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Features of managing the financial stability of the enterprise. Company financial stability management system

Allows you to assess the level of current liquidity, calculate the need for short-term loans to replenish working capital. To create such a model, you will need data from the income and expenditure budget (BFR), as well as some forecast values of balance sheet items.

Many companies are familiar with the situation when serious troubles began with the words of the owner or CEO: “Now we urgently need money for our new investment project. You will have to withdraw some money from your checking account. Then we will decide how to pay off suppliers. Take out a loan as a last resort. Of course, the money was withdrawn from circulation, and then events developed according to the standard scenario. Namely, after some time it became clear that own funds not enough to pay for the supply of raw materials and supplies. And the financial director had to urgently look for money to close the arisen - literally beg debtors to pay off the debt early, try to negotiate with the bank, look for various ways to increase the financial stability of the enterprise, etc. In such cases, it is necessary to carry out as soon as possible financial stability analysis and her assessment.

Somewhat similar events occurred in companies that thoughtlessly change the terms of settlements with suppliers and provide deferred payment to buyers. An example is the negative experience of a large manufacturing enterprise. General manager company, he is also the owner, demanded from the recently hired financial director do everything to double the profitability of the business. To solve this problem, contracts were concluded with suppliers on new terms. The essence of the changes was to abandon the use of deferred payment in exchange for lower purchase prices. At the same time, buyers of finished products were granted twice the deferred payment and increased the selling price of finished products. Just a few months later, for the first time in a long time, the company faced an acute shortage of working capital, and had to urgently borrow money from the bank. Fortunately, all this happened before the crisis and there were no problems with credit.

You can avoid such problems if you strictly follow a few rules:

long-term assets must be financed by long-term liabilities;
sources of financing of current assets should be enough to ensure the uninterrupted operation of the company in conditions of maximum capacity utilization (both production and logistics);
the current liquidity ratio must always be at least 1.

Despite the seeming simplicity of the listed requirements, it is not easy to determine the needs of the company in working capital, as well as in the funds necessary to finance working capital. It is necessary to determine the indicators of the financial stability of the enterprise. For these purposes, TransWoodService OJSC has developed and successfully applies a model that allows solving these problems, as well as managing the financial stability of the business. It is based on the calculation of such important indicators for the financial director of any enterprise as the duration of the financial and operating cycles. Let us dwell on them in more detail before demonstrating how the financial stability management model of JSC TransWoodService works.

operating cycle. financial cycle

From the point of view of any financier, the operating cycle is the time for the full turnover of the entire amount of current assets. Simply put, this is the number of days that passes from the moment raw materials and materials arrive at the company's warehouse until the finished product is sold. Another, no less important indicator that helps to control the financial stability of an enterprise is the duration of the financial cycle (the time from the moment of payment for raw materials and materials to the receipt of funds for shipped products). The meaning of the operating and financial cycles is clearly presented in the diagram.

You can calculate the duration of the operating cycle (POC) if you use the following formula (decoding of symbols, sources of initial data and intermediate indicators used in calculating the cycle are presented in Table 1):

POTs \u003d UNDER + POMZ + PONZ + POGP + PODZ.

The formula for calculating the duration of the financial cycle will look like this (decoding of the symbols is in Table 1):

PFC \u003d POC - POKZ - POKZ.

Table 1 Data for calculating the duration of the financial and operating cycles

Indicator	Decryption	Data source/calculation formulas
Initial data
	Period in calendar days for which the data is analyzed (month, quarter, year)*, days.	The calendar
	Revenue for the period excluding VAT, rub.	Budget of income and expenses**
	Full cost of shipped products, rub.	Income and expense budget
	Material costs for shipped products, rub.	Income and expense budget
	Cash balance, rub.	Forecast balance
	Remains of stocks of raw materials and materials, rub.	Forecast balance
	Remains of work in progress, rub.	Forecast balance
	Remains of finished products, rub.	Forecast balance
	Accounts receivable, rub.	Forecast balance
	Accounts payable for the supply of raw materials and materials, rub.	Forecast balance
	Other accounts payable, rub.	Forecast balance
Intermediate calculated indicators
	Turnover period of cash balances, days
	The period of turnover of stocks of raw materials and materials, days.
	Turnover period of work in progress, days	(NC T) : PS
	Turnover period for stocks of finished products, days	(GP T) : PS
	Period of collection of receivables, days	(DZ T): (B 1.18)
	The period of turnover of accounts payable for the supply of raw materials and materials, days.	(KZ T): (M 1.18)
	Other accounts payable turnover period, days	(PKZ T): (PS 1.18)

* In the further calculations presented in the article, the month is taken as the basis. - Note. ed.

** Since the model referred to in the article calculates the planned duration of the operating and financial cycles, the data for calculations are taken from the budgets, respectively. The actual value of the operating cycle can be determined using the income statement and balance sheet, respectively. - Note. re d.

Practice experience
Mikhail Katsnelson,
Vice President for Finance and Economics, Lunch CJSC

We budget and monitor the performance of both cycles on a monthly basis, and individual components on a weekly basis. If there is an excess of standards, then we take the necessary steps. Financing of working capital occurs to the maximum at the expense of the "creditor", and the balance - at the expense of short-term credit instruments (overdrafts and credit lines), since the use of equity more profitable in investment activities (opening new outlets, ERP systems, etc.).

Having information about the duration of the financial cycle, it is easy to determine the real need of the enterprise for the funds it needs to finance the process of manufacturing and selling products. Calculates the total need for working capital as the product of the operating cycle by the average daily costs (the ratio of the production cost (PC) to the quantity calendar days in the period (T)). The source of financing of working capital can be both own and borrowed capital. Actually, this is not new; loans for replenishment of working capital are a normal practice for many companies. But due to the fact that enterprises often estimate by eye how much money to borrow from a bank, moreover, they ask for amounts with a margin, the profitability of a business decreases.

The model of managing the financial stability of an enterprise

All that is required to create a model with which the CFO can plan and evaluate eligibility, calculate the need for short-term working capital loans, is information from the income and expenditure budget (BFR), as well as some forecasted balance sheet values. Mandatory requirement- monthly breakdown in budgets. The more often control over the execution of budgets and, as a result, control over the financial stability of the enterprise, the better. What specific items from the income and expenditure budget and the forecast balance will be required for calculations are shown in Table 2.

table 2 Initial data for building a financial stability management model, thousand rubles.

	A source	Date on which the data is presented
	A source	31. 01. 11	28. 02. 11	31. 03. 11	30. 04. 11	31. 05. 11	30. 06. 11	31. 07. 11	31. 08. 11	30. 09. 11	31. 10. 11	31. 11. 11	31. 12. 11
Money- ny environments stva
Debtor- owe- ness
Stocks of raw materials and materials rials, net
Unfinished shennoe proizvod- stvo
Stocks of finished products tion, net
Advances issued nye (except avant- owls on the basis of nym medium stvam)
Commercial chesky credit trade debt ness
Constant- nye pass- sivy (debts on salary pay and taxes)
Advances received- nye - external nie
Revenue from real tions, excluding VAT
Raw materials rials for sale bathroom products tion
Yourself- stand- bridge of reality called product tions
If- number of days in the period	The calendar

Table 3 Turnover data, days.

Indicators	The date on which the calculations were made
Indicators	31. 01. 11	28. 02. 11	31. 03. 11	30. 04. 11	31.05.11	30. 06. 11	31. 07. 11	31. 08. 11	30. 09. 11	31. 10. 11	31. 11. 11	31. 12. 11
"Accounts receivable"
Cash
Advances issued*
Stocks of raw materials
Unfinished production
Stocks of finished goods
Advances received
"Kreditorka" for the supply of raw materials and materials
Other "creditor"
Operating cycle
financial cycle

When all the necessary initial data have been obtained, you can begin to calculate the indicators of the enterprise financial stability management model (see Table 4). For the financial director, the most important indicators in it will be such indicators as:

the need for short-term loans attracted to replenish working capital;
planned value of the current liquidity ratio.

The need for short-term loans is defined as the difference between the total need for working capital for the period (the calculation of which was described in detail above) and own working capital.

And the calculation of the planned value of the current liquidity ratio (Ktl) can be performed using the following formula:

Planned Ktl \u003d Duration of the operating cycle × Average daily expenditure of funds / Short-term liabilities.

The proposed model allows you to track how changes in the operating and financial cycles affect the value of the current liquidity ratio. For example, Table 4 shows that in the first quarter the company has a rather high current liquidity ratio of 1.9. After the first quarter, the situation changes dramatically. The company revised the terms of work with suppliers - they received a deferred payment for two months instead of one. And, accordingly, the current liquidity has decreased to 1. This means that the company can do almost without its own working capital.

But, as can be seen from Table 4, in August and September, when the company increased its stocks of raw materials, there was no increase in liquidity. On the contrary, the value of the coefficient decreases from 1.9 to 1.5. This is explained by the fact that the acquisition of additional stocks of raw materials is planned to be financed by short-term debt.

