown in Figure 3.

Figure 3 - Scheme of the management structure of LLC "LEADER"

LLC "LEADER" specializes in the manufacture of joinery and carpentry products from solid wood and offers for sale:

· Elements of stairs (balusters, pillars, handrails, steps, bowstrings);

· Log cabins from rounded logs (houses, baths, gazebos, etc.);

· Molding (plinth, bars, corners, glazing bead).

The composition and structure of sales proceeds is presented in Table 1.

Table 1 - Composition and structure of proceeds from sales of LLC "LEADER"

	Product type					2009 to 2008,%

	Balusters

	Handrail, steps

The table shows that in 2008. and 2009 the largest share in the revenue structure is occupied by the production of such products as: - balusters (20.7% and 24.1%, respectively);

at home (13.7% vs. 20.9%)

baths (23.0% and 20.7%)

The company's revenue for the analyzed period increased by 45.6%.

.2 Analysis of the main economic indicators

WITH byanalysis of the basic economic indicators of the enterprise can be judged about how it functions.

Personnel is a collection of labor resources<#"582188.files/image017.gif">rub.

Turnover ratio (for 2009) = RUB

The calculations show that the turnover ratio at the company "LEADER" is growing. This means that the company uses working capital efficiently and efficiently.

) an important indicator of the effective use of working capital is the load factor of funds in circulation. It characterizes the amount of working capital advanced by 1 ruble. proceeds from the sale of products, i.e. it represents the circulating capital intensity, i.e. costs of working capital (in kopecks) to obtain 1 rub. sold products (works, services) (3):

Load factor (for 2008) = rub.

Load factor (2009) = rub.

The ratio of the utilization of funds in circulation is the inverse of the ratio of the turnover of funds. The lower the utilization factor, the more efficiently the working capital is used at the enterprise, and its financial position improves. It can be concluded that at this enterprise the load factor has decreased by 0.15.

) the duration of one turnover of working capital (4):

Duration of one turnover (for 2008) = days

Duration of one turnover (for 2009) = day

The calculations show that in 2008 the duration of one turnover of circulating assets is 120 days, and in 2009 - 51 days. Consequently, during the analyzed period, the time of one turnover was reduced by 69 days, which had a positive effect on the use of working capital.

4) economic effect - the release or overspending of working capital as a result of acceleration, deceleration of their turnover (5):

Saving working capital = - = RUB.

As a result of the acceleration of the turnover of circulating assets, they were saved by 964804.43 rubles.

Profitability ratio (for 2009) = RUB.

) profit from one turnover of working capital shows how many rubles fall on one turnover (7):

Profit from one turnover (for 2008) = rub.

Profit from one turnover (for 2009) = rub.

Table 11 - Indicators of the efficiency of using working capital

	Indicators of the effectiveness of the use of working capital			2009 to 2008,%
	Proceeds from the sale of goods, products, works, services, rub.
	Average annual cost of working capital, rubles
	Profit (+), loss (-) from sales, rub.
	Load factor
	Duration of one turnover of working capital
	Profitability ratio
	Profit from one turnover

The table shows that the turnover ratio increased by 133.3%, the load ratio decreased by 50%, the duration of one turnover decreased by 69 days. On the negative side, the profit from one turnover fell by 23.1%.

Thus, we can conclude that the current assets of this enterprise are used effectively, as evidenced by the growth of the main indicators of efficiency.

One of the main indicators of the efficiency of using working capital is the turnover ratio.

With the help of factor analysis, it is possible to identify the change in the turnover ratio due to:

sales proceeds (8)

average working capital (9)

Table 12 shows the indicators obtained as a result of factor analysis.

Table 12 - Factor analysis of the current assets turnover ratio.

According to the data, it can be seen that an increase in proceeds from sales by 45.6% and a decrease in the average cost of working capital by 28.4% equally had a positive effect on the increase in the turnover ratio of working capital.

It is also necessary to analyze the change in the amount of profit from the sale due to:

profit from sales (10)

Turnover rate (11)

Table 13 presents the data obtained in the course of factor analysis.

Table 13 - Factor analysis of profit from one turnover.

According to the table, it can be seen that the decrease in profit from one turnover was significantly influenced by an increase in the turnover ratio by 133.3% with a slight increase in profit from sales (45.6%).

3.2 Ways to improve the efficiency of using working capital

Acceleration of the turnover of working capital is the primary task of enterprises.

