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Why should I study financial management?

To date, one of the main conditions for the stable functioning of any enterprise is a competent and correctly selected strategy. business activities. And the key role in creating this strategy is played by financial management.

Essence of financial management

Financial management is a financial science that studies the methods of efficient use of its own and borrowed capital of the company, methods for producing the greatest profit with the least risk, rapid capital increment. Financial management answers the question of how easily and quickly turn an enterprise from uninteresting to attractive to investors.

This is a certain system of principles, forms and methods, which is used for correct regulation. financial activities Enterprises. It is financial management that is responsible for the adoption of investment solutions and detection for them. financial sources. That is, by and large answers the questions where to take money and what to do with them. The relevance of the application of financial management is also determined by the fact that modern economic realities and the requirements of the world market suggest constant development. Today successful business It can not stand still, it should grow, expand, find new ways of self-realization.

Objectives and objectives of financial management

The main purpose of the financial management is to maximize the value of the enterprise by increasing capital.

Detailed objectives:

1. efficient functioning and strengthening of positions in the competitive market;
2. preventing the ruin of the company and financial insolvency;
3. achieving leadership in the market and efficient functioning in competition conditions;
4. achievement of the maximum growth rate of the organization's price;
5. persistent growth rate of the company's reserve;
6. maximum increase in profit;
7. minimizing enterprise expenses;
8. guaranteeing profitability and economic efficiency.

Basic Financial Management Concepts

Concept	Meaning
Cash flow	cash flow recognition, its duration and view; evaluation of factors that determine the value of its indicators; determination of the discounting coefficient; risk assessment, which is associated with this flow and method of accounting.
Compromise between risk and profitability	Any income in business is directly related to risk. That is, the higher the profit is expected, the greater the level of risk, which is associated with the non-treatment of this profits. In total, the financial management is set goals: maximizing profitability and minimizing costs. But the achievement of rational proportions between risks and incomes is an ideal solution.
Cost of capital	All sources of financial support of the organization have their own worth. Capital cost is the minimum amount that is necessary to reimburse the cost of maintaining this resource and which ensures the profitability of the company. This concept is playing important role In the study of investment investments and selection of spare options financial means. The task of the manager is to choose the most efficient and profitable project.
Efficiency of the securities market	The level of efficiency of the securities market depends on the degree of its information fullness and access of information for market participants. This concept is also called the hypothesis of market efficiency. The information efficiency of the market occurs in cases: big totality of manufacturers and consumers; free shipping information for all market entities at the same time; lack of transaction expenses, taxes and fees, as well as other factors that impede conclusion; the total price level does not affect the transactions of physical or legal entities; the behavior of market entities is rational and is aimed at obtaining maximum benefit; all participants in the a priori market cannot get excessive income.
Asymmetric information	Some categories of individuals can own confidential information, access to which is closed for other market participants. The carriers of such information are often managers, managers, financial directors firms.
Agency relations	Leveling the gap between the functions of ownership, management and control. Not always the interests of the management company coincide with the interests of its employees. Owners of organizations are not always necessary to thoroughly know business management methods. This is explained by the existence of alternative decision-making options, one of which is aimed at receiving instant profit, while others are for future income.
Alternative costs	Any financial decision has at least one alternative. And the adoption of one option inevitably entails the refusal of alternative.

Dobal ownership of financial management concepts and their relationship entails the adoption of effective, balanced, beneficial and rational solutions in the process of managing financial flows of the enterprise.

Functions of financial management

Any process or activity involves the presence of certain functions. Functions of financial management are divided into 2 formats:

Financial management - what is this profession?

The relevance and relevance of financial management in modern business leads to a huge demand for qualified professionalsWhich today significantly exceeds the proposal existing on the labor market. This suggests that a person who has knowledge of financial management can count not only on guaranteed employment and consistently high earnings, but also on rapid career development.

So, what knowledge and skills should have a specialist applying for a position financial Manager?

Receive necessary knowledgeand also systematize existing knowledge without detachment from the main activity can be available Financial management I. the financial analysis . The first courses module is free.

Training from the Central Committee "Active" is a convenient remote format, a highly qualified teaching staff and the opportunity to pass the exam for an international diploma online.

