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

Cash flow management is not just survival management, but dynamic capital management based on changes in value over time. In the process of circulation, circulating assets inevitably change their functional form and, as a result of the sale of finished products, turn into cash. Funds are mainly stored in the settlement (current) account of the enterprise in the bank, since a significant part of settlements between business entities is carried out in a non-cash manner. In small amounts, funds are at the cash desk of the enterprise. In addition, buyers' funds may be in letters of credit and other forms of settlement until their expiration.

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

Cash Is the most liquid assets, which in a certain size must be constantly present in the composition working capital otherwise the company will be declared insolvent.

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

The amount of estimated cash receipts from product sales is calculated taking into account the average term for payment of invoices and sales on credit. The change in accounts receivable for the selected period is also taken into account, which can increase or decrease the cash flow. In addition, the impact of non-operating transactions and other receipts is determined.

In parallel, cash outflows are forecasted, i.e. the expected payment of invoices for the goods (services) received, mainly the repayment of accounts payable. Provides payments to the budget, tax authorities, payment of dividends, interest, remuneration of employees of the enterprise, possible investments and other expenses.

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

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

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

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

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

1) sales proceeds;

2) profit;

3) cash flow.

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

Let's consider what is the difference between cash flow and profit.

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

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

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

Cash flow an enterprise is a set of distributed over time receipts and payments of funds generated by its economic activities.

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

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

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

- when calculating profit, production costs are recognized after their sale, and not at the time they are paid;

- cash flow reflects cash flows that are not taken into account when calculating profit: depreciation, capital expenses, taxes, fines, debt payments and net debt, borrowed and advanced funds.

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

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

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

- the distribution in time of this cash flow;

- risks associated with the generated cash flow.

Distribution-related financial resources are important element reproduction and form the basis of the system of management of material and cash flows of the enterprise. The financial resources of the enterprise are in constant motion, which are managed within the framework of financial management. In turn, the cash flows of the enterprise represent the movement (inflows and outflows) of funds on the settlement, foreign exchange and other accounts and at the cash desk of the enterprise in the course of its economic activities, in the aggregate making up its cash turnover. In this regard, the pace strategic development and the financial stability of an enterprise is largely determined by how much cash inflows and outflows are synchronized with each other in time and in volume, since a high level of such synchronization contributes to the accelerated implementation of the selected goals.

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

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

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

The concept of "cash flow of an enterprise" includes many types of these flows, and to ensure effective management of them, a classification is necessary.

By the scale of service of the economic process

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

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

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

- cash flow for individual business operations- is considered as the primary object of self-management.

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

- cash flow from operating activities - characterized by cash payments to suppliers of raw materials and supplies; to third-party contractors of certain types of services providing operational activities; wages to personnel involved in the operational process, as well as managing this process; tax payments of the enterprise to the budgets of all levels and to off-budget funds; other payments related to the implementation of the operational process. At the same time, this type of cash flow reflects cash receipts from buyers of products; from the tax authorities in order to recalculate amounts overpaid and some other payments provided for by international accounting standards;

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

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

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

By the direction of cash flow there are two main types of cash flows:

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

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

The lack of volumes in time for one of these flows leads to a subsequent reduction in the volumes of the other type of these flows. In the cash flow management system of an enterprise, both of these types of cash flows represent a single (complex) object of financial management.

Table 2.1Cash flow components

Volume calculator

- gross - characterizes the entire set of receipts or expenditures of funds in the considered period of time in the context of its individual intervals;

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

NPP = PPP - PPP,

where NPP is the sum of the net cash flow in the period under consideration; PDP - the sum of positive cash flow (cash inflows) in the period under review; MTO - the amount of negative cash flow (spending of funds) in the period under review.

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

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

- excessive - characterizes a cash flow in which the receipts of funds significantly exceed the real need of the enterprise in their purposeful spending. The evidence of excess cash flow is a high positive value of the net cash flow that is not used in the process of carrying out the economic activities of the enterprise;

- scarce - defines a cash flow in which the receipts of funds are significantly lower than the real needs of the enterprise in their purposeful spending. Even with a positive value of the amount of net cash flow, it can be characterized as a deficit if this amount does not meet the planned need for spending money in all the foreseen areas of the company's economic activity. A negative value of the amount of net cash flow automatically makes this flow in deficit.

Estimated over time distinguish the following types of cash flows:

- present - characterizes the cash flow of the enterprise as a single comparable value, reduced in value to the current moment time;

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

By the continuity of formation in the period under consideration the following types of enterprise cash flows are distinguished:

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

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

For a certain minimum time interval, all cash flows of an enterprise can be considered as discrete, and, conversely, within the framework of life cycle the enterprise the majority of its cash flows are regular.

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

- regular cash flow at regular time intervals within the period under review - has the character of an annuity;

- regular cash flow with irregular time intervals within the period under review - a schedule of lease payments for the leased property with the agreed parties at irregular time intervals during the lease term of the asset.

For liquidity or change in the net credit position of the company during a certain period distinguish the following types of cash flows:

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

- illiquid - characterized by a negative change in the company's net credit position during the period. In this case, the net credit position is understood as the negative difference between the amount of loans received by the company and the amount of cash.

