What concerns its own sources of working capital. Working capital. Analysis of the state and efficiency of the use of working capital of JSC "Vladikavkaz-Gazoapparat"

Introduction.

1. Concept, composition, structure and classification working capital.

2. Sources of formation of working capital.

3. The system of indicators for assessing working capital and the efficiency of their use.

4. Methods of managing the working capital and the current financial needs of the enterprise.

Conclusion.

An indispensable condition for the implementation of the enterprise economic activity is the availability of working capital (working capital, current assets).

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 meet 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.

The problem of efficient management trade enterprises includes the best use of their funds, and in the first place - working capital. The presence of sufficient working capital at the enterprise is a necessary prerequisite for its normal functioning in a market economy.

Own working capital is formed by equity capital enterprises (authorized capital, accumulated profit, etc.). Usually, the amount of own working capital is determined as the difference between the total of sections 4 and 5 of the balance sheet liability and the total of section 1 of the balance sheet asset (equity minus non-current assets). For the normal provision of economic activity with circulating assets, their value is set within 1/3 of the value of equity capital. Own working capital is in permanent use.

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

The presence of sufficient working capital at the enterprise is a necessary prerequisite for its normal functioning in a market economy.

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

An enterprise in the case of effective management of its own and other people's working capital can achieve a rational economic situation, balanced in terms of liquidity and profitability.

In its term paper I will consider the concept, the essence of working capital. Sources, stages of formation and assessment of working capital, as well as methods of managing the working capital of the enterprise.

An enterprise in the course of carrying out activities requires funds that are fully consumed during one period. These funds are called working capital (working capital), i.e. its role is to service the production (circulation process), it is the role of a kind of circulatory system in the body of the enterprise.

Working capital is money invested in raw materials, fuel, work in progress, finished, but not yet sold products, as well as the funds required to service the circulation process.

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

The material content of circulating assets are objects of labor, as well as means of labor with a service life of no more than 12 months.

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

The composition of working capital should be understood as their constituent elements:

Production stocks (raw materials and basic materials, purchased semi-finished products, auxiliary materials, fuel, spare parts, etc.);

Unfinished production;

Future spending;

Finished products in warehouses;

Products shipped;

Receivables;

Cash in the cash desk of the company and in bank accounts.

Raw materials are products of the extractive industries.

Materials are products that have already undergone certain processing. Materials are subdivided into basic and auxiliary materials.

The main ones are materials that are directly part of the manufactured product (metal, fabric).

Ancillary materials are materials necessary to ensure normal production process... They themselves are part of finished product not included (grease, reagents).

Semi-finished products - products finished processing at one processing unit and transferred for processing to another processing unit. Semi-finished products can be own and purchased. If semi-finished products are not produced in our own enterprise, but are purchased from another enterprise, they are classified as purchased and are included in production inventories.

Work in progress is a product (work) that has not passed all stages (phases, redistributions) provided for technological process, as well as incomplete products that have not passed tests and technical acceptance.

Deferred expenses are expenses of a given period that are subject to repayment at the expense of the cost of subsequent periods.

Finished products are fully finished finished products or semi-finished products received at the warehouse of the enterprise.

Accounts receivable - money that is physical or legal entities owe money for the supply of goods, services or raw materials.

Cash means cash held in the cash desk of the enterprise, on the current accounts of banks and in settlements.

On the basis of the elemental composition of circulating assets, you can calculate their structure, which is the share of the value of individual elements of circulating assets in their total value.

According to the sources of education, working capital is divided into own and borrowed (borrowed) assets. Own working capital is formed at the expense of the company's own capital (authorized capital, reserve capital, accumulated profit, etc.). The structure of borrowed working capital includes bank loans, as well as accounts payable. They are provided to the enterprise for temporary use. One part is paid (loans and borrowings), the other is free (accounts payable).

In different countries, different ratios (standards) are used between equity and borrowed capital. In Russia, the ratio is 50/50, in the USA - 60/40, and in Japan - 30/70.