The object of regulation is the existing financial resources of the enterprise, debt obligations, liquid assets. The task of financial management is to reduce losses and maximize business profitability.

Financial management is focused on strategic goals Companies quickly adapt to changes in the situation. Financial flow management structure is closely integrated with the company's departments to control the profit value (losses) for each management decision.

Tasks

From the point of view of management, financial management is seen as part of the general management of the business and a separate department in the company that performs a narrow list of functions.

• Financial management as a management system includes the creation financial Strategy, Building accounting policies, Implementation of accounting software products, constant control of the performance of the company. For example, the tasks of financial managers include building a budget, the system of material motivation of personnel.
• Financial management as a separate department manages financial assets and risks, monitors cash flows, chooses investment projects to participate, follows information flows in company. For example, the assessment of the acquired basic funds is carried out after studying the accompanying documentation.

The financial manager determines the company's investment policy (a list of projects in which assets are invested), manages material assets (draws out the purchase and sale of fixed assets), calculates and pays dividends to shareholders. The permanent task of financial management is the classification and accounting of income and expenses of the company, preparation of analytical reports for management.

Financial management efficiency depends on quality external sources Information that are used to collect and analyze indicators. For example, the open data of banks and insurance companies, information from competitors, the regulatory requirements of supervisory authorities and financial statements of the enterprise should be checked for completeness and accuracy.

Principles

Regardless of the specifics of the company, the current and strategic objectives of its development, financial management is a systematic activity aimed at solving specific tasks by distributing cash flows. The activities of the financial manager are aimed at solving strategic tasks, achieving financial well-being in the long term.

• Compromise risk and profitability. Financial management takes into account alternative costs, overall market efficiency, predicted yield and related risks before adoption management solutions. For example, investing in startups brings high income and is accompanied by the risk of investment loss.
• Asymmetry and temporal value of information. Confidential information about market features obtained from counterparties or supervisory authorities can benefit short term. For example, the "tax holidays" for companies conducted by R & D can act two years.

Financial management involves an unlimited time of the company's functioning, seeks to keep the interests of business owners and workers, it is fair to assess the available sources of financing.

20. Intense factors include:
improving the operation of the operation of the resources used, an increase in the time of use of resources;
(* Answer to test *) Improving the process of functioning of resources used, improvement qualitative characteristics resources used;
an increase in the time of use of resources, the improvement of the qualitative characteristics of the resources used;
Increasing resource use time, increase the number of resources used.

21. The basic concepts of financial management belongs:
Theory of capital structure
Keynesian theory
Discounted cash flow theory
(* Answer to test *) d) correct approval A and V.

22. Predicative models are:
Descriptive models
Factor models
(* Answer to test *) Forecast models
Deterministic models.

23. In theoretical Plan, financial management is based on key provisions:
Monetarist theory
Marxist theory
(* Answer to test *) neoclassical finance theory
Keynesian theory.

24. As an independent scientific direction, financial management was formed at the junction:
Neoclassical theory of finance and accounting
Accounting and general management theory
Eoriate of Finance and General Management Theory
(* The answer to the test *) d) of the neoclassical theory of finance, the general theory of management and accounting.

25. Neoclassical theory Finance appeared in
(* answer to the test *) in the 20th century;
in the 17th century;
during the Roman Empire;
In the 9th century.

26. As an independent scientific direction, financial management was formed in:
(* Answer to test *) early 60s. Xx in.;
late 60s. Xx in.;
early 50s Xx in.;
early 70s.

27. The essence of the cash flow comes down to:
(* Answer to test *) Representation of the enterprise as a set of alternating tributaries and outflows money;
presentation of the state budget as a combination of alternating tributaries and cash outflows;
representing any operation as a set of alternating tributaries and cash outflows;
All listed answers are correct.

28. The essence of the concept of the temporary value of funds is:
(* Answer to the test *) We possess money in different moments of time, have an unequal value;
Money that in different points in time have the same value;
non-equality of monetary units due to inflation and risk;
The correct answers A and V.

29. The concept of a compromise between risk and profitability claims:
gaining income in business is associated with risk, and the connection between profitability and risk is inversely proportional;
Getting income in business is not associated with risk, and there is no connection between profitability and risk;
(* Answer to test *) Getting income in business is associated with risk, and the connection between profitability and risk is directly proportional;
Among the above answers is faithful.

