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

Stocks are essential current assets enterprises. Applied to manufacturing enterprise stocks include stocks of material resources (raw materials, materials, components) and inventory balances (stocks finished products in warehouses).

For commercial enterprise the most important element of the inventory is goods held 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 major segments economic activity and the relationship between them. This is due to the fact that stocks of raw materials and materials and commodity balances represent two links (stages) of the continuous process of the circulation of the working capital of the enterprise (operational and financial cycles of the enterprise), as well as the investment cycle (investment in working capital) (Figure 14.1).

In general, the planned (and according to the results of the budget period - the actual) balance of the movement of stocks is expressed by the classical formula [Shchiborgts, 2001]:

Balance at the beginning of the period + Income - Expense =

Balance at the end of the period.

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

Remaining material resources at the beginning of the period +

Purchase budget - Planned production consumption = 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 (receipts) and sales (expenditures):

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

The balance of reserves 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 "specified" (ie, independent parameters), and the fourth is accordingly obtained by calculation. The target inventory balance is planned on the basis of a separate inventory level optimization methodology, and in the balance equation, the final inventory balance is an independent (“target”) parameter.

For stocks of finished goods, the calculation of the amount of stock is carried out as follows. In the balance equation of the movement of commodity 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 income from sales is maximum) is the "specified" parameter ... The calculated value is the planned volume and structure of output (production program):

Example I4.1

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 and materials - 111 and 112, all materials are consumed exclusively in production activities), using the data given in the table.

Index	Materials (edit)
Index	111	112	Amount, thousand rubles
1. Production demand, kg (rationing)	84 000	44 000
2. Planned balances at the end of the period, kg (planning the target balance)	6000	1000
3. The total demand plus the planned balances of materials at the end of the period, kg	90 000	45 000
4. 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. Acquisition costs, thousand rubles. (procurement budget)	85 000	88 000	173 000

The decoding of line "1" (production demand) is shown in the table below.

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

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

Both in theory and in practice, two criteria for determining the amount 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 management functions of the enterprise 6

1.3. Intercompany planning in the hospitality industry 18

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

2.1. Characteristics of TC "Zamok" as an object of research 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 effectiveness of use labor resources 36

2.5. Analysis and planning of costs and benefits 37

2.6 Analysis of financial results 43

2.7. Analysis of the business activity of the enterprise 44

2.8. Analysis of financial stability and financial independence 47

3. Proposals to improve internal planning in TC "Zamok" 52

3.1. The sales plan is a fundamental section of the intercompany plan 52

3.3. Personnel planning and pay planning 57

3.4. Planning income and expenses 60

Conclusion 61

References 65

Appendix 1 69

Appendix 2 70

Introduction

Relevance of the topic. Financial planning at the enterprise is the systematic management of the processes of formation and use financial resources... It is carried out by the financial services of the enterprise. In the conditions of financial and economic independence, the enterprise develops its own plans, guided by the goal - to achieve high economic efficiency. With the transition of the country's economy to the foundations of market economy, 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 the adverse consequences of activities, including miscalculations in financial planning, the enterprise is directly responsible.

The financial plan is drawn up for the year with a quarterly breakdown and serves as a prerequisite for rational organization work in all areas of financial and economic activities of the enterprise. The formation of market relations and new economic thinking presupposes the development entrepreneurial activity necessary to raise production, increase the output of consumer goods, services to the population. In the conditions of a still 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 in-house planning.

A balanced intra-firm plan provides the firm with quite tangible benefits: a clear instant program of production activities, effective feedback, a proven strategy for improving production, high labor morale of workers and women, the general aspiration of the firm's staff to innovations, and reduction in production costs.

Purpose of work. In this paper, the author tried to analyze the use of financial planning as a way to increase the financial stability of an enterprise. The subject of the research is the organization of the internal planning system at the enterprise. The object of the research is the in-house planning of the hotel TK "Zamok". 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 diploma project:

Theoretical study of the essence of financial planning;

Study of the system of the current planning at the investigated enterprise;

Development of proposals for improving planning.

