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Cash flow includes Enterprise cash flow management

Company executives are interested in the financial security and stability of the business, which is largely determined by the generated cash flow. Cash flow ("cash flow") is the sum of receipts and payments for a certain period of time, which is divided into separate intervals.

Cash flows serve to ensure the functioning of the company in virtually all aspects. To achieve the required business goals, to ensure stable growth, the financial manager needs to optimally organize cash flow management. For this purpose, it is convenient to classify cash flows into types.

Classification of cash flows into types

1. Direction of movement:

Positive cash flow, the amount of receipts Money from all types of transactions (sometimes use the term "cash inflow").
Negative cash flow, the amount of cash payments for all types of its operations (sometimes use the term "cash outflow").

The relationship between these species is quite high. If, over a period of time, one of these types of flows is reduced, then this will most likely entail a reduction in the second type. Therefore, in financial management, these two types are considered as a complex object of management.

2. By management levels: CFD, projects, activities allows you to assess the bottlenecks of financial management and take timely measures:

The overall cash flow of the company. This cash flow includes all other types and serves the business as a whole.
Cash flow of individual structural divisions, centers of financial responsibility (CFD) of the enterprise.
Cash flow for individual transactions. This is the primary object of self-management.

Figure 1. Types of cash flows on the example of the software product "WA: Financier": Consolidated statement of cash flows according to IFRS.

3. By type of activity:

Cash flow for current activities. Includes sales proceeds from core activities, advances from customers, revenues from ancillary activities and repayments to suppliers, wages, tax payments to the budget fund.
Cash flow from investment activities. For example, it includes the cash flow associated with the acquisition of property or the sale long-term assets.
Cash flow from financial activities. Includes receipts of loans and borrowings, interest repayments, dividend payments, etc.

Figure 2. Types of cash flows on the example of the software product "WA: Financier". Consolidated cash flow statement.

4. In relation to the company:

internal cash flow. Cash flow within the company.
external cash flow. Cash flow between a company and its counterparties.

5. Calculation method:

Aggregate cash flow - the entire amount of cash receipts or payments for a period of time at intervals.
Net cash flow (NFC) - the difference between positive and negative cash flow over a period of time by intervals. NPV is a significant result of a business that determines its market value and financial position.

The formula for calculating NPV both for the company as a whole and for individual CFDs is:

The amount of net cash flow for the period = The amount of positive cash flow (cash inflows) for the period - The amount of negative cash flow (cash outflows) for the period.

The NPV sum can be both positive and negative. This indicator affects the size of the company's cash assets.

6. According to the level of sufficiency:

Excess cash flow. In this case, the receipts are much higher than the company's actual need for spending them. An indicator of redundancy is a high positive NPV value.
Deficient cash flow. In this case, the receipts are significantly lower than the company's actual need for spending them. At the same time, the amount of NPV can be positive, but it does not provide all the needs of the company for spending money. A negative NPV automatically means a deficit.

7. In terms of balance:

Balanced cash flow. It can be calculated both for the company as a whole, and for a separate CFD, a separate operation.

Balance formula between individual types of cash flows for the period:

Positive cash flow amount = Negative cash flow amount + Anticipated increase in cash reserve amount.

Unbalanced cash flow. In this case, equality is not guaranteed. Unbalanced is both deficit and excess total cash flow.

8. By time period:

Short term cash flow. The period from the beginning of cash receipts (or payments) to the end is no more than 1 year.
Long term cash flow. The period from the beginning of receipts of funds (or payments) to the end of more than 1 year.

Typically, these types of cash flows are used for individual operations of the company: short-term cash flow is usually associated with current and partly with financial activities, long-term cash flow is associated with investment and partly with financial activities (for example, long-term loans and borrowings).

9. By importance in the formation of financial performance:

Priority cash flow - generates a high level of net cash flow (or net profit). For example, proceeds from the sale of goods.
Secondary cash flow - in terms of its functional orientation or insignificant volume, it does not have a significant impact on the formation of financial results. For example, the issuance of cash under the report.

10. According to the method of evaluation over time:

Current cash flow - a comparable amount, given at a cost to the current point in time.
Future cash flow is a comparable amount, discounted in value to a specific future point in time.

Typically, this classification is used for discounting.

11. According to international standards accounting, cash flows are also divided into types economic activity:

Cash flow from operating activities is characterized by payments to suppliers of raw materials and materials; third-party performers of certain types of services that provide operational activities.
The cash flow from investment activities is characterized by payments and receipts of funds that interact with the implementation of real and financial investment.
Cash flow from financial activities is characterized by receipts and payments of funds that are associated with the attraction of equity or other capital, with the acquisition of long-term and short-term credit and loans.

Taking into account the above classification, various types of financial planning and cash flow management are organized. Thus, the classification of types of cash flows helps to carry out accounting, analysis and planning of cash flows in the company.

Cash flow management has become the most important area of activity for any subject of the market economy. This is especially important for enterprises engaged in industrial and commercial activities. Making decisions about changing production technology, entering new markets, expanding or curtailing production volumes is based on deep financial calculations, on strategies for attracting, distributing, redistributing and investing financial resources. Trends in the development of the Russian and global market situation: unpredictable changes in demand, tougher competition, diversification and the conquest of new market niches, increased risks in transactions - necessitate a detailed study of the principles of formation and management of cash flows of enterprises.

A more rational and efficient management of cash flows can ensure the constant solvency of the enterprise, reduce the risk of non-payment of debts to suppliers and employees, increase investment attractiveness free up additional financial resources and so on. In market conditions of management, these aspects are the most important financial and economic characteristics of companies, reflecting the financial stability and potential of their economic growth.

1. The concept of cash flow

One of the areas of enterprise financial management is the effective management of its cash flows. A complete assessment of the financial condition of an enterprise is impossible without an analysis of its cash flows. One of the tasks of cash flow management is to identify the relationship between cash flows and profit, i.e. whether the profit received is the result of effective cash flows or is it the result of some other facts.

All activities of any commercial organization are associated with the movement of funds, with their receipt and disposal. The movement of funds in the enterprise occurs continuously. It is this continuous process of money movement that essentially constitutes the concept of "cash flow".

There are concepts such as cash flow and cash flow. The movement of funds is their transfer to someone, both in cash and non-cash, it is all the gross receipts of the enterprise and payments.

The general definition of cash flow is: "money coming into the company from sales and other sources, as well as money spent by the company on purchases, wages, etc."

"Cash flow - a set of time-distributed receipts and payments of funds generated by the economic activity of the enterprise."

V economic importance cash flow is the difference between the income and costs of an economic entity, expressed as the difference between payments received and payments made. In general, this is the sum of the firm's retained earnings and its depreciation deductions saved to form its own source of cash.

In other words, "cash flow is the net amount of money actually received by the firm in a given period."

There are two main approaches to the analysis of the definitions of the concept of "cash flow". According to the first approach, cash flow is the difference between all cash inflows and outflows over a certain period of time. This definition is more suitable for the term "net cash flow", which is equal to the difference between the sum of cash inflows and outflows of the organization. The second approach is more common among economists. Cash flow is considered as the sum of cash inflows and outflows for the period. At the same time, most authors do not include cash equivalents in the composition of cash flows.

It is also possible to single out an approach in which cash flows are considered in a broad sense as the sum of retained earnings and depreciation, which is closely related to the first approach to determining cash flow.

Summarizing approaches to determining the essence of cash flows, we can define this economic category as a set of real inflows and outflows of cash and cash equivalents distributed at each specific point in time of the period under review and serving all the processes of the organization's business activities.

The process of managing the cash flows of an enterprise also does not have an unambiguous interpretation. Some economists reduce this process to determining the optimal level of cash balance and its use in the financial activities of the organization.

Summarizing the definitions of various economists associated with the category of "management", one can characterize the management of the enterprise's cash flows as the organization of a purposeful and systematic impact of the management system on financial and economic relations that arise in the process of the movement of the organization's money capital. This impact is aimed at fulfilling the tasks set, as well as ensuring the effective formation, use and distribution of the financial capital of the enterprise using the appropriate principles, functions and methods of management.

The value of the cash flow indicator in the analysis of the company's activities is very large: it shows the company's ability to pay for the goods and services it needs, to pay dividends to shareholders, and business valuation is often built on its basis.

"Cash flow is not equal to profit: a situation is quite real when a company makes a profit, but is not able to continue settlements with suppliers, because it does not have enough money in circulation. When assessing the effectiveness of capital investments, cash flow is an indicator that characterizes the difference between inflow and outflow cash from investment and operating activities in each period of the project.

Cash flows, as opposed to a simple transfer of money, are:

- the result of the monetary relations arising at the enterprise, which are the result of the movement of money;

– organized and managed processes;

- processes not in general, but limited to a certain period of time, i.e. have time limits - the beginning and the end;

– as an indicator of cash flow has a series economic characteristics, such as intensity, liquidity, profitability, sufficiency, etc.

The advantages and necessity of cash flow management are as follows.

1. Improving cash flow management is tantamount to involving additional cash in circulation. Moreover, this problem is often presented to managers as secondary.

2. For large enterprises that have been operating for a long time, management is beneficial in terms of both increasing the efficiency of the funds used, and obtaining additional profit, increasing profitability.

3. For young, small enterprises, management is especially important, because they must rely on their own sources of funds, since external sources are not always affordable for them, both in terms of price and availability.

4. professional management cash flows have a positive effect on the relationship of the enterprise with banks, suppliers, buyers, etc.

The financial cycle of an enterprise or the cash flow cycle includes the following points:

- payment for raw materials and materials;

– sale (shipment finished products, provision of services, performance of works);

- receipt of money for finished products, services rendered, work performed.

And only by managing cash flows can the problem of the gap between the amount of payments and the amount of receipts be solved, i.e. liquidity problem of the enterprise. For these purposes, it is necessary to increase the amount of own or borrowed funds in the turnover of the enterprise.

When implementing the cash flow management policy, the following results are achieved:

1. Improving the efficiency of enterprise financial management.

2. Balance of positive and negative cash flows over time; unbalanced flows make at some points the flow as a whole illiquid, and the enterprise insolvent. It is quite obvious that the more often such situations and the longer they last, the worse the financial position of the enterprise.

3. Determination of the directions of cash flows and control over them in accordance with. classification as a whole for the enterprise, by types of activity, by structural divisions and responsibility centers, by stages and periods of the enterprise's activity, by sources of funds (own, borrowed, etc.).

4. Optimization of cash flows and the structure of sources of funds in order to ensure efficient operation enterprises.

5. Increasing the efficiency of the use of funds in the turnover of the enterprise, accelerating their turnover.

6. Expansion of sales volume based on the expansion of control over cash flows and improvement of their management.

7. Obtaining additional profit and increasing the profitability of the enterprise.

8. Improving the efficiency of planning and forecasting the activities of the enterprise.

9. Reducing the risk of insolvency of the enterprise and preventing its bankruptcy.

2. Types and classification of cash flows of the enterprise

On fig. 1 shows the classification of cash flows of the enterprise. Conditional figures are used to visualize the relationship of cash flows.

Rice. 1. Classification of cash flows

The cash flow of an enterprise is the totality of all its receipts and payments for a certain period of time.

The inflows (receipts) and outflows (payments) of money over a period of time are constituent parts cash flow. The totality of inflows or receipts is a positive cash flow, and the totality of outflows or cash payments is a negative cash flow.

Net cash flow is the difference between the sum of inflows and outflows. Net flow refers to the financial results of the enterprise. Net flow can be either positive or negative.

Positive net flow, may be excess or deficient. Excess flow means a significant excess of cash receipts over demand. Deficient cash flow characterizes the opposite phenomenon, when receipts are not enough to cover the need. Negative flow, of course, is always scarce.

A time estimate defines the cash flow as present and future. The present flow is determined in the estimation of the present time, and the future flow is determined in the estimation of some future specific point in time by discounting, i.e. ghosts of future cash flows in a comparable form with the present.

From the point of view of constancy, cash flows are regular and discrete. A regular flow goes constantly for a certain period of time, and a discrete flow is a single receipt and expenditure of money, an enterprise for any period. Most cash inflows and outflows are regular. Discrete flows are the acquisition of property, obtaining a long-term loan, proceeds from the payment of a large bill, the purchase of a license, etc. Regular cash flows can be both with uniform monetary intervals and with uneven ones.

Depending on the scale, cash flows are:

- in general for the enterprise;

- on certain types economic activity (main, investment, financial);

- by individual structural divisions or responsibility centers of the enterprise";

- for individual business transactions or stages in the activities of the enterprise, for example, from the moment a joint-stock company was established, the launch of new products, the completion of reconstruction, etc.;

– own and borrowed funds;

– gross flows and flows based on financial results.

3. Efficiency of cash flows of the enterprise

The cash flow statement for the whole enterprise and for individual types of activities is part of the financial statements.

The efficiency of using cash flows is determined by the speed of their movement - the speed of turnover, or turnover. The faster the circulation of DS is made, the smaller their amount will be required by the enterprise for the successful implementation of the production program.

The period of capital in cash (Pdn) is determined as follows:

The following formula can be used to calculate the projected cash balance:

4. Cash flow management of the enterprise

The main goal of cash flow management is to ensure the financial balance of the enterprise in the process of its development by balancing the volume of receipts and expenditures of funds and their synchronization in time.