The efficiency of using current assets depends on many factors, which can be divided into external, influencing regardless of the interests of the enterprise, and internal, which it can and should actively influence. External factors include such as the general economic situation, tax legislation, conditions for obtaining loans and interest rates on them, the possibility of targeted financing, participation in programs financed from the budget. These and other conditions determine the framework in which the company can manipulate the internal factors of the rational movement of working capital.

At the present stage of economic development, the main external factors affecting the state and use of working capital include such as the crisis of non-payments, high taxes, high rates of bank loans.

The crisis in the sale of manufactured products, and non-payments lead to a slowdown in the turnover of working capital. Consequently, it is necessary to produce those products that can be quickly and profitably sold, stopping or significantly reducing the output of products that are not in current demand. In this case, in addition to the acceleration of turnover, the growth of accounts receivable in the assets of the enterprise is prevented.

At the current inflation rate, it is advisable to direct the profit received by the enterprise, first of all, to supplement the working capital. The rate of inflationary depreciation of working capital leads to an underestimation of the cost and their transfer to profit, where there is a division of working capital into taxes and non-production costs.

Significant reserves for increasing the efficiency of the use of working capital are available in the enterprise itself.

At the stage of creating inventories, these can be:

Implementation of economically justified stock norms;

Bringing suppliers of raw materials, semi-finished products, components, etc. closer to consumers;

Extensive use of direct long-term relationships;

Expansion of the warehouse logistics system, as well as the wholesale trade in materials and equipment;

Complex mechanization and automation of loading and unloading operations in warehouses.

At the stage of work in progress:

Acceleration of scientific and technological progress (introduction of advanced technology and technology, especially waste-free and low-waste, robotic complexes, rotary lines, chemicalization of production);

Development of standardization, unification, typification;

Indicators

Growth over the year

Change in the turnover ratio due to

in units meas.

Sales proceeds, rub.

Profitability of products, rub.

Revenues from sales. rub.

Average cost of working capital, rubles

Turnover ratio

Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.

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Introduction
Chapter 1. Theoretical foundations of the management of current assets of the enterprise

1.1 Concept and essence of current assets
1.2 Indicators of the efficiency of using the current assets of the enterprise
1.3 Methodology for analyzing the working capital of the enterprise

Chapter 2. Analysis of the formation and use of working capital of Tair LLC
2.1. Brief organizational and economic research object

2.2 Analysis of the formation and use of current assets of Tair LLC

Chapter 3. Evaluation of the efficiency of using working capital in Tair LLC

3.1 Calculation of efficiency indicators for the use of current assets of Tair LLC
3.2 Proposals to improve the efficiency of working capital management of Tair LLC

Conclusion
Bibliography

Introduction

The relevance of the work. An important part of the property of an enterprise is its working capital. 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 the company with sufficient working capital of the optimal structure is a necessary prerequisite for its normal functioning in a 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.

Currently, the issues of managing the circulating assets of organizations are acquiring special significance. Being an independent economic category, working capital has an effective impact on the production process and product sales. They play a decisive role in organizing the activities of the enterprise, in ensuring its financial stability and solvency, profit and profitability. The effectiveness of the functioning of working capital largely determines the effectiveness of the organization. The complexity and variety of tasks associated with the use of working capital, increasing their turnover and return, necessitate in-depth research in this area.

The purpose of this course work is to analyze the effectiveness of the use of working capital of the organization.

This goal assumes the solution of the following tasks:

To study the theoretical foundations of the analysis of the working capital of the enterprise;

Analyze the formation and use of current assets of Tair LLC;

To assess the effectiveness of the management of current assets of Tair LLC.

The object of the research is Tair LLC.

The subject of the research is the indicators of the efficiency of using the circulating assets of the wholesale enterprise.

The methodological basis for writing a term paper is the use of a set of various methods in the process of ongoing research: the method of analysis and synthesis, grouping and comparison, economic and statistical, economic and mathematical, expert, regulatory and other methods. The application of each of these methods is determined by the nature of the tasks solved in the process of research.

Course work consists of an introduction, 3 chapters, a conclusion, a bibliography.

The practical significance of the work lies in the fact that the measures to improve the efficiency of the use of working capital, developed within the framework of the analysis, can be used in the practical activities of the studied enterprise in order to improve the processes of its financial and economic activities.

Chapter1. Theoretical foundations of the management of current assets of the enterprise

1.1 Concept and essence of current assets

In economic science, working capital is one of the most important and at the same time complex economic categories. Current assets are an integral part of current assets, therefore, the study of current assets must begin with a consideration of the category of current assets. Various interpretations of this concept have been put forward for a long time. There are three definitions of working capital

As the value of inventory items;

As the cost of circulating funds and circulation funds;

As an advanced value, functioning in the form of circulating production assets and circulation funds.

