An enterprise is an independent economic entity created to conduct economic activity which is carried out in order to make a profit and meet public needs.

The enterprise at various stages of its activity sets itself certain goals and objectives. The formulation of these tasks depends on the current state of the enterprise, its position in the market, interaction with other business entities, as well as internal mechanisms that determine one or another functioning of the enterprise. To study all of the above factors, complex analysis economic activity that meets all modern requirements. The final and main stage of the analysis is the analysis of the financial condition of the enterprise, during which the provision of the enterprise with the financial resources necessary for the normal flow is revealed. production activities, the purposefulness of their placement and use, financial relationships with other business entities, the solvency of the enterprise itself and its market stability are clearly defined.

The economic activity of the enterprise is inextricably linked with its financial activity. The enterprise independently finances all directions of its expenses in accordance with production plans, manages the available financial resources, investing them in the production of products in order to make a profit.

The types of business activities include:

Operational activities, within the framework of which it is important to assess the ability of the enterprise to generate funds to support the business process;

Investment activity - the process of directing funds for investment. Shows the extent to which future production facilities will be able to support the current level of operations and provide preset levels profitability and liquidity;

Financial activities - information about cash flows of a financial nature. It is of interest from the point of view of future claims of the owners and creditors of the enterprise for cash flows generated by it.

Financial activity as an integral part of economic activity is aimed at ensuring the planned receipt and expenditure of financial resources, the implementation of settlement discipline, the achievement of rational proportions of equity and borrowed capital and its most efficient use.

Financial activities is the formation own funds enterprise, its income, attraction of borrowed sources of financing of economic activity, distribution of income generated as a result of this activity, their use for the development of the enterprise.

The development of economic activity requires appropriate financial support, i.e. initial capital, which is formed from the contributions of the founders of the enterprise and takes the form of authorized capital. This is the most important source of formation of the property of any enterprise. Specific methods of formation of the authorized capital depend on the choice of organizational and legal form.

When creating an enterprise authorized capital is directed to the acquisition of fixed assets and the formation working capital in the amounts necessary for conducting normal production and economic activities, it is invested in the acquisition of licenses, patents, know-how, the use of which is an important income-generating factor.

The financial activity of an enterprise operating in a market environment is as follows. Initial capital is invested in production, in the process of which value is created, expressed by the price products sold. After the sale of products, it takes on a monetary form - the form of proceeds from the sale of goods produced (work performed, services rendered), which is credited to the company's current account.

Revenue is not yet income, but a source of reimbursement for the funds spent on the production of products and the formation of cash funds and financial reserves of the enterprise. As a result of the use of proceeds, qualitatively different components of the created value are distinguished from it.

First of all, this is due to the formation of an amortization fund, which is formed in the form depreciation charges after the depreciation of fixed production assets and intangible assets takes the form of money. A prerequisite for the formation of an amortization fund is the receipt of revenue.

Since the material basis of the created product is raw materials, materials, their cost, along with other material costs, depreciation of fixed production assets, wages of workers is the cost of the enterprise for the production of products, taking the form of cost. Prior to the receipt of revenue, these costs are financed from the working capital of the enterprise, which are not spent, but are advanced into production. After the receipt of proceeds from the sale of products, working capital is restored, and the production costs incurred by the enterprise are reimbursed.

The isolation of costs in the form of cost makes it possible to compare the proceeds received from the sale of products and the costs incurred.

The meaning of investing in the production of products is to obtain net income, and if the proceeds exceed the cost, then the company receives it in the form of profit.

Profit and depreciation are the result of the circulation of funds invested in production, and relate to the company's own financial resources, which it manages independently. Optimal use of depreciation and profit for the intended purpose allows you to resume production on an expanded basis.

The purpose of depreciation deductions is to ensure the reproduction of fixed production assets and intangible assets. Unlike depreciation deductions, profit does not remain completely at the disposal of the enterprise, a significant part of it goes to the budget in the form of taxes, which defines another area financial relations that arise between the enterprise and the state regarding the distribution of the generated net income.

The profit remaining at the disposal of the enterprise is a multi-purpose source of financing, but the main directions of its use can be defined as accumulation and consumption. The proportions of the distribution of profits for accumulation and consumption determine the prospects for the development of the enterprise.

Depreciation and profits aimed at accumulation constitute the financial resources of the enterprise used for its production and scientific and technological development, formation of financial assets - acquisition valuable papers, contributions to the authorized capital of other enterprises, etc.

A part of the profit is used for consumption, as a result of which financial relations arise between the enterprise and persons, both employed and not employed in the enterprise.

AT modern conditions management distribution and use of depreciation and profits in the enterprise is not always accompanied by the creation of separate monetary funds. The depreciation fund as such is not formed, and the decision on the distribution of profits to special purpose funds is left to the competence of the enterprise, but this does not change the essence of distribution processes that reflect the use of the enterprise's financial resources.

Since the financial activity of an enterprise is a part of economic activity, its basic principles are as follows:

Rational use of financial resources;

Interest in the results of financial and economic activities;

Responsibility for the results of financial and economic activities;

Control over the financial activities of the enterprise.

home goal financial activities- decide where, when and how to use financial resources for effective development production and maximizing profits.

The main task of the analysis is the timely identification and elimination of shortcomings in financial activities, finding reserves for improving the financial condition of the enterprise, its solvency.

The nature of economic activity and the volume of production determine the amount of money turnover, the number of payment documents associated with settlements with other enterprises, suppliers and buyers (customers), with commercial banks, other creditors, and the budget.

The main sources of information for the analysis of the financial condition are:

Form No. 1 "Balance sheet";

Form No. 2 "Profit and Loss Statement", which summarizes the final financial results of the enterprise for the analyzed period. The report reveals the process of formation and use of profits (losses) for the reporting period;

Form No. 3 "Report on changes in capital", which contains a report on the movement of sources of the enterprise's own funds;

Form No. 4 “Cash flow statement”, which reflects the movement of funds in the areas of their use: current activities, investment activities, financial activities;

Form No. 5 "Appendix to the balance sheet", which consists of seven sections containing analytical information on the main items of the balance sheet: fixed assets and intangible assets; incomplete investments in non-current assets; profitable investments in assets; financial investments; accounts receivable; accounts payable; received credits and loans;

Form No. 6 "Report on the intended use of funds received", which reflects the sources of funds and their intended use.

At the enterprise, the analysis of financial activities is carried out by various financial services.

The financial service of an enterprise is understood as an independent structural unit that performs certain functions in the enterprise management system. Usually this unit is financial department. Its structure and number depend on the organizational and legal form of the enterprise, the nature of economic activity, the volume of production and total working in the enterprise.

The need to control the financial and economic activities of the enterprise objectively follows from the essence of finance as monetary relations.

The financial and economic activity of enterprises is associated with the formation and expenditure of funds, and therefore affects the interests of the state, employees of the enterprise, shareholders and all possible counterparties of the enterprise.

To identify the volume and sources of formation of financial reserves, it is necessary to carry out financial planning of the enterprise.

One of the methods for calculating the total volume of trade commercial enterprise is an economic-statistical method based on smoothing data on the increase in trade turnover for a number of years preceding the planned year. We will draw up the calculation in table 3.1

Table 3.1. Initial data for smoothing the increase in the volume of trade

Smoothing is done using a moving average for three nearby years:

K1=(K1+K2+K3)/3=24.8

K2=(K2+K3+K4)/3=33.7

K3=(K3+K4+K5)/3=40.1

The resulting aligned series of moving averages makes it possible to determine the average annual change in the increase in the volume of trade:

?=(Kn-K1)/(n-1), (3)

Where: ?-average annual change in the increase in the volume of trade,%:

Kn is the last indicator in a series of aligned averages, %;

K1 is the first indicator in a series of aligned averages, %

n is the number of indicators of the aligned series of averages.

?=(40,1 -24,8)/(3-1)=7,65

The value of the increase in trade turnover for the planned year (K6) is determined by the continuation of the aligned series of averages 2 steps ahead:

K6=K4+2?=39.7+2*7.65=55%

Thus, the volume of trade in 2007 will be equal to:

Т5=(12947546*155)/100=20068695 thousand rubles

When planning the total turnover of a retail trade enterprise, various economic and mathematical models can be used.

To identify the main trend in the development of trade, the method of analytical alignment (trend method) is used.

It can be assumed that the retail turnover of a trading enterprise develops according to a linear function:

Where: Y-volume of retail turnover, rub;

T-factor of time, year;

A,B-model parameters.

The parameters are found by the least squares method by solving a system of normal equations of the form:

( ?y=an+b ?t ?yt=a ?t+b ?t2, (5)

Table 3.2. Calculation of model parameters

	Volume of retail trade turnover, thousand rubles (Y)	Time, year (T)			Estimated volume of trade turnover, thousand rubles (Ysr.T)	[(Y-Yaverage/)/Y]*100%

Having solved the system of normal equations with respect to the parameters a and b, we obtain the function of the trade enterprise from the time factor:

Yav.T=553291+2261674*T

The resulting model shows that with an increase in the time factor by one year, the volume of trade turnover of a trading enterprise increases by an average of 2,261,674 thousand rubles.

