Analysis of the turnover of current assets of the enterprise. Analysis of the turnover of current assets. Analysis of turnover and fixed assets: What is it

The analysis of current assets is the most important area of analysis of financial statements, since the change in the dynamics and structure of current assets determines the solvency of the enterprise, its production capabilities, demand this enterprise on the market.

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In addition to those considered financial ratios an indicator characterizing the degree of provision with own working capital is determined.

There are two ways to calculate it:

Another indicator that ensures the solvency and liquidity of the enterprise is its own working capital, which is defined as the difference between current assets and short-term liabilities. The company has its own working capital as long as current assets exceed short-term liabilities. In practice financial analysis this indicator is also called net current assets, working capital, working capital.

The financial position of the enterprise, its liquidity and solvency directly depend on how quickly the funds invested in assets are converted into real money. This effect is explained by the fact that the speed of turnover of funds is associated with:

the maximum required amount of the advanced (involved) capital and related cash payments (interest on bank loans, dividends on shares, etc.);
the need for additional sources of funding and fees for them;
the amount of costs associated with the possession of inventory and their storage;
the amount of taxes paid, etc.

Different types of assets have different turnover rates.

The duration of funds in circulation is determined by the combined influence of a number of multidirectional external and internal factors. The first should include the scope of the enterprise (production, supply and marketing, intermediary, etc.), industry affiliation, scale of the enterprise (in small enterprises, the turnover rate is much higher - this is their main advantage). The economic situation in the country and the associated business conditions of enterprises have a significant impact on the turnover of assets. Thus, inflationary processes, the absence of well-established economic relations with suppliers and buyers in most enterprises lead to a forced accumulation of stocks, which significantly slows down the process of turnover of funds.

The period of funds in circulation largely depends on the internal conditions of the enterprise, the strategy and efficiency of its asset management. Depending on the pricing policy applied, the structure of assets, the methodology for estimating inventories, the enterprise has greater or lesser freedom of influence on the duration of the turnover of its funds.

The turnover of funds invested in property is an indicator characterizing the effectiveness of working capital management, and can be assessed by the following main indicators:

turnover rate (the number of turnovers that the capital of the enterprise or its components make during the analyzed period) and the turnover period - the average period for which the funds invested in production and commercial operations are returned to the enterprise. The following formulas are used to calculate turnover ratios:

Information on the amount of proceeds is contained in Form 2 "Profit and Loss Statement".

When analyzing the turnover of funds commercial enterprise Sales revenue refers to the selling price of goods sold or turnover.

The average value of assets according to the balance sheet is determined by the arithmetic mean formula:

where O n and O k - the value of assets at the beginning and at the end of the period, respectively.

If the analysis is carried out for a period longer than a quarter (half year, year), this method of calculating the average value can lead to its significant distortion. A more accurate calculation of the average value of assets will be obtained from monthly data on the state of assets. Then the value of assets is determined by the formula

where 0„ is the value of assets in P-th month.

Then the duration of one revolution in days is calculated:

An example of the analysis of the dynamics of indicators of asset turnover for a conditional enterprise is given in Table. 11.2.

Table 11.2. Dynamics of asset turnover indicators compared to the previous year

Let's analyze the turnover rates given in Table. 11.2.

Compared to last year, the duration of the turnover of current assets increased by 12.7 days, which indicates a deterioration in the financial position of the enterprise (funds invested in the analyzed period in current assets go through a full cycle and again take the form of money 12.7 days longer than in the previous year). As a result, additional funds were required to continue production and commercial activities at least at the level of the previous year.

Calculate the amount of additional funds attracted into circulation according to the formula

Thus, the slowdown in turnover by 12.7 days required the attraction of additional funds into circulation in the amount of 43,932.3 thousand rubles. Since the turnover of current assets in the analyzed year amounted to 2.198, therefore, for the whole year additional funds were attracted in the amount of 96,563.1 thousand rubles. (43,932.3 x 2.198). As the analysis of the liabilities side of the balance sheet showed, short-term bank loans became such funds for the enterprise in the first place.

To find out the reasons for the decline total turnover current assets should analyze changes in the speed and period of turnover of the main types of working capital ( production stocks, finished products or goods and receivables). To assess the turnover of goods and receivables, formulas 11.3 and 11.7 are used, when calculating the turnover of inventories and finished products, formulas close to them are used, based on the cost value products sold(instead of sales proceeds):

The average value of reserves is determined by the already considered method:

A more accurate calculation of average inventories is based on monthly inventory data:

It should be borne in mind that formulas 11.3 and 11.7, being the simplest for calculation (based on accounting data), do not accurately characterize the duration of the funds at the stages of the production and commercial cycle. Yes, prof. S. B. Barngolts in the proposed system of classification of working capital calls such indicators general or generalizing.

A more accurate calculation of the period of turnover of funds invested in specific types of property can be made using the formula for the mobility of the account of prof. Sherr, which was further developed in the works of S. B. Barngolts.

Average Remains here they represent the arithmetic average of the balances of property or liabilities recorded in a particular account.

Under turnover the value of the credit turnover of a particular material account for the analyzed period, which is taken from the General Ledger (turnover sheet), is understood. Indeed, if we are interested in how long this or that type of property (it doesn’t matter whether we are talking about material assets or obligations of debtors) is taken into account on the balance sheet of an enterprise (i.e., the period of storage of inventories of goods and materials or the maturity of receivables), then it is necessary to operate with amounts “leaving” the account, i.e., reflected on the loan (since the debit turnover characterizes the accumulation of property or an increase in the obligations of buyers).

Formula 11.12 is universal and can be used to determine the turnover period of not only assets, but also liabilities (liabilities) of an enterprise. In this case, the average balances of the analyzed passive account (“Settlements with suppliers and contractors”, “Short-term bank loans”) are taken, and the turnover is understood as the value of its debit turnover for the period.

So, the period of turnover of a passive account is the average maturity of accounts payable that has developed at the enterprise. Therefore, to calculate it, it is necessary to take a turnover that characterizes the “leaving” of the amounts of obligations from the account, that is, the debit turnover.

The main advantage of formula 11.12 is that it allows you to estimate the duration of individual stages of the circulation of enterprise funds, while ensuring greater accuracy of calculations.

For most industrial enterprises the following scheme of the production and commercial cycle of the movement of funds is typical: stockpiling; production; storage of finished products; implementation.

To determine the real value of turnovers on accounts (net turnovers), it is necessary to exclude the amounts of internal turnovers associated with the reversal of accounts or the movement of homogeneous accounts (for example, cash accounts).

The value of the turnover ratio of current assets is directly affected by the method of their assessment adopted in the accounting policy of the enterprise. The most common method in our country so far has been the method of estimating the actual cost of procurement. However, when it is used in conditions of long-term storage of stocks, which is typical for many enterprises, firstly, the cost of goods sold is underestimated (and, consequently, profit and the tax paid on it are overestimated), and secondly, the cost of residual materials is significantly underestimated, which means artificially their turnover increases.

Evaluation of stocks of goods and materials at the cost of first purchases (FIFO) leads to the fact that the cost of goods sold is formed based on the lowest (in terms of inflation) prices for materials, and their balances are valued at the maximum (market) value. Therefore, the turnover of current assets in this case will be objectively lower than when using the previously discussed methods of estimating reserves.

For the current production and commercial cycle, you can calculate the need for own working capital. To this end, we give an example with the data in Table. 11.3 about the average balances of current assets.

Table 11.3. Calculation of the need for own working capital

Line number	Indicators	Amount, thousand rubles
	Average amount of advances given to suppliers
	Average inventory
	Average work in progress
	Average balance of finished products
	Average receivables
	Average value of receivables, excluding the profit contained in them (24.4%)
	Total average value of capital invested in current assets (line 1 + line 2 + line 3 + line 4 + line 6)
	Average balances of accounts payable
	Advances received from buyers
	Need for own working capital (working capital) (p. 7 - p. 8 - p. 9)

As follows from the above calculation, for the current volume of activity, equity capital (directed to the formation of working capital) in the amount of 274,616 thousand rubles is required.

In table. 11.4 shows the calculation formulas and recommended trends in turnover rates.