Table 4 The model of managing the financial stability of an enterprise

Plan

The concept of financial stability of the organization.

The essence of the liquidity of the organization.

1. The concept of financial stability of the organization

Financial stability - this is the ability of a business entity to function and develop, to maintain a balance of its assets and liabilities in a changing internal and external environment, which guarantees its solvency and investment attractiveness in the long term within the limits of an acceptable level of risk.

A stable financial position is achieved with equity capital adequacy, good asset quality, a sufficient level of profitability, taking into account operational and financial risk, liquidity adequacy, stable income and broad opportunities to raise borrowed funds.

To ensure financial stability, an organization must have a flexible capital structure, be able to organize its movement in such a way as to ensure a constant excess of income over expenses in order to maintain solvency and create conditions for self-financing.

As a result of any business transaction, the financial condition may remain unchanged or improve or worsen. The flow of daily business transactions is, as it were, a “disturber” of a certain state of financial stability, the reason for the transition from one type of stability to another. Knowing the limiting boundaries of changing sources of funds to cover capital investments in fixed assets or production costs allows you to generate such flows of business transactions that lead to an improvement in the financial condition of the organization and increase its sustainability.

The financial condition of the organization, its stability and stability depend on the results of its production, commercial and financial activities. If the production and financial plans are successfully implemented, then this has a positive effect on the financial position of the organization. On the contrary, as a result of a decline in production and sales, its cost increases, revenues and profits decrease, and as a result, the financial condition of the organization and its solvency worsen. Consequently, a stable financial condition is the result of competent, skillful management of the whole complex of factors that determine the results of the organization's economic activity.

A stable financial position, in turn, has a positive impact on the implementation of production plans and the provision of production needs with the necessary resources. Therefore, financial activity as an integral part of economic activity should be aimed at ensuring the planned receipt and expenditure of financial resources, the implementation of settlement discipline, the achievement of rational proportions of equity and borrowed capital and its most efficient use.

In the process of operating, investment and financial activities, there is a continuous process of capital circulation, the structure of funds and sources of their formation, the availability and need for financial resources and, as a result, the financial condition of the organization, the external manifestation of which is solvency, change.

The financial condition can be stable, unstable (pre-crisis) and crisis. The ability of an organization to make payments on time, finance its activities on an extended basis, withstand unforeseen shocks, and maintain its solvency in adverse circumstances is indicative of its sound financial condition, and vice versa.

Solvency - a form of external manifestation of the stability of the financial condition of the organization.

Financial stability - a form of internal manifestation of the stability of the financial condition of the organization, providing a stable solvency, which is based on the balance of assets and liabilities, income and expenses, positive and negative cash flows.

Financial stability is a goal-setting property for assessing the real financial condition of an organization, and the search for on-farm opportunities, means and ways to strengthen it determines the nature of the analysis and the content of the management process. Thus, financial stability is a guaranteed solvency and creditworthiness of an organization as a result of its activities based on the effective formation, distribution and use of financial resources. At the same time, this is the provision of reserves with their own sources of their formation, as well as the ratio of own and borrowed funds - sources of covering the organization's assets.

Solvency is an important component of financial stability. Solvency is calculated according to the balance sheet, based on the characteristics of the liquidity of current assets. Thus, solvency, characterizing the degree of liquidity of current assets, indicates primarily the financial capabilities of the organization to fully pay off its obligations as the debt matures.

In modern economic literature, the concepts of "liquidity" and "solvency" are often identified, which, in our opinion, is incorrect.

Solvency means that the organization has sufficient funds to settle accounts payable requiring immediate repayment. An organization is considered solvent if it has cash, short-term financial investments (securities, temporary financial assistance to other organizations) and active settlements (settlements with debtors) cover its short-term liabilities (short-term loans and loans, accounts payable).

The financial stability of an enterprise is a complex concept. In a capacious form, it characterizes such a financial condition when the enterprise operates on the basis of self-financing and self-sufficiency, has a sufficient level of solvency. Financial stability means the independence of the enterprise from accidents (breakdowns of contracts, non-payments, etc.) and difficulties in attracting borrowed funds. The financial stability of an enterprise depends on the efficiency of use and the state of working capital and non-current assets (especially their active part - fixed assets).
However, before making appropriate management decisions to ensure the financial stability of the enterprise, it is necessary to analyze the ratio of own and borrowed funds in the liabilities side of the balance sheet, since the process of external borrowing largely depends on it. It explores:

The total debt ratio is the ratio of borrowed capital to the balance sheet total.
The financial leverage ratio is the ratio of long-term liabilities to equity.
Short-term debt ratio - the ratio of short-term liabilities to equity.

These indicators characterize the ability of the enterprise to cover obligations with its own sources of financing. Their growth is a signal of a decrease in financial stability. The ratio of borrowed capital to equity at the level of no more than 0.5 is considered normal.

In addition, one should not lose sight of the security of current assets and working capital with own capital. It is also important to evaluate the company's ability to cover financial expenses related to borrowings, net income from ordinary activities and depreciation.
To manage the state and dynamics of working capital, it is necessary to determine the general indicators and their standard values. Among such indicators that characterize the state and use of working capital of the enterprise, include:

the coefficient of provision with working capital (to achieve financial stability, it must be at least 0.1-0.2);
funding ratio inventories own working capital (it should be 0.6-0.8). This indicator characterizes the need to attract borrowed funds for the formation of reserves;
the coefficient of maneuverability of own working capital (it reflects the mobile part of the company's funds and should be gt; 0.5);
turnover of working capital and their profitability.

As can be seen from the above indicators, the management of working capital to achieve the financial sustainability of the enterprise should be aimed at providing them as much as possible with their own working capital. Such a management approach allows the company to minimize external dependence in the formation of funds in the turnover of the operating cycle. With appropriate measures to accelerate the turnover of working capital, the need for borrowed resources will further decrease. The return on assets will enable the company to increase the corresponding capital, and therefore, increases the sources of financing of working capital.

The indicators that determine the state and use of non-current assets are:

permanent asset index characterizing the level of financing of non-current assets of the enterprise with its own capital (it should be within 1.0);
coefficient of the real value of the property, reflecting the security of the production potential with own funds (its optimal value is 1.0, and a decrease means the need for long-term borrowed funds);
coefficient of long-term attraction of funds (estimates the use of borrowed sources for the renewal and expansion of production);
depreciation accumulation factor (shows the possibility of reproduction of fixed assets and intangible assets);
coefficient of autonomy (financial independence) - it is advisable if it is more than 0.5.

Therefore, the process of managing non-current assets to stabilize the financial stability of the enterprise should be aimed at:

ensuring financing of this part of the assets with own funds;
possible use of borrowed resources for rapid renewal and expansion of production;
acceleration of depreciation process;
increase in the normative coefficient of autonomy;
minimization of construction in progress;
attracting intangible assets;
growth of efficiency of use of non-current assets.

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Non-state educational institution

higher professional education

"SAMARA INSTITUTE - HIGH SCHOOL OF PRIVATIZATION AND ENTREPRENEURSHIP"

Direction "Economics"

COURSE WORK

in the discipline "Financial policy of the company"

Topic: "Managing the financial stability of the company"

Work done by student

Liventseva Olga Alexandrovna

Group No. E-ZD-13-3-3

Samara 2016

Introduction

3.2 Determination of the type of financial stability of the enterprise

3.4 The system of indicators of business activity of the enterprise

Chapter II. Assessment of the financial stability of the enterprise.

$1. Characteristics of Uniform Style LLC

$2. Analysis of indicators of financial stability of the enterprise

$3. Enterprise solvency assessment

$4. Determination of the level of business activity of the enterprise and opportunities for its improvement

$5. Opportunities of the enterprise to strengthen financial stability and business activity

Conclusion

List of used literature

Applications

financial solvency managerial

Introduction

V market conditions for any organization it is very important to ensure the stability, reliability of its activities, the efficiency of the use of equity capital. In other words, every organization strives to achieve market survival. The key to survival and the basis of the firm position of the enterprise is its financial stability. Financial stability is a reflection of a stable excess of income over expenses, in which a stable cash inflow is achieved, allowing the enterprise to ensure its current and long-term solvency, financial stability ensures the free maneuvering of the enterprise's funds and, through their effective use, contributes to the uninterrupted process of production and sales of products. Therefore, financial stability is formed in the process of all financial and economic activities and is the main component of the overall sustainability of the enterprise. In modern economic conditions, the activity of each economic entity is the subject of attention of a wide range of market participants interested in the results of its functioning, therefore, the issues of financial stability management are always relevant and essential for the enterprise. First of all, the degree of financial stability of an enterprise attracts the attention of investors and creditors - on the basis of its assessment, they make decisions on investing in the corresponding enterprise. Thus, if an enterprise is financially stable, then it has a number of privileges over other enterprises of the same profile for obtaining loans, attracting investments, in choosing suppliers and in selecting qualified personnel.

