Financial planning as an element of financial management. Financial planning. Tasks of financial planning

Stocks are an essential element of current assets of the enterprise. In relation to a manufacturing enterprise, inventories include inventories of material resources (raw materials, components) and inventory balances (stocks of finished products in warehouses).

For a trading company, the most important element of stocks is goods intended for resale.

Effective management planning of stocks (both material resources and finished products) is possible at the enterprise only as an integral and integral part of the complex process of financial and operational planning (budgeting), covering all the main segments of economic activity and the relationship between them. This is due to the fact that stocks of raw materials and commodity balances are two links (stages) of the continuous process of the circulation of the working capital of the enterprise (operating and financial cycles of the enterprise), as well as the investment cycle (investment in working capital) (Fig. 14.1).

In general, the planned (and at the end of the budget period, the actual) balance of stocks is expressed by the classical formula [Schiborgz, 2001]:

Balance at the beginning of the period + Arrival - Expense \u003d

Balance at the end of the period.

Since inventories of material resources and finished goods belong to the so-called “intermediate” assets (ie, intermediate stages of the financial cycle),
then the income and expense items of the balance sheet equation will be determined by the “previous” and “subsequent” stages of the financial cycle, respectively. So, for stocks of raw materials and materials, the balance equation will look like this:

The balance of material resources at the beginning of the period +

Procurement budget - Planned production consumption \u003d Planned (target) balance of material resources at the end of the period.

The balance of movement of commodity balances is determined by the ratio of output (income) and sales (expenditure):

Balance of finished goods at the beginning of the period + Planned output - Planned volume of sales \u003d Planned (target) balance of finished goods at the end of the period.

The balance of stocks at the beginning of the budget period is determined by their actual value. Of the three other components of the balance equation, two quantities are “given” (ie, independent parameters), and the fourth is obtained by calculation. The value of the target inventory balance is planned based on a separate methodology for optimizing the inventory level, and in the balance equation the value of the final inventory balance is an independent (“specified”) parameter.

For stocks of finished products, the calculation of the stock is as follows. In the balance sheet equation of the movement of goods balances, the sales budget, determined on the basis of the so-called CVP analysis (analysis of “costs - volume - profit” in order to establish the physical and cost volume of sales at which the marginal revenue from sales is maximum), is the “specified” parameter . The estimated value is the planned volume and structure of the output (production program):

Example І4.1

Calculate the budget for the procurement of materials for the II quarter of 2010 (two types of finished products - A and B, two types of raw materials - 111 and 112, all materials are consumed exclusively in production activities) using the data given in the table.

Indicator	Materials
Indicator	111	112	Amount, thousand rubles
1. Production need, kg (rationing)	84 000	44 000
2. Planned balances at the end of the period, kg (planning target balance)	6000	1000
3. Total demand plus planned residual materials at the end of the period, kg	90 000	45 000
4. The remains of materials at the beginning of the period, kg	5000	5000
5. The amount of materials to be purchased, kg	85 000	40 000
6. Planned purchase price for 1 kg, thousand rubles	1	2,2
7. Costs of acquisition, thousand rubles (procurement budget)	85 000	88 000	173 000

The interpretation of line “1” (production demand) is shown in the table below.

Thus, inventory management is the maintenance of the optimal value of the current stock balance in order to: a) prevent the formation of an excessive level of reserves leading to excessive immobilization of the enterprise’s funds and additional storage costs;

b) ensure the normal rhythm of the production and financial cycle.

Both in theory and in practice, two criteria for determining the value of stocks - the criterion of production logistics (efficiency) and the criterion of financial stability - are “multidirectional” (conflicting), which determines the essence of the theoretical approach to solving the problem of planning the current level of stocks.

Content

Introduction 3

1. Financial planning as an element of enterprise management 6

1.1. The role and place of financial planning as part of the functions of enterprise management 6

1.3. Intercompany Planning in the Hospitality Industry 18

2. Analysis of the effectiveness of the planning system used in TC "Castle", its impact on the financial condition 21

2.1. Characteristics of TC "Castle" as an object of study 21

2.2. Analysis of the structure of the balance sheet of the enterprise 24

2.3. Analysis of solvency and liquidity 31

2.4. Analysis of the efficiency of use of labor resources 36

2.5. Analysis and planning of costs and profits 37

2.6 analysis of financial results 43

2.7. Analysis of business activity of the enterprise 44

2.8. Analysis of financial stability and financial independence 47

3. Proposals for improving intra-company planning in the TC “Castle” 52

3.1. Sales Plan - a fundamental section of an internal company plan 52

3.3. HR planning and pay planning 57

3.4. Revenue and expense planning 60

Conclusion 61

References 65

Appendix 1 69

Appendix 2 70

Introduction

Relevance of the topic. Financial planning at the enterprise is a systematic management of the processes of formation and use of financial resources. It is carried out by the financial services of the enterprise. In conditions of financial and economic independence, the enterprise itself develops its plans, guided by the goal - achieving high business efficiency. With the transition of the country's economy to the fundamentals of market management, the need for financial planning is not lost. The market presents even higher requirements for the quality of financial planning than the previous system of directive planning, since in market relations, for all adverse effects of activities, including miscalculations in financial planning, the company bears direct responsibility.

The financial plan is prepared for the year with a quarterly breakdown and serves as a necessary condition for the rational organization of work in all areas of the financial and economic activity of the enterprise. The formation of market relations and new economic thinking presupposes the development of the entrepreneurial activity necessary to boost production and increase the output of consumer goods and public services. In the conditions of a relatively young market, chronic shortages with huge resources and unused production reserves, enterprises of all forms of ownership should give priority to strategic management and internal planning.

A balanced internal company plan provides the company with quite tangible benefits: a clear instant program of production activities, effective feedback, a proven strategy for improving production, high labor morale of employees and employees, the general tendency of the company’s staff to innovate, and reducing production costs.

