The financial resources of an enterprise or organization. Finance and financial resources of the enterprise Qualification of financial resources

Finance is a part of economic relations in society, but in practice we are not dealing with abstract relations, but with real money. The distribution and redistribution of value with the help of finance is accompanied by the movement of funds in the form of income, receipts and savings, which in the aggregate financial resources, which are material carriers of financial relations.

With the wide use of the term "financial resources", its interpretation is different. In Russia, it was first used in the preparation of the country's first five-year plan, which included a balance of financial resources.

In a more general sense, the "resource" in dictionaries is considered as a reserve, acting as a source of satisfaction of needs, the formation of funds. Since finance is an economic relationship mediated by money, it is obvious that financial resources are understood only as resources that have a monetary form, in contrast to material, labor, natural and other resources. Thus, we can make the first conclusion that financial resources exist only in monetary form.

However, financial resources are not the entire amount of funds used by state authorities and local governments, as well as business entities. In addition to financial resources in the form of money, credit resources, personal monetary incomes of the population, etc. also function. Therefore, it is important to highlight such signs of financial resources that will allow them to be isolated from the total amount of funds.

In any society, financial resources do not exist on their own, they always have an owner or a person to whom the owner has delegated the right to dispose of them. Financial resources cannot be outside property relations. And only that part of the money that is owned or disposed of by business entities or state authorities and local governments and serves the process of social reproduction, refers to financial resources.

Their belonging to a specific business entity or state authorities and local self-government makes it possible to separate them from the part of the population's monetary income and savings that is not involved in the process of social reproduction.

However, not all funds of business entities can be attributed to financial resources, but only those that mediate the processes of production of goods, the provision of various types of services, or are used to finance the functions of state authorities and local self-government.

This implies the following sign of financial resources - they are always used for the purpose of expanded reproduction, social needs, material incentives for workers, satisfaction of other social needs.

Thus, under financial resources means cash income, savings and receipts owned or disposed of by business entities or state authorities and local self-government and used by them for the purpose of expanded reproduction, social needs, material incentives for workers, satisfaction of other social needs 1 .

It is customary to refer to the sources of formation of financial resources the value of the gross domestic product, part of the national wealth and income from foreign economic activity.

Part of the national wealth is involved in economic turnover in the form of carry-over balances of budgetary funds; funds from the sale of part of the country's gold reserves; proceeds from the sale of surplus, confiscated and ownerless property, income from privatization, etc. Financial resources come from foreign economic activity in the form of income from foreign trade operations, external state borrowings, foreign investments, etc.

Types of financial resources- these are those specific forms of income, income and savings that are formed by business entities and government entities as a result of financial distribution. They are: depreciation, profit of the organization, tax revenues, insurance payments, etc..

The composition of the sources of financial resources of business entities will be influenced by the field of activity (material production or non-production sphere), the way of doing business, i.e. whether the organization pursues profit making as the main goal of its activities (commercial organizations) or does not have such a goal and does not distribute the profits received among the participants (non-profit organizations), organizational and legal form, industry specifics, etc.

Financial resources of a commercial organization- these are cash incomes, savings and receipts owned or at the disposal of the organization and intended to fulfill financial obligations, ensure reproduction costs, social needs and material incentives for employees.

To the main sources of formation of financial resources of a commercial organization relate:
proceeds from the sale of products, works and services;
proceeds from other sales (for example, retired fixed assets, inventories, etc.);
non-operating income (fines received, dividends and interest on securities, etc.);
budget resources;
funds received as a result of the redistribution of financial resources within vertically integrated structures and industries.

Types of financial resources of a commercial organization there will be profit from the sale of goods (works or services), from the sale of property, the balance of income and expenses from non-operating activities, depreciation, reserve and similar funds formed from the profits of previous years.

Directions for the use of financial resources of a commercial organization are: payments to budgets of different levels and outside budgetary funds, payment of interest for using a loan, repayment of loans, insurance payments, financing of capital investments, increase in working capital, financing of research and development work, fulfillment of obligations to the owners of a commercial organization (for example, , payment of dividends), material incentives for employees of the enterprise, financing of their social needs, charitable purposes, sponsorship, etc.