In essence, circulating assets, if we proceed from their participation in the circuit, are not consumed, not spent, not spent, but advanced (in a targeted manner). Therefore, working capital is a part of the organization's funds, which is entirely consumed during the cycle and is included in the composition of current assets. Currently, the value interpretation of the essence of working capital prevails. In other words, they practically abandoned the understanding of circulating assets as a set of material and monetary values; working capital received the status of only the value category.

All the sources from which the working capital is formed can be viewed as a kind of fund, which can be called the working capital fund.

Revolving production assets ensure the continuity of the production process, and circulation funds - the sale of production products on the market and the receipt of funds that guarantee the well-being of the enterprise. This economic role (purpose) of circulating assets determines their essence, which ensures the smooth functioning of the production process and the circulation process.

Thus, circulating assets are considered only as the amount of money advanced into circulating funds and circulation funds, ensuring a systematic and continuous process of production and sales of products. At the same time, working capital includes production inventories, work in progress and semi-finished products of own production, prepaid expenses, and circulation funds include finished goods and cash.

The objects of labor are entirely consumed in the labor process, therefore, their constant or periodic renewal is necessary, which, in turn, determines the availability of stocks.

Stocks are an economic category, they are created all the way through the promotion of inventories - from the place of their production (manufacture, extraction) at manufacturing enterprises to places of direct use of material resources at consumer enterprises or supply bases. The aggregate stock of almost any brand of inventory items (raw materials, materials, components, purchased semi-finished products, fuel, spare parts, low-value and wearing out items, finished products, etc.) is located in different places as they move to direct consumers.

One of the constituent stocks is inventories. The need to create inventories is determined by the essence of the production process. Raw materials, materials, fuel required for the manufacture of products must be supplied continuously, and this can be achieved only if optimal reserves are created.

Stocks of finished products include the cost of products finished in production and ready for sale, where they are assembled, packed, and then shipped to the consumer.

Current assets - a term used in accounting, and Regulation on Accounting 4/99 "Financial statements of an organization" is defined as the name of the second section of the balance sheet asset, that is, current (mobile) assets include those assets that are reflected in the balance sheet in its second section. current asset management

In the balance sheet, current assets include:

1) inventories, which include:

Material assets used in one or another type of activity as objects of labor: raw materials and materials, components, spare parts, fuel;

Labor products: ready-to-sell products, goods (in warehouses of supply and sales, trade and purchasing and other trade organizations), semi-finished products of our own production;

Work-in-progress products (products that have not passed the entire technological cycle of processing: incomplete products that have not passed testing and technical acceptance, unfinished work);

Means of labor that generate income or are used for other purposes for less than 12 months. These include: inventory and household accessories, overalls and footwear, uniforms and other means of labor, which are included in the composition of funds in circulation. The exception is agricultural machines and implements, removable equipment, special tools and special devices, weapons, working and productive livestock;

2) monetary funds, which include money in the cash desk of the enterprise (cash on hand), on a current account and other bank accounts, including a foreign currency account (cash, cash). Currency accounting is also carried out in Russian rubles at periodically changing rates of foreign currency in relation to the Russian ruble, announced by the Central Bank of the Russian Federation;

3) accounts receivable, which is formed in the form of monetary debts to the enterprise for products, goods (work performed, services rendered) delivered to buyers and customers on the terms and at the cost stipulated by the business contract until the moment of their payment; on bills received; on the contributions of the founders to the authorized capital; debts of other debtors, including accountable persons for amounts issued for travel or business expenses, etc. In general, accounts receivable represent funds in settlements. Long-term receivables, the repayment of which is doubtful, can turn into hopeless ones and, as a result, into losses;

4) short-term financial investments - investments of an enterprise in short-term liquid securities (stocks, bonds, certificates), acquired to generate income in a period not exceeding one year, as well as the provision of short-term (up to a year) loans to other business entities.

From the definition of circulating assets follows the illegality of the identification of the concepts of circulating assets and circulating assets. Circulating (mobile) assets, especially stocks of raw materials, materials, fuel, etc., are consumed and expended in the production process, and circulating assets as the most liquid resources are “not spent and not consumed”, since they are advanced into production.

If circulating assets were consumed and spent, then after each cycle of the circulation, an operating enterprise would have to replenish circulating assets, at least for the entire amount of circulating assets and circulation funds used in the production and sale of products. In fact, this does not happen, on the contrary, after each cycle of circulation, a profitable enterprise receives an increase in the amount of money advanced into circulation.