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

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

LDP = - [(DKk + KKk - DSk) - (DKn + KKn - DSn)],

where LDP is liquid cash flow; DKk, DKn - long-term loans, respectively, at the end and beginning of the period; ККк, ККн - short-term loans, respectively, at the end and beginning of the period; DSk, DSn - cash, respectively, at the end and beginning of the period.

By the peculiarities of the alternation of inflows and outflows in time cash flows can be:

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

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

By the nature of balance

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

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

By the degree of riskiness cash flows are:

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

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

By predictability distinguish the following types of cash flows:

- predictable - when a firm operates in a relatively stable financial, economic and political environment, many external negative factors are neutralized, and internal factors are predicted from the history of sustainable development within the framework of representative statistical samples, i.e. systematic risks are neutralized by government policy, and technical internal risks are predicted from high degree probabilities;

- unpredictable - when a firm operates in an unstable financial, economic and political environment, many external negative factors manifest themselves as uncertainties, and internal factors are predicted due to unrepresentative statistical samples expert methods, i.e. systematic risks have a high level of uncertainty and are almost not predicted due to the crisis of the government stabilization policy, and technical internal risks are predicted with a low degree of probability.

By controllability cash flows can be:

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

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

By controllability cash flows are subdivided into:

- on a controlled - flow, inflows and outflows of which are predictable and manageable, the balance of which is formed at the smallest deviation from the planned level, i.e. "Plan - fact - deviation" is minimal in terms of intermediate and final financial results;

- uncontrolled - the flow, the inflows and outflows of which cannot be predicted and controlled, the balance of the flow is formed when there is a significant deviation from the planned level, i.e. “Plan - fact - deviation” as much as possible in terms of interim and final financial results.

Whenever possible synchronization cash flows are:

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

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

Where possible optimization distinguish between cash flows:

- optimizable - a flow, the inflows and outflows of which lend themselves to alignment and synchronization in time, smoothing the inflow and outflow volumes in the context of individual intervals of the time period with the elimination of the significant influence of seasonal and cyclical changes in the formation of flows, when the average cash balances correspond to the average financial needs of the company;

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

By efficiency in relation to profitability indicators cash flows divide:

- effective - flow, the soft balance of which at the same time contributes to the growth of profitability, especially profitability equity capital in such a way that sustainable growth of the company is ensured, and indicators of financial stability and profitability are improving at the same time;

- ineffective but balanced - a flow, a tight balance of which occurs due to a decrease or loss of profitability, especially the return on equity in such a way that a chronic loss ratio is ensured after covering current liabilities, and the indicator of strengthening current financial stability, solvency, liquidity is improved at the cost of loss of profitability.

The considered classification allows for more targeted accounting, analysis and planning of cash flows. different types at the enterprise.

2.3. Tasks and stages of cash flow analysis

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

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

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

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

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

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

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

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

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

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

- the volume of funds received;

- the amount of money spent;

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

- the volume of net cash flow;

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

- assessment of internal and external factors affecting the formation of the company's cash flows.

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

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

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

2.4. Analysis of the cash flow statement

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

The main purpose of the DDS is to provide information on changes in the volume of cash and cash equivalents to characterize the ability of the organization to generate cash.

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

- allows you to show the main sources of inflow and directions of cash outflow;

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

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

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

The fundamental formula by which the calculation of the amount of net cash flow from the operating activities of the enterprise (NPP) by the direct method is carried out is as follows:

ChDPo = RP + PPo - Ztm - ZPo.p - ZPau - NBb - NPv.f - PVo,

where RP is the amount of funds received from the sale of products; PPo - the amount of other cash receipts in the course of operating activities; Ztm - the amount of money paid for the purchase of a commodity material values- raw materials, materials and semi-finished products from suppliers; ЗПо.п - the amount of wages paid operational staff; ЗПау - the amount of wages paid to administrative and management personnel; NPb - the amount of tax payments transferred to the budget; NPv.f - the amount of tax payments transferred to extra-budgetary funds; PVo - the amount of other cash payments in the course of operating activities.

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

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

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

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

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

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

By operating activity basic element calculating the net cash flow of an enterprise by an indirect method is its net profit received in the reporting period. By making appropriate adjustments, the net profit is then converted to a net cash flow figure. The fundamental formula by which the amount of the company's net cash flow from operating activities in the period under review is calculated is as follows:

ChDPo = CP + AOS + ANA ± DZ ± Ztmts ± KZ ± R,

where PE is the sum net profit enterprises; AOC - the amount of depreciation of fixed assets; ANA - the amount of amortization of intangible assets; ДЗ - increase (decrease) in the amount of accounts receivable; Ztmts - an increase (decrease) in the amount of stocks of inventories included in current assets; KZ - increase (decrease) in the amount of accounts payable; Р - increase (decrease) in the amount of the reserve and other insurance funds.