The theoretical part outlines the main aspects modern system intercompany planning. V general outline in activity planning hotel enterprise includes: identifying the prospects for the development of the external environment, formulating goals and probable strategies, setting priorities and determining courses of action to achieve them. The planning product is a system of plans - long-term, medium-term and operational. The planning process covers all levels of management and creates the necessary prerequisites for ensuring, in principle, in the firm, the exact correspondence of the actions taken to the requirements of general goals. In the work on internal planning, first of all, top managers are involved, who form the starting positions for achieving the optimal distribution of intra-company resources, delegate the powers necessary for effective use these resources. Those who are delegated authority and assigned resources are required to be creative in the use of resources. Progress in this direction depends on the ability of managers to use the latest theoretical provisions, various analytical tools to find the best connections between the present and the future, to solve the problems of setting goals.

In the second - the analytical part, the actual indicators used in drawing up plans at the investigated enterprise are investigated. Special attention paid to sales planning, personnel and financial planning, as the most important sections of the intra-company plan. The analysis and reflection of the existing planning system, its impact on the financial stability of TC "Castle".

In the third part of the diploma project, a number of proposals were made to improve the internal planning system 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. Types of financial planning, financial plans and their role in enterprise management 14

Conclusion 16

List of used literature 17

Introduction

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

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

Planning financial indicators allows you to find the internal reserves of the enterprise, to comply with the economy mode. Obtaining the planned profit and other financial indicators is possible only if the planned norms of labor and material resources are observed. The volume of financial resources, calculated on the basis of financial plans, eliminates excessive stocks of material resources, non-productive costs, unplanned financial investments. Financial planning creates the necessary conditions for efficient use of production facilities, improving product quality.

The financial plan provides the entrepreneurial plan of an economic entity with financial resources and has a great impact on the economy of the enterprise. This happens due to a number of significant circumstances. First, in the financial plans, the planned costs for the implementation of activities are compared with the real possibilities. As a result of the adjustment, a material and financial balance is achieved. Secondly, the articles of the financial plan are related to all economic indicators of the enterprise and are linked to the main sections of the entrepreneurial plan: production of goods and services, scientific and technological development, improvement of production and management, increasing production efficiency, capital construction, material and technical support, labor and personnel, profit and profitability, economic incentives. Thus, financial planning has an impact on all aspects of the activity of an economic entity through the choice of objects of financing, the direction of financial resources and contributes to the rational use of labor, material and financial 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 embodies strategic goals in the form of specific financial indicators; o provides financial resources inherent in the production plan for the economic proportions of development; o provides an opportunity to

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

Planning helps prevent misconceptions in finance and also reduces the number of wasted opportunities.

Financial planning ensures the interconnection of the indicators of the development of the enterprise and therefore is complex, laborious process, affecting almost all services and departments.

The main tasks of financial planning are:

Ø providing sources of financing for the main activities of the enterprise (maintaining a normal level of stocks of raw materials, materials, finished products, financing the increase in working capital, reproduction of fixed assets, etc.); Ø timely and full fulfillment of obligations to the budget and extra-budgetary funds; Ø substantiation of effective investment temporarily free funds, maintaining the balance of funds at a sufficient level; Ø identification of reserves for the growth of the company's income; Ø optimization of the use of profit; Ø determination of dividend policy; Ø substantiation of the amount and conditions for attracting external sources for financing investment activities enterprise; Ø maintaining the solvency of the enterprise, ensuring its financial stability.

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

Ø substantiation of the goal (system of goals) of the financial plan, adequate to the main directions of the enterprise's activity in the future period; Ø determination of the system of internal and external financial constraints that are relevant for the enterprise. Currently, one of the most important constraints for most enterprises is the criterion of bankruptcy; Ødetermining the horizon of financial planning; Øselection of methods for planning financial indicators and developing financial plans; Ødeveloping a financial planning procedure: determining the circle of participants officials, measures of their responsibility, optimization of information links and workflow.

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

An enterprise with large overdue accounts payable, whose financial position is close to critical, when developing a financial plan, should focus on justifying anti-crisis measures that will 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 as a whole.

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, calculation and analytical and economic and 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 enterprises).