In order to draw a conclusion about the effectiveness of the obtained model and the possibility of its use for planning the volume of trade, it is necessary to determine the average percentage of deviations of the theoretical (calculated) values ​​of trade from the actual ones, i.e. determine the average forecast error. It is generally accepted that the model is effective and can be used for forecasting if the average percentage of deviations of the theoretical values ​​of the turnover from the actual ones does not exceed 3 percent.

In our case, the average deviation of the theoretical trade turnover from the actual one is 0.52%, which allows us to use it to calculate the volume of trade for the next year:

Yav.T=553291+2261674*6=14123335 thousand rubles

The results of calculating the volume of retail turnover of a trading enterprise are summarized in Table 3.3

Table 3.3. Calculation of the volume of retail trade turnover of Oberst Metal LLC for 2007

The first version of the calculation is optimistic, and the second one is pessimistic. The planned value of trade turnover for the planned year is set according to the average value:

Тm=(20068695+14123335)/2=17096015 thousand rubles

To develop a compacted balance sheet, it is necessary to plan the net profit of the enterprise for the planned year (Table 3.4)

Table 3.4. Net profit planning for OOO Oberst Metall for 2007

The name of indicators			2007 in % to 2006
1. Income and expenses from ordinary activities
2. Cost of goods sold
3. Gross profit:
in % of turnover
4. Selling expenses
in % of turnover
5. Profit (loss) from sales
in % of turnover
6. Other expenses in total, thousand rubles.
7. Profit (loss) before tax
in % of turnover
8. Income tax
9. Net profit (loss)
in % of turnover

The need for fixed and working capital for 2007 can be determined on the basis of the planned volume of trade and the indicators of capital intensity of fixed assets and working capital utilization achieved in 2006.

Capital intensity per 100 rubles of turnover in 2006=4326650/12947546.0*100=33.41

Planned need for fixed assets \u003d 17096015.0 * 33.41 / 100 \u003d 5711779 thousand rubles.

Planned need for working capital \u003d 17096015.0 * 22.50 / 100 \u003d 3846603 thousand rubles.

Table 3.5. Calculation of the needs of Oberst Metall LLC in fixed and working capital for 2007

The capital requirement for 2007 can be determined based on the planned turnover indicator, the capital intensity indicator achieved in 2006.

Capital intensity per 100 rubles of turnover in 2006 = 7286055/12947546*100 = 56.27

Planned capital requirement for 2007 = 56.27 * 17096015/100 = 9619927.64 thousand rubles.

Table 3.6. Calculation of the capital requirement of Oberst Metall LLC for 2007

Settlements with creditors \u003d 9558382-9619927.64 \u003d 61545.64 thousand rubles.

Based on the data obtained, we will draw up a consolidated balance sheet for 2007. (table 3.7)

Table 3.7. Condensed balance sheet of Oberst Metall LLC for 2007

For the beginning of the year	At the end of the year
organizations		organizations	Asset financing approaches
Conservative		Moderate
	Short-term liabilities Equity Long term obligations	Variable part of current assets	Short-term liabilities Equity Long term obligations
	Permanent part of current assets
Non-current	Non-current
		Level of financial stability	Acceptable

Rice. 3. Approaches to asset financing in OOO Oberst Metal.

In 2006, the company took a position between moderate and conservative approaches to financing its assets, and closer to the conservative approach (Fig. 3).

At the expense of own and long-term borrowed capital, non-current assets, the constant part of current assets and half of the volume of the variable part of current assets were financed, while at the expense of short-term borrowed capital - only half of the variable part of current assets: at the beginning of the reporting period, long-term capital was 90, 1%, and the share of non-current assets -- 67%; at the end of the reporting period, respectively, 92.8% and 65.0%, i.e., there are changes in the ratio of funding sources and various types of assets. By the end of the year, there is also a tendency to increase the financing of most of the current assets from permanent sources (own and long-term borrowed capital). This model of asset financing ensures an acceptable level of financial stability of the company and does not create problems in ensuring its solvency and financial stability, and allows it to carry out operating activities with a minimum need for equity capital.

The level of current solvency and financial stability depends on the degree of provision of reserves with sources of formation. An excess or shortage of sources of funds for the formation of stocks (IFZ) is revealed in the form of a difference in the value of sources of funds and the value of stocks. This refers to the availability of certain types of sources: own, credit and other borrowed, since the sufficiency of the sum of all possible types of sources (including accounts payable and other short-term liabilities) is guaranteed by the identity of the results of the asset and liabilities of the balance sheet. (Table 3.8).

Table 3.8.- The system of absolute indicators for assessing the financial stability of Oberst Metal LLC, thousand rubles.

Index	Calculation method
Determining the type of financial stability
1. Own sources of stock formation	IFZ c \u003d SC - VA, where SC is equity; VA - non-current assets
2. "Normal" sources of stock formation	IFZ n \u003d IFZ s + KKZ + KZ, where KKZ - short-term loans and borrowings, KZ - accounts payable
3. The total value of sources of reserves formation	IFZ o = IFZ n + SC os, where SC os is a special part of equity that restrains financial tension
4. Total inventory and costs	Page 210 (form No. 1)
5. Provision of reserves and costs with sources of formation:
IFZ s \u003d IFZ s - Z
IFZ n = IFZ n - Z
IFZ o \u003d IFZ o - Z
6. Type of financial stability	Absolute stability	Absolute stability

From all the proposed and tested methods, it follows that Oberst Metal LLC has the type of financial stability - absolute financial stability. This is facilitated by the skillful management of enterprises and the rational distribution of financial resources, as well as an established system of financial planning.

Oberst Metall LLC's ability to make payments on time, to finance its activities on an extended basis, indicates its good financial condition.

Finding ways to improve financial condition commercial organization are one of the main tasks facing the management of any organization. Currently, experts identify several ways to "improve" the financial condition of the company.

By improving the financial condition of the organization is to increase the efficiency of company management, as well as the introduction of various types of incentives for staff. This method improving the financial condition of the enterprise does not require a significant restructuring of the company, as a rule, the optimization of business processes within the company can be achieved by introducing a system that allows you to automate the setting of tasks for staff, as well as using various methods of material incentives, which are based on assessing the contribution of each employee to the overall result commercial activities of the enterprise.

Also, one of the ways to improve the financial condition of the organization can be attributed to the provision of new services to consumers. The development of an organization's development strategy, as well as market assessment and the development of proposals for the development of new types of products can be carried out both directly by the company's employees and by specialists from various consulting enterprises.

To improve the financial condition of the organization, it is also necessary to introduce strict financial control over the expenditure of the company's funds, and also try to get money from enterprises that have significant debts to your company. In addition, in some cases, specialized advertising campaigns will be required, as well as more active promotion of the company's products and services in various markets.

The management of the organization should also not forget about the need to replace equipment and the possibility of introducing new technologies that will allow the production of goods or services that are more popular in the market. In any case, when looking for ways to improve the financial condition of the organization, it is necessary to carefully evaluate the costs necessary to implement these measures, as well as the possible increase in profits that the company can receive.

The departure of society from the system of planned economy and the entry into market relations radically changed the conditions for the functioning of enterprises. An organization, in order to survive, must show initiative, enterprise and frugality in order to increase production efficiency. Otherwise, they may be on the verge of bankruptcy.

AT market conditions the key to survival and the basis of the stable position of the organization is its financial stability. It also reflects the state of financial resources, in which the organization, freely maneuvering cash, is able, through their effective use, to have an uninterrupted process of production and sale of products, as well as the costs of expanding and updating it.

Determining the boundaries of the financial stability of an organization is one of the most important economic problems in the transition to a market economy, since insufficient financial stability can lead to a lack of funds for enterprises to develop production, their insolvency and, ultimately, bankruptcy, and "excessive" sustainability will hinder development by burdening the costs of the organization with excess stocks and reserves.

To assess the financial stability of an organization, it is necessary to analyze its financial and economic condition. The financial condition is a set of indicators reflecting the availability, placement and use of financial resources.

The purpose of the analysis is not only and not so much to establish and evaluate the financial condition of the organization, but also to constantly carry out work aimed at improving it. An analysis of the financial condition shows in what specific areas this work should be carried out. In accordance with this, the results of the analysis provide an answer to the question of what are the most important ways to improve the financial condition of the organization in a particular period of its activity.

The main ways to strengthen the organization's finances are related to the optimization of the funds used by them and the elimination of their deficit.

The most important areas for improving the financial work of the organization are as follows:

Systemic internal audit;

Development and implementation of the organization's strategic financial policy. The main goal of financial analysis is to obtain several key parameters that give an objective and accurate picture of the financial condition of the organization, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors. At the same time, the managing analyst may be interested in both the current financial condition of the organization and the immediate or individual prospects, that is, the expected parameters of the financial condition.

The efficiency of the use of working capital depends on many factors that can be divided into external factors that influence regardless of the interests of the organization and internal factors that the organization can actively influence. At the present stage of economic development, the main external factors include such as the non-payment crisis, high bank loan rates. The insolvency of buyers leads to a slowdown in the turnover of working capital. Therefore, it is necessary to produce those products and services that can be quickly and profitably implemented. In this case, in addition to the acceleration of turnover, the growth of receivables in the assets of the organization is prevented.

