Lack of working capital. Collection of ideal social studies essays

Lack of own working capital arises in the event that the value of the current standard exceeds the amount of equity and equivalent funds. The lack of own working capital is, as a rule, the result of a shortfall in the planned profit or its illegal, irrational use and other negative factors that have arisen in the course of the organization's commercial activities. The lack of own working capital is covered at the expense of the organization itself, and first of all, a part of the net profit remaining at its disposal is directed to cover the shortcoming.
Borrowed funds in the sources of formation of working capital in modern conditions are becoming increasingly important and promising. The main form of borrowed funds are short-term bank loans. They cover the organization's temporary additional need for funds. Attracting borrowed funds is due to the nature of production, complex settlement and payment relations that arose during the transition to a market economy, the need to fill the lack of own working capital and other objective reasons.
Borrowed funds in the form of loans are used more efficiently than own working capital, as they make a faster circulation, have a strictly designated purpose, are issued for a strictly stipulated period, and are accompanied by the collection of bank interest. This encourages the organization to constantly monitor the movement of borrowed funds and the effectiveness of their use. Borrowed funds are attracted not only in the form of a short-term bank loan, but also in the form of accounts payable, as well as other borrowed funds, that is, the balances of funds and reserves of the organization itself, temporarily not used for their intended purpose.
The formation of accounts payable is associated, as a rule, with the unscheduled attraction of funds from other enterprises, organizations or individuals into the economic turnover of the enterprise.

50. Significance and ways to accelerate the turnover of working capital;

Working capital is constantly in motion.

At each point in time, the firm buys, produces, sells, buys again, and so on. This ensures the continuity and continuity of the production and sales process. The volume of working capital should be sufficient for the production of products in the range and quantity requested by the market, at the same time minimal, not leading to an increase in production costs due to excess stocks.

An important requirement successful management economy is the rational use of working capital. Rational use working capital finds its manifestation in the acceleration of their turnover: the sooner the circulation is made, the smaller the amount of working capital serves the production process.

The effectiveness of the use of working capital is measured by the indicators of their turnover. The turnover of working capital is understood as the duration of the successive passage of funds through the individual stages of production and circulation. The circulation of working capital ends with the transfer of proceeds to the account of an economic entity.

The turnover of working capital is not the same, which depends on industry affiliation, organization of production and marketing of products, placement of working capital and other factors.

Working capital turnover indicators are important for assessing financial condition. In addition, an increase in the rate of turnover of working capital, other things being equal, increases the attractiveness of the company in terms of investment activity.

In accordance with the stages of the circulation of working capital, there are three directions for accelerating their turnover:

1. At the stage of production stocks:

Establishment of progressive norms for the consumption of raw materials, materials, fuel, energy;

Systematic check of stock status;

Proper accounting and planning of resources;

Replacing expensive types of material resources with cheap ones without compromising quality.

2. At the production stage:

Improving the quality of products;

Reducing production losses;

Integrated use of raw materials and the use of production waste;

Reducing the duration of the production cycle and increasing its continuity;

Compliance with the rhythm of work.

3. In the field of circulation:

Comprehensive supply of the company with raw materials and materials,

Organization marketing research,

Reduction of receivables and payables,

Acceleration product sales,

Improving the methods of payment for products.

51. Determination of the planned need for working capital under the article: “Work in progress

The production process must run continuously, and this is ensured by the presence of a permanent backlog in work in progress, i.e. the presence of constant stocks of unfinished products at different stages of its processing:

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For work in progress, the need for own working capital is calculated based on the product of two indicators:

Stock rates in days;

The values ​​of one-day costs for gross production.

The inventory rate in days for completed production depends on two indicators:

The duration of the production cycle;

Cost escalation factor.

The duration of the production cycle is measured by the time from the first technological operation until the complete manufacture of the product, its acceptance in the prescribed manner and transfer to the warehouse of finished products.