According to the degree of controllability, current assets are divided into standardized and non-standardized. The standardized assets include those circulating assets that ensure the continuity of production and contribute to the efficient use of resources. These are production inventories, prepaid expenses, work in progress, finished goods in the warehouse. Cash, shipped products, accounts receivable are classified as non-standardized working capital. The absence of norms does not mean that the size of these funds can be changed arbitrarily. The current procedure for settlements between enterprises provides for a system of sanctions against the growth of non-payments.

The normalized working capital is planned by the enterprise, while the non-standardized working capital is not the object of planning.

When deciding on the conditions for providing enterprises with the necessary working capital, the peculiarities of the production cycle and the sale of products are taken into account, which determine the nature of changes in the need for funds, as well as the satisfaction of this need from two sources: own working capital and borrowed money provided in the form of short-term bank loans. The permanent, irreducible part of the working capital consists of its own funds, and the temporarily increased needs for funds are covered by a loan.

Pay attention to common features and the peculiarities inherent in own circulating assets of trade enterprises, and borrowed funds attracted in the form of bank loans. Common to own and borrowed funds is that they form the basis of the firm's assets. Own working capital can be used for numerous successively carried out turnovers.

Section 3. Ways to improve the regulation of working capital.

The efficiency of the company's working capital management has a great influence on the results of its financial and economic activities.

On the one hand, it is necessary to more efficiently use the available circulating resources - we are talking primarily about the optimization of inventories, the reduction of work in progress, and the improvement of settlement forms.

On the other hand, at present, enterprises have the opportunity to choose different options for writing off costs to the cost price, determining the proceeds from the sale of products (works, services) for tax purposes.

For example, depending on the conjuncture of supply and demand, forecasting the volume of sales of an enterprise may be interested in an intensive write-off of costs or in their more even distribution over a period. To do this, it is important to choose from the list of options the one that will meet the set goals. It is necessary to trace the impact of the decisions made on the cost price, profit and taxes.

A significant part of these alternative possibilities relates to the management of the company's working capital.

4 Formation of working capital

In the process of the circulation of circulating assets, the sources of their formation, as a rule, do not differ. However, this does not mean that the system of forming working capital does not affect the rate of turnover and the efficiency of using working capital. An excess of working capital will mean that part of the company's capital is idle and does not generate income. At the same time, the lack of working capital will slow down the course of the production process, slowing down the rate of economic turnover of the enterprise's funds.

The question of the sources of the formation of working capital is important from another position. The market situation is constantly changing, so the company's needs for circulating assets are not stable. It becomes almost impossible to cover these needs only from our own sources. The attractiveness of the enterprise from its own sources fades into the background. Experience shows that in most cases the efficiency of using borrowed funds turns out to be higher than that of own funds. Therefore, the main task of managing the process of forming working capital is to ensure the effectiveness of raising borrowed funds.

The structure of sources for the formation of working capital covers:

Own sources;

Borrowed sources

Additionally attracted sources.

Own funds play a major role in organizing the circulation of funds, since enterprises operating on the basis of commercial accounting must have a certain property and operational independence in order to conduct business profitably and be responsible for the decisions made.

The formation of working capital occurs at the time of the organization of the enterprise, when its authorized capital is created. The source of formation in this case is the investment funds of the founders of the enterprise. In the process of work, the source of replenishment of working capital is the profit received, as well as the so-called stable liabilities equated to its own funds. These are funds that do not belong to the enterprise, but are constantly in its circulation. In addition to their own sources, for the formation of working capital, enterprises use sources equated to their own - the so-called sustainable liabilities.

Sustainable liabilities include resources that are constantly in the turnover of the enterprise, increasing its working capital. Sustainable liabilities are:

Minimum arrears of wages and social contributions;

Minimum debt for the reserve of forthcoming payments;

Payments by customers for partial readiness of products (if this form of payment is used);

Minimum debt on consumer advances (if provided by contracts);

Minimum customer debt on collateral for packaging;

Remains of the funds of the social sphere fund.

Such funds serve as a source of formation of working capital in the amount of their minimum balance. These include; minimum rolling debt from month to month for employees of the enterprise, reserves to cover future expenses, minimum rolling debt to the budget and off-budget funds, creditors 'funds received as an advance payment for products (goods, services), buyers' funds on pledges for returnable packaging , carry-over balances of the consumption fund, etc. Information on the size of own sources of funds is presented mainly in section 4 of the company's balance sheet liabilities and in section 1 of form No. 5 of the appendix to the balance sheet.