An important condition for improving the efficiency of the use of working capital is the rational organization of inventories, the main ways to reduce inventories are:

Rational use;

Elimination of excess stocks of materials;

Improved rationing;

Improving the organization of supply.

The stay of working capital in the sphere of circulation does not contribute to the creation of a new product. Excessive diversion of them into the sphere of circulation is a negative phenomenon. The most important prerequisites for reducing defense investment in this area are:

Application of progressive forms of payment;

Timely execution of documents;

The acceleration of her movements;

Compliance with contractual and payment disciplines.

The financial condition of the organization is characterized by the placement and use of funds and sources of their formation. To prevent an unsatisfactory balance sheet structure, it is necessary to monitor the change in the structure of property and the sources of its formation and take measures aimed at improving the structure, the optimal ratio of own and borrowed funds of the enterprise, reducing the share of receivables and payables, and reducing unjustified stocks of material resources.

In market conditions, there is an objective need to determine the trend of the financial condition, orientation in financial opportunities and prospects, assessment of the financial condition of other business entities. The organization needs to develop internal financial strategies. It includes different ways and actions to achieve the main strategic goal. ,namely:

Compliance of financial actions with the economic condition and material capabilities of the organization at each time interval;

Financial strategy is developed taking into account the risk of non-payments, jumps in inflation and other circumstances. It should correspond to the tasks and, if necessary, be adjusted and changed. It must be controlled, the implementation ensures the verification of income, their economic and rational use. Well-established financial control helps to identify reserves, increase the profitability of the economy, and increase cash savings.

The strategy for achieving private efforts lies in the skillful use of financial transactions aimed at ensuring the implementation of the main strategic goal.

In conditions market economy Each business entity seeks to take a stable position in the market. To do this, it is necessary to analyze the financial condition of the enterprise more often, which will allow, based on the identified shortcomings in the work, to develop ways to improve it.

The main ways to improve the financial condition of SANA Consulting NLK LLP are:

An increase in the overall asset structure of the enterprise, which will make it possible to measure whether the organization is financially stable enough to operate smoothly;

Achieving the optimal ratio of own and borrowed funds. The excess of the first over the second means the independence of the enterprise and independence from external sources;

The presence of a significant share of borrowed funds in the total amount of capital, and in particular accounts payable, requires prompt work with creditors.

The reduction of receivables can be achieved through the implementation of specific measures:

Controlling the status of settlements with buyers on deferred (overdue) debts;

Monitor the ratio of accounts payable and accounts receivable: a significant excess of accounts receivable poses a threat to the financial stability of the enterprise and makes it necessary to attract additional (usually expensive) sources of financing.

The stability of the financial condition can be increased by: accelerating the turnover of capital in current assets, as a result of which there will be a relative reduction of 1 tenge / turnover; justification for the reduction of reserves and costs (to the standard); repayment of own working capital at the expense of internal and external sources.

One of the main and most radical areas of financial recovery of SANA Consulting NLK LLP is to increase internal reserves of profitability and achieve break-even work through better use of the organization’s capacity, improving the quality of services, developing a new direction (design and architecture, sales building materials) in construction industry, rational use of material, labor and financial resources, reducing costs and losses.

External sources of raising funds for turnover of SANA Consulting NLK LLP include factoring, leasing, and raising loans for profitable projects.

The main attention should be paid to the issue of reducing the cost of services: economical use of raw materials, materials, electricity, equipment, etc.; reduction of costs established for each item of expenditure through specific organizational and technical measures that will help save wages, raw materials, materials, energy, etc. Organizations need to find cheap and high-quality raw materials.

So, in the conditions of the development of market relations, it is quite obvious that the solution of many financial problems is directly related to the solution of marketing problems, which are closely interconnected and interdependent.

CONCLUSION

During the internship at SANA Consulting NLK LLP, the knowledge gained during the training process was consolidated, practical work skills were acquired. Experience has been gained professional work, all the tasks of research practice have been fulfilled. For more successful work in the future has been studied organizational structure enterprises, analyzed the structure information management and activities of the enterprise.

To improve the work of SANA Consulting NLK LLP, it is proposed to carry out the following activities:

Improve the management structure;

Improve and train staff;

Development and implementation of the organization's strategic financial policy;

Systematic and ongoing financial analysis of its activities;

Organization of working capital in accordance with existing requirements in order to optimize the financial condition;

Achieving the optimal ratio of own and borrowed funds;

Formation of financial resources and centralized strategic management them;

Identification of decisive directions and focus on their implementation of efforts, maneuverability and use of reserves by the financial management of the organization;

Creation and preparation of strategic reserves;

Decrease in receivables;

Timely identify unacceptable types of accounts payable and receivables (overdue (unjustified) debts);

Monitor the ratio of accounts payable to accounts receivable: a significant excess of accounts receivable poses a threat to the financial stability of the organization and makes it necessary to attract additional (usually expensive) sources of financing.

Conduct systematic internal audits;

Changes in the accounting policy of SANA Consulting NLK LLP are also possible in order to introduce a phased payment for work performed, services, which will allow stabilizing balance sheet items in terms of cash and other assets.

At the end of the internship, a diary of the internship was completed and a report on the internship was drawn up.

Similar information.

Send your good work in the knowledge base is simple. Use the form below

Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.

Hosted at http://www.allbest.ru/

Introduction

The modern Russian economy is distinguished by the emergence of a huge number of enterprises various forms property, but in any case, to organize the financial work of enterprises, a financial service which should ensure the financial stability of the enterprise. The main content of the work of the financial service is to provide financial resources, to organize relationships with financial and credit system, in rational use fixed and working capital, ensuring timely payments for the obligations of the enterprise to the budget, banks, suppliers and employees.

Sooner or later, the managers of the enterprise are faced with the problems of improving the organization of financial resource management at the enterprise: it turns out that the indicators and procedures that were previously used to plan the activities of the enterprise, for example, the volume of manufactured products, do not allow it to compete successfully due to the high cost of production.

Understanding that the company needs to change the management system, reduce costs, manage financial resources more efficiently comes quickly. The question is how to do it? Where to get additional funds from, plan your production and financial activities and purchases with available reserves, which processes should be invested in first of all, etc. The financial service should not only give the manager clear answers to the questions posed to them, but also plan correctly enterprise activity.

A stable financial condition and constant solvency of organizations are always the result of not spontaneous, but pre-calculated and analyzed management decisions, problem effective management the financial condition of organizations is relevant.

The purpose of the analysis of the financial condition of the organization is to assess the current financial position organization at the moment, as well as identifying the potential that may develop in the future.

A well-conducted analysis makes it possible to identify shortcomings in the financing of the organization's activities in advance, which can bring the organization to a state of bankruptcy, to find possible reserves for improving the financial condition, solvency and financial stability.

The analysis of the financial condition is carried out not only by managers, financial managers and financial services of the organization, but also by its founders, investors in order to study the efficiency of the use of resources.

The problem of an objective assessment of the financial condition of the organization and the assessment of the degree of probability of a possible bankruptcy according to the data financial statements not new. Over the years, both foreign and domestic economists have been solving this problem.

When writing thesis used scientific works and theoretical developments of recognized modern Russian economists dealing with the organization of financial work and financial analysis, such as L.V. Dontsova, N.A. Nikiforova, I.G. Kukukina, I.A. Astrakhantseva, A.D. Sheremet, O.B. Samoilenko, T.A. Pozhidaeva and others.

As regulatory framework laws of the Russian Federation, decrees of the President of the Russian Federation, decrees of the Government of the Russian Federation and the Ministry of Finance of the Russian Federation were used, regulations, which determine the composition of financial statements and the methodology for assessing the structure of balance sheets.

The purpose of this thesis is the organization of the financial work of the enterprise.

To achieve this goal, the following tasks should be solved:

1 to consider the theoretical aspects of the organization of finance in enterprises;

2 consider the organizational and economic characteristics of the enterprise;

3 consider the organization of financial work in the enterprise;

4 analyze the financial condition of the enterprise;

5 to develop ways to improve the efficiency of financial work at the enterprise to strengthen the financial condition of OOO DalTorgServis.

The object of study in this paper is the limited liability company DalTorgService, which installs and maintains elevators in Vladivostok.

The subject of the study is the financial work at DalTorgService LLC.

The information analytical base of the study is the annual financial statements of DalTorgService LLC for 2009-2011.

The diploma work contains an introduction, three chapters, a conclusion, a list of references, applications.

Methods used in the study: calculation-analytical, structural-dynamic, comparison method, graphical method.

The scientific and methodological basis of the diploma work was the work of domestic and foreign scientists on financial analysis and financial management.

1. Theoretical aspects organization of finance in enterprises

1.1 Finance of commercial enterprises: the essence and principles of organization

finance indicator commercial

Finance of commercial organizations is a system of relations related to the formation and use of financial resources of commercial organizations in order to ensure their activities and address social issues.

