Enterprise cash flow is a set of cash receipts and payments distributed over separate intervals of the considered period of time, generated by its economic activity, the movement of which is associated with time, risk and liquidity factors.

Consider the following classifications of cash flows:

1. According to the scale of servicing the economic process, there are:

cash flow for the enterprise as a whole (represents 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 individual structural divisions enterprises (an independent object of management in the system of organizational and economic construction of an enterprise);

cash flow for individual business transactions (consider it as the primary object of independent management.)

2. By types of economic activity, in accordance with international accounting standards, there are:

cash flow from operating activities (includes cash transactions that provide operating activities and its maintenance);

cash flow from investment activities (characterizes payments and receipts of funds associated with the implementation of real and financial investment);

The cash flow for financial activities(characterizes receipts and payments of funds associated with attracting additional equity and share capital, obtaining long-term and short-term loans and borrowings, paying cash dividends and interest on deposits of owners, etc.).

3. According to the direction of cash flow, there are:

positive cash flow (characterizes the totality of cash inflows to the enterprise from all types of business transactions); otherwise it is called cash inflow;

negative cash flow (characterizes the totality of cash payments by the enterprise in the process of carrying out all types of its business operations); otherwise – cash outflow;

4. According to the variability of the direction of cash flow:

standard cash flow (characterizes a type of cash flow in which its direction changes no more than once (beginning or completing it, for example, investing capital in a long-term bond without reinvesting income on it in the acquisition of similar financial instruments);

non-standard cash flow (characterizes a type of cash flow in which its direction changes more than once, for example, investing capital in a portfolio of financial instruments with reinvestment of the income received in its subsequent expansion).

5. According to the volume calculation method, the following types of enterprise cash flows are distinguished:

Gross cash flow (the totality of receipts or expenditures of funds in the period under review);

net cash flow (the difference between positive and negative cash flows, i.e. between the receipt and expenditure of funds, in the period under review); is the most important result of the economic activity of the enterprise.

6. By the nature of the cash flow in relation to the enterprise:

internal cash flow (the totality of receipts and expenditures of funds within the enterprise; associated with operations due to the monetary relations of the enterprise with personnel, founders, subsidiaries, etc., occupies a small share in the total cash flow of the enterprise);

external cash flow (serves the operations of the enterprise related to its monetary relations with economic partners and government bodies; its volume is the predominant part of the total cash flow of the enterprise).

7. According to the level of volume sufficiency:

Excessive cash flow (when cash receipts significantly exceed the real need of the enterprise for purposeful spending);

· deficient cash flow (when cash receipts are significantly lower than the actual needs of the enterprise in their purposeful spending).

8. According to the level of balance of the volumes of interrelated cash:

· balanced cash flow (a type of total cash flow for a separate business transaction, structural unit or enterprise as a whole, for which a balance is ensured between the volumes of their positive and negative types);

unbalanced cash flow (a type of total cash flow for which there is no balance between the volumes of their positive and negative types; Within the framework of the enterprise as a whole, both deficit and excess total cash flow are unbalanced).

9. By the period of time allocate:

short-term cash flow (with a period from the beginning of cash receipts or payments to their complete completion of no more than one year);

long-term cash flow (with a period from the beginning of cash receipts or payments to their complete completion of more than one year).

This classification is used, as a rule, to characterize individual business operations of an enterprise. Short-term cash flow is typical for most of the business transactions associated with the operating and partly with the financial activities of the enterprise. Long-term cash flow is typical for the predominant part of business transactions related to investment activities.

10. According to the forms of use of funds:

cash flow (part of the total cash flow of the enterprise, which is serviced directly in cash);

· non-cash cash flow (part of the total cash flow of the enterprise, which is serviced by a variety of credit and deposit instruments of the financial market).

There is a close relationship between the cash and non-cash cash flows of an enterprise, since cash and non-cash money are constantly moving from one sphere of monetary circulation to another, while changing its form.