Financial resources of a non-profit organization- these are cash incomes, receipts and savings used to carry out and expand the statutory activities of the organization. The organizational and legal form and type of activity of a non-profit organization will affect the composition of the sources of financial resources, as well as the mechanism for their formation and use.

To main sources of financial resources for non-profit organizations relate:
contributions of founders and membership fees;
income from entrepreneurial and other income-generating activities;
budget resources;
gratuitous transfers of individuals and legal entities;
other sources.

Types of financial resources of non-profit organizations budgetary funds, gratuitous transfers of legal entities and individuals, including grants, profits, depreciation deductions (except for budgetary institutions), reserve and similar funds (except for budgetary institutions), etc.

Since 2007, in the Russian Federation, part of the funds that non-profit organizations receive in the form of gratuitous transfers of individuals and legal entities (donations) takes the form of endowment capital 2 .

The financial resources of a non-profit organization are being used to achieve the main purpose of its creation. These can be expenses related to the remuneration of employees, the operation of the premises, the purchase of equipment, payments to budgets and state off-budget funds, capital investments, major repairs of buildings and structures, etc.

In addition to business entities operating as a legal entity, entrepreneurial activities can be carried out by individual entrepreneurs, who also form financial resources.

Sources of financial resources of individual entrepreneurs are personal savings and income received by them as a result of economic activity. In addition, entrepreneurs can attract borrowed funds to carry out their activities.

The financial resources of individual entrepreneurs are used to expand the business, payments to the budget and state non-budgetary funds, expenses for wages of employees, charitable contributions and donations, etc.

If entrepreneurial activity is terminated, all income received is directed to the personal consumption of the entrepreneur.

Sources of financial resources at the disposal of state authorities and local self-government, are the gross domestic product, part of the value of national wealth and income from foreign economic activity.

Gross domestic product is the main source of formation of state and municipal financial resources. But sometimes, for example, during periods of economic crisis or emergencies (revolutions, wars, major natural disasters, etc.), previously accumulated national wealth can act as a source of state and municipal financial resources.

The financial resources of state authorities and local self-government are:
tax revenues (organizational income tax, personal income tax, unified social tax, etc.);
non-tax revenues (dividends on shares owned by the state and municipalities, income from the leasing of state and municipal property, interest received from the provision of budget loans
(budget loans), etc.);
gratuitous transfers (from budgets of other levels, state off-budget funds, etc.);
other income.
Use of financial resources at the disposal of state authorities and local self-government, directly related to the functions of the state: economic, social, managerial, strengthening the defense capability; through financial resources, the important needs of society in the field of economic development, financing of the social sphere, the implementation of state and municipal government, strengthening the country's defense capability, etc. are met.

The formation and use of financial resources is carried out in stock or non-stock form. The stock form is predetermined by the needs of state authorities and local self-government bodies that need financial resources to ensure their functioning, and some needs of business entities engaged in expanded reproduction. When forming and using their financial resources, both multi-purpose and narrow-purpose funds are used.

Financial funds have the following traits:
this is a separate part, separated from the total amount of money;
as a result of isolation, the monetary fund begins to function independently, and this independence is relative, there is a constant replenishment and use of funds;
always created to finance a goal, and the goals can be of a different order, broad and narrow;
has legal support, which regulates the procedure for its formation and use.

The stock form of education and the use of financial resources has advantages over the non-fund form.

The formation of separately functioning financial funds with a clear regulation of the procedure for their formation and use ensures the concentration of financial resources to perform urgent tasks, allows them to be managed more efficiently and facilitates control over their formation and use. However, if earlier the fund form was the main one, then in market conditions, the fund form is formed and used mainly by the financial resources of state authorities and local self-government. These funds include budgets of the corresponding levels and off-budget funds. The form of use of financial resources of business entities is currently less regulated by the state. The procedure for the use of financial resources by commercial organizations is determined by their constituent documents, and therefore a combination of fund and non-fund forms is possible here. Part of the resources of business entities can be directed to the formation of special-purpose funds (for example, economic incentives, reserve funds). The use of financial resources to fulfill financial obligations to budgets of different levels, state non-budgetary funds, banks, insurance organizations, payment of penalties is carried out in a non-fund form.