Obviously, if an organization is financially sound, then it will not have contradictions with the state and society, since they will be paid in due time: taxes - to the budget, contributions - to social funds, wages - to workers and employees, dividends - to shareholders, and banks will be provided with the repayment of loans and the payment of interest on them.

The higher the stability of the enterprise, the more it is regardless of sudden changes in market conditions, in turn, insufficient financial stability can lead to a lack of funds for the development of production, insolvency and, ultimately, bankruptcy.

Financial stability analysis provides an opportunity to evaluate:

composition and placement of assets of an economic entity;

· the dynamics and structure of sources of asset formation;

degree of entrepreneurial risk, in particular the possibility of paying off obligations to third parties;

· capital adequacy for current activities and long-term investments;

· need in additional sources financing;

ability to increase capital;

Rationality of attraction of borrowed funds;

· the validity of the policy of distribution and use of profits.

Thus, the object of the study of the course work is the financial stability of the enterprise OOO "Uniform style", and the subject of the study is the factors that determine the level of financial stability of the enterprise.

The objectives of the course work is to consider the following aspects:

1. theoretical foundations for managing the financial stability of an enterprise;

2. the main methods of analysis of the financial stability of the enterprise;

3. measures to improve the financial condition of the enterprise.

Chapter I. Theoretical foundations of financial stability and solvency of an enterprise

$1. The role of assessing the financial stability of an enterprise and analyzing the factors influencing it in making management decisions

1.1 The concept of financial sustainability and financial sustainability management

Management in the broad sense of the word always presupposes the presence of an object and a subject of management. So in the case of managing the financial stability of an enterprise: the object of management is the movement of financial resources and financial relations between economic entities and their divisions in the economic process, and the subject of management is a special group of people who, through various forms of managerial influence, carry out purposeful functioning of the object.

As for the concept of financial stability itself, it can be characterized from two sides.

The differences in these approaches are due to the fact that, on the one hand, the financial stability of an enterprise can be defined as a characteristic of the current financial condition of the enterprise, and on the other hand, financial stability is considered as an assessment of the stability of the enterprise's functioning in the future. In accordance with the first approach, the external manifestation of the financial stability of the enterprise is its solvency. An enterprise is considered solvent when the available cash, short-term financial investments (securities, temporary financial assistance to other enterprises) and active settlements (settlements with debtors) cover its short-term liabilities: that is, the current assets of the enterprise are greater than or equal to the current liabilities of the enterprise. According to the second approach, the definition of financial stability can be formulated as follows: financial stability reflects the financial condition of an enterprise, in which it is able, through the rational management of material, labor and financial resources, to create such an excess of income over expenses, in which a stable cash inflow is achieved, allowing the enterprise to ensure its long-term solvency, as well as to satisfy the investment expectations of the owners. According to this definition, financial stability is a broader concept than just solvency. Thus, the appropriate approach involves ensuring the financial independence of the organization in the long term. Financial stability is characterized, therefore, by the ratio of own and borrowed funds. If the structure "own capital - borrowed funds" has a significant preponderance towards debts, then this indicates that the enterprise has a tendency to bankruptcy in the future, especially if several creditors demand a refund at the time "inconvenient" for the enterprise.

Depending on the factors influencing it, sustainability can be internal and external, general (price), financial.

Internal stability is such a general financial condition of the enterprise, which ensures a consistently high result of its functioning. Its achievement is based on the principle of active response to changes in internal and external factors.

The external stability of the enterprise is due to the stability of the economic environment in which its activities are carried out. It is achieved by an appropriate control system market economy nationwide.

The overall stability of the enterprise is such a cash flow that ensures a constant excess of the receipt of funds (income) over their expenditure (costs).

An analysis of the stability of the financial condition on a particular date allows you to answer the question: how correctly the company managed financial resources during the period preceding this date. It is important that the state of financial resources meet market requirements and meet the needs of the enterprise's development, since insufficient financial stability can lead to the enterprise's insolvency and lack of funds for the development of production, and excess financial stability can hinder development, burdening the enterprise's costs with excessive stocks and reserves. Thus, the essence of financial stability is determined by the effective formation, distribution and use of financial resources, and solvency is its external manifestation.

The financial stability of an enterprise is influenced by a huge variety of factors. For instance:

According to the place of origin - external and internal;

By the importance of the result - the main and secondary;

By structure - simple and complex;

By the time of action - permanent and temporary.

Internal factors depend on the organization of the work of the enterprise itself, while external factors are not subject to the will of the enterprise.

The sustainability of the enterprise, first of all, depends on the composition and structure of the products and services provided, inextricably linked with production costs. The ratio between fixed and variable costs is important.

Another important factor in the financial stability of an enterprise, closely related to the types of products and production technology, is the optimal composition and structure of assets, as well as right choice strategies for managing them. The art of managing current assets is to keep on the accounts of the enterprise only the minimum necessary amount of liquid funds, which is needed for current operational activities.

A significant internal factor in financial stability is the composition and structure of financial resources, the correct choice of strategy and tactics by management. The more an enterprise has its own financial resources, primarily profit, the calmer it can feel. At the same time, not only the total mass of profit is important, but also the structure of its distribution, especially the share that is directed to the development of production.

The financial stability of the enterprise is greatly influenced by funds additionally mobilized in the loan capital market. The more money an enterprise can attract, the higher its financial capabilities, but the financial risk also increases - whether the enterprise will be able to pay its creditors in a timely manner.

And here reserves are called upon to play an important role as one of the forms of financial guarantee of the solvency of an economic entity.

So, internal factors influencing financial stability are: sectoral affiliation of a business entity, the structure of products (services), its share in the total, solvent demand; the amount of paid authorized capital; the amount of costs, their dynamics in comparison with cash income; the state of property and financial resources, including stocks and reserves, their composition and structure.

External factors include the influence economic conditions management, technique and technology prevailing in society, effective demand and the level of consumer income, the tax credit policy of the Government of the Russian Federation, legislative acts to control the activities of the enterprise, foreign economic relations, the system of values in society, etc.

1.2 Assessment of financial stability as a basis for making managerial decisions

The assessment of the financial stability of an organization for the purpose of making management decisions is aimed at maintaining such a state of financial resources, their distribution and use, which would ensure the smooth operation of the organization, contribute to its development based on the growth of profits and capital in the light of the long term, guarantee constant solvency within the acceptable level entrepreneurial risk.

The process of developing and making a management decision is the most time-consuming and responsible part of management accounting.

Management accounting is a set of methods, techniques and procedures that allow the collection, processing, transformation and interpretation of internal information coming from various departments and services of the enterprise, and the provision of this information in the form necessary and sufficient for monitoring and making effective management decisions. Management decisions are developed and adopted by various business entities:

Owners - to inform strategic decisions (what long-term activities should be included in the organization's business plan to ensure a sustainable solution);

Managers - to justify operational decisions (what operational activities should be included in the organization's financial recovery plan);

Arbitrators - to enforce judgments

(what urgent actions should be provided for in the external management plan of the organization);

Lenders - to justify decisions on granting a loan (what conditions for granting a loan exclude the possibility of not returning it);

Investors - to prepare investment decisions (what investment conditions will ensure the profitability of the investment project).

1.3 Influence of the financial policy factor on the financial stability of the enterprise

Financial stability management is part of the overall financial policy, therefore, in order to build an effective financial management system aimed at achieving the strategic and tactical goals of the organization, it is necessary to develop the financial policy of the organization.

The financial policy of an organization is a set of measures for the purposeful formation, distribution and use of financial resources.

The development and implementation of the financial policy of the organization has a significant impact on the mechanism of financial management. Financial policy makes it possible to justify methods for ensuring long-term financial stability. The role of financial policy in the management of an organization is determined by the fact that it affects all aspects of its activities: production, material support, marketing, financial - and reflects in a concentrated form the influence of numerous internal and external factors. The main feature of the financial policy of organizations in modern conditions is the integrated use of instruments, and depending on the specific conditions, the prevailing importance in certain periods may be given to one or another instrument. The effectiveness of the financial policy of the organization is defined as the level of achieving the best result at the lowest cost, measured by the relevant indicators of the effectiveness of the direction and use of financial flows, material and labor resources.

Currently, the following types of financial policy are distinguished.

"Aggressive type of financial policy" characterizes the style and methods of making managerial financial decisions focused on achieving the highest results in financial activities, regardless of the level of accompanying it. financial risks. Since the level of financial performance in terms of its individual parameters usually corresponds to the level of financial risks, it can be stated that an aggressive type of financial policy generates the highest levels of financial risks.

"Moderate type of financial policy" characterizes the style and methods of making managerial decisions focused on achieving industry-average results in financial activities at medium levels of financial risks. With this type of financial policy, the enterprise, not avoiding financial risks, refuses to conduct financial transactions with an excessively high level of risks, even with the expected high financial result.