Information on borrowed and attracted sources of funds is presented in section 6 of the balance sheet liability, as well as in sections 2,3,8 of form No. 5 of the appendix to the annual balance sheet.

As a rule, the minimum need of an enterprise for working capital is covered by its own sources: profit, authorized capital, reserve capital, accumulation fund and targeted financing. However, due to a number of objective reasons (inflation, growth in production volumes, delays in paying customer bills, etc.), the enterprise has temporary additional needs for working capital. In these cases, the financial support of economic activity is accompanied by the attraction of borrowed sources: bank and commercial loans, loans, investment tax credit, investment contribution of the company's employees, bonded loans. Bank loans are provided in the form of investment (early) loans or short-term loans. The purpose of bank loans is to finance the costs associated with the acquisition of fixed and current assets, as well as to finance the seasonal needs of the enterprise, the temporary growth of commodity material stocks, temporary growth of accounts receivable, tax payments, extraordinary expenses.

Short-term loans can be provided to: government agencies, financial companies, commercial banks, factoring companies.

Investment loans can be provided to: government agencies, insurance companies, commercial banks, individual investors.

Along with bank loans, sources of financing for working capital are also commercial loans from other enterprises and organizations, registration in the form of loans, promissory notes, a commodity loan and an advance payment.

Investment tax credits are provided to enterprises by state authorities. It represents a temporary deferral of tax payments of the enterprise. To obtain an investment tax credit, an enterprise concludes a credit agreement with tax authorities at the place of registration of the enterprise.

The investment contribution (contribution) of employees is an employee's cash contribution to the development of an economic entity at a certain percentage. The interests of the parties are formalized by an agreement or regulation on an investment deposit. The needs of an enterprise for circulating assets can also be met by issuing debt securities or bonds into circulation. The bond certifies the loan relationship between the bondholders and the person who issued the document.

The mechanism for the formation and use of working capital has an active influence on the course of production, the implementation of current production and financial plans.

Expansion of production volumes and sales of products, conquest of new sales markets, i.e. the sphere of circulation of the enterprise's capital should be provided with circulating assets in a planned and most rational way, economically, i.e. the minimum amount of working capital.

This is the main task of managers responsible for planning and organizing the effective use of working capital.

Working capital is involved in the circulation in two of its spheres: in the sphere of production and in the sphere of circulation.

Negotiable must ensure the continuity of the production process. Therefore, the composition and size of the enterprise's need for circulating assets is determined not only by the needs of production, but also by the needs of circulation.

The company's need for working capital depends on many factors:

production and sales volumes

type of business

scale of activity

the duration of the production cycle

enterprise capital structure

accounting policies of the enterprise and settlement systems

conditions in the practice of lending to the economic activities of the enterprise

level of material and technical supply

types and structure of consumed raw materials

growth rates of production volumes and sales of the company's products

the art of managers and accountants and other factors.

An accurate calculation of the enterprise's need for working capital must be carried out on the basis of the residence time of working capital in the sphere of production and in the sphere of circulation, which depends on the factors listed above.

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

Conclusion.

Rational use of circulating assets predetermines the overall development of the enterprise. The formation and use of working capital requires careful analysis. In a market economy, an enterprise should pay great attention not only to marketing research, market research, but also to the effective use of available internal resources.

The company must first of all care about making a profit, since profit is an important indicator of the company's position in the market. The amount of profit depends on the effective use of working capital.

Thus, it should be noted that along with fixed assets for the successful operation of the enterprise, working capital, their optimal amount and effective use are of great importance.

The increase in the efficiency of fixed assets is carried out through a faster development of new capacities, an increase in the shift in the work of machines and equipment, improvement of the organization of the material and technical base, repair service, advanced training of workers, technical re-equipment of enterprises, modernization and organizational and technical measures. In the system of measures to improve the efficiency of social production, an important place is occupied by the issues of rational use of working capital in all spheres of human activity, especially in industry.