The duration of the production cycle is determined by the following factors:

The time of direct processing of the product, for this time, a technological reserve will be created;

The time of transportation of semi-finished products within the workshop, between workshops, as well as the time of transportation to the warehouse - for this time - the transport stock;

The time of accumulation of semi-finished products before the start of each next operation, for these purposes, a working stock is created;

The time spent by semi-finished products in stocks to ensure the continuity of the production process, in case of any failures, an insurance stock is created.

After the duration, the cost increase coefficient is calculated - the need to calculate the coefficient is due to the fact that the objects of labor necessary to create products, as well as other monetary costs, are not involved in production immediately, but in parts. Depending on the intensity of the increase in costs, the need for working capital will be different.

In this regard, there are different types of production:

1) with a uniform increase in costs (they increase equally);

2) with an uneven increase in costs;

3) with a mixed increase in costs (some increase evenly, some unevenly).

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  Flaw own negotiable funds covered by funds the organization itself, and above all to cover lack


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  Flaw own negotiable funds covered by funds the organization itself, and above all to cover lack part of the net profit remaining at its disposal is directed.


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  Flaw own negotiable funds covered by funds the organization itself, and above all to cover lack part of the net profit remaining at its disposal is directed.


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  Flaw own negotiable funds covered by funds the organization itself, and above all to cover lack part of the net profit remaining at its disposal is directed.


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  Flaw own negotiable funds arises if the value of the current standard.


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  The most important indicator of the intensity of use negotiable funds- the speed of their turnover.


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  Flaw own negotiable funds arises if the value of the current standard.

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The first and perhaps the most important way to reduce the working capital deficit is to work to increase inventory turnover, logistics planning, supply marketing, work with suppliers to defer payments, tighten the terms of supply, including increasing the share of prepayment in the settlement system.

In most theoretical sources, the inventory turnover ratio is calculated as the ratio of the cost of production to the average for the period of inventory, work in progress and finished goods in stock (inventory turnover at cost - Oz): Oz \u003d C / ((Znp + Zkp) / 2)

where C is the cost of products manufactured in the billing period; Znp, Zkp - the value of the balance of inventories, work in progress and finished products in stock at the beginning and end of the period.

The total cost of goods sold during a certain period, usually a year gross profit, which leads to an overestimation of the turnover rate), when divided by the average value of inventory during the same period, gives a number showing how many times the item was turned over.

More visual and convenient for analysis is the inverse indicator - the period of circulation of stocks in days (Pos). It is calculated by the formula: Pos = Tper / Oz

where Tper is the duration of the period in days.

The higher the inventory turnover, the more efficient is its activity, the less the need for working capital and the more stable the financial position of the enterprise, all other things being equal.

Take into account several types of inventory turnover:

• · the turnover of each item of goods in quantitative terms (by pieces, by volume, by weight, etc.);
• turnover of each item of goods by value;
• turnover of a set of items or the entire stock in quantitative terms;
• The turnover of a set of positions or the entire inventory by value.

Evaluation of turnover is an essential element of the analysis of the efficiency with which the company manages inventories. The acceleration of turnover is accompanied by an additional involvement of funds in circulation, and the slowdown is accompanied by the diversion of funds from economic turnover, their relatively longer deadening in stocks (in other words, the immobilization of own working capital). In addition, it is obvious that the company incurs additional costs for storing inventory, associated not only with storage costs, but also with the risk of damage and obsolescence of goods.

As a result, when managing stocks, stale and slow-moving goods, representing one of the main elements excluded from circulation.

The value of stocks is taken at the end of the period, as it is usually estimated in dynamics. The value of reserves is correlated not with the cost, but with revenue as one of the most important for credit analysis factors (thus ensuring a unified approach to companies that sell goods and services, because for the latter, most of the costs are not for cost, but for general selling and administrative expenses). Many people believe that correlation with the cost price gives a more accurate result, since there is a trade margin in the revenue, which artificially increases the turnover, but, on the other hand, the uniformity of the approach is preserved (for example, asset turnover is revenue divided by the amount of assets), in addition, this method is convenient when calculating the operating cycle.