The main tasks of cash flow management are as follows:

– forecast of incoming and outgoing cash flows and their management;

– ensuring the liquidity of the enterprise;

– evaluation of various types of investments and placement of surplus funds;

– identifying sources of short-term financing;

– risk management on interest rates and exchange;

- determination of the plan for the receipt of funds and their use.

The cash flow management process can be represented as the following steps:

1. Full and reliable accounting of cash flows and the formation of the necessary reporting.

2. Analysis of cash flows in the previous period.

3. Planning of cash flows in the context of their various types.

4. Optimization of cash flows.

5. Ensuring effective control over cash flows.

5. Accounting for the cash flows of the enterprise

Complete and reliable accounting of cash flows is based on the following principles:

1. The principle of informative reliability

2. Principle of balance

3. The principle of ensuring efficiency

4. The principle of providing liquidity

A distinctive feature of modern Russian reality is that cash flows are not an independent object of accounting. As an accounting object in Russia, cash is considered that is not highly sensitive to possible unforeseen financial problems. The cash category is static and does not reveal the cash flow, despite the fact that the implementation of almost all types of operations of enterprises and organizations causes the cash flow in the form of their receipt or expenditure. For the reasons mentioned above, it is necessary to separate cash flows into an independent accounting object and form a cash flow accounting system, which includes managerial, financial and strategic cash flow accounting.

The main purpose of the cash flow accounting system is to provide, first of all, internal users with reliable information on cash flows, necessary and sufficient for the development and timely adoption of adequate management decisions. This goal is achieved through the formation of a reporting system that will allow information users to objectively evaluate and make appropriate decisions on cash flow management.

The objects of the cash flow accounting system are:

– system of cash and non-cash payments;

– working capital management;

– management of capital invested in fixed assets (fixed capital);

– policy of attracting new financial resources;

– management of the capital structure of the enterprise;

- the level and dynamics of the financial results of the enterprise.

- property and financial condition of the enterprise;

- business activity and efficiency of the enterprise.

The cash flow accounting system is designed to provide:

1. Coverage of all financial transactions, i.e. be continuous and continuous, reflect all operations on the movement of the financial resources of the enterprise and its funds for all receipts, payments, balances in various monetary forms - cash on hand, non-cash funds in bank accounts, in letters of credit, in settlements, valuable papers ah and any other places of their storage or location;

2. Reflection of business processes directly related to the financial operations of the enterprise, for example, the production of commercial products and their shipment to customers, the preparation and sending of payment documents, the timeliness and completeness of the receipt of funds from buyers, refusals of acceptance, transfer of delivered products by the buyer to safekeeping due to its incompleteness, incomplete delivery and for other reasons, other production and economic facts of the enterprise;

3. Reflection of information on the timeliness of settlements with the budget and off-budget funds and other non-commodity transactions of the enterprise;

4. Control of condition and intended use working capital enterprises.

The purpose of cash flow reporting is to provide users with useful information. At present, the expediency and necessity of meeting the information needs of numerous users is obvious, which can be grouped into three main groups:

– directly engaged in business at this enterprise;

- located outside this enterprise but having a direct financial interest in the business;

– having an indirect financial interest in the business.

The first group of users are the management of the enterprise, who are responsible for the conduct of business and for achieving the objectives of the enterprise.

The second category of users of reporting information represents a fairly large number of people who do not work at the enterprise, but who have a direct financial interest in the results of its activities. These are, first of all, the founders of the enterprise, as well as various creditors - suppliers or banks, from which the enterprise takes long-term and short-term loans.

The third circle of persons with an indirect financial interest is made up of a wide variety of users of accounting (financial) statements. This - tax office, state statistics bodies, various financial advisers, etc.

In the reporting of Russian enterprises there are forms that reflect the movement of funds. This:

– statement of changes in equity – Form No. 3;

– cash flow statement – Form No. 4;

- the movement of borrowed funds - part of the appendix to the balance sheet, form No. 5.

6. Cash flow analysis

The next stage of cash flow management is the analysis of cash flows in the previous period.

As a result of the analysis of cash flows, the enterprise should receive an answer to main question: where does the money come from, the role of each source and for what purposes are they used? Conclusions should be drawn both for the enterprise as a whole and for each type of its activity: core, investment and financial. On this basis, conclusions are drawn about the sources and security of each type of activity with the necessary funds. As a result, decisions are made to ensure the excess of cash receipts over payments, sources of payment for current liabilities and investment activities, sufficiency of profits, etc.

Thus, the main objects of cash flow analysis are:

– positive flow – inflows;

– negative flow – outflows;

- cash balance.

Analysis of cash flows is associated with finding out the reasons that influenced the following processes:

– increase in cash inflow;

– decrease in their inflow;

– increase in their outflow;

- reduction of their outflow.

The analysis can be done both for a long period (several years) and for a short one (quarter, year). Such an analysis will be of undoubted interest if it is done for a period reflecting some stage in the activity of the enterprise.

Analysis of cash flows should be carried out both on the basis of reporting and planned indicators. The data of primary accounting and regular reporting of the enterprise are used as calculated indicators.

7. Cash flow planning

Cash flow planning is carried out in the form of multivariate planned calculations of these indicators under various scenarios for the development of initial factors (optimistic, realistic, pessimistic). The object in this case is the fulfillment of the established planned targets for the formation of the amount of funds and their spending in the prescribed areas; uniformity of formation of cash flows in time; liquidity of cash flows and their efficiency. These indicators are controlled in the process of monitoring the current financial activities of the enterprise.

The planned indicators of the cash flow of the enterprise are calculated in the form of an operational financial plan, the so-called payment calendar. It is developed for a month with a frequency of 5, 10 or 15 days.

The peculiarity of the payment calendar is that the company first determines all its cash expenses for the month, and then seeks financial resources to cover expenses if cash income is not enough.

Planning possible payments and sources of their coverage is associated with daily control over the receipt of sales proceeds and the payment of incoming material assets as the main areas of cash flows. The development of an economically sound payment calendar is one of the mandatory conditions effective management cash flows. It allows you to provide the company with the necessary funds, identify opportunities to increase sales revenue and profits, improve the efficiency of the structure of funds used.

Along with the payment calendar of enterprises, a special journal is maintained, which reflects all indicators of the payment calendar in dynamics, as well as indicators of the cash flow statement.

When using the payment calendar, enterprises have the opportunity to apply the analysis, which is called ABC. Its meaning is that, using natural and cost indicators, cash flows are divided into three groups (A, B and C) depending on the amount of funds or other factors and the possibility of applying appropriate management methods to each of these groups.

Cash flow planning for a longer period than 1 month is carried out using the cash flow budget. Budgets at the enterprise are developed, as a rule, for 1 year, but this can be done for 3 or 6 months. The cash flow budget, on the one hand, reflects income and receipts of funds, and on the other hand, expenses and payments. But unlike the payment calendar, planning in the budget of cash flows is carried out for three types of activities: core, investment and financial. With the help of the cash flow budget, the company solves the problem of cash deficit in certain months during the year.

There are two methods for calculating cash flow: direct and indirect. The differences between these methods follow from the principles of calculations. With the direct method, the calculation of flows is carried out on the basis of the accounting accounts of the enterprise, and with the indirect method, on the basis of the balance sheet of the enterprise (Form-1) and the income statement (Form-2).

As a result, with the direct method, the enterprise receives answers to questions about cash inflows and outflows and their sufficiency to ensure all payments. The indirect method shows the relationship various kinds activities of the enterprise, as well as the impact on profits of changes in the assets and liabilities of enterprises. In addition, the calculation basis for the direct method is the proceeds from the sale of products, and for the indirect method - profit.

Under the direct method, cash flow is defined as the difference between all the inflows of funds in the enterprise for three types of activities and their outflows. The balance of funds at the end of the period is defined as their balance at the beginning, taking into account their flow for a given period.

With the indirect method, the basis for the calculation are retained earnings, depreciation, as well as changes in the assets and liabilities of the enterprise.

At the same time, an increase in assets reduces the company's cash, and an increase in liabilities increases it, and vice versa.

8. Cash flow optimization

Cash flow optimization is a selection process the best forms their organization at the enterprise, taking into account the conditions and features of the implementation of its economic activities. Mechanisms for minimizing financial risks play an important role in optimizing cash flows.

Cash flow optimization is one of the most important functions of cash flow management aimed at improving their efficiency in the coming period.

The most important tasks to be solved during this stage of cash flow management are:

- identification and implementation of reserves, allowing to reduce the dependence of the enterprise on external sources of raising funds;

– ensuring a more complete balance of positive and negative cash flows in time and volume;

- ensuring a closer relationship of cash flows by types of economic activity of the enterprise;

– increase in the amount and quality of the net cash flow generated by the economic activity of the enterprise.

The basis for optimizing the cash flows of an enterprise is to ensure a balance between the volumes of their positive and negative types. The results of economic activity of the enterprise are negatively affected by both scarce and excess cash flows.

Methods for optimizing the scarce cash flow depend on the nature of this scarcity - short-term or long-term.

The balance of the deficit cash flow in the short term is achieved by using the "System of acceleration - deceleration of the payment turnover". The essence of this system is to develop organizational measures at the enterprise to accelerate the attraction of funds and slow down their payments.

In the system of optimizing the cash flows of an enterprise, an important place belongs to their balance in time. In the process of such optimization, two main methods are used - alignment and synchronization. Equalization of cash flows is aimed at smoothing their volumes in the context of individual intervals of the period under consideration. This optimization method eliminates, to a certain extent, seasonal and cyclical differences in the formation of cash flows (both positive and negative), while simultaneously optimizing the average cash balances and increasing the level of absolute liquidity. The results of this method of optimizing cash flows over time are evaluated using the standard deviation or coefficient of variation, which should decrease during the optimization process.

The growth of net cash flow ensures an increase in the pace of economic development of the enterprise on the principles of self-financing, reduces the dependence of this development on external sources of formation of financial resources, and ensures an increase in the market value of the enterprise.

The negative consequences of a deficit cash flow are manifested in a decrease in the liquidity and solvency of an enterprise, an increase in overdue accounts payable to suppliers of raw materials and materials, an increase in the share of overdue debts on financial loans received, delays in paying wages (with a corresponding decrease in the level of staff productivity), an increase in the duration of the financial cycle , and, ultimately, in a decrease in the profitability of the use of equity capital and assets of the enterprise.

The negative consequences of excess cash flow are manifested in the loss of the real value of temporarily unused funds from inflation, the loss of potential income from the unused part of monetary assets in the field of their short-term investment, which ultimately also negatively affects the level of return on assets and equity of the enterprise.

9. Controlling the cash flow of the enterprise

Ensuring effective control over cash flows can significantly reduce the risk of insolvency of the company. Even for enterprises that successfully carry out business activities and generate a sufficient amount of profit, insolvency can occur as a result of the imbalance of various types of cash flows over time. Synchronization of receipts and payments of funds, achieved in the process of managing the cash flows of an enterprise, allows eliminating this factor in the occurrence of its insolvency.

The main goal of managing the cash flows of an enterprise is to ensure its financial balance in the development process by balancing the volumes of receipts and expenditures of funds and their synchronization in time.

Responsibility for ensuring control over cash flows lies with the financial director of the enterprise. To ensure effective control over cash flows, it is necessary to document all transactions related to cash flows, which would provide complete information for financial director. To do this, you must enter documents regulating the spending of funds, for example, an application for payment, it can also be office notes, payment registers, etc. The minimum set of details of such a document includes the following sections:

– payment initiator (department, employee);

– payment code in accordance with the classifier of payment items or projects;

- payment term;

– signatures of the initiator of the payment, the head of the division, the head of the company.

Applications for payment serve as a tool for collecting factual information. The "Payment Initiator" requisite allows you to track which division of the company carries out certain types of expenses. At the same time, it is necessary to authorize the application with the head of the department and the general director, which will avoid the misuse of the company's funds.

Applications are easy to classify by departments and expense items, even in Excel. Having accumulated information on actual payments for two or three months, you can proceed to limiting expenses and compiling a payment calendar.

To control payments, it is useful to analyze the reasonableness of spending money and the system for recording costs. Analytical indicators must be added to the payment request: inventory turnover ratio (instant, 30- and 90-day), amounts of accounts payable to each supplier and overdue receivables from buyers, as well as the period of delay. It is also useful to introduce an indicator of the rate of payments to suppliers as a share of sales revenue. Thus, special forms for financial management are created, and these indicators (usually 3-5) allow you to understand how and when to spend money.

The financial director must be given the right to sign documents regulating payments. Typically, this right is granted by order of the CEO, but in some cases - by decision of the business owner or the board of directors.

Since such innovations threaten the top officials of the company with some weakening of their influence on financial flows, it is necessary to explain to the management the need for delegation of authority, and also to convince them to introduce a budgeting system, under which the financial director or employees controlled by him will receive the right of decisive signature in terms of payments approved in budget.

By signing payment documents, the financial director will be able to receive timely information about the company's activities, including its expenses, acquire the status of a top manager, which will avoid conflicts with the heads of functional departments, and will also begin to gradually introduce budget procedures.

Thanks to the effective organization of control over cash flows, it is possible to develop effective solutions to increase the volume of positive cash flow and reduce the volume of negative cash flow in long term.

At the same time, the growth in the volume of positive cash flow in the long term can be achieved through the following activities:

– attraction of strategic investors in order to increase the volume of own capital;

– additional issue of shares;

– attracting long-term financial loans;

– sale of a part (or the whole volume) financial instruments investment;

– sale (or lease) of unused types of fixed assets.