With the most economical use of circulating assets, with freed up resources, it is necessary to strengthen the financial condition of enterprises and associations, increase the material interest of workers and employees in increasing the efficiency of industrial production.

Sources of formation of working capital are divided into attracted, borrowed and own. The main role belongs to the latter. They take part in the circulation of funds due to the fact that organizations whose activities are based on commercial calculation must have specific independence (property and operational). This is necessary in order not only to conduct business profitably, but also to carry full responsibility for all decisions made.

The structure of fixed assets includes production and non-production production assets... The first ones function during the production process. They take a constant part in it and transfer their value to the finished product. Non-productive assets are used to service the production process. They do not participate directly in the process and do not transfer their value to the product.

The formation of resources is carried out at the moment when the statutory fund is created when the enterprise is created. The sources of formation in this case are the investment funds of all founders. In the course of the activity, the replenishment is carried out using the received profit.

Sources of formation of working capital can be stable liabilities. They do not belong to the enterprise. At the same time, stable liabilities in the turnover of the organization are constantly and serve as sources for the formation of funds in the form of the amount of their minimum balance. These include:

1. The minimum wage arrears to employees, which change from month to month.

2. Provisions to cover foreseen expenses.

3. Carry-over balances of the consumer fund.

4. The minimum carry-over debt to extrabudgetary funds and the budget.

5. Creditors' funds received in the form of prepayment.

6. Collateral of buyers for returnable packaging.

It is advisable to attract borrowed sources of the formation of working capital to reduce the general economic need for them (means of circulation). At the same time, it provides incentives for more efficient use of resources.

Borrowed funds include, as a rule, bank loans for short periods. Borrowed resources make it possible to satisfy temporary additional needs. Among the main directions of attracting loans in order to create working capital should be highlighted:

1. Crediting of stocks of materials, raw materials and costs that are associated with the seasonal production process.

2. Making settlements, mediating the turnover of payments.

3. Short-term replenishment of the deficit of own resources.

As practice shows, they are used more effectively than the turnover of the enterprise. This is due to the fact that loans make the cycle faster and have a targeted purpose. In addition, these funds are issued for a clearly defined period and are accompanied by payment bank interest... These circumstances induce the organization to ensure constant control over the process of movement of credit resources, as well as the effectiveness of their use.

It should be noted that borrowed funds can represent not only short-term bank loans, but also other borrowed resources - reserves temporarily not used for their intended purpose, fund balances - are included in the same category.

If the enterprise in the process of fulfilling the planned production program has a smaller actual amount of working capital than the planned need for them, there is a release of working capital.

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.

All sources of financing of working capital are subdivided into own, borrowed and attracted.

Own funds play a major role in organizing the circulation of funds, since enterprises operating on the basis of commercial accounting must have a certain property and operational independence in order to conduct business profitably and be responsible for decisions.

The formation of working capital comes at the time of the organization of the enterprise, when its statutory fund is created. The source of formation in this case is the investment funds of the founders of the enterprise. In the process of work, the source of replenishment of working capital is the profit received, as well as the so-called stable liabilities equated to its own funds. These are funds that do not belong to the enterprise, but are constantly in its circulation. Such funds serve as a source of formation of working capital in the amount of their minimum balance. These include: the minimum rolling debt from month to month on wages to employees of the enterprise, reserves to cover future expenses, minimum rolling debt to the budget and off-budget funds, creditors 'funds received as an advance payment for products (goods, services), buyers' funds for pledges for returnable packaging, carry-over balances of the consumption fund, etc.

To reduce the overall need of farms for working capital, as well as to stimulate their effective use, it is advisable to attract borrowed funds. Borrowed funds are mainly short-term bank loans, with the help of which temporary additional needs for working capital are satisfied.

The main directions of attracting loans for the formation of working capital are:

crediting of seasonal stocks of raw materials, materials and costs associated with the seasonal production process;

temporary replenishment of the lack of own circulating assets;

making settlements and mediating payment turnover.

Accounts payable refers to unscheduled attracted sources of working capital formation. Its presence means the participation of funds from other enterprises and organizations in the turnover of the enterprise. Part of the accounts payable is natural, as it follows from the current procedure for settlements. Along with this, accounts payable may arise as a result of violation of payment discipline.