Purpose of work. In this paper, the author tried to analyze the application of financial planning as a way to increase the financial stability of the enterprise. The subject of the study is the organization of the system of internal planning at the enterprise. The object of research is the in-house planning of the hotel TC "Castle". The relevance of this work is primarily determined by the need to improve the internal planning of the selected research object. In connection with the relevance of the chosen topic, the following tasks can be distinguished, solved in the thesis project:

Theoretical study of the essence of financial planning;

Studying the system of existing planning at the enterprise under study;

Development of proposals for improving planning.

The theoretical part outlines the main aspects of the modern system of internal planning. In general terms, the planning of a hotel company includes: identifying the prospects for the development of the external environment, formulating goals and likely strategies, setting priority tasks and determining courses of action to achieve them. Planning products are a system of plans - long-term, medium-term and operational. The planning process covers all levels of management and creates the necessary prerequisites to ensure, in principle, in the company that the actions taken are precisely consistent with the requirements of common goals. In the work on internal planning, first of all, senior executives participate, who form the starting points for achieving the optimal distribution of internal resources, delegate the authority necessary for the efficient use of these resources. Persons delegated authority and resources are required to be creative in their use of resources. Progress in this direction depends on the ability of managers to use the latest theoretical principles, various analytical tools to find the best connections between the present and the future, to solve problems of setting goals.

In the second - the analytical part, the actual indicators used in the preparation of plans for the studied enterprise are investigated. Particular attention is paid to sales planning, staff and financial planning, as the most important sections of the internal plan. The analysis is carried out and the existing planning system is reflected, its impact on the financial stability of TC "Castle".

In the third part of the thesis project, a number of proposals have been made to improve the system of internal planning of the analyzed enterprise.

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Financial planning

Introduction 2

1. Financial planning as an element of financial management 3

2. Methods of financial planning 6

3. The types of financial planning, financial plans and their role in enterprise management 14

Conclusion 16

References 17

Introduction

In modern conditions of market relations there is an objective need for financial planning. Without financial planning, it is impossible to achieve real results in the market.

Financial planning is directly related to the planning of production activities of the enterprise. All financial indicators are based on indicators of volume of production, product range, cost of production.

Planning financial indicators allows you to find the internal reserves of the enterprise, to comply with the economy. Obtaining the planned size of profit and other financial indicators is possible only subject to the observance of the planned norms of labor costs and material resources. The amount of financial resources calculated on the basis of financial plans eliminates excessive inventories of material resources, unproductive expenses, unplanned financial investments. Thanks to financial planning, the necessary conditions are created for the efficient use of production capacities, improving product quality.

The financial plan provides the entrepreneurial plan of the economic entity with financial resources and has a great impact on the economy of the enterprise. This is due to a number of significant circumstances. Firstly, in financial plans there is a comparison of the estimated costs for carrying out activities with real opportunities. As a result of the adjustment, material and financial balance is achieved. Secondly, the articles of the financial plan are associated with all economic indicators of the enterprise and are linked to the main sections of the business plan: production of products and services, scientific and technical development, improving production and management, improving production efficiency, capital construction, logistics, labor and personnel, profit and profitability, economic incentives. Thus, financial planning affects all aspects of the business entity through the selection of financing objects, the direction of financial resources and contributes to the rational use of labor, material and monetary resources.

1. Financial planning as an element of financial management

Financial planning is the process of developing a system of measures to ensure the development of the enterprise with the necessary financial resources and increase the efficiency of financial activities in the coming period.

The advantages of financial planning are that it:

o translates strategic goals in the form of specific financial indicators; o provides financial resources inherent in the production plan economic proportions of development; o provides an opportunity to

determining the viability of an enterprise project in conditions of real market competition; o serves as a very important tool for obtaining financial support from external investors.

Planning helps to prevent erroneous actions in the field of finance, and also reduces the number of unused opportunities.

Financial planning ensures the coordination of indicators of the development of the enterprise and therefore is a complex, time-consuming process affecting almost all services and departments.

The main objectives of financial planning are:

Ø providing sources of financing for the core business of the enterprise (maintaining a normal level of stocks of raw materials, materials, finished products, financing the growth of working capital, reproduction of fixed assets, etc.); timely and fully fulfilling obligations to the budget and extra-budgetary funds; Ø justification for effective investment temporarily free cash, maintaining a sufficient cash balance; Ø identification of reserves for growth of enterprise income; Øoptimi the use of profit; Ø the determination of the dividend policy; Ø the justification of the size and conditions for attracting external sources to finance the investment activities of the enterprise; Ø maintaining the solvency of the enterprise, ensuring its financial stability.

The methodology of financial planning at the present stage involves the enterprise solving a number of problems:

Ø justification of the goal (system of goals) of the financial plan that is adequate to the main areas of the enterprise’s activity in the long-term period; Ø determination of the system of internal and external financial constraints relevant to the enterprise. Currently, one of the most important restrictions for most enterprises is the bankruptcy criterion; Ø determining the horizon of financial planning; Ø choosing methods for planning financial indicators and developing financial plans; Ø developing a financial planning procedure: determining the circle of officials involved, measures of their responsibility, optimizing information relations and workflow .

The purpose of the financial planning of an enterprise is specified depending on the length of the planning period, the results of the analysis of its financial condition at the time of developing the financial plan, the dynamics of the main financial indicators in retrospect, the results of marketing research, as well as external conditions (such as the inflation rate, Bank of Russia refinancing rate, ruble exchange rate against hard currencies, stability of the legal field).

An enterprise that has large overdue accounts payable, whose financial situation is close to critical, when developing a financial plan should focus on the justification of anti-crisis measures that will help avoid bankruptcy. An organization that receives stable income, financially stable, can, when developing a financial plan, set the goal of increasing the profitability of sales and production in general.

At the same time, the system of financial planning goals of any enterprise should be focused on linking income and expenses, as well as ensuring solvency in the short term and (or) maintaining financial stability in the long term.

2. Methods of financial planning

In the practice of financial planning, the following methods are used: normative, balance sheet, settlement-analytical and economic-mathematical modeling.