The following principles of organization of finance in the field of commercial activity can be distinguished:

1. Self-financing and self-sufficiency (involves covering all the needs of the organization's development at the expense of its own financial resources and covering current costs with proceeds from product sales);

2. The principle of planning (provides a correspondence between sales and products, between investments and market needs, taking into account the conjuncture of effective demand; this method is implemented in the implementation of financial planning and financial control);

3. The principle of financial correlation of terms (provides a minimum gap in time between the receipt and use of funds);

4. The principle of interdependence of financial indicators (ensures that changes in the current legislation are taken into account);

5. The principle of flexibility (provides room for maneuver in case of non-fulfillment of planned indicators);

6. The principle of minimizing financial costs;

7. The principle of rationality (investment in investments should have a higher efficiency compared to the achieved level and ensure minimal risk);

8. The principle of financial stability (ensuring financial independence).

These principles are determined by the main goal of the activity of a commercial organization - making a profit, as well as by the desire of any economic entity not only to maintain, but also to expand its participation in the market.

The finances of enterprises as an economic category are manifested in the functions they perform. The study of functions is necessary for the implementation of effective financial activities. As part of financial science there is a certain unity of the functions of state finance and enterprise finance, and at the same time there are significant differences that determine the importance of national interests and the entrepreneurial aspect of activity.

For the financial system, the following functions are planning, organizing, stimulating, and controlling.

The planning function involves the formulation of goals and the choice of ways to achieve them based on the delimitation of responsibilities within the existing forms of ownership. The planning function usually includes the distribution of a limited amount of financial resources in the temporal aspect based on priorities and development goals, their redistribution between the federal budget and the budgets of the subjects of the Federation and bodies local government. This function is implemented through the preparation of budgets for the corresponding financial year and perspective, balances of financial resources, taxation system, etc.

The function of the organization includes a budget device, budget classification, implies the need to determine the procedure for compiling, approving and executing the budget, choosing authorized credit institutions, delineation of powers of legislative and executive bodies authorities in budget process, defining the rights and obligations of the functional units of the financial authorities. This function is associated with the process of organizational construction of the internal system of regulation and control of budgetary flows and financial resources of enterprises.

The incentive function is based on activities aimed at achieving goals. With the help of this function, the factors that affect financial activity and take into account its need for cash are interpreted. The decisive role is played by the factors that determine the behavior of people, including owners, entrepreneurs and financial officers, in the process of making decisions on tactical and strategic aspects of finance.

The function of control means the promotion of the achievement of the set goals. These include the development of norms and standards, which are the standard, the criterion for evaluating the results: comparing achievements with the set goals and established criteria, ensuring that the necessary changes are made to the conditions and factors of financial activity.

For the integrated implementation of the functions of finance, information support is important. It allows you to make decisions based on the exchange of views and the choice of the best of the alternative options for achieving goals.

Activities related to the regulation of real money circulation within the framework of an entrepreneurial structure implement a set of functions of an enterprise's finances. It is necessary to distinguish three main functions: reproductive, distribution, control.

The control function of the finances of enterprises is to control the ruble over the real money turnover, the formation of cash funds. Ruble control has two forms:

1. control over changes in financial indicators, the status of payments and settlements;

2. control over the implementation of the funding strategy.

In the first case, a financial officer relies on a system of sanctions and incentives, using coercive or, conversely, stimulating measures. In the second case, we are talking about the implementation of a long-term financial policy, in which the main attention is paid to the foresight of changes and the early adaptation of the order and conditions of financing to them. Constant changes and updates in the financial system require an adequate response from all employees of the enterprise. This can be achieved by expanding the independence of workers, recognizing by them the expediency and need for active entrepreneurial activity. The development of an entrepreneurial strategy allows you to concentrate financial resources in those areas that can bring great economic benefits.

The form of manifestation of the control function of finance is always specific. It can be directed to the enterprise as a single object of management, to branches or structural divisions, to departments or services, to a single employee.

Departmentalization system. To implement the control function, the departmentalization system used by the enterprise is of great importance. The most common in the world practice is functional and divisional departmentalization.

The functional structure is based on a clear delineation of responsibilities, areas of activity and tasks to be solved by departments and services. The main organizational blocks are the production department, the sales department, the financial department, the marketing department, etc. Departments can be divided and have a narrower specialization.

Of particular interest is the divisional type management structure, the elements and blocks of which are divided by types of goods and services, consumer groups, and regions of activity. It is used in the largest companies in the world, including General Motors, Lever Brothers, Procter & Gamble, DuPont, Sire.

An example of divisional departmentalization. The principal scheme of divisional construction consists of four levels of the managerial hierarchy. The highest level is the board of directors, the board and the president. The Board of Directors concludes contracts with executives, determines their rights and obligations, responsibility to society, forms of remuneration, etc. The directors establish internal reporting that allows for control over the ruble, declare an interim dividend if it is paid quarterly or semi-annually, as well as the maximum amount of the final dividend based on the results of the year. General meeting shareholders, approving the size of the annual dividend, can only reduce it in comparison with the value proposed by the board of directors.

Thus, the amount of retained earnings and the rate of capital accumulation depend on the board of directors. The Board of Directors determines the company's development strategy, coordinates the work of all departments, makes investment decisions and monitors their implementation. The financial policy of the enterprise must be flexible, therefore, it must be frequently adjusted, primarily related to taking into account changes in the current legislation, the conditions of current financing. The Board of Directors is responsible to the shareholders for financial stability and achievement of the set goals.

The form of control in a corporation depends on the importance of the decision being made. In newly formed corporations, most of the affairs are run by the entrepreneurs themselves, who are the largest shareholders, but as the company grows, there is usually a separation of functions of economic management and disposal of property. Shareholders can indirectly influence the policy of the firm by electing to the board of directors those who profess views close to them. By taking part in the appointment of senior managers, these members of the board of directors thus influence the daily functioning of the enterprise and the management of its activities.

The competence and professionalism of the board of directors also determine the position of the enterprise in the relevant product market. The formation of the board of directors is the most important moment in personnel policy which has a significant impact on future financial policy.

The next level of management is services and departments headed by vice presidents. They organize and supervise activities, including financial provision, accounting, planning and promotion. At this level, all information is summarized, reports are compiled, decisions are made on the application of sanctions or incentives, payments and settlements, and the fulfillment of obligations are controlled.

The third stage is production departments, whose activities are focused on specific products and in a specific region. Production departments draw up an independent balance sheet, cost estimates and funds of funds within the limits of the financial resources allocated to them, resolve issues of current financing, ensure profitability and self-sufficiency. Control takes place in the process of execution of estimates, making payments and settlements. The lowest level is the structural units that receive tasks and are responsible for the implementation of the decisions made. They organize and service the production, control its continuity and quality, carry liability for compliance with the terms of financing.

The divisional system of departmentalization requires elaboration for each level of management of the issues of using financial resources, a reporting system, regulation of rights and obligations, and incentives.

Communication with reproductive and distribution functions. The control function of enterprise finance can play an active role in making a decision or passively reflect the results of the distribution of funds and reproduction processes.

The control function is manifested in the fact that the financial officer reveals the degree of compliance of the income received, the structure of cash funds with the planned tasks for expanding production and sales; corrects the discrepancy between the income of the enterprise and its expenses in the use of not only monetary, but also material resources.

A set of measures to achieve a balance between the income and expenses of the enterprise, material and financial resources may include tasks to rationalize the use of raw materials and materials, increase labor productivity, reduce debt to suppliers and the bank, adjust the level of dividends, etc.

The control function of enterprise finance is implemented in the following main areas:

control over the correct and timely transfer of funds to funds of funds for all established sources of financing;

control over compliance with the specified structure of funds of funds, taking into account the needs of industrial and social development;

control over purposeful and efficient use of financial resources.

To implement the control function of the enterprise, they develop standards that determine the size of the funds of funds and the sources of their financing. We are talking about standards for internal use, including the regulation of financial relationships with structural divisions and branches. The targeted and efficient use of financial resources is controlled on the basis of the planned and reporting estimates for the formation and expenditure of funds. In world practice, the budgets of enterprises have become widespread. According to experts, the most important means of preliminary control of financial resources is the budget, which also allows you to carry out the planning function. The budget is an ex-ante control mechanism in the sense that it provides assurance that when an organization needs cash, it will have it. Budgets also set spending limits and thus prevent any department or organization as a whole from running out of cash.

Budgets have worked well in the American and Japanese systems financial control. This tool of planning and control is also used by the financiers of European states. The main point of budgeting is that each division of the enterprise compares the amount of resources with the needs of servicing the production and sale of goods, the proposals of each division are considered by a higher management structure, consolidated and adjusted in accordance with common goals and capabilities.

The control function of enterprise finance also includes:

Control over the receipt of proceeds from the sale of products and services;

Control over the level of self-financing, profitability and profitability.

The experience of the Japanese company Matsushita is useful, in which two forms of responsibility and competence are transferred to each branch manager: profit management and fund management, and the most important duties of managers are the correct and prompt receipt of funds for receivables and the correct and prompt payment of accounts payable.