Enterprises may have accounts payable to suppliers for goods received, to contractors for work performed, tax office on taxes and payments, on contributions to off-budget funds.

It is also necessary to highlight other sources of the formation of working capital, which include the enterprise's funds that are temporarily not used for their intended purpose (funds, reserves, etc.).

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

Working capital is an integral part of the property of the enterprise, the condition and efficiency of their use is one of the main conditions for its successful activity. Working capital consistently takes monetary, productive and commodity forms, which corresponds to their division into production assets and circulation funds.

The circulating production assets function in the production process, and the circulation funds - in the circulation process. Those. implementation finished products and the acquisition of inventory items. The size of the circulation funds should be sufficient and no more than to ensure a clear and rhythmic circulation process. The circulating production assets include production inventories (raw materials, materials, fuel, spare parts, low-value and wearing out items), work in progress, and deferred expenses.

Circulation funds are finished products, goods shipped, cash, accounts receivable and funds in other settlements.

Fixed assets are means of labor (building, equipment, transport, etc.), which are reused in the economic process, without changing their material-natural form. Fixed assets include labor instruments worth over 500 thousand rubles. (from July 1, 1994) per unit and a service life of more than one year. An annual adjustment of the specified limit (500 thousand rubles) as of January 1 for the annual inflation index is allowed. The cost of fixed assets, excluding land plots, in parts, in proportion from wear and tear, is transferred to the cost of products (services) and returned in the process of its implementation. This process is called depreciation. Monetary amounts, corresponding to the depreciation of fixed assets, are accumulated in the depreciation fund. Depreciation fund, or money fund reimbursement is in constant motion.

The circulating assets of the company, participating in the process of production and sale of products, make a continuous circulation, while the funds pass from the sphere of circulation to the sphere of production and back, taking the form of circulation funds and circulating production assets. Thus, passing sequentially through three phases, circulating assets change their natural-material form.

In the first phase, current assets having their original form Money, turn into production stocks, i.e. move from the sphere of circulation to the sphere of production. In the second phase, working capital is directly involved in the production process and takes the form of work in progress, semi-finished products and finished products. The third phase of the circulation of circulating assets takes place again in the sphere of circulation. As a result of the sale of finished products, working capital takes the form of cash. The difference between the received cash proceeds and the initially spent cash determines the amount of cash accumulations of the enterprise, thus, completing a full circuit, circulating assets function at all stages in parallel in time, which ensures the continuity of the production and circulation process.

The current assets of the enterprise perform two functions: production and settlement. Performing a production function, working capital is advanced into working capital assets, and thus, maintain the continuity of the production process and transfer their value to the produced product. Upon completion of production, circulating assets are transferred to the sphere of circulation in the form of circulation funds, where they perform the second function, which consists in converting circulating assets from a commodity form to a monetary one.

The efficiency of the enterprise largely depends on its provision with circulating assets. Lack of funds advanced for the purchase of inventories can lead to a reduction in production, non-fulfillment of the production program. At the same time, the excessive diversion of funds into reserves exceeding the actual need leads to the death of resources, their ineffective use.

Due to the fact that working capital includes both material and monetary resources, not only the process of material production, but also the financial stability of the enterprise depends on their organization and efficiency of use. Therefore, the organization of working capital is important element in the process of asset management and includes:

• - determination of the composition and structure of working capital;
• - Establishing the needs of the enterprise for circulating assets;
• - determination of sources of formation of working capital;
• - disposal of working capital;
• - responsibility for the safety and efficient use of working capital.

The composition of circulating assets is understood as the totality of production assets and circulation funds that form circulating assets, that is, their allocation to individual elements. The working capital includes inventories, accounts receivable, funds in the calculations, cash.

Classification of working capital.

Purposeful management of the working capital of the enterprise determines the need for their classification, which is carried out on the basis of certain principles.

According to the sources of formation, working capital is divided into own and borrowed.