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Theme 6. Financial planning and forecasting

Question 1. Strategic, long-term and short-term financial planning

Creinina M.N. Financial management: studies. pos. - M.: Case and Service, 1998. - 304 p., P. 195-212.

9.1. Planning income and expenses of the enterprise

Financial planning covers the most important parties to the enterprise; It provides the necessary preliminary control over the formation and use of material, labor and cash resources, creates the necessary conditions for improvement financial state Enterprises.

Financial planning at the enterprise is interconnected with planning economic activity and built on the basis of other indicators of the plan (volume of production and implementation, cost estimates for production, the plan of capital investments, etc.). However, compilation financial plan It is not a simple arithmetic recalculation of production indicators in financial performance.

In the process of drawing up a financial plan project, a critical approach to indicators is carried out. production Plan.Revealed and used non-induced intra-economic reserves are revealed and used methods of more efficient use of the production potential of the enterprise, more rational expenditure of material and cash resources, increase the consumer properties of products and so on.

In the process of developing a financial plan, it is determined: the costs of realized products, revenues from sales, monetary savings, depreciation, volume and sources of funding planned for the planned investment period, the need for current meansah and sources of its coverage, distribution and use of profits, relationships with budget, extrabudgetary funds, banks.

Financial planning at the enterprise has the following target orientation:

1. Provision financial resources and cash activities of the enterprise.

2. Increased profits on the main activity and other activities, if they take place.

3. Organization of financial relations with budget extrabudgetary funds, banks, creditors and debtors.

4. Ensuring the real balance of planned income and expenses.

5. Ensuring the solvency and financial sustainability of the enterprise.

The traditional form of financial plan is the balance of income and expenses. The work on the preparation of the financial plan is carried out in several stages:

the first stage is an assessment of the execution of the financial plan for the preceding period;

the second stage is the consideration of the projected production indicators, on the basis of which the financial plan will be drawn up;

the third stage is the development of the Financial Plan project.

For the purposes of greater efficiency and, taking into account inflation, it is advisable to draw up balance of income and expenses in the quarters of the planned year.

To compile the balance of income and expenses, it is necessary as a base of calculations: revenue from sales; profits and directions of its spending; need for own working capital; values \u200b\u200band use of depreciation; sizes and directions of use of the repair fund, etc.

Balance of income and expenses can be compiled in the context of the following articles.

I. Revenues and receipts of funds.

1. Revenue from sales (works, services)

in total: 1.1. Profit from sales.

2. Revenues from non-engineering operations.

3. Other operating income.

4. Depreciation.

5. Repair Fund.

6. Funds deducted from the cost of products:

6.1. At the payment of taxes and other mandatory payments attribable to the cost.

6.2. For pay percent for loans.

7. The increase in sustainable liabilities.

8. Surplus of working capital at the beginning of the planned period.

9. Income from the initial issue of shares.

10. Other income.

Total income and receipts of funds.

11. Costs and deductions.

1. Costs for implemented products and services for complete planning costs, including losses from sales.

2. Value added tax paid to suppliers.

3. Capital investments.

4. The cost of repairing fixed assets.

5. Executions from profit on accumulation and consumption.

6. Rent.

7. Executions into reserve and other special funds.

8. Other operating expenses.

9. Other non-engine costs.

Total costs and deductions.

III. Relationship with budget, extrabudgetary funds and banks.

1. Profit tax.

2. Value Added Tax.

3. Property tax.

4. Other taxes included in the cost and paid at the expense of financial results.

5. Payments to extrabudgetary funds.

6. Repayment of long-term bank loans.

7. Payment of interest for loans.

Total payments.

1. Revenues and receipts of funds.

2. Costs, deductions and payments.

Balance of income and expenses is formed on the basis of analytical generalization of the results obtained during the calculation process for each item. Therefore, work on the preparation of the balance of income and expenses is not a simple filling of its articles with relevant digital data obtained as a result of calculations and summing up for each of the sections. With this work, it is impossible to achieve balance between income and expenses and ensure the target and efficient use of financial resources.