In determining tax payments, an entity uses tax rates that are federal, state, or local. Depreciation deductions can be planned both on the basis of centrally established depreciation rates (federal standard), and independently determined by the enterprise based on the period useful use(internal standard). An example of group standards established for small businesses are preferential rates for income tax, special opportunities for calculating depreciation; for joint stock companies- these are the standards for deductions to the reserve fund, the fund for corporatization of employees of the enterprise or the fund for the payment of 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 sheet method of planning financial indicators consists in linking the planned income and the use of financial resources, taking into account the balances at the beginning and end of the planning period by constructing balance ratios. The use of 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 the analysis of the dynamics of retrospective data and an expert assessment of the predicted change in the planned financial indicator:

F.p pl = F.p ex xI

where F.p pl is the planned value of the financial indicator;

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

I is the index of changes in the financial indicator. Methods of economic and mathematical modeling make it possible to establish a quantitatively determined relationship between the planned indicators and the factors that determine them.

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

Y = f (X 1, X 2, ..., X n)

where Y is the planned financial indicator;

X i, - i-th factor for i = 1,…, n.

Economic and mathematical models based on regression relationships have found wide application 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 several factors:

Y = a 0 + a 1 X 1 +… + a n X n

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

Y is the average value of the financial indicator;

X 1,…, X n - factors influencing the planned financial indicator.

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

The main methods for developing the forecast balance are:

"Plug method"; the method of proportional dependence of indicators on the volume of sales (method of percentage of sales).

The simplest and most common method of ensuring balance sheet reducibility is the "plug method". The essence of this method is to identify the imbalance (the difference between liabilities and assets of the balance sheet), called "plug", and determine the ways to eliminate this "plug". For example, with a negative difference between liabilities and balance sheet assets, indicating that there is insufficient funds to finance the activities of the enterprise with the planned costs of raw materials, materials, equipment, etc., you should consider options for attracting additional financing, for example, through loans. Adjustment of the liability for the amount of the planned loan will lead to the formation of a new "traffic jam", since the attraction of a loan will increase expenses by the amount of interest on the loan and, accordingly, reduce profits. Thus, the use of this method is reduced to iterative calculations. Each iteration consists of identifying a traffic jam and justifying financial decisions to eliminate it.

The second method of 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 the volume of sales, or the method of percentage of sales.

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

Ø the fixed assets of the organization are used at full capacity and an increase in the volume of sales will require additional investments; Ø the enterprise operates stably and at the beginning of the planning period the values of most balance sheet items are optimal (including reserves, the balance of funds correspond to the achieved sales volume); Ø change in most items of the asset and some items the liability is proportional to the change in the volume of sales.

Consider the calculation algorithm using the percentage of sales method.

1. Identify those balance sheet items that change in proportion to the volume of sales. As a rule, these include costs included in the cost price products sold, administrative, business expenses, receivables, payables. These items are transferred to the forecast balance sheet, taking into account the growth in sales (multiplied by the sales growth index). 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. These items include dividends, bills of exchange payable. 3. Retained earnings in the forecast year are determined: the forecast profit minus dividend payments is added to the retained earnings of the reporting year (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 various sources etc. 5. A variant of the second approximation is formed, taking into account the effect of the financial feedback (attraction of loans and borrowings not only increases the sources of financing, but also leads to an increase in the costs associated with the payment of interest).

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

It is advisable to computerize the procedure of balancing the balance using the method of percentage of sales, which will greatly facilitate and accelerate the balancing of the balance.

To roughly calculate the need for external financing (EFN) (in particular, without taking into account the effect of financial feedback), you can use the following formula:

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

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

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

B 0 - proceeds from the sale of products of the reporting year;

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

B is the projected sales volume;

R is the profitability of products sold (the ratio of the net profit of the reporting year to the proceeds from the sale of the reporting year);

D is the rate of dividend payment (the ratio of profit allocated to dividend payment to net profit).