In addition, it is obvious that the value of circulating assets cannot be equal to the value of circulating assets. For example, current assets (according to the structure of the balance sheet) include all the funds of the organization, accounts receivable are determined by the selling price, etc.

The effective use of working capital is reflected in the acceleration of their turnover, and, consequently, in a decrease in their value. The turnover of working capital is understood as the duration of the complete circulation of funds from the moment of acquisition of working capital (purchase of raw materials, materials, etc.) and the sale of finished products. The circulation of circulating assets ends with the receipt of proceeds at the enterprise.

1.2 Indicators of the effectiveness of the use of current assets of the enterprise

The efficient use of working capital has an active influence on the course of production, financial results and financial condition of the enterprise. The freed up material and monetary resources are an additional internal source of further investment, contribute to an increase in the financial stability of the enterprise and its solvency. Under these conditions, the enterprise fulfills its obligations in a timely manner and in full.

The efficiency of using working capital is characterized by a system of indicators

Own working capital (own working capital) - characterizes that part of current assets, which is financed from own funds or long-term liabilities.

COK = Current Assets - Current Liabilities (1.1)

where SOK - own working capital;

RNS must be> 0.

The presence of its own working capital is a necessary condition for ensuring the financial stability of the enterprise. The minimum value of this indicator is recommended to be set at 10% of the total volume of current assets.

The higher this indicator, the more stable the financial condition of the enterprise, the more opportunities it has for conducting an independent financial policy. However, it is not very good to have too high an indicator (more than 50% of current assets), since the company uses money inefficiently.

The turnover of working capital is the duration of one complete circulation of funds, from the acquisition of inventories to the sale of finished products and the receipt of money on the settlement account of the enterprise.

The faster the circulating assets go through these phases, the more products the enterprise can produce using the same amount of circulating assets. The turnover depends on the specifics of production and conditions for the sale of products, features in the structure of working capital and other factors.

The turnover rate of working capital is calculated using the following indicators:

The rate of turnover (turnover ratio) is the number of revolutions that circulating assets and their individual elements make during the analyzed period.

The turnover ratio is calculated according to the following formula:

Ko = B / Sob (1.2)

where Ko is the turnover ratio of current assets;

B - proceeds from the sale of products;

Sob - the average cost of current assets for the analyzed period = (current assets at the beginning of the period + current assets at the end of the period) / 2.

The load factor of current assets is the inverse of the turnover rate. It shows how much working capital falls on 1 ruble. proceeds from the sale of products. The load factor is calculated using the following formula:

Kzos = 1 / Ko, or Kzos = Sub / B (1.3)

where Kzos is the load factor of current assets;

To - the coefficient of turnover of current assets;

The turnover period (the duration of one turnover of working capital) is the average period for which the funds invested in production and economic operations are returned.

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

Ext = T H Sb / V (1.4)

where Dob is the duration of one turnover of current assets, in days;

T is the number of days in the analyzed period (year - 360 days, quarter - 90 days);

Sob - the average cost of current assets for the analyzed period;

B - proceeds from the sale of products.

Distinguish between general and private turnover.

The total turnover characterizes the intensity of the use of circulating assets in all phases of the circulation, without reflecting the peculiarities of the circulation of individual elements or groups of circulating assets.

Private turnover reflects the degree of use of working capital in each separate phase of the circulation, in each group, as well as for individual elements of working capital (inventory turnover, accounts receivable turnover, etc.).

The faster circulating assets make a circuit, the better and more efficiently they are used. Acceleration of turnover leads to the release of part of the working capital (material resources, cash), which can be used by the enterprise for further expansion of production, development of new types of products, improvement of supply and sales and other measures to improve entrepreneurial activity.

The relative release of working capital is the difference between the need for working capital of the organization, calculated on the basis of the planned or actually achieved turnover in the reporting year, and the amount with which the organization ensured the implementation of the production program for the next year.

The relative release of working capital as a result of a change in the duration of one turnover is determined as follows:

Vos = (Dobf - Dobbaz) Ch Vf (1.5)

where Dobf is the period of turnover of working capital in the reporting period, in days;

Dobbaz - the period of turnover of working capital in the base (previous) period, in days;

Vf is the average daily proceeds from product sales in the reporting period.

1.3 Methodology for analyzing the working capital of the enterprise

The analysis of the working capital of the enterprise begins with determining the availability of the working capital of the organization. The availability of working capital available at the disposal of an enterprise can be calculated both as of a certain date and on average for the past reporting period.