1 See: Finance / Ed. V.M. Rodionova. - S. 10, 35.
2 See Article 2 of Federal Law No. 275-FZ of December 30, 2006 “On the Procedure for the Formation and Use of Target Capital of Non-Commercial Organizations”.

(Materials are given on the basis of: A.G. Gryaznova. E.V. Markina Finance. Textbook. 2nd ed. - M.: Finance and Statistics, 2012)

1. The concept, essence and functions of enterprise finance.

2. Sources of formation and direction of use of the financial resources of the enterprise.

4. Taxes and taxation of the enterprise.

The financial resources of an economic entity are the funds at its disposal. Financial resources are directed to the development of production, the maintenance and development of non-production facilities, consumption, and may also remain in reserve. The financial resources used for the development of the production and trade process represent capital in its monetary form.

Sources of financial resources are all cash income and receipts that an enterprise or other economic entity has in a certain period (or date) and which are directed to the implementation of cash costs and deductions necessary for production and social development:

Repair fund;

Insurance reserves;

Other own financial resources.

The authorized capital is the sum of the contributions of the founders of an economic entity to ensure its vital activity. The amount of the authorized capital corresponds to the amount fixed in the constituent documents and is unchanged.

Borrowed financial resources include:

bank loan;

Credit from another financial institution;

budget credit;

Commercial loan;

Accounts payable, constantly in circulation;

Other borrowed resources.

Borrowed capital - capital that the company owns only for a certain time, after which the capital must be returned to its owner with payment for temporary ownership.

The composition of borrowed capital, in addition to loans taken from the bank, also includes capital raised by the issuance of securities (except for shares), and machines, equipment, and buildings leased by the enterprise.

Recently, in the foreign practice of financing capital investments, there has been a steady trend in the use of borrowed funds. If in the mid-1960s the share of own sources in financing capital investments was 90%, by the mid-1980s it had dropped to 60%, and in some countries even to 50%. An increase in debt entails a deterioration in economic results. It is also believed that if a company increases its turnover by more than 20%, then it necessarily needs long-term financing.

The attracted financial resources include:

Equity funds in current and investment activities;

Share and other contributions of members of the labor collective, legal entities and individuals;

Insurance compensation;

Funds received from the sale of securities;

Share and other contributions of legal entities and individuals;

Accounts payable permanently at the disposal of the enterprise;

Credit and loans;

funds from the sale of a pledge certificate, an insurance policy and other cash receipts (donations, charitable contributions, etc.).

The balance sheet profit is the sum of profits from the sale of products, from other sales and income from non-sales operations minus expenses on them. The income tax rate in 1993 was 32%, since 1994 - from 35 (38) to 43%. At the same time, it should be borne in mind that income from equity participation in other business entities and income from securities are taxed at a rate of 15%. Therefore, these incomes must be separated from taxable income in a separate group. The reserve fund is created by business entities in case of termination of their activities to cover accounts payable.

The formation of a reserve fund is mandatory for a joint-stock company, cooperative, enterprise with foreign investment. Allocations to the reserve fund and other funds similar in purpose are made until the size of these funds established by the constituent documents is reached, but not more than 25% of the authorized capital, and for a joint-stock company - not less than 10%. At the same time, the amount of deductions to these funds should not exceed 50% of taxable profit.

The accumulation fund is a source of funds of an economic entity, accumulating profits and other sources for creating new property, acquiring fixed assets, working capital, etc. The accumulation fund shows the growth of the property status of the economic entity, the increase in its own funds. At the same time, operations to acquire and create new property of an economic entity do not affect the accumulation fund.

The consumption fund is a source of funds of an economic entity, reserved for the implementation of measures for social development (except for capital investments) and material incentives for the team.

Depreciation charges are a stable source of financial resources, they are formed as a result of the transfer of the value of fixed assets to the cost of the product and, in aggregate, constitute the depreciation fund.

Decree of the President of the Russian Federation dated May 8, 1996 No. 685 "On the main directions of tax reform in the Russian Federation and measures to strengthen tax and payment discipline" from January 1, 1998, a new depreciation procedure is in effect.

Property subject to depreciation for tax purposes includes property whose value exceeds 100 times the minimum wage established by the legislation of the Russian Federation, the useful life of which is more than one year. Land plots, subsoil and forest plots, as well as financial assets are not classified as property subject to depreciation.