Reducing the volume of negative cash flow in the long run can be achieved through such measures as:

– reduction in the volume and composition of real investment programs;

– refusal of financial investment;

- reducing the amount of fixed costs of the enterprise.

It is no secret that it is in financial activities that abuses are not uncommon, which negatively affect the entire economic activity of the enterprise and infringe on the rights of owners. Therefore, ensuring the effectiveness of financial control over the cash flows of an enterprise is a key step in managing cash flows.

10. The need for cash flow management

Thus, it should be noted that cash flows make up the bulk of the financial resources used commercial organizations in the course of their business activities. The state of cash flows largely determines the financial well-being of both individual organizations and economic system generally.

The constant movement of funds is the basis for an uninterrupted process of production and circulation. This is the most important function of money - production.

Cash is one of the main financial categories that have a significant impact on the sphere of production, the sphere of circulation, the state of settlements in the national economy and, thus, on the money circulation in the country, they perform their second function - payment and settlement.

Cash flow management is directly related to the mechanism for determining the planned needs of the enterprise for them, their rationing. It is important for the enterprise to correctly determine the optimal need for cash, which will allow, with minimal costs, to receive the profit planned for a given volume of production. Understating the amount of funds entails an unstable financial condition, interruptions in the production process and, as a result, a decrease in production and profits. In turn, overestimation of the amount of funds reduces the ability of the enterprise to make capital expenditures to expand production.

conclusions

Methods for managing the cash flow of enterprises contribute to making more informed and rational decisions financial managers organizations. The use of the considered principles of education and cash flow management in practical activities enterprises will optimize the structure of payments of enterprises. The optimization of the company's payments is achieved, first of all, by balancing cash payments, as a result of which solvency increases and it becomes possible to maintain it at the required level.

Efficient cash flow management allows you to accelerate the turnover of funds, reduce the need to attract additional borrowed funds, free up additional funds that can be directed to the turnover of the enterprise.

Literature

Textbooks and monographs

1. Balabanov I.T. Fundamentals of financial management: Tutorial for secondary special educational institutions. - M.: Finance and statistics, 2006.

2. Bertonesh M., Knight R. Cash flow management. - St. Petersburg: Peter, 2005.

3. Blank I.A. Cash flow management. - K .: Nika-Center, Elga, 2007.

4. Borodina E.I. Enterprise finance. - M.: Finance and statistics, 2005.

5. Bocharov V.V., Leontiev V.E. Corporate Finance. - St. Petersburg: Peter, 2005.

6. Kovalev V.V. Finance of enterprises - M .: Prospekt, 2006.

7. Likhacheva O.N. financial planning at the enterprise. - M .: OOO "TK Velby", 2006.

8. Polovinkin S.A. Financial management of an enterprise - M .: FBK-Press, 2007.

9. Cherkasov V.E. Financial management. - Tver: Tver Institute of Economics and Management, 2005.

Periodicals

10. Mityakova O.I. Optimization of cash flow as a tool for anti-crisis management of an enterprise // Finance and credit. - 2005. - No. 30. - S. 44-50.

11. Khorin A.N. Cash flow statement // Accounting. - 2005 - No. 5. - S.: 24-29.

12. Burtsev V.V. Revision of the financial system of the enterprise // Management in Russia and abroad. - 2004. - No. 3. – P. 35-40.

Cash flow management is one of the main activities of the company. Cash flow management includes the calculation of the time of circulation of funds (financial cycle), cash flow analysis, its forecasting, determining the optimal level of cash, budgeting cash, etc.

Cash flow management of any commercial organization is an important part of the overall management system of its financial activities.

Cash flow management allows you to solve various problems of financial management and is subordinate to its main goal.

Cash flow management involves the analysis of these flows, cash flow accounting, development of a cash flow plan. In world practice, cash flows are referred to as "cash flow".

Enterprise cash flow management process

Cash flow management process The enterprise is based on certain principles, the main of which are:

1. The principle of informative reliability. Like every control system, cash flow management must be provided with the necessary information base. The source of information for analyzing cash flows is, first of all, the cash flow statement (previously form 4 of the balance sheet), the balance sheet itself, the statement of financial results and balance sheet applications.

2. The principle of ensuring balance. Enterprise cash flow management deals with many types and varieties of enterprise cash flows. Their subordination to the common goals and objectives of management requires balancing the cash flows of the enterprise by types, volumes, time intervals and other essential characteristics. The implementation of this principle is connected with the optimization of the company's cash flows in the process of managing them.

3. The principle of ensuring efficiency. Cash flows are characterized by a significant unevenness in the receipt and expenditure of funds in the context of individual time intervals, which leads to the formation of volumes of temporarily free cash. In essence, these temporarily free cash balances are in the nature of non-productive assets (until they are used in the economic process), which lose their value over time, from inflation and for other reasons. The implementation of the principle of efficiency in the process of managing cash flows is to ensure their effective use by making financial investments of the enterprise.

4. The principle of providing liquidity. The high unevenness of certain types of cash flows generates a temporary shortage of funds, which adversely affects the level of its solvency. Therefore, in the process of managing cash flows, it is necessary to ensure a sufficient level of their liquidity throughout the entire period under review. The implementation of this principle is ensured by appropriate synchronization of positive and negative cash flows in the context of each time interval of the period under consideration.

Taking into account the considered principles, a specific process of managing the cash flows of an enterprise is organized.

Cash flow management system

If the object of management is the cash flows of the enterprise associated with the implementation of various economic and financial transactions, then the subject of management is the financial service, the composition and number of which depends on the size, structure of the enterprise, the number of operations, activities and other factors:

in small businesses Chief Accountant often combines the functions of the head of the financial and planning departments;

in the middle ones, accounting, the department of financial planning and operational management stand out;

v large companies structure financial services is expanding significantly - under the general supervision of the financial director there are accounting departments, departments of financial planning and operational management, as well as an analytical department, a department of securities and currencies.

As for elements of the cash flow management system, then they should include financial methods and tools, regulatory, information and software:

among financial methods that have a direct impact on the organization, dynamics and structure of the enterprise's cash flows, we can distinguish a system of settlements with debtors and creditors; relationships with founders (shareholders), contractors, government bodies; lending; financing; fund formation; investment; insurance; taxation; factoring, etc.;
financial instruments combine money, loans, taxes, forms of payment, investments, prices, bills of exchange and other stock market instruments, depreciation rates, dividends, deposits and other instruments, the composition of which is determined by the peculiarities of the organization of finance at the enterprise;
legal support of the enterprise consists of a system of state laws and regulations, established norms and standards, the charter of an economic entity, internal orders and orders, and a contractual framework.

V modern conditions a necessary condition for the success of a business is the timely receipt of information and prompt response to it, therefore, an important element in managing the cash flows of an enterprise is intracompany reporting.

Thus, the cash flow management system at an enterprise is a set of methods, tools and specific techniques for a purposeful, continuous impact on the cash flow by the financial service of an enterprise in order to achieve the goal.

Enterprise cash flow planning

One of the stages of cash flow management is the planning stage. Cash flow planning helps the professional identify the sources of funds and evaluate their use, as well as identify the expected cash flows, and therefore the growth prospects of the organization and its future financial needs.

The main task of drawing up a cash flow plan is to check the reality of the sources of funds and the validity of expenses, the synchronism of their occurrence, to determine the possible need for borrowed funds. The cash flow plan can be drawn up in a direct or indirect way.

TRIBUTIES	OUTFLOWS
Primary activity
Revenue from product sales	Payments to suppliers
Receipt of accounts receivable	Salary payment
Proceeds from the sale of material assets, barter	payments to the budget and off-budget funds
Buyers advances	Payments % for a loan
	Consumption fund payments
	Repayment of accounts payable
Investment activities
Sale of fixed assets, intangible assets, construction in progress	Capital investments for the development of production
Proceeds from the sale long-term financial investments	Long-term financial investments
Dividends, % of financial investments
Financial activities
Short-term credits and loans	Repayment of short-term loans, loans
Long-term credits and loans	Repayment of long-term loans, loans
Proceeds from the sale and payment of promissory notes	Payment of dividends
Proceeds from the issue of shares	Payment of bills
Special-purpose financing

The need to divide cash flows into three types is explained by the role of each and their relationship. If the main activity is designed to provide the necessary funds for all three types and is the main source of profit, while investment and financial activities are designed to contribute to the development of the main activity and provide it with additional funds.

The cash flow plan is drawn up for various time intervals (year, quarter, month, decade), for the short term it is drawn up in the form of a payment calendar.

Payment schedule- this is a plan of production and financial activities, in which all sources of cash receipts and expenses for a certain period of time are calendar-related. It fully covers the cash flow of the enterprise; makes it possible to link receipts of funds and payments in cash and non-cash form; allows to ensure constant solvency and liquidity.

In the process of compiling a payment calendar, the following tasks are solved:

organization of accounting for the temporary docking of cash receipts and future expenses of the organization;
formation of an information base on the movement of cash inflows and outflows;
daily accounting of changes in the information base;
analysis of non-payments and organization of measures to eliminate their causes;
calculation of the need for short-term financing;
calculation of temporarily free funds of the organization;
analysis of the financial market from the position of the most reliable and profitable placement of temporarily free funds.

The payment calendar is compiled on the basis of a real information base on cash flows, which includes: contracts with counterparties; acts of reconciliation of settlements with counterparties; invoices for products; invoices; bank documents on receipt of funds to accounts; money orders; product shipment schedules; payroll schedules; status of settlements with debtors and creditors; statutory deadlines for payments on financial obligations to the budget and extra-budgetary funds; internal orders.

To effectively draw up a payment calendar, it is necessary to control information about the balance of funds in bank accounts, funds spent, average balances per day, the state of the organization's marketable securities, planned receipts and payments for the coming period.

Balancing and synchronization of cash flows

The result of developing a cash flow plan can be both a deficit and an excess of cash. Therefore, at the final stage of cash flow management, they are optimized by balancing in volume and time, synchronizing their formation in time, and optimizing the cash balance on the current account.

Both deficit and excess cash flow have a negative impact on the activities of the enterprise. The negative consequences of a deficit cash flow are manifested in a decrease in the liquidity and solvency of an enterprise, an increase in overdue accounts payable to suppliers of raw materials and materials, an increase in the share of overdue debts on financial loans received, delays in paying wages, an increase in the duration of the financial cycle, and, ultimately, in a decrease in profitability of using own capital and assets of the enterprise.

According to I. N. Yakovleva, the volume of scarce cash flow should be balanced by:

attracting additional equity or long-term debt capital;
improving work with current assets;
getting rid of non-core non-current assets;
reduction of the enterprise's investment program;
cost reduction.

The amount of excess cash flow should be balanced by:

increasing the investment activity of the enterprise;
expansion or diversification of activities;
early repayment of long-term loans.

In the process of optimizing cash flows over time, two main methods are used - leveling and synchronization. Equalization of cash flows is aimed at smoothing their volumes in the context of individual intervals of the period under consideration. This optimization method eliminates, to a certain extent, seasonal and cyclical differences in the formation of cash flows (both positive and negative), while simultaneously optimizing the average cash balances and increasing the level of liquidity. The results of this method of optimizing cash flows over time are evaluated using the standard deviation or coefficient of variation, which should decrease during the optimization process.

Synchronization of cash flows is based on the covariance of their positive and negative types. In the process of synchronization, an increase in the level of correlation between these two types of cash flows should be ensured. The results of this method of optimizing cash flows over time are evaluated using the correlation coefficient, which should tend to the value “+1” during the optimization process.

The tightness of the correlation increases due to the acceleration or deceleration of the payment turnover.

The payment turnover is accelerated due to the following measures:

increasing the amount of discounts to debtors;
shortening the period of commodity credit provided to buyers;
tightening credit policy on the issue of debt collection;
tightening the procedure for assessing the creditworthiness of debtors in order to reduce the percentage of insolvent buyers of the organization;
use of modern financial instruments, such as factoring, accounting of bills, forfeiting;
use of such types of short-term loans as overdraft and line of credit.

The slowdown in the payment turnover can be carried out due to:

increasing the term of trade credit provided by suppliers;
acquisition of long-term assets through leasing, as well as outsourcing of strategically less significant areas of the organization's activities;
converting short-term loans into long-term ones;
reduction of cash settlements with suppliers.

Calculation of the optimal cash balance

Cash as a type of current assets is characterized by some features:

routine - cash is used to pay off current financial obligations, so there is always a time gap between incoming and outgoing cash flows. As a result, the company is forced to constantly accumulate free cash on a bank account;
precaution - the activity of the enterprise is not strictly regulated, therefore, cash is necessary to cover unforeseen payments. For these purposes, it is advisable to create an insurance cash reserve;
speculative - funds are needed for speculative reasons, since there is always a small probability that an opportunity for profitable investment will suddenly appear.

However, cash itself is a non-profitable asset, therefore the main goal of the cash flow management policy is to maintain them at the minimum required level, sufficient for the effective financial and economic activities of the organization, including:

timely payment of suppliers' invoices, allowing you to take advantage of the discounts they provide on the price of the goods;
maintaining a constant creditworthiness;
payment of unforeseen expenses arising in the course of economic activity of the enterprise.