Table 11.4. Calculation of turnover ratios

Index
turnover working capital	Revenue (nepo) from sales: : Average cost of current assets for the period	Acceleration of turnover - a positive trend
Equity turnover	Revenue (nepo) from sales: Average amount of equity capital for the period
Total debt turnover	Proceeds (nepo) from sales: : Average value of attracted and borrowed capital for the period
Loan debt turnover	Proceeds (nepo) from sales: : Average debt on loans for the period

When accounting for sold products on an accrual basis (by shipment), in addition to cost, the composition of accounts receivable also includes profit. Inclusion in the calculation of the amount of invested capital of the amount of potential profit cannot be recognized as legitimate.
The average percentage of profit as part of revenue, obtained from a specific calculation.

Introduction

Chapter 1. Theoretical basis SOURCES OF FORMATION AND INCREASE OF WORKING ASSETS

1.1 Goals and objectives of the formation and increase of working capital

2 Classification and types of sources of formation and increase in working capital

3 Methodology for the effectiveness of sources for the formation and increase of working capital

Chapter 2. Working capital management (for example)

1 Brief economic characteristic enterprises.

2 Analysis of the turnover of current assets

3 Evaluation of the effectiveness of the use of working capital

Chapter 3. Improving working capital management

1 Problems of working capital management

2 Ways to solve the problems of working capital management

Conclusion

Bibliography

Glossary

Introduction

Relevance of the research topic: The transition of the economy to market economic conditions strengthens the responsibility of enterprises and associations for the use financial resources. Enterprises operating in a competitive environment as independent producers are interested in expanding their market segments and gaining additional profit. Each of them seeks to clearly navigate the complex interweaving of the market mechanism, correctly assess the production and economic potential, development prospects, and financial stability. In general, the relevance of this study is determined by the needs of developing a theory and improving practice and the effective use of current assets of an enterprise.

The purpose of the work is the analysis of the turnover of current assets, as the most significant organizational and methodological foundations for enterprises aimed at developing and improving production efficiency.

object research is advocated by the joint-stock company " The Golden Fleece».

Subject research are theoretical and practical aspects of the analysis of current assets of the enterprise.

Theoretical, practical and methodological foundations of the study - the works of domestic and foreign economists, the main provisions of modern economic theory. Methodological and organizational aspects of the analysis allow the most efficient use of the financial resources of the enterprise.

Work structure:

The course work consists of an introduction, three chapters, a conclusion, a list of references and applications.

The introduction reveals the relevance of the chosen research topic, defines the goal and objectives, subject and object of research.

The first chapter "Theoretical foundations of the analysis of current assets" discusses the concept of current assets, their composition and structure, methods of analysis of current assets.

In the second chapter - "Analysis of the turnover of current assets joint-stock company"Golden Fleece" considered the analysis of the composition of current assets, the analysis of the turnover of working capital and the analysis of the effectiveness of their use.

In the third chapter - "Problems and ways to improve the analysis of the turnover of current assets, problems are considered and ways to improve the turnover of current assets are proposed.

In conclusion, the main conclusions based on the results of the study are presented.

Chapter 1

1.1 Goals and objectives of the formation and increase of working capital

working capital commonly referred to as assets (funds) that will be converted into cash in the course of the firm's normal operations over a period not exceeding one year.

working capital enterprises are mobile assets of an enterprise that are or can be converted into cash within a year or one production cycle.

Working capital- these are financial resources invested in objects, the use of which is carried out by the enterprise either within the framework of one reproduction cycle, or within a relatively short calendar period (as a rule, no more than 1 year).

These funds constantly make a circuit in the process of economic activity, changing their form from cash to commodity and vice versa. Thus, they form the bulk of the cost of production. On the other hand, they are the guarantor of the liquidity of the enterprise, that is, its ability to pay its obligations. The composition of working capital is understood as a set of elements that form working capital and circulation funds, that is, their placement in separate elements.

The structure of working capital is the ratio of individual elements of working capital production assets and circulation funds, that is, it shows the share of each element in the total amount of working capital.

The predominant part of circulating production assets is made up of objects of labor - raw materials, basic and auxiliary materials, purchased semi-finished products, fuel and fuel, containers and container materials. In addition, the working capital includes some tools of labor - low-value and wearing items (IBE), tools, special devices, replaceable equipment, inventory, spare parts for current repairs, special clothing and shoes. These tools are less than a year old or have cost limits. The limits on the value of funds in circulation change periodically, which is associated with ongoing revaluations of fixed assets and the period of their acquisition.

In addition, at enterprises, these tools of labor often number in the thousands, which makes it technically difficult to account for their wear and tear. Therefore, in practice they are not classified as fixed, but as revolving funds.

The listed items and tools make up a group of circulating production assets - production reserves. In addition to them, working capital includes work in progress and deferred expenses.

The main purpose of funds advanced to working capital assets is to ensure a continuous and rhythmic production process.

In addition to circulating production assets, circulation funds are formed at enterprises. These include: finished products in stock; goods shipped; cash in the cash desk of the enterprise and in bank accounts; accounts receivable; funds in other accounts.

The main purpose of circulation funds is to provide resources for the circulation process.

The composition and structure of working capital are not the same in various sectors and sub-sectors of the economy. They are determined by many factors of industrial, economic and organizational order. So, in mechanical engineering, where the production cycle is long, high specific gravity work in progress. On the light and Food Industry the main place is occupied by raw materials and materials (for example, in the textile industry). At the same time, the food industry (for example, dairy, butter and cheese) has relatively high stocks of auxiliary materials, containers, and finished products.

In enterprises where a large number of tools, fixtures, and devices are used, the proportion of low-value and wearing items is high (for example, in mechanical engineering and metalworking).

In the extractive industries, there are practically no stocks of raw materials and basic materials, but the proportion of deferred expenses is large. In addition, for example, in the oil industry, an increased share is made up of auxiliary materials, spare parts for the repair of basic backgrounds.

The value of finished products, goods shipped, receivables is influenced by such factors as the terms of sale of products, forms and condition of accounts.

The main feature of current assets is liquidity, i.e. the speed at which an asset element is converted into cash.

In decreasing order of liquidity, working capital can be classified:

1. Cash. They are the most liquid element of current assets. These include cash on hand, funds in settlement and currency and other bank accounts. They are the most important indicator solvency of the organization.

2. Easily implemented securities: Companies often invest excess cash in certificates of deposit, bills of exchange accepted by banks, government securities or high-quality securities of large companies, and their own shares. Such securities must be easily marketable, have short term circulation, eliminate the risk of losing the principal amount. Shares in other companies are not considered current assets because: the value of the shares is subject to significant fluctuations, the shares represent ownership of the enterprise (not the assets), the owners of the shares are compensated only after the claims of creditors are satisfied. Therefore, shares are classified as non-current assets (except for shares of one's own company).

3. Debtor accounts. The sale of products on credit until the corresponding amounts are received is reflected in the balance sheet as accounts receivable. Liquidity depends on the financial condition of debtors and their business reputation.

4. Bills to be received. Unpaid promissory notes under special agreements for payment for the supply of products and services.

5. Material stocks. These include finished goods, stocks of raw materials, work in progress.

6. Other current assets. These include short-term investments in shares of other enterprises, life insurance premiums.

Current assets can also be classified according to the degree of risk of loss of liquidity (Table 1.).

Table 1

degree of risk	working capital groups
1. Minimal Risk	cash, easily marketable short-term securities
2. Low risk	accounts receivable of enterprises with a normal financial position, stocks of raw materials and materials (excluding stale ones), finished products in stock (mass consumption and in demand)
3. Medium risk	industrial and technical products, work in progress, deferred expenses
4. High risk	DZ of enterprises with a difficult financial situation, finished products that are out of use; stale reserves, other illiquid assets

Working capital is classified according to its form (by place and role in the process of reproduction) :

1) production or material (stocks, work in progress, finished products);

2) payment (cash, etc.).

Consideration of the composition and structure of working capital allows us to touch upon such an important problem of organizing working capital as their rational placement between the spheres of production and circulation.

Establishing the optimal ratio of working capital in production and circulation is important for providing funds for the implementation production program, and is also one of the main factors in the efficiency of the use of working capital.

According to the degree of planning working capital is divided into normalized and non-standardized. Tangible current assets are standardized, and payment assets are not standardized.

According to the sources of formation current assets are divided into own, borrowed and attracted.