All property subject to depreciation is grouped into four categories:

1) buildings, structures and their structural components;

2) passenger cars, light commercial vehicles, office equipment and furniture, computer equipment, information systems and data processing systems;

3) technological, energy, transport and other equipment and tangible assets not included in the first or second category;

4) intangible assets.

Annual depreciation rates are: for the first category - 5%, for the second category - 25%, for the third - 15% for all taxpayers, with the exception of small businesses and entrepreneurs, in respect of which the annual depreciation rates increase and amount, respectively, for the first category - 6%, for the second category - 30%, for the third category - 18%.

In relation to intangible assets, depreciation deductions are made in equal shares during the period of use of these assets. If the period of use of an intangible asset cannot be determined, the amortization period is set at ten years.

Calculation of depreciation deductions for property referred to the first category is made for each unit of property separately.

A stable source of financial resources of an economic entity is accounts payable, which is constantly at its disposal. This is primarily wage arrears, deductions to off-budget funds associated with the wage fund, a reserve of future payments, and more. The formation of wage arrears is caused by the fact that between the period of its accrual and the day of payment there is a certain number of days for work, in which the business entity still has to pay employees. The reserve for future payments is formed by accumulating funds intended to pay for the upcoming vacations of employees. These funds do not belong to an economic entity or have a designated purpose. However, they are permanently kept by the economic entity, which disposes of them at its own discretion until the debt is repaid.

A share, or a share contribution, is the amount of a monetary contribution paid by a legal or natural person when entering into a joint venture.

The investment contribution is a tool for self-crediting the activities of an economic entity. An investment contribution is a monetary contribution of an employee to the development of a given business entity, which accrues interest to the investor in the amount and within the time specified by the agreement or regulation on the investment contribution.

Among borrowed sources of financial resources, a loan, a loan and a credit are distinguished.

A loan is a transfer of a thing by one party (the lender) for free temporary use to another party (the borrower), which undertakes to return the same thing in the same condition in which it received it, taking into account normal wear and tear or in the condition stipulated by the contract (Article 689 Civil Code of the Russian Federation).

Loan - transfer by one party (the lender) to the ownership of the other party (the borrower) of money or other thing defined by generic characteristics, and the borrower undertakes to return to the lender the same amount of money (loan amount) or an equal amount of other things received by him of the same kind and quality ( article 807 of the Civil Code of the Russian Federation).

Credit - the provision by a bank or a credit institution (creditor) of money (credit) to the borrower in the amount on the terms stipulated by the loan agreement, and the borrower undertakes to return the amount of money received and pay interest on it (Article 819 of the Civil Code of the Russian Federation). Thus, with a loan, the lender is a bank or financial institution, and the subject of the loan is only money.

Loans are: financial, commercial, investment tax.

Financial loan - a loan issued by a bank or a credit institution on the terms of urgency, repayment, payment. Depending on the term, they are divided into short-term and long-term: short-term - issued for a period of up to one year, long-term - for a period of more than one year.

A commercial loan is a deferral of payments from one economic entity to another. Commercial loans are provided to an economic entity by suppliers of products (works, services) in the form of a bill of exchange loan, a company loan or an open account, and by a buyer to a supplier in the form of an advance payment.

An investment tax credit is a tax deferral granted by state authorities or tax authorities. The Law of the RSFSR "On the Investment Tax Credit" provides for the deferment of tax payments for two categories of enterprises: for small enterprises when purchasing and putting into operation certain types of equipment and for privatized enterprises (with certain restrictions) on a loan to buy out the enterprise's property.

Sources of financial resources also include cash receipts from donations, charitable contributions (philanthropy), insurance premiums, from the sale of the debtor's mortgaged property, sponsorship contributions (aimed at financing an event).

The enterprise directs part of the financial resources to special-purpose funds: wage fund, production development fund, material incentive fund, and so on. Of particular importance now is the use of financial resources to fulfill payment obligations to the budget and banks. The pace of economic development, the improvement of the budget system, and the strengthening of the finances of enterprises largely depend on the nature of the use of financial resources. Another part of the financial resources is used by the enterprise to finance current expenses and investments.

Investments are risky (venture), direct, portfolio, annuity.