11. By type of currency used:

cash flow in national currency;

cash flow in foreign currency.

12. By importance in the formation of the final results of economic activity:

priority cash flow (characterizes a type of cash flow that generates a high level of net cash flow formation; cash flow associated with the sale of products, the implementation of highly profitable investment operations, etc. is considered a priority);

Secondary cash flow (characterizes a type of cash flow that, due to its functional orientation or insignificant volume, does not have a significant impact on the formation of the final results of economic activity; an example of such a cash flow is the issuance of a report and the return of funds by accountable persons).

13. According to the predictability of occurrence:

· fully predictable cash flow (its volume and time of implementation can be fully determined in advance, for example, depreciation flow, cash flow for servicing and returning received credit funds, etc.);

insufficiently predictable cash flow (its volume and time of implementation cannot be fully determined in advance due to possible changes environmental factors, for example, the receipt of funds from the sale of products, the receipt of dividends on shares, etc.);

unpredictable cash flow (associated with extraordinary events in the course of the enterprise's operating, investment or financial activities, as well as individual operations that are not planned in advance, for example, the payment of fines).

The classification of enterprise cash flows according to the predictability of their occurrence is usually used in the process of their planning and optimization.

14. If possible, regulation in the management process:

cash flow, which can be regulated (it can be changed in time or in volume at the request of managers, if such a change is expedient in the course of economic activity, for example, selling the company's products on credit, issuing shares or bonds, etc.);

cash flow that cannot be regulated (it cannot be changed in time or in volume by the managers of the enterprise without negative consequences for the final results of its economic activity, for example, tax payments by the enterprise, payments for servicing and repaying its debt, etc.).

This classification of cash flows is used at the enterprise in the process of optimizing them in time or in volume.

15. As far as possible to ensure solvency, the following two types of enterprise cash flow are distinguished:

liquid cash flow - for it the ratio of its positive and negative types is equal to or exceeds one in each interval of the considered period of time:

where RAP is the sum of the gross positive cash flow of the enterprise in each of the intervals of the considered period of time;

ODP - the sum of the gross negative cash flow of the enterprise in each of the intervals of the considered period of time;

· illiquid cash flow - for it the ratio of its positive and negative types is less than one in certain intervals of the considered period of time, i.e. condition is met:

16. According to the method of evaluation over time:

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

· future cash flow (characterizes the cash flow of the enterprise as a single comparable value, reduced in value to a specific future point in time).

The considered types of cash flow of the enterprise reflect the content of the concept of estimating the value of money in time in relation to the business operations of the enterprise.

17. According to the continuity of formation in the period under review:

regular cash flow (characterizes the flow of receipt or expenditure of funds, which in the considered period of time is carried out constantly at separate intervals of this period; most types of cash flows generated by operating activities, flows associated with loan servicing, cash flows that ensure the implementation of long-term real investment projects, etc.);

Discrete cash flow (characterizes the receipt or expenditure of funds associated with the implementation of individual business operations of the enterprise in the period under review, for example, a one-time expenditure of funds associated with the acquisition of a property complex by an enterprise).

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

18. According to the stability of time intervals of formation, regular cash flows are divided as follows:

regular cash flow with uniform time intervals within the period under review;

regular cash flow with uneven time intervals within the period under review.

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

Cash flow management is a system of principles and methods for developing and implementing management decisions related to the formation, distribution and use of funds and the organization of their turnover, aimed at ensuring the financial balance of the enterprise and its sustainable growth.

As part of the management of cash flows of the enterprise, the following tasks are solved.

1. Formation of a sufficient amount of financial resources of the enterprise in accordance with the needs of its future economic activity. This task is realized by determining the need for financial resources of the enterprise for the coming period, establishing a system of sources of their formation, minimizing the cost of their attraction.

