Enterprise funds. Fixed and circulating funds. The funds allocated to state enterprises - material and monetary - which are national property, form its funds, although the means of production of state enterprises in the USSR, as it was

Grant funds and organizations Foundations (name in Russian) American Charitable Foundation for the Support of Informatization of Education and Science. Kauffman Foundation. Competition Center for Fundamental Science. International charitable scientific

Production revolving assets - this is a part of the means of production, including raw materials, materials, energy resources, which are used in the production process only once, fully embodied in the manufactured product.

TO foundations means that serve the process of selling products: finished products in a warehouse, goods shipped but not paid for by customers, funds in payments, etc.

Thus, circulating assets are the funds of an enterprise intended for the formation of circulating production assets and circulation funds, which, once participating in the production process, completely transfer their value to the finished product and change their natural-material form.

Circulating assets function simultaneously in the sphere of production and in the sphere of circulation, going through three stages of circulation: preparatory, productive and the stage of implementation

Figure 3.9. Stages of the circulation of working capital.

Preparatory stageproceeds in the sphere of circulation, where money turns into the form of inventories.

On the production stageproduction stocks with the participation of tools and labor force are transformed into unfinished products, semi-finished products and finished products. Here, advancing the cost of the created products continues, i.e. the process of industrial consumption of inventories, the transfer of the value of fixed assets and wages to manufactured products. The production stage ends with the release of finished products.

On the stages of implementation

the commodity form of the value of production turns into a monetary form. The advanced funds are recovered from part of the proceeds received from the sale of products. The rest of it is money savings.

The sale of finished products and the receipt of funds complete the circulation of circulating assets. Part of these funds will be directed to financing the current production, which allows starting a new production cycle, creates the possibility of a systematic renewal of the production process, which is carried out through the continuous circulation of the enterprise's funds.

The beginning of the next production cycle does not have to be preceded by the completion of the previous cycle of funds. In practice, the resources for processing come continuously and the production process is not interrupted.

The monetary form, which is taken by circulating assets at the third stage of their circulation at the same time, is also the initial stage of the circulation of funds. Current assets in motion are simultaneously at all stages and in all forms. This ensures a continuous production process and smooth operation of the enterprise.

The period during which the capital advanced in monetary form is returned to its owner in the same form is called the turnover time of working capital.

Knowledge and analysis of the structure of working capital at the enterprise are very important, since it characterizes to a certain extent the financial condition at one time or another of the work of the enterprise. For example, an excessive increase in the share of accounts receivable, finished goods in the warehouse, work in progress indicates a deterioration in the financial condition of the enterprise. Accounts receivable characterizes the diversion of funds from the turnover of a given enterprise and their use by debtors in their turnover. An increase in the share of work in progress, finished products in the warehouse indicates the diversion of working capital from circulation, a decrease in sales, therefore, profit. All this testifies to the fact that the working capital at the enterprise must be managed in order to optimize their structure and increase their turnover.

To study both the composition and structure, current assets are classified according to the following criteria:

Spheres of turnover,

Rationing coverage,

Sources of funding,

Liquidity rates

By areas of turnoverworking capital is subdivided into circulating production assets (production sphere) and circulation funds (circulation sphere). (Figure 3.11)

At the production stage, resources function in the form of circulating production assets, including inventories, work in progress, and deferred expenses.

Productive reserves - these are objects of labor and tools with a service life of no more than a year, prepared for launching into the production process. These are raw materials, basic and auxiliary materials, purchased semi-finished products and components; fuel; energy, container; tools and other items of little value and wearing out. Production stocks are designed to ensure the smooth operation of the enterprise between related deliveries.

Work in progress and self-made semi-finished products- these are objects of labor that have entered the production process: materials, parts, assemblies and products (being in the process of processing or assembly), as well as semi-finished products of our own production, completely finished in the same workshops of the enterprise and subject. further processing in other workshops of the same enterprise in accordance with the accepted production technology.

Future spending- these are non-material elements of production assets, including costs for the preparation and development of new products in a given period, but are attributed to the production cost of the future period (for example, the costs of designing and developing technology for new types of products, subscription to periodicals, etc.)