In the process of forming the balance of income and expenses, the following tasks must be solved:

• identification of reserves of the enterprise and mobilization of internal resources, allowing to increase profitability, solvency, accelerate the turnover of assets and capital and solve other issues related to improving the financial condition of the enterprise;
• more efficient use of profits and other income;
• improving the efficiency of investment and investment attractiveness of the enterprise.

Work should be started with the preparation of the section "Revenues and receipts of funds", with the definition of their overall size, analysis of the composition, structure and pace of change in comparison with similar data for the corresponding period preceding the planned one. In the case of a decrease in any types of income and revenues, it is necessary to analyze the reasons for this, as well as check the calculations to avoid errors.

In the process of drawing up the "Expenditure and Expenditures" section, it is necessary to test the intercoulations of the planned amounts of expenses and deductions with the sources of coverage with their respective incomes and receipts provided for in the first section of the balance of income and expenses. The costs of realized products and services provided in the second section of the balance sheet should be fully covered by revenue from their implementation. If revenue from sales and services less costs On implemented products, then in the first section will not profit from implementation, and in the second section in the sum of the planned costs for realized products appear as part of these costs of damages in the amount of excess costs over the proceeds.

The cost of repairing fixed assets should be equal to the amount of repair fund funds shown in the first section of the balance sheet of income and expenses. In the case of planning expenses for the repair of fixed assets in an amount less than the value of the repair fund, in the second section of the balance of income and expenses, an additional article is provided - "free balance of repair fund funds", which reflects the amount of excess of the repair fund over the cost of repairs.

If at the planned period, capital investments are not provided or their planned size is less than the depreciation contained in the first section of the balance sheet, then the free balance of these funds cannot be used to cover other planned costs and payments. Not used for direct purpose, this balance of funds is shown in the second section of the balance of income and expenses under the article "The balance of funds intended for investment."

After filling out all the costs of the balance of income and expenses and summarize each of the sections, the degree of balance between them is checked. To do this, it is necessary to compare the first section of the "income and receipts" with the sum of the results of the second and third sections. In the absence of equality, it is necessary to find additional sources of income and receipts of funds, or to revise the costs of expenses and deductions to the second and third sections of the balance.

9.2. Compilation of the planned balance of the enterprise

The value of assets and liabilities in the planned period may change compared with the basic under the influence of a number of factors. Each article assets and liabilities should be calculated taking into account the factors affecting its magnitude. In this case, it is important for us to take into account those factors that are associated with changes in revenue from the implementation as a whole, prices for realized products, the natural volume of sales, profits from sales and other activities, prices for raw materials, materials and services consumed in the enterprise activity process, Calculation conditions with debtors and creditors.

The listed factors have a direct impact on the most dynamic elements of assets and liabilities - on reserves, receivables, cash, payable debt. Overseas assets are subject to smaller influence of these factors, but they can also change for some other reasons.

Intangible assets and especially long-term and short-term financial investments are not subject to direct impact of the dynamics of revenue from sales, prices for enterprise products and raw materials, etc. Fixed assets and unfinished construction may vary, for example, under the influence of production changes, but this should Being very significant high-quality shifts in technology, volume and product range, etc.

Capital and reserves, long-term liabilities and short-term bank loans are also changing for the reasons for another nature, however, it is necessary to keep in mind the possible increase in capital and reserves due to the direction of the profits obtained in the planned period.

Considering the planning of the company's balance sheet, we will leave aside possible changes in its investment policy, in relationships with banks, etc. We take into account only those factors that change most often and directly related to the main activity.

Suppose that in the planned period it is assumed to increase prices for the products of the enterprise and the implementation of the natural volume of products equal to the basic. Then revenue from sales will grow by 10%, and profit from sales will be:

24021 x 1.1 -21599 \u003d 4824 thousand rubles.

This calculation is correct if the prices of raw materials, materials and services consumed by the enterprise in the process of its activities are not changed, and the level of remuneration of employees of the enterprise. But, according to experts, prices for consumed resources will be higher than in the basic period, by an average of 2.7%, and labor costs for various reasons will increase by 23.6%. The extent will grow to extra-budgetary funds. The remaining elements of costs will not change, since they are not associated with a change in revenue from sales, nor with price changes.