In modern economic conditions, enterprises have been granted broad rights in the disposal of working capital. Working capital is at the disposal of the enterprise and is not subject to withdrawal. Enterprises can sell them and transfer them to other enterprises, organizations, institutions, citizens, lease, provide for temporary use (with the exception of those that are not owned or used by enterprises).

An important problem in the enterprise is to ensure the safety of working capital. In the process of financial planning, it is important to determine the possible presence of a surplus or shortage of working capital at the beginning of the planning period. For this, the sum of the expected (actual) availability of the company's own working capital at the beginning of the planning period is compiled with its total need for working capital.

If the planned demand exceeds the amount of the company's own working capital, there is lack of own working capital . Enterprises that have allowed the formation of a shortage of working capital can fulfill it at their own expense and temporarily at the expense of borrowed funds.

If the ratio is reversed, then surplus own funds , which can serve as a source of financing for the increase in working capital.

The lack of own working capital may arise as a result of a number of reasons that depend and do not depend on the activities of the enterprise. The enterprise may not ensure the safety of its own working capital, that is, lose a certain amount, allowing excess losses, illegal diversion of working capital, for example, for the needs of capital construction, loss of profit.

The economic conditions in which enterprises operate have a significant impact on the state of working capital. An increase in prices for purchased inventory leads to the formation of a shortage of own working capital in enterprises on a large scale. One of the sources of its replenishment is a bank loan, which, in conditions of inflation, is provided at high interest rates.

The financial policy pursued by the state may impede or stimulate the normal production and financial activities of enterprises, including the rational use of working capital. Important role at the same time belongs to the tax policy of the state. Thus, the attribution of a number of taxes to the cost of production (works, services), the features of paying VAT to the budget, advance payments of income tax lead to the diversion of working capital of enterprises for non-production costs. This forces enterprises to resort to loans at high interest rates, look for unscheduled sources of funds, and violate financial discipline. The diversion of working capital leads to a slowdown in their turnover, reduces the efficiency of the enterprise, worsens its financial condition.

The organization of working capital of an enterprise necessarily includes systematic monitoring of their safety and efficiency of use through audits and surveys based on statistical data, operational and accounting reports.

1.2 Classification and types of sources of formation and increase in working capital

The main working capital of the organization is entirely consumed in each production process, fully transfers its value to the finished product and changes its natural form. Classification of working capital assets:

Working capital in inventories:

a) raw materials, basic materials;

b) purchased semi-finished products;

c) auxiliary materials;

d) fuel;

e) containers and packaging materials;

f) spare parts for current repairs;

g) low-value and quickly wearing out household equipment and tools.

Working capital in the production process:

a) work in progress;

b) the cost of developing new products;

c) semi-finished products of own production.

Raw materials are the object of labor, for the extraction or production of which labor was expended. Raw materials are, for example: ore, cotton. Materials are objects of labor that have already undergone industrial processing, such as rolled metal. Products are made from basic materials, they form its main material content.

Semi-finished products - products of labor that have passed one or more stages of production, but require further processing or assembly.

Containers and packaging materials - represent all types of packaging and materials necessary for their manufacture. Work in progress - these are objects of labor that are being processed or awaiting further processing and have not yet become part of the finished product.

The composition, structure and value of the working capital of various associations (enterprises) are different, since they depend on the nature and volume of output, the duration of the production cycle, the degree of mechanization and automation of production.

The enterprise not only produces products, but also sells them, therefore, in addition to circulating production assets, it also has circulation funds. Circulation funds include finished products in the warehouse of the enterprise, cash on hand and on the current account with the National Bank, as well as in pending payments for shipped products.

The amount of circulating production assets and circulation funds in monetary terms is the working capital of the enterprise. All property of the enterprise can be divided into:

Immobilized assets (1 section of the balance sheet)

Mobile assets (balance sheet section 2), which include inventories, cash, receivables, etc.

The stability of the financial position of an enterprise largely depends on the appropriateness and correctness of investing financial resources in assets. The structure of economic assets largely depends on the type of activity of the enterprise.

Section 2 of the balance sheet "Current assets" combines various items that include current assets (current assets). Current assets include:

Stocks (including raw materials, materials, IBE, finished products, goods shipped, etc.).

VAT on purchased assets.

Accounts receivable short-term and long-term debt.

Short-term financial investments.

Cash (including cash, current account, foreign currency account, etc.)

Other current assets.

For the purposes of in-depth analysis, it is advisable to group all current assets into risk categories. For example, it is more likely that receivables will be easier to sell (convert to cash) than work in progress or deferred expenses. In this case, the scope of a particular type of working capital should be taken into account. Assets that can only be used with purpose, have a greater risk (lower probability of realization) than multi-purpose assets. The more funds invested in assets that fall into the high claim category, the lower the company's liquidity.

Degree of risk	Group of current assets
Minimum	Cash, marketable short-term securities
	Accounts receivable of enterprises with a normal financial position + stocks (excluding stale) finished products of mass consumption in demand
	Production of production and technical, work in progress, deferred expenses
	Accounts receivable of enterprises in a difficult financial situation, stocks of finished products that are out of use, stale stocks, illiquid assets

In the development of the above analysis, it is advisable to evaluate the trend in the ratio of hard-to-sell assets and the total value of assets, as well as hard-to-sell and easy-to-sell assets. The upward trend in these ratios indicates a decrease in liquidity.

When conducting such an analysis, it should be remembered that the classification of working capital into hard-to-sell and easy-to-sell cannot be constant, but changes with changes in specific economic conditions. For example, in conditions of supply instability and the depreciation of the ruble, enterprises may be interested in investing in inventories and other types of commodity material assets, market prices for which are steadily growing, which gives grounds to classify the assets of this group as easy to sell.

There are also more serious negative consequences of such a significant amount of hard-to-sell assets on the company's balance sheet. This so-called dead capital slows down the turnover of funds in the enterprise and, consequently, reduces the efficiency of its activities. Often, at our enterprises, the drop in the values of profitability indicators is largely determined by the presence and growth of the share of hard-to-sell assets.

Finally, hard-to-sell assets reflected as separate elements of working capital distort the true picture of the enterprise's liquidity, misleading its management and business partners. The situation is aggravated by the fact that at many of our enterprises control over the safety of inventory items has been significantly weakened. Often carried out formally, the inventory does not allow the head of the enterprise and his accounting department to draw up an objective picture of the presence and safety of material assets.

The turnover of inventories characterizes the speed of movement of material assets and their replenishment. The faster the turnover of capital placed in stocks, the less capital is required for a given volume of business transactions.

Inventory turnover varies greatly across industries. In industries with a long production cycle, maintaining inventory requires more capital.

The timing of the turnover of inventories of enterprises in the same industry, as a rule, characterizes how successfully they use capital. As it was found out earlier, the accumulation of stocks is associated with a very significant additional cash outflow, which makes it necessary to assess the possibility and feasibility of reducing the storage period of material assets. The fall in the purchasing power of money forces enterprises to invest temporarily free funds in stocks of materials. In addition, the accumulation of stocks is often a forced measure to reduce the risk of non-delivery (undersupply) of raw materials and materials necessary for the production process of the enterprise. We note in this regard that an enterprise that focuses on one main supplier is in a more vulnerable position than enterprises that build their activities on contracts with several suppliers.

At the same time, it should be borne in mind that the policy of accumulation of stocks of inventory items inevitably leads to an additional outflow of funds, due to:

Ø increase in costs arising in connection with the ownership of inventories (rent storage facilities and their maintenance, the cost of moving stocks, property insurance, etc.);

Ø increase in costs associated with the risk of losses due to obsolescence and damage, as well as theft and uncontrolled use of inventory items; it is well known: the greater the volume and period of storage of property, the weaker (more difficult) control over its safety;

Ø Increasing the amount of taxes paid. In terms of inflation actual cost of used production stocks (the amount of their write-off to cost) is significantly lower than their current market value. As a result, the amount of profit turns out to be "inflated", but it is from it that the tax due will be calculated. The picture is similar with the value added tax. That the amount of property tax increases with the increase in the volume of stocks, probably, does not require explanation;

Ø diversion of funds from circulation, their "death". Excessive reserves stop the movement of capital, violate the financial stability of the activity, forcing the management of the enterprise to urgently seek the funds necessary for current activities (usually expensive). Therefore, not without reason, excessive inventories are called the "graveyard of business." These and other negative effects of a stockpiling policy often completely offset the positive effects of savings from earlier purchases.

