Summary: Working capital of enterprises. Essence, composition and structure of working capital

MOSCOW HUMANITARIAN-ECONOMIC INSTITUTE

KALUGA BRANCH

Department of Economics

COURSE WORK

BY DISCIPLINE: Economics of the organization (enterprises)

ON THE TOPIC: Current assets of the enterprise

Completed by a 2nd year student

EDS-03 groups

FACULTY OF ECONOMY

Gordeeva Evgenia Yurievna

Head - consultant

Gorbatov A.V.

Date of delivery: "___" _______ 2005

Grade: _________

Date of protection: "___" _______ 2005

Signature: _________

Kaluga 2005

Introduction ……………………………………………………………………………3

CHAPTER 1

1.1. The concept and essence of working capital of an enterprise…………………..5

1.2 Features of the use of working capital of the enterprise…………12

CHAPTER II. ANALYSIS OF THE USE OF WORKING ASSETS OF THE ENTERPRISE…………………………………………………………………..23

CHAPTER III. SUGGESTIONS FOR IMPROVING THE USE OF WORKING FUND OF THE ENTERPRISE……………………………………..36

3.1 Accelerating the turnover of working capital………………………..36

3.2 Saving elements of working capital at the enterprise…………........ 38

3.3 Internal restructuring of the assets of an operating economic entity……………………………………………………………………………………42

CONCLUSION ……………………………………………………………… .55

BIBLIOGRAPHICAL LIST……………………………………………57

Introduction

In this paper, the topic "Working capital of the enterprise" is touched upon. To ensure an uninterrupted production process, along with the main production assets, objects of labor and material resources are needed. The objects of labor together with the means of labor participate in the creation of the product of labor, its use value and the formation of value. The turnover of material elements of circulating production assets (objects of labor) is organically linked with the labor process and the main production assets. In the financial activities of an enterprise, working capital plays an extremely important role, determined by their direct influence on such resulting indicators of its financial and economic activities as solvency and financial stability, the volume of receivables, business activity indicators, etc. The presence of sufficient working capital for an enterprise is a necessary prerequisite for its normal functioning in a market economy. Based on this, according to the author, the chosen topic is relevant.

The purpose of this work is to study the theoretical foundations and develop proposals for improving the use of working capital of an enterprise. A clearly defined goal defines the tasks of the work:

study of the theoretical foundations of working capital of the enterprise;

analysis of the use of working capital;

· proposals for improving the use of working capital.

The most important thing when considering tasks is what gives the enterprise the effective use of working capital and working capital, and what measures can help reduce the material consumption of products and accelerate the turnover of working capital, as well as measures for the financial recovery of the enterprise.

The object of the work is the consideration of the use of working capital of the enterprise, the subject is the working capital of the enterprise itself.

The methodological basis of the study is the legislative and regulatory acts of federal and local authorities, the accounting report of the enterprise CJSC "Bryanskoblgrazhdanstroy", economic textbooks and periodicals.

CHAPTER I . THEORETICAL FOUNDATIONS OF THE WORKING ASSETS OF THE ENTERPRISE

1.1. The concept and essence of working capital of an enterprise

Working capital is the most important resource in ensuring the current functioning of the enterprise. In the process of production and economic activity, the enterprise needs the funds necessary for the manufacture of products, the purchase of materials, the payment of wages, and then the funds required for its implementation. Thus, working capital is a set of material and monetary resources necessary for the normal functioning of the production process of selling products. In the financial activities of an enterprise, working capital plays an extremely important role, determined by their direct influence on such resulting indicators of its financial and economic activities as solvency and financial stability, the volume of receivables, business activity indicators, etc.

Working capital is classified according to the following criteria:

· according to their economic content, they are divided into circulating production assets and circulation funds;

· according to the method of formation - on own and borrowed;

· according to the method of planning - into standardized and non-standardized;

· according to the degree of liquidity - fast-selling and slow-moving funds or assets.

Circulating production assets are part of the working capital that participate in one production process, immediately transfer their value to the cost of production and require their reimbursement for each subsequent production cycle. The circulating production assets of industrial enterprises include part of the means of production (production assets), the material elements of which, in contrast to the main production assets, are spent in each production cycle in the labor process, and their value is transferred to the product of labor entirely and immediately. The material elements of circulating assets in the process of labor undergo changes in their natural form and physical and chemical means. They lose their use value as they are consumed in production. New use-value arises in the form of products produced from them.

In the composition of circulating production assets, in general, relatively homogeneous groups can be distinguished:

1) Industrial stocks are objects of labor prepared for launch into the production process. That is, they are only in the sphere of production, and not in the production process itself, since at a given moment in time they are not processed, but are potential elements of production. Production stocks consist of raw materials, basic and auxiliary materials, fuel, fuel, purchased semi-finished products and components, containers and packaging materials, spare parts for the current repair of fixed assets. For example, at the processing enterprises of the agro-industrial complex, raw materials and basic materials, purchased semi-finished products that require the cost of living labor to turn them into finished products are referred to as production inventories; auxiliary materials that either give the product the necessary properties (salt, sugar, aromatic substances) or presentation (glue, packaging material), or serve to care for equipment and conduct chemical analyzes (lubricants, paints, chemicals); fuel and fuel, container. According to the method of use, the container is divided into reverse and single; by role in the production process - for packaging of raw materials and for finished products; at the place of manufacture - for containers of own manufacture and purchased; on reflection of accounting documents - on the accounts reflected in the accounts "Raw materials", "Finished products". Products, as you know, are not manufactured immediately. There will be several stages of processing of raw materials and materials with fuel consumption and labor costs before the production stocks go into the form of stocks of finished products. Hence, at each point in time there is work in progress.

2) Work-in-progress and semi-finished products of own manufacture are objects of labor that entered the production process: materials, parts, assemblies and products that are in the process of processing or assembly, as well as semi-finished products of their own manufacture, not completely finished by production in some workshops of the enterprise and subject to further processing in other shops of the same enterprise.

3) Deferred expenses are intangible elements of working capital, including the costs of preparing and developing new products that are produced in a given period (quarter, year), but are related to products of a future period (for example, the costs of designing and developing technology for new types of products , for the rearrangement of equipment, etc.).

The enterprise not only produces products, but also sells them, therefore, in addition to circulating production assets, it also has circulation funds. Funds of circulation - the amount of funds of the enterprise invested in the process of selling products and necessary to service this process. The circulation funds include:

1) finished products in the warehouse of the enterprise (located in the warehouse of the enterprise in anticipation of sale);

2) unpaid shipped products (includes products sold on credit and products whose payment deadline is overdue, the growth of the last component of shipped goods negatively affects the financial condition of the enterprise, since it requires additional funds to be involved in the turnover);

3) free funds of the enterprise on the current account and funds in pending settlements (advance payments of the enterprise to suppliers, on wages, etc.).

4) receivables - debts of the enterprise from legal entities, individuals and the state.

Circulating production assets ensure the continuity of the production process, and circulation funds ensure the sale of manufactured products on the market and the receipt of funds that guarantee the well-being of the enterprise. This economic role of working capital determines their essence, which is the need to ensure the smooth functioning of the production process and the circulation process.

Revolving production assets operate in the sphere of production and account for about 80% in the structure of working capital. The share of circulation funds accounts for 20%. However, the ratio between these two elements in various industries is not the same and depends on the duration of the production cycle, the value of inventories, the level of specialization, and a number of other factors.

Working capital in the practice of countries with market economies is often called working capital. These concepts are identical in most literature. It seems logical when considering working capital and working capital to take into account the way they are reflected in the balance sheet. In this case, working capital should be understood as a balance sheet asset that reveals the subject matter of the enterprise's property, in particular, its current or current assets (working capital, receivables, free cash). And under working capital - a liability of the balance, showing how much money (capital) is invested in the economic activity of the enterprise (own borrowed capital). Otherwise, working capital is the amount of financial sources necessary for the formation of current assets of the enterprise. A feature of working capital (capital) is that they are not spent, not consumed, but are advanced to various types of current costs of an economic entity. The purpose of advance payment is to create the necessary inventories, backlogs, work in progress, finished products and conditions for its sale.

Advance payment means that the used funds are returned to the enterprise after the completion of each production cycle or circuit, including the production of products - its implementation - receipt of proceeds from the sale of products. It is from the sales proceeds that the advanced capital is reimbursed and returned to its original value.

Being in constant motion, circulating capital makes a continuous circuit, which is reflected in the constant renewal of the production process. There are three stages in the process of working capital movement:

1. Procurement stage - there is a formation of inventories that are used to produce certain goods. At this stage, working capital from the form of cash goes into the form of inventories.

2. Production stage - the production process takes place (the formation of work in progress and the release of finished products).

3. Realization - the sale of finished products and the receipt of funds to the company's current account.

The constant repetition of all stages of this process is called the circulation of working capital of the enterprise.

According to the method of formation, working capital is divided into own and borrowed. As a rule, the minimum need of an enterprise for working capital is covered by its own sources: profit, authorized capital, reserve capital, accumulation fund and targeted financing. However, due to a number of objective reasons (inflation, growth in production volumes, delays in paying customer bills, etc.), the enterprise has temporary additional needs for working capital. In these cases, the financial support of economic activity is accompanied by the attraction of borrowed sources: bank and commercial loans, loans, investment tax credit, investment contribution of employees of the enterprise, bonded loans. The purpose of bank loans is to finance the costs associated with the acquisition of fixed and current assets, as well as financing the seasonal needs of the enterprise, temporary growth in inventories, receivables, tax payments.

Along with bank loans, sources of financing of working capital are also commercial loans from other enterprises and organizations, registration in the form of loans, bills of exchange, commodity credit and advance payment.

An investment tax credit is a temporary deferral of a company's tax payments. To obtain an investment tax credit, an enterprise enters into a loan agreement with the tax authorities at the place of registration of the enterprise.

The investment contribution (contribution) of employees is a monetary contribution of an employee to the development of an economic entity at a certain percentage. The mechanism for the formation and use of working capital has an active influence on the course of production, the implementation of current production and financial plans.

The economic necessity of dividing working capital into normalized and non-standardized follows from the basic principles of finance - smoothness, economic calculation, the availability of financial reserves.

Normalized working capital is the cash needed for a minimum stock of inventory and to ensure an uninterrupted production process and product sales. They consist of inventories, work in progress, prepaid expenses and finished goods.

Non-standardized working capital - goods shipped, cash, receivables and other assets.

In the composition of working capital, it is possible to distinguish, according to the degree of their liquidity (the rate of conversion into cash), quickly realizable (highly liquid) and slowly realizable (low liquidity) funds or assets. First-class liquid funds, i.e. which are in immediate readiness for settlements are cash on hand or on a current account. Quickly realizable assets also include short-term financial investments, real receivables, goods purchased for the purpose of resale.

Work in progress, stale goods in a warehouse, doubtful debts are slow-moving working capital. According to the degree of financial risk, this group is the least attractive from the standpoint of capital investment.

Based on the above, we can conclude that working capital is a value advanced in monetary form, which, in the process of a planned circulation of funds, takes the form of working capital and circulation funds, which is necessary to maintain the continuity of the circulation and returns to its original form after its completion. Working capital is an obligatory element of the production process, the main part of the cost of production. The lower the consumption of raw materials, materials, fuel and energy per unit of output, the more economically the labor expended on their extraction and production is spent, the cheaper the product.

The availability of working capital is of great importance for creating normal conditions for the production and financial activities of an enterprise, therefore the rational organization of working capital is of paramount importance for the entire economic work of an enterprise.

1.2. Features of the use of working capital of the enterprise

The use of working capital of an enterprise is understood as the process of ensuring the continuity of the reproduction cycle, the turnover of advanced funds. To improve the efficiency of the use of working capital, the relevant standards are calculated, which makes it possible to predict the coverage of needs. The expansion of production and sales volumes, the conquest of new sales markets, should be provided with working capital systematically and most rationally, economically, i.e. the minimum amount of working capital. This is the main task of managers responsible for planning and organizing the effective use of working capital.

The organization of working capital necessary for their effective use includes: determination of the composition of working capital; determination of the need for working capital; identification of sources of formation of working capital; management of working capital and their effective use.

Distinguish the composition and structure of working capital. Under the composition of working capital is understood the totality of elements that form working capital, and under the structure of working capital - the ratio between their individual elements. The amount of working capital employed in production is determined mainly by the duration of production cycles for the manufacture of products, the level of development of technology, the perfection of technology and the organization of labor. The amount of circulation funds depends mainly on the conditions for the sale of products and the level of organization of the system of supply and marketing of products.

At each enterprise, the amount of working capital, their composition and structure depend on many factors of an industrial, organizational and economic nature: industry-specific features of production and the nature of activities; the complexity of the production cycle and its duration; the cost of stocks and their role in the production process; terms of delivery and its rhythm; the procedure for settlements and settlement and payment discipline.

Accounting for these factors to determine and maintain the volume and structure of working capital at an optimal level is the most important goal of working capital management.