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

Table 2.2 Direct method statement of cash flows of an enterprise

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

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

2.5. Cash flow optimization techniques

The basis for optimizing the company's cash flows is to ensure a balance between the volumes of their positive and negative types. Both deficit and excess cash flows have a negative impact on the results of the company's economic activity.

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

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

Slowing down cash payments in the short term can be achieved:

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

- increase, by agreement with the suppliers, of the terms of granting the enterprise a commodity (commercial) loan;

- replacement acquisition long-term assets requiring renovation for their rent (leasing);

- restructuring the portfolio of received financial loans by transferring their short-term types to long-term ones.

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

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

- by attracting strategic investors in order to increase the amount of equity capital;

- additional issue of shares;

- attracting long-term financial loans;

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

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

Reduced volume negative cash flow in the long term can be achieved through the following activities:

- reducing the volume and composition of real investment programs;

- refusal from financial investment;

- reducing the amount of fixed costs of the enterprise.

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

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

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

- implementation of regional diversification of the company's operating activities;

- active formation of a portfolio of financial investments;

- early repayment of long-term financial loans.

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

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

By the level of "neutralization"(a term denoting the ability of cash flow a certain kind change over time) cash flows are divided into amenable and non-changeable. An example of a cash flow of the first type are lease payments, the period of which can be set by agreement of the parties, an example of a cash flow of the second type are tax payments, the payment date of which cannot be violated by the company.

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

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

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

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

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

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

The final stage of optimization is to ensure the conditions for maximizing the net cash flow of the enterprise. Growth in net cash flow drives up the pace economic development enterprises on the principles of self-financing, reduces the dependence of this development on external sources of formation financial resources, provides an increase in the market value of the enterprise.

2.6. Development of a payment calendar

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

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

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

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

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

- to the maximum extent to ensure the necessary absolute liquidity of the enterprise's cash flow, i.e. his solvency in the short term;

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

The main goal of developing a payment calendar (in all its variants) is to establish specific dates for the receipt of funds and payments of the enterprise and bring them to specific performers in the form of planned targets. With this purpose in mind, a billing calendar is sometimes referred to as a "fixed date payment plan".

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

1) the schedule of upcoming payments;

2) the schedule of upcoming cash flows.

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

The time schedule of payments is usually kept in the payment calendar every day, although certain types of this planning document may have a different frequency - weekly or every ten days (if such frequency does not significantly affect the course of the company's monetary turnover or is caused by the uncertainty of the timing of payments).

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

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

Tax payment calendar is developed for the enterprise as a whole and usually contains only one section - "schedule of tax payments" (return payments for tax recalculations of funds are usually included in the calendar of collection of receivables). As part of this payment calendar, the amounts of all types of taxes, fees and other tax payments transferred by the enterprise to the budgets of all levels and to off-budget funds are reflected. As a rule, the last day is chosen as the calendar date of payment. the deadline transfers of tax payments of each type.

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

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

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

Calendar (budget) for the formation of inventories is usually developed for the corresponding cost centers (structural units that provide material and technical support for production). The payments reflected in this calendar usually include the cost of purchased raw materials, materials, semi-finished products, components, as well as transportation and insurance costs during transportation. If the generated production stocks require special storage modes (cooling, gaseous environment, etc.), then this type of payment calendar can reflect the costs of their storage. The specified calendar contains only one section - "the schedule of payments related to the formation of production inventories." The amounts and dates of these payments are established in accordance with contracts with counterparties or plans for the purchase of inventory items. Usually, these payments also reflect the repayment of the accounts payable of the enterprise for settlements with suppliers.

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

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

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

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

Calendar (capital budget) for the implementation of the real investment program compiled for the enterprise as a whole, if large-scale investments are not made for separately developed investment projects. In this kind of operational financial plan contains indicators of two sections - "the schedule of capital expenditures" (the cost of acquiring fixed assets and intangible assets) and "the schedule of receipt of investment resources" (in the context of their individual sources).

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

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

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

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

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

The listed types of payment calendar as a form of an operational planning document can be supplemented taking into account the volume and specifics of the economic activity of the enterprise. The company sets the specific list of payment calendar types independently, taking into account the requirements of the efficiency of money management.

One of the areas of enterprise financial management is effective management of cash flows. A complete assessment of the financial condition of an enterprise is impossible without an analysis of cash flows. Currently, the majority of enterprises (over 80%) have a shortage of working capital. At the same time, many of them operate profitably. One of the tasks of cash flow management is to identify the relationship between these flows and profits, i.e. whether the profit earned is the result of effective cash flows or is it the result of some other factor.

When analyzing the financial condition of an enterprise, it is necessary to clearly understand that the profit for the reporting period and the cash received by the enterprise during the period are not the same.

What is the difference between cash flow and profit:

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

Profit- the difference between the accounting income from sales and the accrued expenses for the products sold.

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

Profit is an increase in the company's cash over the period, which characterizes the efficiency of enterprise management. The presence of profit does not mean that the enterprise has free funds available for use.

There are concepts such as "cash flow" and "cash flow".

Under cash flow refers to all gross receipts and payments of the enterprise.

Cash flow is associated with a specific period of time and represents the difference between all funds received and paid by enterprises for this period.