2. Optimization of the distribution of the formed volume of the enterprise's monetary resources by types of economic activity and areas of use. In the process of implementing this task, the necessary proportionality of the use of financial resources for the development of the operating, investment and financial activities of the enterprise is ensured; within the framework of each type of activity, the most effective directions for the use of financial resources are selected, ensuring the achievement of the best final results of economic activity and strategic goals for the development of the enterprise as a whole.

3. Ensuring a high level of financial stability of the enterprise in the process of its development. Such financial stability of the enterprise is ensured by the formation of a rational structure of sources of raising funds, first of all, by the ratio of equity and borrowed capital; optimization of the volume of attraction of funds in terms of the forthcoming terms of their return; the formation of a sufficient amount of financial resources attracted on a long-term basis, etc.

4. Maintaining the constant solvency of the enterprise. This problem is solved primarily through effective management balances of monetary assets and their equivalents; formation of a sufficient amount of their insurance part; ensuring the uniformity of cash flow to the enterprise; ensuring the synchronism of the formation of incoming and outgoing cash flows; choosing the best means of payment in settlements with counterparties for business transactions.

5. Maximization of net cash flow, ensuring the specified pace of economic development of the enterprise on a self-financing basis. The implementation of this task is ensured by the formation of the cash turnover of the enterprise that generates the largest amount of profit in the course of its activities; selection of an effective depreciation policy of the enterprise; timely disposal of unused assets; reinvestment of temporarily free cash.

6. Ensuring the minimization of losses in the value of funds in the process of their economic use at the enterprise. Monetary assets and their equivalents lose their value under the influence of time factors, inflation, risk, etc. Therefore, in the process of organizing cash flow at an enterprise, one should avoid the formation of excessive cash reserves, diversify the directions and forms of their use, avoid certain types of financial risks or ensure their insurance.

The considered tasks of managing the cash flows of an enterprise are closely interrelated, although some of them are of a multidirectional nature (for example, maintaining a constant solvency and minimizing losses in the value of funds in the process of their use). Therefore, in the process of managing the cash flows of an enterprise, individual tasks should be optimized among themselves for the most effective implementation of its main goal.

Enterprise cash flow planning

The plan for the receipt and expenditure of funds is developed for the coming year on a monthly basis in order to ensure that seasonal fluctuations in the enterprise's cash flows are taken into account. It is compiled for individual types of economic activity and for the enterprise as a whole. Taking into account the fact that a number of business transactions are of a poorly predictable nature, the plan is usually drawn up in three versions - optimistic, realistic and pessimistic. In addition, the development of this plan is multivariate in nature and the methods used to calculate its individual indicators.

The main purpose of developing a plan for the receipt and expenditure of funds is to forecast gross and net cash flows and ensure its constant solvency in the planning period.

The plan for the receipt and expenditure of funds is developed at the enterprise as follows:

receipt and expenditure of funds for the operating activities of the enterprise, a number of performance indicators of this plan serve as an initial prerequisite for the development of other components of it;

receipt and expenditure of funds for the investment activities of the enterprise (taking into account the net cash flow from its operating activities);

· the receipt and expenditure of funds for the financial activities of the enterprise, which is designed to provide sources of external financing for its operating and investment activities in the coming period;

· gross and net cash flows, as well as the dynamics of cash balances for the enterprise as a whole.

I. Forecasting the receipt and expenditure of funds for the operating activities of the enterprise can be carried out in two ways - based on the planned volume of sales of products and from the planned amount net profit.

When forecasting the receipt and expenditure of funds for operating activities based on the planned volume of sales of products, the calculation of individual indicators of the plan is carried out as follows.

1. Determination of the planned volume of product sales is based on the developed production program (production plan), taking into account the potential of the commodity market. The base indicator for calculating the planned amount of sales of products is in this case the planned volume of production of marketable products. The model for calculating the planned volume of sales of products is as follows:

where OR pl is the planned volume of sales of products in the period (month) under consideration;

ZGP n - the amount of stocks of finished products at the beginning of the planning period;

GWP n - the total volume of production of finished products in the considered planning period;

ZGP k - the amount of stocks of finished products at the end of the period under review.