Circulating production assets in their movement are associated with circulation funds.

Circulation fundsserve the process of circulation of goods. They do not participate in the formation of value, but are its carriers. Circulation funds include:

Finished products in warehouses;

Goods in transit (products shipped);

Funds in settlements with consumers of products (in particular, accounts receivable);

Short-term financial investments (for example, in securities);

Cash in the cash desk of the company and in the bank accounts.

Depending on the practice of control, planning and management working capital is divided into standardized and non-standardized. Rationing is the establishment of economically justified (planned) stock rates and standards for the elements of working capital required for the normal operation of the enterprise. The standardized working capital includes all circulating production assets and finished products.

Non-standardized working capital includes all circulation funds, except for finished products in the company's warehouses.

The lack of regulation of these components of working capital does not exclude the need for their analysis and control.

Figure 3.11. Composition and structure of working capital

Depending on sources of formationworking capital, they are divided into: own, borrowed and borrowed funds

Own fundsenterprises - are formed at the expense of the company's equity capital - authorized and reserve capital and profit remaining at the disposal of the enterprise after taxes. Financing of production needs for current expenses in a minimum amount, as a rule, is provided by its own working capital. The increase in the ratio of own working capital is financed primarily from its own resources.

The temporary additional need for working capital is covered by borrowed money.They are formed at the expense of bank loans and loans.

Involved fundsare formed at the expense of the enterprise's accounts payable (arrears in wages to employees, debts to the budget to suppliers, as well as funds for targeted financing before they are used for their intended purpose.).

By the degree of liquidityworking capital is divided into:

- the most liquid(cash on the company's accounts, in the cash desk and short-term financial investments);

- quick assets(accounts receivable for goods, the payment term for which is less than 12 months, debts with the budget and other debtors);

- slow-moving assets(accounts receivable for goods, the term of payment for which is more than 12 months, production stocks of raw materials, materials, fuel, etc.).

This division is not constant and depends on the specific situation that is currently developing at the enterprise. A situation may arise that stocks of surplus materials, raw materials , of fuel will be sold before short-term receivables from consumers are received, etc.

Indicators of the use of working capital

The amount of working capital should be minimum sufficient. In modern conditions, the correct definition of the need for working capital is of particular importance.

The need for working capital depends on the prices of raw materials and supplies, the conditions of their supply, the general market situation, the production program of the enterprise, etc. Therefore, the amount of working capital should be periodically adjusted taking into account changes in these factors.

Consider two examples of organizing supplies at an enterprise:

Option 1: Deliveries are made once every 30 days. The size of the purchased batch is 1000 rubles. Sales volume 2000 rubles.

Figure 3.12. Option 1: Dynamics of stocks and revenues

The average stock for the period is 500 rubles.

Figure 3.13. Stock dynamics.

Option 2. Deliveries are made once every 30 days. The size of the purchased batch is 500 rubles. Sales volume 2000 rubles.

Figure 3.14. Option 2: Trends in inventory and revenue

The average stock for the period is 250 rubles.

Figure 3.15. Stock dynamics

As we can see, in order to achieve the same sales volume, the amount of working capital can vary depending on the frequency and size of deliveries.

The efficiency of using working capital is characterized by the main generalizing indicator - the turnover of working capital.

The turnover of working capital is the speed with which the working capital of an enterprise goes through the entire cycle of circulation - from the acquisition of resources and their entry into the production process to the sale of products and the receipt of funds for it from customers, buyers (Figure 3.15).

Figure 3.16. Structure of working capital turnover

The turnover of working capital is not the same at different enterprises and depends on their industry affiliation, and within the same industry - on the organization of intra-production logistics, placement of working capital and other factors.

The main indicators of the efficiency of working capital turnover are:

Turnover ratio of working capital,

Duration of one turnover in days

Working capital load factor.

The turnover ratio of circulating assets (Kob) shows the number of circuits made by circulating assets for a certain period of time, characterizes the intensity of their use, and at the same time shows the volume of products sold per 1 ruble of fixed assets.