"Conservative type of financial policy" characterizes the style and methods of making managerial decisions aimed at minimizing financial risks. Providing a sufficient level of financial security of the enterprise, this type of financial policy cannot provide sufficiently high final results of its financial activities.

The type of financial policy affects the structure of resources and the ratio of own and borrowed capital. For example, with an aggressive type of financial policy, non-current assets, a constant part of working capital and half of the variable part of current assets are financed at the expense of own and long-term borrowed funds. With a moderate financial policy, non-current assets, a constant part of working capital, are financed at the expense of own and long-term borrowed funds. With a conservative type of financial policy, only non-current assets are financed at the expense of equity and long-term borrowed capital, and all current assets are formed at the expense of short-term borrowed funds.

Accordingly, the indicators characterizing the financial stability of an enterprise depend on the type of financial policy of the enterprise.

$2. Methods and techniques for determining the financial stability and solvency of an enterprise

2.1 Classification of methods for determining the financial stability and solvency of an enterprise

So, financial stability is the key to the stable existence and functioning of the enterprise. Therefore, the assessment of financial sustainability and its management deserves special attention.

Methods financial analysis is a set of scientific and methodological tools and principles for studying the financial condition of an enterprise.

V economic theory and practice, there are various classifications of methods of economic and financial analysis in particular.

The first level of classification distinguishes non-formalized and formalized methods of analysis.

Non-formalized methods of analysis are based on analytical procedures at the logical level, and not on rigid analytical relationships and dependencies. These include the following methods:

Expert assessments and scenarios,

Psychological,

Morphological,

comparative,

Building a system of indicators,

Building a system of analytical tables.

These methods are characterized by a certain subjectivity, since intuition, experience and knowledge of the analyst are of great importance in them.

Formalized methods of financial analysis include those based on strictly formalized analytical dependencies, that is, methods:

chain substitutions,

arithmetic difference,

Balance,

Isolation of the isolated influence of factors,

percentage numbers,

Differential,

logarithmic,

Integral,

Simple and compound interest,

Discounting.

In the process of financial analysis, traditional methods of economic statistics are also widely used (average and relative values, grouping, graphical, index, elementary methods for processing time series), as well as mathematical and statistical methods (correlation analysis, analysis of variance, factor analysis, principal component method) .

The use of types, techniques and methods of analysis for specific purposes of studying the financial condition of the enterprise together constitutes the methodology and methodology of analysis.

There are six main methods of analysis:

1) horizontal (temporal) analysis - comparison of each reporting position with the previous period;

2) vertical (structural) analysis - determination of the structure of financial indicators by assessing the influence of various factors on the final result;

3) trend analysis - comparing each reporting position with a number of previous periods and determining the trend, i.e. the main trend in the dynamics of indicators, cleared of the influence of individual characteristics of individual periods (with the help of the trend, the most important financial indicators are extrapolated to the prospective period, i.e. a prospective forecast analysis of the financial condition);

4) analysis relative indicators(coefficients) - calculation of relationships between individual report items or positions different forms reporting, determination of interrelations of indicators;

5) comparative analysis - on-farm analysis of summary reporting indicators for individual indicators of the enterprise itself and its subsidiaries (branches), as well as an analysis of the indicators of this company in comparison with the indicators of competitors or with and average indicators.

6) factor analysis - determination of the influence of individual factors (reasons) on the effective indicator of deterministic (time-separated) or stochastic (not having a certain order) research methods. At the same time, factor analysis can be both direct (analysis itself), when the performance indicator is divided into separate components, and reverse (synthesis), when its individual elements are combined into a common performance indicator.

Thus, to assess the financial stability of the enterprise, it is necessary to produce:

balance sheet liquidity analysis,

horizontal and vertical balance analysis,

calculation of relative liquidity ratios,

determination of the size of the sources of funds available to the enterprise for the formation of its reserves and costs,

calculation of financial sustainability ratios.

Balance sheet liquidity analysis and its horizontal and vertical analysis

The need to analyze the liquidity of the balance sheet arises in market conditions due to increased financial constraints and the need to assess the solvency of the organization, i.e. its ability to timely and fully pay all its obligations.

Balance sheet liquidity is defined as the extent to which an organization's liabilities are covered by its assets, the maturity of which is equal to the maturity of the liabilities. Analysis of the liquidity of the balance sheet consists in comparing the funds of the asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with the liabilities of the liability, grouped by their maturity and arranged in ascending order of maturity.

Depending on the degree of liquidity, i.e. the rate of conversion into cash, the assets of the enterprise are divided into the following groups.

A 1. The most liquid assets - these include all items of the organization's cash and short-term financial investments.

A 2. Marketable assets - accounts receivable, payments on which are expected within 12 months after the reporting date.

A 3. Slowly realizable assets - items in section II of the assets of the balance sheet, including inventories, value added tax, receivables (payments for which are expected more than 12 months after the reporting date) and other current assets.

A 4. Hard-to-sell assets - articles of section I of the asset balance - non-current assets.

Liabilities of the balance are grouped according to the degree of urgency of their payment.

P 1. The most urgent obligations - these include accounts payable.

P 2. Short-term liabilities are short-term borrowed funds, debts to participants for the payment of income, other short-term liabilities.

P 3. Long-term liabilities are balance sheet items related to sections IV and V, i.e. long-term loans and borrowings, as well as deferred income, consumption funds, reserves for future expenses and payments.

P 4. Permanent, or stable, liabilities - these are the articles of section III of the balance sheet "Capital and reserves".

To determine the liquidity of the balance sheet, one should compare the results of the above groups for assets and liabilities.

The balance is considered absolutely liquid if the following ratios take place:

If the first three inequalities are satisfied in this system, then this entails the fulfillment of the fourth inequality, so it is important to compare the results of the first three groups by asset and liability. The fulfillment of the fourth inequality indicates the observance of one of the conditions for financial stability - the availability of working capital for the organization.

In the case when one or more inequalities of the system have the opposite sign from that fixed in the best option, the liquidity of the balance to a greater or lesser extent differs from the absolute. At the same time, the lack of funds in one group of assets is compensated by their surplus in another group in valuation, in a real situation, less liquid assets cannot replace more liquid ones.

Comparison of liquid funds and liabilities allows you to calculate the following indicators:

Current liquidity, which indicates the solvency (+) or insolvency (-) of the organization for the nearest time period to the moment in question:

TL \u003d (A 1 + A 2) - (P 1 + P 2)

Prospective liquidity - solvency forecast based on a comparison of future receipts and payments:

PL \u003d A 3 - P 3

The liquidity analysis of the balance sheet is reduced to checking whether the liabilities in the liabilities side of the balance sheet are covered by assets, the period of transformation of which into cash is equal to the maturity of the liabilities.

To identify factors that affect the change in the solvency and risk of the enterprise, it is necessary to analyze the composition, dynamics and structure of property and sources of financing at the enterprise. The analysis of the dynamics will show how the assets and sources of financing have changed, the analysis of the structure will allow us to assess the consequences of these changes: improvement or decrease in solvency, risk and financial stability of the enterprise. All of the above is called horizontal and vertical balance sheet analysis. Horizontal analysis consists in comparing the financial data of the enterprise for the past two periods (years) in relative and absolute form. Using this type of analysis, it is determined which sections and balance sheet items have undergone changes. Next, a vertical analysis is carried out, which allows one to draw a conclusion about the structure, as well as to analyze the dynamics of this structure. So, on the basis of horizontal and vertical analysis, it is possible to determine the signs of a “good” balance, which are the reasons for the financial stability of the organization. These include:

The balance sheet at the end of the reporting period should increase compared to the beginning of the period;

The growth rate of current assets must be higher than the growth rate of non-current assets;

The equity of the organization must exceed the borrowed capital and its growth rate must be higher than the growth rate of borrowed capital;

The growth rates of receivables and payables should be approximately the same;

The share of own funds in current assets should be more than 10%;

The balance sheet should not have an item “Uncovered loss”.

$3. The choice of a system of indicators (coefficients) for the analysis of financial stability, solvency and business activity

3.1 Scorecard for determining financial sustainability

Quantitatively, financial stability can be assessed using two groups of indicators: relative and absolute.

Relative indicators reflect the structure of sources of funds, the ratio of own and borrowed funds, as well as their share in the balance sheet.

Absolute indicators make it possible to assess whether the enterprise is able to maintain the existing structure of sources of funds.

Relative indicators are calculated using the following formulas:

1) Ratio of financial independence (autonomy) = Equity (capital and reserves) / balance sheet

This indicator judges how much the enterprise is independent of borrowed capital. The autonomy ratio is the most common indicator of the financial stability of an enterprise.

The optimal value of this ratio is 50%, that is, it is desirable that the amount of own funds be more than half of all the funds available to the enterprise. In this case, the creditors feel calm, realizing that all borrowed capital can be compensated by the property of the enterprise. The growth of this ratio indicates the strengthening of the financial stability of the enterprise.