The traditional approaches of Russian enterprises to the development of financial plans, described above, do not effectively and fully solve the problems facing a financial manager at the present stage. Financial planning, as a rule, is divorced from marketing research and is based on a production plan, not sales, which leads to a significant deviation of the actual indicators from the planned ones. Planning and economic services use in their calculations the calculation of the total cost of a unit of manufactured (less often - sold) products, distributing all the costs of the reporting (or planning) period by types of products. The same approach (based on the total cost price) prevails in domestic pricing, which is costly. At the same time, world experience speaks of the expediency 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 "costs - revenue - profit" (CVP-analysis) and the break-even method. Finally, the development of the financial plan is divorced from the management process, and the financial plan does not allow assessing the financial condition of the 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 - modern technology financial management, which allows not only to obtain a reasonable 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 - a complex system including:

Ø a set of interconnected planning documents, in which the planned activities of both individual centers of financial responsibility (CFR) and the entire enterprise are reflected with a reasonable degree of detailing of the indicators in accordance with the objectives of the activity and the planned level of sales; control the implementation of budgets by individual CFDs and the achievement of financial results planned by the enterprise as a whole; Ø managerial impact on the CFD, focused on minimizing budget deviations taking into account changes external environment.

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

Ø budget of income and expenses; Ø budget of cash flow; 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 to the acceptable parameters of the financial condition and a sufficient level of financial stability.

In the process of drawing up the main budget, it is customary to distinguish between 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 forecast balance.

The operating budget consists of:

Ø sales budget; Ø production budget; Ø budget of inventories; Ø budget of direct costs for raw materials and supplies; Ø budget of direct labor costs; Ø budget of general production overhead costs; Ø budget of administrative expenses; Ø budget of commercial expenses; Ø profit and loss statement.

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

The financial planning horizon is a period of time within which it is possible to give with acceptable accuracy an assessment of the financial indicators of the enterprise development strategy, taking into account the influence of the main environmental factors. Enterprise development strategy focused on the reconstruction of production, implementation new technology, expansion of production in connection with entering 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 factors of the external environment.

Within the planning horizon, financial plans are divided into:

Ø promising (strategic); Ø current; Ø operational.

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

A long-term financial plan is concretized in the form of current financial plans drawn up for the year. The main document of the current financial planning is the balance of income and expenses, presented in table. 1 (Appendix 1). When developing a current financial plan Financial Manager proceeds from the goals of financial planning for the coming year and solves the tasks listed above. Balancing the income and expenses of the financial plan is achieved both by regulating expenses (primarily, contributions 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), which determines the sources of funding for each item of planned expenses (Table 2, Appendix 1).

Operational financial planning consists in the development of a payment calendar detailing the current financial plan for a quarter or month. The payment calendar helps to maintain the solvency of the enterprise, to attract short-term borrowed funds on time to cover the gap in the time of receipts and transfers 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 sheet of income and expenses of the enterprise.

Conclusion

Financial plan in terms of value summarizes possible outcomes decisions taken 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 of assets and liabilities of the enterprise, a break-even schedule.

The forecast of sales volumes gives an idea of the market share that will be covered by the manufactured products. The forecast, as a rule, is made for three years, and for the first year the data are given monthly, for the second - quarterly, and for the third year - as a whole.

The balance of cash expenditures and receipts is a document that determines the amount of money invested in a project, broken down by time from the moment the company was organized. The main task of the balance of cash expenditures is to check the synchronization of the receipt of funds from the sale of products and their spending, that is, to determine the sufficiency of these funds at each moment in time. In case of their shortage, it is necessary to provide sources of additional investments. 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, general production costs (by type), net profit.

The consolidated balance sheet of the firm's assets and liabilities is drawn up at the beginning and end of the first year of the project. It serves as a basis for assessing by experts of commercial banks the quality of funding sources and the feasibility of investing capital.

List of used literature

1. Zaitsev N.L. Economics of an industrial enterprise: Textbook. - M .: INFRA-M, 1999.2. Economics course. Raizberg B.A. M. 1997 3. General theory of finance. Drobozina L.A. M. 1995 4. Finance theory. Tutorial. Zayats 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. Kazak. Yekaterinburg: MP PIPP at the publishing house Uralsky state university, 1994.7. Finance, money circulation and credit: Textbook: / Ed. N.F. Samsonov. - M .: INFRA-M, 2001.
For the convenience of studying the material, we divide the article into topics:

Financial planning tasks are:

Ensuring the trading process is necessary;
- establishment with the budget, banks and other counterparties;
- identifying areas of the most profitable financial investments;
- increasing the profitability of financial and economic activities;
- control over education and spending of funds.