The movement of money is the fundamental principle, as a result of which finances arise, i.e. financial relations, cash funds, cash flows.

Cash flow management involves:

Analysis of these flows,

Cash flow accounting,

Development of a cash flow plan.

In world practice, cash flow is denoted by the concept "Cash flow"(cash flow), although the literal translation (from English) of this term is cash flow. A cash flow in which outflows exceed inflows is called "negative cash flow", otherwise it is called "positive cash flow".

Since the main activity of the company is the main source of profit, it should also be the main source of funds.

Since, with the successful conduct of business, the enterprise strives to expand and modernize production facilities, investment activities in general lead to a temporary outflow of funds.

Financial activities are intended to increase the funds at the disposal of the company for the financial support of the main and investment activities.

As already noted, cash flows are related to cash inflows and outflows:

Cash inflow (inflow)	Kind of activity	Cash outflow (outflow)
Revenue from the sale of products Receipt of receivables Receipt from the sale of tangibles, barter Advances from buyers	Primary activity	Payments to suppliers Payment of wages Payments to the budget and extra-budgetary funds Payments of interest on loans Payments on the consumption fund Payments payable
Sale of fixed assets, intangible assets, construction in progress Receipt of funds from the sale of long-term financial investments Dividends, interest on long-term financial investments	Investment activities	Capital investments for the development of production Long-term financial investments
Short-term loans and borrowings Long-term loans and borrowings Proceeds from the sale and payment of promissory notes Proceeds from the issue of shares Targeted financing	Financial activities	Repayment of short-term credits and loans Repayment of long-term credits and loans Payment of dividends Payment of bills

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

Cash flow analysis is associated with finding out the reasons that influenced:

Increased cash flow;

Decrease in their inflow;

An increase in their outflow;

Reducing their outflow.

This can be done both over a long period (several years) and over a short period (quarter, year). Such an analysis will be of undoubted interest if it is done over a period that reflects some stage in the activities of the enterprise, for example, from the moment of creation joint stock company, the beginning of the release of new products, the end of the reconstruction, etc.

There are two methods for calculating cash flow:

direct and indirect.

The differences between these methods follow from the principles of calculations.

At direct method :

The calculation of flows is carried out on the basis of the accounting accounts of the enterprise;

The basis for calculating with the direct method is the proceeds from the sale of products;

Cash flow is defined as the difference between all inflows of funds at the enterprise for three types of activities and their outflows;

The balance of funds at the end of the period is defined as their balance at the beginning, taking into account their flow for the period.

As a result, the enterprise receives answers to questions regarding cash inflows and outflows and their adequacy to meet all payments.

at indirectly method:

- the calculation is carried out on the basis of the balance sheet indicators of the enterprise (F-1) and the statement of financial results (F-2);

The basis for the calculation is retained earnings, depreciation, and changes in the company's assets and liabilities. Here an increase in assets reduces the enterprise's cash assets, and an increase in liabilities increases, and vice versa;

Shows the relationship of various activities of the company, as well as the impact on profit of changes in the assets and liabilities of the company.

Types and forms of payments

Carrying out economic activities, the enterprise is faced with the need to produce cash settlements both within the enterprise itself and outside it. Internal settlements are related to the payment of wages and accountable amounts to employees, dividends to shareholders, etc. External settlements are due to financial relationships regarding the supply of products, performance of work, provision of services, purchase of raw materials and materials, payment of taxes, contributions to extra-budgetary funds, receipt and repayment of loans and etc.

All calculations of the enterprise can be divided into groups:

1. Payments for commodity transactions - operations related to the movement of goods, settlements with suppliers and contractors, buyers and customers, commission agents and committees.

2. Settlements for non-commodity transactions - operations not conditioned by the movement of goods and associated only with the movement of funds - settlements with the budget and extrabudgetary funds, founders, shareholders, accountable persons, trustees and attorneys, credit institutions

Settlements for commodity transactions are made by the following types of payments:

Payment orders;

Planned payments:

Payment orders-orders;

Letters of credit;

Payment checks;

Offsetting mutual claims;

Bills of exchange;

Oncoming movement of goods (commodity exchange operations).

For non-commodity transactions, settlements are made only with the help of payment orders.

Depending on the type of activity, cash flows are distinguished by operating, investment and financial activities.

Operating activities brings the organization main revenues and main cash flows.

Operational (current) activity is the activity of an organization that pursues the extraction of profit as the main goal, or that does not have the extraction of profit as such a goal in accordance with the subject and objectives of the activity.

So, cash flows from operating activities mainly arise from the main, income-generating activities of the organization and are the result of transactions and events that are included in the determination of net profit (loss). Cash flows from operating activities include:

• cash receipts from the sale of goods, products, performance of work, provision of services, repayment of accounts receivable, rent and other income;
• cash payments to suppliers of raw materials, materials and services, salaries to personnel, taxes and fees to budgets of all levels and off-budget funds, interest on loans and borrowings and other payments related to the implementation of the operational process.