As noted above, if there is a large amount of money on the current account, the enterprise has the costs of missed opportunities (refusal to participate in any investment project). With a minimum supply of cash, there are costs to replenish this stock, the so-called maintenance costs (sales expenses due to the purchase and sale of securities, or interest and other costs associated with raising a loan to replenish the balance of funds). Therefore, when solving the problem of optimizing the balance of money on the current account, it is advisable to take into account two mutually exclusive circumstances: maintaining current solvency and obtaining additional profit from investing free cash.

There are several basic methods for calculating the optimal cash balance: mathematical models of Baumol-Tobin, Miller-Orr, Stone, etc.

An important step in cash flow management is the analysis of coefficients calculated on the basis of cash flow indicators. Analysts have proposed quite a lot of coefficients that reveal the relationship of cash flows with balance sheet and income statement items and characterize the financial stability, solvency and profitability of companies. Many of these ratios are similar to those calculated using profit or revenue figures.

The efficiency of the enterprise depends entirely on the organization of the cash flow management system. This system is created to ensure the implementation of short-term and strategic plans of the enterprise, maintaining solvency and financial stability, more rational use of its assets and sources of financing, as well as minimizing the cost of financing business activities.

Main role in cash flow management is given to ensuring their balance in terms of types, volumes, time intervals and other essential characteristics.

The importance and importance of cash flow management in an enterprise cannot be overestimated, since not only the stability of an enterprise in a specific period of time depends on its quality and efficiency, but also the ability to further development to achieve long-term financial success.

Literature:

Bertones M. Knight R. Cash flow management - St. Petersburg: Peter, 2004.
Bykova E.V. Indicators of cash flow in assessing the financial stability of the enterprise. // Finance. - №2, 2000.
Efimova O.V. How to analyze the financial position of the company. - M.: UNITI, .2005.
Kovalev V.V. Management of cash flows, profit and profitability: a training manual - M .: TK Welby, Prospekt Publishing House, 2007.
Romanovsky M.V., Vostroknutova A.I. Corporate finance: Textbook for universities - St. Petersburg: St. Petersburg, 2011.

You will learn:

What is the cash flow of the enterprise.
Why manage the cash flow of the enterprise.
What are the types of business cash flows.
How to carry out cash flow analysis.
What factors affect cash flows.
How to optimize the cash flow of the enterprise.

Reasonably organized cash flows of the enterprise ensure the smooth running of the operating cycle, increase production volumes and increase sales. At the same time, each violation of payment discipline negatively affects the formation of production reserves of raw materials and materials, the degree of labor productivity, the sale of finished products, the market position of the enterprise and other factors. Even fairly profitable companies may experience insolvency due to an imbalance in time of various cash flows (hereinafter referred to as CF).

Having capital and not using it is not the CEO's style. Therefore, we have prepared an article that will help you decide where you can invest, and where it is better not to apply at all.

In the article you will also find a handy table showing the risks and returns of various investment instruments.

The Role of Enterprise Cash Management

The cash flow of an enterprise is a set of receipts of financial resources and payments in a specified period of time, formed in the course of economic activity. It reflects the movement of money, which in some cases are not taken into account when determining profit. In addition, DP includes tax payments and fines (penalties), investment costs, depreciation costs, advances and borrowings.

The inflow of money comes from the following sources:

proceeds from the sale of goods (services) and the performance of work;
growth authorized capital through additional issue of shares;
obtaining loans, credits, income from the issue of corporate bonds, etc.

The net inflow of DC (cash stock) reflects the difference between all receipts and deductions of the money supply.

Figuratively, the cash flow is presented in the form of a financial "blood flow" of the economic organism of the subject. A well-established system of cash flows of an enterprise is a paramount indicator of economic well-being, a condition for obtaining high final results of its activities.

In the difficult circumstances of the current economy, caused by sanctions, price hikes and the instability of the ruble, the most important task of financial management is the effective management of material resources.

Effective cash flow management of an enterprise ensures its financial balance and profitability in the course of strategic advancement. The speed of economic recovery and the economic stability of the organization are largely determined by the degree of mutual stability and synchronization of the scales of different types of DP in time intervals. The high level of this consistency and consistency allows you to optimize and improve the quality financial management, as well as significantly accelerate the achievement of the subject's strategic goals.

In general, the optimal organization of the company's cash flows will help to balance its operating process as much as possible. Each failure in making payments negatively affects the formation of industrial reserves of raw materials and materials, the degree of labor productivity, the sale of finished products, the market position of the enterprise and other factors. At the same time, well-organized and optimized DPs contribute to a steady increase in the scale of production and sale of goods, and improve the capitalization of the business.

Types of cash flows of the enterprise

The concept of "cash flow" combines various types of flows associated with business activities. For purposeful and fruitful management of DPs, they should be classified in a special way according to several key features.

According to the volume of economic activity, there are cash flows:

DP enterprises- the largest and summing indicator for this feature, which reflects all financial receipts and expenses of the organization as a whole.
DP structural unit- a more specific indicator of the company's cash flows, indicating the movement of finances in departments, services, branches and representative offices of the company.
DP of each operations- specific operational accounting of the movement of cash cash of a legal entity.

By type of economic activity, DPs are divided into:

general cash circulation flow - the total amount of cash received or paid;
current(operational) cash flow of the enterprise - transfers to suppliers of raw materials (materials); contract performers of certain services to ensure the main and other work; payment of salaries to personnel performing the operational process and managing it;
investment flow - the receipt of money and payments associated with the implementation of specific and financial investment, the sale of retiring intangible assets and fixed assets, the replacement of long-term financial assets portfolio of securities and other similar DPs associated with the investment activities of the organization;
flow financial activities- income and expenses aimed at attracting auxiliary share or equity capital, acquiring long-term and short-term loans (credits), paying dividends in cash and interest rates on owners' deposits, and a number of other DPs that accompany external financing of economic activity.

Direction of movement:

incoming DP (inflow) contains the sum of all financial receipts recorded for a particular reporting period;
outgoing DP (outflow), on the contrary, implies all payments made over a certain period of time.

According to the form of carrying out, the cash flows of an enterprise are:

in cash(transfer of money from hand to hand by the organization);
non-cash(the movement of money is reflected only in).

According to the area of circulation, DP is divided into:

external– receipts and payments to individuals (legal entities). Due to this flow, the balance of money in the enterprise increases or decreases;
internal- the movement of financial cash within the enterprise itself. This flow provides an internal circulation of real money, so it cannot influence the balance.

According to the duration of DP can be:

short-term(when an organization invests money for a period not exceeding one year);
long-term(when deposits are made for a period of a year or more, this cash flow is classified as long-term).

According to the scale, the cash flows of the enterprise are divided into:

scarce(when there is a lack of funds to pay off their own debts). The flow will be classified as scarce if, even with a positive balance, the organization does not have enough money to meet its needs;
optimal(when a balance is formed from the income received, sufficient to fully repay all the obligations of the company);
redundant(when the total amount of income exceeds the cost of meeting all needs). In this case, the company creates a positive balance.

By type of currency, DP can be formed as follows:

in national currency(the flow is considered as such if the banknotes of the state where the company is located and operates are involved in the calculations);
in foreign currency(such a flow has the right to exist if the banknotes of another country are used in the turnover of the enterprise).

The predictability of a company's cash flows is defined as:

planned DP (if it is possible to predict in advance when the money will go to the company, how much it will be, and also to establish approximate expenditure items for these funds);
unplanned DP (when there is an unexpected, unplanned movement of the money supply).

According to the continuity of creation, streams are:

regular, determining the received or consumed cash for each business transaction (DP of one type), which in a particular period are carried out systematically at a fixed interval;
discrete, reflecting the received or used cash, which is aimed at the performance of certain business transactions companies in a given time period.

11. According to the constancy of time intervals, the creation of a DP can have:

uniform time intervals within the study period (annuity-type flows);
uneven time intervals within the study period. Such cash flows of the enterprise, for example, can be schedules of leasing payments for leased property with uneven intervals of their implementation during the life of the asset, agreed upon by both parties to the agreement.

12. According to the time assessment method, financial flows are divided into:

real, qualifying DP organizations as a single commensurate value tied in value to a specific point in time;
future flows (a single commensurate value of the company's financial movement, tied in value to some future point in time). The wording "future" DP indicates its certain nominal volume in the future (or within the intervals of a given period), which is the basis for discounting to bring it to true value.

Such a classification will help to form a qualified cash flow management, analyze the company's cash flows and plan them.

Cost Forecasting: Step by Step Analysis and Budget Planning

4 principles of enterprise cash flow management

The most important component unified system financial management is the organization of the cash flow of the enterprise. It helps to realize the most different tasks financial management and pursues its main goal.

The process of coordinating the DP of an enterprise is based on a number of principles, the main of which we will consider below.

1. Informative reliability.

Like any management system, enterprise cash flow management must have a sufficient information base. However, its creation causes some difficulties, since there is no direct financial reporting based on uniform accounting methods. Even more complicates the task of forming a reliable reference base for control over the organization's DP is the discrepancy between the methods of conducting Russian accounting and international standards and practice. foreign countries. Under such circumstances, the implementation of the principle of informative reliability is associated with difficult calculations that require unified methodological approaches.

2. Balance guarantee

Cash flow management of an enterprise is associated with their numerous types and options, identified during the classification. They pursue the same goals as management, providing for the creation of balanced DPs in the organization in terms of types, scale, timing and other important characteristics. Compliance with this principle is due to the optimization of financial flows in the process of their management.

3. Ensuring efficiency.

The main cash flows of the enterprise are characterized by a noticeable unevenness of the receipt of money and their use in the context of specific periods of time, which leads to the formation of large and temporarily free financial assets. In essence, these unused balances of money serve as a kind of unproductive assets (before they are spent on the economic process), losing their value over time as a result of inflation and other negative reasons. The introduction of the principle of efficiency into the management of DP implies the fruitfulness of their use with the help of financial investments of the enterprise.

4. Liquidity guarantee.

Significant unevenness of some types of DP causes a temporary shortage of funds for the company, which negatively affects its solvency. Therefore, when controlling financial flows, their liquidity should be maintained at the proper level during the analyzed period. The implementation of this principle occurs due to the reasonable synchronization of positive and negative DP for each time interval in a given period.

the main objective accounting for the cash flows of an enterprise - the creation of its financial balance in the course of promotion by balancing the amounts of receipt and use of money, as well as their distribution over time.

The business is successful, but the loan is not given: what is the reason for the refusal and what to do?

What is the purpose of managing the cash flow of an enterprise

Given the above principles, it is possible to ensure high efficiency in managing the cash flows of an enterprise.

The organization of DP is based on a complex system of principles and methods for developing and implementing guiding strategies regarding the creation, planning and use of funds, as well as ensuring their turnover in order to maintain the financial stability of the company, its unshakable growth.

Like all practical methods of financial management, cash flow management has the main goal of increasing the company's market value. Its main task is to guarantee financial stability during the development of the structure by balancing the amounts of receipt and use of money, as well as their distribution over time.

In the process of achieving its fundamental goal, the management of the DP is called upon to solve a number of key tasks.

Creation of a large stock of financial resources of the enterprise to meet its needs in further economic activity. To accomplish this task, it is necessary to calculate the required amount of funds for the future period, determine the sources for their formation in the required quantities, and minimize the costs of attracting them.
Optimization of the division of the company's available cash by types of economic activity and methods of use. When performing this task, the necessary commensurability is observed in the allocation of money for the development of operational, financial activity and investments. And for each area of activity of the enterprise, the most promising areas for investing material resources are selected, where the maximum final results of management and common goals will be achieved. strategic development.
Formation of high financial stability while moving forward. This is ensured in several ways: by creating a well-thought-out structure of capital formation channels and, above all, by the ratio of the volume attracted from own and borrowed sources; optimization of the scale of the inflow of money in terms of further terms of their return; accumulation of a sufficient amount of finance involved on a long-term basis; appropriate restructuring of obligations to return money in a crisis state of the enterprise.
Maintaining stable solvency. To accomplish this task, first of all, it is required: effective management of balances of financial assets (equivalents); creation of the required volume of their spare (insurance) part; uniform flow of money to the organization; consistency in the formation of incoming and outgoing DP; the most favorable means of payment for settlements on economic transactions with counterparties.
Maximum growth of the company's net cash flow to ensure the planned pace of its economic development with self-financing. This task is realized by creating a turnover of funds that forms a record profit in the course of financial, operational activity and investments; productive depreciation policy of the organization; prompt sale of unused assets; reinvestment of temporarily idle money.
Reducing losses in the cost of DS during their economic use by the organization. Financial assets (their equivalents) lose their value over time under the influence of inflation, risks, etc. For this reason, when forming the company's cash turnover, it is necessary to avoid the accumulation of excess capital (unless business practice requires it), diversify the forms and methods of consuming financial resources, do not allow certain material risks or provide for their insurance.

All these tasks of managing the cash flows of an enterprise are strongly interconnected, despite the fact that some of them are incompatible (for example, maintaining stable solvency and reducing the loss in the value of DS when using them). Thus, in the course of managing the DP, individual moments are subject to mutual optimization for a better implementation of the main goal.

How to turn budgeting into a real business management tool

Improving the cash flows of the enterprise and the formation of a policy for managing them

The efficiency of cash flow management of the enterprise is ensured by the implementation of a special policy as part of the unified financial strategy of the organization.

This policy is formed according to a number of key stages.