A significant outflow of funds associated with the costs of the formation and storage of stocks makes it necessary to find ways to reduce them. At the same time, of course, we are not talking about reducing the amount of costs for the creation and maintenance of stocks of inventory items to a minimum. Such a solution would most likely turn out to be ineffective and would lead to an increase in losses of a different kind (for example, from damage and uncontrolled use of inventory items). The challenge is to find a "golden mean" between excessively large stocks, which can cause financial difficulties (lack of funds), and excessively small stocks, dangerous for the stability of production. Such a task cannot be solved in the conditions of spontaneous formation of reserves; an established system of control and analysis of the state of reserves is necessary.

In the theory and practice of inventory management, the following main signs of an unsatisfactory resource control system are distinguished:

Ø trend towards a constant increase in the duration of storage of stocks; continuous growth of stocks, noticeably outpacing the dynamics of the increase in the volume of products sold;

Ø frequent interlayers of equipment due to lack of materials; lack of storage space;

Ø periodic rejection of urgent orders due to lack (absence) of inventories;

Ø large amounts of write-offs due to the presence of obsolete (stale), slow-moving stocks;

Ø Significant amounts of inventory write-offs due to their deterioration and theft. The main objectives of control and analysis of the state of stocks:

Ø ensuring and maintaining liquidity and current solvency; reduction of production costs by reducing the cost of creating and storing stocks; reduction of loss of working time and equipment downtime due to lack of raw materials and materials;

Ø prevention of damage, theft and uncontrolled use of material assets.

1.3 Methodology for the effectiveness of sources for the formation and increase of working capital

working capital management

The main purpose of the analysis- timely identification and elimination of shortcomings in working capital management and finding reserves to increase the intensity and efficiency of its use. And also: identification of factors affecting the turnover and duration of one period, quantitative measurement of their influence; determination of the impact of turnover of working capital on the financial condition of the enterprise

Horizontal Analysis current assets- this is the study and comparison of each indicator of current assets with the previous period in order to assess the absolute and relative changes. Horizontal Analysis based on three analytical procedures:

Aggregation of balance sheet indicators into an analytical balance sheet and calculation of the absolute values of consolidated items. For example, undeciphered items: inventories, cash, or all receivables (long-term and short-term).

· Calculation of analytical indicators for each enlarged or regular article: absolute and relative changes in indicators, basic and chain growth rates and growth, depending on the purpose of the analysis.

Identification of the main patterns and trends in the change in the property status of the enterprise, the factors that caused them and the forecast of the prospects for its strengthening.

In the course of analyzing and diagnosing the property condition of an enterprise, the following interpretations of the ratio and changes in indicators are possible:

1. An increase or decrease in the property of an enterprise (non-current and current assets) indicates an increase or decrease in the production potential of the enterprise, its activities.

2. Violations of the proportional equity participation of non-current and current assets, as well as own and borrowed sources of their formation in the absolute change in property can cause structural shifts in its composition, which in turn is a consequence of disproportions in the implementation different types activities and, as a result, will change the state of the financial stability of the enterprise.

Growth in accounts payable should be accompanied by a corresponding increase in accounts receivable and cash.

Vertical Analysis current assets- this is the definition of the structure of current assets, that is, the allocation of the share of individual articles of current assets in the final indicator, the balance sheet, the definition of structural changes. The structure of working capital reflects the specifics of the operating cycle.

When analyzing the structure of current assets, it should be borne in mind that the stability of the financial condition largely depends on the optimal allocation of funds according to the stages of the circulation process: supply, production and marketing of products. The amount of capital investment in each stage of the circuit depends on the industry and technological features of enterprises. So, for enterprises with material-intensive production, a significant investment of capital in inventories is required, for enterprises with a long production cycle - in work in progress, etc.

Vertical Analysis based on four analytical procedures:

· Aggregation of balance sheet indicators into an analytical balance sheet and calculation of the absolute values of aggregated items as well as in horizontal analysis.

· Calculation of indicators of the structure of current assets in the context of types of funds and sources of their formation.

· Calculation of deviations in the structure of current assets for the compared periods.

· Identification of the main trends and patterns in the change in current assets, the factors that caused them and the forecast of the prospects for its strengthening.

An increase in the share of current assets in the composition of property causes an acceleration in the turnover of the company's assets and vice versa; an increase in inventories and costs in the composition of current assets leads to a slowdown in the turnover of current assets, and an increase in the share of cash and short-term financial investments - to its acceleration. An increase in the share of receivables with a decrease in the share of inventories indicates the actual immobilization of inventories from the production process and a decrease in its volume.

The growth in the share of fixed assets with a simultaneous increase in the share of inventories and work in progress indicates an increase in the production base of the enterprise and, at the same time, with a significant increase in the latter (NP), an irrational economic strategy, as a result of which a significant part of working capital is concentrated in the least liquid form.

The increase in the share of financial investments determines the development trend financial activities along with production (with slight fluctuations in the share of cash and inventories) or due to the curtailment of production (with their reduction).

Vertical analysis of material working capital allows us to characterize the type of activity of the enterprise. Trade enterprises have no stocks of materials and work in progress, with a large volume of goods for resale and goods shipped. Organizations providing services, as a rule, do not have inventories and finished products as part of their property, and current assets are represented by a significant share of receivables and deferred expenses.

Increasing the share of own funds in the composition of sources due to redistribution specific gravity any other source indicates the strengthening of the financial independence of the enterprise.

An increase in the share of retained earnings can be considered as a source of replenishment of working capital and a decrease in the level of short-term debt as part of the sources of their formation.

The main rule of vertical analysis is the observance of the proportion: the ratio of the shares of current assets and non-current assets must be greater than the ratio of the shares of borrowed and own funds.

Ratio analysis - this is a calculation of relative financial indicators, based on the absolute indicators of current assets, is the ratio of interconnected units.

Business activity indicators allow assessing the financial position of an enterprise in terms of solvency: how quickly funds can turn into cash, what is the production potential of the enterprise, whether equity and labor resources are used efficiently, how the enterprise uses its assets to generate income and profit.

Chapter 2. Working capital management (on the example of JSC Golden Fleece)

1 Brief economic characteristics of the enterprise

Joint stock company "Golden Fleece" is a specialized enterprise for the production of pure wool fine-combed yarn.

The enterprise was commissioned in December 1977.

The building area is 17.13 hectares, the area of the main building is 6 hectares.

The number of employees is 1730 people.

The capacity of the enterprise is 42.9 thousand spindles.

Output - 4,500 tons of yarn per year.

The main types of products: pure wool combed yarn from No. 20 to No. 40 from Kyrgyz merino wool; No. 45 and up in Australian merino wool.

General information about the enterprise

· Location: Bishkek city;

· Branches: in the cities of Bishkek, Karakol and Osh;

· Main banker: OJSC Kairat-Bank;

· Number of employees and workers: 50 people;

· Form of ownership: 100% private ownership.

· Regions of activity, taking into account the possibility of delivery: Uzbekistan, Kazakhstan, southern regions of Kyrgyzstan.

The mission of JSC "Golden Fleece" - promote the development of market relations in the domestic textile industry, through the production and release of a wide range of high-quality textile products competitive on the world market based on the introduction of high technologies.

Organizational structure of management of JSC "Golden Fleece" as can be seen in Fig. 1, it has not only horizontal, but vertical connections.

Figure 1. Management structure of JSC "Golden Fleece"

· The organizational structure presented above (Fig. 4) has a sufficiently branched system for this enterprise, taking into account its financial resources and capabilities.

Basic goals and directions enterprise activities:

1) Increase in production (by at least 25%) of high-quality export-oriented and high-quality products;

2) Expand wholesale and retail sales of textile products;

) Systematic study of demand and expansion of the range of certified international standards products - up to 50 items;

) To take a wide part in exhibitions of the textile industry;

) Implement and implement profitable and cost-effective investment projects in the above areas of activity of the enterprise;

) Carry out appropriate activities to advertise products;

) Systematically implement an action plan to organize training and improve the skills and experience of employees and specialists.

Having modern equipment and highly qualified service personnel, the enterprise can produce high quality yarn using Kyrgyz and Australian wool. "Golden Fleece" is an exporter of pure wool fine-combed yarn, production waste, etc.