The availability of working capital as of the reporting date is determined directly from the balance sheet data or in more detail - according to the data of synthetic and analytical accounting.

The analysis of the efficiency of the use of working capital by the enterprise begins with an analysis of the dynamics of their structure (percentage) based on the data of the second section of the balance sheet, which indicates the main functional forms of working capital. Particular attention is paid to changes in stocks of raw materials and materials, work in progress, finished goods.

Acceleration of the working capital turnover is an important factor in increasing the economic potential contained in it, since it allows, with the same amount of funds, to ensure the satisfaction of a larger volume of needs for them. The turnover rate is characterized by: the number of revolving assets for a given period; the average duration of one turnover, in days; fixing coefficient.

To characterize the number of revolutions, the turnover ratio of circulating assets is used, which is calculated as the ratio of the value of products sold for a given period to the average balance of circulating assets for the same period.

The coefficient of fixation of working capital is a value inversely proportional to the turnover rate.

You can calculate the duration of the turnover of both circulating assets as a whole, and their individual functional elements - inventories, work in progress, finished goods, and others. Such an analysis makes it possible to establish those functional elements of circulating assets that slow down turnover and, consequently, reduce the efficiency of their use in general.

The total amount of the absolute release of working capital (or their loading into circulation) is determined according to the data of the second section of the balance sheet. The difference in the total value of current assets at the beginning and end of the year (quarter, month) shows their total change for the analyzed period. They also determine the loading or release of working capital according to their various functional elements - stocks of raw materials and materials, work in progress, etc.

Of great importance for determining the efficiency of the use of working capital is the calculation of the relative release of working capital. The value of the relative release is determined as the difference between the value of the working capital of the base period, recalculated for the growth of turnover for the sale of products and services in the analyzed (reporting) period, and the actual value of the working capital in the analyzed (reporting) period.

The relative savings (investment) of working capital shows how much the actual value of working capital is less (more) than the value that the company would need in the analyzed period, based on the efficiency of their use in the base year (quarter, month). For these purposes, the base value of working capital is adjusted for an increase (decrease) in the volume of sales in the analyzed period compared to the baseline. Acceleration of the turnover of working capital is an important factor in increasing production efficiency.

The balance sheet and profit and loss statement of the organization acts as an information base for the analysis of the organization's working capital.

Chapter2. Analfrom the formation and usecirculatingfundsOOO "Tair»

2.1 Brief organizational and economicobject of research

The object of research of this course work is the limited liability company "Tair".

LLC "Tair" was founded in 2007 and over the years of its work has become a steadily developing company.

The main activity of the organization is wholesale of food products, delivery of products to retail outlets of the city and region, distribution of leading world and Russian companies.

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Rice. 2.1. Organizational structure of Tair LLC

Table 2.1. Analysis of the results of financial and economic activities of Tair LLC for 2012-2013.

Indicators	Deviation. (+, -)	Growth rate, %
Sales proceeds excluding VAT
Number of employees
Sales revenue per employee
Cost of goods sold
Gross profit
Business expenses
Salary fund
Average monthly salary of one employee
Profit (loss) from sales
profitability of sales
Other income
other expenses
Profit (loss) before tax
Current income tax, penalties for the payment of taxes
Net income (loss)
End business profitability
Average annual property value
Average annual cost of fixed assets

According to the results of the reporting period, it should be noted that the efficiency of using the organization's labor resources has increased by 45.75%, which is also assessed positively.

The increase in profit from the sale of goods by 48.81% and an increase in the profitability of sales by 0.17% should also be assessed positively.

A positive moment in the activities of the organization for the reporting period is the reduction in the level of commercial expenses of the organization by 0.05%.

Due to an increase in other income of the organization by 53.33% and a stable value of other expenses of the organization, the amount of the organization's net profit at the end of 2013 increased by 72.10%, with an increase in the profitability of the final activity of the organization by 0.98%, which is evaluated positively.

An analysis of the organization's property status indicates an increase in the economic potential of the organization and an increase in the material and technical base, since at the end of the reporting period there is an increase in the value of the organization's property by 19.90%, while the value of both circulating and non-circulating assets of the organization increases by 18674 and 283 thousand roubles. respectively.

Summing up the analysis carried out, it is necessary to give a positive assessment of the dynamics of the results of economic activity of Tair LLC following the results of the analyzed period.

2.2 Analysis of the formation and use of current assetsOOO "Tair"

At the beginning of the analysis, it is necessary to consider the changes in the general structure of the property of the enterprise, identifying the share of current assets and the dynamics of its change in the total value of the property.