In principle, it is possible that at the beginning of the period and at the end of the period, the stocks are equal to zero. Then the turnover rate can be calculated by taking the average value of stocks in the period (of course, if you have access to this data).

Previously, it was certainly believed that the acceleration of the turnover of the warehouse is good. Inventory turnover characterizes the mobility of funds that the company invests in the creation of stocks: the faster the money invested in stocks is returned to the enterprise in the form of proceeds from the sale of finished products, the higher the business activity of the organization. The turnover itself does not mean anything - you need to track the dynamics of the change in the coefficient, taking into account the following factors:

• 1. the coefficient decreases - the warehouse is overstocked;
• 2. the coefficient is growing or very high (shelf life is less than one day) - work "from wheels", which leads to failures in the shipment of goods to customers. It should be noted that some leading vehicle manufacturers demonstrate simply outstanding results of logistical procedures, for example, according to statistics, a part is stored in the warehouse of the Japanese manufacturer Toyota on average 28 minutes.

In conditions of constant shortages, the average value of the warehouse stock may be equal to zero: for example, if demand is growing all the time, and the company does not have time to bring goods. As a result, there are gaps in the warehouse, there are shortages of goods and unsatisfied demand. If the size of the order decreases, the costs of ordering, transporting and processing goods increase. Turnover increases, but availability problems remain. There are options for a justified increase in inventory - during a period of high inflation or expectations of sharp changes in exchange rates, as well as in anticipation of seasonal peaks in buying activity.

If a company is forced to store in a warehouse goods of irregular demand, goods with a pronounced seasonality, then achieving a high turnover is not an easy task. To ensure customer satisfaction, the company will be forced to have a wide range of infrequently sold products, which will slow down the overall inventory turnover. It is also possible that the supplier provides a good discount (for example, 5 - 10%) for a significant volume plus a significant deferred payment (in a crisis, such an offer is difficult to refuse).

Also, for the enterprise, the conditions for the delivery of goods play an important role: if the purchase of goods is made using its own funds, then the turnover is very important and indicative. If in a loan, then own funds are invested to a lesser extent or not invested at all - then the low turnover of goods is not critical, the main thing is that the loan repayment period does not exceed the turnover indicator. If the goods are taken mainly on the terms of sale, then first of all it is necessary to proceed from the volume of storage facilities and the turnover for such a store is the last indicator in importance.

Perhaps no less significant method for reducing the working capital deficit is cooperation with external debt collection agencies.

In Belarus, there is no law regulating the activities of collection agencies, although government agencies are increasingly talking about the need to adopt it. Already in March 2009, Prime Minister Sergei Sidorsky "gave the go-ahead" to the creation working group to develop the necessary legal documents associated with the activities of collection agencies. So far, collection services in Belarus are not a licensed type of activity, and activities of this kind are partially regulated by various legal acts.

Make the government think about legal regulation activity of collection agencies was forced by the growth in the number of problem loans, which emerged at the end of 2008. According to the head of the main department of banking supervision of the National Bank of the Republic of Belarus Sergei Dubkov, this trend is explained by the fact that the last one and a half to two years there has been an active growth in consumer lending in Belarus. As a result, there is an increase in debts on loans. Thus, even a cursory glance at the events taking place in this area is enough to conclude: collection services in Belarus will be in demand, and the existence of a clear legal framework for their implementation would be most welcome.

In the United States today, about 6,500 collection agencies ("collection agencies") are engaged in debt collection. The business associated with the collection of overdue debts was seriously developed in the post-war years of the last century, when a boom in consumer lending, including mortgage lending, a variety of banking services arose, such as credit cards, car loans, etc. Of course, the boom in lending was immediately followed by a wave of arrears. This is how organizations professionally specializing in debt collection began to appear.

Some financial and trading companies have their own debt collection agencies, others turn to independent agencies. In Belarus, the first law firms, including those specializing in debt collection, began to appear in the early 90s, because it is obvious that before the collapse of the USSR, their appearance was not possible in principle. With an increase in the number commercial organizations and the expansion of lending practices, the issue of collection of overdue debts became more and more relevant.