The normative method is based on a system of norms and standards used to calculate a number of indicators of the financial plan. The following norms and standards can be distinguished:

Ø federal; Ø regional; Ø local; Ø industry; Ø group; Ø internal (norms and standards of the enterprises).

In determining tax payments, an entity uses tax rates that are federal, state, or local. Depreciation charges can be planned both on the basis of centrally established depreciation rates (federal standard), and independently determined by the company on the basis of its useful life (internal standard). An example of group standards established for small enterprises are preferential income tax rates, special depreciation options; for joint-stock companies, these are the standards for deductions to the reserve fund, the fund for corporatizing employees of an enterprise or the fund for paying dividends on preferred shares.

Internal norms and standards are developed by the enterprise itself when rationing working capital, creating a repair fund, reserving funds for the depreciation of investments in securities, forming a reserve for doubtful debts and in a number of other cases.

The balance method of planning financial indicators consists in linking the planned receipt and use of financial resources, taking into account balances at the beginning and end of the planning period by constructing balance ratios. Using this method is advisable when planning the distribution of profits, the formation of accumulation and consumption funds. The balance method is traditionally used in the development of a chess table.

The calculation and analytical method is based on an analysis of the dynamics of retrospective data and an expert assessment of the forecasted change in the planned financial indicator:

F.p pl \u003d F.p report xI

where F. p PL - the planned value of the financial indicator;

F.p report - reporting value of a financial indicator;

I- index of change in financial performance. Methods of economic and mathematical modeling allow us to establish a quantitatively defined relationship between the planned indicators and the factors that determine them.

The economic-mathematical model can express the functional dependence of a financial indicator on a number of factors influencing it:

Y \u003d f (X 1, X 2, ..., X n)

where Y is the planned financial indicator;

X i, is the i-th factor for i \u003d 1, ..., n.

Economic and mathematical models based on regression communication have found widespread use in planning financial indicators. Such models make it possible to determine the dependence of the average value of a financial indicator (considered as a random variable) on one or more factors:

Y \u003d a 0 + a 1 X 1 + ... + a n X n

where a 0, a 1, ..., a n - parameters (regression coefficients), which are estimated from statistical data;

Y is the average value of the financial indicator;

X 1, ..., X n - factors affecting the planned financial indicator.

The application of the methods described above makes it possible to determine the planned values \u200b\u200bof individual financial indicators, but to develop a financial plan in the form of a balance of income and expenses, additional calculations are needed to balance the balance.

The main methods for developing the forecast balance are:

“Cork method”; a method of proportional dependence of indicators on sales volume (percentage of sales method).

The simplest and most common method of ensuring balance reducibility is the “cork method”. The essence of this method is to identify the imbalance (the difference between liabilities and assets of the balance sheet), called the “cork”, and determine the ways to eliminate this “cork”. For example, if there is a negative difference between liabilities and assets of the balance sheet, indicating a lack of funds to finance the activities of the enterprise with the intended costs of raw materials, materials, equipment, etc., you should consider options for attracting additional financing, for example, through loans. Adjusting the liability for the amount of the planned loan will lead to the formation of a new “jam”, since attracting a loan will increase expenses by the amount of interest on the loan and, accordingly, reduce profit. Thus, the use of this method is reduced to iterative calculations. Each iteration consists in defining a “traffic jam” and substantiating financial decisions allowing it to be eliminated.

The second method for developing the forecast balance of income and expenses, as well as the actual forecast balance of the enterprise, was called the method of proportional dependence of indicators on sales volume, or the percentage of sales method.

The procedure for this method is based on the following assumptions:

Ø fixed assets of the organization are used at full capacity and an increase in sales volume will require additional investments; Ø the enterprise is stable and at the beginning of the planning period the values \u200b\u200bof most balance sheet items are optimal (including stocks, cash balance correspond to the achieved sales volume); Ø change in most items of the asset and some items liabilities in proportion to changes in sales.

Consider the calculation algorithm by the percentage of sales method.

1. Identified those balance sheet items that vary in proportion to sales. As a rule, these include costs included in the cost of sales, administrative, commercial expenses, receivables, payables. These articles are transferred to the forecast form of the balance sheet taking into account the growth in sales (multiplying by the index of growth in sales) .2. A number of balance sheet items that do not change spontaneously with an increase in sales, but are determined, for example, by financial decisions, are transferred to the forecast form without changes. Such items include dividends, bills payable. 3. The retained earnings in the forecast year are determined: the retained earnings are added to the retained earnings of the reporting year, net of dividend payments (the dividend payment rate is adopted at the level of the reporting year) .4. The need for additional financing is identified and sources of financing are determined taking into account possible restrictions on the capital structure, cost of various sources, etc. 5. A variant of the second approximation is being formed taking into account the effect of financial feedback (attracting loans and borrowings not only increases the sources of financing, but also leads to an increase in the costs associated with interest payments).

If the second iteration does not allow balancing, a few more iterations should be carried out, at each of which one or another financial decision will be taken into account.

It is advisable to computerize the procedure for reducing the balance by the percentage of sales method, which will greatly facilitate and speed up the balance linking.

For an approximate calculation of the need for external financing (EFN) (in particular, without taking into account the effect of financial feedback), you can use the following formula:

EFN \u003d A 0 / B 0 x (B-B 0) -P / Bx (R-D),

where A 0 / B 0 is the relative growth of assets, changing in proportion to the increase in sales (the need to increase the amount of assets in rubles by 1 sales RUB);

A 0 - the amount of assets at the end of the reporting year;

B 0 - revenue from sales of products of the reporting year;

P / V - spontaneous increase in liabilities, changing in proportion to the volume of sales, by 1 RUB. revenue for the reporting year;

B is the forecast sales volume;

R - return on sales (ratio of net profit of the reporting year to revenue from sales of the reporting year);

D - the rate of payment of dividends (the ratio of profits allocated to the payment of dividends to net profit).