Table 1

Characteristics of the structure and dynamics of property (current assets)

Indicators			+,- changes
1. Property of the enterprise in total:
of which: 1. Working capital as a percentage of property
1.1. Cash and short-term securities
in % to working capital
1.2. Funds in settlements
in % to turnover. funds
1.3. Inventory in % of working capital

table 2

Characteristics of the structure and dynamics of property (non-current assets)

Indicators			+,- changes
2. Fixed assets and non-current assets
in % to property
2.1. fixed assets
in % to property
in % to non-mobile means
2.2 Capital investment
in % to property
in % to non-mobile means
2.3 Financial investment
in % to property
in % to non-mobile means
2.4. Settlement founders in % of non-mobile funds in % of property			1531 -18.7 -3,49

Fixed assets and non-current assets in 2011 amounted to 20% of the value of all property, in 2012 their share increased by 1.7%, while reducing the cost by 12.74 thousand soms, the share of fixed assets in the property of the enterprise increased from 10, 4% to 14.1%; in 2012, 7 units of new spinning machines TS-72 were installed in the spinning shop; In the blending shop, the technology of double distillation of wool ART was introduced. The old equipment was dismantled. All this helped to increase the production capacity of the factory and improved the quality of products.

2.2 Analysis of the turnover of current assets

To form the company's strategy, it is necessary to conduct a financial analysis.

Analysis of the financial position and results of economic activities of JSC "Golden Fleece" was made according to the annual reports for 2011-2012.

The structure and dynamics of the sources of funds of JSC "Golden Fleece" is characterized by the data given below in table 2.

table 2

Structure and dynamics of sources of enterprise funds

INDICATORS
1. Total sources of funds
of which: 2. Own funds, enterprises
in % to the total amount of sources
3. Borrowed funds
in % to the total amount of sources
3.1 Short-term loans and borrowings
in % of borrowed funds
3.2. Accounts payable
in % of borrowed funds
3.3. Long-term credits and loans
in % of borrowed funds

Borrowed funds account for the largest share in the liabilities of the factory in 2011 - 87.8%, in 2012 - 85.2%, in the structure of borrowed funds, the largest share falls on the share of accounts payable 81.7% and 71.6%, respectively, and in the last 28.9% are unpaid supplier invoices. The share of short-term credits and loans increased during the period under review from 12 to 15%. The share of long-term bank loans in the composition of borrowed funds is an insignificant value of 6.5% in 2012 against 4.8% in 2011, which indicates an insignificant share of funds directed to the development of the factory's production potential.

The factory's own funds decreased over the period under review by 370 thousand soms, due to a decrease in special-purpose funds, in the structure their share in 2011 accounted for 12%, in 2012 15%.

The analysis of the financial stability of the factory in terms of the ratio of the cost of inventories and the value of own and borrowed sources of their formation is presented by the data given in table 3.

Table 3

Financial stability analysis

During the period under review, fixed assets and non-current assets exceeded the sources of own funds, i.e. The factory did not have its own funds. In 2012, despite a significant reduction in the total amount of reserves and an increase in short-term loans, there was a lack of the total value of the main sources of reserves and costs in the amount of 5621 thousand soms, which indicates a financial crisis.

The most general indicator of financial stability is the surplus or shortage of sources of funds for the formation of reserves and costs, obtained as a difference in the value of sources of funds and the value of reserves and costs. This refers to the security of certain types of sources (own, credit and other borrowed), since the sufficiency of the sum of all possible types of sources (including short-term accounts payable and other liabilities) is guaranteed by the identity of the results of the asset and liabilities of the balance sheet.

To characterize the sources of formation of reserves and costs, several indicators are used that reflect the varying degree of coverage of different types of sources: the presence of own working capital, equal to the difference in the value of sources of own funds and the value of fixed assets and investments (Table 4):

Table 4

Indicators reflecting varying degrees of coverage of different types of sources

Index
Own working capital

The main sources of formation of reserves and costs	2960 = -1294+4254	4696 = -390 + 5086
The main sources for the formation of reserves and costs
Own and long-term borrowed sources of reserves and costs

The presence of own and long-term borrowed sources of formation of reserves and costs, obtained from the previous indicator by an increase in the amount of long-term loans and borrowed funds.

The total value of the main sources of formation of reserves and costs, equal to the sum of the previous indicator and the value of short-term loans and borrowings (which in this case do not include loans that are not repaid on time).

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

surplus (+) or shortage (-) of own working capital:

excess (+) or shortage (-) of own and long-term borrowed sources of reserves and costs

surplus (+) or shortage (-) of the total value of the main sources for the formation of reserves and costs

Receiving payments from debtors is one of the main sources of funds for the enterprise

The scarcity of cash in the economy has forced companies to change the way they sell their products, which in turn has changed pre-existing customer relationships and receipts, and has required businesses to develop new credit and collection policies.

The heterogeneous impact of inflation on different product groups has made it difficult to coordinate between purchasing and sales policies, which adds to the importance of implementing efficient collection procedures.

Accounting for the real costs or benefits of credit decisions taken can be used as a tool to expand profits and increase the turnover of current assets.

The structure of the property value of JSC "Golden Fleece" reflects the features of the production profile of the company. The largest share falls on the share of working capital, during the period under review, the share of working capital increased mainly due to the growth of accounts receivable, which is close to half the cost of all working capital. Growth in accounts receivable: occurred due to unpaid clearing deliveries. Inventory decreased by more than half in absolute amount and by almost 22% in specific weight, the result of such a change in the structure was a sharp decline in production, 56.7% of the volume of 2011 (excluding inflationary factors).

2.3 Evaluation of the effectiveness of the use of working capital

The liquidity of the enterprise is significantly influenced by the term of the loan.

To characterize the liquidity of the balance, let's define the general, intermediate and absolute liquidity ratios; available liquid funds do not cover the debt of the enterprise, - the intermediate liquidity ratio indicates that the factory can pay off 50% of its obligations by collecting receivables and available funds.

Table 5

Liquidity analysis of JSC "Golden Fleece"

Indicators			changed.[+-)
Current assets:
1. Stocks and costs
2. Cash, settlements and other assets of them: Cash

Enterprise debt
General balance sheet liquidity ratio
Ratio of accounts payable to accounts receivable
Absolute balance liquidity ratio
Autonomy factor

The efficiency of the enterprise depends on its ability to generate the necessary profit. There are some ratios of indicators necessary for the normal functioning of the enterprise. So, the cost of production should be in a satisfactory ratio to the volume of sales, revenue - in an acceptable ratio to the invested capital, etc. These ratios largely determine the main value criteria of a profitable enterprise. Based on an analysis of the current state of such criteria and the emerging trends in their change, measures are developed that are necessary to stabilize favorable trends or, conversely, to eliminate unfavorable ones.

AT general case profitability is understood as the ratio of profit received for a certain period to the amount of capital invested in the enterprise.

Depending on the direction of investment of funds, as well as forms of raising capital, there are and use various indicators of profitability. (Table 2.1)

Table 2.1

Profitability indicators

Depending on the direction of investment of funds, as well as forms of raising capital, there are and use various indicators of profitability. In 2011, this figure was 26%, and in 2012 - 29.8%, hence the absolute change is 3.8%.

Capital investors (shareholders) invest their funds in an enterprise in order to obtain a return on investment, therefore, from the point of view of shareholders, the best assessment of the results of economic activity is the presence of a return on invested capital. The indicator of profit on the capital invested by shareholders (owners), also called the return on equity, is determined by the formula:

The considered profitability indicators characterize one approach to evaluating the effectiveness of a company: they indicate the profitability of capital investments in a particular enterprise.

If the activity of the enterprise is focused on the future, then it is necessary to develop an investment policy.

The calculated coefficients and relative indicators according to the annual balance sheets of JSC "Golden Fleece" are given in Table 2.2.

Table 2.2

Calculation of coefficients and indicators

Indicators	Absol. Change		Norm. display.
Autonomy factor
Coef. dependence of own funds on financial stability obligations
Ratio of mobile to non-mobile means
Agility factor			>= 0,5
Coef. production property
Coef. self-funded reserves

Coef. dependence of working capital on liabilities
Coef. absolute liquidity
Coef. current: liquidity (coefficient of coverage)
General liquidity ratio
The ratio of book profit to production costs
Coef. the real value of fixed assets in the property of the enterprise
Return on assets in %		industry special.
Return on equity in %
Profitability (profitability) of the authorized capital in %
Cost of goods sold in %
Profitability of production in %
inventory turnover
Inventory turnover in days
Working capital turnover
Working capital turnover in days

The financial position of the enterprise, its liquidity and solvency, directly depends on how quickly the funds invested in assets are converted into real money.