The most important point in managing the activities of branches is the system of internal capital. Internal capital is the cash funds needed by each branch to carry out business, the totality of fixed and working capital. In estimating working capital, Matsushita uses ratios to compare affiliates' actual use of each item of current assets and liabilities against targets, sales volumes, and production levels. Internal capital is paid, it is set by the loan interest paid to the central office. In addition, a fixed percentage of the sales volume of each branch is allocated to cover the costs of the central office. The branch's net profit margin after payment of this amount must also not be lower than the established fixed percentage, which makes it possible to provide production with the necessary financial resources. Distribution of net profit of the branch is made in the established proportion. 60% goes to the payment of taxes and dividends, and 40% to the accumulation fund. The accumulation fund finances the growth of working capital. All internal capital is paid. This applies not only to attracting additional capital in case of a lack of own internal capital, but also to the availability of free funds, on which the central office charges interest.

Thus, the financial service of the central office provides commercial lending to branches. The system of financial control built on such principles has enormous advantages and can be successfully applied in the practice of Russian enterprises.

Control over the level of self-financing of enterprises. Such control can be carried out on the basis of determining the ratio of internal sources of financing, including retained earnings, depreciation, reserve and insurance funds, as well as funds received from the sale of shares and bonds (share premium), bank loans and commercial credit (mutual debt of enterprises for commodity deliveries ). Liquidity is controlled by the ratio of working capital and short-term liabilities. The turnover of capital is controlled by the ratio of the volume of sales and the totality of fixed and working capital or the balance sheet. Profitability is controlled in relation to sales volume, production and distribution costs, assets, equity of the enterprise. Taking into account the level of self-financing and profitability, the degree of financial risk is determined.

The main principle in the activities of a financial officer is to equalize the opportunities for profit with overcoming the risk of advancing funds in various areas entrepreneurial activity.

1. 2 Fundamentals of the functioning of the mechanism of enterprise finance

The financial policy of the state and enterprises is implemented through the establishment of a financial mechanism through which all state activities in the field of finance are carried out. The financial mechanism is a system of forms, types and methods of organizing financial relations established by the state.

The financial mechanism is 5 interrelated elements that contribute to the organization, planning, stimulation and use of financial resources: financial methods of their formation, financial leverage, legal, regulatory and information support, which are used in determining state revenues and expenditures, organizing the budget system, finances of enterprises and securities market.

Figure 1 shows the main elements of the financial mechanism.

Financial methods are ways of influencing financial relations on economic process, which operate in two directions: in the line of managing the movement of financial resources and in the line of market relations related to the comparison of costs and results, material incentives and responsibility for the efficient use of funds. Action financial methods manifested in the formation and use of monetary funds.

- legal support for the functioning of the financial mechanism - legislative acts, resolutions, orders and other legal documents

- regulatory support for the functioning of the financial mechanism - instructions, standards, norms, tariff rates, guidelines and explanations, etc.

- information support for the functioning of the financial mechanism - information of various kinds and types, necessary for managing economic processes. Possession of information helps to determine the state of the entire financial system of the state and evaluate the effectiveness of financial policy.

1.3 The main indicators necessary for the organization of financial work in the enterprise

The financial condition of the enterprise is expressed in the ratio of the structures of its assets and liabilities, i.e. enterprise funds and their sources.

The main tasks of assessing the financial condition of the enterprise, first of all, are to determine the quality of the financial condition of the enterprise, the reasons for its improvement or deterioration over the period are also studied, and then recommendations are prepared to improve the financial stability and solvency of the enterprise.

These tasks are solved by studying the dynamics of absolute and relative financial indicators and are divided into the following analytical blocks:

- structural analysis of assets and liabilities;

- analysis of solvency (liquidity);

- analysis of financial stability;

- analysis of the required increase in own capital.

In other words, the assessment of the financial condition of an enterprise includes the definition of evaluative features, the choice of methods for measuring them and characterizing these features according to certain principles, assessing the identified deviations from standard, generally accepted values. As for the purpose of assessing the financial condition of an enterprise, it can be formulated as follows - increasing the efficiency of the enterprise based on a systematic study of all types of activities and generalization of their results.

Any organization, starting from the moment of its inception, faces a number of problems that can provoke an acute crisis, accompanied by a sharp deterioration in performance indicators: liquidity, solvency, profitability, working capital turnover, financial stability.

Market forms of management in conditions of fierce competition lead to the insolvency of individual business entities or to their temporary insolvency. Crises can occur at any stage life cycle organizations. The emergence of an idea, design, planning, construction, development of production capacities, functioning, development, decline, closure or reorganization - this is the list of stages in the cyclical development of an organization. It can go through them completely, or it can stop in its development, without achieving tangible results, cease to exist.

The correct choice of goals and setting tasks for assessing the financial condition of an enterprise are of great importance. Based on the goals set and taking into account the available opportunities, the true financial condition of the enterprise is determined, ways to achieve optimal solutions are developed, management methods are selected, various changes are made in the organizational, technological, commercial and other activities of the enterprise. The system of goals and objectives for assessing the financial condition of an enterprise should be specified in terms of content, implementation time and levels.

An assessment of the financial condition of an organization is a set of methods aimed at identifying problems, weaknesses and bottlenecks in the management system, which are the causes of an unfavorable financial condition and other negative performance indicators. Methods for diagnosing a crisis in an organization include: monitoring external environment and system analysis of signals about possible changes in the state and competitive status of the company, audit of the financial condition, analysis of the credit policy and debt of the company, identification of risks, assessment of the current state of the organization and its forecasting possible states in future.

The main areas of analysis of the financial condition of the organization are:

1) analysis of the balance sheet structure and net working capital;

2) analysis of the liquidity of the enterprise;

3) analysis of the solvency of the organization;

4) analysis of financial stability;

5) analysis of the profitability of the organization.

The analysis of the assets, liabilities and capital of the organization is carried out according to the balance sheet (form No. 1) using one of the following methods:

1) analysis directly on the balance sheet without a preliminary change in the composition of balance sheet items;

2) the formation of a compacted comparative analytical balance by aggregating some elements of balance sheet items that are homogeneous in composition;

3) additional adjustment of the balance sheet for the inflation index with subsequent aggregation of items in the required analytical sections.

Analytical balance is useful in that it brings together and systematizes those calculations that an analyst usually performs when familiarizing himself with a balance sheet. The analytical balance sheet covers a lot important indicators characterizing the statics and dynamics of the financial condition of the organization. This balance actually includes indicators from both horizontal and vertical analysis.

Directly from the analytical balance sheet, you can get a number of the most important characteristics of the financial condition of the organization. The following should be included in the indicators to be studied:

1) total cost assets of the organization, equal to the sum of sections I and II of the balance sheet;

2) the value of immobilized (i.e. non-current) funds (assets), equal to the total of section I of the balance sheet;

3) the cost of mobile (circulating) funds, equal to the total of section II of the balance sheet;

4) the cost of material circulating assets;

5) the amount of equity capital of the organization, equal to the total of Section III of the balance sheet;

6) the amount of borrowed capital, equal to the sum of the results of sections IV and V of the balance sheet;

7) the amount of own funds in circulation, equal to the difference between the results of sections III and I of the balance sheet;

8) working capital equal to the difference between current assets and current liabilities.

The task of analyzing the liquidity of the balance sheet arises in connection with the need to assess the solvency of the organization, i.e. its ability to timely and fully pay all its obligations.

Analysis of the liquidity of the balance sheet consists in comparing the funds of the asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with the liabilities of the liability, grouped by their maturity and arranged in ascending order of terms.

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

And 1 - the most liquid assets. These include all items of cash assets of the enterprise and short-term financial investments (securities);

A 2 - quickly realizable assets - accounts receivable, payments on which are expected within 12 months after the reporting date;

A 3 - slow-moving assets - items of section II of the balance sheet asset, including stocks, value added tax;

And 4 - hard-to-sell assets - non-current assets.

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

P 1 - the most urgent obligations. These include accounts payable;

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

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

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

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

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

A 1 > P 1; A 2 > P 2; A Z > P Z; A 4 < P 4 (1)

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

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

The next step in the analysis of liquidity and solvency is the analysis of relative indicators - liquidity and solvency ratios:

- current liquidity ratio - reflects the adequacy of the enterprise's working capital, which can be used by it to pay off its short-term liabilities, or to what extent current liabilities are secured by the organization's current assets:

(2)

where OA - current assets;

KO - short-term liabilities;

- quick liquidity ratio characterizes that part of current liabilities that can be repaid not only at the expense of cash, short-term financial investments, but also at the expense of expected receipts for shipped products, work performed, services rendered:

(2)

where DS - cash;

KFV - short-term financial investments;

DZ - accounts receivable;

- the absolute liquidity ratio shows what part of the current debt can be repaid on the date of the balance sheet (urgently) or in the near future:

(3)

An assessment of the financial condition of an organization will be incomplete without an analysis of financial stability. The objective of financial stability analysis is to assess the degree of independence from borrowed sources of financing. This is necessary to answer the questions: how independent is the organization from a financial point of view, is the level of this independence growing or decreasing, and whether the state of its assets and liabilities meets the objectives of its financial and economic activities. Indicators that characterize independence for each element of assets and for property as a whole make it possible to measure whether the analyzed organization is financially stable enough.