The traditional approaches of Russian enterprises to the development of financial plans described above do not allow to effectively and fully solve the problems facing the financial manager at the present stage. Financial planning, as a rule, is divorced from marketing research and is based on a production plan rather than marketing, which leads to a significant deviation of actual indicators from planned ones. Planning and economic services use in their calculations the calculation of the total cost of a unit of produced (less often - sold) products, distributing all the costs of the reporting (or planned) period by type of product. The same approach (based on the full cost) prevails in domestic pricing, which is costly. At the same time, world experience indicates the appropriateness of dividing costs into fixed and variable, the effectiveness of the marginal approach to the inclusion of costs in the cost. New opportunities are provided by the analysis of the relationship “cost - revenue - profit” (CVP analysis) and the breakeven method. Finally, the development of a financial plan is divorced from the management process, and the financial plan does not allow assessing the financial condition of an enterprise under certain changes in external conditions. The disadvantages of the existing planning system are largely eliminated by the introduction of a budgeting system at the enterprise.

Budgeting is a modern technology of financial management, which allows not only to obtain a sound financial plan, but also to organize the management of the enterprise on the basis of this plan, to strengthen control over costs and cash flows, to achieve better financial results.

Budgeting is a complex system, including:

Ø a set of interconnected planning documents that reflect the planned activities of both individual financial responsibility centers (CFOs) and the entire enterprise with a reasonable degree of detail of indicators in accordance with the goals of the activity and the planned level of sales; Ø CFD reporting that allows you to quickly and with a certain time interval analyze and control the implementation of budgets by individual CFDs and the achievement of financial results planned by the enterprise as a whole; Ø managerial impact to the Central Federal District, focused on minimizing deviations from the budget, taking into account changes in the external environment.

In the process of budgeting, a basic budget is developed that integrates at the enterprise level the budgets of individual financial responsibility centers in the form of three planned forms (Appendix 2):

Ø budget for income and expenses; Ø budget for cash flows; Ø forecast balance.

The main budget should, through a system of financial indicators, reflect the goals of the enterprise, its marketing and production plans. The development of the main budget allows not only to balance the income and expenses of the enterprise (which is characteristic of traditional financial planning), but also to coordinate the achievement of the planned financial results with cash flow, as well as to orient the activities of the enterprise on acceptable parameters of financial condition and a sufficient level of financial stability.

In the process of preparing the main budget, it is customary to single out the process of preparing the operating budget and the process of developing the financial budget.

The financial budget includes:

Ø Investment budget; Ø Cash flow budget; Ø Balance forecast.

The operational budget consists of:

Ø Budget for sales; Ø Budget for production; Ø Budget for inventories; Ø Budget for direct costs of raw materials; Ø Budget for general overhead costs; Ø Budget for general expenses; Ø Budget for business expenses; Ø Profit and loss account.

3. The types of financial planning, financial plans and their role in enterprise management

The horizon of financial planning is a period of time within which it is possible to give with acceptable accuracy an assessment of the financial indicators of the development strategy of the enterprise, taking into account the influence of the main environmental factors. The enterprise development strategy focused on the reconstruction of production, introduction of new technology, expansion of production in connection with access to new markets, as a rule, determines the horizon of financial planning from three to five years. At the same time, it is necessary to take into account the stability of the economy as a whole, the predictability of political development, sectoral, regional and other significant environmental factors.

Within the planning horizon, financial plans are divided into:

Ø perspective (strategic); current; Ø operational.

In modern Russian reality, the horizon of financial planning, as a rule, is no more than three years, and for such a period strategic (perspective) financial plans of the enterprise are developed. The strategic financial plan defines the concept of financial development of the organization and may constitute a commercial secret.

A long-term financial plan is specified in the form of current financial plans drawn up for the year. The main document of current financial planning is the balance of income and expenses, presented in table. 1 (Appendix 1). When developing the current financial plan, the financial manager proceeds from the goals of financial planning for the coming year and solves the tasks listed above. The balancing of income and expenses of the financial plan is achieved both by regulating expenses (primarily deductions to accumulation and consumption funds, dividend payments), and by optimizing the size and composition of borrowed funds. The development of the current financial plan should be focused on ensuring the financial stability of the enterprise.

In addition to the balance of income and expenses, it is advisable to draw up a chess table (matrix balance sheet), which defines the sources of financing for each item of planned expenses (table 2, Appendix 1).

Operational financial planning involves the development of a payment calendar detailing the current financial plan for a quarter or a month. The payment calendar helps to maintain the solvency of the enterprise, to attract short-term borrowed funds in time to bridge the gap in the time of receipt and transfer of funds. The structure (scheme) of the payment calendar is similar to the current financial plan presented in table. 2, but reflects the daily movement of funds in the balance of income and expenses of the enterprise.

Conclusion

The financial plan in value terms summarizes the possible results of decisions made on the previous sections of the business plan. It includes: a forecast of sales volumes, a balance of cash expenses and receipts, a table of income and expenses, a consolidated balance sheet of assets and liabilities of the enterprise, a break-even schedule.

The forecast of sales volumes gives an idea of \u200b\u200bthe market share that will be covered by the products. The forecast, as a rule, is made for three years, and for the first year the data are presented on a monthly basis, for the second - quarterly, and for the third year - in general.

Balance of cash expenses and receipts - a document that determines the amount of money invested in the project with a breakdown in time from the moment the organization of the company begins. The main task of the balance of cash expenditures is to check the synchronism of cash receipts from the sale of products and their spending, that is, to determine the sufficiency of these funds at each point in time. In case of their shortage, it is necessary to provide sources of additional investment. As for the forecast of product sales, the balance of cash income and receipts is compiled monthly for the first year, quarterly for the second and for the whole year for the third.

The table of income and expenses shows: income from the sale of goods, production costs of goods, total profit from sales, overhead costs (by type), net profit.

The consolidated balance sheet of assets and liabilities of the company is compiled at the beginning and end of the first year of the project. It serves as the basis for experts of commercial banks to assess the quality of financing sources and the appropriateness of capital investment.