Financial stability ratio characterizing the dependence of own funds on liabilities in 2011 amounted to 7.2, and in 2012 to 5.8 i.e. there was a decrease by 1.4 points for each som of own funds, the factory uses 5.8 soms of borrowed funds in its turnover, which far exceeds the critical value of this indicator and indicates a loss of financial independence.

Autonomy factor, showing the share of own funds in make up only 15 % from the total sources.

Coefficient of dependence of working capital on liabilities has a negative value and indicates an excess of accounts payable over the total amount of working capital.

The duration of funds in circulation is determined by the combined influence of a number of external and internal factors. The first should include the scope of the enterprise, industry affiliation, the scale of the enterprise and a number of others. No less impact on the turnover of assets is exerted by the economic situation in the country and the associated business conditions of enterprises. Thus, inflationary processes, the absence of well-established economic relations with suppliers and buyers in most enterprises lead to a forced accumulation of stocks, which significantly slows down the process of turnover of funds.

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

Turnover ratio in 2011 it amounted to 345 thousand soms, and in 2012 - 289 thousand soms. From this it follows that the absolute changes are 56.t. catfish

· monitor the status of settlements with buyers on deferred (overdue) debts;

Targeting as many buyers as possible to reduce the risk of non-payment by one or more large buyers;

· monitor the ratio of accounts receivable and accounts payable: a significant predominance of accounts receivable poses a threat to the financial stability of the enterprise and makes it necessary to raise additional funds; the excess of accounts payable over accounts receivable can lead to the insolvency of the enterprise;

Provide discounts for early payment.

The final step in the analysis of receivables turnover should be the assessment of the compliance with the conditions for obtaining and providing a loan. The activity of any enterprise is associated with the acquisition of materials, products, the consumption of various kinds of services. If payments for products or services rendered are made on the terms of subsequent payment, we can talk about the receipt of a loan by the enterprise from its suppliers and contractors. The enterprise itself acts as a creditor of its buyers and customers, as well as suppliers in terms of advances issued to them for the upcoming delivery of products. Therefore, the extent to which the terms of the loan granted to the enterprise correspond to the general conditions of its production and financial activities (the duration of the materials in stocks, the period of their transformation into finished products, the maturity of receivables) depends financial well-being enterprises.

Chapter 3. Improving working capital management

1 Problems of working capital management

The economic crisis most acutely affected the real sector of the economy, which is characterized by the degradation of its structure, an unprecedented decline in production volumes, paralysis of the investment activity of enterprises, weakening of the scientific and technical potential of industry, disorder financial system social reproduction. The main reasons for this are the deepening disproportions in the development of the real sector and the sphere of circulation, the lack of development legal regulations regulation of certain types economic activity.

At present, for JSC "Golden Fleece" the tasks of maintaining sustainable production and stabilizing current financial activities have become a priority. The issues of strategic development, investments in the main production, to some extent, faded into the background. The key problem that caused the decline in the current financial stability of JSC "Zolotoe Fleece" is the shortage of working capital necessary to ensure current production. The main disputes hindering the development of the enterprise were, on the one hand, non-payments of buyers, on the other hand, a large share of the monetary component in the payments for the supplied products.

In recent years, there have been changes in the structure of the sources of financial resources of JSC "Golden Fleece". Compensation for losses from a decrease in income from core business activities in most industries began to be healed mainly at the expense of proceeds from core business operations, which was due to their increasing focus on foreign markets and currency transactions, active entry into financial speculative markets, and expansion of practice "natural exchange" transactions and mutual offsets, the transfer of part of the accounts through subsidiaries, etc. In a short time, this source became the second most important in the formation of the total financial resources of most sectors of the economy, and for construction and individual industrial branches- dominant. The sharp increase in other income is generally a negative phenomenon. It indicates an increase in unpredictability in the formation of financial resources, a decrease in the accuracy of calculating probable volumes, and an increase in the risk of “shortage” of financial resources.

The ratio between accounts payable and accounts receivable worsened. Overdue accounts payable in the industry as a whole account for half of this type of debt. Such a high growth of overdue debts of JSC "Zolotoe Fleece" in economic terms means an equally rapid and significant reduction financial sources restoration of industry, its sectoral structure, normal reproduction. The main reason for the negative dynamics of the indicators of the ratio of receivables and payables, as well as the steady upward trend in overdue debts in its total amount, is the physical reduction and destruction of fixed production assets, the cessation in most cases not only of their expanded reproduction, but also simple. The result is a sharp drop in production volumes, which is accompanied by a reduction in own sources of production financing.

There is a tendency to replace part of the enterprise's own working capital and short-term bank loans with debts to suppliers and other creditors. JSC "Golden Fleece" is interested in replacing these sources with accounts payable, the use of which is cheaper than bank loans.

In 2012, despite a significant reduction in the total amount of reserves and an increase in short-term loans, there was a lack of the total value of the main sources of reserves and costs in the amount of 5621 thousand soms, which indicates a financial crisis.

One of the reasons for the deterioration of the financial position of the enterprise can be considered absence of a financial department in the enterprise who would deal financial planning. At the moment, the duties of the financial manager are assigned to the accountant.

In conditions when all sectors of the economy are experiencing a phase of depressive development, the revival of economic activity in the real sector is possible on the basis of an influx of foreign investment, including from the budget. However, in recent years, due to unsuccessful attempts by the government to normalize the process of forming the revenue side of the budget, state funding for economic programs has been practically curtailed. If the reduction in budget support for industries is formally consistent with the essence of market reforms, then the almost complete rejection of lending as a way to mobilize financial resources contradicts the laws of development of a normal market economy.

The main part of industrial capital investments JSC "Golden Fleece" is carried out at the expense of the internal funds of the enterprise, primarily depreciation, and investments in fixed and working capital through savings remain at an extremely low level. Currently, a huge part of domestic savings is not invested in the economy.

3.2 Ways to solve the problems of working capital management

On the present stage economic development one of the most relevant types of investment are current or current assets. This relevance is caused, first of all, by their acute shortage in almost all sectors of economic activity. The wave of mutual non-payments, the source of which is the monetary policy pursued by the government, caused the practical absence of funds among economic entities, as the most liquid element of current assets, which, in turn, led to fundamental fluctuations in the value of inventories at enterprises. In connection with the need to assess the creditworthiness of the enterprise and the strengthening of financial constraints, there is a need to analyze the liquidity of the balance sheet of the enterprise.

JSC "Golden Fleece" has available and very important information that can be used in the control of inventory.

Grouping of material costs should be carried out for all types of inventory in order to identify the most significant among them.

As a result of ranking by cost certain types raw materials among them, a specific group can be distinguished, the control over the state of which is of paramount importance for managing the working capital of an enterprise.

For the most significant and expensive types of raw materials, it is advisable to determine the most rational order size and set the value of the reserve (insurance) stock.

The calculation of indicators of the financial stability of the enterprise is carried out by external users of accounting information. At the same time, the dynamics of the agility indicator will primarily be of interest to shareholders who assess how flexible the managers are in placing their own funds of the enterprise; creditors will be interested in indicators of absolute and general liquidity, the high value of which provides them with a minimum risk of non-payment. In order to maximize cash inflow, an enterprise should develop a system of contracts with flexible terms and forms of payment:

Prepayment. Usually includes a discount

Partial prepayment. Combines prepayment and sale on credit

Transfer for implementation. Provides that the company retains ownership of the goods until the payment for them is paid.

Provisional Invoicing Effective for long-term contracts and provides a regular cash flow as the individual stages of work are completed

bank guarantee. Assumes that the bank will reimburse the required amount in case of default by the debtor of its obligations

Flexible pricing. Used to protect the enterprise from inflationary losses: Flexible prices can be:

linked to the general inflation index

depend on the inflation index for specific products

take into account the actual payment term and profit from alternative cash.

If a full prepayment is not possible, then you should try to get a partial prepayment.

Introduce a system of discounts, not several disparate discounts.

Assess the impact of discounts on financial results company activities

Set targets for various kinds sales: for example, a portion of credit sales may be reserved only for:

prospective customers who currently do not have cash available

entering important new markets

individual emergencies

Establish remuneration for sales personnel based on the effectiveness of sales and payment collection efforts.