The company's own circulating assets play a decisive role, as they provide financial stability and operational independence of the business entity. Own circulating assets of the privatized enterprises are at their complete disposal. Enterprises have the right to sell them, transfer them to other business entities, citizens, lease them. The initial formation of its own circulating assets occurs at the time of the creation of the enterprise and the formation of the authorized capital.

Borrowed funds, attracted in the form of bank loans and other forms, cover the additional need of the company for funds. At the same time, the main criterion for the terms of lending by the bank is the reliability of the financial condition of the enterprise and a sketch of its financial stability.

Characteristics of current assets by type:

• - stocks of raw materials, materials, semi-finished products. This type of current assets characterizes the volume of incoming material flows in the form of stocks providing production activities enterprises.
• - stocks of finished products. This type of working capital characterizes the volume of outgoing material flows in the form of stocks of manufactured products intended for sale. The volume of work in progress is usually added to this type of working capital.
• - accounts receivable, which characterizes the amount of debt in favor of the company, represented by the obligations of legal and individuals on settlements for goods, works, services, advances issued, etc.
• - monetary assets, which include not only 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 - current assets not included in the above types, if they are reflected in their total amount.

By the nature of participation in the operational process, current assets are differentiated into:

• - working capital serving the financial (monetary) cycle of the enterprise (accounts receivable, monetary assets),
• - working capital serving the production cycle of the enterprise (stocks of raw materials, materials, semi-finished products).

According to the period of the functioning of the working capital, a constant and variable part of the working capital is allocated. The constant part of working capital represents a constant part of their size, which does not depend on seasonal and other fluctuations operating activities enterprises and is not associated with the formation of inventories of seasonal storage, designated purpose. Thus, it is considered as an irreducible minimum working capital required by an enterprise to carry out operating activities.

The variable part of working capital is a variable part, 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 items for seasonal storage, early delivery and intended purpose.

Sources of the formation of working capital.

The sources of the formation of working capital largely determine the efficiency of their use. Establishing the optimal ratio between own and borrowed funds, due to the specific features of the circulation of funds in a particular economic entity, is an important task of the company. A sufficient minimum of own and borrowed funds should ensure the continuity of the movement of working capital at all stages of the circulation, which meets the needs of production in material and monetary resources, and also ensures timely and complete settlements with suppliers, banks, the budget and other correspondent links.

The main role in the composition of the sources of formation is played by its own circulating assets. They serve as a source of coverage for stocks. Their initial formation occurs at the time of the creation of the enterprise. The source of its own working capital is the investment funds of the founders. In the future, as entrepreneurial activity develops, its own circulating assets are replenished from the profit received, the issue of securities and transactions on stock market, as well as at the expense of additionally attracted funds.

Additionally, the attracted funds do not belong to the enterprise, therefore they cannot be attributed to their own, however, they are constantly in circulation and, in the amount of the minimum balance, are used as a source of formation of their own circulating assets. These funds include: the minimum carry-over arrears for wages to employees of the enterprise, the reserve for future payments, the minimum debt to the budget and extra-budgetary funds, the minimum debt to customers on collateral for returnable packaging, creditors' funds received in the form of prepayment for products (goods, services), carry-over balances consumption fund.

Additionally, attracted funds act as a source of coverage for own circulating assets only in the amount of growth, i.e. the difference between their value at the end and the beginning of the coming year.

Lack of own working capital is, as a rule, the result of a shortfall in unplanned profits or improper, irrational use of working capital (their use for other purposes) and other negative factors. The lack of own working capital is covered exclusively by the funds of the entrepreneurial firm itself, which has made such a situation. First of all, part of the net profit remaining at the disposal of the enterprise is directed to cover the shortage.

Borrowed funds in the sources of formation of working capital in modern conditions are becoming more and more important and promising. The borrowed funds cover the temporary additional need of the enterprise for funds. The attraction of borrowed funds is due to the nature of production, difficulties arising in the implementation of settlement and payment transactions and other objective and subjective reasons.

Borrowed funds include bank and commercial loans, investment tax credit. Borrowed funds in the form of bank loans are used more efficiently, since their own working capital, since they make a faster turnover, have a more strict purpose, are issued for a strictly specified period, and are accompanied by the collection of bank interest. All this prompts the company to constantly monitor the movement of borrowed funds and the effectiveness of their use.