The turnover ratio of working capital is determined by the ratio of the volume of products sold in monetary terms to the average annual balance of working capital

where Pr - proceeds, revenue, volume of products sold, in monetary terms;

- current assets, the average annual balance of working capital.

The more revolving assets make, the better they are used - more products are produced.

An increase in the number of revolutions leads either to an increase in output per 1 ruble of working capital, or to the fact that a smaller amount of working capital is required to spend on the same volume of production.

Working capital utilization factor (Ku) - the inverse indicator of the turnover factor, shows the amount of working capital spent on 1 ruble. products sold /

(3.77)

The lower the coefficient, the more efficiently the working capital is used at the enterprise, and its financial position improves.

The criterion for assessing the effectiveness of the use of working capital is the duration of the turnover period.

The duration of the turnover of working capital is determined as the ratio of the number of calendar days in the planning period (year, quarter, month) to the turnover ratio.

(3.78)

where D – the number of calendar days of the period (360 days - a year, 90 days - a quarter, 30 days - a month).

The duration of one turnover in days (Tob) allows you to judge how long the circulating assets go through all stages of the circuit (make a full turnover),

The shorter the duration of the turnover of circulating assets or the greater the number of circuits made by them with the same volume of production, the less circulating assets are required and the faster the circulating assets complete the circuit, the more efficiently they are used.

The longer the working capital turnover period, the less efficiently they work. In this case, additional funds are diverted to replenish working capital, i.e. additional funds are involved in circulation. On the contrary, the acceleration of turnover frees up funds, and they can be directed to other purposes of the enterprise.

A decrease in the duration of one turnover indicates an improvement in the use of working capital.

The effect of accelerating the turnover of circulating assets is expressed in the release (reducing the need for them) in connection with the improvement of their use.

In addition to these indicators, the indicator of the return on working capital can also be used, which is defined as the ratio of profit from product sales to the average annual balances of working capital.

The change in the turnover of funds is revealed by comparing the actual indicators with the planned or indicators of the previous period. As a result of comparing the indicators of the turnover of working capital, its acceleration or deceleration is revealed. The release of working capital due to the acceleration of their turnover can be absolute and relative.

An absolute release takes place if the actual balances of working capital are less than the balances of the previous period while maintaining or exceeding the volume of sales for the period in question. The absolute release of working capital reflects a direct decrease in the need for working capital.

The absolute release of working capital is determined by the formula:

(3.79)

where Pr 0 and Pr 1 - base (planned) and actual volumes of products sold;

Kt 0 and Kt 1 - base (planned) and actual turnover rates.

Relative release takes place if the growth rate of the volume of sales outstrips the growth rate of the balances of working capital.

The relative release can be in the absence of the absolute release of working capital.

(3.80)

where S CA - saving, relative savings in working capital.

Increasing the efficiency of using working capital is ensured by accelerating their turnover at all stages of the circulation.

At the preparatory stage, this is a good organization of supply (achieved as a result of the selection of suppliers, the well-established operation of transport, the establishment of clear contractual terms of supply and ensuring their implementation), a clear organization of the work of the warehouse.

At the production stage, reducing the time spent on working capital in work in progress is achieved by improving the technologies used, improving the use of fixed assets (primarily the active part), and improving the organization of production.

In the sphere of circulation, the reduction in working capital investments is achieved as a result of rational organization of the sale of finished products, timely execution of documentation and acceleration of its movement, the use of progressive forms of payment, compliance with contractual and payment discipline.

The efficient use of working capital plays an important role in ensuring the normal operation of the enterprise, in increasing the level of production profitability.

The freezing of part of the funds in the stocks of resources, finished products creates a primary need for financing, and late payment for products by consumers leads to a delay in reimbursing costs to suppliers, i.e. there is an additional need for funds. At the same time, deferred payments to resource suppliers, the state, etc. are favorable for the enterprise, since they provide a source of financing generated by the production cycle itself.

Thus, an important element of working capital management is the regulation of working capital

Ways to improve the use and accelerate the turnover of working capital

In the context of improving the economic mechanism, resource conservation is considered as a decisive source of meeting the growing needs for materials, fuel, and electricity.