Sentence discounts customers is justified if it leads to increased sales and higher overall profits.

The data obtained on the state of current assets indicate a fairly stable financial position. However, a financial manager who analyzes the financial position of an enterprise must remember that final conclusions can only be drawn from the results of an internal analysis of current assets and short-term debt based on analytical accounting data.

For an in-depth analysis, it is advisable to group all current assets into risk categories. For example, receivables are more likely to be easier to sell than work in progress or deferred expenses. At the same time, one should not forget about the use of one or another type of working capital. Those assets that can only be used for a specific purpose are more risky (less likely) than multi-purpose assets.

In the analysis process, the following classification of assets by risk category can be used:

Minimal risk - cash, easily marketable short-term securities.

Low risk - accounts receivable of enterprises with stable financial positions, stocks of inventory items (excluding stale ones), finished products that are in demand.

medium risk - products for technical purposes, work in progress, deferred expenses.

high risk - accounts receivable of enterprises in a difficult financial situation, stocks of finished products that are out of use, stale stocks.

The more funds invested in assets that fall into the category of high risk, the lower the financial stability of the enterprise.

In the development of the analysis carried out, it is advisable to assess the trend in the ratio of hard-to-sell assets and the total value of assets, as well as hard-to-sell and easy-to-sell assets. The upward trend in these ratios indicates a decrease in liquidity.

For improvement financial work it is proposed to introduce a financial department into the structure of the enterprise, which would be engaged in financial planning and distribution of funds.

When conducting such an analysis, it should be remembered that the classification of working capital into difficult and easy to implement cannot be constant; it changes with changes in specific economic conditions. For example, in conditions of supply instability and the ongoing depreciation of the som, enterprises are interested in investing in inventories and other types of inventory. That gives grounds to classify the specified group of assets as easily marketable. The main purpose of the analysis is to timely identify and eliminate shortcomings in financial activities, to find reserves for improving the financial condition of the enterprise and its solvency.

Conclusion

Thus, we can conclude that the most important component of the financial resources of the enterprise are its current assets. Current assets include inventories (raw materials, materials, low-value and wearing items, finished products, goods shipped, work in progress, etc.); cash (funds on current and foreign currency accounts, cash desk, etc.) short-term financial investments (securities, short-term loans, etc.), receivables (debt of buyers and customers, subsidiaries and affiliates, founders on contributions to authorized capital, bills on behalf, etc.).

As discussed in this paper, the rational use of working capital predetermines the overall development of the enterprise. The formation and use of working capital require careful analysis. In a market economy, an enterprise should pay great attention not only to marketing research market research, but also the effective use of available internal resources.

Along with fixed assets, for the successful operation of an enterprise, working capital, their optimal amount and effective use. When the topic of fixed assets and working capital is touched upon, the question of the effectiveness of their use and application necessarily arises. 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.

In the first chapter of this work, the importance and relevance of this topic was shown, the main goals and objectives of the analysis of the turnover of current assets were revealed, the classification and types of working capital were given, the methodology for analyzing the turnover of working capital was considered.

In the second chapter, which occupies most of the work, the operating enterprise of the JSC "Golden Fleece" was examined and its financial position was analyzed in dynamics. We paid much attention to the analysis of the turnover of current assets, an assessment of the effectiveness of the use of working capital was given. The liquidity of this enterprise, the turnover of its resources were also considered, the liquidity and profitability ratios were calculated, and its financial stability was analyzed.

In the third chapter, such issues as the problems of managing current assets were considered and measures were proposed to improve the turnover of working capital. The high growth of overdue debts of JSC "Zolotoe Fleece" in economic terms means an equally rapid and significant reduction in financial sources for the recovery of the industry, its sectoral structure, normal reproduction. The main reason for the negative dynamics of the indicators of the ratio of receivables and payables, as well as the steady upward trend in overdue debts in its total amount, is the physical reduction and destruction of fixed production assets, the cessation in most cases not only of their expanded reproduction, but also simple. The result is a sharp drop in production volumes, which is accompanied by a reduction in own sources of production financing. There is a tendency to replace part of the enterprise's own working capital and short-term bank loans with debts to suppliers and other creditors. JSC "Golden Fleece" is interested in replacing these sources with accounts payable, the use of which is cheaper than bank loans.

During the implementation of the practical part of the work in these areas, we formulated the following recommendations:

a) it is necessary to further improve the methodology for managing the working capital of an enterprise using a system of indicators;

b) it is not advisable to attract a short-term bank loan;

c) measures to improve the organization of production, mainly to optimize the movement of stocks, will lead to faster turnover and additional release of funds.

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Glossary

The financial analysis is a method of assessing and forecasting the financial condition of an enterprise based on its financial statements

Financial condition of the enterprise- a set of indicators reflecting the process of formation and use of its financial resources;

Balance sheet- property and financial position of the entity as of the reporting date

Assets are resources controlled by the entity as a result of past events, the use of which is likely to result in an inflow of economic benefits in the future

Current assets are assets that must be returned to cash within a period of up to one year

Long term assets- these are assets that the entity has for use in production, leasing, administrative purposes and is expected to be used for more than one year

Current responsibility- these are liabilities payable at the request of the creditor, and part of long-term liabilities, the repayment of which is expected within one year from the reporting date

long term duties- this is debt that is not expected to be repaid within one year from the reporting date

Equity- these are the assets of the entity minus its liabilities, consists of the authorized capital and other capital

Income is an increase in economic benefits during an accounting period that takes the form of an inflow or increase in assets, or a decrease in liabilities, resulting in an increase in equity

Consumption is a decrease in economic benefits during the reporting period, occurring in the form of an outflow or depletion of assets or an increase in liabilities, resulting in a decrease in equity

Subjects of financial analysis- owners of enterprise funds, lenders (banks, etc.), suppliers, customers (buyers), tax authorities, enterprise personnel and management, as well as audit firms, consultants, stock exchanges, lawyers, press, associations, trade unions

Company liquidity - the ability to turn assets into cash or receive cash; the ability to cover your short-term liabilities

Current (total) liquidity ratio - ratio of current assets to current liabilities

Quick liquidity ratio , or "critical" evaluation- the ratio of the liquid part of working capital (i.e., excluding inventories) to current liabilities

Absolute liquidity ratio - the ratio of cash to short-term liabilities

Net working capital- the difference between current assets and short-term liabilities

Security of the company's assets with its own working capital- the ratio of net working capital to the assets of the enterprise

Financial stability of the enterprise- this is the ability of a business entity to function and develop, to maintain a balance of its assets and liabilities in a changing internal and external environment, guaranteeing its constant solvency and investment attractiveness within the limits of an acceptable level of risk

Working capital turnover - the most important characteristic in the evaluation of the enterprise. In theory, current assets are capital invested by a company in current activities for each operating cycle. Asset turnover analysis is an integral part of financial analysis. WORKING ASSET TURNOVER - characterizes the number of turnovers made by working capital for reporting period(year) and represents the ratio of the volume of products sold to the standard of working capital. The impact of turnover on the financial results and financial condition of the organization. The greater the speed of circulation of working capital, the less the need for them and the better they are used. Asset turnover is the best way to evaluate the real efficiency operating activities enterprises. In this way, adequate indicators turnover allow us to evaluate, among other things, the maturity and availability of a long-term development strategy for the company.

Asset turnover ratio - the ratio of proceeds from sales of products to the entire total of the asset balance. This indicator characterizes the efficiency of the company's use of all available resources, regardless of the sources of their formation, i.e. it shows how many times a year (or other reporting period) a full cycle of production and circulation takes place, which brings profit to the company, or how many monetary units of sold products brought each monetary unit of assets. Turnover indicators of current assets: economic content and calculation methods. To analyze the turnover rate of current assets in general, the turnover ratio (Ko) is calculated - the ratio of revenue excluding VAT and excises (B) to the average amount of working capital (OBavr) for the period:

Ko \u003d B / OBsr where, OBsr \u003d (OBSn + OBSk) / 2, OBSn, OBSk - respectively, the amount of working capital at the beginning and end of the period.

