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

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

1. The concept of cash flow

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

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

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

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

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

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

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

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

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

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

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

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

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

"Cash flow is not the same as profit: it is quite possible that a company makes a profit, but is unable to continue settlements with suppliers, because it does not have enough money. When evaluating the effectiveness of capital investments, cash flow is an indicator that characterizes the difference between the inflow and outflow of funds from the investment and operating activities in each project period.

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

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

– organized and managed processes;

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

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

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

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

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

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

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

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

- payment for raw materials and materials;

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

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

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

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

1. Improving the efficiency of enterprise financial management.

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

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

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

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

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

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

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

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

2. Types and classification of cash flows of the enterprise

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

Rice. 1. Classification of cash flows

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

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

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

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

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

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

Depending on the scale, cash flows are:

- in general for the enterprise;

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

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

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

– own and borrowed funds;

– gross flows and flows based on financial results.

3. Efficiency of cash flows of the enterprise

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

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

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

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

4. Cash flow management of the enterprise

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

The main tasks of cash flow management are as follows:

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

– ensuring the liquidity of the enterprise;

– evaluation various types investments and placement of surplus funds;

– identifying sources of short-term financing;

– risk management on interest rates and exchange;

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

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

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

2. Analysis of cash flows in the previous period.

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

4. Optimization of cash flows.

5. Ensuring effective control over cash flows.

5. Accounting for the cash flows of the enterprise

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

1. The principle of informative reliability

2. Principle of balance

3. The principle of ensuring efficiency

4. The principle of providing liquidity

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

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

The objects of the cash flow accounting system are:

– system of cash and non-cash payments;

– working capital management;

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

– policy of attracting new financial resources;

– management of the capital structure of the enterprise;

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

- property and financial condition of the enterprise;

- business activity and efficiency of the enterprise.

The cash flow accounting system is designed to provide:

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

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

3. Reflection of information on the timeliness of settlements with the budget and extra-budgetary funds and other commodity transactions enterprises;

4. Condition monitoring and intended use working capital enterprises.

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

– directly engaged in business at this enterprise;

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

– having an indirect financial interest in the business.

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

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

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

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

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

– cash flow statement – ​​Form No. 4;

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

6. Cash flow analysis

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

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

Thus, the main objects of cash flow analysis are:

– positive flow – inflows;

– negative flow – outflows;

- cash balance.

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

– increase in cash inflow;

– decrease in their inflow;

– increase in their outflow;

- reduction of their outflow.

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

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

7. Cash flow planning

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

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

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

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

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

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

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

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

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

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

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

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

8. Cash flow optimization

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

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

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

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

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

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

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

The basis for optimizing the cash flows of an enterprise is to ensure a balance between the volumes of their positive and negative types. On the results of the economic activity of the enterprise negative impact provide both scarce and surplus cash flows.

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

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

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

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

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

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

9. Controlling the cash flow of the enterprise

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

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

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

– payment initiator (department, employee);

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

- payment term;

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

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

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

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

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

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

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

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

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

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

– additional issue of shares;

– attracting long-term financial loans;

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

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

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

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

– refusal of financial investment;

- reducing the amount of fixed costs of the enterprise.

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

10. The need for cash flow management

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

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

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

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

conclusions

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

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

Literature

Textbooks and monographs

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

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

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

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

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

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

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

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

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

Periodicals

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

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

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

You will learn:

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

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

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

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

The Role of Enterprise Cash Management

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

The inflow of money comes from the following sources:

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

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

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

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

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

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

Types of cash flows of the enterprise

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

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

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

1. By type of economic activity, DPs are divided into:

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

1. Direction of movement:

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

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

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

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

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

1. According to the duration of DP can be:

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

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

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

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

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

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

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

1. According to the continuity of creation, streams are:

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

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

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

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

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

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

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4 principles of enterprise cash flow management

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

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

1. Informative reliability.

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

2. Balance guarantee

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

3. Ensuring efficiency.

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

4. Liquidity guarantee.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Udoa \u003d (ODP + RDP) : A,

wherein:

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

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

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

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

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

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

CUod =RAP : RAP,

wherein:

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

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

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

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

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

QUID \u003d ODPi: ODP,

wherein:

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

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

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

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

DAn + PDP \u003d ODP + DAK,

wherein:

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

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

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

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

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

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

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

UKchdp = ChPrp: NDP,

wherein:

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

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

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

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

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

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

wherein:

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

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

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

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

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

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

СVdp = σ dp: DP,

wherein:

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

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

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

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

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

KLDp \u003d RDP: ODP,

wherein:

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

RDP - total gross positive DP in the studied interval;

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

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

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

Kedp \u003d NDP: ODP,

wherein:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

• Aggressive DP management policy is distinguished by high growth rates of incoming VA, mainly from loan sources, with a rather low reinvestment of the net financial flow (a significant part of which goes to pay dividends and interest to owners).
• The company's moderate DP management strategy has a well-considered proportion of equity and debt involvement. monetary resources for the development of its economic activity.
• The conservative policy of analysis and management of the company's cash flows has minimized the amount of attraction of DS from loan sources. This strategy is aimed at restraining the development of the economy of a business entity, at the same time reducing the degree of financial risks associated with the creation of cash flows.

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

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

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

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

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

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

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

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

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Optimization of enterprise cash flows

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

1) Consistency of the volume of financial flows.

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

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

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

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

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

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

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

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

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

2) Optimizationcash flowsenterprises over time.

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

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

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

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

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

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

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

3) Maximizing net DP.

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

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

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

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

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

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

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

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

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

• Calendar (budget) of share issue.

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

• Budget (calendar) of the bond issue.

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

• Payment calendar for amortization of accounts payable.