2) Coefficient of financial dependence = Borrowed capital(long-term + short-term liabilities) / balance sheet

It is the inverse of the financial independence ratio. The growth of this indicator in dynamics means an increase in the share of borrowed funds in the financing of the enterprise. If its value drops to one, it means that the owners are fully financing their enterprise.

3) Debt ratio = Current liabilities / balance sheet

The increase in the share of short-term credits and loans shows the need to attract investment.

4) Financial stability ratio = (Equity + long-term liabilities) / balance sheet

The financial stability ratio shows the proportion of funds from those sources that can be used for a long time.

5) Ratio of own working capital = (Equity + non-current assets) / current assets

Shows the share of own funds in the amount of current assets of the enterprise. An increase in the share of own working capital is a positive thing, but if the increase was due to short-term loans and borrowings, this is a negative factor. A decrease in this ratio also shows that the company is becoming dependent on creditors. Therefore, the dynamics of this coefficient needs a detailed factorial analysis.

6) Agility ratio = working capital / equity

This ratio shows what part of the funds from own sources is invested in the most mobile assets (what part of the equity capital is used to finance current activities).

7) Equity Multiplier = Balance Sheet / Equity (capital and reserves)

It characterizes the degree to which the enterprise gives preference to the use of borrowed funds in financing its assets.

8) The ratio of capitalization (financial risk) is the ratio of borrowed funds to own funds. It shows how much borrowed funds the company has attracted for the ruble of its own.

Kfr=ZS/SK=(str.1400+str.1500)/str.1300 (10)

where Kfr - financial risk ratio

ZS - borrowed funds, SC - equity

The optimal value of this indicator, developed by Western practice, is 0.5. It is believed that if its value exceeds one, then the financial stability of the assessed enterprise reaches a critical point, however, everything depends on the nature of the activity and the specifics of the industry to which the enterprise belongs.

The growth of the indicator indicates an increase in the dependence of the enterprise on external financial sources, that is, in a certain sense, a decrease in financial stability and often makes it difficult to obtain a loan.

The normative value of this coefficient - the ratio should be less than 0.7. Exceeding this limit means the company's dependence on external sources of funds, loss of financial stability.

So, the financial independence of the enterprise from external borrowed sources is very important. The value of own capital characterizes the margin of financial stability of the enterprise, if it exceeds the value of borrowed capital.

Absolute indicators are calculated:

1) Availability of own working capital (Ec) = Own capital (Sk) - non-current assets (B)

2) The presence of own and long-term borrowed funds (Esd) \u003d (Equity (Sk) + long-term liabilities (To)) - non-current assets (B)

3) The total value of the sources of formation of reserves (Eo) \u003d (equity capital (Sk) + long-term liabilities (To)) - non-current assets (B) + short-term loans and borrowings (Kkz)

To more accurately determine the financial stability of the enterprise, it is necessary to determine the degree of stock security:

1) Own working capital

E \u003d Ec - Z,

where EU is own working capital, and Z is stocks

2) Own current and long-term borrowed funds

Esd \u003d Esd - Z,

where Esd - availability of own and long-term borrowed funds

3) Common sources

Eo \u003d Eo - Z,

where Eo is the total value of the sources of reserves formation.

3.2 Determining the type of financial stability of the enterprise.

Based on the calculated indicators, the type of financial stability is determined:

1) Absolute, i.e. absence of non-payments and the reasons for their occurrence

Z< Ес + Ккз

2) Normal - no violations of internal and external financial discipline:

Z = Ec + Kkz

3). Unstable state - characterized by a violation of solvency, in which it remains possible to restore balance by replenishing sources of own funds, reducing receivables, and accelerating inventory turnover. The presence of violations of financial discipline (delays in wages, the use of temporarily free own funds of the reserve fund and economic incentive funds, etc.), interruptions in the flow of money to settlement accounts and payments, unstable profitability, failure to fulfill the financial plan, including profit.

Financial instability is considered normal (acceptable) if the amount of short-term loans and borrowed funds attracted for the formation of stocks does not exceed the total cost of raw materials, materials and finished products, i.e. conditions are met

Z1 + Z4? CCK-,

where Z1 - production reserves;

Z2 - work in progress;

Z3 - deferred expenses;

Z4 - finished product;

CKK - -- part of short-term loans and borrowings involved in the formation of stocks and costs. If the conditions are not met, then financial instability is considered abnormal and reflects a downward trend in financial condition. 4) Crisis - corresponds to the presence of overdue loans, debts to suppliers for goods, the presence of debts to the budget:

Z > Ec + Kkz

There are three levels of crisis:

first degree (I): the presence of overdue loans to banks;

second degree (II): I + presence of arrears to suppliers for goods; third degree (III: bordering on bankruptcy): II + the presence of arrears in the budget.

For the convenience of determining the type of financial stability, we present the calculated indicators in the table below:

Table 1 Summary table of indicators by types of financial stability

Indicators	Type of financial stability
	absolute stability	normal stability	unstable state	crisis state

Esd = Esd -- Z
Eo = Eo -- Z

In a crisis and unstable financial condition, stability can be restored by a reasonable reduction in the level of inventories and costs.

Since a positive factor in financial stability is the availability of sources of formation of reserves, and a negative factor is the amount of reserves, the main ways out of unstable and crisis financial conditions (situations 3 and 4) will be: replenishment of sources of formation of reserves and optimization of their structure, as well as a reasonable decrease in the level stocks .

The most risk-free way to replenish the sources of stock formation should be recognized as an increase in real equity through the accumulation of retained earnings or through the distribution of profit after taxation into accumulation funds, provided that the part of these funds not invested in non-current assets grows. The decrease in the level of stocks occurs as a result of planning the balance of stocks, as well as the sale of unused inventory items. An in-depth analysis of the state of stocks acts as an integral part of the internal analysis of the financial position, since it involves the use of information about stocks that is not contained in financial statements and requiring analytical accounting data.

The analysis of financial stability is based mainly on relative indicators, since it is difficult to bring absolute balance indicators in inflationary conditions to a comparable form. The system of relative indicators is a set of financial ratios, which are calculated as ratios of the absolute indicators of the asset and liabilities of the balance sheet. Financial ratios are analyzed by comparing them with basic values, as well as studying their dynamics over time. reporting period and for several years. can be used as base values. own indicators for the last year, industry average indicators, as well as indicators of the most promising enterprises. The basis of comparison can also be theoretically substantiated or obtained by expert assessments values characterizing the optimal or critical (threshold) values of indicators from the point of view of the stability of the financial condition.

Table 2 provides a summary of all relative measures of financial soundness.

Table 2 Indicators of the financial stability of the enterprise

Indicator
Capitalization ratio	Shows how much borrowed funds the company has attracted for the ruble of its own
Debt ratio	Leverage to balance sheet ratio
Coefficient of autonomy (independence)	The ratio of the company's own funds to the balance sheet currency
Coefficient of maneuverability of own sources	The ratio of own working capital to the amount of own sources
Working capital ratio with own sources	The ratio of own working capital to current assets

3.3 The system of indicators of solvency of the enterprise

To assess the solvency of the enterprise, the following indicators are used:

Current liquidity ratio - reflects the company's ability to pay off its current liabilities with the help of current assets. The calculation formula is as follows:

The normative value for the current liquidity ratio Ktl >2.

The optimal level of liquidity is affected by the industry affiliation of the enterprise and its main activity.

Quick liquidity ratio (analogue: urgent liquidity) - shows the possibility of repayment with the help of quick and highly liquid assets of their short-term liabilities. The calculation formula is as follows:

The normative value for the quick liquidity ratio Kbl > 0.7-0.8.

3. Absolute liquidity ratio - reflects the ability of the enterprise to pay off its short-term obligations with the help of highly liquid assets. The indicator is calculated by the formula:

Normative value for absolute liquidity ratio Kabl >0.2.

The overall solvency ratio is one of the indicators that reflects the company's ability to cover its obligations with current assets.

The calculation formula is as follows:

Co.l. = (A1+A2+A3)/ (P1+P2)

where A1 - the most liquid assets; A2 - fast-selling assets; A3 - slow-moving assets; P1 - the most urgent obligations; P2 - short-term liabilities

If the total liquidity index Col > 1 - the liquidity level is optimal.

The overall solvency ratio on the balance sheet should take into account the liquidity of the company's assets, that is, their ability to turn into real money. The larger it is, the higher the level of debt a company can have. The overall solvency ratio below the norm means that the company is more dependent on the stability of external financing. The normal value of the coefficient is 1.5 - 2.5, depending on the sector of the economy. A value below 1 indicates a high financial risk associated with the fact that the company is not able to consistently pay current bills. A value greater than 3 may indicate an irrational capital structure.