List of references

1. Zaitsev N.L. Industrial Economics: A Textbook. - M .: INFRA-M, 1999.2. The course of economics. Reisberg B.A. M. 1997.3. General theory of finance. Drobozina L.A. M. 1995.4. Theory of Finance. Tutorial. Hare N.E. Minsk. 1998.5. Organization Management: Textbook / Ed. A.G. Porshneva, Z.P. Rumyantseva, N.A. Solomatina. - M .: INFRA-M, 2000.6. Finance and Credit / Ed. A. Yu. Cossack. Ekaterinburg: MP PIPP at the Publishing House of the Ural State University, 1994.7. Finance, money circulation and credit: Textbook: / Ed. N.F. Samsonova. - M .: INFRA-M, 2001.
For the convenience of studying the material, we break the article into topics:

The objectives of financial planning are:

Providing the trading process necessary;
- establishing with the budget, banks and other counterparties;
- identification of areas of the most profitable financial investments;
- increase the profitability of financial and economic activities;
- control over the formation and expenditure of funds.

A financial plan is an integral part of an enterprise’s business plan. When developing a business plan, it is assumed that the determination of the funds necessary to finance the development of an enterprise involves the assessment of this plan as an investment project. This means that the enterprises envisaged by the plan must be justified by them.

The business plan distinguishes between two types of financial planning: strategic and tactical.

A strategic (prospective) financial plan is a form of realizing the goals and objectives of an enterprise, investment strategies and estimated savings. The basis of strategic financial planning, which is one of the trade secrets of the enterprise, is the determination of capital requirements for entrepreneurial activity. A tactical financial plan is an annual balance of income and expenses of an enterprise. In the context of inflation, financial plans are prepared for the quarter and adjusted to reflect the inflation index.

The purpose of drawing up a financial plan is to link the company's income with the necessary expenses. In case of excess of income over expenses, the amount of excess is sent to the reserve fund; when expenses exceed incomes, the amount of the lack of financial resources is determined.

The company can raise additional funds through the issuance of securities, obtaining loans or loans, sponsorship fees, etc.

In the financial plan, each type of investment or fund is specifically linked to the source of their financing. To do this, a checklist (chess table) is compiled, in the vertical columns of which the directions of the use of financial resources are given, and in the horizontal columns - sources of financing, which corresponds to the expenditure and income parts of the balance sheet. A chess table allows you to identify the target nature of the use of resources and balance income and expenses by items.

The main income items of the financial plan are profit, bank loans and other income and income; the main items of expenditure are tax deductions, expenses on capital investments, funds for repayment of bank loans and interest thereon, and growth, deductions to trust funds and other expenses and deductions.

Practically financial plans specify strategic ones. In turn, tactical plans are detailed through operational planning, which is the development of operational financial plans: cash plan, credit plan, payment calendar, etc.

The cash plan reflects the cash flow of the enterprise during a certain period (most often a quarter). It is poor cash management that is the main reason for financial and economic difficulties, therefore the preparation of cash plans and monitoring their implementation are important to increase the solvency of the enterprise.

Credit plan - a plan for the receipt of borrowed funds and a debt repayment schedule. Usually issued in the form of a credit rate.

Payment calendars, the time horizon of which ranges from 5 to 30 days, reflect operational data on the movement and fund balances of enterprises.

Ultimately, financial planning is aimed at ensuring the rational and efficient use of the financial resources available to the enterprise.

Enterprise financial planning

Let us dwell on the financial one, which plays a paramount role. The company's management must know what tasks in the field of economic activity it can plan for the next period. Persons interested in the activities of the company impose certain requirements on the results of its work. When planning certain types of activities, you need to know what economic resources are required to complete the tasks. This applies, for example, to planning in the field of raising capital (obtaining loans, increasing, etc.) and determining the volume of investments.

As the implementation of the budgeted plans is necessary to record the actual results of the company. Comparing the actual indicators with the planned, you can implement the so-called budget control. In this sense, the main attention is paid to indicators deviating from the planned ones, and the reasons for these deviations are analyzed. Thus, information on all aspects of the company’s activities is updated. Budget control allows, for example, to find out that in any areas of the company, the plans outlined are not fulfilled satisfactorily. Of course, one can also assume a situation where it turns out that the budget itself was drawn up on the basis of unrealistic initial provisions. In both cases, management is interested in receiving information about this in order to take the necessary actions, i.e. change the way plans are implemented or audit the provisions on which the budget is based.

A budget is an action plan (plan) expressed in terms of value in the areas of production, procurement of raw materials or goods, sales of manufactured products, etc.

The program of action should provide for temporary and functional coordination (coordination) of individual activities. sales depends, for example, on the value of the expected supplier price and production conditions; the number of products - from the expected volume of sales; the value of the selling price - on what volumes of purchases of raw materials and materials require a program of production and sales, etc.

When developing the budget for the next period, a decision should be made in advance, before the start of activities in this period. In this case, there is a greater likelihood that the developers of the plan will have enough time to put forward and analyze alternative proposals than in the situation when the decision is made at the very last moment. In other words, in the last example, the firm is in great risk of taking the path of least resistance.

The approval by the firm management of the budget (plan) of the unit serves as a signal that further operational decisions are made at the level of this unit (decentralized) if they do not go beyond the budgetary framework. If budgets are not developed at the unit level, company management is unlikely to be inclined to decentralize the process of making operational decisions.

The organization of work on internal planning depends on the size of the enterprise. In small firms, there is no separation of managerial functions in the proper sense of the word, and managers have the opportunity to delve into all the problems on their own. In large enterprises, budgeting should be decentralized. After all, it is precisely at the unit level that the personnel who have the most experience in the field of production, procurement, sales, operational management, etc. are concentrated. Therefore, it is in the units that proposals are made regarding those actions that would be appropriate to take in the future.