In the world's leading economies, such as the US and the UK, a stable procedure for dealing with problem loans has been established. In the first month of non-payment, the creditor acts independently, calls the debtor and asks to pay off the debt. On the 30th day of debt, the loan is recognized as problematic, increased interest, fines, and penalties are charged on this amount. Day 90 is the last day banks work on problem loans. On the 91st day, an independent collection agency is entrusted with sorting out. On the 210th day of debt, information about the debtor is already coming from the collection agency to the credit bureau, and there a case is started against him.

Other effective way work with accumulated receivables can become factoring. Three persons usually participate in a factoring operation: the factor (factoring company or bank) - the buyer of the claim, the supplier of the goods (creditor) and the buyer of the goods (debtor). The main activity of a factoring company is lending to suppliers through the purchase of short-term receivables, usually not exceeding 180 days. An agreement is concluded between the factoring company and the supplier of the goods that, as requirements arise for payment for the supply of products, invoices or other payment documents are presented. The factoring company discounts these documents by paying the client 60-90% of the value of the claims. After the buyer pays for the products, the factoring company pays the rest of the amount to the supplier, withholding a percentage from him for the loan and commission payments for the services rendered.

Thanks to the factoring agreement, the supplier can immediately receive payment from the factor for the shipped goods, which allows him not to wait for payment from the buyer and plan his financial flows. Thus, factoring provides the enterprise with real cash, accelerates the turnover of capital, increases the share of productive capital and increases profitability. In addition to financing working capital in factoring, the bank covers a significant part of the supplier's risks: currency, interest, credit risks and liquidity risk.

At the same time, the creditor, concluding a factoring agreement, gets the opportunity to repay the debt after more long term compared to a commercial loan (in some cases, the debt is extended under additional obligations), partial repayment of the debt is also allowed, which stimulates the purchase of goods through factoring companies.

Commercial banks and factoring companies expand the range of services provided with the help of factoring and increase profits. An alternative to factoring can be the assignment of the right to claim a debt, i.e. its sale to another creditor. In world practice, this form of relationship is quite common due to the fact that the assignment of the right to claim occurs not for the full amount of the debt, but for 20-30% of the amount of the debt, i.e. with a discount. The size of the discount is determined by the so-called quality of the debt, that is, the ability to claim it. In the Republic of Belarus, only banks and non-banking financial institutions, which largely limits the scope of its application for business entities.

Outsourcing of some functions, such as enterprise accounting, legal support, debt collectors, car drivers, etc.

Outsourcing is the transfer by a firm of certain processes or functions third party company on the basis of an agreement. Outsourcing today is a great opportunity to save your money, which has become quite widespread in Belarus.

After all, it is true that lawyers, bookkeepers and other employees need to be paid a salary, and a lot of it. This salary, as a rule, is a salary that does not depend on the results of work. In the case of outsourcing, the company pays for the result, for the specific work done, and not just for the concluded contract and an 8-hour stay at the workplace. But besides wages this includes renting a room, and equipping a workplace, and the labor costs of personnel officers and a cleaning lady, and many other little things that result in large sums.

But the owner of the enterprise must be aware that it is necessary to reduce not only employees, but also the least efficient business segments. In this case, the reduction in costs and required working capital will be the result of a more general solution. In my opinion, in the following sections, it makes sense to segment a business in order to reduce its scale in the first place:

• 1) Business lines with the lowest return
• 2) In the direction of client orientation:
  • Industries,
  • regions,
  • consumption potential,
  • Loyalty,
  • · Solvency.
• 3) By product types:
  • · Product groups,
  • · Trade marks,
  • models,
  • · Import - domestic production,
  • Hi end - low end,
  • · turnover,
  • return on investment,
  • · Services.
• 4) According to the complexity and cost of promotion:
  • High-cost - low-cost,
  • effective - ineffective,
  • Image - trade,
  • Promotion channels.
• 5) By sales channels:
  • The end consumer is a trading partner,
  • · Outlets,
  • · Sales methods: telemarketing, sales representatives, internet and so on.
• 6) In terms of logistics costs:
  • paid and free services,
  • · Sale from a warehouse - under the order.