Venture capital is a term used to refer to a risky investment. Venture capital is an investment in the form of issuance of new shares, made in new areas of activity associated with high risk. Venture capital is invested in unrelated projects with the expectation of a quick return on investment. Capital investments are usually made by acquiring a part of the shares of the client enterprise or providing loans to it, including with the right to convert these loans into shares. Risky investment of capital is due to the need to finance small innovative firms in the areas of new technologies. Risk capital combines various forms of capital investment: loan, equity, entrepreneurial. He acts as an intermediary in the founding of start-up science-intensive firms, called ventures.

Direct investments - investments in the authorized capital of an economic entity with the aim of generating income and obtaining rights to participate in the management of this economic entity.

Portfolio investments are associated with the formation of a portfolio and represent the acquisition of securities and other assets. Portfolio - a set of various investment values ​​brought together, serving as a tool for achieving a specific investment goal of the investor. The portfolio may include securities of the same type (shares) or different investment values ​​(shares, bonds, savings and deposit certificates, pledge certificates, insurance policy, etc.).

The principles of formation of the investment portfolio are the safety and profitability of investments, their growth, liquidity of investments. Let us consider the concept of liquidity in more detail. The liquidity of any financial resource is understood as its ability to participate in the immediate acquisition of goods (works, services). The liquidity of investment assets is their ability to quickly and without loss in price turn into cash.

When considering the issue of creating a portfolio, the investor must determine for himself the parameters that he will be guided by:

1) choose the optimal type of portfolio. There are two types of portfolio: a) a portfolio focused on primarily receiving income from interest and dividends; b) a portfolio aimed at the primary increase in the market value of the investment values ​​included in it;

2) evaluate the combination of risk and income of the portfolio that is acceptable to you and, accordingly, determine the share of the securities portfolio with different levels of growth and income.

Financial resources are a complex economic category that cannot be fully identified with cash. At the same time, it is rather difficult to single out a clear criterion on the basis of which it is possible to establish the quantitative boundaries of financial resources and characterize their specifics, in contrast to the category “cash”.

Financial resources are an objective macroeconomic category, the content of which is determined by the conditions of the material and financial balance of the economy. The equality of the receipt and expenditure of financial resources indicates that the effective demand of enterprises, which is formed as a result of financing the costs of developing the national economy and the functioning of state institutions, has material coverage, since it corresponds to the created financial resources. Therefore, the condition of material and financial balance can be represented both in the form of a correspondence between the amount of financial resources and the volume of material goods, and in the form of balance equality of their receipt and expenditure.

There are subjects and objects of financial resources. The subjects of financial resources are households, enterprises, states. The objects of financial resources are centralized and decentralized financial resources. Centralized financial resources are formed at the micro level, decentralized - at the macro level.

The financial resources include:

1) Own funds:

a) at the level of enterprises and households - profit. salary, household income,

b) at the state level - income from state-owned enterprises, privatization, as well as from foreign economic activity;

2) mobilized in the market: purchase and sale of securities, bank credit - for enterprises and households; at the state level - issue of securities and money, state credit.

3) Funds received in the order of redistribution "at the level of enterprises, interest and dividends on securities issued by other owners; at the state level - taxes, fees, duties.

Determining the essence of financial resources, it is advisable to proceed from their functional purpose in the process of expanded reproduction of GDP and ND. This process is characterized by the movement of commodity and money masses, consists of several stages, at each of which commodity and cash flows correspond to each other in different ways. At the initial stage of the movement (production) of GDP and the final (its use), cash flows mediate commodity flows. At the stage of distribution and redistribution, the monetary form of expression of GDP acquires a relatively independent movement, since it is at these stages that financial relations arise. As a result, various monetary funds are formed, they are regrouped and final incomes are formed. This is how the volume and structure of national production and the needs of the national economy are coordinated, which in practice is calculated as GDP in terms of expenditures and GDP in terms of income.

Part of the money turnover is strictly coordinated with commodity circulation, since it is realized as a result of the exchange of equivalents. Expressed in commodity form from the seller and monetary form from the buyer. When exchanging equivalents, there are no conditions for material and financial imbalance in society.

Another part of the money turnover is connected with the needs of expanded reproduction of GDP. They are provided in the process of its distribution and redistribution with the help of finance. This part of the cash flow represents financial flows., i.e. the movement of those funds that can be spent on the development of the national economy and the satisfaction of national and social needs.