For this purpose, we will draw up table 2.2.

Table 2.2. Analysis of the dynamics, composition and structure of property of Tair LLC for 2012-2013.

Indicator name	Deviation	Growth rate, %

All property, incl.
Fixed assets
Current assets

As follows from the data in Table 2.2, the total value of the organization's property increased by 23376 thousand rubles. This, in turn, was due to a significant increase in the cost of non-current assets of the organization by 75.06%, with an increase in the cost of current assets by 34.92%.

This change had an insignificant effect on the property structure of Tair LLC in 2013, namely, if at the beginning of 2013 the share of current assets was 99.39%, then by the end of the year it was 99.21%.

Nevertheless, the existing share of non-current assets at the level of 0.79% indicates a discrepancy with the optimal ratio of the share of non-current and current assets of the organization, which is 30 and 70%, respectively.

Table 2.3. Analysis of the dynamics of the composition and structure of current assets of Tair LLC for 2012-2013.

Indicator name	Deviation	Growth rate, %

Current assets incl.

raw materials and supplies
finished goods and goods for resale
future spending

Cash
Other current assets

From the data of the analyzed table, it follows that the value of the organization's current assets increased by 34.68%. The study of the structure of the organization's current assets indicates the prevalence of the organization's reserves in the amount of 80.87%, the size of which increased by 24.76%.

Thus, the change in the structure of current assets should be assessed positively, since there is an immobilization of funds in accounts receivable.

Table 2.4. Analysis of the composition and structure of accounts receivable of Tair LLC for 2012-2013.

Cash	Deviation	Growth rate,%

Total accounts receivable, including
Long-term receivables
Short-term receivables

Settlements with buyers and customers
Advances issued
Other debtors
Overdue accounts receivable

The data in Table 2.4 indicate an increase in the amount of accounts receivable of Tair LLC by more than 2 times. At the same time, this value is represented by an increase in short-term receivables of the analyzed organization.

Considering the structure of this indicator, it should be noted that significant changes took place in 2013: the debt on settlements with buyers and customers increased more than 3 times, while the share of this type of debt increased by 15.82%. At the same time, the increase in other receivables amounted to 60.73%.

Consequently, the dynamics of the organization's accounts receivable is assessed negatively. At the same time, as a positive point, it should be noted the absence of overdue receivables from the organization.

Table 2.5. Matrix balance of OOO Tair at the end of 2013

Indicators	Charter. capital	Extra capital	Undestributed profits	Short-term loans and credits	Accounts payable
Fixed assets

Short-term receivables
Cash
Other current assets

The data of the analysis show that the organization in its activities to finance reserves and costs uses both its own and borrowed sources of financing.

At the same time, most of the current assets are financed from the retained earnings of the organization, the amount of which at the end of 2013 amounted to 67,614 thousand rubles, which deserves a positive assessment.

Depending on the degree of liquidity, the assets of the enterprise are divided into the following groups.

A1. The most liquid assets - these include all items of the company's cash and short-term financial investments (securities). This group is calculated as follows:

A1 = page 250 + page 260

A2. Quickly realizable assets - accounts receivable, payments for which are expected within 12 months after the reporting date.

A2 = page 240

A3. Slowly traded assets - items in section 2 of the balance sheet asset, including inventories, value added tax, receivables, and other current assets.

Table 2.6. Analysis of the composition and structure of the working capital of Tair LLC by the degree of liquidity for 2012-2013.

				Deviation, (+, -)

	Most liquid assets (A1)
	Quickly realizable assets (A2)
	Slowly traded assets (A3)
	Hard-to-sell assets (A 4)

A3 = page 210 + page 220 + page 230 + page 270

A4. Hard-to-sell assets - items in section 1 of the balance sheet asset - non-current assets.

A4 = page 190

The results of the analysis indicate the prevalence of the share of slowly sold assets of the organization, which at the end of the reporting period amounted to 81.11%, the amount of which increased by 14,449 thousand rubles in 2013. It is also necessary to note a significant increase in quickly sold assets by 9126 thousand rubles.

Table 2.7. Analysis of the composition and structure of the working capital of Tair LLC by the degree of risk for 2012-2013.

Working capital group	The composition of the included items of the asset balance	At the end of 2012	At the end of 2013	Deviation, (+, -)
		amount, thousand rubles	specific weight,%	amount, thousand rubles	specific weight,%	amount, thousand rubles	specific weight,%
Working capital subject to inflation	Cash
	Receivables

Working capital not subject to inflation
	Other funds

The total amount of working capital excluding VAT

The data of the analysis allow us to draw a conclusion about the prevalence of circulating assets not subject to inflation in the structure of the organization's current assets - 81.76%.