There is a direct relationship between the activities of the production cycle of enterprises and their need for working capital. The longer the cycle, the more working capital is involved in their continuous circulation. At enterprises in industries such as shipbuilding, heavy and power engineering, and others, the cycle stretches for years.

At enterprises with a short production cycle (in the mining, light, food industries, etc.), the duration of the cycle is calculated in weeks, or even days. But in any case, the calculation of the need for working capital requires carefulness, since errors can lead to increased costs or even disruptions in the production activities of the enterprise.

An important condition for the correct formation and rational use of working capital is the rationing of their stocks and costs.

The normalization of working capital of an enterprise is understood as the calculation of the optimal amount of working capital necessary for the organization and implementation of the normal economic activity of the enterprise. Rationing of working capital is calculated in working capital at the end of the planned year and helps to identify internal reserves, reduce the duration of the production cycle, and more quickly sell finished products.

To ensure an uninterrupted process of production and sale of products, enterprises use standard or their own norms of working capital by type of inventory and costs, expressed in relative terms (days,%, etc.) and norms of working capital in monetary terms.

The working capital rate determines the amount of stock and backlog in days and is developed for a number of years, i.e. it reflects the number of days during which working capital (money) is “tied up” in inventories – from payment of bills for materials and transfer to production and ending with the transfer of finished products to a warehouse for sale. But the norm of working capital says nothing about the value of these funds. This is established with the help of working capital standards, which are the minimum amount of cash required by any production structure for the implementation of continuous economic activity.

When normalizing working capital, it is necessary to take into account the dependence of the norms on the following factors: the duration of the production cycle for manufacturing products; consistency and clarity in the work of procurement, processing and manufacturing shops; supply conditions; remoteness of suppliers from consumers; speed of transportation, type and uninterrupted operation of transport; the time of preparation of materials for launching them into production.

There are several methods for calculating the norms of working capital: the method of direct counting, analytical and coefficient.

The analytical (experimental-statistical) method involves an enlarged calculation of working capital in the amount of their average actual balances. It is used in cases where significant changes in the conditions of the enterprise are not expected.

The coefficient method is based on the determination of a new standard on the basis of the existing one, taking into account amendments for the planned change in the volume of production and sales of products, for accelerating the turnover of working capital.

Rationing of working capital by the direct account method includes three stages of work:

determination of private norms of stocks in relative terms - days and percentages,

· determination according to the cost estimate for the production of one-day consumption of material assets and one-day output of marketable products at cost;

· Determining the norm of working capital in monetary terms by multiplying the norm of stock in days by one-day consumption or output of marketable products.

The direct account method is the most accurate, but rather laborious: the working capital ratio (N OB C) is the following amount:

N OB C \u003d N PZ + N NP + N GP + N RPB, (1)

where N PZ - rationing of inventories;

H NP - rationing of work in progress;

N GP - rationing stocks of finished products;

N RPB - normative expenses for future periods.

Rationing of inventories

Production stocks include current, insurance and preparatory stocks of material resources. The standard of production stocks is determined by the formula:

N PZ \u003d ∑Z TEK + ∑Z STR + ∑Z PODG (2)

1. Current inventories are created to meet the current needs of the enterprise in material resources in the period of time between two deliveries. Distinguish between current maximum and current average reserves.

The current maximum stock for the i-th type of materials is calculated by the formula:

Z TEK i max \u003d G DAY i X T POST i x C M i , (3)

where: G SUT i - daily requirement for the i-th type of material;

T POST i - the interval between two deliveries of the material of the i-th type in days;

C M i - the price of the material of the i-th type.

The rationing of the current stock is carried out not by the maximum value, but by the average value, since the cost of all material resources in the warehouse at any time approximately corresponds to their average value:

Z TEK i SR \u003d ½ x Z TEK i max. (4)

2. Safety stocks are created in case of deviation from the established delivery interval and are calculated according to the formula:

W TEK i STR = G DAY i x ∆T POST i x C M i , (5)

where: ∆T POST i - possible deviation from the established interval of deliveries of the material of the i-th type in days.

3. Technological (preparatory) stocks are created only for those material resources that require preparation before launching them into production (reactivation, packaging, various types of processing, for example, thermal, etc.):

Z SUPPLY i = G DAY i х T SUPPLY i х C M i , (6)

where: T UP i - the time of preparation of the i-th material before launching into production (in days).

Rationing of work in progress

Rationing work in progress is to determine the necessary funds for the current financing of the production process. The volume of work in progress depends on:

· average daily costs for production C SR SUT;

the duration of the production cycle of manufacturing the product T P C;

Cost growth factors in production (coefficient of average technical readiness of the product in production) K N Z.

In accordance with this, the standard for work in progress will be determined as:

N NP \u003d C SR SUT x T P C x K N Z (7)

Average daily costs are calculated based on the production cost of manufacturing a unit of production, the number of finished products for a certain period of time and the working time fund in working or calendar days for this period of time:

C SR SUT \u003d (S PR C / C x Q) / F WORK VR, (8)

where: S PR C / C - production cost of a unit of production;

Q - the volume of production of marketable products for a certain period of time;

F RAB BP - the working time fund for the same period of time is determined in working or calendar days, depending on how the indicator of the duration of the production cycle is calculated.

The cost escalation factor is calculated based on the conditions:

K N Z \u003d b + (1 - b) / 2, (9)

where: b is the share of initial material costs in the production cost of products.

Rationing of deferred expenses

Rationing of expenses for future periods is carried out in accordance with the planned estimate of these expenses for the planning period:

N RBP \u003d RBP BEGINNING + RBP ZPL - RBP POG, (10)

where: RBP NACH - the amount of funds in deferred expenses at the beginning of the planning period;

RBP ZAPL - the amount of funds in deferred expenses, repaid during this period.

Rationing of finished products

The standard of finished goods in the warehouse is calculated according to the following dependence:

N GP \u003d S PR E x n x T OTGR, (11)

where: S PR ED - the production cost of a unit of production;

n - the number of products delivered to the warehouse daily;

T OTGR - the frequency of shipment of finished products in days.

In all the listed norms of working capital, the need of the enterprise should be taken into account not only for their core activities, but also for the production infrastructure. In order to mobilize free funds and put them into economic circulation for enterprises of all forms of ownership, a state standard has been established for the storage of funds in the cash desks of enterprises. The amount in excess of this standard must be deposited in a bank.

One of the important indicators of effective use is the turnover of working capital. The need for working capital is directly proportional to the volume of production and inversely proportional to the speed of their circulation. The faster the turnover of working capital, the less they are required, and the better they are used.

The turnover of working capital is estimated by the following indicators: turnover rate (number of turnovers) - the turnover ratio of working capital of the enterprise; turnover period.

The value of the turnover ratio of working capital is directly affected by the methodology adopted at the enterprise for their assessment and, based on the tasks ahead and the chosen management strategy, the enterprise has a certain ability to regulate the value of the turnover ratio of its assets.

The turnover ratio of working capital characterizes the number of turnovers made by the working capital of the enterprise for a certain period (year, quarter), or shows the volume of sales per 1 rub. working capital, and is calculated by the formula:

K OB \u003d RP / OS, (12)

where: TO ABOUT - the turnover ratio of working capital, turnover;

RP - the volume of products sold in the reporting period (rubles);

OS - the average balance of working capital for the reporting period (rubles).

OS \u003d (OS H + OS K) / 2, (13)

where: OS N, OS K - the cost of working capital at the beginning and end of the reporting period.

The duration of one turnover of working capital shows how many days working capital makes a complete turnover and is determined by the formula:

T = D / K OB, (14)

where: D - the duration of the reporting period in calendar days.

The next coefficient of effective use is the coefficient of working capital utilization, the value of which is the inverse of the turnover ratio. It characterizes the amount of working capital spent on 1 rub. products sold:

K Z \u003d OS / RP, (15)

where: KZ - working capital utilization factor.

One of the main indicators of the use of working capital is the indicator of profitability. Profitability is the profitability, profitability of the enterprise; indicator of economic efficiency of production, reflecting the results of activities and is calculated by the formula:

P = P / F SR G, (18)

where: P - profit of the organization;

F SR G - the average annual cost of fixed assets.

In financial analysis (study of directions for ensuring the stability of the financial position of the enterprise; the result of the analysis is used to eliminate deviations in the use of the financial plan and increase the level of use of financial resources), the following coefficients are considered that characterize the financial stability of the enterprise:

1) The coefficient of autonomy (financial independence) shows the share of the company's assets, which are provided with own funds, and is defined as the ratio of own funds to total assets. A value greater than 0.5 is considered normal.

2) The coefficient of provision with own working capital determines the degree of provision of the organization with own working capital necessary for its financial stability, and is calculated as the ratio of the difference between own funds and adjusted non-current assets to the value of current assets. This indicator is one of the main coefficients used in assessing the insolvency of an enterprise. Its normal limit is K ≥ 0.6-0.8.

3) The ratio of receivables to total assets is defined as the ratio of the amount of long-term receivables, short-term receivables and potential current assets subject to return to the total assets of the organization. This is a softer indicator compared to the autonomy coefficient. In world practice, it is generally accepted that the normal value of the coefficient is 0.9, and its reduction to 0.75 is considered critical.

Organizations, making calculations of working capital standards by their types, determine the total need for working capital, summing up all previously established standards in monetary terms. Based on the total need of the enterprise for working capital, the change (increase, decrease) in the standard of own working capital in the planned year compared to the reporting year is calculated, representing the difference between the standards at the end and at the beginning of the planned year. These data are used in the preparation of the financial plan. Working capital management is important in solving the key problem of financial condition: achieving the optimal ratio between the growth of production profitability (maximizing profit on invested capital) and ensuring sustainable solvency. An extremely important task is to provide reserves and costs with sources of their formation and maintain a rational ratio between own working capital and borrowed resources directed to replenish working capital.

CHAPTER II. ANALYSIS OF THE USE OF WORKING ASSETS OF THE ENTERPRISE

A necessary condition for the fulfillment of plans for the production of products, reducing its cost, increasing profits, and profitability is the complete and timely provision of the enterprise with raw materials and materials of the required assortment and quality. The growth of the enterprise's need for working capital can be satisfied in an extensive way (purchasing or manufacturing a large amount of materials and energy) or intensive (more economical use of available stocks in the production process). The first path leads to an increase in specific material costs per unit of output, although its cost may decrease due to an increase in production volume and a decrease in the share of production costs. The second way provides a reduction in specific material costs and a reduction in the unit cost of production. The economical use of raw materials is equivalent to an increase in their production. Tasks of analysis of security and use of working capital:

assessment of the reality of plans for material and technical supply, the degree of their implementation and the impact on the volume of production, its cost and other indicators;

Evaluation of the level of efficiency in the use of working capital;

· Identification of intra-production reserves of working capital and development of specific measures for their use.

Sources of information for the analysis of working capital are applications, contracts for the supply of raw materials and supplies, statistical reporting forms on the availability and use of working capital, analytical accounting information on the receipt, expenditure and balances of working capital of the enterprise.

Consider the analysis of the use of current assets of the enterprise on the example of the financial analysis of CJSC "Bryanskoblgrazhdanstroy".

This financial analysis of CJSC Bryanskoblgrazhdanstroy (hereinafter referred to as the Debtor) was carried out in accordance with the requirements of the Financial Analysis Rules approved by Decree of the Government of the Russian Federation dated June 25, 2003 No. 367. economic and investment activities, position in commodity and other markets.

Under current assets is understood the working capital of enterprises, firms, reflected in the asset of their accounting. The analysis of current assets includes the analysis of stocks, value added tax, receivables, short-term financial investments, and other current assets. The analysis of the company's assets is carried out in order to assess the effectiveness of their use, identify on-farm reserves to ensure the restoration of solvency, assess the liquidity of assets, the degree of their participation in economic turnover, identify property and property rights acquired on obviously unfavorable conditions, assess the possibility of returning alienated property contributed as financial investments. The analysis of assets is carried out by groups of balance sheet items of the debtor and consists of an analysis of non-current and current assets.