Investment activities the activities of the company are considered related to capital investments in connection with the acquisition of fixed assets, intangible assets and other non-current assets, as well as their sale; with the implementation of long-term financial investments in other enterprises, the sale of securities, other financial investments, etc.

Thus, investing activity is the acquisition and sale of long-term assets and financial investments that are not related to cash equivalents.

Financial activities a company is considered to be activities related to the implementation of short-term financial investments, the issue of shares and other securities, the attraction and repayment of loans, etc. Financial activity leads to changes in the size and structure of equity and debt capital (excluding current payables).

In the most concentrated form, the classification of cash flows according to various characteristics can be presented in a tabular form:

Classification attribute	Cash flow name
1. The scale of servicing financial and business processes (management level)	Enterprise cash flow
	Cash flow of a structural unit
	Cash flow of an individual business transaction
2. Type of financial and economic activity	Total cash flow
	Cash flow of current activities
	Investing cash flow
	Cash flow of financial activities
3. Direction of movement	Incoming cash flow (inflow)
	Outgoing cash flow (outflow)
4. Form of implementation	Cashless cash flow
	Cash cash flow
5. Scope of treatment	External cash flow
	Internal cash flow
6. Duration	Short-term cash flow
	Long-term cash flow
7. Sufficiency of volume	Excess cash flow
	Optimal cash flow
	Deficit cash flow
8. Type of currency	Cash flow in local currency
	Foreign currency cash flow
9. Predictability	Planned cash flow
	Unplanned cash flow
10. Continuity of formation	Regular cash flow
	Discrete cash flow
11. Stability of time intervals of formation	Regular cash flow at regular time intervals
	Regular cash flow at irregular time intervals
12. Estimation in time	Current cash flow
	Future cash flow

Let's briefly describe each group of this classification.

1. Depending on the scale of servicing financial and business processes the most generalizing is the cash flow of the enterprise. It is characterized by the receipt and use of funds at the level of the enterprise as a whole.

The cash flow of each structural unit separately becomes an independent subject of research as a result of the allocation of branches, representative offices and other structural units of the enterprise as separate objects of management.

The existence of a cash flow of a separate business transaction depends on the ability to single out this business transaction as a separate component of all financial and business processes of the enterprise and on the ability to determine the associated cash flow.

2. By type of financial and economic activity, the most aggregated is the total cash flow. It is characterized by any cash flow occurring at the level of the research object.

The cash flow of current activities is characterized by the receipt of funds from buyers (customers) and their use associated with ensuring the process of manufacturing products, performing work, rendering services, selling purchased goods, etc.

The cash flow of investment activities is formed when the enterprise carries out activities related to investments in non-current assets, as well as their sale.

The cash flow of financial activities is characterized by the movement of funds in connection with the implementation by the enterprise of short-term financial investments and the disposal of shares, bonds, etc. previously acquired for a period of up to 12 months.

3. In the direction of cash flow there are two cash flows: incoming and outgoing.

Incoming cash flow (inflow) is characterized by the totality of cash inflows to the company for a certain period of time.

Outgoing cash flow (outflow) is characterized by the totality of use (payments) of cash by the enterprise for the same period of time.

4. By forms of implementation there are two cash flows: non-cash and cash.

A feature of non-cash cash flow is its formation at the enterprise only in the form of entries in the accounts.

Cash flow is characterized by the receipt or payment of banknotes and coins by an entity.

5. Depending from the sphere of circulation the cash flow of the enterprise can be external or internal.

External cash flow is characterized by the receipt of funds from legal entities and individuals, as well as the payment of funds to legal entities and individuals... It helps to increase or decrease the company's cash balance.

Internal cash flow is characterized by a change in the location and form of funds that the company has. It does not affect their balance, since it constitutes an internal turnover.

6. By duration cash flow is divided into short-term and long-term.

Cash investments in other properties for up to one year constitute short-term cash flow.

If the term exceeds one year, then the cash flow is characterized as long-term.

7. By the sufficiency of the volume the cash flow of the enterprise can be excessive, scarce or optimal.

Excess cash flow is characterized by the excess of cash inflows over the current needs of the enterprise. It is evidenced by the high positive value of the net cash balance that is not used by the enterprise in the process of carrying out financial and economic activities.

When the incoming funds are insufficient to meet the current needs of the enterprise, a deficit cash flow is formed. Even with a positive value of the amount of the net cash balance, it can be characterized as a deficit if this amount does not meet the planned need for funds in all the foreseen areas of the financial and economic activities of the enterprise. A negative value of the sum of the net cash balance automatically makes this flow deficit.

The optimal cash flow is characterized by a balance in the receipt and use of cash, contributing to the formation of their optimal balance, which allows the company to timely fulfill its obligations, which require settlements only in cash, and at the same time maintain the highest possible profitability of cash.

8. By types of currencies... The cash flow of an enterprise is characterized as a cash flow in national currency if the unit of account is the monetary unit of the country in which the enterprise is located. A cash flow in foreign currency is formed at the enterprise if the unit of account is the monetary unit of another country.