The planned volume of product sales is differentiated in terms of sales for cash and with the provision of a commercial loan, taking into account established business practices.

2. The calculation of the planned coefficient of collection of accounts receivable is carried out on the basis of its actual level in the reporting period, taking into account the planned measures to change the policy of providing a commercial loan.

3. The calculation of the planned amount of cash receipts from the sale of products is carried out according to the following formula:

- the planned volume of sales of products for cash in the period under review;

- the volume of sales of products on credit in the planned period;

CI - coefficient of the current collection of receivables, expressed as a decimal fraction (the share of receivables paid in the planning period);

BUT pl - the amount of the previously uncollected balance of receivables to be returned in the planning period.

The calculated indicator of the planned amount of cash receipts from the sale of products characterizes the planned amount of positive cash flow of the enterprise for operating activities.

4. Determining the planned amount of operating costs for the production and sale of products is one of the most time-consuming steps in forecasting the cash flows of an enterprise. It is based on the calculation of the cost of certain types of products (production and complete). The composition of the planned cost of a particular type of product includes all direct and indirect costs for its production and sale. In the most general form, the planned amount of the total operating costs of the enterprise can be represented as follows:

where

n- the number of types of products manufactured by the enterprise;

- the planned amount of direct costs for the production of a unit of output i-th type;

- the planned amount of overhead costs for the production of a unit of output i-th type;

– planned production volume i

- the planned amount of costs for the sale of a unit of production i-th type;

– planned sales volume i th type of product in physical terms;

ZOH pl - the planned amount of general business expenses of the enterprise (administrative and management expenses for the enterprise as a whole).

5. Calculation of the planned amount of taxes, payable at the expense of income (included in the price of products), is carried out on the basis of the planned volume of sales of certain types of products and the corresponding rates of value added tax, excise duty and other similar taxes.

6. The calculation of the planned amount of the gross profit of the enterprise for operating activities is made according to the following formula:

where VP pl is the planned amount of the enterprise's gross profit from operating activities in the period under review;

OR pl - the planned volume of sales in the period under review;

OZ pl - the planned amount of operating costs for the production and sale of products;

NP d - the planned amount of tax payments paid at the expense of income (included in the price of products).

7. Calculation of the planned amount of taxes paid at the expense of profit is carried out according to the following formula:

where NP pl is the planned amount of taxes paid at the expense of profit;

VP pl - the planned amount of the gross profit of the enterprise for operating activities;

SNP pl - income tax rate in the planning period, expressed as a decimal fraction;

PNP pl - the amount of other taxes and fees of the planned period, paid at the expense of profit.

8. Calculation of the planned amount of net profit of the enterprise for operating activities is carried out according to the formula:

where PE pl is the planned amount of the enterprise's net profit from operating activities in the period under review;

VP pl - the planned amount of the gross profit of the enterprise for operating activities in the period under review;

NP pl - the planned amount of taxes paid at the expense of profit.

9. Calculation of the planned amount of funds spent on operating activities is carried out according to the following formula:

where RDS pl is the planned amount of funds spent on operating activities in the period under review;

OZ pl - the planned amount of operating costs for the production and sale of products;

ND pl - the planned amount of taxes and fees paid at the expense of income (included in the price of products);

NP pl - the planned amount of taxes paid at the expense of profit;

AMO pl - the planned amount of depreciation from fixed assets and intangible assets.

The calculated indicator of the planned amount of spending money characterizes the planned amount of negative cash flow of the enterprise for operating activities.