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

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

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

CEO speaking

Use management reporting to budget cash flow

Dmitry Ryabykh,CEO group of companies "Alt-Invest", Moscow

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

1. The cash flow (cash flow) budget is based on accounting figures, however, it does not require exact copying of all accounting data into it. It doesn't have to be as detailed as the accounting forms.
2. When processing accounting indicators, it is necessary to reflect the economic essence of financial transactions, discarding unimportant details (for example, the subtleties of posting costs).
3. It is necessary to strive for the coincidence of the final figures with the data on the turnover on the accounts of the enterprise. Any little things are important here, since knowing the details will help to check the correctness of the budget, detecting errors in a timely manner.

Information about the expert

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

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1. Theoretical basis organization cash flow management

1.1 Cash flow analysis methodology

Cash is the most liquid assets and does not stay long at this stage of the cycle. However, in a certain amount, they must always be present in the composition of working capital, otherwise the company will be declared insolvent.

The main purpose of the analysis of cash flows is to identify the causes of the deficit (excess) of cash flows and determine the sources of their receipt and directions of spending to control the current liquidity and solvency of the enterprise. Its solvency and liquidity very often depend on the real cash flow in the form of a cash flow of payments reflected in the accounts of accounting 7, p. 124.

The main objectives of cash flow analysis are:

operational, daily control over the safety of cash flows and securities at the cash desk of the enterprise;

control over the use of cash flows strictly for the intended purpose;

control over correct and timely settlements with the budget, banks, personnel;

control over compliance with the forms of payment established in contracts with buyers and suppliers;

timely reconciliation of settlements with debtors and creditors to exclude overdue debts;

diagnostics of the state of absolute liquidity of the enterprise;

forecasting the ability of the enterprise to repay the obligations that have arisen in a timely manner;

contributing to the competent management of the company's cash flows.

The main source of information for analyzing the relationship of profit, movement working capital and cash flows is the balance sheet (form No. 1), appendix to the balance sheet (form No. 5), report on financial results and their use (f. No. 2). A feature of the formation of information in these reports is the accrual method, and not the cash method. This means that the income received or the costs incurred may not correspond to the actual "inflow" or "outflow" of cash flows in the enterprise.

The report may show a sufficient amount of profit and then the estimate of profitability will be high, although at the same time the enterprise may experience an acute shortage of cash flows for its functioning. Conversely, the profit may be insignificant, and the financial condition of the enterprise is quite satisfactory. The data on the formation and use of profit shown in the reporting of the enterprise do not give full view about the real process of cash flow.

For example, it is enough to confirm what has been said to compare the amount of balance sheet profit shown in f. No. 2 of the statement of financial results and their use with the amount of change in cash flows in the balance sheet. Profit is only one of the factors (sources) of formation of balance liquidity. Other sources are: credits, loans, issue of securities, contributions of founders, others. Therefore, in some countries, the statement of cash flows is currently preferred as a tool for analyzing the financial condition of the company. For example, in the United States, since 1988, a standard has been introduced according to which enterprises, instead of the statement of changes in financial position they prepared before, must prepare a statement of cash flows. This approach allows a more objective assessment of the company's liquidity in terms of inflation and taking into account the fact that the accrual method is used in the preparation of other reporting forms, that is, it involves the reflection of expenses, regardless of whether the corresponding amounts of money are received or paid.

A cash flow statement is a financial reporting document that reflects the receipt, expenditure and net changes in cash flows in the course of current business activities, as well as investment and financial activities for a certain period. These changes are reflected in such a way that it is possible to establish the relationship between the balances of cash flows at the beginning and end of the reporting period.

The cash flow statement is a statement of changes in financial position prepared using the cash flow method. It makes it possible to assess future cash flows, analyze the company's ability to repay its short-term debt and pay dividends, and assess the need to attract additional financial resources. This report can be prepared either in the form of a statement of changes in the financial position (with the replacement of the “net current assets” indicator with the “cash” indicator), or in a special form, where the directions of cash flows are grouped into three areas: economic (operating) sphere, investment and financial spheres.

The logic of the analysis is quite obvious - it is necessary to single out, if possible, all transactions affecting the movement of cash flows. It can be done different ways, in particular by analyzing all turnovers on cash flow accounts (accounts 50, 51, 52, 55, 57). However, in world accounting and analytical practice, as a rule, one of two methods is used, known as direct and indirect methods. The difference between them lies in the different sequence of procedures for determining the amount of cash flow as a result of current activities:

the direct method is based on the calculation of inflow (revenue from the sale of products, works and services, advances received, etc.) and outflow (payment of supplier invoices, return of received short-term loans and borrowings, etc.) of cash flows, i.e. the starting element is revenue;

the indirect method is based on the identification and accounting of operations related to the movement of cash flows, and the consistent adjustment of net profit, i.e. the starting point is profit.

In practice, two methods of calculating cash flows are used - direct and indirect.

The direct method of calculation is based on the reflection of the results of operations (turnovers) on cash flow accounts for the period. In this case, operations are grouped into three types of activities:

current (main) activity - receipt of proceeds from sales, advances, payment of supplier accounts, receipt of short-term loans and borrowings, payment of wages, settlements with the budget, paid / received interest on loans and borrowings;

investment activity - the movement of funds associated with the acquisition or sale of fixed assets and intangible assets;

financial activities - obtaining long-term loans and borrowings, long-term and short-term financial investments, repayment of debts on previously received loans, payment of dividends.

The necessary data is taken from the forms of financial statements: “Balance Sheet” and “Statement of Cash Flows.

The calculation of the cash flow by the direct method makes it possible to assess the solvency of the enterprise, as well as to exercise operational control over the receipt and expenditure of cash flows. In Russia, the direct method is the basis for the form of the Statement of Cash Flows. At the same time, the excess of receipts over payments both for the enterprise as a whole and for types of activity means an inflow of funds, and the excess of payments over receipts means their outflow.

In the long term, the direct method of calculating the amount of cash flows makes it possible to assess the level of liquidity of assets. In operational financial management, the direct method can be used to control the process of generating proceeds from the sale of products (goods, services) and draw conclusions regarding the sufficiency of cash flows for payments on financial obligations.

The disadvantage of this method is the inability to take into account the relationship between the obtained financial result (profit) and changes in the absolute amount of the company's cash flows.