1. Analysis of the cash flow of the enterprisein the previous period.

The main goal of such an analysis is to determine the degree of sufficiency in the accumulation of financial resources, the productivity of their use, the consistency of positive and negative DP in time and volume. The study of DP is carried out throughout the enterprise, according to its main types of economic activity, for certain structural divisions (the so-called responsibility centers).

In the initial phase of the analysis, the dynamics of a single monetary turnover of the organization is studied, for which the rate of its growth is commensurate with the rate of increase in assets, the scale of production and sale of goods. To determine the degree of formation of DP in the course of the economic activity of the enterprise, the characteristic of the specific volume of money turnover per unit of assets used is used. It is calculated by the formula:

Udoa \u003d (ODP + RDP) : A,

wherein:

Udoa - the specific volume of the organization's money turnover per unit of assets used;

NFP - set of negative gross CF (use of financial resources) in a particular period;

RAP - the totality of positive gross DP (inflow of financial resources) in a particular period;

A - the average price of the organization's assets in a particular period.

An increase in this parameter in dynamics indicates that the company's cash flows are more intensively generated in the course of its management and vice versa.

The second stage of the analysis is devoted to the dynamics of the size and structure of the formation of a positive DP (inflow of financial resources) of the organization for each source separately. The main goal at this stage is to study the sources of material income by type of economic activity of the organization.

CUod =RAP : RAP,

wherein:

KUod is the coefficient of use of operating activities in creating a positive DP of the enterprise in a particular period;

RAP - the total set of positive DP of the organization in a particular period;

RAPo - a set of positive DP of the organization regarding operating activity in a particular period.

When studying the dynamics of the scale and structure of the formation of a positive DP on the operating activity of the organization, emphasis should be placed on the ratio of sources of cash profits from the sale of goods and other similar activities.

In the third phase of the analysis, the dynamics of the volume and composition of the negative DP (use of financial resources) of the company for each type of cost is studied. Here, first of all, it turns out how harmoniously these costs were distributed according to key species economic activities of the organization, whether they are regular or unscheduled, and to what extent they were objectively necessary.

QUID \u003d ODPi: ODP,

wherein:

KUid is the ratio of the use of investment activity in creating a negative DP in a particular period;

ODP - the total set of negative DP of the organization in a particular period;

ODPi - the amount of the negative DP of the organization for investment activity in a particular period.

In the fourth phase, the ratio of the total volume of positive and negative DP for the whole enterprise is analyzed. In this case, the formula for the balance sheet model of the financial flow of an organization of this type is used for calculation:

DAn + PDP \u003d ODP + DAK,

wherein:

DAn - the amount of financial assets of the organization at the beginning of the period under study;

ODP - the total amount of negative DP of the organization in a particular period;

RAP - the total volume of positive DP of the organization in a particular period;

DAK - the total financial assets of the organization at the end of the period under study.

As we can see from this equation, an indicator of the imbalance of certain types of cash flows of an enterprise, causing a deterioration in its financial condition in terms of solvency, is a reduction in the volume of tangible assets at the end of the period under study (relative to their amount observed at the beginning).

The fifth phase of the study gives an idea of the dynamics of the formation of the value of net CF as the most important indicator of the effectiveness of general financial management, the purpose of which is to increase the market value of the company.

A separate place in this analysis is given to the quality of pure DP - the total indicator of the structure of the sources of its creation. The calculation of the quality of the net DP of the organization is carried out according to the formula:

UKchdp = ChPrp: NDP,

wherein:

MCvp is the quality level of the organization's pure DP;

NPR - the total net profit from the sale of goods in the study period;

NPV - the total amount of the organization's net CF in the study period.

The sixth stage of analysis examines the uniformity of the creation of the company's DP over certain time periods of a specific period. In view of the fact that the irregularity of the occurrence of financial flows in time creates a series of serious economic, commercial and investment risks or becomes their reflection, the studied time intervals should be the smallest (no more than a month).

To calculate the uniformity with which the company's cash flows are formed for some time fragments of the analyzed period, indicators of the standard standard deviation and the variation index are used.

The standard deviation of the DP in a particular period is calculated by the formula:

wherein:

σ dp is the standard standard deviation of DP in the study period;

DPt - the sum of DP in certain time periods of the study period;

Pt is the specific weight of the time interval t in the cycle under study (frequency of deviation formation);

DP - the average set of DP in one interval of the study period;

n is the total number of intervals in the study period.

We determine the coefficient of variation of DP in the period of interest to us, using the following formula:

СVdp = σ dp: DP,

wherein:

СVdp - coefficient of variation of DP in a specific time period;

σ dp is the standard standard deviation of DP in the studied interval of action;

DP - the average set of DP in one interval of the study period.

In the seventh phase, the synchronism of the creation of positive and negative DP is analyzed for individual intervals of the period of interest to us. The need for this study is due to the fact that with a large unevenness in the creation of different financial flows in certain periods of time, the enterprise accumulates decent amounts of monetary assets that are not yet used, or there is a temporary shortage of them.

The eighth stage of the analysis determines how liquid the company's cash flows are. The most generalized indicator of their mobility reflects fluctuations in the liquidity ratio of SEs in certain time intervals of the period of interest to us. This value is calculated by the formula:

KLDp \u003d RDP: ODP,

wherein:

KLdp - index (coefficient) of the organization's DP liquidity in the study period;

RDP - total gross positive DP in the studied interval;

NDP is the total gross negative DP in the study period.

When conducting an analysis, the dynamic liquidity ratio of the financial flow can be supplemented with the characteristics of current and absolute liquidity (solvency).

The ninth phase of the analysis shows how effective the company's cash flows are. The general indicator of this assessment is the efficiency index of the organization's DP, calculated in accordance with the formula:

Kedp \u003d NDP: ODP,

wherein:

КЭдп - index (coefficient) of the efficiency of the organization's DP in the study period;

NPV - the total net DP of the enterprise in the studied period of time;

ODP - the total gross negative DP of the organization in the studied interval.

These generalizing indicators can be supplemented with several commonly used characteristics, such as the index of profitability of spending the average balance of financial assets for short-term cash investments; profitability index of spending the average balance of cumulative investment reserves in long-term financial investments, etc.

The results of the analysis make it possible to identify reserves for optimizing the organization's DP and their distribution for the future period.

Why you need a cash flow budget and how to develop one

2. The study of factors affecting the movement of cash flows of the enterprise.

During this study, which determines the rules for the formation of the organization's DP in the future period, it is proposed to distribute all factors into internal and external.

In the group of external factors, the main ones are the following:

commodity market conditions. The instability of the situation of this market affects the fluctuation of the main component of the positive DP of the enterprise - the amount of money received from the sale of goods;
stock market position. The nature of this conjuncture determines, first of all, the possibility of creating financial flows through the issuance of securities of the enterprise (shares, bonds);
the procedure for taxation of organizations. Fiscal deductions form a significant part of the negative DP of the organization, and the approved schedule for their implementation affects the temporary nature of this flow;
the reality of attracting funds from free targeted financing. This option is usually provided government organizations different subordination.

In the group of internal factors, the main place is given to the following:

organization life cycle. In each of its phases, not only different volumes of financial flows are formed, but their types also change (according to the content of the sources for creating a positive DP and the purpose of a negative DP);
duration of the operating cycle. The shorter it is, the higher the turnover of money invested in current assets, which means that the volume and intensity of positive and negative financial flows of the organization grow;
seasonality of production and sales. This factor is important in the formation of the company's cash flows along the length, affecting their liquidity in relation to certain periods of time;
depreciation strategy of the organization. The methods of depreciation of fixed assets used by it and the terms of depreciation of intangible assets form depreciation DPs of varying intensity, which are not directly serviced by cash.

3. Argumentationtype of management of financial flows of the enterprise.

This justification is carried out on the basis of the results of the analysis of the organization's DP in the previous period and the study of a number of factors that determine their formation.

In financial theory, there are several main types of enterprise DP management strategy.

The aggressive policy of DP management is characterized by high growth rates of incoming VA, mainly from loan sources, with a rather low reinvestment of the net financial flow (a significant part of which goes to pay dividends and interest to owners).
The company's moderate DP management strategy has deliberate proportions of involving its own and borrowed financial resources for the development of its economic activity.
The conservative policy of analysis and management of the company's cash flows has minimized the amount of attraction of DS from loan sources. This strategy is aimed at curbing the development of the economy of a business entity, while at the same time reducing the degree of financial risks associated with the creation of cash flows.

4. Electionmethods and directions for optimizing the enterprise's DP for the implementation of the chosen policy of control over them.

This optimization is one of the defining functions of managing financial flows, which allows increasing their productivity in the near future.

The main tasks that are solved at this stage of regulation of DP:

disclosure and use of reserves that reduce the company's dependence on external sources of raising funds;
a guarantee of a more perfect balance of positive and negative DPs in terms of content and time;
creation of a stronger relationship of financial flows by types of economic activity of the enterprise;
increase in the quality and amount of net DP generated in the course of the organization's business activities.

5. Planning of cash flows of the enterprise in the context of their individual types.

Such planning is predictive in nature due to the uncertainty of a number of its initial prerequisites. Therefore, cash flows for the future are established in the form of multivariate planned calculations of these indicators under various scenarios for the development of individual factors (optimistic, realistic, pessimistic). The methodological foundations of this planning are set out in subsequent special sections.

6. Implementation of effective control over the implementation of the chosen strategy of the organization enterprise cash flows.

Objects of this control: implementation of planned targets to achieve the required amount of financial resources and their use for approved purposes; the regularity of the creation of monetary movements in time; tracking the effectiveness of DPs and their liquidity. These characteristics are controlled by monitoring the day-to-day financial activities of the organization.

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Optimization of enterprise cash flows

One of the most significant and complex stages of financial management of a company is the optimization of cash flows. It is a procedure for choosing the most profitable forms of managing the DP, taking into account the circumstances and characteristics of the economic activity of the organization.

1) Consistency of the volume of financial flows.

This direction of optimizing the DP of the enterprise allows you to create a reasonable proportionality of the filling of positive and negative cash flows.

Deficit and excessive cash flows have a negative impact on the economic activity of the company.

Methods for balancing the deficit DP are designed to increase the volume of positive and reduce the negative movement of finance.

In the future, an increase in the filling of positive DP can be obtained as a result of taking such measures as:

mobilization of strategic investors to increase equity capital;
additional issue of shares;
long-term lending;
implementation of a part (or all) of financial investment instruments;
sale (lease) of free fixed assets.

In the future, a reduction in the filling of the negative financial flow can be obtained through the following actions:

reducing the volume and content of existing investment programs;
termination of financial investments;
reduction in the size of the organization's fixed costs.

Methods of matching the company's excess cash flow are closely related to the intensification of its investment activity. In combination with these methods, you can use:

expanding the scale of increased reproduction of non-current operating assets;
reduction of time for the development of feasible investment projects, as well as the start of their implementation;
conducting territorial diversification of the company's operations;
early repayment of long-term financial loans (credits);
intensive registration of a portfolio of financial investments.

2) Optimizationcash flowsenterprises over time.

This direction of optimizing the DP will create the required level of solvency of the organization in each of the segments of the prospective period with a simultaneous reduction in the volume of insurance reserves of monetary assets.

Synchronization of financial flows is designed to smooth their filling in each interval of the studied time period. The optimization method will help to some extent get rid of cyclical and seasonal discrepancies in the formation of DC (positive and negative), at the same time increasing liquidity and streamlining the average balances of DC.

Accelerating the mobilization of finance in the short term can be carried out by implementing the following measures:

increase in price discounts for cash settlement on goods sold to customers;
receiving full (incomplete) prepayment for manufactured products with high market demand;
speeding up the issuance of commercial (or commodity) credit to consumers;
reduction of collection time for unpaid receivables.

Delaying payments in the short term can be implemented through the following actions:

use of float;
extension of the terms for obtaining a commercial (or commodity) loan by the enterprise (by agreement with suppliers);
replacing the purchase of long-term assets in need of renewal with leasing or renting;
restructuring the portfolio of issued financial loans by replacing their short-term types with long-term loans.

The results of optimizing the company's cash flows over time are expressed using the correlation index, which tends to +1 during this process.

3) Maximizing net DP.

This optimization method is considered the most significant and reflects the results of its previous stages.

An increase in the net financial flow causes an acceleration in the rate of economic growth of an enterprise on the principles of self-financing, reduces the dependence of such development on third-party sources of formation of financial resources, and increases its exchange value.

The addition of a company's net DP is possible through several significant activities, such as:

reduction of fixed costs;
reduction of variable costs;
maintaining an effective pricing policy to increase the profitability of operating activities;
reduction of the amortization period of applied intangible assets;
activation of claim work for timely and full collection of fines.

The results of optimizing the company's cash flows are displayed in the comprehensive planning for the creation and use of finance in the future period.

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Planning the cash flow of an enterprise or how to draw up a financial plan

The results of the optimization of the DP should be taken into account when preparing the annual financial plan of the organization, broken down into quarters and months.

The main goal of such a plan, along with the receipt and use of DS, is the ability to provide for the cash flows of the enterprise in time for each type of economic activity, as well as maintaining stable solvency in all segments of the year. This planning document is presented in the form of a payment calendar.

The financial mechanism for the operational management of the flow of funds in the work of the company allows you to create payment calendars of several types.

Calendar (budget) of share issue.