The material costs of costs for realized products are planned in the amount of 4950 thousand rubles, i.e. 18.7% of revenue from sales; The cost of paying for labor and deductions to extra-budgetary funds - 10882 thousand rubles, i.e. 41.2% of revenue from sales; Depreciation of fixed assets will remain at the basic level, will be 2330 thousand rubles, or 8.8% of revenue from sales. Thus, data on the dynamics of revenue from the implementation and its components can be reduced to the following table.

Table 9.1. - change of revenue from sales, costs for implemented products and profits from sales in the planned period compared to the basic

Indicators	Basic period, thousand rubles.	Planned period, thousand rubles.	C. 3 as a percentage of gr. 2.
1. Revenue from sales
2. The cost of implemented products - total
2.1. Material costs
2.2. Costs for labor and deductions to extrabudgetary funds
2.3. Depreciation of fixed assets
2.4. Other costs
3. Profit from sales (p. 1 - p. 2)

1. State stock of the company: Are there any excess or lack of reserves compared to the necessary need and is it assumed in the planned period to eliminate surplus or shortage if they occur in the basic period.

2. The state of receivables: whether there is no overdue or hopeless and is supposed to repay overdue. In addition, whether the composition of the debtors or terms of the calculations with them, leading to acceleration or slowing the turnover of receivables as a whole.

3. The status of payables: whether there is no overdue in its composition and whether its repayment is supposed if it is. In addition, whether the composition of creditors-suppliers and terms of calculations with them, resulting in accelerating or slowing down the discharge of payables to suppliers. Finally, there is no overdue payables to other creditors (budget, extrabudgetary funds, etc.).

Depending on the circumstances listed, the planned amounts of receivables and payables can vary significantly.

Taking into account the foregoing, we define the planned amount of stocks. If, as in our company, the overwhelming part of stocks is raw materials and materials, then the entire basic balance value of reserves without a big error can be calculated based on the tempo of change material costs and replenishing stocks. If significant reserves are presented finished products or goods shipped, they need to be planned direct account based on the sales prospects and payment of the enterprise (Table 9.2).

Table 9.2 - Calculation of the planned size of the company's stocks

Indicators		Basis Perio	Planned period
				maximum
1. Balance value of stocks
1.1. Excessive reserves
2. Lack of stocks
3. Normal reserves:
a) p. 1 - p. 1.1.
b) p. 1 + p. 2
4. Material costs for implemented products
5. Inventory turnover (p. 4: p. 3)	speed

Explanations to the calculation.

1. In p. 5, the normal turnover of stocks is calculated, provided that the lack of reserves listed on the balance sheet will be eliminated. Without changes in technology and composition of products, such turnover is preserved in the planned period.

2. Reserves for the planning period in p. 3 gr. 4 and 5 are determined by dividing material costs for normal stock turnover (4950: 3.55 = 1394 thousand rubles.).

3. If the lack of reserves is eliminated, the balance value of the reserves will be equal to normal (p. 1 gr. 5); When maintaining a lack of reserves, their balance sheet should, at a minimum, increase in proportion to the growth of material costs for realized products: 1155 x 4950/4818 \u003d 1187 thousand rubles. (This is due to the increase in prices for raw materials and materials).

If there were unnecessary reserves on the balance sheet of the enterprise, the calculation would be similar, but the minimum result would correspond to the normal, and the maximum - the actual state of reserves.

We now calculate the planned amount of receivables. Because it is necessary to take into account the actual composition, and turning, we will make two calculations.

Table 9.3 - Calculation of the planned amount of receivables, taking into account its condition

Indicators	Basic period	Planned period
			maximum
1. Balance amount of receivables, thousand rubles.
1.1. Overdue
1.2. Non-valid
2. Revenue from sales, thousand rubles.
3. The turnover of receivables in the base period (the number of revolutions) (p. 3: p. 1):
a) actual
b) excluding overdue and hopeless receivables

Explanations to the calculation.

1. The calculation is made on the basis of the constant contractual conditions with the debtors and the former composition of the debtors.

2. It is assumed that minimum value Receivables in the planned period is possible in the absence of overdue and hopeless debt (the first will be repaid the second written off). P. 1 gr. 3 Received: (4500 - 300 - 10) x 26423/24021 \u003d 4510 thousand rubles; p. 1 gr. 4: 4500 x 26423/24021 \u003d 4950 thousand rubles.