A specific feature of financial flows, in contrast to cash flows, is their non-equivalence. As a result, it is finances in the process of distribution and redistribution of GDP that give rise to an independent movement of money, which is the basis for the material and financial imbalance of the national economy. Thus, financial resources are a quantitative characteristic of the financial result of the reproduction process for a certain period. These are the funds that it is lawful to direct to compensate for the retirement of fixed assets, productive and non-productive accumulation, and collective consumption. This macroeconomic indicator has a balance character, since it can be presented as the sum of both income and expenses.

The specific content of financial resources is due to the fact that they act as:

a. as funds of accumulative nature, which are formed as a result of the production, distribution and redistribution of the gross domestic product;

b. as final income, i.e. funds intended for exchange for goods and services;

c. as those incomes that have material coverage, since they are formed as a result of the sale of goods and services;

d. as sources of their formation (constituent elements): depreciation, profit, tax revenues. Non-tax revenues, capital transfers, target budget funds, state off-budget social funds, other receipts;

e. as the final financial result of the reproduction process, since they are used to finance capital investments and major repairs of fixed assets, increase in working capital, purchase of equipment and durable items for budget organizations, expenses for social and cultural events, science, defense, maintenance of public authorities and administration and etc.

It is illegal to include short-term credit resources in the composition of financial resources, since their formation is not associated with the creation of new material goods, but occurs as a result of the redistribution of financial resources.

The savings of the population in the form of an increase in the deposits of the population in commercial banks, in their economic essence, are a source of financial resources, since in the material aspect (in terms of the correspondence between the effective demand of the population and the resources of the product offer and the volume of paid services), they correspond to material resources equal to pent-up demand in ND.

So, the financial resources of the country are part of the GDP and can be represented as the sum of the following indicators of the system of national accounts (SNA): gross profit of the economy, contributions to state off-budget social funds, taxes on production and imports, taxes on individuals, household savings, loans received from foreign countries.

Thus, with the help of financial resources, that part of the GDP is allocated, which can be directed to the expansion of the socio-economic system as a whole. With their help, in the composition of the produced GDP, a part is distinguished that corresponds to the current costs of materials and labor consumed in the production process, and a fund for the expanded reproduction of production factors, including labor. From this point of view, it is legitimate to include society's expenditures on health care, education, social policy, etc. into the expanded reproduction fund.

General concept of financial resources

Cash income accumulated by their owners for subsequent spending, as well as funds attracted as loans, constitute financial resources, which are divided into own and borrowed (credit). For budgets of all levels, financial resources are mobilized revenues and attracted loans. For enterprises, this is equity capital, profits, loans received and securities placed on the market. For employees, a financial resource is income in the form of wages, as well as loans (for example, bank, consumer and pawnshop loans).

Own financial resources are at the complete disposal of their owner, and credit are attracted for a period and are subject to return along with interest payments for their use.

The sources of credit resources are temporarily free funds of enterprises, the population, and in some cases the state. The buying and selling of these resources is focused on the financial market. It consists of two parts: the loan capital market and the securities market. Its main function is to provide economic entities with additional funds at a certain percentage.

Principles of organization of finances of the enterprise. Cash flow in the enterprise

The predominant part of the financial resources of the general economic system of finance is formed at enterprises. Since up to 80% of the revenue base of the budget is formed from taxes, and payments from enterprises prevail in tax revenues, the finances of an enterprise form a nationwide financial system.

The following principles underlie the organization of enterprise finance:

1. independence in the field of financial and economic activities;
2. self-financing;
3. interest in the results of work;
4. responsibility for these results;
5. formation of financial reserves;
6. division of funds into own and borrowed;
7. priority fulfillment of obligations to the budget;
8. financial control over the activities of enterprises.

The cash flow cycle of an enterprise can be represented as follows:

Figure 1. The cash flow cycle of an enterprise

Cash flow in an enterprise is a continuous process. For each direction of use of funds, there must be an appropriate source. The assets of an enterprise are the net use of cash, while the liabilities and equity are net sources. For an operating enterprise, there is no starting and ending point for the movement of funds. The amount of cash fluctuates depending on the production schedule, sales volume, collection of receivables, capital investments and financing.