Consider the analysis of working capital of this enterprise:

a) current assets: the sum of the value of inventories (excluding the value of shipped goods), long-term receivables, liquid assets, value added tax on acquired valuables, debts of participants (founders) on contributions to the authorized capital, own shares repurchased from shareholders;

Table 1

Dynamics of changes in current assets (thousand rubles)

Rice. 1 Dynamics of changes in working capital

The debtor's current assets during the analyzed period decreased by more than 27.3 times, i.e. 1,091 thousand rubles decreased to 40 thousand rubles. This suggests that the company allowed a sharp immobilization of current assets (withdrawal of part of the working capital from the production process for unscheduled activities), using them for other purposes.

b) long-term accounts receivable: accounts receivable for which payments are expected more than 12 months after the reporting date;

table 2

Dynamics of changes in long-term receivables (thousand rubles)

Rice. 2 Dynamics of changes in long-term receivables

There are no long-term accounts receivable during the entire analyzed period.

c) liquid assets: the sum of the value of the most liquid current assets, short-term receivables, other current assets;

Table 3

Dynamics of changes in liquid assets (thousand rubles)

Rice. 3 Dynamics of changes in liquid assets

Liquid assets for the analyzed period increased from 1,392 thousand rubles to 6,340 thousand rubles, but this cannot be credited to the enterprise, as this happened due to the growth of short-term accounts receivable, which amounts to 6,206 thousand rubles.

d) the most liquid current assets: cash, short-term financial investments;

Table 4

Dynamics of changes in the most liquid current assets (thousand rubles)

Rice. 4 Dynamics of changes in the most liquid current assets

At the same time, the most liquid current assets are absent.

e) short-term receivables: the amount of the cost of shipped goods, receivables, payments for which are expected within 12 months after the reporting date (excluding debts of participants (founders) on contributions to the authorized capital);

Table 5

Dynamics of changes in short-term receivables

Rice. 5 Dynamics of changes in short-term receivables

Short-term receivables are constantly growing, especially rapid growth is observed in the fourth quarter of 2003, which indicates untimely payments for the sale of shares in subsidiaries.

f) potential current assets to be returned: the amount of receivables written off at a loss and the amount of guarantees and guarantees issued;

Table 6

Dynamics of change in potential current assets to be returned (thousand rubles)

There are no potential current assets.

g) own funds: the amount of capital and reserves, deferred income, reserves for future expenses minus capital expenditures on leased property, debts of shareholders (members) on contributions to the authorized capital and the value of own shares repurchased from shareholders;

Table 7

Dynamics of changes in own funds (thousand rubles)

The company's own funds in the analyzed period decreased by 8868 thousand rubles from 23404 thousand rubles as of October 1, 2002 to 14536 thousand rubles. A particularly sharp reduction in the company's own funds was observed in the 4th quarter of 2003. It amounts to 8261 thousand rubles or 93% of the total reduction of funds. This circumstance indicates the deliberate destruction of the enterprise by its founders and the head.

Let us analyze the coefficients characterizing the financial stability of the debtor:

1. Coefficient of autonomy (financial independence).

Table 8

Dynamics of change in the coefficient of autonomy

Rice. 6 Dynamics of changes in the coefficient of autonomy

Analysis of the coefficient of autonomy (financial independence) shows that the share of the debtor's assets, which are provided with own funds during the entire analyzed period, is higher than the accepted standard (0.5), and indicates sufficient financial independence.

2. The coefficient of security with own working capital (share of own working capital in current assets).

Table 9

Dynamics of change in the ratio of own working capital

Rice. 7 Dynamics of changes in the ratio of own working capital

The analysis of the coefficient of provision with own working capital shows that from 01.01.02 to 01.10.03 this indicator is significantly lower than the norm and, only as a result of the sale of assets as of 01.01.04 and as of the last reporting date - 01.04.04 , the coefficient of provision with own working capital significantly exceeded the accepted standard and amounted to 6.2 and 41.9 on the corresponding dates. This indicates that the company has fully compensated for the lack of its own working capital and may well work, as well as fully pay off its obligations to creditors.

3. Indicator of the ratio of receivables to total assets.

Table 10

Dynamics of changes in the indicator of the ratio of receivables to total assets

Rice. 8 Dynamics of changes in the indicator of the ratio of receivables to total assets

The analysis of the indicator of the ratio of receivables to total assets during the entire analyzed period is constantly increasing and as of the last reporting date reached the value of 0.33, which is below its critical value (0.75).

Let us analyze the coefficient characterizing the business activity of the debtor - the return on assets. The return on assets characterizes the degree of efficiency in the use of the organization's property, the professional qualifications of the enterprise's management and is determined as a percentage as the ratio of net profit (loss) to the total assets of the organization.

Table 11

Dynamics of change in return on assets (%)

For the entire analyzed period, the return on assets is zero. This indicates the poor performance of the enterprise, the low efficiency of the use of the organization's property and the low professional qualifications of the enterprise's management.

Analysis conclusions:

· Current assets increased during the analyzed period by 3898 thousand rubles or 61%, including in the fourth quarter of 2003 by 2334 thousand rubles or 36% compared with the third quarter of the same year. However, this growth was mainly due to the growth of short-term accounts receivable by 2,330 thousand rubles. or 99.8%.

· Long-term financial investments for the analyzed period decreased by 14,904 thousand rubles, or 76%, including for the fourth quarter of 2003 by 13,201 thousand rubles, or 73%, as a result of the sale of equity participation in the authorized capital of subsidiaries. It should be noted that for the entire period from 01.10.01 to 01.04.04, the enterprise-debtor did not receive income from participation in other organizations, which requires cross-checks.

· A sharp increase in receivables to 6340 thousand rubles at the end of the analyzed period in the absence of data on debtors indicates a deliberate complication of the financial condition of the enterprise.

· There are no short-term financial investments.

The results of the analysis of assets and indicators used to determine the possibility of restoring the Debtor's solvency:

a) the balance sheet value of the assets involved in the production process, upon disposal of which the main activity of the Debtor is impossible (first group): 321 thousand rubles.

b) value added tax on acquired valuables, as well as assets, the sale of which is difficult (second group): VAT - 40 thousand rubles. Accounts receivable - 6340 thousand rubles.

c) the book value of property that can be sold for settlements with creditors, as well as to cover court costs and expenses for paying remuneration to the arbitration manager (third group), determined by subtracting the sum of assets of the first and second groups from the value of total assets: 12,538 thousand rubles .

Based on the data obtained, in accordance with the calculations, it can be concluded that, despite the sale at bargain prices of the debtor's assets in the fourth quarter of 2003, as of the date of the last report (01.04.04), CJSC "Bryanskoblgrazhdanstroy" retained the ability to carry out production activities and successfully meet their obligations. However, for the period from the date of the last report until the introduction of the monitoring procedure by the Arbitration Court of the Bryansk Region, the enterprise did not provide documents confirming the receipt and direction of funds from the liquidation of the remaining property and the collection of receivables. Deliberate sale at bargain prices of the assets of the debtor’s enterprise, inefficient placement of long-term financial investments in subsidiaries and, at the same time, throughout the analyzed period, the lack of income on invested capital indicates the actions of the leaders of CJSC Bryanskoblgrazhdanstroy about deliberate bankruptcy for the purpose of personal enrichment.

CHAPTER III . SUGGESTIONS TO IMPROVE THE USE OF WORKING FUND OF THE ENTERPRISE

3.1. Acceleration of working capital turnover

Acceleration of turnover is one of the measures to improve the use of working capital. With the acceleration of the turnover of working capital, the need for them decreases, a reserve is created to increase output.

To accelerate the turnover of working capital, it is necessary to reduce the time of their stay both in the sphere of production and in the sphere of circulation. For this you need:

· reduce the time of processing and assembly of products by mechanization and automation of the production process;

improve the use of new technology;

accelerate the control and transportation of products during their processing;

· to reduce stocks of materials, fuel, containers, work in progress to the established standard;

ensure the rhythmic work of all production sites and workshops of the enterprise, timely delivery of materials to the enterprise and workplaces;

Accelerate the shipment of finished products;

timely and quickly make settlements with consumers;

improve product quality, prevent the return of finished products from the consumer, etc.

Accelerating the turnover of working capital is a priority for enterprises in modern conditions and is achieved in the following ways. At the stage of creating inventories - the introduction of economically justified reserve norms; bringing suppliers of raw materials, semi-finished products, components closer to consumers; widespread use of direct long-term connections; expansion of the warehouse logistics system, as well as wholesale trade in materials and equipment; complex mechanization and automation of loading and unloading operations in warehouses.

At the stage of work in progress - acceleration of scientific and technological progress (introduction of progressive equipment and technology, especially waste-free and low-waste, robotic complexes, rotor lines, chemicalization of production); development of standardization, unification, typification; improvement of the forms of organization of industrial production, the use of cheaper structural materials; improvement of the system of economic incentives for the economical use of raw materials and fuel and energy resources; increase in the share of products in high demand.

At the stage of circulation - the approach of consumers of products to its manufacturers; improvement of the settlement system; increase in the volume of products sold due to the fulfillment of orders through direct communications, early release of products, production of products from saved materials; careful and timely selection of shipped products by batches, assortment, transit norm, shipment in strict accordance with the concluded contracts.

The value of the acceleration of turnover of working capital is as follows:

1) the volume of sales of products is growing with the same amount of working capital of the enterprise:

∆RP = OS x (K OB1 - K OB0), (17)

where: TO OB1, TO OB0 - the value of the turnover ratio, respectively, after and before the implementation of measures to accelerate the turnover.

2) the acceleration of turnover leads to the release of working capital of the enterprise (the result of the rational use of working capital) with the same amount of product sales:

∆OS \u003d RP x (1 / K OB0 - 1 / K OB1). (eighteen)

Thus, when the turnover slows down, additional funds are involved in the turnover. The acceleration of turnover leads to the release of part of working capital. Ultimately, the solvency and financial condition of the enterprise improves.

The release of working capital as a result of the acceleration of turnover can be absolute and relative. Absolute release is a direct decrease in the need for working capital, which occurs when the planned production volume is completed with a smaller amount of working capital compared to the planned need.

Relative release - working capital occurs in those cases when, in the presence of working capital within the planned needs, an overfulfillment of the production plan is ensured. At the same time, the growth rate of production volume outstrips the rate of working capital balances.

3.2. Saving elements of working capital at the enterprise

In the conditions of transition to a market economy, one of the most important tasks of each enterprise is the saving of working capital, since it is material costs that make up the bulk of production costs, on which the amount of profit directly depends.

There are sources and ways to save working capital. Sources of savings show where savings can be made. Ways (or directions) of savings show how, with the help of what measures, savings can be achieved.

Each enterprise has reserves for saving working capital. Reserves should be understood as emerging or arising, but not yet used (fully or partially) opportunities for improving the use of working capital.

From the point of view of the scope of the emergence and use of reserves for saving working capital, they can be divided into three groups:

national economic;

general industrial and intersectoral;

Intra-production (shop, factory, industry).

National economic reserves include reserves that are important for the national economy and all its branches:

· the establishment of progressive national economic proportions in the sectoral structure of industry (for the purpose of accelerating the development of progressive sectors), in the extraction and production of economical, artificial and synthetic types of raw materials and materials;

· improving the structure of the fuel and energy complex;

· improvement of the entire economic mechanism in the conditions of market relations.

General industrial-intersectoral reserves are those reserves, the mobilization of which depends on the establishment of rational production and economic ties between the leading industries (ferrous metallurgy, engineering, chemical industry). These reserves are due to the peculiarities of the development of individual industries and economic regions. The most important of them are of national economic importance. At the same time, the scale of their practical mobilization is more limited and extends for the most part to interconnected branches of industry or large industrial or production-territorial complexes.

The general industrial-intersectoral reserves include:

· introduction of new effective methods and systems for the development of mineral deposits, progressive technological processes for their extraction, enrichment and processing in order to increase the degree of extraction of minerals from the bowels, ensuring a more complete and comprehensive processing of mineral raw materials;

· development of specialization, cooperation and combination in industry;

creation and development of enterprises of various forms of ownership;

· improving the quality of raw materials and structural materials in the manufacturing industries in order to fulfill the tasks of saving material resources in the national economy and in consumer industries;

· Accelerated development of production of the most efficient types of raw materials and materials.

Intra-production reserves include opportunities for improving the use of working capital, directly related to the improvement of technology, the technology of organizing production processes, the development of more advanced types and models of products, and the improvement of product quality in specific industries and sub-sectors of industry.

In the era of the modern scientific and technological revolution, the acceleration of scientific and technological progress in all sectors of the national economy is the driving force behind the development of the productive forces of society. Depending on the nature of the measures, the main directions for the implementation of reserves for saving working capital in industry and production are divided into production-technical and organizational-economic.

The production and technical areas include measures related to the qualitative preparation of raw materials for their production consumption, improvement of the design of machines, equipment and products, the use of more economical types of raw materials, fuel, the introduction of new equipment and advanced technology, ensuring the maximum possible reduction of technological waste and loss of material resources in the process of manufacturing products with the maximum possible use of secondary material resources.

The main organizational and economic areas of working capital savings include:

· sets of measures related to raising the scientific level of regulation and planning of the material intensity of industrial products, the development and implementation of technically sound norms and standards for the consumption of working capital;

· sets of measures related to the establishment of progressive proportions, consisting in the accelerated development of the production of new, most efficient types of raw materials and materials, fuel and energy resources, and the improvement of the country's fuel balance.

3.3 Internal restructuring of the assets of an operating economic entity

When considering the financial analysis of the use of current assets of the enterprise CJSC "Bryanskoblgrazhdanstroy", it was concluded that this enterprise needs to take measures to improve its financial condition. Enterprise management requires accurate knowledge of how this object existed and developed in the previous period and what is the current state of economic and financial activities. The availability of complete and reliable information about the activities of the enterprise in the past, about the current trends in its functioning and development, allows you to make an informed decision on improving the performance of economic and financial activities, justify the forecasted and planned indicators, development programs and business plan.