The financial plan is an integral part of the business plan of the enterprise. When developing a business plan, it is envisaged to proceed from the fact that the determination of the funds required to finance the development of an enterprise implies an assessment of this plan as an investment project. This means that the enterprises envisaged in the plan must be justified by them.

In a business plan, two types of financial planning are distinguished: strategic and tactical.

A strategic (long-term) financial plan is a form of implementing the goals and objectives of an enterprise, an investment strategy and anticipated savings. The basis of strategic financial planning, which is one of the trade secrets enterprises, - determining the need for capital for entrepreneurial activities. The tactical financial plan is the annual balance of income and expenses of the enterprise. In conditions of inflation, financial plans are drawn up for the quarter and adjusted for the inflation index.

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

An enterprise can raise additional funds by issuing securities, obtaining loans or borrowings, sponsorship contributions, etc.

In financial terms, a specific linkage is made between each type of investment or fund and the source of their financing. For this, a checker (chess table) is drawn up, in the vertical columns of which the directions of use of financial resources are given, and in the horizontal columns - the sources of financing, which corresponds to the expenditure and income parts of the balance. The chess table allows you to identify the target nature of the use of resources and balance income and expenses by item.

The main income items of the financial plan are profits, bank loans and other income and receipts; the main items of expenditure are tax deductions, capital investment costs, funds for the repayment of bank loans and interest on them and growth, deductions to trust funds and other expenses and deductions.

In practice, financial plans concretize strategic ones. In turn, tactical plans are detailed by 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 an enterprise during a certain period (most often a quarter). It is poor cash management that is the main cause of financial and economic difficulties, therefore, drawing up cash plans and monitoring their implementation are important for increasing the company's solvency.

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 balances of funds at the enterprise.

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

Financial planning at the enterprise

Let's dwell on the financial one, which plays a primary role. The company's management is obliged to know what tasks in the field economic activity it can schedule for the next period. Persons interested in the activities of the company make certain demands on the results of its work. When planning certain types of activities, it is necessary to know what economic resources are required to complete the tasks. This applies, for example, to planning in the field of raising capital (purchasing loans, increasing, etc.) and determining the volume of investments.

As the budgeted plans are implemented, the actual performance of the firm must be recorded. Comparing the actual figures with the planned ones, it is possible to carry out the so-called budget control. In this sense, the main attention is paid to the indicators deviating from the planned ones, and the reasons for these deviations are analyzed. Thus, information on all aspects of the firm's activities is being replenished. Budgetary control makes it possible, for example, to find out that in any areas of the firm's activities, the planned plans are being fulfilled unsatisfactorily. One can, of course, assume a situation where it turns out that the budget itself was drawn up on the basis of unrealistic assumptions. In both cases, the management is interested in receiving information about this in order to take the necessary actions, i.e. change the way plans are executed or revise the provisions on which the budget is based.

The budget is a program of actions (plan) expressed in value terms in the field of production, procurement of raw materials or goods, sale of manufactured products, etc.

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

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

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

The organization of work on in-house planning depends on the size of the enterprise. In small firms, there is no division of management functions in the proper sense of the word, and managers have the opportunity to independently delve into all the problems. In large enterprises, budgeting should be done in a decentralized manner. After all, it is at the level of departments that personnel are concentrated who have the greatest experience in the field of production, procurement, sales, operational management, etc. Therefore, it is in the divisions that proposals are put forward regarding those actions that would be advisable to take in the future.

Divisional budgets are not developed in isolation from each other. When calculating, for example, the planned sales figures, and therefore the coverage amount, it is necessary to know the production conditions and the planned selling prices. To ensure an effective coordination system, many enterprises are developing guidelines for budgeting, which contains a time schedule, as well as the distribution of duties and responsibilities when calculating budget indicators.