Since companies often do not have complete information about the performance of all segments, and there is no time to collect this data, the intuition and experience of company leaders should be used when choosing reduction segments.

Quite often, enterprises in their activities use such a method as risk insurance. Risk insurance is the protection of the property interests of the enterprise in the event of an insured event (insured event) by special insurance companies (insurers). Insurance occurs at the expense of monetary funds formed by them by receiving insurance premiums (insurance contributions) from insurers.

In the process of insurance, an enterprise is provided with insurance protection for all the main types of its risks (both systematic and non-systematic). However, the amount of compensation negative consequences risks are not limited to insurers - it is determined by the value of the insurance object (the size of its insurance assessment), the sum insured and the amount of insurance premium paid.

When resorting to the services of insurers, the company must first of all determine the object of insurance - the types of risks for which it intends to provide external insurance protection.

The composition of such risks is determined by a number of conditions:

• § risk insurability. Determining the possibility of insuring their risks, the company must find out the possibility of insuring them, taking into account the insurance products offered by the market;
• § Mandatory risk insurance. A number of risks, in accordance with the conditions of state regulation of the economic activity of enterprises, are subject to compulsory insurance;
• § the existence of an insurable interest of the enterprise. It is characterized by the interest of the enterprise in insuring certain types of its risks. Such interest is determined by the composition of the risks of the enterprise, the possibility of their neutralization due to internal mechanisms, the level of probability of a risk event, the amount of possible damage for individual risks and a number of other factors;
• § the inability to fully compensate for risk losses at the expense of own resources. The enterprise must provide full or partial insurance for all types of insured catastrophic risks inherent in its activities;
• § high probability of occurrence of risk. This condition determines the need for insurance coverage for certain risks of their admissible and critical groups, if the possibility of their neutralization is not fully provided by its internal mechanisms;
• § unpredictability and uncontrollability of risk by the enterprise. Lack of experience or sufficient information base sometimes they do not allow within the enterprise to determine the degree of probability of the occurrence of a risk event for individual risks or to calculate the possible amount of damage for them. In this case, it is better to use the risk insurance system;
• § Acceptable cost of insurance protection at risk. If the cost of insurance protection does not correspond to the level of risk or financial capabilities of the enterprise, it should be abandoned by strengthening the appropriate measures to neutralize it through internal mechanisms.

The insurance services offered on the market that provide insurance for the risks of an enterprise are classified according to forms, objects, volumes, and types.

The forms are divided into compulsory and voluntary insurance.

Compulsory insurance is a form of insurance based on the legal obligation of its implementation for both the insured and the insurer.

The main object of compulsory insurance at enterprises is its assets (property), which are part of operating fixed assets. This is due to the fact that the loss of uninsured operating fixed assets, which are formed mainly from equity, can cause a significant decrease in the financial stability of the enterprise. Therefore, in a more extended interpretation, it is insurance against the risk of a decrease in the level of financial stability of an enterprise, associated with a possible decrease in the share of equity capital.

Voluntary insurance is a form of insurance based only on a voluntarily concluded agreement between the insured and the insurer based on the insurable interest of each of them. The principle of voluntariness applies to both the enterprise and the insurer, allowing the latter to evade insurance of dangerous or unprofitable risks for him.

The objects distinguish between property insurance, liability insurance and personnel insurance.

Property insurance covers all major types of tangible and intangible assets of an enterprise.

Liability insurance - insurance, the object of which is the liability of the enterprise and its personnel to third parties who may suffer losses as a result of any action or inaction of the insured. This insurance provides insurance protection for the enterprise against the risks of losses that may be assigned to it in legislative order in connection with the damage caused by him to third parties - both natural and legal.