10. Calculation of the planned amount of net cash flow can be carried out in any of the following ways:

Or , (10.23)

where NPV pl - the planned amount of net cash flow of the enterprise in the period under review;

PE pl - the planned amount of the enterprise's net profit from operating activities;

AmO pl - the planned amount of depreciation;

PDS pl - the planned amount of cash receipts from the sale of products;

RDS pl - the planned amount of funds spent on operating activities.

When forecasting the receipt and expenditure of cash for operating activities based on the planned target amount of net profit, the calculation of individual indicators of the plan is carried out as follows:

1. Determination of the planned target amount of the net profit of the enterprise is the most difficult stage in the system of forecast calculations of cash flows. The target amount of net profit is the planned need for financial resources generated from this source, which ensures the implementation of the development goals of the enterprise in the coming period.

2. The calculation of the planned target amount of the gross profit of the enterprise is carried out according to the following formula:

, (10.24)

where VP c - the target amount of the gross profit of the enterprise in the period under review;

PE c - the target amount of net profit of the enterprise in the period under review;

NPS pl - the consolidated rate of income tax and other taxes paid at the expense of profit, expressed as a decimal fraction.

3. Calculation of the planned amount of taxes paid at the expense of profit is made according to the formula:

, (10.25)

where NP pl is the planned amount of taxes paid from profit

VP c - the target amount of the gross profit of the enterprise in the period under review;

PE c - the target amount of net profit of the enterprise in the period under review.

4. The determination of the planned amount of operating costs for the production and sale of products with this forecasting method is of a generalized nature, since it assumes that the production program for the target amount of profit has not yet been formed. In a simplified form, their value is estimated by the formula:

, (10.26)

where

O3 post - the actual amount of fixed operating costs in the same previous period;

O3 lane - the actual amount of variable operating costs in the same previous period;

VP c - the planned target amount of the gross operating profit of the enterprise;

VP f - the actual amount of gross operating profit of the enterprise in the same previous period.

As part of the planned operating costs, a separate item reflects the amount of depreciation.

5. The calculation of the planned amount of cash receipts from the sale of products is carried out according to the following formula:

, (10.27)

where PDS pl is the planned amount of cash receipts from the sale of products in the period under review;

VP c - the target amount of the gross operating profit of the enterprise;

О3 pl - the planned amount of operating costs for the production and sale of products in the period under review;

ND pl - the consolidated rate of value added tax and other taxes and fees paid at the expense of income, expressed as a decimal fraction.

6. Calculation of the planned amount of tax payments paid at the expense of income (included in the price of products) is made according to the formula:

where SND pl is the planned amount of taxes and fees paid at the expense of income (included in the price of products);

PDS pl - the planned amount of cash receipts from the sale of products in the period under review;

О3 pl - the planned amount of operating costs for the production and sale of products in the period under review;

VP c - the target amount of the gross operating profit of the enterprise.

7. The calculation of the planned amount of cash spending on operating activities is based on the planned operating costs of the enterprise (without the amount of depreciation) and the planned amount of taxes and fees paid from income and profit - formula (10.22).

8. The calculation of the planned amount of net cash flow is carried out according to the formulas (10.23): by summing the target amount of net profit and depreciation charges or as the difference between the amount of receipt and expenditure of funds in the planned period.

II. Forecasting the receipt and expenditure of funds for investment activities is carried out using the direct account method. The basis for these calculations are:

· a real investment program that characterizes the amount of money invested in ongoing or planned investment projects;

· a portfolio of long-term financial investments to be formed; if it has already been formed, then the necessary amount of funds is determined to ensure its growth or the volume of sale of long-term financial investment instruments;

· the estimated amount of cash receipts from the sale of fixed assets and intangible assets; the calculation should be based on a plan for their renewal;

the projected amount of investment profit; this section forecasts the amount of profit only for long-term financial investments - dividends and interest receivable.

Calculations are summarized in the context of positions provided by the standard of the statement of cash flows of the enterprise for investment activities.