Over the past 2 years since the entry into force of the new law “On Insolvency (Bankruptcy)”, we can conclude that this normative act has shown its efficiency, eliminated a number of serious gaps and shortcomings that existed in previous editions, as a result of which the rate of return of overdue debts in the country increased generally. It was in this law that the concept of "financial recovery" was introduced. Financial recovery is a system of forms, models and methods for bringing the financial obligations and requirements of an economic entity into a state that allows timely and full fulfillment of monetary obligations and payments, ensuring the proper circulation of financial resource flows, excluding their imbalance and the manifestation of signs of insolvency. The purpose of the financial recovery of enterprises is to restore their solvency before the start of bankruptcy proceedings. One of the four blocks within the framework of a systematic approach to restoring the solvency of enterprises is the optimization of the capital structure. In its content, this is a strategy for bringing the composition of the capital of an enterprise, individual divisions and the property complex as a whole to such proportions that help minimize debts, increase incoming and save outgoing financial flows. In practice, the financial policy of optimizing the capital structure can have two directions:

1) internal restructuring of assets and organizational units of an existing economic entity with the preservation, development and enlargement of it itself;

2) reorganization of an economic entity with the formation of new enterprises on the basis of its property complex.

Let us consider in detail the internal restructuring of the assets of an operating economic entity. Restructuring is a common practice when an enterprise recognizes the need for a change in the direction of its activities, in production, organizational structures, capital structure. The most important result of the restructuring of an enterprise is its transformation from a non-viable and unprofitable enterprise into a viable enterprise, i.e. solvent, profitable and liquid. In this situation, viability is assessed as the ability to survive in a market economy.

Methodology for preparing a restructuring plan and monitoring its implementation.

This methodology describes a basic systems approach that can be used by any enterprise. This systematic approach to methodology is based on the inclusion of six clearly defined stages in the restructuring plan. These six stages, under the name "SHORTS", which is composed of the first letters of the names of the respective stages in English, are as follows:

S - consent to the implementation of restructuring - a period of inactivity (Standstill Period);

H - conducting a historical analysis of financial and production activities - diagnostics (Historical financial & Business performance Analysis - diagnostic);

O - making a decision to take measures to restructure production activities and implement the restructuring plan (Operational Restructuring actions and Plan);

R - development of a financial restructuring plan (Restructuring of the Financial Position);

T - measures for the implementation of the plan and control over its implementation (Implementation & Monitoring Arrangements);

S - summary and presentation of the plan of restructuring (Summary and presentation of the Plan).

Stage 1 - Period of inactivity

The purpose of this stage is to conduct a "quick scan" to assess the ability of the enterprise to survive during the period required to prepare and negotiate a restructuring plan. This period of time is used by the company's management to evaluate the company and demonstrate how the company will continue its short-term operations while the restructuring plan is being developed.

Stage 2 - Analysis of the enterprise's activities for previous periods - diagnostics of the enterprise

Diagnostics of the enterprise is carried out in order to:

· developing an understanding of the activities of the enterprise over the past few years;

· developing an understanding of the financial condition of the enterprise in the previous period;

determining the causes of the current state of the enterprise;

Methodology for diagnosing an enterprise

1. Conducting a retrospective analysis of the financial condition, which includes:

detailed study of income and expenses, cash flow forecast;

· conducting an audit of the compliance of reporting indicators with accounting data;

Detailed analysis of balance sheets for previous periods;

· initial determination of probable problem areas in the enterprise's activity;

clarification of the position of the main creditors;

· detailed analysis (for the last 3-5 years) of the company's profit and loss statement;

· detailed analysis (for the last 3-5 years) of assets and liabilities;

· analysis of the level of debt to the main creditors for the last 3-5 years;

analysis of financial statements (preferably audited);

· analysis of solvency, liquidity and profitability.

2. Conducting an analysis of production activities

The restructuring plan should contain a systematic analysis of the main production functions of the enterprise for the implementation of successful business activities. These functions are called the main areas of activity related to the achievement of results, and include: implementation, marketing, finance, procurement, production, management and organization of work, quality management, management information systems. Any plan that did not include a comprehensive, thorough and systematic analysis of all these eight main functions of activity cannot be considered an adequate plan in terms of its scope or completeness.

3. Drawing up a list of revealed facts based on the results of diagnostics and formulating conclusions regarding the viability of the enterprise

Findings are things that are learned or discovered in the process of studying or checking an enterprise. Revealed facts can be in the form of figures, events, or a description of an existing situation/action. Examples of facts may be the following.

1. The inadequacy of the financial control system, when the company's activities lead to the depletion of funds by reducing the rate of profit and increasing costs.

2. Constantly over-estimating the level of demand absorbs ever-increasing amounts of working capital and pumps out of the company the cash it badly needs.

3. The company does not have a developed marketing strategy.

4. Production facilities and equipment are not adequate for efficient production. Significant capital investments are required to achieve the required level of efficiency.

5. Management control and management information are at an insufficient level and do not have the proper direction.

The restructuring plan should contain a list of key facts identified during the diagnostics.

The conclusion is the final judgment obtained as a result of summing up the revealed facts. The conclusion must be logical, factual and clearly articulated. Based on the conclusion, a decision arises on the possibility of restructuring the enterprise or on the transition to bankruptcy. If it is concluded that the enterprise has no future as it exists, then the next step is to describe the restructuring actions and the results expected from these actions.

4. Identification of the causes of insolvency

Any restructuring plan must clearly and unambiguously articulate the decisive factors that led to the current insolvency. The restructuring plan should explain how the management of the enterprise proposes: to overcome shortcomings, neutralize them, bypass them.

Stage 3 - Development of appropriate restructuring measures

The restructuring plan should be clearly articulated and offer specific activities. These activities should be clearly linked to the achievement of specific goals to restore solvency. The restructuring plan should contain measures that should lead to:

· streamlining and consolidating existing assets and operating methods;

· reorganization at the enterprise of structures/processes/systems, etc.;

· Development plan and innovative approach for future growth and profitability.

Although each of these components exists separately, they are interconnected and interdependent, which contributes to the overall integration and unity. The implementation of activities in one area without changes in others will lead to the fact that nothing will be achieved.

Rationalization and consolidation

This means carrying out activities that systematically resolve the strategic problems of the enterprise identified during the diagnostic phase in production and financial activities, in management and organization of labor, marketing, production process and product sales. Thus, all kinds of measures are being taken to correct the current situation of the enterprise, namely:

elimination of wastefulness;

· Increasing the efficiency of production;

· performance improvement, ie. efficient use of available resources;

Target spending of funds, i.е. increase in the overall level of profitability;

· the most efficient use of existing assets, ie. maximization of income;

· Separation of non-core or problematic activities and divisions into independent structures.

Reorganization and restructuring

Reorganization is a transformation, reorganization of the organizational structure and management of an enterprise, company, while maintaining the main environment, the production potential of the enterprise.

A properly prepared restructuring plan clearly defines and explains the proposed changes. It should show how the identified deficiencies will be eliminated. If he does not, then it can be assumed that the old methods, processes and habits continue to exist. And this is not a positive indicator. The results of the work can be achieved through a combination of tactics:

Changes in functional responsibilities and the scheme of subordination and accountability;

allocation of responsibility centers;

change in the organizational structure;

· reorganization of production processes and existing practices;

a more disciplined approach to work organization;

· restructuring of accounts payable and receivable.

Development plan and innovative approach

This component should contain a clear definition, evaluation and selection of the company's intended growth strategy. The presence of the two previous components is not enough. The company must plan its development, otherwise it will simply be in a state of stagnation. Stagnation is the economic situation in the country, reflecting the suspension of growth or decline in output with a reduction in the number of employees (increase in unemployment).

Being innovative means developing newer and better ways of doing things, not just making different, better products. Here other approaches are meant (to customers, costs, quality, competition and the business itself):

Other management behavior

New ways of managing an enterprise in existing conditions and in existing markets;

other ways of working together that involve the exchange of information and ideas;

· Collective analysis and joint discussion of performance results, joint responsibility for the implementation of plans and achievement of goals.

It is these behavioral innovations that will allow:

1. convince creditors that, in response to their compliance with debts, the enterprise will be managed in a different way in the future, different from how it was in the past;

2. make the company more attractive to potential buyers;

3. gain a reputation as a reliable counterparty.

Stage 4 - Development of a financial restructuring plan

The purpose of this stage is to establish the possibility of restructuring the financing scheme (capital, loans and other liabilities) so that the profitability from the restructured production activities can service the restructured debts of the enterprise. The restructuring plan should include the following:

1. analysis of financial statements in order to understand the financial structure of the enterprise and its main creditors, as well as vulnerable points;

2. receipt of funds from the sale of assets and the calculation of potential quotas of creditors;

3. development of forecasts for receipts / expenses / profitability and cash flow based on the known / calculated and actual level of demand;

4. preparation of a draft plan for the restructuring of financial liabilities;

5. writing off debts;

6. any new cash injections through equity contributions from ordinary creditors;

7. consideration of the benefits of liquidation of the enterprise.

The rationale for any restructuring plan should be that all parties have a better chance of recovering their funds if the business remains in existence than if it is liquidated. Therefore, it can be assumed that the proposed changes will lead to solvency, profitability and liquidity. In a typical scenario, an enterprise is in such a position that, if it goes into liquidation, it will not be able to fully repay its debts to all creditors. In a situation where creditors cannot fully receive their funds in liquidation, shareholders receive nothing. They must bear the largest portion of the capital loss under the restructuring plan, but if they are required to contribute new funds to capital, then the expected return on these new investments must be reasonable.

Debt for equity swap

This is the most commonly used form of improving the financial position of an enterprise facing insolvency problems. As part of the implementation of the restructuring plan, the enterprise proposes the conversion (change in the structure of output) of debts into equity capital. In the exchange, the lender refuses to return the amount invested in capital and structural interest payments on shares that may or may not be traded on the market. Why does the lender agree to such an offer when it looks like it will bring him a loss? The answer is related to the prospect of development of the restructured enterprise in the future and the possibility of successful operation of the enterprise in a fairly short period of time, which will bring rewards to creditors in the form of dividend payments or an increase in the value of shares received in exchange for debts. The exchange of debts for capital helps to improve the financial position of the enterprise, as the ratio of borrowed and own funds improves, in addition, interest costs are reduced, which contributes to an increase in the efficiency of cash circulation. Restructuring businesses usually require creditors to make significant concessions of all kinds, which can result in various consequences for the distribution of the debtor's funds. Restructuring affects not only the value of the enterprise, but also the condition of individual creditors.

Stage 5 - Activities for the implementation of the plan and control over its implementation

It is very important to have a realistic and feasible program for the implementation of the plan. There is no point in spending several months preparing a restructuring plan if a group of managers does not have the skills and training to successfully implement an industrial and financial restructuring plan.

The goal of the implementation program is to:

· definition of realized actions, priorities and sequence of their realization;

· determining the composition of the main managers responsible for the implementation of various aspects of the restructuring plan, and which body will be responsible for monitoring the implementation of the plan;

how to take into account the wishes of new shareholders

Stage 6 - Brief summary of the restructuring plan

Its purpose is to formulate an interconnected, integrated and structured approach to proposals for the improvement of the enterprise. It should be understandable to any unprepared lender. In order for the restructuring plan to be comprehensive, it must be evaluated according to the following 4 criteria: content, structure, presentation, feasibility.

With regard to its content, it should give a brief description of the history of the enterprise. This can be presented on one page, summarizing information on 3 main points showing the results of financial activity: solvency, profitability, cash flow.

The content of the plan should then move on to a summary of the current situation. A conclusion about the viability of the enterprise as a whole or other conclusions should be given along with ways to resolve the main issues of its restructuring. If a proposal is made to restore the enterprise, then the plan should contain measures to restore its solvency with a list of goals that must be achieved in the course of its rehabilitation for each measure proposed in relation to all main areas of activity. And we need a plan to implement these activities. It should contain the activities to be implemented, the persons responsible for their implementation and the implementation timeframe.

The financial position of any enterprise is determined primarily by the state of its working capital. Therefore, it is of great importance to improve their management, including the improvement of their planning, accounting, and use. The rational and economical use of working capital is the primary task of enterprises, since material costs account for 3/4 of the cost of industrial products. Reducing the material consumption of a product is achieved in various ways, among which the main ones are the introduction of new equipment, technology, and the improvement of the organization of production and labor.

When considering the financial analysis of the use of current assets of the enterprise CJSC "Bryanskoblgrazhdanstroy", it was concluded that this enterprise needs to take measures to improve the financial condition, one of which is the internal restructuring of the enterprise's assets.

CONCLUSION

For the normal functioning of each enterprise, working capital is necessary, which is a value advanced in monetary form, which, in the process of a planned circulation of funds, takes the form of working capital and circulation funds necessary to maintain the continuity of the circulation and returns to its original form after its completion.