This type of payment schedule is of two types. If it was approved prior to the sale of the shares on the original securities market, it contains a single section "Schedule of payments to ensure the preparation of the issue of shares." When the budget is formed for the time of the sale of shares, it consists of two sections - "Schedule of receipt of funds from the issue of shares" and "Schedule of payments to ensure the sale of shares."

Budget (calendar) of the bond issue.

This planning document is drawn up periodically and is formed according to principles similar to those described above for the case of equity shares.

Payment calendar for amortization of accounts payable.

This type of operational financial plan has only one section in the form of a principal amortization schedule. Its indicators are grouped for each loan that requires repayment. The amounts and terms of payments are approved in accordance with the requirements of loan agreements signed with commercial banks or financial institutions.

The decision to apply for a loan is made in the presence of the maximum economic feasibility of this method of third-party financing, among other available opportunities to compensate for the cash gap (increase in advance payments from customers, change in commercial lending conditions, increase in stable liabilities).

So, the effective organization of cash flows of an enterprise in its financial activities requires the development of a special management strategy in the context of general economic policy.

CEO speaking

Use management reporting to budget cash flow

Dmitry Ryabykh, General Director of Alt-Invest Group of Companies, Moscow

The budget, which contains actual information, is best formed from management reporting. But do not ignore the indicators of accounting forms, as they indicate the most accurate and up-to-date data on all financial movements of the company. Before proceeding with the cash flow budget, you should find out with what accuracy its indicators should correspond to accounting reports. For example, you can use three rules.

The cash flow (cash flow) budget is based on accounting figures, however, it does not require exact copying of all accounting data into it. It doesn't have to be as detailed as the accounting forms.

When processing accounting figures, it is necessary to reflect economic essence financial transactions, discarding unimportant details (for example, the subtleties of posting costs).

It is necessary to strive for the coincidence of the final figures with the data on the turnover on the accounts of the enterprise. Any little things are important here, since knowing the details will help to check the correctness of the budget, detecting errors in a timely manner.

Information about the expert

Dmitry Ryabykh, General Director of Alt-Invest Group of Companies, Moscow. The Alt-Invest company operates in the market of consulting services and software for analysts since 1992. Until 2004, the company operated as a department economic analysis research and consulting company "Alt", in May 2004 this business was separated into an independent structure. Today "Alt-Invest" is not only the leading developer of software for evaluating investment projects in Russia, but also the only company offering in the complex software products and training, as well as advisory services in the field of investment and financial analysis and planning. Dmitry Ryabykh is a member of the Board of Directors of CFA Russia, in 2015 he was elected Chairman of the Technology Council of the CFA Institute. Received a technical education at Moscow State Technical University. Bauman, studied finance as part of the CFA program (now on the board of directors of the CFA Society Russia), completed an Executive MBA course at the University of Oxford. Dmitry Ryabykh takes part in the work of the Investment Policy Council of the RF Chamber of Commerce and Industry. Co-author of the books "Financial Diagnostics and Project Evaluation", "Business Planning on a Computer". Scientific editor of translations of foreign literature on finance and management.

Figuratively, the cash flow can be represented as a system of "financial circulation" of the economic organism of the enterprise. Efficiently organized cash flows of an enterprise are the most important symptom of its "financial health", a prerequisite for achieving high final results of its economic activity in general.

Cash flow management is not just survival management, but dynamic money management, taking into account changes in value over time. In the process of circulation, working capital inevitably changes its functional form and, as a result of the sale of finished products, is converted into cash. Funds are mainly kept on the settlement (current) account of the enterprise in the bank, since a significant part of the settlements between economic entities is carried out in a non-cash manner. In small amounts, cash is in the cash desk of the enterprise. In addition, buyers' funds may be in letters of credit and other forms of payment until they end.

Thus, the composition of cash accounted for in current assets includes: cash, current account, foreign currency account, other cash, as well as short-term financial investments.

Cash- this is the most liquid assets, which in a certain amount must be constantly present in the composition of working capital, otherwise the enterprise will be declared insolvent.

Cash management is carried out with the help of cash flow forecasting, i.e. receipts (inflow) and use (outflow) of funds. Determining cash inflows and outflows in conditions of instability and inflation can be very difficult and not accurate enough, especially for a financial year.

The amount of expected cash receipts from the sale of products is calculated taking into account the average term for paying bills and selling on credit. The change in receivables for the selected period is also taken into account, which may increase or decrease the cash inflow. In addition, the impact of non-operating transactions and other receipts is determined.

In parallel, an outflow of funds is forecasted, i.e. estimated payment of invoices for goods (services) received, mainly repayment of accounts payable. Payments to the budget, tax authorities, payment of dividends, interest, remuneration of employees of the enterprise, possible investments and other expenses are envisaged.

As a result, the difference between the inflow and outflow of cash is determined - net cash flow with a plus or minus sign. If the outflow amount is greater, then the amount of short-term financing in the form of a bank loan or other income is calculated to ensure the projected cash flow.

The forecast of expected receipts and payments is drawn up in the form of analytical tables, broken down by months or quarters. Based on the value of net cash flows, the necessary measures are taken to optimize cash management.

Analysis and management of cash flow make it possible to determine its optimal level, the ability of the enterprise to pay off its current obligations and carry out investment activities. The financial condition of the company and the ability to quickly adapt in cases of unforeseen changes in the financial market depend on the effectiveness of cash management.

Cash flow management is part of financial management and is carried out within the framework of the financial policy of the enterprise, understood as the general financial ideology that the enterprise adheres to in order to achieve the general economic goal of its activities. The objective of the financial policy is to build an effective financial management system that ensures the achievement of the strategic and tactical goals of the enterprise.

In the activity of any enterprise, the three most important financial performance are:

1) proceeds from sales;

2) profit;

3) cash flow.

The totality of the values of these indicators and trends in their change characterizes the efficiency of the enterprise and its main problems.

Consider the difference between cash flow and profit.

Revenue - accounting income from the sale of products or services for a given period, reflecting both monetary and non-monetary forms of income.

Profit - the difference between the recorded income from sales and the costs accrued on products sold.

Cash flow - the difference between all the cash received and paid by the enterprise for a certain period.

Cash flow enterprise is a set of time-distributed receipts and payments of funds generated by its economic activity.

The difference between the amount of profit received and the amount of cash is as follows:

- profit reflects monetary and non-monetary income recorded during a certain period, which does not coincide with the actual receipt of cash;

- profit is recognized after the sale is made, and not after the receipt of cash;

- when calculating profit, production costs are recognized after its sale, and not at the time of their payment;

- cash flow reflects the movement of funds that are not taken into account when calculating profits: depreciation, capital expenditures, taxes, penalties, debt payments and net debt, borrowed and advanced funds.

Cash is the most liquid part of working capital. This is what is used to pay all obligations. Cash flow management is closely related to the strategy of increasing the company's market value, since the market value of a company or asset depends on how much the investor is willing to pay for them, which, in turn, depends on what cash flows and risks the asset or company will bring to the investor in future.

Thus, the market value of an asset or company is determined by:

- the cash flow generated by the asset or company in the future;

- distribution in time of this cash flow;

– risks associated with the generated cash flow.

Financial resources related to the sphere of distribution are an important element of reproduction and form the basis of the material and cash flow management system of an enterprise. The financial resources of the enterprise are in constant motion, the management of which is carried out within the framework of financial management. In turn, the cash flows of the enterprise represent the movement (inflows and outflows) of funds on the settlement, currency and other accounts and in the cash desk of the enterprise in the course of its economic activity, collectively making up its cash flow. In this regard, the pace of strategic development and the financial stability of an enterprise are largely determined by the extent to which inflows and outflows of funds are synchronized with each other in time and in volume, since a high level of such synchronization contributes to the accelerated implementation of the selected goals.

Indeed, the rational formation of cash flows ensures the rhythm of the operating cycle of the enterprise and the growth of production and sales. At the same time, any violation of payment discipline adversely affects the formation of inventories of raw materials and materials, the level of labor productivity, the sale of finished products, the position of the enterprise in the market, etc. Even for enterprises that successfully operate in the market and generate a sufficient amount of profit, insolvency can occur as a result of the imbalance of various types of cash flows over time.

An important factor in accelerating the turnover of the company's capital is the management of cash flows. This is due to a reduction in the duration of the operating cycle, a more economical use of own funds and a decrease in the need for borrowed sources of funds. Consequently, the efficiency of the enterprise depends entirely on the organization of the cash flow management system. This system is created to ensure the implementation of short-term and strategic plans of the enterprise, maintaining solvency and financial stability, more rational use of its assets and sources of financing, as well as minimizing the cost of financing business activities.

2.2. Types and structure of cash flow (cash flow)

The concept of "enterprise cash flow" includes numerous types of these flows, and classification is necessary to ensure their effective management.

By the scale of servicing the business process

- cash flow for the enterprise as a whole - the most aggregated type of cash flow, which accumulates all types of cash flows serving the business process of the enterprise as a whole;

- cash flow for certain types of economic activity of the enterprise - the result of differentiation of the total cash flow of the enterprise in the context of certain types of its economic activity;

- cash flow for individual structural divisions (responsibility centers) - defines the enterprise as an independent object of management in the system of organizational and economic construction of the enterprise;

- cash flow for individual business transactions - is considered as the primary object of independent management.

By type of economic activity in accordance with international accounting standards, the following types of cash flows are distinguished:

- cash flow from operating activities - is characterized by cash payments to suppliers of raw materials and materials; third-party performers of certain types of services that provide operational activities; wages to the personnel involved in the operational process, as well as managing this process; tax payments of the enterprise to the budgets of all levels and extra-budgetary funds; other payments related to the implementation of the operational process. At the same time, this type of cash flow reflects the receipt of funds from buyers of products; from tax authorities in the procedure for recalculating overpaid amounts and some other payments provided for by international accounting standards;

- cash flow from investment activities - characterizes payments and cash receipts associated with the implementation of real and financial investment, the sale of retired fixed assets and intangible assets, the rotation of long-term financial instruments of the investment portfolio and other similar cash flows serving the investment activities of the enterprise;

- cash flow from financial activities - characterizes the receipts and payments of funds associated with attracting additional equity and share capital, obtaining long-term and short-term loans and borrowings, paying dividends and interest on deposits of owners in cash and some other cash flows associated with the implementation external financing of economic activity of the enterprise.

The characteristics of the main cash flows for certain types of economic activity of the enterprise within its total cash flow are presented in Table. 2.1.

Direction of cash flow There are two main types of cash flows:

1) positive - characterizing the totality of cash inflows to the enterprise from all types of business transactions (the term "cash inflow" is used as an analogue of this term);

2) negative - determines the totality of cash payments by the enterprise in the process of carrying out all types of its business operations (the term "cash outflow" is used as an analogue of this term).

The insufficiency of volumes in time of one of these flows causes a subsequent reduction in the volumes of another type of these flows. In the enterprise cash flow management system, both of these types of cash flows represent a single (complex) object of financial management.

Table 2.1Cash flow components

By the method of calculating the volume

- gross - characterizes the totality of receipts or expenditures of funds in the period under consideration in the context of its individual intervals;

- net - determines the difference between positive and negative cash flows (between the receipt and expenditure of funds) in the considered period of time in the context of its individual intervals. Net cash flow is the most important result of the financial activity of the enterprise, which largely determines the financial balance and the rate of increase in its market value. The calculation of the net cash flow for the enterprise as a whole, its individual structural divisions (responsibility centers), various types of economic activities or individual business transactions is carried out according to the following formula:

NDP \u003d MDP - ODP,

where NPV is the amount of net cash flow in the period under review; RAP - the amount of positive cash flow (cash receipts) in the period under review; NFP - the amount of negative cash flow (expenditure of funds) in the period under review.

Depending on the ratio of the volumes of positive and negative flows, the amount of net cash flow can be characterized by both positive and negative values that determine the final result of the corresponding economic activity of the enterprise and ultimately affect the formation of the balance of its monetary assets.

By volume sufficiency level distinguish the following types of cash flows of the enterprise:

- excess - characterizes such a cash flow in which cash receipts significantly exceed the real need of the enterprise for purposeful spending. Evidence of excess cash flow is a high positive value of net cash flow that is not used in the process of carrying out the economic activity of the enterprise;

- scarce - defines such a cash flow in which cash receipts are significantly lower than the actual needs of the enterprise in their purposeful spending. Even with a positive value of the amount of net cash flow, it can be characterized as a deficit if this amount does not meet the planned need for spending money in all the envisaged areas of the enterprise's business activities. The negative value of the amount of net cash flow automatically makes this flow scarce.

According to the method of evaluation in time distinguish the following types of cash flows:

- real - characterizes the cash flow of the enterprise as a single comparable value, reduced by value to the current point in time;

- future - defines the cash flow of the enterprise as a single comparable value, reduced in value to a specific future point in time. The concept of "future cash flow" can also be used as its nominal value in the upcoming moment of time (or in the context of the upcoming intervals of the future period), which is used for discounting in order to bring it to the present value.