III. Forecasting the receipt and expenditure of funds for financial activities is carried out by the direct account method based on the enterprise's need for external financing, determined by its individual elements. The basis for the implementation of these calculations are:

· the planned volume of additional issue of own shares or attraction of additional share capital; the cash flow plan includes only that part of the additional issue of shares that can be sold in a specific upcoming period;

· the planned volume of attraction of long-term and short-term financial credits and loans in all their forms;

· the amount of the expected receipt of funds in the order of gratuitous targeted financing; these indicators are included in the plan on the basis of the approved state budget or the corresponding budgets of other state and non-state bodies;

· the amount of the principal debt on long-term and short-term financial credits and loans provided for payment in the planned period; the calculation of these indicators is carried out on the basis of specific loan agreements of the enterprise with banks or other financial institutions;

· the expected amount of dividend payments to shareholders (interest on share capital); this calculation is based on the planned amount of the enterprise's net profit and its dividend policy.

Calculations are summarized in terms of positions provided by the standard of the statement of cash flows of the enterprise for financial activities.

The indicators of the developed plan for the receipt and expenditure of funds serve as the basis for the operational planning of various types of cash flows of the enterprise.

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

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

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

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

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

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

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

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

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

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

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

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

1) proceeds from sales;

2) profit;

3) cash flow.

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

Consider the difference between cash flow and profit.

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

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

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

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

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

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

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

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

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

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

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

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

- distribution in time of this cash flow;

– risks associated with the generated cash flow.

Financial resources related to the sphere of distribution are an important element of reproduction and form the basis of the material and cash flow management system of an enterprise. The financial resources of the enterprise are in constant motion, the management of which is carried out within the framework of financial management. In turn, the cash flows of the enterprise represent the movement (inflows and outflows) of funds on the settlement, currency and other accounts and in the cash desk of the enterprise in the course of its economic activity, collectively making up its cash flow. For this reason, the pace strategic development and the financial stability of the enterprise are largely determined by the extent to which 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. At the same time, any violation of payment discipline adversely affects the formation of inventories of raw materials and materials, the level of labor productivity, the sale of finished products, the position of the enterprise in the market, etc. Even for enterprises that successfully operate in the market and generate a sufficient amount of profit, insolvency can occur as a result of the imbalance of various types of cash flows over time.

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

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

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

By the scale of servicing the business process

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

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

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

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

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

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

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

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

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

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

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

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

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

Table 2.1Cash flow components

By the method of calculating the volume

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

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

NDP \u003d MDP - ODP,

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

By the nature of balance

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

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

By degree of risk cash flows are:

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

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

Predictability distinguish the following types of cash flows:

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

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

By manageability cash flows can be:

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

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

Controllability cash flows are divided into:

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

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

Synchronization possible cash flows are:

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

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

Opportunity to optimize distinguish between cash flows:

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

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

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

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

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

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

2.3. Tasks and stages of cash flow analysis

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

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

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

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

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

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

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

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

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

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

- the volume of cash receipts;

- the amount of money spent;

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

– volume of net cash flow;

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

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

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

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

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

2.4. Analysis of the cash flow statement

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

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

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

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

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

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

The direct method is aimed at obtaining data characterizing both the gross and net cash flow of the 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 the direct and indirect methods relate only to the operating activities of the enterprise. When using the direct method of calculating cash flows, direct accounting data is used that characterizes all types of receipts and expenditures of funds.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

2.5. Cash flow optimization methods

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

Negative Consequences scarce cash flow are manifested in a decrease in the liquidity and 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 financial loans received, delays in payment of wages (with a corresponding decrease in the level of staff productivity), an increase in the duration of the financial cycle, and ultimately – decrease in profitability of the use of own capital and assets of the enterprise.

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

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

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

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

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

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

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

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

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

– additional issue of shares;

– attracting long-term financial loans;

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

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

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

- reducing the volume and composition of real investment programs;

– refusal of financial investment;

- reducing the amount fixed costs enterprises.