Usually, two schemes of organizing work on the preparation of budgets (plans) are distinguished: a top-down method and a bottom-up method. In the first method, the budgeting work begins "from the top"; the management of the company determines the goals and objectives, in particular the targets for profit. Then these indicators in an increasingly detailed form as we move to lower levels of the enterprise structure are included in the plans of the divisions. The second method is the opposite. For example, the calculation of sales indicators is started by individual sales departments, and only then the head of the sales department of the company brings these indicators into a single budget, which can later become an integral part of the overall budget of the enterprise. In practice, it is impractical 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 the various departments.

The firm must plan and control in two main economic areas. It is 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 forming a budget for profit for the future period is the profit statement. The income statement reflects the economic results of activities in 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 as were carried out in the reporting year, the amount of income for 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 firm.

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

The special importance of the quality of financial planning in enterprises is increasing. The financial plan of the enterprise is interconnected with other aspects of planning the economic activities of the enterprise. These include plans: for the sale of products, for raw materials and materials, production, advertising, capital investments, scientific research and development, attraction and return of borrowed funds (loans and from other sources), distribution of income, as well as cost estimates.

The immediate basis of the financial plan is forecast calculations for the sale of products to consumers or plans to sell it, 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, production volumes, costs of manufacturing products, carrying out work and providing services, as well as profit and other indicators are calculated.

The appointment of the financial plan of the enterprise, on the one hand, is the forecast of the medium-term financial prospects, and on the other, the determination of the current income and expenses of the enterprise. The financial plan is drawn up by the enterprise for a year with distribution by quarters, as well as for 3-5 years - by years. It reflects income and expenses by items 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 activities of the enterprise 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 disruptions. connection with the shortage of material and technical resources regarding the contractual terms.

Financial planning at enterprises largely depends on the quality of forecasts of the main indicators of their production activities, market conditions, the state of monetary circulation and the ruble exchange rate. Therefore, under the current conditions, it is possible to underestimate the need for financial resources and changes in financial condition enterprises, in connection with which 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 funds, on the one hand, and the costs and expenses incurred in the course of financial and economic activities, on the other hand. Along with this, the planned balance of income and expenses reflects financial relations with the banking and insurance systems and operations for the purchase 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 charges 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;
- the extent and directions of use, distribution of sources;
- balancing them with costs or expenses.

So, the part of the profit remaining after taxes is used for the needs of the enterprise, including:

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

Funding for capital investment costs is carried out at the expense of depreciation deductions for the full restoration of fixed assets, involvement in the investment process of excess stocks of equipment, machinery and materials, profits directed to, as well as by attracting share capital, funds from the 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, there are six methods for justifying planned values.

The "dual" content of financial planning (planning assets and liabilities and receipts and payments) reflects the fact that there are two objects of financing: assets and transactions.

Funding sources of assets are liabilities, i.e. obligations. arising from the enterprise as an entity to the owners of the resources used by the enterprise in its activities, These obligations can be debt [ie borrowed], subject to return after the expiration of their provision, and equity [unlimited], 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 financing operations are cash and commercial).

Financial stability

In the fourth section, the calendar for the issuance of wages to workers and employees is filled in, which indicates the amount of payments to the enterprise in cash on time (a specific date of each month). These amounts, in accordance with the agreement of settlement and cash services, the bank issues to the company for the fee specified in the agreement.

The calculation of the need for a short-term loan is carried out if the company has such a need. In this case, the bank is presented Required documents and a loan agreement is concluded with him. However, this must be preceded by a reasonable calculation of the loan amount, as well as the amount that, taking into account the 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 on specific aspects of financial activities. This view financial planning consists in the development of specific types of current financial plans (budgets), which make it possible for an organization to determine all sources of financing for its development for the coming period, to form a structure of income and costs, to ensure constant solvency, and also to determine the structure of assets and capital at the end of the planning period.

The current financial plan is drawn up for a period of one year, with a breakdown by quarter, since this period of time complies with the legal requirements for the reporting period. The current planning is considered as an integral part of the long-term plan and is a concretization of its indicators. Recently, organizations are increasingly using the system of activities structural units and the organization as a whole, which is being implemented in order to strictly save financial resources, reduce overhead costs, more flexibility in management and control, as well as to improve the accuracy of targets, compliance with the requirements of laws and contracts.