5. The coefficient of loss of solvency characterizes the chance of a decrease in current liquidity. Its effect extends to three months, starting from the date of reporting. This coefficient was approved in the methodological provisions, which contain a set of measures to assess the financial condition of organizations. Thus, it is an integral part of the methods for calculating the unsatisfactory structure of the balance sheet of an enterprise. According to the official regulation, the solvency loss ratio is calculated as follows:

Where the indicator K t.l.k is the actual value of current liquidity, and Kt.l.n - shows the same indicator at the beginning of the reporting period. The number 3 characterizes the period of time, in months, for which the possibility of loss of solvency is being investigated. T is the size of the reporting period, also indicated in months. If the coefficient has an indicator greater than one (when calculated for a three-month period), then this indicates a low risk of the enterprise losing its solvency. An indicator less than one is almost a guarantee that the company will lose its solvency during the billing period.

6. If the current solvency of the enterprise is unsatisfactory, it is possible to assess the chances of returning to a normal value. The basis for this analysis will be the solvency recovery ratio, the final value of which will allow you to see further perspective work on improving the current liquidity ratio within six months from the date of the reporting date. This financial ratio, as well as the above one, can be found in the methodological provisions for assessing the state of the financial situation of enterprises. Together with it, it is included in a set of indicators that allow you to determine the unsatisfactory structure of the balance sheet. According to the official position, it is calculated as follows:

Kt.l k is the actual value of the current liquidity ratio, taken at the end of the reporting period. Kt.l.n - the same coefficient taken at the beginning of the reporting period. T- as in the previous formula, shows the reporting period. The two characterizes the normal value of the current liquidity indicator, to which the desired coefficient should strive. The number "six" in this formula shows the normal length of time, in months, that can be allocated to restore solvency. That is, if in six months the company has not been able to increase the liquidity of its assets, the main provisions of the management strategy and interaction with the external environment should be reviewed. If the solvency recovery ratio exceeds one (taking into account the estimated six-month period), then the company is able to achieve its goal and return to its previous indicators. If the parameter falls below one, then the restoration of solvency is almost impossible.

3.4 System of indicators of business activity of the organization

turnover indicators.

The business activity of the enterprise in the financial aspect is manifested primarily in the speed of turnover of its funds. The profitability of an enterprise reflects the degree of profitability of its activities. The analysis of business activity and profitability consists in the study of the levels and dynamics of various financial turnover and profitability ratios.

Quantitative criteria of business activity are characterized by absolute and relative indicators. The absolute indicators include: the volume of sales of finished products, the amount of assets and capital used, including equity, profit.

It is advisable to compare these quantitative parameters in dynamics over a number of periods (quarters, years). The optimal ratio between them:

Net profit growth rate > Sales revenue growth rate > Asset value growth rate > 100%

That is, the profit of the enterprise should increase at a higher rate than other parameters of business activity. This means that assets (property) should be used more efficiently, production costs should decrease. However, in practice, even stably operating organizations may deviate from the specified ratio of indicators. The reasons for this may be: the development of new types of products and technologies, large capital investments in the modernization and development of fixed assets, the reorganization of the management and production structure, and other factors.

Relative indicators of business activity characterize the efficiency of using the resources of the organization, this financial ratios, turnover indicators.

All coefficients are expressed in times, and the duration of the turnover - in days. These indicators are very important for the organization. First, the size of the annual turnover depends on the rate of turnover of funds. Secondly, the relative value of production costs (circulation) is associated with the size of turnover, and, consequently, with turnover: the faster the turnover, the less costs per turnover. Thirdly, the acceleration of turnover at one stage or another of the circulation of funds entails an acceleration of turnover at other stages. The financial position of the organization, its solvency depend on how quickly the funds invested in assets are converted into real money.

A quantitative assessment of the business activity of an enterprise is done in two directions:

The degree of implementation of the plan for the main indicators, ensuring the specified rates of their growth;

The level of efficiency in the use of enterprise resources.

Since the analyzed enterprise does not draw up plans, only the level of efficiency in the use of enterprise resources (assets) will be considered.

The financial position of the enterprise, its liquidity and solvency directly depend on how quickly the funds invested in assets are converted into money.

This effect is explained by the fact that the speed of turnover of funds is associated with:

the minimum required value of the advanced capital (i.e. involved) tax and related cash payments (% for the use of the loan, etc.);

the need for additional sources of funding,

payment for them;

the amount of costs associated with the ownership of goods -- material values and their storage;

amount of taxes paid.

Calculating the indicators of turnover of current assets, we use formulas that are similar in their own way:

1) Ko.o.a. Current assets turnover ratio = Sales proceeds / current assets

Shows the amount of revenue attributable to the ruble of funds used in the activities of the enterprise.

2) Ko.z. Inventory turnover ratio = Cost of goods sold / inventory

Shows how many times during the analyzed period the organization used the average available inventory balance. This indicator characterizes the quality of stocks and the efficiency of their management, allows you to identify the remains of unused, obsolete or substandard stocks. The importance of the indicator is connected with the fact that profit occurs with each "turnover" of stocks (ie, use in production, operating cycle).

3) Ko.d.z Accounts receivable turnover ratio \u003d Sales proceeds / average cost of receivables

The accounts receivable turnover ratio shows how many times, on average, during the year, accounts receivable turned into cash.

4) K.o.g.p. Finished Goods Turnover Ratio = Sales Proceeds / Finished Goods

The turnover of finished products indicates the trends in the supply of raw materials for production, the state of the sales markets, the timeliness of settlements with direct sellers and buyers, as well as third parties.

If, when comparing different periods, an increase in the coefficient is observed, this indicates an increase in demand for manufactured products. If the coefficient decreases, then it is necessary to ascertain the overstocking of warehouses.

5) K.o.k Working Capital Turnover Ratio = Sales Proceeds / Working Capital

Shows how effectively the company uses investments in working capital and how this affects sales growth. The higher the value of this ratio, the more efficiently the company uses net working capital.

6) F about capital productivity \u003d Finished products / Initial cost of fixed assets

The return on assets shows how much output the company produces for each unit of the value of the fixed assets that were invested in it. Based on the return on assets, we can conclude how efficiently any enterprise works.

7) OZ d Inventory turnover in days = 365 / K o.z.

Shows how many days the enterprise will have enough available stock.

8) Ko.k.z. Accounts payable turnover ratio = Sales proceeds / accounts payable.

Shows how many times per period (per year) the accounts payable are turned over.

The higher the accounts payable turnover ratio, the faster the company pays off its suppliers. Decrease in turnover can mean:

Problems with paying bills.

Organization of relationships with suppliers, providing a more profitable, deferred payment schedule and using accounts payable as a source of financial resources.

The turnover of accounts payable is evaluated together with the turnover of receivables. Unfavorable for the enterprise is the situation when the turnover ratio of accounts payable is much higher than the turnover ratio of receivables.

Profitability indicators.

Profitability indicators are designed to assess the overall effectiveness of investing in an enterprise. These are one of the most important indicators in assessing the activities of the enterprise, which reflect the degree of profitability of the enterprise. The profitability ratio is calculated as the ratio of profit to the assets, resources or flows that form it. It can be expressed both in profit per unit of invested funds, and in the profit that each received monetary unit carries.

Methodology for the analysis of financial stability indicators

In Russian practice, a general indicator of the financial stability of an enterprise is a surplus or shortage of funds for the formation of reserves and costs (the difference in the size of sources of funds and the size of reserves and costs). This is, in fact, an absolute assessment of financial stability.

The ratio of the cost of reserves and the value of own and borrowed sources of their formation is one of critical factors sustainability of the financial condition of the enterprise. The degree of provision of reserves with sources of formation acts as a reason for a particular degree of current solvency (or insolvency) of the organization.

Indicators that are used to characterize the sources of formation of reserves and costs:

1. Availability of own working capital (SOS). Calculated as the difference between capital and reserves (section III of the balance sheet liability) and non-current assets (section I of the balance sheet asset):

SOS \u003d SK - VA,

where SOS - own working capital;

SC - equity;

VA - non-current assets.

Increase this indicator compared with the previous period indicates the successful development of the enterprise.

2. Availability of own and long-term borrowed sources of formation of reserves and costs, or functioning capital (SDOS - own long-term working capital). It is determined by increasing the previous indicator by the amount of long-term liabilities:

SDOS \u003d SOS + TO,

where SDOS - own long-term current assets;

DO - long-term liabilities.

3. The total value of the main sources of formation of reserves and costs (OOS - general working capital). Calculated by increasing own long-term working capital (LTOS) by the amount of short-term liabilities:

OOS \u003d SDOS + KO,

where OOS - general working capital;

Three indicators of the availability of sources of formation of reserves and costs correspond to three indicators of the availability of reserves and costs with sources of formation:

1. Excess or lack of own working capital (∆SOS):

∆SOS = SOS - ZZ,

where ZZ - stocks and costs.

2. Surplus or shortage of own long-term working capital (∆SDOS):

∆SDOS = SDOS - ZZ.