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

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

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

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

– active formation of a portfolio of financial investments;

– early repayment of long-term financial loans.

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

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

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

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

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

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

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

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

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

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

2.6. Payment calendar development

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

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

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

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

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

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

- include cash flow management in the system of operational controlling (respectively, 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 deadlines for the receipt of funds and payments from the enterprise and bring them to specific executors in the form of planned targets. With this goal in mind, a payment calendar is sometimes defined as a "payment plan by exact date."

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

1) the schedule of upcoming payments;

2) the schedule of forthcoming receipts of funds.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

As a result of studying this topic, the student must:

know

Indicators and methods for assessing the company's solvency;

be able to

Conduct direct and indirect analysis of cash flows;

own

the skills of interpreting the results obtained and formulating directions for optimizing the organization's cash flows.

The structure of the organization's cash flows

Cash flows are formed during the implementation of the main, investment and financial activities of an economic entity by receiving and spending funds. Cash flow- this is the totality of all receipts (positive cash flow) and cash payments (negative cash flow) generated by the organization (Fig. 7.1). It is the steadily generated net positive cash flow that indicates the possibility of developing the organization, growing business and generating stable profits. Cash flows have a number of properties.

• 1. Direction- all cash receipts form a positive cash flow, the totality of cash payments form a negative cash note.
• 2. Adequacy:
  • excess cash flow is characterized by receipts that significantly exceed the organization's cumulative need for cash;
  • the deficit cash flow is formed by cash payments that significantly exceed receipts.
• 3. Dependence on the type of activity: operating cash flow is formed from the main activity of the organization and is characterized by payments for goods, raw materials and materials, services consumed in production, tax payments for the main activity, salary management personnel, as well as personnel engaged in the main activity. Positive operating cash flow is generated by receipts from buyers, customers, refunds of overpaid amounts to suppliers and contractors, payments from tax authorities on overpaid taxes or VAT refunds.
• Cash flow from investing activities receives its content through the sale of fixed assets, intangible assets, raw materials and materials, long-term securities, the receipt of dividends or the sale of shares in a business that is not the main one for the organization. Any transfers related to the acquisition of fixed assets, intangible assets, shares in the authorized capital of other organizations, securities for the purpose of generating income in the form of an increase in value or dividends, as well as factoring operations, are considered cash outflows from investment activities.
• Cash flow from financing activities shows the cash flow for attracting additional financing for the development of the organization in the form of equity or borrowed capital, servicing capital in the form of payment of interest and (or) dividends.

The strength of the interdependence of the main, investment and financial activities of the organization is difficult to overestimate. High rates of investment in non-current assets can lead to a shortage of free cash, a decrease in solvency and a decrease in the efficiency of core activities through a decrease in volumes and (or) an increase in costs. At the same time, the refusal to invest can lead to a slowdown in the development of the organization, loss of competitive advantage and lower profits, and production organizations- to stop production due to outdated, worn-out equipment, a decrease in product quality. attraction additional sources financing in a limited market will not contribute to effective investments, additional profits and will lead to an increase in inefficient costs in the form of interest on servicing borrowed funds, which again will lead to a decrease in profits.

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

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

Classification of cash flows into types

1. Direction of movement:

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

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

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

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

Figure 1. Types of cash flows on an example software product"WA: Financier": Consolidated Statement of Cash Flows under IFRS.

3. By type of activity:

• Cash flow for current activities. Includes proceeds from the sale of core activities, advances from customers, revenue from ancillary activities and repayment of debts to suppliers, wages, tax payments to the budget fund.
• Cash flow from investment 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 repayments, dividend payments, etc.

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

4. In relation to the company:

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

5. Calculation method:

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

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

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

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

6. According to the level of sufficiency:

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

7. In terms of balance:

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

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

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

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

8. By time period:

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

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

9. By importance in the formation of financial performance:

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

10. According to the method of evaluation over time:

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

Typically, this classification is used for discounting.