By the continuity of formation in the period under review distinguish the following types of cash flows of the enterprise:

- regular - characterizes the flow of receipt or expenditure of funds for individual business transactions (cash flows of the same type), which in the period under consideration is carried out constantly at separate intervals of this period. Most of the cash flows generated by the operating activities of the enterprise have this type: flows associated with servicing a financial loan in all its forms; cash flows that ensure the implementation of long-term real investment projects, etc.;

- discrete - determines the receipt or expenditure of funds associated with the implementation of individual business operations of the enterprise in the period under consideration. The character of a discrete cash flow is a one-time expenditure of funds associated with the acquisition by an enterprise of an integral property complex, the purchase of a franchise license, the receipt of funds in the form of gratuitous assistance, etc.

With a certain minimum time interval, all cash flows of an enterprise can be considered as discrete, and vice versa - within the life cycle of an enterprise, the predominant part of its cash flows is regular.

By stability of time intervals the formation of regular cash flows are characterized by the following types:

- a regular cash flow with uniform time intervals within the period under review - is in the nature of an annuity;

- regular cash flow with uneven time intervals within the period under review - a schedule of leasing payments for the leased property with uneven time intervals agreed by the parties for their implementation throughout the asset leasing period.

Liquidity or change in the company's net credit position during a certain period distinguish the following types of cash flows:

- liquid - is one of the indicators by which the change in the financial position of the enterprise is assessed over time and characterizes the change in the net credit position of the enterprise during the period. However, the net credit position - it is a positive difference between the amount of loans received by the enterprise and the amount of cash;

- illiquid - characterized by a negative change in the net credit position of the enterprise during the period. At the same time, the net credit position is understood as the negative difference between the amount of loans received by the enterprise and the amount of cash.

When deciding on the possibility of issuing short-term loans, the bank is interested in the liquidity of the company's assets and its ability to generate funds necessary for payments on loans.

Liquid cash flow is closely related to the indicator of financial leverage, which characterizes the limit to which the company's activities can be improved by bank loans. Liquid cash flow is calculated using the formula

LDP \u003d - [(DKk + KKk - DSK) - (DKn + KKn - DSN)],

where LDP - liquid cash flow; DKk, DKn - long-term loans at the end and beginning of the period, respectively; KKk, KKn - short-term loans, respectively, at the end and beginning of the period; DSK, DSN - cash, respectively, at the end and beginning of the period.

According to the features of the alternation of inflows and outflows in time cash flows can be:

– relevant – in them, the flow with a “minus” sign changes to a flow with a “plus” sign once. Relevant cash flows are typical for standard, typical and most simple investment projects in which, after the stage of initial investment of capital, i.e. cash outflows, followed by long-term receipts, i.e. cash inflow;

- irrelevant - they are characterized by a situation where the outflow and inflow of capital alternate.

By the nature of balance

– to softly balanced - is based on the balance of the deficit flow in the long term, when, outside of one financial year, the deficit of the flow on investment activities is overcome and the flows on operating and financial activities are subordinated to this. This type of balance is associated with the investment orientation of the development of the company;

- tightly balanced - is based on the balance of the deficit flow in the short term according to the system of "accelerating the attraction of funds - slowing down the payment of funds", when within one financial year the deficit of the flow in operating activities as the main activity is overcome and short-term financial and investment activities are subordinated to this. This type of balance is associated with maintaining current financial stability, solvency and liquidity, and is focused on short-term investments of a speculative nature.

By degree of risk cash flows are:

– high-risk - represent a stream of innovative projects, especially at the initial stage of their life cycle, which is associated with risky investments in innovation. At the same time, the highest riskiness of cash flows is observed in financial and investment activities before the payback point or return on investment of the project is passed, and the lower riskiness is observed in operating activities;

– low risk - exist in the traditional activities of the firm, especially during the peak of the life cycle, which is associated with the stable generation of high incomes during the "cream skimming" period. At the same time, the low riskiness of cash flows is observed in operating activities.

Predictability distinguish the following types of cash flows:

- predictable - when the company's activities are carried out in a relatively stable financial, economic and political environment, many external negative factors are neutralized, and internal factors are predicted according to the history of sustainable development within the framework of representative statistical samples, i.e. systematic risks are neutralized by government policy, and technical internal risks are predicted with a high degree of probability;

- unpredictable - when the company's activities are carried out in an unstable financial, economic and political environment, many external negative factors manifest themselves as uncertainties, and internal factors are predicted due to unrepresentative statistical samples expert methods, i.e. systematic risks have a high level of uncertainty and are almost unpredictable due to the crisis in government stabilization policy, while technical internal risks are predicted with a low degree of probability.

By manageability cash flows can be:

– managed - represent the dominance of those cash inflows and outflows that the company can manage, carrying out to a greater extent active operating and passive financial and investment activities in such a way as to develop on the basis of self-sufficiency and self-financing, i.e. financially independent and independent development of the company at the expense of its internal reserves;

- unmanageable - represent the dominance of those cash inflows and outflows that the company cannot manage, carrying out active financial and investment activities mainly in such a way as to develop on the basis of large-scale external borrowings with scanty own funds and internal reserves, i.e. financially dependent development of the company at the expense of other people's funds - with large debts and low net worth.

Controllability cash flows are divided into:

- to controlled - a flow, the inflows and outflows of which can be predicted and controlled, the balance of which is formed at the slightest deviation from the planned level, i.e. "plan - fact - deviation" is minimal in terms of intermediate and final financial results;

- uncontrolled - flow, the inflows and outflows of which cannot be predicted and controlled, the flow balance is formed with a significant deviation from the planned level, i.e. "plan - fact - deviation" as much as possible for both intermediate and final financial results.

Synchronization possible cash flows are:

– synchronized - a flow whose inflows are consistent with the time of outflows over the time period, taking into account seasonal and cyclical differences in receipts and expenditures of funds in such a way that an increase in the level of correlation between positive and negative cash flows is ensured in the pursuit of a value of "+1";

- non-synchronized - a flow whose inflows are not consistent with the timing of outflows over time due to significant seasonal and cyclical differences in cash inflows and outflows in such a way that there is a significant decrease in the level of correlation between positive and negative cash flows, the correlation is negligible, which can mean her absence.

Opportunity to optimize distinguish between cash flows:

– optimized - a flow, the inflows and outflows of which can be aligned and synchronized in time, smoothing the volumes of inflow and outflow in the context of individual intervals of the time period with the elimination of the significant influence of seasonal and cyclical changes in the formation of flows, when the average cash balances correspond to the average financial needs of the company;

- non-optimizable - a flow, the inflows and outflows of which cannot be equalized and synchronized in time, the volumes of inflow and outflow are not smoothed out in the context of individual intervals of the time period due to the significant influence of seasonal and cyclical changes in the formation of flows, when the average cash balances do not largely correspond to the average the financial needs of the firm.

By efficiency in relation to profitability indicators cash flows are divided:

- to efficient - a flow whose soft balance simultaneously contributes to the growth of profitability, especially the return on equity in such a way that the company's sustainable growth is ensured, and financial stability and profitability indicators improve at the same time;

– inefficient but balanced - a flow whose rigid balance occurs due to a decrease or loss of profitability, especially the return on equity in such a way that chronic unprofitability is ensured after covering current liabilities, and the indicator of strengthening current financial stability, solvency, liquidity improves at the cost of loss of profitability.

The considered classification allows more purposefully to carry out accounting, analysis and planning of cash flows of various types in the enterprise.

2.3. Tasks and stages of cash flow analysis

The main task of the analysis of cash flows is to identify the causes of shortage (excess) of funds, determining the sources of their receipts and directions of use.

Based on the results of the cash flow analysis, conclusions can be drawn on the following issues:

1) in what volume and from what sources the funds were received and what are the main directions of their spending;

2) whether the enterprise, in the course of its current activities, is able to ensure the excess of cash receipts over payments and how stable such an excess is;

3) whether the enterprise is able to pay off its current obligations;

4) whether the profit received by the enterprise is sufficient to satisfy its current need for money;

5) whether the company's own funds are sufficient for investment activities;

6) what explains the difference between the amount of profit received and the amount of cash.

The analysis of the types of cash flows of an enterprise involves their identification by individual types and the determination of the total volume of cash flows of specific types in the period under consideration.

The analysis of the volume of cash flows includes a system of key indicators characterizing the volume of generated cash flows of the enterprise:

- the volume of cash receipts;

- the amount of money spent;

- the volume of cash balances at the beginning and end of the period under review;

– volume of net cash flow;

- the distribution of the total volume of cash flows of specific types for individual intervals of the period under review. The number and duration of such intervals is determined by the specific tasks of analyzing or planning cash flows;

- assessment of factors of internal and external nature, influencing the formation of cash flows of the enterprise.

The most important indicator is the amount of cash flow from the main activity. It is necessary that the amount of funds received be sufficient at least to cover all costs associated with the production and sale of products.

The main purpose of the analysis of cash flows of the enterprise in the previous period is to identify the level of adequacy of the formation of funds, the efficiency of their use, as well as the balance of positive and negative cash flows of the enterprise in terms of volume and time. Analysis of cash flows is carried out for the enterprise as a whole, in the context of its main types of economic activity, for individual structural divisions (responsibility centers).

There are direct and indirect methods for calculating the net flow.

2.4. Analysis of the cash flow statement

Analysis of the cash flow statement (ODDS) allows you to significantly deepen and adjust the conclusions regarding the liquidity and solvency of the organization, its future financial potential, previously obtained on the basis of static indicators in the course of traditional financial analysis.

The main purpose of the ODDS is to provide information on changes in cash and cash equivalents to characterize an entity's ability to generate cash.

The organization's cash flows are classified in terms of current, investment and financial activities. ODDS shows the movement of cash, taking into account changes in the structure of cash inflows and outflows, taking into account the balance of balances at the beginning and end of the period, which allows you to determine the organization's ability to maintain and generate net cash flow, i.e. the excess of the volume of cash inflows over the volume of cash outflows, taking into account the balance of balances. The balance of balances allows you to manage liquidity, solvency and financial stability organizations. Direct calculation method, based on the analysis of cash flow in the accounts of the enterprise:

- allows you to show the main sources of inflow and direction of outflow of funds;

- makes it possible to draw prompt conclusions regarding the sufficiency of funds for payments on current obligations;

- establishes the relationship between sales and cash receipts for the reporting period.

The direct method is aimed at obtaining data characterizing both the gross and net cash flow of an enterprise in reporting period. It is designed to reflect the entire volume of receipts and expenditures of funds in the context of individual types of economic activity and for the enterprise as a whole. Differences in the results of calculating cash flows obtained by the direct and indirect methods relate only to the operating activities of the enterprise. When using the direct method of calculating cash flows, direct accounting data is used that characterizes all types of receipts and expenditures of funds.

The principal formula for calculating the amount of net cash flow from the operating activities of the enterprise (NFC) by the direct method is as follows:

CHDP = RP + PPO - Ztm - Zpo.p - ZPau - NBb - NPv.f - PVO,

where RP is the amount of money received from the sale of products; PPO - the amount of other cash inflows in the course of operating activities; Ztm - the amount of money paid for the purchase of inventory items - raw materials, materials and semi-finished products from suppliers; Zpo.p - the amount of wages paid operational staff; ZPau - the amount of wages paid to administrative and managerial personnel; NPb - the amount of tax payments transferred to the budget; NPv.f - the amount of tax payments transferred to off-budget funds; PVO - the amount of other cash payments in the course of operating activities.

Calculations of the net cash flow of an enterprise for investment and financial activities, as well as for the enterprise as a whole, are carried out according to the same algorithms as with the indirect method.

The results of the calculations are reflected in table. 2.2.

In accordance with the principles of international accounting, the company chooses the method of calculating cash flows on its own, however, the direct method looks preferable, allowing you to get a more complete picture of their volume and composition.

Net cash flows from investing and financing activities are calculated using the direct method only.

Indirect calculation method net cash flow, based on the analysis of balance sheet items and the income statement, allows you to show the relationship between different types of activities of the enterprise; establishes the relationship between net profit and changes in the assets of the enterprise for the reporting period.

The calculation of the net cash flow of the enterprise by the indirect method is carried out by type of economic activity and the enterprise as a whole.

For operating activities, the basic element for calculating the net cash flow of an enterprise by the indirect method is its net profit received in the reporting period. By making the appropriate adjustments, net income is then converted into net cash flow. The principal formula used to calculate the amount of the enterprise's net cash flow from operating activities in the period under review is as follows:

FDP = CHP + AOS + ANA ± DZ ± Ztmts ± KZ ± R,

where PE - the amount of net profit of the enterprise; AOS - the amount of depreciation of fixed assets; ANA - the amount of depreciation of intangible assets; DZ - increase (decrease) in the amount of receivables; Ztmts - increase (decrease) in the amount of inventories of inventory items that are part of current assets; KZ - increase (decrease) in the amount of accounts payable; P - increase (decrease) in the amount of the reserve and other insurance funds.

The results of the calculations are reflected in the following tabular form (Table 2.3).

Table 2.2 Cash flow statement of an enterprise developed by the direct method

Table 2.3 Statement of cash flows of an enterprise developed by the indirect method

In turn, the use of the indirect method of calculating the NPV - the net cash flow of current (or operating) activities, allows us to show by which non-cash items the amount of net profit (loss) declared by the organization in the income statement differs from the NPV.

2.5. Cash flow optimization methods

Negative Consequences scarce cash flow are manifested in a decrease in the liquidity and solvency of the enterprise, an increase in overdue accounts payable to suppliers of raw materials and materials, an increase in the share of overdue debts on financial loans received, delays in payment of wages (with a corresponding decrease in the level of staff productivity), an increase in the duration of the financial cycle, and ultimately – decrease in profitability of the use of own capital and assets of the enterprise.