Unit budgets are not developed in isolation from each other. When calculating, for example, planned sales indicators, and hence the amount of coverage, it is necessary to know the production conditions and planned selling prices. In order to ensure an efficient coordination system, many enterprises are developing instructions for budgeting, which contains a time-based plan, as well as the distribution of duties and responsibilities in calculating budget indicators.

Usually there are two schemes for organizing work on the preparation of budgets (plans): according to the top-down method and the bottom-up method. According to the first method, work on budgeting begins "from above", i.e. company management defines goals and objectives, in particular, planned profit targets. Then, these indicators in an increasingly detailed form as they move to lower levels of the enterprise structure are included in the plans of the units. The second method is the opposite. For example, the calculation of sales indicators is started by individual sales units, and only then the head of the company’s sales department brings these indicators into a single budget, which can subsequently become an integral part of the general budget of the enterprise. In practice, it is not practical to use only one of these methods. Planning and budgeting is an ongoing process in which it is necessary to constantly coordinate the budgets of various departments.

The firm must carry out planning and control in two main economic areas. We are talking about the profitability (profitability) of its work and financial situation. Therefore, the profit budget and financial plan are central elements of internal planning.

The natural basis for the formation of a budget for future profit is a profit report. The income statement reflects the economic performance of the past period. This kind of information is, of course, of great importance in making a forecast of the economic results of actions planned for the future period.

Even if the same actions are planned for the coming year that were carried out in the reporting year, the amount of income in the next year will differ from the amount of income reflected in the report for the last year. The fact is that all the time there are changes in the external conditions of the company.

Macroeconomic factors may, for example, change under the influence of inflation, changes in foreign exchange relations and income policies. It can be assumed that it will amend the economic legislation. The structure of demand in individual market segments may change due to changes in the structure of the population.

Of particular importance is the quality of financial planning in enterprises. The financial plan of the enterprise is interconnected with other aspects of planning the economic activity of the enterprise. These include plans: for the sale of products, for raw materials, production, advertising, investment, research and development, attraction and repayment of borrowed funds (loans and from other sources), income distribution, as well as expenditure estimates.

The direct basis of the financial plan is forecast calculations for the sale of products to consumers or sales plans based on orders, forecasts of demand for products and goods, levels of sales prices for them and other market factors. On the basis of sales indicators are calculated production volumes, costs of manufacturing products, works and services, as well as profit and other indicators.

The purpose of the financial plan of the enterprise, on the one hand, is the forecast of the medium-term financial perspective, and on the other, the determination of the current income and expenses of the enterprise. The financial plan is prepared by the company for a year with a distribution by quarters, and also for 3-5 years - by year. It reflects income and expenses by articles and proportions in the distribution of funds.

It should be noted that within the framework of the annual and quarterly financial plans, there is no effect of intra-monthly deviations from plans in the enterprise’s activities that affect the financial condition of enterprises during the month, which often happens during the first 15-20 days of the month, when enterprises usually experience failures in due to non-receipt of contractual terms of material and technical resources.

Financial planning at enterprises largely depends on the quality of forecasts of the main indicators of their production activities, market conditions, the state of money circulation and the ruble exchange rate. Therefore, under the current conditions, an underestimated assessment of the need for financial resources and changes in the financial condition of enterprises is possible, and therefore it is necessary to provide for financial reserves.

The composition of the indicators of the financial planned balance or the balance of income and expenses is determined by the sources of receipt of funds, on the one hand, and the costs and expenses spent in the course of financial and economic activity, on the other hand. Along with this, the planned balance of income and expenses reflects financial relations with the banking and insurance systems and with operations on the acquisition and issue of securities.

In addition to the balance of income and expenses, the financial plan contains calculations of a number of fundamental indicators:

Profits from industrial activities;
- depreciation for restoration;
- receipts of funds in the order of long-term and medium-term lending;
- interest to banks on loans, financial results from other activities, etc.

The composition of the indicators of the planned balance of income and expenses of the enterprise is a certain system that allows, within each planning period, to determine:

Sources of costs (expenses), their ratio;
- degree and directions of use, distribution of sources;
- their balance with costs or expenses.

So, the part of profit remaining after tax is applied to the needs of the enterprise, including:

Creation of a financial reserve;
- financing and growth of working capital;
- interest payments to banks for the credit resources they provide;
- payments to owners of securities issued and sold by the enterprise to its employees;
- expenses for the economic maintenance of socio-cultural and social facilities, for other purposes.

Costs of capital investments are financed from depreciation for the full restoration of fixed assets, involvement in the investment process of excess inventories of equipment, machinery and materials, profits allocated to, as well as through the attraction of equity capital, funds from placement of targeted loans and from other sources etc.

Financial planning methods

The quality of financial plans largely depends on the planning methods used.

Planning method - methods and techniques for calculating indicators.

In terms of financial planning, six methods of substantiating planned values \u200b\u200bare distinguished.

The “double” content of financial planning (planning assets and liabilities and receipts and payments) reflects the fact that there are two objects of financing: assets and operations.

Asset financing sources are liabilities, i.e. obligations. arising from the enterprise as a subject to the owners of the resources used by the enterprise in its activities, These obligations may be debt [ie borrowed], subject to return upon expiration of the term for their provision, and equity [perpetual], forming the obligations of the enterprise to its legal owners [shareholders. participants]).

Sources of financing for operations are liquid assets that can be used as means of payment (in normal sources of financing for operations are cash and commercial).

Financial stability

The fourth section fills in the calendar of salary payments to workers and employees, which indicate the amount of payments to the company in cash on time (the specific date of each month). In accordance with the settlement and cash services agreement, the bank gives these amounts to the company for the fee specified in the agreement.

Calculation of the need for short-term credit is carried out if the company experiences such a need. In this case, the necessary documents are submitted to the bank and a credit service agreement is concluded with it. However, this should be preceded by a reasonable calculation of the size of the loan, as well as the amount that, taking into account interest, must be returned to the bank.