9. By predictability... The planned cash flow is characterized by the ability to predict how much and when cash will be received by the company or will be used by it. Cash flow that occurs in the enterprise unplanned is characterized as unplanned cash flow.

10. Depending from the continuity of formation an entity may have regular cash flow and discrete cash flow.

Regular cash flow is characterized by the receipt and use of funds, which in the period under review are carried out continuously at separate intervals. Discrete cash flow is characterized by cash flows associated with the implementation of single financial transactions.

11. By the stability of time intervals of formation:

• regular cash flow at regular time intervals within the period under review. This cash flow of receipt or expenditure of funds is of the nature of an annuity;
• regular cash flow at irregular time intervals within the period under review. An example of such a cash flow would be a schedule of lease payments for leased property with agreed parties at irregular intervals during the lease period of the asset.

12. Estimated over time there are the following types of cash flow:

• current cash flow. It characterizes the cash flow of the enterprise as a single comparable value, reduced in value to the current moment in time;
• future cash flow. It characterizes the cash flow of the enterprise as a single comparable value, reduced in value to a specific upcoming moment in time. The concept of future cash flow can also be used as its nominal identified value in the forthcoming moment of time (or in the context of intervals of the future period), which serves as a discount base in order to bring it to its present value.

The use of the presented classification in practice will make it possible to more purposefully carry out accounting, analysis and planning of cash flows in order to effectively manage them.

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

Cash flows are used to ensure the functioning of the company in virtually all aspects. In order to achieve the required business goals, to ensure stable growth, the finance manager needs to organize optimal cash flow management. For this purpose, it is convenient to classify cash flows into types.

Classification of cash flows by types

1. By direction of movement:

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

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

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

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

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

3. By type of activity:

• Cash flow for current activities. Includes proceeds from sales of core activities, advances from buyers, revenue from auxiliary activities and repayment of debts to suppliers, salaries, tax payments to the budgetary fund.
• Cash flow from investing activities. For example, it includes cash flow associated with the acquisition of property or the sale of long-term assets.
• Cash flow from financial activities. Includes receipts of loans and borrowings, interest payments, dividend payments, etc.

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

4. In relation to the company:

• Internal cash flow. Cash flow within the company.
• External cash flow. Cash flow between the company and its counterparties.

5. Calculated:

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

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

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

The amount of NPH can be either positive or negative. This indicator affects the size of the company's monetary assets.

6. By the level of sufficiency:

• Excess cash flow. In this case, the proceeds are much higher than the real needs of the company in their spending. The indicator of redundancy is a high positive value of NPP.
• Deficit cash flow. In this case, the proceeds are significantly lower than the real needs of the company in their spending. In this case, the amount of NPP may be positive, but it does not meet all the needs of the company for spending money. A negative NPR automatically means a deficit.

7. By the level of balance:

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

The formula for the balance between certain types of cash flows for the period:

Amount of positive cash flow = Amount of negative cash flow + Envisioned increase in the amount of cash stock.

• Unbalanced cash flow. In this case, equality is not guaranteed. Both deficit and excess aggregate cash flow are imbalanced.

8. By time period:

• Short-term cash flow. The period from the beginning of the receipt of funds (or payments) to the end is not more than 1 year.
• Long-term cash flow. The period from the beginning of the receipt of funds (or payments) to the end of more than 1 year.

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

9. By importance in the formation financial results activities:

• Priority cash flow - forms a high level of net cash flow (or net profit). For example, receipts from the sale of goods.
• Secondary cash flow - in terms of its functional focus or insignificant volume, does not significantly affect the formation of financial results. For example, the issuance of funds on a statement.

10. Estimated over time:

• Current cash flow is a comparable amount at cost to the current moment in time.
• Future cash flow is a comparable amount at cost to a specific future point in time.

Typically, this classification is used in discounting.

11. In accordance with international accounting standards, cash flows are also divided by type of economic activity:

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

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

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

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

1. The concept of cash flow

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

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

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

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

"Cash flow is a set of receipts and payments of funds distributed over time, generated by the economic activity of an enterprise."

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

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

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

You can also highlight the approach in which cash flows are considered in a broad sense as the sum of retained earnings and depreciation charges, which is closely related to the first approach to determining cash flow.

Summarizing the approaches to determining the essence of cash flows, it is possible to define this economic category as a set of real inflows and outflows of cash and cash equivalents, distributed at each specific point in time of the period under consideration and serving all processes of the organization's economic activity.

The process of managing the company's cash flows is also not unambiguous. Some economists reduce this process to determining the optimal level of cash balance and its use in the financial activities of the organization.

Summarizing the definitions of various economists related to the category of "management", it is possible to characterize the management of cash flows of an enterprise as the organization of a purposeful and planned impact of the management system on financial and economic relations arising in the process of movement of the organization's money capital. This impact is aimed at fulfilling the assigned tasks, as well as ensuring the effective formation, use and distribution of the company's monetary capital using the appropriate principles, functions and management methods.

The value of the indicator of cash flows in the analysis of the activities of a company is very high: it shows the ability of a company to pay for the goods and services it needs, to pay dividends to shareholders, and it is often used as a basis for assessing the business.