The indirect method is preferable from an analytical point of view, as it allows you to determine the relationship between the profit received and the change in the amount of cash flows. The calculation of cash flows by this method is based on the net profit indicator with its necessary adjustments in items that do not reflect the movement real money on the respective accounts.

To eliminate discrepancies in the formation of the net financial result and net cash flow, adjustments are made to net profit or loss, taking into account:

changes in inventories, receivables, short-term financial investments, short-term liabilities, excluding loans and credits, during the period;

non-monetary items: depreciation outside current assets; exchange differences; profit (loss) of previous years, revealed in the reporting period and others;

other articles that should be reflected in investment and financial activities.

For methodological purposes, a certain sequence of implementation of such adjustments can be distinguished.

At the first stage, the impact on the net financial result of operations of a non-monetary nature is eliminated. For example, the disposal of fixed assets and intangible assets causes an accounting loss in the amount of their residual value. It is quite clear that write-offs from the residual value of property do not have any impact on the value of cash flows, since the outflow of funds associated with them occurred much earlier - at the time of its acquisition. Therefore, the amount of the loss in the amount of the under-depreciated cost must be added to the net income.

At the second stage, adjustment procedures are carried out taking into account changes in the items of current assets and short-term liabilities. The purpose of the adjustments is to show which items of current assets and short-term liabilities have changed the amount of cash flows at the end of the reporting period compared to its beginning. The increase in items of current assets is characterized by the use of funds and, therefore, is regarded as an outflow of cash flows. The decrease in items of current assets is characterized by the release of funds and is regarded as an inflow of cash flows.

1.2 Organizational cash flow management

Management of cash assets or the balance of cash flows and their equivalents, permanently at the disposal of the enterprise, is an integral part of the functions general management current assets of non-profit enterprises.

The size of the balance of monetary assets operated by the enterprise in the course of economic activity determines the level of its absolute solvency (the readiness of the enterprise to immediately pay off all its urgent financial obligations), affects the amount of capital invested in current assets, and also characterizes to a certain extent its investment opportunities (investment potential of the enterprise's short-term financial investments).

The main goal of financial management in the process of managing monetary assets is to ensure the constant solvency of the enterprise. In this, the function of monetary assets as a means of payment, which ensures the implementation of the goals of forming their operating, insurance and compensatory balances, gets its implementation. The priority of this goal is determined by the fact that neither a large amount of current assets and equity, nor high level profitability of economic activity cannot insure an enterprise against filing a bankruptcy claim against it, if it cannot pay off its urgent financial obligations within the prescribed time limits due to a lack of cash assets.

Therefore, in the practice of financial management, the management of monetary assets is often identified with the management of solvency (or liquidity management).

Cash flow management is also carried out with the help of cash flow forecasting, i.e. receipts (inflow) and use (outflow) of cash flows. The amount of cash inflows and outflows in conditions of instability and inflation can be determined very approximately and only for a short period, for example, a month, a quarter.

Estimated revenue is calculated by taking into account the average time for paying bills and selling on credit. The change in receivables for the selected period is taken into account, which may increase or decrease the inflow of cash flows, the impact of non-operating transactions and other receipts is determined.

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

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

Determining the minimum required need for cash assets for the implementation of current business activities is aimed at establishing a lower limit on the balance of the required cash assets and is carried out on the basis of the cash flow forecast according to the following formula:

where YES min - the minimum required need for monetary assets for the implementation of current business activities in the coming period;

PR YES - the expected volume of payment turnover for current business transactions in the coming period;

О DA - the turnover of monetary assets (in times) in the reporting period of the same period (taking into account the planned measures to accelerate the turnover of monetary assets).

Calculation of the minimum required need for monetary assets can be carried out by another method:

where YES K - the balance of monetary assets at the end of the reporting period;

FR DA - the actual volume of payment turnover for current business transactions in the reporting period.

The analysis of cash flow and its management make it possible to determine its optimal level, the ability of the enterprise to pay off its current obligations and carry out investment activities.

The generalized characteristic of the structure of sources of formation is the quality of the net cash flow. Its high quality is characterized by an increase in the share of net profit received due to an increase in output and a decrease in its cost, and its low quality is characterized by an increase in the share of net profit associated with an increase in product prices, non-operating transactions in the total net profit.

At the same time, it is important to determine the adequacy of the net cash flow generated in the course of economic activity to finance emerging needs. For this, the net cash flow sufficiency ratio (KD NPV) is used, which is calculated using the following formula

KD NPD = (3)

where OD is the amount of principal repayments on long- and short-term loans and borrowings of the organization;

Y - index - dividends of the founders;

З ТМ - the sum of the increase in stocks of inventory items as part of the current assets of the organization;

D y - the amount of dividends (interest) paid to the owners of the enterprise (shareholders, shareholders) on the invested capital.

To assess the synchronism of the formation of positive and negative cash flows for certain intervals of the reporting period, the dynamics of the balances of the organization's cash assets is considered, reflecting the level of this synchronism and ensuring absolute solvency, the cash flow liquidity ratio (CL DP) of the organization is calculated for certain intervals of the period under review according to the formula

where RAP - the amount of cash receipts;

YES K, YES N - the amount of the organization's cash balance, respectively, at the end and beginning of the period under review;

ODP - the amount of money spent.

Summarizing indicators of the effectiveness of the organization's cash flows are the cash flow efficiency ratio (CEF) and the net cash flow reinvestment ratio (CRchpd), which are calculated using the following formulas:

Kedp = and Krchpd = (5)

where? RI and? FID - the amount of growth, respectively, of real investments and long-term financial investments of the organization.

The results of calculations are used to optimize cash flows, which is the process of choosing the best forms of their organization, taking into account the conditions and characteristics of economic activity.

The financial condition of the company and the ability to quickly adapt in cases of unforeseen changes in the financial market depend on the effectiveness of cash flow management.