It is necessary to determine what absolute indicators reflect the essence of financial stability. The answer is related to the balance sheet model from which the analysis originates.

Long-term liabilities (loans and borrowings) and equity are directed primarily to the acquisition of fixed assets, capital investments and other non-current assets. To fulfill the solvency condition, it is necessary that cash and funds in settlements, as well as tangible current assets, cover short-term liabilities.

In practice, the following ratio should be observed:

OA< (СК Ч 2 - ВА) (4)

where OA - current assets;

SC - equity;

VA - non-current assets.

For a more detailed analysis, a set of indicators is used:

- capitalization ratio (leverage financial leverage) shows how much borrowed funds the organization has attracted for 1 rub. own funds invested in assets:

(5)

where ZK - borrowed capital;

- the ratio of provision with own sources of financing shows what part of current assets is financed from own sources:

(5)

- coefficient of financial independence (autonomy) shows specific gravity own funds in the total amount of funding sources:

(6)

where VB is the balance currency;

- the financing ratio shows which part of the activity is financed by own funds, and which part is financed by borrowed funds:

(7)

- the financial stability ratio shows what part of the asset is financed from sustainable sources:

(8)

where TO - long-term liabilities.

The level of overall financial independence is characterized by the coefficient of financial independence, i.e. is determined by the proportion of the organization's own capital in its total value. The financial independence ratio reflects the degree of independence of the organization from borrowed sources.

In most countries, it is customary to consider a financially independent company with a share of equity in its total value from 30% (critical point) to 70%.

The establishment of a critical point at the level of 30% is rather conditional and is the result of the following reasoning: if at a certain moment the bank, creditors present all debts for collection, then the organization will be able to repay them by selling 30% of its property formed from its own sources, even if the remaining part property will be illiquid for some reason.

The ratio of own and borrowed funds gives only a general assessment of financial stability. This indicator should be considered in conjunction with the equity ratio. It shows the extent to which inventories are covered by their own working capital. The level of this coefficient is comparable for organizations of different industries. Regardless of industry affiliation, the degree of sufficiency of own working capital to cover current assets equally characterizes the measure of financial stability. In cases where the equity ratio is more than 50%, we can say that the organization does not depend on borrowed sources of funds in the formation of its current assets. When the equity ratio is less than 50%, especially if it is much lower, it is necessary to assess the extent to which own working capital covers at least inventories and goods, since they ensure the continuity of the organization's activities.

For industrial enterprises and organizations that have a significant share of tangible working capital in their assets, it is possible to apply the methodology for assessing the sufficiency of funding sources for the formation of tangible working capital.

A generalizing indicator of financial independence is the surplus or lack of sources of funds for the formation of reserves, which is determined as the difference in the value of sources of funds and the value of reserves.

To characterize the sources of formation of reserves and costs, several indicators are used that reflect different types of sources:

- availability of own working capital:

SOS \u003d SK - VA (9)

where VA - non-current capital;

- availability of own and long-term borrowed sources of reserves formation or functioning capital (CF):

KF \u003d (SK + DO) - VA (10)

- the total value of the main sources of reserves formation:

VI \u003d (SK + DO + KKZ) - VA (11)

where KKZ - short-term credits and loans.

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

1) Surplus or shortage of own working capital:

±F S = SOS - Z (12)

where Z - stocks.

2) Excess or lack of own and long-term borrowed sources of reserves formation:

+ F T \u003d KF - Zp (13)

3) Surplus or shortage of the total value of the main sources for the formation of reserves:

±F O \u003d VI - Zp (14)

Using these indicators, you can determine a three-component indicator of the type of financial situation:

S(Ф) = 1 if Ф > 0,

S(Ф) = 0 if Ф< 0 (15)

It is possible to distinguish four types of financial situations (Table 1):

1) Absolute independence of the financial condition. This type of situation is extremely rare, represents an extreme type of financial stability and meets the following conditions:

± Ф с > 0; ± Ф t > 0; ± Ф > 0 (16)

2) Normal independence of the financial condition, which guarantees solvency:

± F s< 0; ± Ф т >0; ± Ф° > 0 (17)

3) An unstable financial condition, associated with a violation of solvency, but in which it is still possible to restore balance by replenishing sources of own funds by reducing receivables, accelerating inventory turnover:

± F s< 0; ± Ф т < 0; ± Ф°> 0 (18)

4) Crisis financial condition, in which the company is completely dependent on borrowed sources of financing. Own capital and long-term and short-term loans and borrowings are not enough to finance working capital, that is, replenishment of stocks comes from funds generated as a result of a slowdown in the repayment of accounts payable, i.e.

± F s< 0; ± Ф т < 0; ± Ф°< 0 (19)

Business activity is manifested in the dynamism of the organization's development, the achievement of its goals, which is reflected in absolute cost and relative indicators.

Business activity indicators make it possible to judge the financial position of an enterprise in terms of solvency, that is, how quickly funds can turn into cash.

The asset turnover ratio allows you to measure the turnover of funds invested in assets:

, (20)

where K ob.ac. - asset turnover ratio;

B - revenue;

SSA - the average cost of assets.

The inventory turnover ratio shows the rate at which inventory is sold:

, (21)

where K vol. h - inventory turnover ratio;

CVZ is the average cost of inventories.

The accounts receivable turnover ratio shows how many times a year accounts receivable is collected:

, (22)

where K ob.d.z. - receivables turnover ratio,

SDZ - the average amount of receivables.

The accounts payable turnover ratio shows how many times a year accounts payable is collected:

, (23)

where K ob.k.z. - accounts payable turnover ratio,

SKZ - the average amount of accounts payable for the period.

The average age of the stock provides how long the stock has been held, that is, how long the money has been tied up in the stock:

, (24)

where SVZ - average age inventory, measured in days.

The receivables turnover period is the average period required to collect receivables, calculated by the formula:

, (25)

The accounts payable turnover period is the average period required to collect accounts payable, calculated by the formula:

, (26)

The duration of the funds in circulation is influenced by various external and internal factors.

External factors include:

- industry affiliation;

- scope of the organization;

- the scale of the organization's activities;

- influence of inflationary processes;

- the nature of economic relations with partners.

Internal factors include:

- the effectiveness of the asset management strategy;

- price policy organizations;

- methodology for assessing inventories and stocks.

Profitability ratios make it possible to judge the intensity of the use of enterprise resources, its ability to generate income and profit.

One of the synthetic indicators of the economic activity of the organization as a whole is the economic profitability, it is also commonly called the return on assets. The return on assets evaluates the efficiency of the company's use of its assets, that is, how much net profit falls on 1 ruble of an asset:

, (27)

where P act. - return on assets,

PE - net profit,

A - assets (average annual value)

Profitability of sales shows the share of profit from sales in sales revenue, that is, shows the efficiency of the enterprise, is calculated by the formula:

, (28)

where P etc. - profitability of sales,

PP - profit from sales,

B - sales revenue .

The profitability of production characterizes the efficiency of production at a given enterprise and shows how much net profit each spent on production gives, is calculated by the formula:

, (29)

where P product. - profitability of production,

C is the cost of production.

The return on equity characterizes the efficiency of the company's use of its own capital, is calculated by the formula:

, (30)

where Р sk - return on equity.

SC - equity.

In order to assess the performance of the organization as a whole and analyze its strengths and weaknesses, it is necessary to synthesize indicators, and in such a way as to identify causal relationships that affect the financial position and its components.

Despite the presence of a large number of various methods and techniques that allow predicting the onset of bankruptcy of an enterprise with varying degrees of probability, there are extremely many problems in this area.

It is necessary to consider the shortcomings of specific methods for predicting bankruptcy.

Among the qualitative methods, the most attention is paid to the consideration of the three models of E. Altman. The first considered model - two-factor - is simple and can be applied in conditions of a limited amount of information about the enterprise, which is precisely the case in our country.

But this model does not provide high accuracy of bankruptcy forecasting, since it takes into account the impact of the coverage ratio and the financial dependence ratio on the financial condition of the enterprise and does not take into account the influence of other important indicators (profitability, return on assets, business activity of the enterprise).

In this regard, the forecast error using a two-factor model is estimated by the interval Z = 0.65. In addition, about the weight values ​​of the coefficients and the constant value appearing in this model, it is only known that they were found empirically. For this reason, they are probably true for the USA, and for the USA of the 60s and 70s. In this regard, they do not correspond to the modern specifics of the economic situation and business organization in Russia, including a different system accounting and tax laws, etc. .

In constructing the index, Altman examined 66 businesses, half of which went bankrupt between 1946 and 1965 and half were successful, and examined 22 analytical coefficients that could be useful in predicting possible bankruptcy. From these indicators, he selected the five most significant and built a multifactorial regression equation.

Thus, the Altman index is a function of some indicators characterizing the economic potential of the enterprise and the results of its work over the past period.

In general terms, the creditworthiness index (Z-score) looks like:

Z \u003d 1.2x 1 + 1.4x 2 + 3.3x 3 + 0.6x 4 + x 5 (31)

where x 1 - working capital / amount of assets;

x 2 - retained earnings / amount of assets;

x 3 - operating profit / amount of assets;

x 4 - market value of shares / debt;

x 5 - revenue / amount of assets.