We introduce another factor in the calculation of the planned amount of receivables: the change in the composition of debtors or conditions of settlements with the previous debtors changed the turnover of receivables and eliminated overdue and hopeless debts. Suppose the turnover will be 6.5 times in the planned period instead of 5.9 times in the basic period. Comparison of planned turnover with basic in the absence of overdue and hopeless debts requires to take into account exactly 5.9 times, and not 5.3 times. Then minimal planned value Accounts receivable: 4510 x 5.9 / 6.5 \u003d 4094 thousand rubles. instead of 4510 thousand rubles.

Taking into account similar factors, payables are planned to suppliers (Table 9.4).

Table 9.4 - Calculation of the planned amount of accounts payable suppliers

Indicators	Basic period	Planned period
			maximum
1. Balance value of payable debt Suppliers, thousand rubles.
1.1. Overdue
2. Material costs for realized products, thousand rubles.
3. Credit accountability to suppliers (number of revolutions; p. 2: p. 1):
a) actual
b) excluding overdue

Explanation to the calculation.

P. 1 gr. 3 and 4, taking into account the same turnover and lack of overdue payables, suppliers are calculated as follows: 281 x 4950/4818 \u003d 289 thousand rubles.

If the planned period changes the composition of suppliers or contractual terms of calculations with them, which leads to a change in accountability of payables, then the calculated value varies inversely proportionate to the use of the number of revolutions in the same way as we calculated the receivables.

Payable arrears on wages, social insurance and ensuring, as a rule, depends on the established periodicity of settlements, respectively, with employees of the enterprise and extrabudgetary funds. Therefore, it can be calculated on the planning period on the basis of the amount at the end of the base period, increased in proportion to the cost of labor and deductions in extra-budgetary funds in the costs of the costs implemented in the planned period. The basic amount of payable debt on extra-budgetary funds and remuneration in accordance with our balance sheet data and the growth rates of these costs are equal to: (384 + 180) x 123.6 / 100 \u003d 697.1 thousand rubles.

More difficult and time consuming with a sufficient degree of accuracy to determine the planned amount of accounts payable budget. If an enterprise has no overdue debts to the budget, then the base amount reflects the required amount of debts corresponding to the established periodicity of payments to the budget different types taxes. However, due to the change in revenue from sales and profits in the planned period, compared with the basic and preservation of the size of all other objects of taxation, it is necessary to calculate the increase in income tax, VAT and all other taxes, the size of which depend on the revenue from the implementation, the return fund profit. This is done by direct account, based on the specific data of each enterprise. In our case, the increase in income tax, VAT, transport tax, contributions to the maintenance of housing stock and the objects of the socio-cultural sphere will be a total of 236.5 thousand rubles. Then, to calculate, it is necessary to determine the percentage of payables on these taxes to the total amount of payments due on them in the basic period. In our company it is 11.5%. So, the increase in accounts payable budget is equal to 236.5 x 11.5 / 100 \u003d\u003d 27.2 thousand rubles. Of course, this value is calculated with some admission. But to compile the planned balance of the error, you can not take into account t. The debt of the budget, as a rule, is not a quantitatively decisive part of the accounts of the enterprise.

Thus, we calculated the planned sizes of assets and liabilities that change under the influence of changes in revenue from sales, prices for commodity, materials and services, wage levels. These factors operate at each enterprise constantly, therefore must be taken into account in the preparation of any scheduled balance.

As noted above, other reasons are also possible, under the influence of which assets and liabilities change, but they wear another character and are mainly related to changes in investment and financial Policy Enterprises. If such reasons occur, non-current assets, capital and reserves, long-term liabilities, bank loans, short-term financial investments may change.

In our calculation, we proceed from the fact that such changes in the planned period did not occur compared to the basic. If they were, the calculation of changes in the named elements of assets and liabilities is carried out directly and does not represent complexity.

Based on the calculations made on the planned balance of the enterprise. It should be borne in mind that in the planned balance made by proceeding only from changes in assets and liabilities, the final sums of the value of property and sources of funding will not necessarily coincide. On the contrary, as a rule, they do not coincide, and is detected either overwhelming or lack of funding sources compared to the required value of assets. Only after that, you can decide on the direction of the planned profit on the replenishment of funding sources, if it turns out that it is necessary. Therefore, while at this stage of planning, we do not consider in more detail the size of the company's planned profit. When drawing up balance, we also take into account that capital and reserves in the base period occupy a very large specific gravity In sources of financing. The company uses very few borrowed sources. It is hardly advisable to increase the capital and reserves even more, even if such an opportunity exists.