In the Western practice of financial management, more complex models of cash flow management are used. These are the Baumol model and the Miller-Orr model. However, the application of these models in Russia in the current market conditions (high inflation, a resurgent stock market, sharp fluctuations in the refinancing rates of the Central Bank of the Russian Federation, etc.) is not possible.

One of the main tasks of cash flow management is to optimize the average balance of the company's cash assets. This optimization is provided by calculating the required size certain types this balance in the coming period.

The need for the operating (transactional) balance of monetary assets characterizes the minimum necessary amount of them necessary for the implementation of current business activities. The calculation of this amount is based on the planned amount of negative cash flow from operating activities (the relevant section of the plan for receipt and expenditure of cash flows) and the number of turnovers of monetary assets.

where YES o - operating balance of cash flows,

ON od - the planned amount of negative (the amount of spending cash flows) cash flow on the operating activities of the enterprise,

KO yes - the number of turnovers of the average balance of cash flows in the planning period.

The need for an insurance (reserve) balance of monetary assets is determined on the basis of the calculated amount of their operating balance and the coefficient of unevenness (coefficient of variation) of cash flows to the enterprise for certain months of the previous year.

where YES c - insurance (reserve) balance of monetary assets,

YES o - the planned operating balance of cash flows,

KV pds - the coefficient of variation of cash flows in the enterprise.

The need for the compensatory balance of monetary assets is planned in the amount determined by the agreement on banking services. However, since the agreement with the bank providing settlement services to non-profit organizations does not contain such a requirement, this type of balance of cash assets is not planned at the enterprise.

Since this part of monetary assets does not lose its value during storage (when forming an effective portfolio of short-term financial investments), their amount is not limited by an upper limit. The criterion for the formation of this part of monetary assets is the need to ensure a higher rate of return on short-term investments in comparison with the rate of return on operating assets.

The total size of the average balance of monetary assets in the planning period is determined by summing up the calculated need for their individual types:

where YES - the average amount of monetary assets of the enterprise in the planning period,

YES o - the average amount of the operating balance of monetary assets,

YES from - the average amount of the insurance (reserve) balance of monetary assets,

YES to - the average amount of the compensatory balance of monetary assets,

YES and - the average amount of the investment balance of monetary assets.

Considering that the balances of monetary assets of the last three types are to a certain extent fungible, the total need for them with limited financial opportunities non-profit organization can be shortened accordingly.

When managing cash flows, a non-profit organization necessarily solves the problem of ensuring the cost-effective use of the temporarily free balance of cash assets. At this stage of the formation of the monetary asset management policy, a system of measures is developed to minimize the level of losses of alternative income in the process of their storage and anti-inflationary protection.

The main of these activities include:

Coordination with the bank that provides settlement services to the enterprise, the conditions for the current storage of the balance of monetary assets with the payment of deposit interest on the average amount of this balance (for example, by opening a checking account with a bank);

Use of short-term monetary investment instruments (first of all, deposits in banks) for temporary storage of insurance and investment balances of monetary assets;

The use of high-yielding stock instruments for investing the reserve and the free balance of monetary assets (government short-term bonds; short-term bank certificates of deposit, etc.), but subject to sufficient liquidity of these instruments in the financial market.

When managing cash flows in an organization, financial planning is carried out.

The financial planning system at the enterprise includes:

1) a system of budget planning for the activities of structural divisions;

2) a system of consolidated (comprehensive) budget planning of the enterprise.

In order to organize budget planning of the activities of the structural divisions of the enterprise, an end-to-end system of budgets is being developed that combines the following functional budgets covering the base of financial calculations of the enterprise:

The budget of the wage fund, on the basis of which payments to extra-budgetary funds and some tax deductions are predicted;

The budget of material costs, compiled on the basis of the consumption rates of raw materials, components, materials and the volume of the production program of structural divisions;

Depreciation budget, including directions for using it on major renovation, maintenance and renovation;

Budget for other expenses (travel, transport, etc.);

The budget for the repayment of loans and borrowings, developed on the basis of a payment schedule;

The tax budget, which includes all taxes and obligatory payments to the budget, as well as to off-budget funds. This budget is planned for the whole enterprise.

The development of budgets for structural units and services is based on the principle of decomposition, which means that the budget of a lower level is a detailed budget of a higher level. Summary budgets for each structural unit developed, as a rule, on a monthly basis. In order to evenly provide the enterprise and its divisions with working capital, they indicate the daily planned and actual costs, as well as for the whole month.

An integral part of financial planning is the definition of responsibility centers - cost centers and income centers. Units in which the measurement of output is difficult or which work for domestic consumers, it is advisable to transform into cost centers (expenses). Divisions that manufacture products for end user, are transformed into profit centers, or income centers.

In the system of current financial planning, it is necessary to determine the actual flow of money to the enterprise. This is possible after conducting a cash flow analysis. To do this, it is necessary to have data on the inflow and outflow of cash flows in three areas: ordinary (current) activities, investment activities and financial activities. An inflow is any increase in liability items or a decrease in active accounts, an outflow is any decrease in liability items or an increase in active balance items.

Financial planning is the final stage of planning in the enterprise.

Thus, in the course of carrying out its activities, any enterprise should analyze the organization system for managing cash flows to identify centers of inflow and outflow of cash flows. The main goal of organizing cash flow management at an enterprise is to identify the causes of a shortage (excess) of cash flows and determine the sources of their receipt and directions of spending to control the current liquidity and solvency of the enterprise. Its solvency and liquidity very often depend on the real cash flow in the form of cash payments.

2. Analysis of the activities of a cash flow management organization on the example of a non-profit organization of the Managing Company "Palace of Culture of Metallurgists"

cash flow non-profit organization

2.1 Characteristics of the features of the activities of the Managing Company "Palace of Culture of Metallurgists"

The cultural institution "Metallurgists' Palace of Culture" is a non-profit organization. The main activity is the activity of libraries, archives, cultural institutions.

The organization was registered by the Registration Chamber of the Administration of Lipetsk on August 31, 1998.