The results of numerous calculations using the Altman model showed that the generalized indicator Z can take values ​​within [-14, +22], while enterprises for which Z > 2.99 are financially stable, enterprises for which Z< 1,81 являются безусловно-несостоятельными, а интервал составляет зону неопределенности.

The Z-factor has a common serious drawback - in fact, it can only be used in relation to large companies listing their shares on stock exchanges. It is for such companies that you can get an objective market valuation own capital.

In 1983, Altman received a modified version of his formula for companies whose shares were not listed on the exchange:

Z \u003d 8.38x 1 + x 2 + 0.054x 3 + 0.63x 4 (32)

where x4 - balance sheet, not market price shares.

The Altman coefficient is one of the most common. However, a careful study of it shows that it was compiled incorrectly: x 1 is associated with a management crisis, x 4 characterizes the onset of a financial crisis, while the rest are economic. From the point of view of a systematic approach, this indicator has no right to exist.

In general, according to this formula, enterprises with profitability above a certain limit become completely "unsinkable". In Russian conditions, the profitability of an individual enterprise is largely exposed to the danger of external fluctuations. Apparently, this formula in our conditions should have less high parameters with different profitability indicators.

New methods for diagnosing possible bankruptcy, intended for domestic enterprises, were developed by the Irkutsk State Economic Academy O. P. Zaitseva, R. S. Saifullin and G. G. Kadykov.

They proposed their own four-factor model for predicting the risk of bankruptcy (model R), which has the following form:

R = 8.38k 1 + k 2 + 0.054k 3 + 0.063k 4 (33)

where to 1 - the ratio of working capital to assets;

to 2 - the ratio of net profit to equity;

to 3 - the ratio of proceeds from sales to assets;

to 4 - the ratio of net profit to integral costs.

Determining the probability of bankruptcy of an enterprise in accordance with the value of the model R is determined according to table 1.1.

Table 1.1 - Determination of the probability of bankruptcy in accordance with the value of the model R

It is also possible to use the price of the enterprise as a mechanism for predicting bankruptcy. At the hidden stage of bankruptcy, an imperceptible (especially if special accounting is not imposed) decrease in this indicator begins due to unfavorable trends both inside and outside the enterprise.

The price of the enterprise (V) is determined by the capitalization of profit according to the formula:

where P is the expected profit before taxes, as well as interest on loans and dividends;

K is the weighted average cost of the company's liabilities (liabilities) (an average percentage showing the interest and dividends that will need to be paid in accordance with market conditions for borrowed and equity capital).

A decrease in the price of an enterprise means a decrease in its profitability or an increase in the average cost of liabilities (claims from banks, shareholders and other depositors of funds). Forecasting the expected decline requires an analysis of the prospects for profitability and interest rates.

The crisis of management characterizes the Argenti index (A-score).

Similar Documents

Finance commercial enterprises: the essence and principles of organization. Fundamentals of the functioning of the mechanism of enterprise finance. Analysis of the financial position of the enterprise LLC "DalTorgServis". Ways to improve the efficiency of financial work at the enterprise.

thesis, added 06/25/2012


The essence of the financial mechanism of enterprises. Functions and principles of organization of financial activity of enterprises. Analysis of the financial mechanism of "StroyDorMashLeasing" LLC. Analysis of the management system, indicators of financial activity at the enterprise.

term paper, added 09/26/2010


Indicators of financial activity, the procedure for their calculation and optimal values. Features of the organization of financial work at the enterprise of railway transport, ways to improve its efficiency. Analysis of financial stability, solvency.

thesis, added 06/21/2010


The economic essence of the organization of financial work at the enterprise, its main goals and principles. Evaluation of the insurance activity of the company OAO SAK "Energogarant". Financial planning device. Study of the economic structure of the enterprise.

term paper, added 01/26/2014


Diagnosis and assessment of the financial position of the enterprise according to public accounting reports in its main sections. Analysis of the effectiveness of the organization's financial activities and development of recommendations to strengthen its financial position.

term paper, added 02/06/2011


The essence and content of the financial stability of the enterprise, its main absolute and relative indicators. balance sheet model. Economic characteristics of the enterprise under study, analysis of its financial stability and ways to improve.

term paper, added 03/13/2013


Principles, purpose, concepts, functions and essence of the financial mechanism. Economic characteristics of the enterprise, analysis of equity capital, financial stability, solvency, dynamics and structure of current assets, profitability.

term paper, added 04/27/2012


Performance indicators, features of the organization of finance and financial work in unitary enterprises. Organizational characteristics, analysis of the formation and use of financial resources, the effectiveness of the implementation of the financial potential of the enterprise.

term paper, added 03/10/2010


Essence, goals and objectives of diagnosing the financial condition modern enterprise. Organizational and economic characteristics of the enterprise NGDU "Yamashneft" OAO TN. Increasing business activity, financial stability and profitability of the organization.

thesis, added 09/23/2014


Essence of analytical activity. Characteristics of Helvetika-Prikamye LLC, the system for organizing analytical work at the enterprise and assessing its financial condition. Methods for organizing distance trading and ways to improve the skills of staff.

Nesterov A.K. Ways to improve the financial condition of the enterprise // Encyclopedia of the Nesterovs

The financial and economic activity of enterprises is based on their stable financial condition, which makes it possible to make decisions about the prospects for the further development of an enterprise or a separate business area within the production and economic structure of the organization. In this regard, for the heads of enterprises, one of the main directions by which they can somehow influence the future development is to improve the financial condition of the enterprise.

- This is the main task of managing the financial condition of the enterprise.

Management of the financial condition of the enterprise

Despite the high costs, managing the financial condition and taking measures aimed at improving it allows enterprises to achieve higher financial results. Creating more flexible business processes also enables the company to use financial resources more efficiently.

Financial condition of the enterprise- this is a stable state of an economic entity, characterized by the availability of financial resources, the availability of funds necessary for the implementation of economic activities, maintaining a normal mode of operation and timely cash settlements with other entities.

With the help of a system of indicators of the state of capital in the process of its circulation within the framework of the enterprise, it is possible to assess the current financial condition of the organization and determine its ability to finance economic and economic activities on this moment. The financial condition, in this regard, can be stable, unstable and crisis. A stable financial condition means that the company is solvent. An unstable financial condition characterizes a situation in which an enterprise is periodically insolvent. And the crisis financial condition corresponds to the constant insolvency of the enterprise. In this way, the best option is that the company always had free financial resources sufficient to repay existing obligations.

Managing the financial condition is one of the most difficult tasks for financial director.

includes a set of tasks related to the analysis and diagnostics of the financial condition through financial ratios, and the development of solutions aimed at improving the financial condition.

Financial ratios that characterize the financial condition of enterprises are indicators of the effectiveness of the financial and economic activities of the enterprise. The values ​​of the coefficients numerically express the possible risk of deterioration in the financial condition of the enterprise. However, it should be noted that some financial ratios may not be fully applicable to certain enterprises due to the specifics of their economic activity.

Thus, if an enterprise is able to fulfill its obligations in a timely manner and finance its economic activities on permanent basis, then this indicates his good financial condition. At the same time, a good financial condition is important for enterprises in a dynamic development environment. modern economy. This is due to the fact that enterprises that are in a stable financial condition have an advantage over competitors in attracting investments, recruiting qualified personnel, establishing stable economic relations with suppliers on favorable terms, etc. In addition, such enterprises do not come into conflict with government bodies to fulfill their obligations to the state and society in relation to tax payments and wages.

At the same time, any activity directly affects the financial condition of the enterprise, as there are changes in the structure of the balance sheet of the enterprise. The reflection of the processes of economic activity of a financially stable enterprise is characterized by a balanced balance. At the same time, it is possible to manage the financial condition of the enterprise only by studying the data for the past period in order to implement various measures to improve the financial condition in the next period based on the data obtained. Thus, a retrospective analysis of the financial condition allows you to make decisions to improve the financial condition of the enterprise in the future.

Management of the financial condition of the enterprise exacerbated by the fact that many companies use the same standard methods, forgetting about the need to develop solutions that correspond to the economic situation in general and directly to the financial position of the enterprise. Thus, when standard methods prove insufficient, the company usually hires an external financial advisor whose task is to analyze the current situation and suggest better methods to improve the company's financial condition. Another approach is to employ your own financial analyst who will analyze the financial condition of the enterprise and develop plans to improve the financial position of the enterprise.

It should be noted that in some companies, especially large industrial enterprises, financial management also includes the control of limits of financial transactions, the implementation of various types of payments and control over the fulfillment of obligations that the company has given.

Improving the financial condition of the enterprise

The mechanism for improving the financial condition consists of three main elements:

1. diagnostics of the current financial and economic situation;
2. development of proposals and measures to improve the financial condition;
3. implementation of the developed recommendations.

Improving the financial condition of the enterprise begins with a thorough analysis of the existing reporting system, which should give a complete picture of the company's activities. Diagnostics of the current financial and economic situation is based primarily on the assessment of the main financial ratios. In addition, the diagnosis also includes an assessment of the current financial policy, financial management system and the overall business strategy of the company.