3. Surplus or shortage of general working capital (∆OOS):

∆OOS = OOS - ZZ.

Based on the considered indicators, identities are formed to determine the type of financial situations of the enterprise:

absolute stability financial condition: values of calculated indicators ∆SOS, ∆SDOS and ∆OOS are above 0;
normal stability financial condition, which guarantees solvency: ∆SDOS and ∆OOS are greater than 0, and ∆SOS is less than 0;
unstable financial condition— solvency is broken, but there is an opportunity to restore balance by replenishing the sources of own funds by reducing accounts receivable, accelerating inventory turnover: ∆SOS and ∆SDOS are less than 0, ∆OOOS are more than 0);
financial crisis- the enterprise is on the verge of bankruptcy, because in this situation, cash, short-term securities and receivables do not even cover its accounts payable: all indicators - ∆SOS, ∆SDOS and ∆OOS - are below 0.

Let's consider the procedure for calculating indicators using an example.

Example 1

The initial data for the calculation are presented in table. one.

Table 1

Initial data

No. p / p	Indicator	Reporting period, thousand rubles
	Equity
	Fixed assets
	long term duties
	short-term obligations

Let's determine the financial condition of the analyzed enterprise. The calculation results are in Table. 2.

table 2

Calculations of surplus or deficit of funds for the formation of stocks and costs

No. p / p	Name of indicator	Previous period, thousand rubles	Reporting period, thousand rubles
	Own working capital
	Own long-term working capital
	General working capital
	Surplus or shortage of own working capital
	Surplus or shortage of own long-term working capital
	Surplus or shortage of general working capital

The analyzed enterprise has normal financial stability and is able to pay its obligations.

We also note a positive trend: in comparison with the previous period, the level of reserves decreased and equity capital increased. As a result, the size of the surplus funds (∆SDOS and ∆OOS) has increased.

For your information

The absolute stability of an enterprise, when only its own working capital is enough to form reserves, is quite rare: most enterprises try to develop investment projects at their own expense (open new branches, new production, etc.).

Particular attention in the analysis should be paid to the ratio of equity and debt capital, which directly affects the financial stability of the enterprise.

It is widely believed that the ideal financial situation is when the level of own funds exceeds the level of borrowed funds.

However, this is not always true. So, for example, the excess of borrowed funds over its own will not be a negative feature of the enterprise, indicating an imminent bankruptcy, if the rate of circulation of receivables is higher than the rate of turnover of circulating assets.

In addition, borrowed funds may be necessary for the implementation of a specific project, and their reflection in the balance sheet will only distort the picture when assessing the financial stability of an enterprise, since in this case a specific project, its degree of profitability and payback period are subject to analysis.

To assess the financial stability of the enterprise, a system of coefficients is used that reflect different aspects of the state of the assets and liabilities of the enterprise:

1. Ratio of own funds (To OSS):

TO OSS \u003d (SK - VA) / OA,

where SC - equity;

VA - non-current assets;

OA - current assets.

If the value of this indicator< 0,1, структура баланса признается неудовлетворительной, а организация — неплатежеспособной. Более высокая величина показателя (до 0,5) свидетельствует о хорошем финансовом состоянии организации и возможности проводить независимую финансовую политику.

2. The ratio of the provision of material reserves with own funds (K OMZ):

TO OMZ \u003d (SK - VA) / ZZ.

If the value of inventories is much higher than the reasonable need, then own working capital can cover only a part of inventories, i.e., the indicator will be less than one.

3. The coefficient of maneuverability of own capital (K MK), which shows the amount of own working capital per one ruble of own capital:

K MK \u003d (SK - VA) / SK.

4. The coefficient of maneuverability of own working capital (TO MO) - reflects the ability of the enterprise to maintain the level of its own working capital and replenish working capital, if necessary, from its own sources:

K MO \u003d (FV + DS) / (SK - VA),

where FV - financial investments;

DC - cash and cash equivalents.

5. Financial risk ratio (debt ratio, ratio of borrowed and own funds, leverage; K FR) - shows how much borrowed funds the company has attracted per ruble of own funds:

K FR \u003d (DO + KO) / SK,

where TO - long-term liabilities;

KO - short-term liabilities.

Let's calculate these coefficients.

Example 2

The initial data are presented in table. 3.

Table 3

Initial data

No. p / p	Indicator	Previous period, thousand rubles	Reporting period, thousand rubles
	Equity
	Fixed assets
	current assets
	long term duties
	short-term obligations
	Financial investments
	Cash

Let's evaluate the financial stability of the analyzed enterprise. The calculation results are summarized in Table. 4.

Table 4

Calculation of financial stability ratios

No. p / p	Indicator	Previous period, thousand rubles	Reporting period, thousand rubles	Standard value
	Equity ratio
	Capital stock ratio
	Equity maneuverability ratio
	The coefficient of maneuverability of own working capital
	Financial risk ratio

The purpose of the analysis of the values of the coefficient of security with own funds is to determine whether there is enough own working capital to ensure financial stability.

According to our calculations, the actual value of indicators for the two analyzed periods exceeds the normative value with a positive trend in the growth of the indicator. This indicates the solvency of the enterprise and the ability to implement an independent financial policy.

The value of the coefficient of provision of material reserves with own funds in the previous period is below the standard value, i.e. the value of material reserves is much higher than the reasonable need and own funds can cover only part of the inventories. However, in the reporting period, the indicator reaches the standard value due to the reduction in the level of stocks.

The coefficient of maneuverability of own capital shows what part of own working capital is in circulation. It should be high enough to allow flexibility in the use of own funds. In this situation, the value of the coefficient in all reporting periods exceeds the standard value.

The values of the coefficient of flexibility of own working capital in the analyzed periods exceed the normative value, which means that the enterprise is able to maintain the level of its own working capital and replenish working capital, if necessary, from its own sources.

The values of the financial risk ratio do not correspond to the standard in any of the analyzed periods, which indicates the dependence of the enterprise on borrowed capital. However, as noted earlier, the enterprise in this case is not necessarily financially unstable or on the verge of bankruptcy, if it has sufficient resources to repay obligations on time, and does not experience difficulties in financial flexibility.

A distinctive feature of a reliable and sustainable enterprise is its ability to meet its obligations on time and in full.

Note!

Regardless of the stage life cycle where the company is located, management must determine the optimal level of liquidity, since insufficient liquidity of assets can lead to insolvency or bankruptcy, and excess liquidity can lead to a decrease in profitability.

To assess solvency, liquidity ratios are used, which characterize the ability of an enterprise to meet its obligations:

1. Absolute liquidity ratio (cash reserve ratio) - is defined as the ratio of cash and short-term financial investments to the amount of short-term debts of the enterprise:

K abs \u003d (DS + PV) / KO,

where FV - financial investments.

Its level shows what part of short-term liabilities can be repaid at the expense of available cash.

The normative value of this coefficient is considered to be a value greater than 0.1-0.2. This indicates that 10-20% of short-term liabilities are subject to repayment every day.

2. Quick (urgent) liquidity ratio (K BL) - the ratio of cash, short-term financial liabilities and receivables to short-term liabilities:

K BL \u003d (DS + FV + DZ) / KO,

where DZ - accounts receivable.

The ratio characterizes the company's ability to repay current (short-term) liabilities at the expense of current assets. The normative values of the indicator are from 0.7-0.8 to 1.

3. Current liquidity ratio (total debt coverage ratio; TO TL) - the ratio of the total amount of current assets to the total amount of short-term liabilities:

K TL \u003d OA / KO,

where OA - current assets.

The coefficient gives overall score liquidity of assets, showing how many rubles of current assets of the enterprise account for one ruble of current liabilities. It usually satisfies a factor greater than 2.

Calculate the coefficients and evaluate the solvency of the enterprise.

Example 3

The initial data for the calculations are presented in Table. 5.

Table 5

Initial data

No. p / p	Indicator	Previous period, thousand rubles	Reporting period, thousand rubles
	current assets
	Accounts receivable
	short-term obligations
	Financial investments
	Cash

Let's estimate solvency of the analyzed enterprise, results of calculations — in tab. 6.

Table 6

Calculation of liquidity ratios

No. p / p	Indicator	Previous period, thousand rubles	Reporting period, thousand rubles	Standard value
	Absolute liquidity ratio
	Quick (urgent) liquidity ratio
	Current liquidity ratio

The values of the absolute liquidity ratio indicate a good trend in the development of the enterprise, which can effectively balance and synchronize the inflow/outflow of funds in terms of volume and timing.

The value of the quick liquidity ratio is also within the normal range, which indicates a high ability of the company to fulfill its short-term obligations at the expense of marketable assets.

The value of the current liquidity ratio shows that current assets are higher than short-term financial liabilities, there is a reserve to compensate for losses (the value of the indicator is within the normal range, the value of this reserve is sufficient to cover losses).