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

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

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

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

A more rational and efficient 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 financial resources, and so on. In market conditions of management, these aspects are the most important financial and economic characteristics of companies, reflecting the financial stability and potential of their economic growth.

1. The concept of cash flow

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

– organized and managed processes;

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

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

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

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

2. For large, long-term enterprises, management is beneficial in terms of both increasing the efficiency of the funds used, and obtaining additional profit, increasing profitability.

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

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

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

- payment for raw materials and materials;

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

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

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

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

1. Improving the efficiency of enterprise financial management.

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

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

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

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

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

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

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

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

2. Types and classification of cash flows of the enterprise

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

Rice. 1. Classification of cash flows

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

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

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

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

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

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

Depending on the scale, cash flows are:

- in general for the enterprise;

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

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

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

– own and borrowed funds;

– gross flows and flows based on financial results.

3. Efficiency of cash flows of the enterprise

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

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

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

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

4. Cash flow management of the enterprise

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

The main tasks of cash flow management are as follows:

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

– ensuring the liquidity of the enterprise;

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

– identifying sources of short-term financing;

– risk management on interest rates and exchange;

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

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

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

2. Analysis of cash flows in the previous period.

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

4. Optimization of cash flows.

5. Ensuring effective control over cash flows.

5. Accounting for the cash flows of the enterprise

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

1. The principle of informative reliability

2. Principle of balance

3. The principle of ensuring efficiency

4. The principle of providing liquidity

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

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

The objects of the cash flow accounting system are:

– system of cash and non-cash payments;

– working capital management;

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

– policy of attracting new financial resources;

– management of the capital structure of the enterprise;

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

- property and financial condition of the enterprise;

- business activity and efficiency of the enterprise.

The cash flow accounting system is designed to provide:

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

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

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

4. Control over the state and targeted use of working capital of the enterprise.

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

– directly engaged in business at this enterprise;

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

– having an indirect financial interest in the business.

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

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

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

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

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

– cash flow statement – ​​Form No. 4;

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

6. Cash flow analysis

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

As a result of the analysis of cash flows, the enterprise should get 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 drawn both for the enterprise as a whole and for each type of its activity: core, investment and financial. On this basis, conclusions are drawn about the sources and security of each type of activity with the necessary funds. As a result, decisions are made to ensure the excess of cash receipts over payments, sources of payment for current liabilities and investment activities, sufficiency of profits, etc.

Thus, the main objects of cash flow analysis are:

– positive flow – inflows;

– negative flow – outflows;

- cash balance.

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

– increase in cash inflow;

– decrease in their inflow;

– increase in their outflow;

- reduction of their outflow.

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

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

7. Cash flow planning

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

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

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

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

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

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

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

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

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

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

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

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

8. Cash flow optimization

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

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

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

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

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

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

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

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

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

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

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

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

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

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

9. Controlling the cash flow of the enterprise

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

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

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

– payment initiator (department, employee);

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

- payment term;

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

Applications for payment serve as a tool for collecting factual information. The "Payment Initiator" requisite allows you to track which division of the company carries out certain types of expenses. In this case, it is necessary to authorize the application with the head of the department and CEO to avoid misappropriation of company funds.

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

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

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

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

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

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

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

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

– additional issue of shares;

– attracting long-term financial loans;

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

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

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

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

– refusal of financial investment;

- reducing the amount of fixed costs of the enterprise.

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

10. The need for cash flow management

Thus, it should be noted that cash flows make up the bulk of the financial resources used 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 the economic system as a whole.

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

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

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

conclusions

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

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

Literature

Textbooks and monographs

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

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

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

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

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

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

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

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

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

Periodicals

10. Mityakova O.I. 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 financial system enterprises // Management in Russia and abroad. - 2004. - No. 3. – P. 35-40.