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

Rational use of the organization's funds due to the timely planning of business transactions, financial and material flows;
more accurate indicators of the volume of costs and profits than in long-term financial planning;
great material interest of workers in successful implementation planned assignments;
implementation of the regime of strict economy of the organization's financial resources, etc.

Budgeting is based on certain principles:

The principle of aligning goals;
the principle of responsibility for their formation and implementation;
the principle of flexibility.

A budget is a coordinated financial document that reflects receipts and expenditures for a specific line of business. The budgeting process is a 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 divisions of the enterprise, encouraging managers of all levels to achieve relevant goals, control current activities, assessing the implementation of the plan by various departments (centers of responsibility).

Budgeting technology includes the formation and consolidation of enterprise budgets. For this, the financial structure of the enterprise is being developed, which is a set of subdivisions (centers of responsibility). For each of them, the corresponding budgets are formed separately - operating, investment, financial. TO operating budgets relate:

1. sales budget;
2. production budget;
3. budget of inventories;
4. budget for direct labor costs;
5. budget of direct material costs;
6. production budget;
7. budget;
8. budget for administrative expenses.

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

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

In turn, the main (consolidated) budget is a consolidated financial plan, which is developed on the basis of the budgets of various types or structural divisions 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, which bring together all of its other plans (budgets) in a cost estimate.

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

2. Absorption costing - a method of accounting for full costs, in which all direct and indirect - general production costs are included in direct production costs when calculating 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 labor costs of production workers are equal to 5,000 rubles. for one product; general production expenses during the sales period are equal to 60 thousand rubles. administrative expenses amounted to 50 thousand rubles. So, according to the direct costing method, the profit is

20,000 X 10 - 5,000 X 10 - 60,000 - 50,000 = 40,000 rubles; according to the absorption costing method, the profit is

20,000 x 10 - (5,000 + 60,000/15) x 10 - 50,000 = 60,000 rubles.