To achieve these goals, it is necessary to solve a number of tasks: rational and economical use of all types of resources, reduction of their losses, an early transition to resource-saving and waste-free technologies, a significant improvement in the use of secondary resources and production waste, etc.

The economical use of material resources is the most important factor in intensification. Saving materials, fuel, energy allows you to free up resources and increase production.

Attaching great importance to the rational use of material resources, it is necessary to provide for a number of economic measures that stimulate the effective use of working capital at enterprises.

Enterprises have the right to use the fund for the development of production, science and technology to increase the working capital ratio, the value of which depends primarily on the actually earned profit or income. This means that the increase in working capital is directly dependent on the financial results of the enterprise. On the other hand, there is an interest in accelerating the turnover of working capital, since the released funds remain at the disposal of the enterprise and can be used, for example, to finance the introduction of new technology, etc.

The next way that stimulates the effective use of working capital is the establishment of a standard for the maximum level of inventories per unit of products sold. The establishment of this standard allows the bank institutions, supply authorities and the enterprises themselves, when using a loan, to have a clear idea of \u200b\u200bthe economically justified, permissible amounts of inventories.

The procedure for planning the maximum level of inventories stocks served as the basis for building a new mechanism for short-term lending to an enterprise - a general plan for short-term loan investments in production is being drawn up. This enables enterprises to independently maneuver with borrowed funds in excess of the established level.

The listed economic measures aimed at increasing the efficiency of the use of working capital and accelerating their turnover are designed to involve all employees of the enterprise in the search for reserves to reduce material costs.

The most important factor in saving resources is improving the quality of the final product. There are also large reserves in the use of electricity, since at many enterprises the equipment is not loaded at full capacity.

Reducing the duration of the production cycle allows you to reduce the amount of work in progress.

At the stage of selling finished products, reserves for increasing the efficiency of using working capital lie in accelerating the shipment of finished products and settlements between suppliers and buyers.

Labor resources

Labor resources of the enterprise Is a set of employees of various professional and qualification groups employed at the enterprise and included in its payroll. The payroll includes all employees hired for work related to both his main and non-main activities.

Labor resources (personnel, personnel) of an enterprise are the main resource of each enterprise, the quality and efficiency of which are largely dependent on the results of the enterprise and its competitiveness.

The difference between labor resources and other types of enterprise resources lies in the fact that each employee can refuse the conditions offered to him and demand changes in working conditions, retraining in other professions and specialties, he can resign from the enterprise of his own free will.

The main characteristics of the enterprise personnel

Staff - the personnel of the enterprise, including all employees, as well as working owners and co-owners.

After completing this chapter, you will:

know

• - concept, essence, classification of working capital of the enterprise;
• - methods for assessing the turnover of working capital and determining the need for working capital;
• - methods of assessment and ways to improve the efficiency of the use of working capital;
• - ways to improve the efficiency of using fixed assets, ways to increase them;

be able to

• - calculate the turnover ratio and determine the need for working capital;
• - calculate the optimal order size;
• - apply the ABC analysis method to manage the stock of the enterprise;
• - to propose ways to improve the efficiency of using the working capital of the enterprise;

own

• - skills of analysis and management of the company's working capital;
• - methods of working capital management.

Working capital, their composition, sources of financing

Working capital- these are the means of the enterprise that directly serve the reproductive process taking place on it.

Since this process is carried out both in the sphere of production and in the sphere of circulation, the circulating assets of the enterprise are subdivided into circulating assets functioning in the sphere of production (circulating production assets) and circulating assets functioning in the sphere of circulation (circulation funds).

Working capital in production- is the cost of means of production, which in the process of each production cycle lose their original natural form and completely transfer their value to the finished product.

Unlike fixed assets, advanced and invested once for a long time, working capital must be renewed before each new production process. Their cost is fully included in the product, and therefore, thanks to the sale of the product, it returns to the enterprise and can be invested again.

Working capital in the sphere of circulation- these are tools serving the process of selling finished products, as well as purchasing raw materials, materials, etc. for new production runs.