At the same time, the amount of these assets in dynamics increased by 14449 thousand rubles, which deserves a positive assessment. The structure of this group of assets is dominated by reserves, the share of which at the end of the reporting period amounted to 98.92%.

Chapter3. Evaluation of the effectiveness of the use of circulatingfunds inOOO "Tair"

3.1 Calculation of efficiency indicators for the use of current assetsOOO "Tair"

The main indicators characterizing the efficiency of using the organization's circulating assets are indicators of the speed and circulation time of the organization's circulating assets, as well as the coefficient of profitability of circulating assets.

Table 3. Analysis of the dynamics of the efficiency of the use of working capital of Tair LLC for 2012-2013.

Indicators	Deviation, (+, -)	Rate of change,%
Proceeds from the sale of goods, thousand rubles
One-day earnings, thousand rubles
Net profit, thousand rubles
Average annual cost of working capital, thousand rubles
Time of circulation of circulating assets, days
The rate of circulation of circulating assets, revolutions
Absolute release (involvement) of working capital into circulation
Relative release (involvement) of working capital into circulation

The efficiency of using the organization's working capital has improved, since the circulation speed of these assets has increased by 0.3 vol., While the circulation time has been reduced by almost 13 days. This situation is assessed positively. Due to the influence of the above factors, according to the results of the reporting period, an additional amount of the organization's working capital is released in the amount of 8493.26 thousand rubles, which deserves a positive assessment.

Table 3.2. Analysis of the dynamics of own working capital of Tair LLC for 2012-2013.

	Indicator name				Rate of change,%
	Equity capital, thousand rubles
	Long-term liabilities, thousand rubles
	Non-current assets, thousand rubles
	Own working capital (p. 1 + p. 2-p. 3)
	Current assets, thousand rubles
	Inventories with VAT, thousand rubles
	Equity capital flexibility ratio (p. 4 / p. 1)
	Own working capital ratio (page 4 / page 5)
	Ratio of stocks provision with own circulating assets (page 4 / page 6)

As follows from table 3.2, the organization's own circulating assets increased by 31.28%, which is assessed positively.

At the same time, the value of the organization's agility coefficient remains unchanged - 0.99. Also, a positive assessment deserves an increase in the dynamic of the ratio of stocks provision with own working capital by 5.23%.

The value of this coefficient at the level of 0.88 means that 88% of the organization's reserves are financed from its own working capital.

Table 3.3. Analysis of the impact of the efficiency of using working capital of Tair LLC on sales revenue

Indicators	Adjusted value	The magnitude of the influence
Average cost of working capital, thousand rubles
Speed of circulation, about.
Sales proceeds, thousand rubles (p. 1 * p. 2)

The data of the analysis allow us to conclude that there is a significant positive effect of increasing the efficiency of using the organization's working capital on the amount of the organization's sales proceeds.

Due to the increase in the rate of circulation of working capital from 2.72 to 3.02 vol., The sales proceeds increased by 23,116 thousand rubles, which is assessed positively.

Due to the increase in the average annual cost of the organization's working capital, the sales proceeds increased by 50,826 thousand rubles, which deserves a positive assessment.

In the continuation of the analysis, we will consider the indicators of the organization's business activity and give them an assessment (Table 3.4.).

Assessment of the ratio of the growth rates of the main estimated indicators of the organization's activities allows us to conclude that an increase in the average value of assets by 31.77% indicates an emerging trend of increasing economic potential.

Table 3.4. Analysis of the dynamics of business activity of Tair LLC for 2012-2013.

	Indicators				Growth rate, %
	Sales proceeds, thousand rubles
	Net profit (loss), thousand rubles
	Average value of assets, thousand rubles
	Average equity capital, thousand rubles
	Average cost of non-current assets, thousand rubles
	Average cost of current assets, thousand rubles
	Average cost of inventories and costs excluding VAT, thousand rubles
	Selling expenses, thousand rubles
	Average amount of accounts receivable, thousand rubles
	Average amount of accounts payable, thousand rubles
	Asset circulation rate, vol.
	Equity capital circulation rate, vol.
	Velocity of circulating assets, vol.
	Time of circulation of current assets, days
	Stock circulation time, days
	Average period of accounts receivable repayment, days
	Average period of accounts payable repayment, days
	Operating cycle duration, days
	Duration of the financial cycle, days
	Return on assets,%
	Return on equity,%
	Average assets to average equity ratio

Analysis of the dynamics of the relative indicators of business activity indicates an increase in the return on assets by 4.5%. During the analyzed period, the efficiency of using funds belonging to the owners of the organization has worsened by 2.5%, thus, in the analyzed period, the organization receives 29.75 rubles. net profit from every 100 rubles. instead of 32.25 rubles. own funds.