The value of the turnover ratio of all assets shows the efficiency of the use of current assets, the growth of the indicator in dynamics indicates an increase in the efficiency of the use of current assets in the whole enterprise. The best idea about the effectiveness of the use of assets is provided by indicators of the turnover period of assets, which is the number of days required for their conversion into cash and is the reciprocal of the turnover ratio multiplied by the length of the period. To assess the duration of one turnover in days, an indicator is calculated - the duration of one turnover of working capital according to the formula:

To=360/Ko or To=365/Ko

The value shows how many days, the funds invested in current assets or their components, again take the form of money. The decrease in this indicator in dynamics is a positive factor. The values for the components of current assets are calculated similarly.

The turnover ratio and the duration of the turnover are calculated by the formulas: Ko (DZ) \u003d V / DZsrTo (DZ) \u003d DZsr / V * 360 or To (DZ) \u003d 360 / Ko (DZsr)

Where, DZsr - the average amount of accounts receivable for the period.

The cash turnover ratio is calculated by the formula:

Ko (DS) \u003d V / DS

The value of the indicator shows how many times during the period, the funds in the accounts and cash of the organization made turns. The duration of cash turnover is calculated by the formula: To (DS) = 360 / Ko (DS)

These metrics are used to evaluate business activity companies in the use of funds. A decrease in turnover and an increase in the average period of cash turnover indicates an irrational organization of the enterprise's work, which allows for a slowdown in the use of highly liquid assets, the main purpose of which is to service the production and economic turnover of the enterprise. To assess the level of use of stocks, the inventory turnover ratio is used, which shows how efficiently the company uses stocks, shows the rate of inventory turnover. The calculation is carried out according to the formulas: Ko (ZAP) \u003d B / ZAP Duration of inventory turnover, taking into account revenue To (ZAP): To (ZAP) \u003d ZAP / V * 360 or To (ZAP) \u003d 360 / Ko (ZAP) Increase in the value of the indicator in dynamics indicates an improvement in the organization of stocks at the enterprise, an increase in demand for the company's products, a decrease in overstocking, etc. The decrease in inventory turnover is the basis for a thorough analysis of the organization of production and business processes, organization marketing activities etc. Factors affecting the turnover of current assets. The duration of the funds in the turnover of the enterprise is determined by the combined influence of a number of factors of an external and internal nature. To the number external factors should include: the scope of the company (production, supply and marketing, intermediary, etc.); industry affiliation; enterprise size. The macroeconomic situation has a decisive influence on the turnover of the company's assets. The rupture of economic ties, inflationary processes lead to the accumulation of stocks, which significantly slows down the process of turnover of funds. To internal nature include the pricing policy of the enterprise, the formation of the structure of assets, the choice of methods for assessing inventories. Ways to accelerate turnover. The duration of one turnover is reduced due to the reduction of inventories, the production cycle and the delivery time of finished products. Inventory rates are reduced by regulating the consumption rates of raw materials, replacing scarce raw materials with cheaper ones, using production waste, improving the quality of the material used, increasing the speed of material delivery, using reusable containers, and unifying parts and assemblies. As a result of carrying out organizational and technical measures, the average daily consumption of material assets and the interval between deliveries and, consequently, the need for working capital are reduced. Reducing the delivery time of finished products is one of the ways to improve the use of working capital in the sphere of circulation.

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

The different speed of turnover of certain types of assets is explained by the combined influence of various external and internal factors. To external factors include the type of activity, the scale of the enterprise, the economic situation in the country. In the course of the analysis, attention has already been paid to these factors in other aspects under study. It was also mentioned internal factors, for example, on the effectiveness of the organization's asset management.

The purpose of the analysis of asset turnover is to assess the ability of the company's funds to make a profit by making their turnover according to the classical scheme "Money - Commodity - Money".

The analysis of turnover makes it possible to supplement the study of the structure of the Balance sheet on the characteristics of the conditions of material supply that have developed in the organization, the sale of goods, the conditions of settlements with buyers and suppliers.

Turnover analysis includes:

study of asset turnover (current and permanent);

analysis of current liabilities;

"pure cycle" analysis.

When analyzing the turnover of an enterprise, turnover ratios are used.

The asset turnover ratio shows how many times the asset under consideration "turned around" during the period.

The rate of asset turnover is directly related to the return on equity. The main indicator characterizing the turnover of assets is the period of turnover - the duration of one turnover of the asset in days.

The analysis of the turnover of all assets of TambovAvtoservice LLC showed a decrease in the efficiency of using the enterprise's property: mainly in terms of permanent and current assets. During the entire period under review, the period of turnover of fixed assets increased from 0.47 to 1.02 days, which was the result of an increase in the part of the fixed assets of the enterprise.

Analysis of the turnover of current assets showed a deterioration in the use of enterprise funds during the analyzed period. This fact manifested itself in an increase in the period of turnover of goods, and, ultimately, in an increase in the "cost" cycle (the total duration of the turnover of the components of current assets).

The largest share in the "cost" cycle, not counting the turnover of other stocks, has a turnover of goods for resale. In other words, in the chain "reserves - costs of goods sold- goods - accounts receivable" goods account for the maximum period of binding funds. During the analyzed period, the turnover ratio of goods decreased by 19 times. a large stock of goods.

The increase in the volume of stocks of goods is due to the fact that TambovAvtoservice LLC actively uses borrowed sources in the form of short-term bank loans to replenish working capital. To secure obligations under loan agreements under pledge agreements, goods stored in the warehouses of the enterprise are presented. TambovAvtoservice LLC is forced to keep a certain stock of goods in warehouses, which increases the term for tying funds and, ultimately, worsens the position of TambovAvtoservice LLC.

The turnover of invoices issued (the period of deferment of buyers' payments) in the analyzed period slightly increased from 29.3 to 30.5. LLC "TambovAvtoservis" reduces the deferred payment for its buyers - debtors, which reduces the turnover period and increases the receivables turnover ratio. it positive factor characterizing the correct sales strategy.

As mentioned above, the sum of the periods of turnover of the individual components of current assets, with the exception of cash, is the "cost cycle". The longer the "cost cycle", the lower the turnover rate of current assets, and the more funds the company needs to finance the current production activities enterprises. Within the period under review, the period of turnover of all assets of the enterprise increased from 23.59 to 31.97 days. This fact indicates a decrease in the efficiency of the use of working capital of the enterprise.

An analysis of the turnover of current liabilities allows us to estimate the average duration of the payment deferral provided to the enterprise by its creditors. During the period under review, the turnover of presented invoices decreased from 49.07 to 40.14 days. This is a positive factor.

Comparison of the periods of turnover of presented and issued invoices makes it possible to evaluate the conditions of settlements of the enterprise with suppliers and buyers. The excess of the period of turnover of submitted invoices over the period of turnover of invoices issued indicates that the company has beneficial relationships with suppliers and buyers for its financial position.

The benefit of the situations is that the deferment of invoices received from suppliers exceeds the deferment provided by the buyer. In this case, the company receives a gain in free cash.

At the end of 2007, TambovAvtoservis LLC had a 30.5-fold payment of invoices presented to customers, and a 40.14-fold payment of invoices (1.3 times less). Consequently, the company has no loss in time, and, hence, the opportunity to use free cash. This situation has evolved throughout the period under review.

The sum of periods of turnover of the components of current liabilities is called the "credit" cycle. During the study period, the "credit" cycle of TambovAvtoservice LLC decreased from 197.93 to 86.49 days.

The greater the value of the "credit" cycle, the more effectively the company uses the opportunity to obtain financial resources from the participants in the production process (suppliers and buyers). The longer the "credit" cycle, the lower is the cost of sources of financing for current production activities.

The difference between the "cost" and "credit" cycle is called the "clean" cycle. This indicator characterizes the organization of financing the production process. The positive value of the "net cycle" throughout the period under review may mean that the loans of suppliers and buyers did not fully cover the company's need for working capital financing. During the period 2006-2007, the value of the "clean cycle" of the enterprise increased by 26,689.4 times. This fact indicates a trend towards a significant increase in the need for financing from external sources in relation to the production process (in this case, these are loans). The reason for these changes is a significant increase in the "cost" cycle, a decrease in the "credit" cycle.

Optimization of the financing of the current production activities of the enterprise should occur primarily by increasing the turnover of current assets. The most effective ways to solve this problem are to reduce the volume of stocks of goods and reduce receivables. In a real situation, this means a more thorough approach to planning procurement activities and tightening the terms of contracts for the supply of goods.

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