The availability of working capital is of great importance for creating normal conditions for the production and financial activities of an enterprise, therefore the rational organization of working capital is of paramount importance for the entire economic work of an enterprise. An important condition for the correct formation and rational use of working capital is the rationing of their stocks and costs. Organizations, making calculations of working capital standards by their types, determine the total need for working capital, summing up all previously established standards in monetary terms.

Working capital management is important in solving the key problem of financial condition: achieving the optimal ratio between the growth of production profitability (maximizing profit on invested capital) and ensuring sustainable solvency. An extremely important task is to provide reserves and costs with sources of their formation and maintain a rational ratio between own working capital and borrowed resources directed to replenish working capital.

The need for working capital is directly proportional to the volume of production and inversely proportional to the speed of their circulation. The faster the turnover of working capital, the less they are required, and the better they are used.

Exploring working capital, it is impossible not to touch on the analysis of working capital of any enterprise. When considering the financial analysis of the use of current assets of the enterprise CJSC "Bryanskoblgrazhdanstroy", it was concluded that this enterprise needs to take measures to improve the financial condition, one of which is the internal restructuring of the enterprise's assets.

The main feature of the modern transitional period is the lack of working capital for enterprises. The acceleration of the turnover of working capital, which is measured by the turnover ratio and the duration of one turnover in days, is achieved by various activities at the stages of creating inventories, work in progress and at the stage of circulation. When the turnover slows down, additional funds are involved in the turnover. The acceleration of turnover leads to the release of part of working capital. Ultimately, the solvency and financial condition of the enterprise improves.

The main direction of saving working capital at each enterprise is to increase the yield of final products from the same amount of raw materials and materials at workplaces (in brigades, sections, workshops). It depends on the technical equipment of production, the level of skill of workers, the skillful organization of logistics, the number of consumption rates and stocks of material resources, the validity of their level.

The rational and economical use of working capital is the primary task of enterprises, since material costs account for 3/4 of the cost of industrial products. Reducing the material consumption of a product is achieved in various ways, among which the main ones are the introduction of new equipment, technology, and the improvement of the organization of production and labor.

REFERENCES

2. Regulation on accounting "Accounting statements of the organization" RAS 4/99.

3. Balance sheets of CJSC "Bryanskoblgrazhdanstroy" Bubnenkova V.V. for periods from 01.10.01 to 01.04.04

4. Profit and loss statements of CJSC Bryanskoblgrazhdanstroy Bubnenkova V.V. for periods from 01.10.01 to 01.04.04

5. Financial analysis of the arbitration manager of CJSC "Bryanskoblgrazhdanstroy" Bubnenkov V.V.

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WORKING ASSETS OF TRADING ENTERPRISES

Indicators of the effectiveness of the use of working capital

Planning the needs of a trading enterprise in working capital

Essence, composition and structure of working capital

In the process of trade and production activities, a trade enterprise needs to form working capital. Working capital is cash resources advanced to working capital and circulation funds. Their main purpose is to ensure the continuity of the production process and sales of products, as well as the timeliness of financing commercial activities. Revolving funds once participate in the production process. Their value is entirely transferred to the product. The duration of one cycle of circulation is the time of movement of working capital in the sphere of production and circulation. The amount of working capital is largely determined by the period of their circulation. Each trade enterprise is a part of the national economic complex, in which the process of circulation of funds is a single whole. Therefore, a slowdown in the circulation of funds at an enterprise leads to a disruption in the system of settlements with suppliers, buyers and the bank, not only of this enterprise, but also of those enterprises that are economically connected with them.

Revolving funds, unlike the main ones, are directly involved in the turnover and are eliminated from the turnover as their own products and purchased goods are sold (with the exception of items of material and technical equipment). The value of revolving funds is usually reimbursed within one turnover, but always within a shorter time compared to the turnover time of fixed assets.

The peculiarity of revolving funds is that they continuously make a turnover, turning from a commodity into a monetary form, from a monetary into a commodity form, that is, they are constantly updated.

Working capital assets include inventories, semi-finished products, work in progress, prepaid expenses, low-value and wearing out inventory, tools.

To ensure the continuity of the production process, circulating production assets need additional funds to service the circulation sphere, which are called circulation funds. These include commodity stocks, cash assets of the enterprise (in cash, on settlement and other bank accounts, in letters of credit, etc.) and funds in settlements (accountable amounts issued to individuals; funds due from buyers of products, etc.).

Thus, working capital is used for the purchase of goods, raw materials, materials, the acquisition of low-value and wearing items, materials for household needs. They are also represented by cash on hand, on current and other bank accounts and securities.

In the total volume of all financial resources of a trade enterprise, up to 80% are working capital. In conditions of a shortage of commodity resources, the share of commodity stocks may be somewhat lower than in a saturated market. In addition, the structure of working capital for a trade enterprise depends on its financial condition on a specific date, compliance with financial and settlement discipline. Thus, a high proportion of receivables may indicate a weakening of control over the timely return of payments.

In the practice of accounting and planning, working capital is divided according to the principle of organizing their planning into normalized and non-standardized; according to the sources of formation - on own, borrowed and attracted.

Normalized working capital includes inventories, cash on hand and in transit, inventories, semi-finished products, low-value and wearing items, deferred expenses. The size of normalized working capital is directly dependent on the volume of trade and the release of own products, the speed of circulation of goods (except for items of material and technical equipment). For these types of working capital, stock norms are established within the minimum allowable limits for trade and production activities.

Non-standardized working capital includes cash on settlement and other accounts, funds in settlements with debtors, goods shipped and in safekeeping. These funds are called non-standardized because they are not planned, nor are the norms for the balance of these funds provided. In addition, non-standardized working capital do not have firmly fixed sources of coverage. For example, receivables often arise as a result of breach of contractual and financial discipline and cannot be planned. Cash balances on settlement and other accounts are not provided. Sources of coverage of non-standardized working capital are usually other liabilities and funds of temporarily free special funds. The ratio between the individual types of working capital in the total cost forms the structure of the working capital of the enterprise.

According to the sources of education, working capital is divided into own, equated to them (attracted) and borrowed.

Own current assets participate in the circulation of only the enterprise to which they are assigned, while borrowed funds can participate in the circulation of many enterprises, depending on their needs. Own working capital is allocated to create inventories, deferred expenses. They are permanently assigned to the enterprise in their statutory fund; enterprises have the right to place, plan and use them independently.

Borrowed funds are presented mainly in the form of a bank loan to cover additional resource requirements for the formation of seasonal reserves, as well as for other temporary needs. They are allocated for a certain period, after which they are returned to the bank; have a strictly targeted direction, i.e. used to pay for those goods and costs for which the loan was issued.

For any enterprise, it is important to have the optimal amount of working capital (working capital).

The amount of working capital of a commercial enterprise depends on many factors. The main ones are:

1. The volume and assortment structure of trade. The greater the volume of trade, the greater, ceteris paribus, the need for working capital.

Assortment structure of turnover determines the timing of the turnover of goods, the amount of inventory. The wider and more complex the range of goods, the longer the circulation time, the greater the value of commodity stocks, the greater the need for working capital.

Conditions and frequency of importation of goods. The remoteness of suppliers of goods necessitates the importation of large quantities of goods and increases the need for working capital, and vice versa, the more often goods are imported, the smaller the absolute size of stocks and the less need for working capital.

Organization of commercial work. If marketing activities are well established at a trading enterprise, goods are purchased taking into account demand, knowledge of market conditions, then, naturally, goods are quickly sold, and the need for working capital decreases.

Organization of payments for goods with suppliers of goods. Forms of payment (acceptance, letter of credit, check), territorial remoteness of suppliers predetermine the amount of working capital serving the calculations.

In the context of the development of market relations, the correct organization of working capital, skillful management of them and increasing the efficiency of their use are of particular importance.

Current assets are funds used, sold or consumed by the enterprise during one reporting period, which is usually one year. The main purpose of working capital is to ensure the continuity and rhythm of the current production and economic activities of the enterprise associated with the production and sale of products, the performance of work and the provision of services.

Working capital is the money invested by the enterprise in current assets. They provide the entire cycle of production and sale of products from the procurement of raw materials, materials to the sale of finished products. On a material basis, working capital includes circulating production assets and circulation funds.

Revolving production assets are part of the production assets of the organization, operate in the field of production and have the following properties:

1) take part in the production process once and are fully used in it;

2) in the process of production they change their natural-material form;

3) fully transfer their value to the newly produced product.

The essence of working capital is revealed through its functions:

Both functions are manifested simultaneously, while the function of ensuring the continuity of production is implemented in practice in the form of economic stimulation of the production process, and the payment and settlement function is due to a change in cost parameters and the rate of turnover of capital advanced into current assets.

The composition of the working capital of the enterprise:

1) working capital;

2) circulation funds.

Revolving production assets of enterprises consist of three parts:

1. Production stocks;

2. Work in progress and semi-finished products of own production;

3. Deferred expenses.

Industrial stocks are objects of labor prepared for launching into the production process; they consist of raw materials, basic and auxiliary materials, fuel, fuel, purchased semi-finished products and components, containers and packaging materials, spare parts for the current repair of fixed assets. The size of these reserves is set in such a way as to ensure uninterrupted and rhythmic work. Usually distinguish current, preparatory and insurance stocks. The current stock is intended to ensure the uninterrupted course of the production process between two successive deliveries of raw materials, materials, purchased products and semi-finished products. A preparatory stock is required at the time of preparing materials for production consumption. The safety stock is designed to ensure an uninterrupted production process in case of deviations from the accepted delivery intervals.

Work-in-progress and semi-finished products of own manufacture are objects of labor that have entered the production process: materials, parts, assemblies and products that are in the process of processing or assembly, as well as semi-finished products of their own manufacture, not completely finished by production in the same workshops of the enterprise and subject to further processing in other departments of the same enterprise.

Deferred expenses are intangible elements of working capital, including the costs of preparing and developing new products that are produced in a given period (quarter, year), but are attributed to products of the future period (for example, the costs of designing and developing technology for new types of products, for the rearrangement of equipment, marketing, etc.).

Circulating production assets in their movement are also associated with circulation funds serving the sphere of circulation. They include finished products in warehouses, goods in transit, cash and funds in settlements with consumers of products, in particular accounts receivable. The totality of the funds of the enterprise, intended for the formation of working capital and circulation funds, constitute the working capital of the enterprise.

The circulation funds consist of four groups:

*finished products in warehouses (in containers) of enterprises;

*goods in transit (shipped);

*money in a current account in a bank, in letters of credit or in the company's cash desk;

*funds in settlements with suppliers and buyers.

Along with circulating production assets, enterprises must also have circulation funds in the form of finished products in stock, goods shipped, cash, short-term securities, receivables and other current assets. The mandatory reimbursement of these funds from the proceeds from the sale of products after each production cycle creates an economic basis for the inclusion of working capital and circulation funds in a single category of working capital.

The ratio of working capital in the context of individual elements and stages of functioning reflects the production and technological structure. It is formed under the influence of many factors (type of production, nomenclature and range of products and the technological process of its manufacture, provision of production with various resources) and changes over time.

The structure of working capital is the share of the cost of individual elements of working capital in their total cost.

An important indicator of the structure of working capital is the ratio between the funds invested in the sphere of production and in the sphere of circulation. From the correct distribution of the total amount of working capital between the sphere of production and the sphere of circulation, their normal functioning, the speed of turnover and the completeness of their inherent functions: production and payment and settlement largely depend.

The structure of working capital is clearly shown in Figure 1

Figure 1 - Structure of working capital

Circulating assets are always in motion and go through three stages of circulation, changing their form. At the first stage, circulating assets or money capital are transferred from the monetary form to the commodity form. At this stage, objects of labor (production stocks) and labor power are acquired. The purchase and sale of objects of labor is carried out on the market for industrial goods, and labor - on the labor market. The acquisition of labor power is carried out only after the future producer has formed fixed capital and acquired objects of labor.

The first and third stages of the circulation of working capital of an industrial enterprise belong to the sphere of circulation, the second - to the sphere of production. The continuity of the process of industrial production of any enterprise provides for the availability of working capital in each of the three stages of the circuit.

However, the volume of material assets spent in production and the amount of working capital do not coincide. Unlike the physical composition of current assets, working capital is not spent, but advanced and, changing its form, returns after one turnover to enter the next.

From all of the above, it follows that working capital is an important part of the enterprise's resources. Working capital and circulation funds affect every aspect of the enterprise, whether it be production volume or profitability. And this is not all that effective working capital management affects. Therefore, it is necessary to carefully organize management and plan the use of working capital of the organization.

To carry out its activities, the enterprise must have not only fixed assets, but also working capital. Insufficient security of the enterprise with working capital paralyzes its activities and leads to a deterioration in the financial situation.

Working capital - the assets of an enterprise (firm), which, as a result of its economic activity, completely transfer their value to the finished product, take part in the production process once, changing or losing their natural material form.

A characteristic feature of working capital is the high turnover rate. Working capital of the enterprise is always in the process of turnover (in other words, in circulation).