Full name: Institution of culture "Palace of Culture of Metallurgists". Abbreviated name: Cultural Institution "DK Metallurgists"

Location of the organization: 398005, Lipetsk, Mira Avenue, 22.

Table 1 - The main indicators of the financial and economic condition of the cultural institution "DK metallurgists" in 2010-2012

Index		Deviations, (+-)	Rates of growth, %
1. Fixed assets, thousand rubles
2. Reserves, thousand rubles
3. Cash, thousand rubles
4. Proceeds from the sale of products, the provision of services, thousand rubles.
5. Cost products sold, thousand roubles.
6. Profit from the sale of marketable products, the provision of services, thousand rubles.
7. Net profit, thousand rubles.
8. Average headcount, pers.
9. Labor productivity, thousand rubles/person

According to Table 1, it can be seen that in 2011 the amount of fixed assets increased by 1281 thousand rubles in the cultural institution "DK Metallurgists". or by 36.0%, the amount of reserves - 573 thousand rubles. or by 1910.0%, the organization's funds decreased by 1416 thousand rubles. or by 81.2%, sales proceeds - by 1,742 thousand rubles. or by 78.8%, net profit - by 517 thousand rubles. or by 74.4%, the organization's receivables increased by 428 thousand rubles. or by 104.1%, accounts payable - by 653 thousand rubles. or 2612%.

In 2012, the amount of fixed assets increased by 1,090 thousand rubles in the cultural institution "DK metallurgists". or by 22.5%, the amount of reserves decreased by 29 thousand rubles. or 4.8%, the organization's cash decreased by 114 thousand rubles. or by 34.7%, sales revenue increased by 2235 thousand rubles. or by 475.5%, net profit - by 321 thousand rubles. or by 180.3%, the organization's accounts receivable decreased by 140 thousand rubles. or by 16.7%, accounts payable - by 34 thousand rubles. or 5.0%.

2.2 Cash flow analysis of the Managing Company "Palace of Culture of Metallurgists"

The main purpose of the analysis of cash flows is to identify the causes of the deficit (excess) of cash flows and determine the sources of their receipt and directions of spending to control the current liquidity and solvency of the enterprise.

Its solvency and liquidity very often depend on the real cash flow in the form of a cash flow flow reflected in the accounts of accounting.

In 2011, the balance of cash flows increased by 217 thousand rubles. or 4.1 times. This change was affected by cash flows from operating activities in the amount of RUB 1,606 thousand. However, there was an outflow of cash flows from investment activities in the amount of 1,389 thousand rubles.

In 2012, the balance of cash flows decreased by 71 thousand rubles. or 1.3 times. This change was influenced by the inflow of cash flows from operating activities in the amount of 978 thousand rubles.

Table 2 - Vertical analysis of the receipt and expenditure of cash flows in the cultural institution "DK metallurgists" in 2010-2012, thousand rubles.

The name of indicators	Absolute value		Absolute value	Share of the sum of all sources of cash flows, %	Absolute value
1. Receipt and sources of cash flows
Revenues from sales
Target receipts
Other supply.
Total incoming cash flows
2. Use of cash flows

From table 2 it follows that the main source of cash flow in the cultural institution "DK metallurgists" in 2010 was targeted funding - 86.2%.

Among the areas of spending the cash flows of the cultural institution "DK metallurgists" the main share is occupied by: payment of invoices of suppliers (70.5%), remuneration of personnel and contributions to extra-budgetary funds (23.4%), settlements with the budget (3.3%) , financing the acquisition of the active part of fixed assets (2.1%), other expenses (0.7%).

The net change in cash flows (the excess of outflow over inflow) is -48 thousand rubles. or 0.3%.

The main source of cash flow in 2011 in the cultural institution "DK metallurgists" was targeted funding - 87.7%.

Among the areas of spending the cash flows of the cultural institution "DK metallurgists" the main share is occupied by: payment of invoices of suppliers (53.5%), remuneration of personnel and contributions to extra-budgetary funds (28.7%), settlements with the budget (4.5%) , for the issuance of accountable amounts (2.8%), financing the acquisition of the active part of fixed assets (9.4%), other expenses (1.3%).

The net change in cash flows (the excess of inflow over outflow) is 1.5%.

The main source of cash flow in 2012 in the cultural institution "DK Metallurgists" was targeted funding - 83.6%.

Among the areas of spending the cash flows of the cultural institution "DK metallurgists" the main share is occupied by: payment of invoices of suppliers (58.8%), remuneration of personnel and contributions to extra-budgetary funds (26.6%), settlements with the budget (5.6%) , for the issuance of accountable amounts (2.7%), financing the acquisition of the active part of fixed assets (5.2%), other expenses (1.1%).

The net change in cash flows (the excess of outflow over inflow) is 0.4%.

The expenditure of cash flows decreased by 2898 thousand rubles, including: for payments to suppliers it decreased by 4596 thousand rubles, for wages it increased by 67 thousand rubles, for settlements with off-budget funds - by 49 thousand rubles, for the issuance of accountable amounts - by 410 thousand rubles, for the acquisition of fixed assets - by 1013 thousand rubles, for settlements with the budget - by 95 thousand rubles, for other payments - by 64 thousand rubles.

In 2012, cash flow receipts increased by 4,941 thousand rubles, including:

Target financing of the organization increased by 3508 thousand rubles,

Revenue from current activities - by 1664 thousand rubles,

Other income decreased by 231 thousand rubles.

The use of cash flows increased by 5229 thousand rubles, including: for payments to suppliers increased by 3903 thousand rubles, for wages increased by 1119 thousand rubles, for settlements with off-budget funds decreased by 37 thousand rubles, for the issuance of accountable amounts increased by 139 thousand rubles, for the acquisition of fixed assets decreased by 340 thousand rubles, for settlements with the budget increased by 446 thousand rubles, for other payments it decreased by 1 thousand rubles.