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

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

- the result of monetary relations arising in the enterprise, which in this case are the result of the movement of money;

- organized and controlled processes;

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

- as an indicator, the cash flow has a number of economic characteristics, such as intensity, liquidity, profitability, sufficiency, etc.

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

1. Improving cash flow management is tantamount to bringing additional cash into circulation. Moreover, this problem is often considered to be of secondary importance to managers.

2. For large, long-term operating enterprises, management is beneficial from the point of view of both increasing the efficiency of the funds used, and obtaining additional profits, increasing profitability.

3. For young, small enterprises, management is especially important, because they must rely on their own "sources of funds, since external ones are not always available for them both in price and in the possibility of obtaining.

4. Professional cash flow management has a positive effect on the relationship of the company with banks, suppliers, buyers, etc.

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

- payment for raw materials and supplies;

- sale (shipment of finished products, provision of services, performance of work);

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

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

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

1. Improving the efficiency of enterprise financial management.

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

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

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

5. Improving the efficiency of the use of funds in the company's turnover, accelerating their turnover.

6. Expanding sales by expanding control over cash flows and improving their management.

7. Receiving additional profits and increasing the profitability of the enterprise.

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

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

2. Types and classification of enterprise cash flows

In fig. 1 shows the classification of the enterprise's cash flows. To visualize the relationship of cash flows, conditional figures are used.

Rice. 1. Classification of cash flows

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

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

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

A positive net flow can be excessive or scarce. Excess flow means a significant excess of cash flow over demand. Deficit cash flow characterizes the opposite phenomenon, when receipts are insufficient to cover the need. Negative flow, of course, is always in short supply.

The interim estimate determines the cash flow as present and future. The present flow is determined in the assessment of the present time, and the future flow is determined in the assessment of some future specific point in time by discounting, i.e. speculation of future cash flows in a comparable form to the present.

In terms of consistency, cash flows are regular and discrete. A regular flow goes on constantly for a certain period of time, and a discrete flow is a single receipt and expenditure of money by an enterprise for a certain period. Most of the cash inflows and outflows are recurring. Discrete flows are the acquisition of property, obtaining a long-term loan, receipts from the payment of a large bill, purchase of a license, etc. Regular cash flows can be both at regular monetary intervals, and with uneven ones.

Depending on the scale, cash flows are:

- for the enterprise as a whole;

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

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

- for individual business operations or stages in the activities of the enterprise, for example, from the moment of the creation of a joint-stock company, the start of the release of new products, the end of reconstruction, etc .;

- own and borrowed funds;

- gross flows and flows based on financial results.

3. The efficiency of the company's cash flows

The statement of cash flows as a whole for the enterprise and for certain types of activities is part of the financial statements.

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

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

You can use the following formula to calculate the projected cash balance:

4. Management of cash flows of the enterprise

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

The main tasks of cash flow management are as follows:

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

- ensuring the liquidity of the enterprise;

- assessment of various types of investments and placement of surplus funds;

- identifying sources of short-term financing;

- risk management on interest rates and exchange;

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

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

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

2. Analysis of cash flows in the previous period.

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

4. Optimization of cash flows.

5. Ensuring effective control over cash flows.

5. Accounting for enterprise cash flows

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

1. The principle of informative reliability

2. The principle of ensuring balance

3. The principle of ensuring efficiency

4. The principle of ensuring liquidity

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

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

The objects of the cash flow accounting system are:

- system of cash and non-cash payments;

- management of working capital;

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

- the policy of attracting new financial resources;

- management of the capital structure of the enterprise;

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

- property and financial condition of the enterprise;

- business activity and efficiency of the enterprise.

The cash flow accounting system is designed to provide:

1. Coverage of all financial transactions, i.e. be continuous and continuous, reflect all transactions on the movement of the company's financial resources and its funds for all receipts, payments, balances in various monetary forms - cash at the cash desk, non-cash funds in bank accounts, in letters of credit, in settlements, securities and any other places of their storage or location;

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

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

4. Control over the condition and targeted use of the company's working capital.

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

- directly involved in business in this enterprise;

- outside of this enterprise but have a direct financial interest in the business;

- having an indirect financial interest in the business.

The first group of users is made up of the management of the enterprise, who are responsible for the conduct of business and for the achievement of the tasks set by the enterprise.

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

The third group of persons with an indirect financial interest is a wide variety of users of accounting (financial) statements. These are the tax service, state statistics bodies, various financial advisors, etc.

In the reporting of Russian enterprises there are forms that reflect cash flows. This:

- report on changes in equity - form No. 3;

- cash flow statement - form No. 4;

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

6. Cash flow analysis

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

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

Thus, the main objects of cash flow analysis are:

- positive flow - tributaries;

- negative flow - outflows;

- cash balance.

Cash flow analysis is associated with the identification of the reasons that influenced the following processes:

- an increase in the inflow of funds;

- decrease in their inflow;

- an increase in their outflow;

- reduction of their outflow.

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

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

7. Planning cash flows

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

The planned indicators of the company's cash flows are calculated in the form of an operational financial plan, the so-called payment calendar. It is developed for a month at intervals of 5, 10 or 15 days.