Circulation of working capital of the enterprise

In each circuit, working capital goes through three stages: cash, production and commodity.

At the first stage, the enterprise uses funds to purchase resources for production consumption (raw materials, materials, fuel, etc.). At this stage, cash flows into inventories. They enter production consumption, are consumed in the production process, and finished products are formed. In the second stage, inventories are converted into finished products. The third stage: the finished product is sold.

Thus, we can say that the period of time during which the turnover of funds is made represents the duration of the production and commercial cycle. It consists of the period between the payment of resources and the receipt of funds from the sale of finished products.

In the process of circulation of working capital, one part of them is always in the sphere of production, and the other - in the sphere of circulation. Working capital is constantly flowing from one area to another. Related to this is the division of working capital into two parts: working capital and circulation funds.

Working capital is that part of working capital that is constantly in the sphere of production.

Funds of circulation - that part of working capital, which is constantly in the sphere of circulation.

Classification of current assets

Industrial stocks are objects of labor awaiting production consumption (raw materials, materials, purchased semi-finished products, fuel, fuel, components, containers and packaging materials, spare parts for current repairs of fixed assets, etc.). They have rather low liquidity (but work in progress has the lowest liquidity).

Work in progress is the objects of labor that are in the process of processing at the workplace. They have already entered the production process and are at its various stages. The least liquid part of the company's working capital.

Semi-finished products of own production - parts, assemblies, products that have not passed all stages of the production process, as well as objects of labor completed by production in one workshop and subject to processing in other workshops of the enterprise or sale (car engine, wheels). Refers to work in progress, but can be sold to the side.

Deferred expenses - intangible elements of working capital, including costs incurred in this reporting period, but related, due to the economic content or established accounting or planning practices, to future periods (for example, rent, costs for the preparation and development of new types of products , the cost of preparatory work for the season in seasonal industries, the cost of developing new enterprises / units / workshops / etc.).

Cash and securities are the most liquid part of working capital. Money has absolute liquidity, securities are slightly less liquid. Cash includes funds on settlement, current, currency and other accounts of the company, as well as on hand. Securities include securities of other enterprises, government bonds, etc.

Accounts receivable - it includes various types of debt to an enterprise (firm) of legal entities and individuals. It can be of the following types: settlements with debtors for goods and services; settlements with subsidiaries; advances given to suppliers and contractors, etc. More liquid than work in progress, but does not have absolute liquidity.

Finished products are material assets that have passed the entire technological cycle, are fully equipped, have passed the necessary tests and technical verification. Finished products, as a rule, arrive at the warehouse of finished products in the appropriate natural-material form.

In terms of rationing coverage, working capital is divided into normalized working capital (current assets in stocks of inventory items) and non-standardized working capital (accounts receivable, funds in settlements, cash in the company's cash desk and bank accounts).

According to the sources of formation, working capital is divided into own and borrowed working capital.

The presence of own and borrowed funds in the turnover of the enterprise is explained by the peculiarities of the organization of the production process. A constant minimum amount of funds to finance the needs of production is provided by its own working capital. Temporary need for funds arising under the influence of reasons dependent and independent of the enterprise is covered by a loan and other sources.

Under the structure of working capital refers to the ratio of their individual elements in their entirety.

Knowledge and analysis of the structure of working capital at the enterprise are very important, since it to a certain extent characterizes the financial condition at one time or another of the enterprise's operation. For example, an excessive increase in the share of receivables, finished products in stock, work in progress indicates a deterioration in the financial condition of the enterprise. Accounts receivable characterizes the diversion of funds from the turnover of the enterprise and their use by debtors, debtors in their turnover. An increase in the share of work in progress, finished products in the warehouse indicates the diversion of working capital from circulation, a decrease in sales, and therefore profits. All this indicates that the enterprise needs to manage working capital in order to optimize their structure and increase their turnover.

The structure of working capital at the enterprise is unstable and changes in dynamics under the influence of many reasons.

The structure of working capital at enterprises of various industries is far from the same and depends on:

• * specifics of the enterprise. At enterprises with a long production cycle (for example, in shipbuilding), the share of work in progress is large; mining enterprises have a large share of deferred expenses. At those enterprises in which the production process is fleeting, as a rule, there is a large proportion of inventories;
• * the quality of the finished product. If the company produces low-quality products that are not in demand among buyers, then the share of finished products in warehouses increases sharply;
• * the level of concentration, specialization, cooperation and combination of production;
• * accelerating scientific and technological progress. This factor affects the structure of working capital in many ways and practically on the ratio of all elements. If an enterprise introduces fuel-saving equipment and technology, waste-free production, then this immediately affects the reduction in the share of inventories in the structure of working capital.

Influence the structure of working capital and other factors. At the same time, it must be borne in mind that some factors are long-term in nature, others are short-term.

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Introduction

1 ECONOMIC CONTENT, STRUCTURE AND COMPOSITION OF CURRENT ASSETS

2 DETERMINATION OF THE NEEDS FOR WORKING ASSETS. ESSENCE, ORDER AND REGULATION METHODS

Modernization of the method for calculating turnover indicators

Ways to improve the efficiency of the use of working capital

Working capital management (supply and marketing policy)

CONCLUSION

LIST OF USED SOURCES

INTRODUCTION

An indispensable condition for the implementation of economic activity by the enterprise is the availability of working capital (working capital). Working capital is cash advanced to working capital and circulation funds.

The essence of working capital is determined by their economic role, the need to ensure the reproduction process,

including both the process of production and the process of circulation. Unlike fixed assets that repeatedly participate in the production process, working capital operates in only one production cycle and, regardless of the method of production consumption, fully transfers its value to the finished product.

Working capital plays a decisive role in the financial management of the enterprise. So, working capital, the efficiency of their use are interconnected, interact with the main factors and results of production - the size and structure of own and borrowed funds, fixed assets and investments, sales proceeds and profit, etc. In modern conditions, the state of working capital, finding a reasonable balance between the need for them and the availability of enterprises' own funds through solvency indicators in many cases determine its future fate - the preservation and development of production or bankruptcy.

The main purpose of working capital is to ensure a continuous process of production and sales of products, the completeness and timeliness of financing commercial activities.

The organic property of working capital is their constant movement, which takes place in the form of a cycle - a consistent change in their functional forms in production.

In the first phase of the circulation of working capital act in the form of money. Their main purpose is to serve the formation of production stocks with monetary resources.

At the final stage, the newly created finished product is delivered to the warehouse, and then sold to the consumer, and the funds invested in it are returned to cash. There is a possibility of the next investment of resources.

The structure of the working capital of an enterprise is a dynamic value and depends on its industry affiliation, the conditions for the logistics of production and marketing, the nature and characteristics of the organization of production activities, the payment discipline adopted in settlements with suppliers and consumers, the quality of finished products, etc. Depending on the structure of working capital, the main ways to improve their use are outlined, especially for those elements that have the largest share. Analysis of the structure of working capital of the enterprise allows you to reasonably characterize the financial condition of the enterprise in a certain period of time. In the republic, according to the Ministry of Statistics and Analysis, the main share of working capital falls on stocks and costs.

The slowdown in the circulation of funds, their excessive accumulation at one of the stages of the circulation leads to a decrease in the pace of economic development, creates financial difficulties for enterprises.

In the Republic of Belarus in 2007, according to available official
According to statistics, 33.2% of enterprises did not have their own
working capital, and for 28.2% of enterprises this figure was lower
standard. In some industries (light industry, food industry), these
ratios reach 55%o and 25%.

All of the above confirms the relevance of the research topic of this course work - "Ways to accelerate the turnover of working capital of the enterprise." The purpose of the work is to study and analyze the essence of indicators and ways to improve the efficiency of using the working environment of an enterprise. .

The work includes, in addition to the introduction, the main part, consisting of three chapters, the conclusion and the list of sources of information used.

1. ECONOMIC CONTENT AND COMPOSITION OF CURRENT ASSETS

1.1 Economic essence and structure of working capital of the enterprise

An indispensable condition for the implementation of economic activity by the enterprise is the availability of working capital.

The working capital of an enterprise is a set of funds advanced in objects of labor and servicing the process of selling finished products, i.e. These are investments in circulating production assets and circulation funds. The purpose of working capital is to ensure the continuity of the process of production and circulation.

Circulating production assets and circulation funds are independent economic categories that differ from each other. Their simultaneous existence is due to the fact that the reproduction process is an organic unity of the production process and product sales (Fig. 1.1).

The essence of working capital is determined by their economic role, the need to ensure the reproduction process, which includes both the production process and the circulation process. Unlike fixed assets that repeatedly participate in the production process, working capital operates in only one production cycle and, regardless of the method of production consumption, fully transfer their value to the finished product.

Current assets of the enterprise exist in the sphere of production and in the sphere of circulation. Working capital and means of circulation are divided into various elements that make up the material structure of working capital.

Circulating production assets are objects of labor (raw materials, basic materials and semi-finished products, auxiliary materials, fuel, containers, spare parts, etc.) consumed in each production cycle. They fully transfer their value to the finished product and in the process of production change their natural-material form or lose it.

Figure 1.1. - The composition of the working capital of the enterprise

Circulation funds are the funds of the enterprise invested in stocks of finished products, goods shipped but not paid for, as well as funds in settlements and cash on hand and in accounts.

Working capital ensures the continuity of production and sales of the company's products.

Circulating production assets enter production in their natural form and are entirely consumed in the process of manufacturing products. They transfer their value to the product they create. Circulation funds are associated with servicing the process of circulation of goods. They do not participate in the formation of value, but are its carriers. After the end of the production cycle, the manufacture of finished products and their sale, the cost of working capital is reimbursed as part of the proceeds from the sale of products (works, services). This allows you to systematically resume the production process, which is carried out through a continuous circulation of enterprise funds.

Revolving production assets consist of three parts:

· productive reserves;

work in progress and semi-finished products of own production;

· future spending.

Industrial stocks are objects of labor prepared for launching into the production process. They consist of raw materials, basic and auxiliary materials, fuel, fuel, purchased semi-finished products and components, containers and packaging materials, spare parts for the current repair of fixed assets.

Work in progress and semi-finished products of own manufacture are objects of labor that have entered the production process: materials, parts, assemblies and products that are in the process of processing or assembly, as well as semi-finished products of their own manufacture, not completely finished in some workshops of the enterprise and subject to further processing in others workshops of the same company.

Deferred expenses are intangible elements of working capital, including the costs of preparing and developing new products that are produced in a given period (quarter, year), but are attributed to products of the future period (for example, the costs of designing and developing technology for new types of products, for rearrangement of equipment, etc.).

Circulating production assets in their movement are also associated with circulation funds. They include finished products in warehouses, goods in transit, cash and funds in settlements with consumers of products, in particular accounts receivable. The totality of the funds of the enterprise, intended for the formation of working capital and circulation funds, constitute the working capital of the enterprise.

The ratio between the individual elements of working capital in terms of value or their components is called the structure of working capital. It is measured in percentage.

The structure of working capital of industrial enterprises depends on the degree of mechanization, adopted technology, organization of production, duration of the production cycle, sectoral affiliation, etc. For example, in the light and food industries, the share of production reserves prevails; there is no unfinished production in the electric power industry; in mechanical engineering, due to the significant duration of the production cycle, about half of the volume of working capital falls on work in progress.

Depending on the structure of working capital, the main ways to improve their use are outlined, especially for those elements that have the largest share.

The structure of circulating production assets at enterprises depends on a number of factors:

the duration of the production cycle at the enterprise
(as the cycle increases, the share of incomplete
th production with a short production cycle; for
such enterprises are characterized by a large proportion of
water reserves);

The quality of the finished product (poor-quality products
increases the share of finished products in the warehouse);

level of concentration, specialization, cooperation
and combination of production (provides complex and inconsistent
significant influence on the structure of circulating production assets);

· acceleration of scientific and technical progress (for example, the introduction of fuel-saving technology and equipment, waste-free production reduce the share of inventories in the structure of working capital).

In its movement, working capital consistently passes through three stages: monetary, productive and commodity.

The monetary stage of the circuit is preparatory. It takes place in the sphere of circulation, where the transformation of money into the form of production reserves takes place.

The production stage is the immediate process of production. At this stage, the value of used inventories continues to be advanced, wages and related costs are additionally advanced, and the value of fixed assets is transferred to the manufactured products. The production stage of the circuit ends with the release of finished products, after which the stage of its implementation begins.

At the commodity stage of the circuit, the product of labor (finished product) continues to be advanced in the same amount as at the productive stage. Only after the transformation of the commodity form of the cost of manufactured products into cash, the advanced funds are restored at the expense of a part of the proceeds received from the sale of products. The rest of the amount is cash savings, which are used in accordance with the plan for their distribution. Part of the savings (profit) intended for the expansion of working capital joins them and makes subsequent cycles of turnover with them.

The monetary form, which is taken by working capital at the third stage of their circulation, is at the same time the initial stage of the circulation of these funds.