At the same time, the asset turnover accelerated by 0.29 vol. An increase in the indicator means more intensive use of assets. From a financial point of view, the turnover of equity capital determines the rate of turnover of equity capital, from an economic point of view - the activity of funds belonging to the owners of the organization.

In the analyzed organization for 2013, an acceleration of equity capital turnover by 0.26 vol. An increase in the indicator indicates an increase in the level of business activity. The acceleration of the turnover of current assets by 0.3 turnover had a positive effect on the level of business activity. The reason was the reduction in the circulation time of current assets by 13 days. Consequently, the dynamics of the organization's business activity is assessed positively. At the same time, it should be noted negatively the increase in the time of repayment of the organization's accounts receivable by 4.18 days, with an increase in its value by 91.01%, which is evaluated negatively.

3 .2 Proposals to improve the efficiency of working capital managementby meansOOO "Tair"

The data of the analysis indicate a fairly effective use of the organization's working capital. At the same time, as a negative point, it should be noted a significant increase in the amount of the organization's accounts receivable with a simultaneous increase in the period of its repayment.

The low turnover of accounts receivable by Tair LLC is due to the provision of a commodity loan, the inability of buyers to pay bills, as well as poor work on collecting accounts receivable.

Subject to the settlement and contractual discipline, trade organizations should not have large accounts receivable, as this leads to the diversion of working capital, to a delay in their turnover, which ultimately leads to the formation of a need for additional sources of funds and worsens the financial condition of the organization. The more accounts receivable, the less cash in the organization.

Accounts receivable is a manageable value. To do this, it is necessary to implement specific measures to manage the process of changing accounts receivable:

Use the method of providing discounts for early payment.

Conclusion

In the course work, an analysis of the effectiveness of the use of working capital of Tair LLC was carried out.

The data of the analysis of the results of the organization's activities for 2012-2013. indicate an increase in the scale of the organization's activities: there is an increase in proceeds from the sale of goods by 45.75%, while the cost of goods sold increases by 45.54%. At the end of the reporting period, the organization increased its gross profit by 46.80%, while its level increased by 0.12%, which deserves a positive assessment.

The results of the analysis indicate an increase in the value of the organization's current assets by 34.68%. The study of the structure of the organization's current assets indicates the prevalence of the organization's reserves in the amount of 80.87%, the size of which increased by 24.76%.

At the same time, the amount of the organization's funds at the end of the reporting year was reduced by 506 thousand rubles, which deserves a negative assessment. At the end of the reporting period, one should also note a negative increase in the organization's accounts receivable by more than 2 times.

The structure of assets is dominated by the share of slowly sold assets of the organization, which amounted to 81.11% at the end of the reporting period, the size of which increased by 14449 thousand rubles in 2013. It is also necessary to note a significant increase in quickly sold assets by 9126 thousand rubles.

Thus, we can conclude that the prevalence of circulating assets not subject to inflation in the structure of the organization's current assets - 81.76%. At the same time, the amount of these assets in dynamics increased by 14449 thousand rubles, which deserves a positive assessment. The structure of this group of assets is dominated by reserves, the share of which at the end of the reporting period amounted to 98.92%.

The data of the analysis indicate an increase in the organization's own circulating assets by 31.28%, which is assessed positively. At the same time, the value of the organization's agility coefficient remains unchanged - 0.99. Also, a positive assessment deserves an increase in the dynamic of the ratio of stocks provision with own working capital by 5.23%. The value of this coefficient at the level of 0.88 means that 88% of the organization's reserves are financed from its own working capital.

At the same time, it should be noted negatively the increase in the time of repayment of the organization's accounts receivable by 4.18 days, with an increase in its value by 91.01%, which is evaluated negatively.

To optimize the amount of accounts receivable, LLC Tair, it is necessary to implement specific measures to manage the process of changing accounts receivable:

Timely identify unacceptable types of accounts payable and receivable (overdue (unjustified) debts).

Monitor the status of settlements with customers on deferred (overdue) debts.

If possible, target a larger number of buyers in order to reduce the risk of non-payment by one or more large buyers.

Monitor the ratio of receivables and payables: a significant excess of receivables threatens the financial stability of the enterprise and makes it necessary to attract additional (usually expensive) sources of financing.

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