The analysis of cash flows by the indirect method is preferable from an analytical point of view, as it allows you to determine the relationship between the profit received and the change in the amount of cash flows.

According to the results of the analysis of cash flows in the cultural institution "DK metallurgists" for 2011, the following conclusions can be drawn by an indirect method:

1. for the reporting period, the amount of net profit decreased by 517 thousand rubles compared to the previous one;

2. increased inventory balances by 573 thousand rubles. in warehouses;

3. increased accounts receivable by 315 thousand rubles;

4. accounts payable increased by 653 thousand rubles;

6. general change cash flows from all types of activities amounted to +473 thousand rubles.

According to the results of the analysis of cash flows for 2012 in the cultural institution "DK Metallurgists" by an indirect method, the following conclusions can be drawn:

1. for the reporting period, the amount of net profit increased by 321 thousand rubles compared to the previous one;

2. inventory balances decreased by 29 thousand rubles;

3. accounts receivable decreased by 140 thousand rubles;

4. accounts payable decreased by 334 thousand rubles;

5. the insufficiency of own funds (net profit and depreciation charges) for the implementation of investment activities was revealed;

6. The total change in cash flows from all types of activities amounted to +982 thousand rubles.

Thus, after analyzing the cash flow in the cultural institution "DK Metallurgists", it was revealed that the organization is not always able to generate a sufficient amount of cash flows to carry out its activities.

2.3 Analysis of the effectiveness of cash flow management in the Managing Company "Palace of Culture of Metallurgists"

Management of cash assets or the balance of cash flows and their equivalents, permanently at the disposal of the enterprise, is an integral part of the functions of the overall management of current assets of the cultural institution "Palace of Culture of Metallurgists".

The main goal of financial management in the process of managing monetary assets is to ensure the constant solvency of the enterprise.

Along with this main goal, an important task of financial management in the process of managing monetary assets is to ensure the effective use of temporarily free cash flows, as well as their formed investment balance.

In the process of cash flow management, the following indicators of cash flows in the organization are calculated.

Table 3 shows that the participation rate of monetary assets in total current assets for 2011 decreased by 57%, and for 2012 - by 6%. The period of turnover of monetary assets for 2011 decreased by 27.8 days, and for 2012 - by 4.17 days. The number of turnovers of monetary assets in 2011 increased by 34.98 vol., and in 2012 - by 48.26 vol.

Table 3 - Indicators of the movement and state of cash flows in the cultural institution "Palace of Culture of Metallurgists" in 2010-2012

Index				Deviation, +/-
1. The coefficient of participation of monetary assets in total current assets
2. Period of turnover of monetary assets, days
3. The number of turnovers of monetary assets
4. Absolute liquidity ratio
5. Critical liquidity ratio
6. Current liquidity ratio

All liquidity ratios are above their own normative values, which is a positive fact.

Let us calculate the planned amount of the operating balance of the monetary assets of the cultural institution "DK Metallurgists" in 2013.

20133: 93.41 = 215 thousand rubles.

We will calculate the planned amount of the insurance balance of the monetary assets of the cultural institution "DK Metallurgists" in 2013.

YES c \u003d 215 x 70% \u003d 151 thousand rubles.

The need for the compensatory balance of monetary assets is planned in the amount determined by the agreement on banking services. However, since the agreement with the bank that provides settlement services to the cultural institution "DK Metallurgists" does not contain such a requirement, this type of balance of cash assets is not planned at the enterprise.

The need for an investment (speculative) balance of monetary assets is planned based on the financial capabilities of the enterprise only after the need for other types of balances of monetary assets is fully met.

The total size of the average balance of monetary assets in the planning period is determined by summing up the calculated need for their individual types: YES = 215 + 151 = 366 thousand rubles.

Considering that the balances of the last three types of monetary assets are to a certain extent interchangeable, the total need for them, given the limited financial capabilities of the cultural institution "DK metallurgists", can be reduced accordingly.

When managing the cash flows of the cultural institution "DK metallurgists", the problem of ensuring the profitable use of the temporarily free balance of monetary assets is necessarily solved. At this stage of the formation of the monetary asset management policy, a system of measures is developed to minimize the level of losses of alternative income in the process of their storage and anti-inflationary protection.

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thesis, added 06/17/2011


The concept, classification and movement of cash flows in the Gorohovets branch of JSC "Vladimir Land Management Design and Survey Enterprise". Analysis of the main financial indicators, characteristics of the organization's cash flow management system.

One of the areas of enterprise financial management is the effective management of cash flows. A complete assessment of the financial condition of an enterprise is impossible without an analysis of cash flows. Currently, most enterprises (more than 80%) have a lack of working capital. At the same time, many of them operate at a profit. One of the tasks of cash flow management is to identify the relationship between these flows and profit, i.e. whether the income generated is the result of effective cash flows or is it the result of some other factors.

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

What is the difference between cash flow and profit?

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

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

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

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

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

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

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

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

Cash flow management involves:

Analysis of these streams,

cash flow accounting,

Development of a cash flow plan.

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

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

Since, with the successful conduct of business, the enterprise strives to expand and modernize production capacity investing activities generally result in temporary cash outflows.

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

As already noted, cash flows are associated with cash inflows and outflows:

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

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

Cash flow analysis associated with the clarification of the causes that influenced:

Increased cash flow;

Reduction of their inflow;

Increase their outflow;

Reducing their outflow.

This can be done both for a long period (several years) and for a short one (quarter, year). Such an analysis will be of undoubted interest if it is done for a period that reflects some stage in the activity of the enterprise, for example, from the moment a joint-stock company was created, the launch of new products, the completion of reconstruction, etc.

There are two methods for calculating cash flow:

direct and indirect.

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

At direct method :

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

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

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

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

As a result, the company receives answers to questions about cash inflows and outflows and their sufficiency to ensure all payments.

at indirect method:

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

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

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

Types and forms of payments

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

All calculations of the enterprise can be divided into groups:

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

2. Settlements for non-commodity transactions - transactions not caused by the movement of goods and associated only with the movement of funds - settlements with the budget and extra-budgetary funds, founders, shareholders, accountable persons, principals and attorneys, credit organizations

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

payment orders;

Planned payments:

Payment requests-orders;

Letters of credit;

Settlement checks;

Set-off of mutual requirements;

bills;

Oncoming movement of goods (barter transactions).