Personnel insurance covers the company's life insurance of its employees, as well as possible cases of loss of their ability to work, etc. Specific types of this insurance are carried out by the enterprise on a voluntary basis at the expense of its profits in accordance with the collective labor agreement and individual labor contracts.

By volume, insurance is divided into full and partial.

Full insurance provides insurance protection for the enterprise against the negative consequences of risks in the event of an insured event.

Partial insurance limits the insurance protection of an enterprise against the negative consequences of risks both by certain sums insured and by a system of specific conditions for the occurrence of an insured event.

By types, property insurance, credit risk insurance, deposit risk insurance, investment risks, indirect risks, financial guarantees and other types of risks.

Property (assets) insurance covers all tangible and intangible assets of the enterprise. It can be carried out in the amount of their real market value if there is an appropriate expert assessment. Different types of these assets can be insured with several (rather than one) insurers, which guarantees a stronger degree of reliability of insurance protection.

Credit risk insurance (or settlement risk) is insurance in which the object is the risk of non-payment (late payment) on the part of product buyers when providing them with a commodity (commercial) loan or when delivering products to them on terms of subsequent payment.

Deposit risks are insured in the process of making short-term and long-term financial investments by an enterprise using various deposit instruments. The object of insurance is the risk of non-return by the bank of the amount of principal and interest on deposits and deposit certificates in the event of its bankruptcy.

Investment risk insurance is insurance, the object of which is various risks of real investment (risks of untimely completion of design work on an investment project, untimely completion of construction and installation work on it, failure to reach the planned project production capacity and etc.).

Indirect risk insurance is insurance, which includes insurance of estimated profit, insurance of lost profits, insurance of exceeding the established budget of capital or current costs, insurance of lease payments, etc.

Insurance of financial guarantees -- the object of insurance is the risk of non-return (late return) of the amount of the principal debt and non-payment (late payment of the established amount of interest). Financial guarantee insurance assumes that certain obligations of the enterprise related to the attraction of borrowed capital will be fulfilled in accordance with the terms of the loan agreement.

Other types of risk insurance - the object is other types of risks that are not included in the traditional types of insurance.

According to the insurance systems used, insurance is distinguished by real value property, insurance under the proportional liability system, insurance under the "first risk" system, insurance using a franchise.

Insurance at the actual value of property is used in property insurance and provides insurance protection in the full amount of damage caused to the insured types of assets of the enterprise (in the amount of the sum insured under the contract, corresponding to the size of the insurance valuation of the property). Thus, under this insurance system, the insurance indemnity can be paid in the full amount of the financial damage suffered.

Proportional liability insurance provides partial coverage for certain types risks. In this case, the insurance compensation for the amount of damage incurred is carried out in proportion to the insurance coefficient (the ratio of the insurance amount determined by the insurance contract and the size of the insurance valuation of the insurance object).

Insurance under the "first risk" system. The "first risk" is understood as the damage incurred by the insured upon the occurrence of an insured event, estimated in advance when drawing up the insurance contract as the amount of the sum insured specified in it. If the actual damage exceeded the stipulated sum insured (the insured first risk), it is indemnified under this insurance system only within the limits of the sum insured previously agreed by the parties.

Unconditional deductible insurance. The deductible is the minimum part of the damage incurred by the insured that is not compensated by the insurer. When insuring using an unconditional deductible, the insurer in all insured events pays the insured the amount of insurance compensation minus the amount of the deductible, leaving it with him.

Insurance with conditional deductible. Under this insurance system, the insurer is not liable for damage incurred by the company as a result of the occurrence of an insured event, if the amount of this damage does not exceed the amount of the agreed deductible. If the amount of damage exceeded the amount of the deductible, then it is reimbursed to the enterprise in full as part of the insurance compensation paid to it (that is, without deducting the amount of the deductible in this case).

Self-insurance (internal insurance, redundancy) is a method of risk reduction based on the reservation by the enterprise of a part of its resources and allowing to overcome the negative consequences, as a rule, for the same type of risks.