The circulation of working capital occurs according to the scheme

D T...P...T 1 D 1 (1.1)

where D - funds advanced by an economic entity; T - means of production; P - production;

T 1 - finished products;

D 1 - cash received from the sale of products and includes realized profits.

The ellipsis (...) means that the circulation of funds is interrupted, but the process of their circulation continues in the sphere of production.

Working capital is simultaneously at all stages and in all forms of production, which ensures its continuity and uninterrupted operation of the enterprise.

1.2 Classification of current assets

According to the source of education and according to the mode of use, working capital is divided into own and borrowed.

Own funds are constantly at the disposal of the enterprise and are formed at the expense of the authorized capital and profit of the enterprise by rationing, for state enterprises - at the expense of the budget (during their creation). Reducing the need for own working capital is achieved through the use of funds that are constantly in the turnover of the enterprise. They are called sustainable liabilities. These include: permanent wage arrears, social security contributions, a reserve to cover workers' vacation payments, debts to suppliers for delivered low-value items and materials on acceptance invoices, profits, etc.

As a rule, the need for working capital at the enterprise during the year is not the same, and therefore it is inefficient to form them only from their own financial sources. Therefore, the additional need for working capital, due to temporary needs, it is advisable to provide at the expense of borrowed funds. Borrowed funds are formed by providing loans to enterprises by commercial banks.

Depending on the methods of formation, working capital is divided into standardized and non-standardized.

Normalized funds include funds invested in inventories, work in progress and semi-finished products of their own manufacture, as well as deferred expenses, finished products located in the warehouse of the enterprise.

Normalized working capital account for more than 80% of the working capital of enterprises.

Non-standardized working capital is invested in products shipped to the consumer, but not yet paid for, left in safe custody with buyers. This group includes funds in settlements, cash assets of the enterprise. Rationing of these elements of working capital is impossible due to the volatility of their composition and the need for enterprises in them.

Working capital is also classified according to the degree of their liquidity and financial risk. The task of such a classification is to identify those current assets, the possibility of realization of which seems unlikely.

Classification of working capital according to the degree of liquidity:

The most liquid - cash (cash, current account, foreign currency account, other cash); short-term financial investments;

Fast selling - goods shipped; accounts receivable: for goods (services, works), for bills received, with subsidiaries, with the budget, with personnel, with other debtors; Other current assets;

Slowly sold - stocks.

The liquidity of current assets is the main factor determining the degree of risk of capital investment in working capital. The accumulated estimates of the feasibility of certain types of working capital over a long period of time make it possible to determine the likelihood of investment risk in these assets.

In modern conditions, when many enterprises are fully self-financing, the correct determination of the need for working capital is of particular importance. This process is called the normalization of working capital and is discussed in detail in the second chapter of this work.

working capital finished products modernization

2. DETERMINATION OF THE REQUIREMENT FOR WORKING ASSETS. ESSENCE, ORDER AND REGULATION METHODS

Determining the needs of the enterprise in its own working capital is carried out in the process of rationing, i.e. determination of the standard of working capital.

The purpose of rationing is to determine the rational amount of working capital diverted for a certain period into the sphere of production and the sphere of circulation.

Thus, rationing consists in determining the amounts of working capital necessary for the formation of constant minimum and at the same time sufficient stocks of material assets, irreducible balances of work in progress and other working capital. Rationing of working capital helps to identify internal reserves, reduce the duration of the production cycle, and faster sales of finished products.

2.1 Order and methods of normalization

The need for working capital is determined by the enterprise when drawing up a financial plan.

The value of the standard is not constant. The amount of working capital depends on the volume of production, conditions of supply and marketing, the range of products, the forms of payment used.

When calculating the needs of the enterprise in its own working capital, the following should be taken into account. Own working capital should cover the needs of not only the main production for the implementation of the production program, but also the needs of auxiliary and auxiliary industries, housing and communal services and other facilities that are not related to the main activity of the enterprise and are not on an independent balance sheet, as well as for major repairs, carried out on its own. In practice, however, they often take into account the need for own working capital only for the main activity of the enterprise, thereby underestimating this need.

Rationing of working capital is carried out in monetary terms. The basis for determining the need for them is the cost estimate for the production of products (works, services) for the planned period. At the same time, for enterprises with a non-seasonal nature of production, it is advisable to take the data of the fourth quarter as the basis for calculations, in which the volume of production, as a rule, is the largest in the annual program. For enterprises with a seasonal nature of production - the data of the quarter with the smallest volume of production, since the seasonal need for additional working capital is provided by short-term bank loans.

To determine the standard, the average daily consumption of normalized elements in monetary terms is taken into account. For inventories, the average daily consumption is calculated according to the corresponding article of the cost estimate for production; for work in progress - based on the cost of gross or marketable output; for finished products - on the basis of the production cost of commercial products.

In the process of rationing, private and aggregate standards are established.

The normalization process consists of several successive stages. Initially, stock standards are developed for each element of normalized working capital.

The norm is a relative value corresponding to the volume of stock of each element of working capital. As a rule, the norms are set in days of stock and mean the duration of the period provided by this type of material assets. For example, the stock rate is 24 days. Therefore, stocks should be exactly as much as will be provided by production within 24 days.

The stock rate can be set as a percentage or in monetary terms to a specific base.

Further, based on the rate of stock and consumption of this type of inventory, the amount of working capital necessary to create normalized reserves for each type of working capital is determined. This is how private standards are defined.

The private ones include the norms of working capital in production stocks: raw materials, basic and auxiliary materials, purchased semi-finished products, components, fuel, containers; in work in progress and semi-finished products of own production; in deferred expenses; finished products.

The ratio of a separate element of working capital is calculated by the formula:

N with el \u003d O el / T l N l (2.1)

where N with el - the standard of own funds for the element;

О el - turnover (expenditure, release) for this element for the period;

T l - duration of the period, days (means, O l / T l - one-day consumption of this element);

N el - the rate of working capital for this element.

One-day expense for individual items of inventories is the sum of the costs for the corresponding item of production for the quarter, divided by 90.

And finally, the aggregate standard is determined by adding the private standards. Thus, the working capital ratio is a monetary expression of the planned stock of inventory items, the minimum required for the normal economic activity of the enterprise.

Working capital ratio (But c) is calculated by the formula

N o.s = N p.z + N n.p + N g.p + N b.p, (2.2)

where N p.z - the standard of production stocks;

N n.p - the standard of work in progress;

N g.p - standard stock of finished products;

N b.p - the standard for deferred expenses.

Thus, the norm is the allowable value of the costs of working capital for the production of a unit of output, and the standard is the entire output.

Currently, three main methods are used to determine the need for working capital:

analytical method;

coefficient method;

direct counting method;

The analytical method involves determining the need for working capital in the amount of their average actual balances, taking into account the growth in production volume. To eliminate the shortcomings of past periods in the organization of the movement of working capital, the actual balances of inventories are analyzed in order to identify unnecessary, redundant, illiquid and all stages of work in progress to identify reserves to reduce the duration of the production cycle. The reasons for the accumulation of finished products in the warehouse are studied and the actual need for working capital is determined. At the same time, specific conditions for the operation of the enterprise in the coming year are taken into account. This method is used in enterprises where funds invested in material assets and costs occupy a larger share in the total amount of working capital.

When using the coefficient method, inventories and costs are divided into those dependent on changes in production volumes (raw materials, materials, costs of work in progress, finished products in stock) and independent (spare parts, MBP, deferred expenses). In the first case, the need for working capital is determined based on their size in the base year and the growth rate of production in the coming year. If the enterprise analyzes the turnover of working capital and seeks ways to accelerate it, then the real acceleration of turnover in the planned year must be taken into account when determining the need for working capital. For the second group of working capital, which does not have a proportional dependence on the growth in production volume, the need is planned at the level of their average actual balances over a number of years. If necessary, you can use analytical and coefficient methods in combination. First, the analytical method determines the need for working capital, depending on the volume of production, and then, using the coefficient method, changes in the volume of production are taken into account.

The direct account method provides for a reasonable calculation of reserves for each element of working capital, taking into account all changes in the level of organizational and technical development of the enterprise, transportation of inventory items, and the practice of settlements between enterprises. This method is very time-consuming and requires highly qualified economists, involving employees of many enterprise services in the rationing, but it allows the most accurate calculation of the enterprise's need for working capital. The direct account method is used when organizing a new enterprise and periodically clarifying the need for working capital of existing enterprises. The main condition for its application is a thorough study of supply issues and the production plan of the enterprise. The stability of economic relations is important, since the frequency and security of supply underlie the calculation of stock standards. The method involves the rationing of working capital invested in stocks and costs, finished products in stock. In general, its content includes the development of stock standards for certain major types of inventory of all elements of normalized working capital, as well as the definition of standards in monetary terms for each element of working capital and the total need of the enterprise for working capital.

Rationing of working capital directly at the enterprise is carried out in two stages. At the first stage, the development of long-term working capital norms is carried out by the method of direct calculation for each element of normalized working capital (raw materials, materials, fuel, etc.). These rules have been in place for several years. At the second stage, an annual calculation is carried out on the basis of long-term norms of the norm of own working capital in monetary terms and the determination of the planned amount of growth of this norm.

2.2 Rationing of inventories, work in progress, finished products and working capital in deferred expenses

Production stocks at enterprises are divided into current, insurance (warranty), transport and preparatory.

Current stocks ensure uninterrupted production activities of the enterprise for the period between two successive deliveries and are the main part of working capital. The duration of the intervals between successive deliveries is established on the basis of contracts with suppliers. The average delivery interval is determined by the ratio of the number of days in a year to the number of deliveries of each type of material.

The standard of the current stock in physical terms of this type of material (W t) is equal to the product of its average daily consumption (a) by half the delivery interval in days (I):

Z t \u003d a x I x O.5. (2.3)

An insurance (warranty) stock is created to ensure the uninterrupted operation of the enterprise in case of possible violations of the frequency of supplies of materials. The safety stock standard (Sc) in physical terms is taken at the rate of 50% of the current stock standard (Sc). It can also be determined based on the time required to organize the receipt of material from the supplier and the average daily consumption of this material:

Z c \u003d a (B 1 + B 2 + B 3 + B 4) (2.4)

where B 1 - the time required for the shipment of materials, days; В 2 - the time the material was in transit, days;

B 3 - time of acceptance of the material, days;

B 4 - the time required to prepare materials in
production, days.

The transport stock takes into account the length of stay of paid goods in transit. The transport stock standard (3^) in physical terms is determined by the formula

Z tr \u003d a (B 2 -B 5), (2.5)

where B 5 is the turnaround time of payment documents, days.

A preparatory stock is created for the time required to prepare and put into production the incoming material (time of acceptance, storage, laboratory analysis of materials). The standard of the preparatory stock (Z p) in physical terms is determined by the formula

Z p \u003d a * B 4. (2.6)

If no special operations are required to prepare the material for production, then the standard of the preparatory stock is taken equal to the average daily consumption of this type of material.

In addition to the considered elements of production stocks, a seasonal stock can be created for those types of material resources for which the formation of stocks is associated either with the seasonal nature of production (agricultural products) or with the conditions of transportation (by water). The seasonal stock standard in physical terms is set based on the average daily consumption and the number of days from the date of the beginning of the accumulation of material resources at the point of departure until the date the first batch arrives at the enterprise.

The standard of working capital for each element of inventories in monetary terms is determined by the product of the standard in physical terms (3 i) by the planned and estimated price of the corresponding element of the stock (Pi):

Rationing of work in progress. The value of the standard of working capital in work in progress depends on four factors: the volume and composition of products, the duration of the production cycle, the cost of production and the nature of the increase in costs in the production process.

The volume of production directly affects the value of work in progress: the more products are produced, ceteris paribus, the greater will be the size of work in progress. A change in the composition of manufactured products affects the value of work in progress in different ways. With an increase in the share of products with a shorter production cycle, the volume of work in progress will decrease, and vice versa.

The cost of production directly affects the size of work in progress. The lower the cost of production, the lower the volume of work in progress in monetary terms. The increase in the cost of production entails an increase in work in progress.

The volume of work in progress is directly proportional to the duration of the production cycle. The production cycle includes the time of the production process, technological stock, transport stock, the time of accumulation of semi-finished products before the start of the next Operation (working stock), the time spent by semi-finished products in stock to ensure the continuity of the production process (safety stock). The duration of the production cycle is equal to the time from the moment of the first technological operation to the acceptance of the finished product at the finished product warehouse. Reducing inventory in work in progress improves the use of working capital by reducing the duration of the production cycle.

The working capital ratio to ensure work in progress (N n.p.) depends on the duration of the production cycle and the cost escalation factor:

N n.p \u003d W shaft CHT c CHK n / D (2.7.)

where З shaft - costs for the production of gross output;

T c - the duration of the production cycle;

K n - coefficient of increase in costs;

D is the duration of the period.

The increase in costs in the production process can occur evenly and unevenly.