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Financial planning takes an important place in the financial management system.
Its object is the financial activity of business entities, the result is the drawing up of financial plans in all parts 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 funds required to fulfill planned targets:
2) determination of sources of financing for the planned activity;
3) identification of reserves for income growth, savings in spending;
4) establishing optimal proportions in the distribution of funds between centralized and decentralized funds, etc.
In the conditions of the administrative-command system, directive planning existed, and when planning finances, emphasis was placed on the distributional processes of a market economy. V 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 dominant method of communication in the process of production and sale of goods and services is the market with its own mechanism, while its nature does not reject planning. In a market economy, the plan is recognized 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 the possibilities of increasing financial resources, the directions of their most effective use.
Forecast and planned calculations of financial indicators are based on the use of: 1) the 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 imitating the course of real socio-economic processes.
To coordinate the directions of use of financial resources with the sources of their formation, to link all sections of financial plans with each other, the balance method is used.
Financial planning is carried out at both the micro and macro levels (table 7).
Short-term (tactical) financial planning at the macro level. Its main elements are:
1) the legal and organizational framework of the budget;
2) methodological base of the budget;
3) budgeting process.
1. Legal and organizational basis of the budget. The legal basis of the budget is the laws and regulations governing the budgetary process, namely: the Budget Code, the Tax Code, the Budget Law, the Budget Classification Law, etc.
The organizational basis of the budget is the institutions for which, in accordance with current legislation entrusted with the provision of the budgetary process. These include legislative and executive authorities, financial control authorities, tax authorities, etc.
2. The methodological basis of the budget is the budget classification. State authorities all levels carry out daily work related to the receipt and expenditure of funds. The volume and types of such transactions are numerous and varied, 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 a budget classification.
The budget classification includes four main sections:
1) income;
2) expenses;
3) financing;
4) public debt.
The income section includes the following sections:
1) capital backups;
2) current income;
3) gratuitous receipts.
Capital income is understood as 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 that are owned by the state, as well as cash receipts within the budget period.
As part of the current income, tax and non-tax income are distinguished.
Tax revenues include tax revenues, which are compulsory, gratuitous and non-refundable payments to 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 income includes income from the use of property, including from the sale of surplus property and confiscated goods, from transactions with securities, as well as fines and penalties, the collection of which is not related to violation of tax legislation.
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 of its functions by the state.
The section "expenditures" of the budget includes functional, departmental, economic (subject) classification.
The functional classification of expenditures is built in accordance with the main functions of the state. All major budget expenditures are represented by functional sections, which, in turn, include subsections. For more specificity of expenses, target items and types of expenses are provided, from
directly reflecting the sectoral 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 correct definition the volume 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 as federal ministries and departments, as well as other bodies called upon to implement the adopted functional sections. The departmental structure includes all federal ministries and departments.
The economic (subject) classification of expenditures implies the grouping of budget expenditures according to the economic principle, where expenditures are brought together into single economic categories, reflecting the delineation 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 business expenses, payments to the population and other categories.
All three structures are closely related. The interrelation between the three types of budgetary division of government expenditures provides an opportunity to move from one structure to another.
As a rule, the functional section is implemented by several ministries (departments). At the same time, one ministry (department) can participate in the implementation of several sections. Therefore, the budget of a particular federal body is the sum of all its costs for the relevant sections.
Departmental and economic structure linked at the level of expense types. Since all types are sufficiently detailed, they can be determined taking into account the requirement of unambiguous assignment to one of the economic items. 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.
Economic and functional cost structures are uniform and binding for all levels of budgets. The departmental structure of expenditures can be different for budgets of different levels.
The section "Financing" includes the sources of financing the budget deficit. As noted, operations to raise a loan
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. Funding itself is carried out in the following forms:
1) issue and placement of government 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 "Public debt" includes the total debt obligations of the state, which are subdivided into external and internal.
The use of budget classification makes it possible, in terms of budget expenditures, to determine not only the fact of spending by ministries and departments of public funds, but also to link these expenditures with the implementation of state tasks and the degree of responsibility of each ministry.
3. Budgeting process.
The budgetary process is understood as legislatively
regulated activities of authorities and administration
for the preparation, review, approval and execution
budgets.
The budgeting process consists of four sequential stages:
1) drawing up a draft budget;
2) consideration and approval of the draft budget:
3) budget execution;
4) preparation and approval of the budget execution report.
Responsibility for the preparation of the draft budget rests with
government. The direct preparation of the draft budget, as a rule, is the responsibility of the Ministry of Finance and the Ministry of Economy. The government reviews and approves the draft budget and then submits it to the legislature for review. After consideration and approval by the legislative authorities, the draft budget must be ratified by the President of the country. Only then does the budget become law.
The preparation, consideration and approval of the budget takes about twenty months.
Responsibility for budget execution rests with the Ministry of Finance. The budget is executed during the budget period, which includes the fiscal year and the grace period. The fiscal year coincides with the calendar year in terms of 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 budget execution stage takes thirteen months.
The preparation of the budget execution report is also the responsibility of the Ministry of Finance. The report must be approved by both the executive and legislative authorities. The fourth stage of the budgeting process takes about five months. Thus, the entire budgeting process takes over three years.
Long-term financial planning at the macro level includes two main elements:
1) mandatory multi-year financial planning based on annual financial planning;
2) program financing.
Short-term and long-term financial planning should be interconnected. Budgets are the backbone of long-term financial plans. Multi-year financial plans should be adopted annually (table 8).
With this planning, the budget is built into the context of the multi-year plans.
As mentioned above, planning is related to 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 2005 budget was adopted in 2004, its performance had already been projected several times in five-year financial plans. In 2005, when the 2006 budget is adopted, its indicators will also be projected in advance in the previous five-year plans. Such "flexible" five-year plans allow, as the budget year approaches, to repeatedly adjust its budget. Thus, long-term financial planning based on forecasting allows you to:
1) continuous budgeting;
2) the forecast indicators laid down in the budget are more realistic.
A serious mistake in the financial planning of the Soviet period was the "tough" plans adopted for a certain period (five-year, seven-year). At the same time, the new plan could be accepted 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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