In self-insurance, enterprises create funds (risk funds), which, depending on the purpose of the appointment, can be in kind or in cash. For example, farmers and other entities Agriculture create natural insurance funds: seed, fodder, etc. Their creation is caused by the likelihood of adverse climatic and natural conditions.

Self-insurance becomes necessary in the following cases:

• § the economic benefit from its use is obvious in comparison with other methods of risk reduction;
• § it is impossible to provide the required reduction or coverage of the company's risks within the framework of other risk management methods.

The main forms of self-insurance are:

• § formation of the reserve (insurance) fund of the enterprise. It is created in accordance with the requirements of the legislation and the charter of the enterprise. The purpose of its creation is to cover unforeseen expenses, accounts payable, expenses for the liquidation of an economic entity; to pay interest on bonds and dividends on preferred shares in case of insufficient profit for these purposes. At least 5% of the amount of profit received by the enterprise in reporting period;
• § formation of target reserve funds. For example, a price risk insurance fund (for a period of temporary deterioration in market conditions); fund of markdown of goods at trade enterprises; a fund for the redemption of bad receivables on credit operations of the enterprise, etc. The list of such funds, the sources of their formation and the amount of deductions in them are determined by the charter of the enterprise and other internal regulations;
• § formation of reserve amounts financial resources in the system of budgets brought to various responsibility centers. Such reserves are usually provided for in all types of capital budgets and in a number of flexible current budgets;
• § formation of a system of insurance stocks of material and financial resources for individual elements of the company's current assets. Insurance stocks are created for monetary assets, raw materials, materials, finished products. The size of the need for insurance reserves for individual elements of current assets is established in the process of their normalization;

undistributed balance of profit received in the reporting period. Prior to its distribution, it is considered as a reserve of financial resources directed, if necessary, to eliminate the negative consequences of individual risks.

Leasing is an equally important means of combating the shortage of working capital. It is customary to distinguish the following forms of leasing:

• operational leasing (rent) - allows you to purchase the necessary fixed assets (equipment, cars, etc.) for use with minimal cost
• Financial leasing - 1) is the acquisition of ownership of fixed assets with the attribution of their value to costs and with payment by installments. 2) this is the acquisition of ownership of fixed assets with payment by installments (in installments). At the same time, the cost of acquired fixed assets is charged to expenses
• returnable financial leasing - the Bank acquires fixed assets from an enterprise (individual entrepreneur) with their further transfer to leasing to the same enterprise ( individual entrepreneur). At the same time (Main advantages), the lessee has free cash (on the current account) and tax benefits.

As a rule, the use of leasing provides greater efficiency rather than attracting loans from banks or using own funds diverting them from other purposes. However, in general, both the loan option and the leasing option make it possible to reduce the company's costs for the acquisition of fixed assets due to the lower cost of borrowed resources compared to the weighted average cost of the company's capital. At the same time, it should be noted that the attraction of credit resources, unlike financial leasing, is reflected in the financial performance of the enterprise and, above all, in the capital structure of the enterprise.

A fairly common type of activity to overcome the shortage of working capital is the receipt of credit funds by banks or other non-bank credit organizations.

Credits for replenishment of working capital are provided by Belarusian banks mainly for a period of one month to a year. The lending limit is usually set in proportion to the net turnover on the borrower's settlement accounts and, as a rule, does not exceed 2/3 of the average monthly turnover. When determining the size of the credit limit, other cash receipts that the borrower can confirm can also be taken into account. Analyzed economic activity and the financial position of the borrowing enterprise. The interest rate depends on the term and amount of the loan.

As collateral for a loan, which can be provided by both the borrower and third parties, banks consider:

• · inventory, raw materials, finished products in stock;
• goods in circulation and processing;
• production equipment and vehicles;
• · real estate;
• · securities and debt obligations.