Short-term loans can be provided not only by commercial banks, but also by financial and credit companies, as well as government organizations.

Along with financing of working capital in the form of short-term bank lending, market economy received a commercial loan. The firm-buyer, having received inventory items, underpays their cost until the due date set by the supplier. Thus, for this period, the supplier provides the buyer with a commercial loan.

In order to attract borrowed funds to cover the need for working capital, an enterprise can issue debt securities such as bonds. This formalizes the loan relationship between the issuer and bondholders.

Borrowed funds are attracted not only in the form of loans, loans and deposits, but also in the form of accounts payable, as well as other funds, i.e. balances of funds and reserves of the firm itself, temporarily not used for their intended purpose. This group of funds includes the amounts of temporarily unused depreciation fund, repair fund, reserve for future payments, financial reserve, bonus and charitable foundations and others. Only the remnants of these funds for the period preceding their intended use can be involved in circulation as sources of coverage for working capital.

Inventory Management.

Production stocks include: raw materials, basic materials, purchased semi-finished products, fuel, containers, spare parts, low-value and wearing items. Inventory management is a complex set of activities in which the tasks of financial and production management are intertwined. Effective management inventory allows to reduce the duration of the production, and, consequently, the entire operating cycle, to reduce the current costs of their storage, to free part of the current economic turnover financial resources by reinvesting them in other assets. Ensuring this efficiency is achieved through the development and implementation of special financial policy inventory management.

Due to the different nature of their functioning in the production process, methods of rationing The process of rationing is the determination of the standard of working capital. Working capital ratio - the minimum required amount of working capital providing entrepreneurial activity enterprises. (Modern financial and credit dictionary, INFRA-M, 2002, 2nd edition). individual elements of inventories are not the same.

The standard of working capital advanced in raw materials, basic materials and purchased semi-finished products is determined by the formula:

Where P is the average daily consumption of raw materials, materials and purchased semi-finished products;

D - stock rate in days.

The average daily consumption for the range of consumed raw materials, basic materials and purchased semi-finished products is calculated by dividing the sum of their costs for the corresponding quarter by the number of days in the quarter.

Accounts receivable management.

As part of working capital, an important component of circulation funds are accounts receivable and cash. Funds in accounts receivable indicate a temporary diversion of funds from the company's turnover, which causes additional demand for resources and can lead to a strained financial state. Accounts receivable may be eligible, i.e. due to the current settlement system, and unacceptable, indicating shortcomings in financial and economic activities.

Exist different kinds accounts receivable: goods shipped, settlements with debtors for goods and services, settlements on bills received, settlements with subsidiaries, with the budget, with personnel for other operations, advances issued by suppliers to contractors, arrears of participants (founders) on contributions to authorized capital, settlements with other debtors.

Funds in goods shipped make up a significant proportion of all accounts receivable at enterprises that manufacture products. Funds in the goods shipped are inevitably formed, as a finished product in a warehouse, in deadlines shipped to consumers. However, in the composition of the goods shipped, there are funds that are unequal in value. Some of them fall on the share of goods shipped, the dates of which have not yet come. This positive phenomenon is very fleeting. After these periods have passed and there are still non-payments, the funds of the enterprise take the form of goods shipped, not paid on time by the buyer, or goods shipped in custody with the buyer. The last two groups indicate that the buyer does not have funds or that the latter refuses to pay for settlement documents.

You can use the following activities to manage accounts receivable to businesses:

Exclusion from the list of partners of the enterprise of debtors with high level risk. This measure is acceptable both for developed market relations and for the period of formation and development of the market.

To implement this method of managing accounts receivable, the manager responsible for this activity must collect information about clients-debtors and analyze it, make a decision on granting or refusing a loan.