The coefficient of increase in costs in enterprises where costs are carried out evenly is determined by the formula:

K n \u003d Z e +0.5 Z n / Z e + Z n (2.8)

where З e - one-time costs of raw materials, materials, purchased semi-finished products, components produced at the beginning of the production process, rub.;

C n - incremental costs (all other costs until the end of the production process), rub.;

0.5 - coefficient characterizing uniformity

increasing subsequent costs.

The coefficient of increase in costs in enterprises where costs are uneven is determined by the formula

K n \u003d C cf / C pr (2.9)

where C ep - the average cost of a product in work in progress, rub.;

С pr - the production cost of the product, rub.

Rationing of finished products and working capital in deferred expenses. The standard stock of finished products (Hgp) in the warehouse of the enterprise is determined by the time for the accumulation of the batch, loading, transporting it to the station of departure, issuing invoices - payment requests and presenting them to the bank within the time period established by the bank:

N g.p. \u003d Z s (I otg + V doc) (2.10)

where Z s is the average daily cost of production

And otg - the interval of shipment of finished products, days;

In the dock - the time required for the execution of payment documents, days.

The standard of working capital in deferred expenses is calculated separately for the costs of developing new industries, developing new technologies, redevelopment of workshops and readjustment of equipment, etc.

In order to mobilize free funds and put them into economic circulation for enterprises of all forms of ownership, a state standard is established for the storage of funds in the cash desks of enterprises. All amounts in excess of this standard must be deposited in a bank.

The total standard of working capital at the enterprise is equal to the sum of the standards for all their elements and determines the general need of an economic entity for working capital. The general norm of working capital is established by dividing the total norm of working capital by the one-day output of marketable products at the cost of production in the fourth quarter, according to which the norm was calculated.

To non-standardized. current assets of the sphere of circulation include funds in goods shipped, cash, funds in receivables and other settlements. Economic entities have the opportunity to manage these funds and influence their value using the system of crediting and settlements

3 INDICATORS AND WAYS TO INCREASE THE EFFICIENCY OF THE USE OF WORKING ASSETS

3.1 Indicators of the effectiveness of the use of working capital

The degree of efficiency in the use of working capital is characterized by the following main indicators:

Ш turnover ratio;

Ш duration of one revolution;

The turnover ratio (K o) is determined by dividing the volume

sales of products at wholesale prices (RP) on the average balance of working capital at the enterprise (CO):

K o \u003d RP / CO (3.1)

The turnover ratio characterizes the number of turnovers made by the working capital of the enterprise for a certain period (year, quarter), or shows the volume of sales per 1 rub. working capital. It can be seen from the formula that an increase in the number of revolutions leads either to an increase in output by 1 rub. working capital, or to the fact that a smaller amount of working capital is required for the same volume of production.

The value of the working capital utilization factor (K,) is the inverse of the turnover ratio. This indicator characterizes the amount of working capital spent on 1 rub. Sold products:

The duration of one turnover (in days) is found by dividing the number of days in the period (D) by the turnover ratio (K o):

T=D/K 0 (3.2)

The shorter the duration of turnover or the greater the number of circulations made by working capital with the same volume of products sold, the less working capital is required, and vice versa, the faster working capital makes a circuit, the more efficiently they are used.

The turnover of working capital characterizes the efficiency of their use. The duration of the turnover depends on the amount of stocks, the cost of their storage, the formation of the amount of profit. However, when determining the turnover ratio, a number of issues need to be addressed.

Firstly, what method should be used to calculate the turnover rate: by the ratio of the cost of goods sold to the average (average annual) balances of working capital or by the ratio of the costs of production and marketing of sold products to the average (average annual) balances of working capital?

Secondly, the question of how to evaluate sold products when calculating the turnover rate has not been resolved: in current prices or in comparable prices; with sales taxes or without sales taxes?

Thirdly, when calculating the turnover rate of working capital for the sale of products, the latter is calculated in current or comparable prices, and the average (average annual) balances are taken into account at cost.

Determining the turnover of working capital at the cost of sales leads to the fact that in enterprises where the cost of production increases, the turnover ratio also increases, that is, the duration of one turnover is reduced; with a decrease in cost, on the contrary, the turnover slows down and the duration of one turnover increases. This is contrary to the task of increasing the efficiency of production, and primarily by reducing costs.

If we calculate the turnover rate in current prices, then it is not comparable in dynamics. Therefore, it is advisable to use the cost of sold products when calculating performance indicators in comparable prices. At the same time, sales taxes (VAT, excises, etc.) should be excluded from the cost of sold products, since they do not take part in the formation of working capital, profit, asset turnover.

Comparability of turnover indicators at various enterprises and at a single enterprise, in the absence of a unified methodology for calculating this indicator, is practically impossible. In this case, it is impossible to identify and quantify the influence of individual factors on the change in turnover and the duration of one turnover when developing measures to manage current assets that increase the efficiency of their use.

The effect of accelerating the turnover of working capital is expressed in the release, reducing the need for them in connection with the improvement of their use. There are absolute and relative release of working capital.

The absolute release reflects a direct reduction in the need for working capital.

Relative release reflects the change in both the amount of working capital and the volume of products sold. To determine it, you need to calculate the need for working capital for the reporting year based on the physical turnover for the sale of products for this period and the turnover for the previous year. The difference between these indicators gives the amount of release of funds. The amount of released working capital (B) is determined by the formula

B \u003d V r D 1 about -D 2 about) / D p (3.4)

where Вр - proceeds from the sale of products in the reporting period,

D 1 about and D 2 about - the average duration of turnover in the base and

planned period, days;

D p - duration of the settlement period, days.

Efficient use of working capital plays an important role in ensuring the normal operation of the enterprise, increasing the level of profitability of production. Unfortunately, the own financial resources currently at the disposal of enterprises cannot fully ensure the process of not only expanded, but also simple reproduction. The lack of the necessary financial resources at the enterprises, the low level of payment discipline led to the emergence of mutual non-payments.

Mutual indebtedness of enterprises is a characteristic feature of the economy in transition. A significant part of the enterprises failed to quickly adapt to the emerging market relations, irrationally uses the available working capital, and does not create financial reserves.

It is also important that in the conditions of inflation and instability of economic legislation, non-payments have entered the sphere of commercial interests of a number of enterprises that deliberately delay settlements with suppliers, and thereby actually reduce their payment obligations due to a decrease in the purchasing value of the ruble.

3.2 Modernization of the method for calculating turnover ratios

The fundamental factor in the management of working capital is their turnover. The financial position of the enterprise, its liquidity and solvency directly depend on how quickly the advanced funds turn into real money. The duration of the funds in circulation is determined by the cumulative influence of a number of external and internal factors (the activity of the enterprise, industry affiliation, the scale of the enterprise). However, the period of funds in circulation is largely determined by the internal conditions of the enterprise, and primarily by the effectiveness of its asset management strategy. The more perfect the asset management strategy, the greater the freedom of influence on the duration of the turnover will be the company.

To analyze the characteristics of the turnover of working capital, two main indicators are currently used:

Current assets turnover ratio (K). It is believed that it shows how many times working capital is converted into money in one business period. Represents the quotient of the division of revenue W from the sale of products (net of VAT and excises) by the average value of working capital S:

Duration of turnover in days (D). It shows how long it takes for the capital advanced to complete the circuit and turn into money. It is calculated as the ratio of the duration of the analyzed period to the turnover ratio:

These indicators are calculated in dynamics at one enterprise or for one period at competing enterprises. Comparing their values, one can identify a trend in the turnover ratio and turnover duration, draw a conclusion about the effectiveness of working capital management and turnover acceleration reserves.

An increase in the duration of turnover in days and, accordingly, a decrease in the number of turnovers for a period requires the attraction of additional capital to continue production and economic activities at the base level, and the acceleration of turnover, on the contrary, allows you to release funds from circulation, save them.

The amount of this amount is calculated by the formula:

W 1 /T (D 1 -D 0) (3.7)

If the value of the value turns out to be negative, then this means the release of funds, if positive - attraction.

According to D. Teuker, these ratios do not reflect the real turnover of assets, at least in accordance with the above definition of turnover. The error is inherent in the calculation of the turnover ratio and, accordingly, leads to a distortion of the values ​​of all other indicators, in the calculations of which this ratio is directly or indirectly used. He believes that the ratio of revenue and the average value of assets reflects only the ratio of the revenue received for the period and current assets on the balance sheet of the enterprise and is not related to turnover.

The turnover of working capital is associated with the physical transition of assets from one state to another, so it is incorrect to measure it using financial indicators. In accordance with the logic of the formula "money - goods - production - goods - money", as a meter reflecting the number of assets involved in one turnover, the amount of raw materials that can be simultaneously used in the production of any group (type) of products in bottleneck of the enterprise. Then, using the management reporting of the enterprise as an information base, which reflects not only financial, but quantitative indicators, the turnover ratio (K ") can be calculated by the formula:

where Q 0 is the planned number of sales of the considered type (group) of products;

Q 1 - the actual number of sales of the type in question

(groups of) products;

3 om 0 - the planned amount of costs of raw materials, basic materials in

in quantitative terms, attributable to the realized

products;

З load - standard costs of raw materials in quantitative

expression when the bottleneck is fully loaded. At the same time, the expression

Z 0 OM /Q 0 Q 1 (3.9)

characterizes the standard amount of raw materials and basic materials costs for the actual volume of production and sales.

When calculating turnover in this way, we put an equal sign between the semantic values ​​of the indicators of revenue upon shipment and revenue upon payment (or receivables and cash receipts). This indicator characterizes the speed of working capital passing through the stages of production and sale.

(under the stage of implementation is meant the time the finished product is in the warehouse). To calculate the number of complete cycles (until the moment of payment), the turnover ratio K "must be adjusted for the ratio of revenue upon payment and revenue upon shipment:

where K" is the turnover ratio of working capital until the moment the money is received by the enterprise;

In opl - revenue from payment;

In shipment - proceeds from shipment.

The full utilization of a bottleneck is not understood as the operation of all production capacities in a given cost center, but only the part that is used directly for the production of the product in question.

Calculations of the average duration of one turnover and the amount of released (additionally attracted) working capital in this case will be carried out as follows:

average duration of one turn:

D`= T/K` (3/11)

D``=T/K`` (3/12)

the amount of released (additionally attracted) working capital:

B 1 / T (D` 1 -D` 0) (3/13)

To calculate the amount of released (additionally attracted) working capital, the indicator D "should be used, since accounts receivable are part of working capital. In addition, if D" 1< Д" 0 то для расчета высвобожденных средств должен использоваться показатель «выручка».

When D "1> D" 0 to calculate the funds additionally attracted into circulation, the indicator "variable costs" should be used, since they will increase if the duration of the production and commercial cycle increases. Fixed costs will remain the same over the period.

Such a definition of turnover allows you to evaluate the turnover of each type of product (product group), and not just all working capital in general.

The definition of turnover according to our method includes the production and commercial cycle starting from the moment the materials are released into production and does not take into account the time spent by raw materials (materials) in the warehouse for the following reasons.

The main purpose of procurement is the timely supply of materials for production. Therefore, at this stage, it is important for the enterprise to create such conditions so that production does not stand idle due to interruptions in the supply of raw materials and materials. An increase or decrease in stocks may correspond to the policy of their formation (an enterprise may form stocks of raw materials on the principle of "just in time" or on the basis of the maximum possible acquisition in one transaction, thus hoping to receive a discount in price). Managers of the enterprise need to focus their attention mostly on the speed of production and its implementation.

In addition to quantitative supplies, payment relations also act in the “supplier-buyer” relationship, therefore, at the stage of acquiring and storing materials, the art of building such a settlement discipline that would allow finding a compromise between the cost of resources and a delay in paying for their supplies (this delay allows reduce the financial cycle of the enterprise). The main qualitative characteristic of the formation of warehouse stocks is not the speed of their dispatch to production, but the difference between the benefit from acquiring a larger batch (and, accordingly, the formation of excess stocks) and the imputed costs of such an advance of working capital. In addition, as mentioned above, the duration of the cycle can be adjusted by obtaining a deferment in payments. Thus, the basis of the production and commercial cycle for the analysis of turnover is the stages of production, sale (in this case, the stage of sale means the time the finished product is in the warehouse) and payment for the finished product by buyers.

In our opinion, the proposed method makes it possible to more accurately and objectively calculate the turnover of working capital at these stages, as well as each product group. This allows you to make correct management decisions when developing an assortment policy and pricing.

3.3 Ways to improve the efficiency of the use of working capital

The efficiency of the use of working capital is due to numerous external and internal factors.

Regardless of the interests and strategy of the enterprise, the following external factors are significant:

general economic situation,

features of tax legislation,

features of financial-credit and scientific-technical policy, etc.

The most significant reserves for increasing the efficiency of the use of working capital are available at the enterprise itself. The enterprise can use primarily internal reserves to rationalize the movement of working capital. Taking into account the structure of working capital, the most significant reserves are in the system of efficient organization of inventories.

The main ways to reduce inventories include:

their rational use;

liquidation of excess stocks of materials, involvement in economic circulation of excess and surplus stocks;

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