Rationing of the company's working capital

As noted earlier, one of the main tasks of a financial stability management enterprise is to ensure the smooth operation of the company at the expense of working capital.

For your information

Current assets include stocks of finished products, inventories, work in progress, receivables and funds in current accounts and in cash of the enterprise.

Current assets are formed at the expense of both equity capital and short-term borrowed funds. It is desirable that on manufacturing enterprises, circulating assets were half formed at the expense of own sources of financing, and half - at the expense of borrowed capital. Then the guarantee of repayment of the external debt and the optimal value of the liquidity ratio are ensured.

If the enterprise has unreasonably increased the stocks of raw materials and finished products, the volume of receivables has increased, this indicates an acute shortage of funds.

To normalize working capital, companies use various methods: direct calculation, analytical method, reporting and statistical, coefficient, etc.

We will consider the reporting-static method, which is based on the analysis of static reporting data using actual information for previous periods.

Note!

The standards are set individually for each enterprise, taking into account its specifics for a certain period, and for the next reporting period, the standards are subject to revision.

The working capital ratio represents the sum of the standard stocks of finished products, inventories, work in progress, receivables and cash.

Let's consider the sequence of formation of norms of working capital on the example of normalization of receivables.

Example 4

Data for calculations - in table. 7.

Table 7

Initial data

No. p / p	Indicator	1st month	2nd month	3rd month	4th month	5th month	6th month
	Accounts receivable, thousand rubles
	Revenue, thousand rubles
	Number of days

1. Determine the turnover of receivables in days (About):

About = (DZ / V) × Q days,

where B is the sales proceeds for the analyzed period, rubles;

Qd is the number of days in the analyzed period.

Monthly turnover:

1st month: (10 / 112) × 30 = 2.7 days;
2nd month: (15 / 128) × 30 = 3.5 days;
3rd month: (10 / 117) × 30 = 2.6 days;
4th month: (20 / 142) × 30 = 4.2 days;
5th month: (22/150) × 30 = 4.4 days;
6th month: (17/134) × 30 = 3.8 days

2. Let's define the rate of days of turnover of receivables as the arithmetic mean for the analyzed periods:

(2.7 + 3.5 + 2.6 + 4.2 + 4.4 + 3.8) / 6 = 3.5 days

3. Determine the planned revenue for the 7th month. Suppose, for the example under consideration, according to the sales forecast, the planned volume of sales revenue for the 7th month is 140 thousand rubles.

4. Determine the standard value of receivables for the 7th month:

N DZ \u003d (V / Q days) × Norm of days,

for our example:

N DZ for the 7th month = (140 / 30) × 3.5 = 16.3.

Note that the formation of working capital involves an integrated approach.

When developing a working capital management policy, you need to determine which method is right for your company:

conservative approach involves the formation of significant insurance stocks of goods and materials for the continuity of the production process. This entails an increase in inventory holding costs. However, the risk of loss in the event of production or delivery failures is minimal.

The same situation is expected in matters of cash management: the presence of a larger safety stock on the company's settlement accounts and at the cash desk will make it possible to make a timely payment in almost any situation, however, in this case, the funds "do not work" and constantly depreciate;

an aggressive approach is the exact opposite of a conservative one: a minimum of stocks, an accurate calculation of the need for working capital. At the same time, the profitability of the enterprise increases, but the risk is very high: in force majeure situations, the enterprise simply will not be able to respond quickly, and production may stop;
a moderate approach is the "golden" mean between conservative and aggressive methods: moderate safety stock and, as a result, moderate risk and income.

Of course, the aggressive approach is the most profitable, it allows you to invest money without spending it on insurance stocks. However, in modern conditions, due to untimely shipments of materials, the presence of overdue accounts receivable, etc., this is practically impossible.

Operational control of the financial stability of the enterprise

Financial stability control begins with budgeting, which involves the management of the company's cash flows and allows you to balance the receipts and expenditures of funds, as well as increase the solvency of the enterprise.

The main documents in the budgeting system are the income and expenditure budget (BDR) and the cash flow budget (BDDS).

The budget of income and expenses (BDR) visually resembles the familiar form No. 2 of financial statements - a report on financial results. Information about cash flows, on the basis of which the company's ability to generate cash and the need to use these cash flows, is consolidated in the budget management system using the cash flow budget.

BDDS structurally represents the movement of funds (according to the current account and / or cash desk), reflecting the planned receipts and expenditures of funds in the course of entrepreneurial activity.

Forms these plans for the financial block of the enterprise, while everyone develops a form that is convenient for them or uses software.

Note!

It does not matter how and in what program the budgets are formed, the main thing is the mandatory analysis of the execution of the generated budgets (by generating reports, for example) and the mandatory detailing by months. This requires constant operational monitoring.

Daily (weekly, monthly) control over the state of solvency of the enterprise involves tracking the size of debts to other enterprises. To do this, enterprises form a payment plan for each day (Table 8) and monitor deviations, as well as monitor balances on accounts 51 “Settlement accounts” (and / or 52 “Currency accounts”) and 50 “Cashier”.

Table 8

Daily payment plan

No. p / p	Cost item	counterparty	Purpose of payment	Amount, rub.	Existence of delay, rub.
	Raw materials	Alpha LLC
	Raw materials	Alpha LLC	bearings
	Raw materials	LLC "Alpha""

The payment plan (see Table 8) can be supplemented with information on the cash balances on the company's current accounts at the beginning of the day and at the end of the day, then a picture of the daily solvency of the enterprise will be visualized.

Including cash flow information will provide a more complete picture.

For your information

The planned expenses of the enterprise may exceed the sum of the planned income and account balances, therefore, it is necessary to monitor the solvency of the enterprise on a daily basis, reducing such reports into weekly, monthly, etc.

If there is neither the required balance nor receipts (which will subsequently be displayed in the debit of account 51 “Settlement accounts”), debts to counterparties will increase. The indicator of balances at the beginning of the working day on account 51 "Settlement accounts" can also be included in the payment plan in order to control their spending.

Additionally, payment plans sometimes include information on a non-decreasing balance (previously considered safety stock) at the end of the period (as a rule, the amount of money that is needed to ensure uninterrupted operation for the next period, the so-called "airbag").

If there are not enough funds to make payments, it is worth looking at the turnover on this account for the previous day (week, month): the debit of account 51 will reflect the income, the credit - the expense.

Displaying information about both the receipt of funds and their expenditure, the document allows you to synchronize cash flows and, therefore, to increase the effectiveness of control over the financial health of the enterprise as a whole.

Also important in the issue of financial stability management is the analysis of receivables and payables. Accounts receivable in the balance sheet is displayed as the company's own funds, and accounts payable - borrowed. Therefore, the analysis of the debts of the enterprise is primarily necessary to determine the solvency of the enterprise.

To reflect the state of affairs on mutual settlements, you can use the report (Table 9). Such reports can be generated both in MS Excel and in automated programs that generate such reports based on accounting data.

Table 9

Report on receivables and payables

No. p / p	Debtors/creditors	Debt at the beginning of the period, rub.	Shipment, rub.	Payment, rub.	Debt at the end of the period, rub.
No. p / p	Debtors/creditors	Debt at the beginning of the period, rub.	Shipment, rub.	Payment, rub.	Debt at the end of the period, rub.
	Debtors
	Alpha LLC
	OOO "Beta"
	Lenders
	OOO "Gamma"
	OOO "Omega"

The report on the obligations of the enterprise can be “loaded” with additional information, for example, enter information about the planned repayment dates, contract number, numbers of payment orders and invoices, etc. Such a report allows you to quickly respond if you need to urgently release funds or resolve the issue of obtaining a loan .

In debt management, special attention should be paid to the oldest debts and the largest amounts of debt. To do this, you can create a register of aging debts, especially receivables (Table 10).

Table 10

Accounts Receivable Aging Register

No. p / p	counterparty	Term of accounts receivable
		up to 15 days	15-30 days	30-60 days	over 60 days

	Alpha LLC
	OOO "Beta"
	OOO "Gamma"
	Sigma LLC

Analysis of the receivables aging register will allow you to control the change in receivables for a specific date or period, and most importantly, to see counterparties that systematically violate obligations, as well as to form a rating of solvent and insolvent representatives.

If the counterparty once got into the register, it is worth paying attention to, but this does not yet mean its financial insolvency.

Subsequently, information from receivables aging registers can be used to conclude new contracts, for example, to offer counterparties who have been assigned the status of responsible payers, more favorable contractual terms. And with regard to insolvent counterparties, it is worth raising the question of the advisability of interacting with them.

Some companies establish systems of discounts and markups, which are associated with the peculiarities of payment, for example, a discount is provided for partial prepayment, and a markup for deferred payment.

A. N. Dubonosov,
Deputy Managing Director for Economics and Finance

Features of managing the financial stability of the enterprise. Company financial stability management system

operating cycle. financial cycle

The model of managing the financial stability of an enterprise

1. The concept of financial stability of the organization

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