• -Periodic revision of the maximum loan amount. Determination of the maximum amount of loans provided should be based on the financial capabilities of the enterprise, the projected number of loan recipients and an assessment of the level of credit risk. The fixed maximum limit for the amount owed can be differentiated by groups of upcoming debtors, based on the financial condition of individual customers.
• - Using the possibility of payment of accounts receivable by promissory notes, securities, since the expectation of payment with "real money" can be much more expensive.
• - Formation of principles for the implementation of settlements of the enterprise with counterparties for the coming period. These principles should be differentiated in relation to suppliers of raw materials and materials and buyers of finished products and determine two main directions: the formation of acceptable forms of settlement with counterparties. When forming acceptable forms of calculation, it should be borne in mind that when buying products, settlements using bills of exchange are the most effective, and when selling products, settlements are made by means of a letter of credit. Letter of credit - the obligation of the issuing bank, acting on behalf of the payer, to make payments to the recipient of funds or to pay, accept, post a bill of exchange, or authorize another bank (executing bank) to make payments to the recipient of funds or pay, accept, register a bill of exchange. (Modern financial and credit dictionary, INFRA-M, 2002, 2nd edition, p. 5).
• - Identification of financial opportunities for the company to provide a commodity (commercial) or consumer loan. The implementation of these forms of credit requires the availability of industrial enterprise sufficient reserves of highly liquid assets to ensure solvency in case of untimely fulfillment of obligations by counterparties.
• -Determination of the possible amount of working capital, diverted into accounts receivable on commodity and consumer loans, as well as on advances issued. The calculation of this amount should be based on the volume of purchases and sales of products; the established practice of lending to partners, the amount of the company's current assets, including those formed at the expense of its own financial resources, the formation of the required level of highly liquid assets that ensure the constant solvency of the enterprise, the legal conditions of receivables, etc.
• - Formation of conditions for ensuring the collection of receivables. In the process of forming these conditions in the firm, a system of measures must be determined to guarantee the receipt of debt. Such measures include: registration of a commodity loan with a secured bill of exchange, the requirement for insurance by debtors of loans provided for a long period, etc.
• - Formation of a system of penalties for late performance of obligations by counterparties-debtors.
• - Determination of the procedure for collection of receivables. This procedure should provide for the terms and form of preliminary and subsequent reminders to counterparties-debtors of the date of payment, the possibility of prolonging the debt, the term and procedure for collecting the debt and other actions.
• - usage modern forms refinancing of receivables. Development of market relations and infrastructure financial market RF allows companies to use a number of new forms of receivables management - its refinancing, i.e. transfer to other forms of the company's current assets (monetary assets, short-term securities). The main forms of receivables refinancing are factoring, bills of exchange accounting, forfeiting.

Cash management.

In the process of circulation, circulating assets inevitably change their functional form and in the sphere of circulation, as a result of the sale of finished products, they turn into cash. Funds are mainly stored in the settlement (current) account of the enterprise in the bank, since the overwhelming majority of settlements are made in a non-cash manner. In small amounts, funds are at the cash desk of the enterprise. In addition, buyers' funds may be in letters of credit and other forms of settlement until their expiration.

Cash is the most liquid asset and does not stay long at this stage of the circuit. However, in a certain amount, they must always be present in the composition of working capital, otherwise the company may be declared insolvent.

Cash management is carried out using cash flow forecasting, i.e. receipt (inflow) and use (outflow) of funds. Determination of cash inflows and outflows in conditions of instability and inflation can be very approximate and only for a short period of time: month, quarter

The amount of estimated cash receipts from the sale of products is calculated, taking into account the average term for paying bills and selling on credit. The change in accounts receivable for the selected period is also taken into account, which can increase or decrease the cash flow. In addition, the impact of unrealized transactions and miscellaneous receipts is determined.

In parallel, cash outflows are forecasted i.e. the expected payment of the sets for the goods (services) received, and mainly for the redeemed accounts payable... Payments to the budget are envisaged, tax authorities and extrabudgetary funds. Payment of dividends, interest, remuneration of employees of the enterprise, possible investments and other expenses.

As a result, the difference between cash inflow and outflow is determined - net cash flow with a plus or minus sign. If the amount of the outflow exceeds the inflow, then the amount of short-term financing in the form of a bank loan or other receipts is calculated in order to ensure the projected cash flow.

Analysis and management of cash flow make it possible to determine its optimal level, the ability of an enterprise to pay off its current obligations and carry out investment activities.