Current financial planning

The current planning of the financial activities of the organization is based on the developed financial strategy and financial policy for certain aspects of financial activities. This type of financial planning consists in developing specific types of current financial plans (budgets) that enable the organization to determine all sources of financing for its development for the coming period, form a structure of income and expenses, ensure constant solvency, and also determine the structure of assets and capital at the end of the planned period.

The current financial plan is drawn up for a period of one year, disaggregated by quarter, since such a period of time meets the legal requirements for the reporting period. The current planning is considered as an integral part of the long-term plan and represents a concretization of its indicators. Recently, organizations are increasingly using the system of activities of structural divisions and the organization as a whole, which is being introduced to strictly save financial resources, reduce unproductive expenses, increase flexibility in management and control, as well as to increase the accuracy of planned indicators, and to comply with laws and contracts .

The main advantages of implementing the principles of budget planning are:

Rational use of organization funds due to timely planning of ongoing business operations, financial and material flows;
   more accurate indicators of costs and profits than in long-term financial planning;
   great material interest of employees in the successful implementation of planned tasks;
   implementation of the regime of austerity of financial resources of the organization, etc.

Budgeting is based on certain principles:

The principle of harmonization of goals;
the principle of responsibility for their formation and execution;
principle of flexibility.

A budget is a coordinated financial document that reflects the receipt of funds and expenses in a certain area of \u200b\u200bactivity. The budgeting process is the technology of financial planning, accounting, analysis and control of the enterprise as a whole and its individual structural units, which is based on the development of budgets according to certain rules.

Budgeting is necessary for planning financial and economic activities, coordinating the activities of various departments of the enterprise, stimulating managers at all levels to achieve the relevant goals, monitoring current activities, evaluating the implementation of the plan by various departments (responsibility centers).

Budgeting technology includes the formation and consolidation of enterprise budgets. For this, the financial structure of the enterprise is developed, which is a set of units (responsibility centers). For each of them, corresponding budgets are separately formed - operational, investment, financial. Operating budgets include:

1. sales budget;
2. production budget;
3. inventory budget;
4. The budget for direct labor costs;
5. The budget for direct material costs;
6. production budget;
7. budget;
8. budget management expenses.

Investment budgets include: a) a real investment budget; b) the budget of financial investments.

The financial budget consists of: a) a cash flow budget; b) the budget of income and expenses; c) the balance sheet.

In turn, the main (consolidated) budget is a consolidated financial plan, which is developed on the basis of budgets of various types or structural units of the enterprise. The main budget acts as a link between the various plans of the organization and is expressed in the formation of financial budgets that bring together all its other plans (budgets) in value terms.

The development of technology for budget planning in the organization is carried out in the following sequence:

2. Absorption costing - a method of accounting for total costs, in which all direct and indirect - overhead costs are included in direct production costs in the calculation of profit and income tax.

In the practice of tax calculations in the country, the second method is adopted. To illustrate, consider an example with the following data: 15 products were manufactured, and 10 were sold. at a price equal to 20 thousand rubles; the cost of materials and wages of production workers are equal to 5000 rubles. on one product; overhead costs in the sales period are 60 thousand rubles. management expenses amounted to 50 thousand rubles. So, according to the direct costing method, the profit is

20 000 X 10 - 5000 X 10 - 60 000 - 50 000 \u003d 40 000 rubles .; according to the absorption costing method, the profit is

20 000 x 10 - (5000 + 60 000/15) x 10 - 50 000 \u003d 60 000 rub.