In practice, working capital includes any funds with a service life of less than one year or a value less than the established limit.

In the process of reproduction, the working capital of the enterprise goes through various stages. In this regard, five main groups of working capital can be distinguished: production stocks; unfinished production; finished products; funds in payments; cash. Of the listed groups, the first two - production inventories and work in progress - refer to working capital, and the rest - to circulation funds.

Productive reserves- these are raw materials and other materials received by the enterprise, but not yet transferred to production. These include stocks of basic and auxiliary materials, purchased semi-finished products and components, spare parts, containers, etc.

The same group includes low-value and fast-wearing items transferred into operation in terms of their value, which has not yet been written off to the cost of manufactured products.

It should be noted once again that, in terms of their economic essence, low-value and fast-wearing items are fixed assets, their classification as working capital is due solely to the desire to simplify accounting.

As a rule, production stocks are kept in the company's warehouses before they enter production. At the moment of their release into production, they cease to be stocks and turn into an integral part of work in progress.

Unfinished production- these are not finished products, i.e. has not passed the full production cycle provided by the technology. The cost of work in progress consists of raw materials, basic and auxiliary materials, fuel, energy, depreciation deductions, as well as accrued wages and deductions to off-budget funds already spent on these products.

With a certain degree of conventionality, the so-called deferred expenses can also be attributed to work in progress.

Finished productsafter the completion of its production, it is in the finished product warehouse for some time and then sold to consumers. The circulating assets previously associated in finished products are transferred, depending on the nature of the sale, either in cash or in funds in settlements.

Funds in payments- this is the cost of products shipped to customers, but not yet paid for by them, as well as the cost of products paid by the enterprise, but not yet received from suppliers.

These two components are united by the fact that the enterprise in both cases fulfilled its obligations under the transactions (shipped products to consumers or paid money to suppliers), while its counterparties have not yet. It turns out that in these transactions, the company lends to its counterparties for the entire period of the gap in time between the times when it fulfills its obligations and the times when the counterparties fulfill their obligations. The sum of these loans just forms the funds in the calculations. It is obvious that the larger these time gaps are, the more circulating assets the company has to keep in settlements with its counterparties.

The ratio of individual groups of circulating assets in their total value is called structure of working capital.The structure of working capital fundamentally depends on the branch of the national economy. For example, in trade enterprises there is no work in progress and practically no production stocks; the structure of inventories in an industrial, agricultural and transport enterprise differs sharply; in some industries (for example, clothing), the share of work in progress is small, but in others (for example, shipbuilding, construction) it can reach enormous proportions. In a number of industries, for example, in agriculture, the structure of working capital differs sharply by month: in the first half of the year, the share of work in progress increases and the share of inventories, finished goods and cash decreases, and in the second half of the year, on the contrary, the share of work in progress decreases sharply. , while the share of other groups is growing.

The company's working capital is formed at the expense of the company's own funds and borrowed (or borrowed) funds.

Own funds- these are funds transferred to the enterprise at its establishment, added by the owners in the course of its operation, donated by sponsors, as well as its profit reinvested in the enterprise.

IN borrowed funds,in turn, long-term loans and loans can be distinguished. If their residual period is five years or more, then as sources of financing for the enterprise they may well be equated to their own funds.

The rest of the borrowed funds can also be subdivided:

• - for medium and short term loans provided by banks and other credit institutions;
• - accounts payable to suppliers and contractors;
• - other accounts payable.

These sources differ from each other both in terms of the time during which you can use the money and in terms of payment for using them: accounts payable to some suppliers can be considered as a free source, for another (if it is overdue) you have to pay fines and fines, use a bank loan involves the payment of interest, and often the corresponding collateral, etc.

It is quite obvious that the financing of working capital should be organized in such a way that, on the one hand, it is efficient enough, and on the other hand, it is economically safe. The solution to this problem is complicated by the fact that the enterprise's need for working capital is constantly changing. Let for some enterprise this need looks as shown in Fig. 5.1.

Figure: 5.1.