In the total cash flow of the enterprise, the following relations can be distinguished:

1. formation and use of targeted funds for on-farm purposes (authorized fund, production development fund, incentive funds, etc.);
2. arising from participation in other enterprises (making share contributions, participation in the distribution of profits from joint activities, etc.);
3. with employees of the enterprise;
4. with buyers of products;
5. with insurance companies;
6. with the banking system;
7. with the state;
8. with higher management structures.

Financial resources of the enterprise and their structure

Definition 1

Enterprise financial resources is its fixed and working capital.

Formation and replenishment of financial resources(fixed and working capital) is an important financial problem. The primary formation of these capitals occurs at the time of the establishment of the enterprise, when the authorized capital is formed.

Definition 2

Authorized (share) capital- the property of the enterprise, created at the expense of the contributions of the founders.

Definition 3

Financial resources- this is the money remaining at the disposal of the enterprise after the implementation of current costs to cover material costs and wages.

The main source of formation of financial resources is profit.

Sources of formation of financial resources of the enterprise: profit; proceeds from the sale of retired property; depreciation; growth of sustainable liabilities; loans; target receipts; share contributions. In addition, an enterprise can mobilize financial resources in various sectors of the financial market: sale of shares, bonds; dividends, interest; loans; income from other financial transactions; income from the payment of insurance premiums, etc. (Fig. 2).

Figure 2. Grouping the financial resources of the enterprise

Significant financial resources of the enterprise can be mobilized in the financial market.

Definition 4

The main direction of use of financial resources- investing in expanded reproduction.

The use of funds is carried out in the following areas:

1. Investing in capital investments to expand production;
2. Investing in securities;
3. Payments to the budget, banking system, contributions to off-budget funds;
4. Formation of monetary funds and reserves.

Enterprise finance management

The formation and use of financial resources is impossible without a financial management system for enterprises.

Definition 5

Financial management (financial management)- this is an activity aimed at achieving the strategic and tactical goals of the functioning of this enterprise.

Enterprise financial management includes:

• organization and management of relations of the enterprise in the financial sector with other enterprises, banks, insurance companies, budgets of all levels, as well as financial relations within the enterprise;
• formation of financial resources and their optimization;
• placement of capital and management of the process of its functioning;
• analysis and management of cash flows in the enterprise.

The main functions of a financial manager:

• financial planning, budgeting of the enterprise, pricing policy, sales forecasting;
• formation of the capital structure and calculation of its price;
• capital management (work with securities; control and regulation of monetary transactions; investment analysis; management of fixed and working capital);
• analysis of financial risks;
• protection of property;
• evaluation and consultation.

Enterprises are funds that are formed in the process of selling products or services, come from investors or creditors. They are used to expand production, can be used to reward employees or to form cash funds. are in circulation and cannot be extracted and used for other purposes.

Formation of the composition of finance

Finance consists of:

• Cash funds.
• Investment.
• Communicative financial relations.

Finance can appear as a result of the redistribution of funds and cost reduction.

Enterprise finance is a complex structure that includes state finance, industry finance, the nominal value of securities, insurance payments, as well as cash in circulation and loans.

Material resources are the basis of the production process.

They are formed from the following sources:

• Own funds.
• Loans and credits.
• Attracted finance (investment support).

Own funds, as a rule, are in circulation and make up a large part of the company's finances. Their expiration date is not clearly defined. Own funds appear as a result of the sale of products and are pledged to the authorized capital.

Borrowed funds of an organization are monetary resources that are issued to a company for a certain period of time, subject to return. Usually borrowed funds are formed thanks to bank loans (both long-term and short-term).

The attracted funds do not nominally belong to the organization and are transferred for temporary use on certain conditions. Investments can be directed to the expansion of production or to local tasks.

Each of the above sources is part of the company's assets and can be used to provide material support for the production and economic activities of the enterprise with one single goal - to maximize profits.

The company's financial resources are the sum of its own funds, investments and loans that take part in the circulation of capital and are required for the functioning of production.

Components of financial resources:

• Funds in circulation.
• for depreciation.
• Funds pledged in the trust fund.
• Funds pledged in the corporate fund.
• Credit funds.