When drawing up a planned balance, we take into account that we calculated stocks and receivables at the minimum and maximum level. VAT on acquired materials will increase in proportion to an increase in stock price, i.e., 163 x 1187/1155 \u003d 168 thousand rubles will be equal to 163 thousand rubles, or 163 x 1394/1155 \u003d 197 thousand rubles. Cash growth is adopted in proportion to the growth of revenue from the implementation, i.e. 84 x 1,1 \u003d 92 thousand rubles.

Table 9.5 - Estimated planned balance of enterprise at the final date of the planning period (thousand rubles)

		Maximum
1. Overseas assets
2. Current assets (p. 2.1.-2.6)
2.1. Stocks
2.2. VAT on purchased assets
2.3. Receivables
2.4. Short-term financial investments
2.5. Cash
2.6. Other current assets
1 - Capital and reserves
2. Long-term liabilities
3. Short-term liabilities (p. 3.1. - 3.3)
3.1 Credits and loans
3.2. Accounts payable (p. 3.2.1 - 3.2.4.)
3.2.1. Suppliers
3.2.2. On wages, social insurance and ensuring
3.2.3. Budget
3.2.4. Other creditors and advances
3.3. Other short-term liabilities (enterprise funds and reserves)
Total assets
Total liabilities
Excess:
assets over liabilities
liabilities on assets

The calculation shows that if all the parameters of the planned balance are defined correctly, the financial situation in the upcoming period will be favorable for the enterprise: the value of funding sources exceeds the cost of the necessary assets, and in the event that stocks and receivables will have a minimum settlement value, it is excess significantly Increases. This means that the company does not have the need to seek additional sources of financing even in conditions of increasing revenue from sales and prices for acquired material resources.

Obviously, there is no need and direct some part of the profits on the increase in capital and reserves; Profit can be used entirely to other goals.

With another balance structure, another increase or reduce revenue from sales and separate species Costs for realized products, another structure of the costs themselves, etc. The conclusions could be completely different. It could be that the excess of sources of funding for assets even more significantly or, on the contrary, the company requires additional sources. Then it would be necessary to increase equity, involve loans and loans or change the contractual terms of settlements with suppliers.

9.3. Changes in financial and cash flows when changing revenue from sales

Consider the dependence between a change in revenue from sales, costs and profits, on the one hand, and a change in the assets and liabilities of the enterprise -From other, according to the largest factor. Such a consideration will be somewhat sketchy, but will make it possible to more clearly understand the decisive factors that affect this dependence.

We will take the following conditions.

1. Turnover of receivables - 45 days;
2. Turnover of accounts payable -40 days;
3. Stock turnover - 30 days;
4. Material costs - 50% revenue from sales;
5. Free profit - 6% revenue from sales.

Under all these conditions, revenue from implementation is planned to be increased by 100 thousand rubles. What happens to the balance sheet data?

Receivables will naturally increase. If additional annual cost realized products 100 thousand rubles, then additional receivables will be:

100 x 45/360 \u003d 12.5 thousand rubles.

Reserves will increase in proportion to the growth of material costs in the composition of revenues from sales, and taking into account their turnover growth of reserves equal to: 50 x 30/360 \u003d 4.2 thousand rubles.

Payable debt, formed mainly when acquiring material resources, will increase by 50 x 40/360 \u003d 5.5 thousand rubles.

Thus, the increase in assets under the influence of increasing revenue from sales will be 12.5 + 4.2 \u003d 16.7 thousand rubles; The increase in sources of financing in the form of payables - only 5.5 thousand rubles. The company needs additional sources of financing in the amount of 16.7 - 5.5 \u003d 11.2 thousand rubles. Even if you use on an increase in our own sources ^u free profit of the enterprise, then the need for additional borrowed funds It will be equal to 11.2 - 6 \u003d 5.2 thousand rubles.