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

Cash flow definition, cash flow analysis

Information about the definition of cash flow, cash flow analysis

1. Definition

Definition

In the form of symbols

Clarifications

2. Cash flow analysis

3. Cash flow management system

4. Key Factors Affecting Cash Flow

5. Briefly about the main

1. Definitioncash flow

Cash flow or cash flow is abstracted from its economic content a series of numbers consisting of a sequence of money received or paid, distributed over time. Cash flow management is based on the concept of cash circulation. For example, money is converted into inventories, receivables and back into money, closing the cycle of the company's working capital. When the cash flow is reduced or blocked completely, the phenomenon of insolvency occurs. An enterprise may feel a lack of funds even if it formally remains profitable (for example, the terms of payments by the company's customers are violated). It is with this that the problems of profitable, but illiquid companies that are on the verge of bankruptcy are connected.

The generally accepted designation for the payment stream is CF. Number series designation - CF0, CF1, ..., CFn. An individual member of such a series can have both a positive and a negative value.

In essence, cash flow is the difference between the income and costs of an economic entity (usually a company), expressed as the difference between payments received and payments made. In general, this is the sum of the firm's retained earnings and its depreciation charges (see Depreciation) saved to form its source of cash for the future renewal of fixed capital. In other words, Cash Flow is the net amount of money actually received by the firm in a given period. In many translated works, this concept is expressed by the terms “cash flow” or “cash flow”, which is clearly unfortunate, since the words “Cash” in English and “cash” in Russian are very different in terms of the range of concepts they cover. For example, the cash flow includes depreciation charges or changes in the entries in the bank accounts of the company (for non-cash payments): neither of these have absolutely nothing to do with cash in the generally accepted sense.

2. Cash flow analysis

The analysis of cash flow is, in essence, the determination of the moments and magnitudes of inflows and outflows of cash. The purpose of cash flow analysis is, first of all, an analysis of the financial stability and profitability of the enterprise. Its starting point is the calculation of cash flows, primarily from operating (current) activities. Its starting point is the calculation of cash flows, primarily from current activities.

Cash flow characterizes the degree of self-financing of the enterprise, its financial strength, potential, profitability.

financial well-being The company is largely dependent on the inflow of cash to cover its obligations. The absence of the minimum required cash reserve may indicate financial difficulties. An excess of cash can be a sign that the business is incurring losses.

It is convenient to analyze cash flows using the cash flow statement. According to international standard IAS7, this report is generated not by sources and directions of use of funds, but by areas of activity of the enterprise - current, investment and financial. It is the main source of information for cash flow analysis.

The components of the cash flow statement are the receipt and disposal of cash in the context of the current, investment and financial activities of the organization.

Current activities include the impact on cash of business transactions that affect the profits of the entity. This category includes such operations as the sale of goods (works, services), the purchase of goods (works, services) necessary for production activities organizations, payment of interest on a loan, payments on wages, tax transfers.

Investment activity is understood as the acquisition and sale of fixed assets, securities, the issuance of loans, etc.

Financial activities include receiving from the owners and returning to the owners of funds for the company's activities, operations on repurchased shares, etc.

Drawing up a cash flow statement involves:

Determination of funds as a result of the current activities of the organization;

Determination of funds as a result of the investment activity of the organization;

Determination of cash as a result of the financial activities of the organization.

To do this, use the data of the balance sheet and income statement.

The profit and loss statement shows how profitable the activity was for the organization in the analyzed period, but it cannot show the inflow and outflow of funds in the current, investment and financial activities of the company.

The profit and loss statement is prepared on an accrual basis, when income/expenses are recognized in the period of their occurrence, and not in the period of inflow/outflow of funds.

In order to reveal the cash flow, it is necessary to transform the income statement. In this case, adjustments are used, in accordance with which income is recognized only in the amount of actually received cash, and expenses in the amount of actual payments.

There are two methods of income statement transformation: direct and indirect.

With the direct Cash Flow method, each income statement item is transformed, in the process of which the actual cash inflow and actual expenditure are determined. The indirect method does not require the transformation of each line item in the income statement. According to this method, the starting point of the calculation is the amount of annual profit (loss) for the analyzed reporting period, which is adjusted by adding all expenses not related to the movement of cash (for example, depreciation), and subtracting all income not related to cash flows.

Before drawing up a cash flow statement, first of all, it is necessary to find out which balance sheet item for at least two periods was the source of cash flow and which caused its consumption. This is done using a table showing the sources of formation and consumption of enterprise funds. First, the change in each balance sheet item is calculated, after which this change is attributed to the sources or consumption of funds in accordance with the following rules:

The source of available cash is any increase in an item classified as Liabilities or Equity. An example is a bank loan.

Any decrease in active accounts is also a source of cash flow generation. Examples: sale of non-current assets or inventory reduction.

Consumption:

Consumption of funds represents any decrease in an account classified as a "Liabilities" or "Equity". An example of the consumption of available funds is the repayment of a loan.

Any increase in active balance sheet items. The acquisition of non-current assets, the formation of stocks are examples of cash flow consumption.

The formation and consumption of cash flow occur in any type of activity of the company. The table below shows which operations related to a particular field of activity (production, investment, financial) caused an inflow (+) and which caused an outflow (-) of the firm's cash.

The source of available cash is any increase in an item classified as Liabilities or Equity. An example is a bank loan. Any decrease in active accounts is also a source of cash flow generation. Examples: sale of non-current assets or inventory reduction.