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Financial planning occupies an important place in the financial management system.
Its object is the financial activities of business entities, the result is the preparation of financial plans at all levels of the financial system. The form of the plan and the composition of its indicators reflect the specifics of the corresponding link in the financial system.
The tasks of financial planning, which are determined by financial policy, include:
1) determination of the amount of cash necessary to carry out planned tasks:
2) determination of sources of financing of the proposed activity;
3) the identification of recessions in revenue growth, cost savings;
4) the establishment of optimal proportions in the distribution of funds between centralized and decentralized funds, etc.
In the conditions of the administrative-command system, there was directive planning, and when planning finances, emphasis was placed on the distribution processes of a market economy. In a market economy, the main object of financial planning is the sphere of exchange through which the sale of goods and services is carried out. In this regard, in a market economy, the market with its own mechanism acts as the decisive way of communication in the process of production and sale of goods and services, while its nature does not reject planning. In a market economy, a plan is recognized as a management decision, and planning and forecasting makes it more flexible and maneuverable.
In the course of financial planning, an economic entity comprehensively assesses the state of its finances, identifies opportunities for increasing financial resources, and directions for their most efficient use.
Predicted and planned calculations of financial indicators are based on the use of: 1) extrapolation method; 2) the normative method; 3) the method of mathematical modeling.
The extrapolation method is based on determining the dynamics of financial indicators, the normative method is based on the use of established norms and standards, and the method of mathematical modeling is to build financial models that simulate the course of real socio-economic processes.
To coordinate the areas of use of financial resources with the sources of their formation, linking all sections of financial plans to each other, the balance method is used.
Financial planning is carried out both at the micro and the macro level (table 7).
Short-term (tactical) financial planning at the macro level. Its main elements are:
1) the legal and organizational basis of the budget;
2) the methodological basis of the budget;
3) the budget process.
1. The legal and organizational basis of the budget. The legal base of the budget are the laws and regulations governing the budget process, namely: the Budget Code, the Tax Code, the Budget Law, the Law on Budget Classification, etc.
The organizational base of the budget are institutions that are charged with ensuring the budget process in accordance with applicable law. These include legislative and executive authorities, financial control bodies, tax authorities, etc.
2. The methodological basis of the budget is the budget classification. State authorities at all levels conduct daily work related to obtaining and spending financial resources. The volume and types of such operations are numerous and diverse; they require a certain systematization and should be reflected in the respective budgets. For the preparation and execution of budgets of all levels, a single methodological document is used, which is called the budget classification.
Budget classification includes four main sections:
1) income;
2) expenses;
3) financing;
4) public debt.
The income section includes the following sections:
1) capital profits;
2) current income;
3) gratuitous income.
Under capital income is understood income from the use of long-term assets owned by the state, including from the sale of fixed assets, state reserves, reserves, land: targeted transfers of funds for the construction of buildings and structures for budgetary organizations and institutions, as well as for the purchase of equipment.
Current income refers to income from the use of short-term assets owned by the state, as well as cash receipts within the budget period.
The composition of current incomes distinguish between tax and non-tax revenues.
Tax revenues include tax revenues, which are compulsory, gratuitous and irrevocable payments in favor of the budget (tax payments). Tax payments include: taxes, fees, duties, fees, as well as fines and penalties levied for violation of tax laws.
Non-tax revenues include income from the use of property, including from the sale of surplus property and confiscated goods, from operations with securities, as well as fines and penalties, the collection of which is not associated with a violation of tax law.
The budget revenues may include grants, which are understood as gratuitous transfers of foreign states or international organizations to support the budget or for other purposes related to the implementation by the state of its functions.
The “expenses” section of the budget includes functional, departmental, economic (substantive) classification.
Functional classification of expenses is built in accordance with the basic functions of the state. All the main expenses of the budget are represented by functional sections, which, in turn, include subsections. For greater concretization of expenses, targeted articles and types of expenses are provided, from
directly reflecting the industry specifics of expenditures and the main areas of activity of ministries and departments. It should be noted that the allocation of functional sections and subsections, as well as the correct determination of the amount of financing is one of the most important conditions for effective public administration.
Departmental classification of budget expenditures is built in accordance with the targeted allocation of financial resources, reflecting the distribution of funds for specific managers. They are understood to mean federal ministries and departments, as well as other bodies designed to implement the adopted functional sections. Departmental structure includes all federal ministries and departments.
Economic (substantive) classification of expenditures implies a grouping of budget expenditures according to the economic principle, where expenditures are consolidated into single economic categories, reflecting the differentiation of funds allocated for current or capital expenditures. In this structure, budget expenditures are detailed according to their subject characteristics: wages, accruals, all types of household expenses, payments to the population and other categories.
All three structures are closely related. The relationship between the three types of budgetary division of government spending provides the opportunity to move from one structure to another.
As a rule, a functional section is implemented by several ministries (departments). At the same time, one ministry (department) may participate in the implementation of several sections. Therefore, the budget of a particular federal authority is the sum of all its costs in the relevant sections.
Departmental and economic structures are connected at the level of types of expenses. Since all types are sufficiently detailed, they can be determined taking into account the requirement of an unambiguous reference to one of the economic articles. As a result, economic items are determined by summing up the corresponding types of expenses for all target items of all federal ministries and departments.
The economic and functional cost structures are uniform and binding on all levels of budgets. Departmental cost structure may be different for budgets of different levels.
The Financing section includes sources of financing the budget deficit. As noted, loan raising operations
funds lead to an increase in liabilities to creditors and a change in the volume of public debt, while financing can be internal and external. Actually financing is carried out in the following forms:
1) issue and placement of state obligations;
2) loans from the Central Bank;
3) loans from commercial banks;
4) loans from other levels of government;
5) loans from state extra-budgetary funds;
6) external financing.
The section “Government debt” includes the total debt obligations of the state, which are divided into external and internal.
The use of budget classification allows, in terms of budget expenditures, to determine not only the fact of spending state funds by ministries and departments, but also to link these costs with the fulfillment of state tasks and the degree of responsibility of each ministry.
3. The budget process.
The budget process is understood by law.
regulated activities of authorities
on the drafting, consideration, approval and implementation
budgets.
The budget process consists of four successive stages:
1) drawing up a draft budget;
2) consideration and approval of the draft budget:
3) budget execution;
4) preparation and approval of a budget execution report.
Responsibility for drafting the budget rests with
government. As a rule, the ministry of finance and the ministry of economy are directly involved in drafting the budget. The government reviews and approves the draft budget, and then passes it on to the legislative authorities. After consideration and approval by the legislative authorities, the draft budget should be ratified by the president of the country. Only then does the budget become law.
About twenty months are allocated for the preparation, consideration and approval of the budget.
Responsibility for budget execution rests with the Ministry of Finance. The budget is executed during the budget period, which includes the fiscal year and grace period. A fiscal year coincides with a calendar year in the number of months, but not in all countries coincides with its beginning. The grace period is the first month of the year following the reporting year. It is intended to complete the operations of the reporting year. Thus, the stage of budget execution takes thirteen months.
The budget execution report is also the responsibility of the Ministry of Finance. The report must be approved by both executive and legislative authorities. The fourth stage of the budget process takes about five months. Thus, the entire budget process takes over three years.
Long-term financial planning at the macro level includes two main elements:
1) compulsory multi-year financial planning based on annual financial planning;
2) software financing.
Short-term and long-term financial planning should be interconnected. Budgets are the foundation of long-term financial plans. Multi-year financial plans should be adopted annually (table 8).
With this kind of planning, the budget is embedded in the context of multi-year plans.
As mentioned above, planning is associated with forecasting. Budget results are not lost at the end of the fiscal year. On the contrary, the results obtained serve as the basis for adjusting the forecast for the next period. For example, when the budget of 2005 was adopted in 2004, its indicators have already been predicted several times in the five-year financial plans. In 2005, when the 2006 budget is adopted, its performance will also be predicted in advance in previous five-year plans. Such “moving” five-year plans allow, as the budget year approaches, repeatedly adjust its budget. Thus, long-term financial planning based on forecasting allows you to do:
1) budgeting is continuous;
2) budgeted forecast indicators are more realistic.
A serious mistake in the financial planning of the Soviet period was the “hard” plans adopted for a certain period (five-year plans, seven-year plans). Moreover, the new plan could be adopted only after the expiration of the previous one. At the end of the planning period, the gap between the set indicators and reality was so great that the implementation of such plans at any cost not only did not contribute to economic development, but often led to negative consequences.

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