Under the same initial conditions, revenue from sales does not increase, and decreases by 100 thousand rubles. In the planned period compared to the basic. Then receivables will respectively decrease by 12.5 thousand rubles, stocks - by 4.2 thousand rubles, and payable debt is 5.5 thousand rubles. Available sources of financing in the amount of 11.2 thousand rubles. It is superfluous compared to the need for assets, and the profits in full can be sent to other purposes.

The above example does not mean that in all cases the increase in the amount of implementation creates the problem of additional sources of financing, and the decline - removes this problem. Consider other options in which it is different, Table 9.6 and 9.7).

Table 9.6 - Changes in assets and liabilities of the enterprise when changing the conditions of settlements with buyers and suppliers and revenue growth

Indicators	Options
6. Growing receivables (p. 1 x p. 2: 360), thousand rubles.
7. Inventory growth (p. 1 x p. 5: 100) x p. 3: 360, thousand rubles.
8. The increase in accounts payable (p. 1 x p. 5: 100) x p. 4: 360, thousand rubles.
9. Lack of financing sources (p. 6 + page 7 - p. 8), thousand rubles.
10. Surplus sources of financing (p. 8 - p. 6 - page 7)

The calculation shows that with the same increase in the volume of implementation and one and the same annual need In stocks, the disadvantage or surplus sources of financing is determined only by the ratio of the turnover of receivables and payables and stocks. We repeat the conclusion that has already been made earlier: for the financial condition of the enterprise in the case of a prospect of increasing its volume of implementation favorably when the turnover of receivables is faster than the turnover of payable debt. The lower the proportion of material costs in revenue from the implementation, the greater gap, among the days of the turnover of receivables and payables, it is required to ensure the coverage of the sources of financing assets related to the increase in sales volume. To illustrate this output, we will take the following calculation as the source data options II and III of the previous table, where sources of financing exceed the assets. We will change only one condition: the share of material costs in revenue from sales - 40% instead of 55%.

Table 9.7 - Changes in assets and liabilities of the enterprise when changing the share of material costs in revenue from sales

Indicators	Options
1. The increase in revenue from sales, thousand rubles.
2. Recruitment of receivables, days
3. Inventory turnover, days
4. Credit debt turns, days
5. Material costs in revenue from sales,%
(^ Increment of receivables, thousand rubles.
7. The increase in accounts payable, thousand rubles.
8 - increase in stocks, thousand rubles.
Lack of funding sources
Y. Surge of sources of financing

A comparison of the last rows of the two previous tables shows that a decrease in the share of material costs while maintaining all other conditions of calculation led to a deterioration in the ratio of assets and sources of financing.

It is clear that in each individual case, the growth of revenue from sales will lead either to a lack of a flaw or to excess financing sources depending on other indicators of the enterprise. The same conclusion can be done for the case of a decrease in revenue from sales.

Consequently, when predicting growth or reduce revenue from sales, it is necessary to calculate whether there are enough sources enough to cover the growing assets (or there is no source reduction than the reduction of assets). If so, then it is necessary to provide for specific additional sources of financing, or borrowed.

When drawing up a planned balance, it is advisable to calculate the planned level of solvency of the enterprise. In our company, as we have seen, the overall coating coefficient and the current liquidity ratio is quite high in the basic period. According to the planned balance of the current liquidity coefficient is (minimum) 5957: 2489 \u003d 2.393. This level of solvency does not cause concerns, and from this point of view the balance can not be adjusted, especially since the enterprise has a small demand for material reserves.

In calculating the growth of assets and liabilities or their reduction, information on the increase or decrease in solvency coefficients is contained. For example, if current assets increase by 16.7 thousand rubles, and short-term debts -na 5.5 thousand rubles, this is a solvency growth factor. Conversely, with a leading increase in short-term debts compared to increasing current assets It is necessary to check how much the overall coating coefficient or the current liquidity coefficient is reduced.

In general, it should be borne in mind that with any improvement of the calculation conditions with creditors compared with the terms of settlements with buyers, i.e., when accelerating the turnover of receivables or slowing the turnover of payable debt, the level of solvency of the enterprise is reduced. If, before that, he was on the verge of critical, it is dangerous for the enterprise, in other cases the faster turnover of receivables compared with the payable is favorable from the point of view of its financial condition.

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