The company may try to fully satisfy this need at its own expense. This means that it must invest and constantly keep in working capital an amount corresponding to the entire shaded area shown in Figure 5.2.

Figure: 5.2.

As a result, the upper (upper shaded part) of the working capital of the enterprise will be, as it were, “idle”. True, the company can temporarily free funds to invest in deposits or make it work in some other way. However, this "earnings" cannot be large enough, since investments are made for short and not always predetermined periods of time.

At the same time, equity capital is not free money at all, as it might seem at first glance: the owners of this capital will invest it in the enterprise only if it provides income higher, than bank deposits. In addition, it is necessary to take into account the costs associated with the issue, etc.

It turns out in this case that the payment for the use of working capital will be equal to the payment for the use of own capital during the entire period minus the income that will bring the alternative use of temporarily free funds.

The diametrically opposite option is the financing of all working capital at the expense of borrowed capital. Theoretically, this option may turn out to be the cheapest, but it does not provide the economic security of the enterprise, since it does not guarantee it.

An intermediate option is shown in Fig. 5.3: at the expense of equity capital, the company finances some irreducible balance of working capital, shown by the lower dark rectangle, the additional need is covered by borrowed capital.

Figure: 5.3. The need of the enterprise for fixed assets: the minimum balance is financed from equity

Obviously, in this case, the payment for the use of working capital will be equal to the payment for the use of a relatively small equity capital plus the payment for the use of borrowed funds, shown by a lighter "checkerboard" zone.

As practice shows, the model shown in Fig. 5.3 is generally cheaper than fig. 5.2, although, of course, their ratio is determined by the real ratio of credit and deposit rates, as well as the "price" of equity capital, which develops for a particular enterprise at a particular point in time.

The working capital financing model shown in Fig. 5.3, you can clarify a little. To this end, it is advisable to consider the economic content of the irreducible balance separately in the sphere of production and in the sphere of circulation.

In the field of production irreducible balance of working capital -it is the minimum size of inventories in the company's warehouses, as well as the minimum amount of work in progress, which, in accordance with the technology used and the level of production organization, ensure the continuity of the reproduction process. Since the enterprise must always have funds for their financing, then they must be financed from funds belonging to the enterprise. A short-term excess of these balances, associated, for example, with uneven receipt of orders, uneven delivery of raw materials and materials to the warehouse, etc., can be financed by accounts payable or short-term loans.

Feature sphere of circulation in the sense under consideration, it is that in it, thanks to the continuously repeating acts of purchase and sale, there are constant counter streams of demands (we must, but we must). Under normal circumstances, they can be partially or completely canceled out, i.e. part of their working capital can be financed quite legally and free of charge at the expense of their counterparties (however, counterparties can also be legally and free of charge financed at the expense of our resources). Therefore, the minimum balance of circulating assets in the sphere of circulation (which is equal to the minimum amount of cash, the minimum amount of products shipped but not paid for, as well as the minimum stock of finished products in the warehouse, necessary for a stable course of the reproduction process in the sphere of circulation) should be compared with the minimum balance accounts payable (including wage arrears, payments to the budget and extra-budgetary funds), which acts here as a source of financing for working capital.

The excess of the first balance over the second, if any (since we are talking about irreducible balances), is permanent and, therefore, should be financed from the company's own funds. Short-term increases in this excess should be sought to finance primarily at the expense of counterparties' money (increasing current accounts payable and decreasing accounts receivable), and if this fails - at the expense of short-term loans.

In general, the idea of \u200b\u200brational financing of the current assets of an enterprise can be represented in the form of a “house” (Fig. 5.4), in which the “building” itself is financed by equity capital, the attic is financed by a constant balance of accounts payable, a roof reflecting seasonal changes in the need for circulating funds - due to short-term targeted bank or other pre-planned loans, and drifts on the roof, i.e. random fluctuations - at the expense of counterparties' money.

Let us emphasize once again that this "house" is just an illustration. ideasrational financing of working capital. Its practical implementation will inevitably be the result of a trade-off between the pursuit of safety and profitability, specific to each particular enterprise.