3. Cash flow management system

When building a cash flow management system, it is important to optimize the relevant business processes, for which it is necessary to determine:

The composition of the CFD, according to which the budgets of funds are formed and controlled;

Participants in the process, that is, company employees acting as initiators of payments, controllers for the implementation of internal regulations, acceptors;

Duties and powers of each participant in the business process, in particular, to determine payment limits, and those responsible for making decisions on certain payments;

The time schedule for the passage of payments, in particular, to establish the timing and sequence of the passage of applications for payment.

planning and control;

In the future, this will reduce the labor costs of the company's top managers (general and financial directors) to control the spending of funds. If previously they had to review and sign each application for payment, now that the costs are approved in the budgets, and the procedure for coordinating payments is formalized, control over cash flows can be entrusted to the financial manager. Accordingly, the financial (general) director will coordinate only a limited number of payments, usually over-limit, large or irregular. For example, it is enough to agree on the amount of payment for renting an office once when approving the budget, leaving control of the payment procedure itself and the compliance of the amounts with the budget with the financial manager.

Properly built business processes help to solve another urgent problem - to minimize the risk of abuse by employees of the enterprise by separating the functions of monitoring payments and their initiation. For example, the head of a business area accepts all applications for payment in his CFD and is responsible for budget execution, and an employee of the financial service (this may be a financial director, Financial Manager) controls the compliance of applications with budget limits and the implementation of regulatory procedures payment system.

Effective cash flow management increases the degree of financial and operational flexibility of the company, as it leads to:

Improving operational management, especially in terms of balancing receipts and expenditures of funds;

Increasing sales volumes and optimizing costs due to greater opportunities for maneuvering the company's resources;

Improving the efficiency of managing debt obligations and the cost of servicing them, improving the conditions for negotiations with creditors and suppliers;

Creation of a reliable base for evaluating the performance of each of the company's divisions, its financial condition as a whole;

Increasing the company's liquidity.

As a result, a high level of synchronization of receipts and expenditures of funds in terms of volume and time makes it possible to reduce the real need of the enterprise for the current and insurance balances of monetary assets serving the core activity, as well as the reserve of investment resources for real investment.

Such balancing of cash inflows and outflows at the planning stage is carried out by developing a cash flow budget (BCDS), the format of which depends on the characteristics of the business of a particular enterprise. The result of the calculations is the determination of the net cash flow for the budget period, reflected in a separate line as "cash growth or decrease" depending on its value (positive or negative) and the cash balance at the end of the planning period. If the latter is negative or less than the minimum standard, then, firstly, an analysis of cash inflows and outflows is carried out in order to identify additional reserves, and secondly, a credit plan is drawn up to attract external sources of financing.

The decision to attract a loan is made subject to the greater economic feasibility of this method of external financing compared to other available methods of covering the cash gap (increase in advance payments from buyers, changes in the terms of a commercial loan, increase in sustainable liabilities). Currently, banks offer various loan products: overdraft, term loans, credit lines, bank guarantees, letters of credit, etc. To eliminate short-term cash gaps, it is preferable to use an overdraft, but with the constant use of borrowed capital, the choice of types of loan products should be based on taking into account the effect of financial and operating leverage.

4. Key Factors Affecting Cash Flow

All factors influencing the formation of cash flows can be divided into external and internal. TO external factors include: the conjuncture of the commodity and financial markets, the system of taxation of enterprises, the established practice of lending to suppliers and buyers of products (rules business turnover), the system for the implementation of settlement operations of economic entities, the availability of external sources of financing (credits, loans, targeted financing).

Among the internal factors, one should single out the stage life cycle where the enterprise is located, the duration of the operating and production cycles, the seasonality of production and sales of products, the depreciation policy of the enterprise, the urgency of investment programs, the personal qualities and professionalism of the management of the enterprise.

The construction of an enterprise cash flow management system is based on the following principles:

Informative reliability and transparency;

planning and control;

Solvency and liquidity;

Rationality and efficiency.

The basis of management is the availability of operational and reliable accounting information, formed on the basis of accounting and management accounting. The composition of such information is very diverse: the movement of funds in the accounts and cash of the enterprise, receivables and payables of the enterprise, budgets for tax payments, schedules for issuing and repaying loans, interest payments, budgets for upcoming purchases that require advance payment, and much more. The information itself comes from various sources, its collection and systematization must be debugged with particular care, since delays and errors in providing information can lead to serious consequences for the entire company as a whole. At the same time, each enterprise independently determines the format for providing information, the frequency of collecting information, and the workflow scheme.

But the main role in managing cash flows is given to ensuring their balance in terms of types, volumes, time intervals and other essential characteristics. To successfully solve this problem, it is necessary to introduce planning, accounting, analysis and control systems at the enterprise. After all, planning the economic activity of an enterprise in general and cash flow in particular significantly increases the efficiency of cash flow management, which leads to:

Reducing the current needs of the enterprise in them based on an increase in the turnover of monetary assets and receivables, as well as the choice of a rational structure of cash flows;

Efficient use of temporarily free cash (including insurance balances) by making financial investments of the enterprise.

ensuring a surplus of funds and the necessary solvency of the enterprise in the current period by synchronizing positive and negative cash flows in the context of each time interval.

Thus, cash flow management is the most important element financial policy enterprise, it permeates the entire management system of the enterprise. It is difficult to overestimate the importance and importance of cash flow management in an enterprise, since not only the stability of an enterprise in a specific period of time depends on its quality and efficiency, but also the ability to further development to achieve long-term financial success.

5. Briefly about the main

Cash flows reflect the income and expenses of economic entities. By analyzing cash flows, you can find out the degree of financial stability, self-financing of the enterprise, its financial strength, financial potential, profitability. Cash flow management is the most important part of the financial policy of the enterprise, which permeates the entire management system of the enterprise.

Sources

en.wikipedia.org - Wikipedia-The Free Encyclopedia

slovari.yandex.ru - Yandex.Dictionaries

www.wikiznanie.ru - free encyclopedia

www.financial-lawyer.ru - IA "Financial Lawyer"

www.cfin.ru - Website "Corporate Management"

www.bizuchet.ru - Project "Bizuchet"