Based on the results of the analysis, a project of measures or proposals is developed aimed at improving the financial condition of the company. Ways to improve the financial condition can affect both the financial component of the organization’s activities and general economic areas that will improve the financial condition of the enterprise. The latter may include increasing profits, reducing costs, etc. At the same time, quite often the improvement of the financial condition may be limited by the equipping of the enterprise with production equipment or the lack of funds for the implementation of the proposed directions. In this case, the primary task of improving the financial condition will be to find additional financial resources for the implementation of the proposed measures.

The implementation of the proposed measures aimed at improving the financial condition will allow the company to get more opportunities to make business decisions related to improving the company's efficiency and increasing profits. In addition, the improvement of the financial condition leads to increased transparency for investors and shareholders, improved efficiency and investment attractiveness of the enterprise.

Analysis of the financial condition as a starting point for its improvement

Improving the financial condition is a set of measures aimed at the effective use of the company's financial resources to achieve the set strategic goals. The main tasks of improving the financial condition include maximizing profits, minimizing production costs, optimizing the capital structure of an enterprise, ensuring the investment attractiveness of an enterprise, etc.

Improving the financial condition of the enterprise is based on the results of diagnosing the current financial and economic situation in the company.

An increase in the balance sheet asset indicates the expansion of the enterprise's activities, a decrease in the balance sheet asset indicates a narrowing of the enterprise's activities.

Also, one of the main absolute indicators of the financial condition is the profit that the company receives. Another, but no less important absolute indicator is the amount of the enterprise's debt to creditors.

The stability of the financial condition is characterized by a system of financial ratios, indicators of the financial performance of the enterprise, which reflect various aspects of its activities. They are calculated as the ratio of the absolute indicators of the asset and liabilities of the balance sheet.

Six main indicators for analyzing the financial condition are shown in the table.

Since the financial condition of an enterprise is a set of indicators that reflect its ability to repay its debt obligations, the analysis of the financial condition covers the processes of formation, movement and preservation of the enterprise's property, control over its use. The financial condition of the enterprise is the result of the interaction of all elements of the system of financial relations of the enterprise. Therefore, the financial condition is determined by a combination of production and economic factors.

Consequently:

Improving financial condition should take into account the totality of factors that in one way or another affect the financial condition of the enterprise.

Features of improving the financial condition of the enterprise

Despite the abundance of indicators of the financial standing of an enterprise, many analysts use their own rating scale, which may depend on the specifics of the company's work and the goals set by the enterprise. In any case, in order to get a real assessment of the work of the enterprise, a comprehensive analysis is required, which should be based on several methods using various indicators of the financial condition of the enterprise. Based on the assessment obtained, options will be developed to improve the financial condition of the enterprise.

Finding the best ways to improve the financial condition of the enterprise is the main task financial management companies. Before developing ways to improve the financial condition of the company, you first need to determine which areas of financial and economic activity will be optimized. In modern conditions, these areas are reduced, first of all, to the reduction of receivables and payables, the introduction of accounting and planning systems for financial activities, the distribution of profits and the revision of the structure of sources of financing for the main activities of the enterprise. In particular, a common method is the introduction of a management accounting system, which allows not only to control the financial and economic processes in the business of the enterprise, but also to effectively manage them. In addition, it is also necessary to assess the possibilities of increasing the profitability of the enterprise by reducing costs, rational organization production, marketing of products or provision of services. An important factor is also the optimization of working capital. This is another way to improve the financial condition of the enterprise by accelerating the turnover of the company's funds, as well as reducing the cost of producing products or providing services, without losing quality.

In addition to financial methods for improving the financial condition of the company, economic methods are also used that indirectly affect the financial condition of the enterprise. One of the most significant ways to improve the financial condition of an enterprise by optimizing economic and general business processes is to improve the quality of products or services provided by the enterprise to consumers, as well as to increase revenue from the sale of manufactured products.

To implement a more effective policy for improving the financial condition, it is necessary to develop a strategy in accordance with which the company will use borrowed capital. At the same time, one should rely on the choice of the most effective sources and forms of external financing. In particular, in most cases it is more profitable to acquire equipment and machinery on lease than to attract bank credit capital. It is also necessary to develop a plan in accordance with which the company will pay off its debts.

Also, when looking for ways to improve the financial condition of the enterprise, one should analyze the state of the property that is owned by the enterprise. For example, premises and equipment owned by the enterprise can be used more efficiently. In addition, it is possible to liquidate unused fixed assets.

The development of ways to improve the financial condition should take into account and certain types risks that may affect the activities of the enterprise. This will minimize possible losses.

Thus, one of the main tasks of improving the financial condition of an enterprise is to optimize the business processes that take place in the enterprise. One way or another, all the main financial and economic methods for improving the financial condition of an enterprise come down to this. However, all the existing basic financial and economic methods for improving the financial condition of an enterprise can not fully contribute to a qualitative improvement in the financial condition of an enterprise. Therefore, many companies use in their financial activities the most progressive methods of improving the financial condition of the enterprise, which have shown their viability in foreign and domestic organizations. Such techniques allow you to approach the improvement of the financial condition in terms of efficiency in the long term.

Progressive ways to improve the financial condition of the enterprise

The main ways to improve the financial condition are related to the improvement of financial discipline in the enterprise.

Implementation of credit policy

One of the most common progressive ways to improve the financial condition of an enterprise is the introduction to reduce receivables. The credit policy of the enterprise regulates the provision of a commercial loan and the procedure for collecting receivables. This technique is based on the assessment of the counterparties of the enterprise by ranking them according to the payment discipline and sales volumes. Those. if the client of the company purchases large volumes of products and does not delay payment, then it is possible to provide him with preferential terms of delivery.

As part of the credit policy, a credit regulation is also formed, which includes a procedure for actions, starting from the conclusion of a contract for the supply of products or the provision of services and ending with the filing of a lawsuit in case of non-fulfillment of obligations under the contract.

Thus, it is necessary to find a balance point between tightening the requirements for customer credit and providing preferential sales terms. Reasonable limits of credit policy are an objective reality of the modern economy. The conditions of mutually beneficial partnership are being brought to the fore. The lender and the borrower are united by a common economic interest, closely related to the stable financial condition of the enterprise.

Implementation of the budgeting system

Another progressive method of improving the financial condition is the introduction of the system. This step is an organic continuation of the development of the management accounting system in the company.

Budgeting is the basis for delegating tasks and responsibilities.

Budgeting documents the goals to be achieved and the tasks to be solved in order to achieve this.

The main goal of introducing budgeting at an enterprise is to create tools for planning, managing and monitoring the efficiency of financial and economic activities, liquidity and financial condition of an enterprise, based on systematic forecasting of the future development of an enterprise through budgeting.

The experience of implementing a budgeting system in enterprises has shown that this method of managing the financial condition of an enterprise also makes it necessary to put in order financial system companies in the event that it does not meet the modern requirements of the Russian economy. In the long term, the introduction of budgeting has the effect of reducing the level of accounts payable and receivable to 5-8% already at the planning stage. Based on this, we can conclude that budgeting is an effective tool for managing the financial condition of an enterprise, and as a result of its implementation, positive dynamics can be achieved in relation to the financial condition of an enterprise.

Capital structure optimization

In modern economic conditions, situations arise when an enterprise cannot increase the efficiency of its financial activities and improve its financial condition by continuing to engage in core business. In this regard, a promising technique is to diversify the business. Considering this technique in isolation from its economic meaning, but only in financial plan, we can talk about improving the efficiency of financial activity by obtaining an additional source of financial resources in the form of profit from a new business process. Thus, enterprises improve their financial condition through internal reserves and do not increase their dependence on external sources of financing. In the long term, this will allow either to accumulate profits in accumulation and consumption funds or to direct it to finance the expansion of the enterprise's activities.

Any company is usually financed simultaneously from various sources. And since attracting one or another source of capital for an enterprise is associated with certain costs, the mobilization of financial resources from various sources aims to form an optimal capital structure - such a ratio between own and borrowed funds, in which the weighted average cost of capital is minimal. This method also applies to progressive methods of improving financial condition in the long term. The essence of capital structure management is to determine the ratio of the use of equity and borrowed capital, which ensures optimal proportions between the level of return on equity and the level of financial stability, i.e. maximizing the market value of the enterprise.

conclusions

Much attention is paid to improving the financial condition of the enterprise in the current conditions of development of the financial and economic system of Russia. Relevance this issue led to the development of basic methods for improving the financial condition of enterprises. These methods are aimed at improving the financial condition of the enterprise, preparing information for making management decisions and developing a strategy for managing the financial condition.

Since the existing basic methods and models for improving the financial condition of an enterprise in practice in its pure form may not always be applicable to a particular enterprise, various progressive methods and models for improving the financial condition are used to obtain more effective results. This is due to the presence of shortcomings and limitations in each individual basic method, which are neutralized with their complex application. Progressive techniques and models for improving the financial condition make it possible to overcome these shortcomings and limitations by adapting to business conditions and the current financial and economic conditions prevailing at the enterprise.