The peculiarity of the payment calendar is that the company first determines all its cash expenditures for a month, and then seeks cash resources to cover the costs if cash income is insufficient.

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

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

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

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

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

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

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

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

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

8. Optimization of cash flows

Optimization of cash flows is the process of choosing the best forms of their organization at an enterprise, taking into account the conditions and characteristics of its economic activities. Mechanisms for minimizing financial risks play an important role in optimizing cash flows.

Optimization of cash flows is one of the most important functions of cash flow management aimed at increasing their efficiency in the coming period.

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

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

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

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

- increasing the amount and quality of the net cash flow generated by the economic activity of the enterprise.

The basis for optimizing the company's cash flows is to ensure a balance between the volumes of their positive and negative types. Both deficit and excess cash flows have a negative impact on the results of the company's economic activity.

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

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

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

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

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

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

9. Control of enterprise cash flows

Ensuring effective control over cash flows can significantly reduce the risk of insolvency of the company. Even for enterprises that successfully carry out economic activities and generate a sufficient amount of profit, insolvency can arise as a result of the imbalance of various types of cash flows over time. The synchronization of the receipt and payment of funds, achieved in the process of managing the company's cash flows, eliminates this factor of the emergence of its insolvency.

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

The responsibility for maintaining control over cash flows lies with the chief financial officer of the entity. To ensure effective control over cash flows, it is necessary to provide documentation of all transactions related to cash flows, which would provide full information for the CFO. To do this, you need to enter documents regulating the spending of funds, for example, an application for payment, it can also be office notes, payment registers, etc. The minimum set of details for such a document includes the following sections:

- the initiator of the payment (department, employee);

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

- due date;

- signatures of the initiator of the payment, the head of the department, the head of the company.

Payment requests serve as a tool for collecting factual information. The requisite "Payment initiator" allows you to track which department of the company carries out certain types of expenses. In this case, it is necessary to authorize the application with the head of the department and general director, which will avoid misuse of the company's funds.

Applications can be easily classified by department and expense item, even in Excel. Having accumulated information on actual payments for two or three months, you can proceed to limiting expenses and drawing up a payment calendar.

In order to control payments, it is useful to conduct a feasibility study and cost recording system. Analytical indicators must be added to the payment request: the inventory turnover ratio (instant, 30- and 90-day), the amount of accounts payable to each supplier and overdue receivables from buyers, as well as the delay period. It is also useful to enter an indicator of the rate of payment to suppliers as a share of sales revenue. Thus, special forms are created for managing finances, and the named indicators (usually 3-5) make it possible to understand how and when to spend money.

The CFO must be authorized to sign documents governing payments. Usually, this right is granted by order of the CEO, but in some cases - by the decision of the business owner or the board of directors.

Since such innovations threaten the first persons of the company with some weakening of their influence on financial flows, it is necessary to explain to the management the need to delegate authority, as well as to convince them to introduce a budgeting system, within the framework of which CFO or the employees under his control will receive the right of decisive signatures regarding payments approved in the budget.

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

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

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

- attracting strategic investors in order to increase the amount of equity capital;

- additional issue of shares;

- attracting long-term financial loans;

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

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

A decrease in the volume of negative cash flow in the long term can be achieved through measures such as:

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

- refusal from financial investment;

- reduction in the amount of fixed costs of the enterprise.

It is no secret that it is in financial activities that there are frequent facts of abuse that negatively affect the entire economic activity of an enterprise and infringe on the rights of owners. Therefore, ensuring the effectiveness of financial control over the company's cash flows is a key step in cash flow management.

10. The need for cash flow management

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

The constant flow of funds is the basis of a smooth production and circulation process. This is the most important function of funds - production.

Monetary funds are one of the main financial categories that have a significant impact on the sphere of production, the sphere of circulation, the state of settlements in the national economy and, thereby, on monetary circulation in the country; they perform their second function - payment and settlement.

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

conclusions

Cash flow management practices in businesses promote smarter and smarter decision-making financial managers organizations. The use of the considered principles of education and cash flow management in the practical activities of enterprises will optimize the structure of payments for enterprises. Optimization of enterprise payments is achieved, first of all, by balancing cash payments, as a result of which the solvency increases and it becomes possible to maintain it at the required level.

Effective cash flow management allows you to accelerate the turnover of funds, reduce the need to attract additional borrowed funds, free up additional funds that can be sent to the company's turnover.

Literature

Textbooks and monographs

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

2. Bertones M., Knight R. Cash flow management. - SPb .: Peter, 2005.

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

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

5. Bocharov V.V., Leontiev V.E. Corporate finance. - SPb: Peter, 2005.

6. Kovalev V.V. Enterprise finance - M .: Prospect, 2006.

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

8. Polovinkin S.A. Enterprise finance management - M .: FBK-Press, 2007.

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

Periodicals

10. Mityakova O.I. Cash flow optimization as a tool crisis management enterprise // Finance and credit. - 2005. - No. 30. - S. 44-50.

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

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