Negative Consequences excess cash flow are manifested in the loss of the real value of temporarily unused funds as a result of inflation, the loss of potential income from the unused part of monetary assets in the field of their short-term investment, which ultimately also negatively affects the level of return on assets and equity of the enterprise.

The slowdown in cash payments in the short term can be achieved by:

– by using the float to slow down the collection of own payment documents;

- increase, in agreement with suppliers, the terms for granting a commodity (commercial) loan to the enterprise;

– replacement of the acquisition of long-term assets requiring renewal with their lease (leasing);

– restructuring the portfolio of received financial loans by converting their short-term types into long-term ones.

The system of accelerating (slowing down) the payment turnover, solving the problem of balancing the volume of scarce cash flow in the short term (and, accordingly, increasing the level of the absolute solvency of the enterprise), creates certain problems of scarcity of this flow in subsequent periods. In this regard, in parallel with the use of the mechanism of this system, measures should be developed to ensure the balance of the deficit cash flow in the long run.

Volume growth positive cash flow in the long run can be achieved:

– by attracting strategic investors in order to increase the amount of own capital;

– additional issue of shares;

– attracting long-term financial loans;

– sale of a part (or the entire volume) of financial investment instruments;

– sale (or lease) of unused types of fixed assets.

Volume reduction negative cash flow in the long term can be achieved through the following activities:

- reducing the volume and composition of real investment programs;

– refusal of financial investment;

– reducing the amount of fixed costs of the enterprise.

Methods for optimizing the excess cash flow of an enterprise are associated with ensuring the growth of its investment activity. In the system of these methods can be used:

– increase in the volume of expanded reproduction of operating non-current assets;

– acceleration of the period of development of real investment projects and the beginning of their implementation;

– implementation of regional diversification of the enterprise's operating activities;

– active formation of a portfolio of financial investments;

– early repayment of long-term financial loans.

In the system of optimizing the cash flows of an enterprise, an important place belongs to their balance in time. This is due to the fact that the imbalance of positive and negative cash flows over time creates a number of financial problems for the enterprise. Experience shows that the result of such an imbalance, even with a high level of formation of net cash flow, is the low liquidity of this flow (respectively, the low level of the absolute solvency of the enterprise) in certain periods of time. With a sufficiently long duration of such periods, a serious threat of bankruptcy arises for the enterprise.

In the process of optimizing the cash flows of an enterprise in time, they are preliminarily classified according to the following criteria.

According to the level of "neutralization"(a term meaning the ability of a certain type of cash flow to change over time) cash flows are divided into amenable and not amenable to change. An example of a cash flow of the first type is leasing payments, the period of which can be set by agreement of the parties, an example of a cash flow of the second type is tax payments, the payment deadline of which cannot be violated by the enterprise.

The level of predictability cash flows are divided into completely and insufficiently predictable (absolutely unpredictable cash flows are not considered in the system of their optimization).

The object of optimization is predictable cash flows that can be changed over time. In the process of optimizing cash flows over time, two main methods are used - leveling and synchronization.

Equalization of cash flows is aimed at smoothing their volumes in the context of individual intervals of the period under consideration. This optimization method allows, to a certain extent, to eliminate seasonal and cyclical differences in the formation of cash flows (both positive and negative), while simultaneously optimizing the average cash balances and increasing the level of liquidity. The results of this method of optimizing cash flows over time are evaluated using the standard deviation or coefficient of variation, which should decrease during the optimization process.

Synchronization of cash flows is based on the covariance of their positive and negative types. In the process of synchronization, an increase in the level of correlation between these two types of cash flows should be ensured. The results of this method of optimizing cash flows over time are evaluated using the correlation coefficient, which should tend to the value “+1” during the optimization process.

The correlation coefficient of positive and negative cash flows over time KKdp is calculated using the following formula:

where R p.o - predicted probabilities of deviation of cash flows from their average value in the planning period; RAP i– options for the amounts of positive cash flow in separate intervals planning period; RAP - the average amount of positive cash flow in one interval of the planning period; ODP i- options for the amount of negative cash flow in certain intervals of the planning period; ODP - the average amount of negative cash flow in one interval of the planning period; ?RCP, ?RCP – mean square (standard) deviation of the amounts of positive and negative cash flows, respectively.

The final stage of optimization is to provide conditions for maximizing the net cash flow of the enterprise. The growth of net cash flow ensures an increase in the pace of economic development of the enterprise on the principles of self-financing, reduces the dependence of this development on external sources of formation of financial resources, and ensures an increase in the market value of the enterprise.

2.6. Payment calendar development

The plan for the receipt and expenditure of funds, developed for the coming year, broken down by months, provides only a general basis for managing the cash flows of an enterprise. At the same time, the high dynamism of these flows, their dependence on many short-term factors determine the need to develop a planned financial document that ensures the daily management of the receipt and expenditure of the enterprise's funds. This planning document is payment schedule.

The payment calendar, developed at the enterprise in various versions, is the most effective and reliable tool for the operational management of its cash flows. It allows you to solve the following main tasks:

- to reduce the forecast options for the plan of receipt and expenditure of funds ("optimistic", "realistic", "pessimistic") to one real task for the formation of cash flows of the enterprise within one month;

- Synchronize positive and negative cash flows to the maximum extent possible, thereby increasing the efficiency of the company's cash flow;

- to ensure the priority of payments of the enterprise according to the criterion of their impact on the final results of its financial activities;

- to ensure the necessary absolute liquidity of the enterprise's cash flow to the maximum extent, i.е. its solvency within short term;

- include cash flow management in the system of operational controlling (respectively, current monitoring) of the financial activities of the enterprise.

The main purpose of developing a payment calendar (in all its variants) is to establish specific deadlines for the receipt of funds and payments from the enterprise and bring them to specific executors in the form of planned targets. With this goal in mind, a payment calendar is sometimes defined as a "payment plan by exact date."

The most common form of the payment calendar used in the process of operational planning of the enterprise's cash flows is the allocation of two sections in it:

1) the schedule of upcoming payments;

2) the schedule of forthcoming receipts of funds.

However, if the planned type of cash flow is one-sided (only positive or only negative), the payment calendar is developed in the form of one corresponding section.

The time schedule of payments is maintained in the payment calendar, usually daily, although certain types of this planning document may have other periodicity - weekly or ten-day (if such frequency does not significantly affect the course of the enterprise's cash flow or is caused by the uncertainty of payment terms).

The payment calendar within the enterprise is maintained for certain types of business activities, as well as for various types of responsibility centers (structural units and divisions).

Let's consider the main types of payment calendar in the system of operational cash flow management for the operating activities of the enterprise.

Tax payment calendar is developed for the enterprise as a whole and usually contains only one section - “tax payment schedule” (refundable payments for tax recalculations of funds are usually included in the receivables collection calendar). This payment calendar reflects the amounts of all types of taxes, fees and other tax payments transferred by the enterprise to the budgets of all levels and extra-budgetary funds. The calendar date for payment is usually the last day due date transfer of tax payments of each type.

Receivables collection calendar is usually developed for the enterprise as a whole (although if there is a specialized unit - a credit department - it can cover a group of payments only from this responsibility center). For current accounts receivable, payments are included in the calendar in the amounts and terms stipulated by the relevant agreements (contracts) with counterparties. For overdue receivables, these payments are included in this planning document on the basis of prior agreement between the parties. The receivables collection calendar contains only one section - “cash receipt schedule”. In order to reflect the real cash turnover of the enterprise, the date of receipt of funds is the day they are credited to the company's current account (this allows us to exclude the float period in settlements with debtors).

In accordance with the current international practice of reporting and forecasting cash flows, the servicing of financial loans is reflected in the operating (and not financial) activities of the enterprise. This is due to the fact that interest on loans, leasing payments and other expenses of an enterprise for servicing a financial loan are included in the cost of production and, accordingly, affect the amount of generated operating profit. Financial loan servicing calendar is developed as a whole for the enterprise and contains only one section - "schedule of payments related to servicing a financial loan." Amounts and dates of payments are included in the payment calendar in accordance with the terms of credit (leasing) agreements.

Payroll calendar is usually developed at enterprises that use a multi-stage schedule of wage payments to employees of various structural units (branches, workshops, etc.). The dates for such payments are set on the basis of the collective employment contract or individual labor contracts, and the amount of payments - based on staffing and an appropriate cost estimate developed. The specified payment calendar usually contains one section - “schedule of payment of wages”.

Calendar (budget) for the formation of inventories is usually developed for the corresponding cost centers (structural units that carry out the logistics of production). The composition of payments reflected in this calendar usually includes the cost of purchased raw materials, materials, semi-finished products, components, as well as transportation and insurance costs during transportation. If the formed production stocks require special storage modes (cooling, gas environment, etc.), then this type of payment calendar can also reflect the costs of their storage. The specified calendar contains only one section - "schedule of payments associated with the formation of inventories." The amounts and dates of these payments are set in accordance with contracts with counterparties or plans for the purchase of inventory items. Usually, these payments also include the repayment of the company's accounts payable for settlements with suppliers.

As part of calendar (budget) of management expenses payments for the purchase of office supplies, computer programs and office equipment that are not included in non-current assets are reflected; travel expenses; postal and telegraph expenses and other expenses associated with the management of the enterprise (except for the expenses for the remuneration of administrative and managerial personnel, reflected in the salary payment calendar). This type of payment calendar contains only one section - "payment schedule for general economic management." The amount of payments of this calendar is determined by the corresponding estimate, and the dates of their implementation - in agreement with the relevant management services.

Calendar (budget) of product sales usually developed for revenue centers or profit centers of the enterprise. The specified payment calendar contains two sections - "schedule of receipt of payments for products sold" and "schedule of expenses that ensure the sale of products." The first section reflects cash receipts in cash payments for products (if this responsibility center controls the collection of receivables for settlements with customers, then this type of cash receipts is also reflected in the first section). The second section forms the costs of marketing, content sales network, advertising, etc.

Consider the main types of payment calendar in the system of operational management of cash flows for the investment activities of the enterprise.

Calendar (budget) for the formation of a portfolio of long-term financial investments consists of two sections - "schedule of costs for the acquisition of various long-term financial instruments of investment" (stocks, long-term bonds, etc.) and "schedule of receipt of dividends and interest on long-term financial instruments of the investment portfolio". The indicators of the first section within the framework of the general cost estimate are set in agreement with the relevant investment managers, and the indicators of the second section - in accordance with the terms of issue of individual financial instruments of the portfolio.

Calendar (capital budget) for the implementation of the real investment program is compiled for the enterprise as a whole, if large-scale investments are not made on separately developed investment projects. This type of operational financial plan contains indicators of two sections - “capital costs schedule” (costs for the acquisition of fixed assets and intangible assets) and “schedule for the receipt of investment resources” (in the context of their individual sources).

Calendar (capital budget) for the implementation of individual investment projects is compiled, as a rule, for the corresponding responsibility centers of the enterprise (investment centers). Its structure is similar to the previous type of calendar with cash flow limited to only one investment project.

In the system of operational management of cash flows for the financial activities of the enterprise, the following types of payment calendar can be developed.

Calendar (budget) of share issue has two varieties - if it is developed before the sale of shares on the primary stock market, then it includes only one section: "Schedule of payments to ensure the preparation of the issue of shares"; if it is developed for the period of the ongoing sale of shares, then it consists of two sections: “Schedule of receipt of funds from the issue of shares” and “Schedule of payments to ensure the sale of shares” (commission to investment brokers, information costs, etc.) .

Calendar (budget) of bond issue developed periodically. The principles of its formation are the same as the previous version of the operational financial plan.

Principal amortization calendar for financial loans contains only one section - "Principal Amortization Schedule". The indicators of this operational financial plan are differentiated in the context of each loan to be repaid. The amount of payments and the timing of their implementation are set in the payment calendar in accordance with the terms of loan agreements concluded with commercial banks and other financial institutions.

The listed types of payment calendar as a form of an operational planning document can be supplemented taking into account the volume and specifics of the economic activity of the enterprise. The enterprise establishes a specific list of types of the payment calendar on its own, taking into account the requirements for the efficiency of cash flow management.

Cash flow includes Enterprise cash flow management

Classification of cash flows into types

1. The concept of cash flow

2. Types and classification of cash flows of the enterprise

3. Efficiency of cash flows of the enterprise

4. Cash flow management of the enterprise

5. Accounting for the cash flows of the enterprise

6. Cash flow analysis

7. Cash flow planning

8. Cash flow optimization

9. Controlling the cash flow of the enterprise

10. The need for cash flow management

conclusions

Enterprise cash flow management process

Cash flow management system

Enterprise cash flow planning

Balancing and synchronization of cash flows

Calculation of the optimal cash balance

The Role of Enterprise Cash Management

Types of cash flows of the enterprise

4 principles of enterprise cash flow management

What is the purpose of managing the cash flow of an enterprise

Improving the cash flows of the enterprise and the formation of a policy for managing them

Optimization of enterprise cash flows

Planning the cash flow of an enterprise or how to draw up a financial plan

CEO speaking

Use management reporting to budget cash flow

Information about the expert

2.2. Types and structure of cash flow (cash flow)

2.3. Tasks and stages of cash flow analysis

2.4. Analysis of the cash flow statement

2.5. Cash flow optimization methods

2.6. Payment calendar development

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