The pledge price of property offered as security is set, as a rule, at no more than 70% of the market value. In some cases (for example, real estate, industrial equipment), it is necessary to involve an independent expert appraiser to assess the market value of the property. The pledged property is insured in favor of the bank in one of the insurance companies cooperating with the bank at the choice of the borrower.

As additional security can be considered:

• guarantees individuals;
• · Guarantees of enterprises and organizations with a stable financial position.

These types of collateral can be used either singly or in combination.

In general, it should be noted that there are a number of both types of business and individual investment projects which do not require large working capital and are generally not significantly affected by the availability of working capital, such as doing business and investing in non-traditional energy sources, developing real estate, investing in oil and gas transportation through pipelines, as well as some other.

own asset negotiable solvency

Own current assets are involved in assessing the financial condition of the enterprise. The presence of own working capital is one of the important indicators of the financial stability of the organization. The absence of SOS indicates that all the working capital of the organization and, possibly, part of the non-current assets (with a negative value of own working capital) are formed from borrowed sources. Improving the financial position of the enterprise is impossible without effective management working capital, based on the identification of the most significant factors and the implementation of measures to increase the security of the enterprise with its own working capital.

The financial position of the enterprise can be assessed from the point of view of the short and long term. In the first case, the criteria for assessing the financial position are the liquidity and solvency of the enterprise, i.e. the ability to timely and in full make settlements on short-term obligations.

The liquidity of an asset is understood as its ability to be transformed into cash, and the degree of liquidity is determined by the duration of the time period during which this transformation can be carried out. The shorter the period, the higher the liquidity of this type of assets.

Speaking about the liquidity of an enterprise, they mean that it has working capital in an amount theoretically sufficient to repay short-term obligations, even if they do not meet the maturity dates stipulated by contracts.

Solvency means that the company has Money and their equivalents sufficient to settle accounts payable requiring immediate repayment. Thus, the main signs of solvency are: a) the presence of sufficient funds in the current account; b) the absence of overdue accounts payable.

The amount of own working capital. It characterizes that part of the equity capital of the enterprise, which is the source of its coverage current assets(i.e. assets with a turnover of less than one year). This is a calculated indicator that depends both on the structure of assets and on the structure of sources of funds. The indicator is of particular importance for enterprises engaged in commercial activities and other intermediaries. Ceteris paribus, the growth of this indicator in dynamics is regarded as a positive trend. The main and constant source of increasing own funds is profit. It is necessary to distinguish between "working capital" and "own working capital". The first indicator characterizes the assets of the enterprise (section II of the balance sheet asset), the second - the sources of funds, namely the part of the enterprise's own capital, considered as a source of coverage of current assets. The value of own working capital is numerically equal to the excess of current assets over current liabilities. A situation is possible when the value of current liabilities exceeds the value of current assets. The financial position of the enterprise in this case is considered as unstable; immediate action is required to correct it.

Consider the main indicators and coefficients of SOS characterizing the solvency and liquidity of enterprises:

1) Own working capital- (reflects the sufficiency of permanent resources to finance permanent assets) SOS = SK-VA, page 490 - page 190 (form No. 1)

Own current assets are calculated as the value of the company's own funds minus non-current assets, and are an indicator of how much the company's working capital is formed from its own funds. The study of the dynamics of own working capital, both in absolute terms and in relation to the total value of assets, is a very important tool financial analysis, since it allows the analyst to draw initial conclusions about the financial independence, solvency (liquidity) and efficiency of the enterprise.

If SOS > 0, then the enterprise has more permanent sources (resources) than it is necessary for self-financing.

If SOS< 0, then the source of coverage of fixed assets and non-current assets is short-term accounts payable. If the deadline for fulfilling obligations to creditors comes, and the indicator SOS does not change, then either the attraction of borrowed funds or the sale of fixed assets and non-current assets (and they, in turn, are among the slowest and most difficult to sell) will be required.

Therefore, the financial position of the enterprise is unstable and urgent measures are required to correct it.

2) Financial indicator F1- (used to characterize the liquidity of the enterprise) F1 = SOS- p. 210 - p. 220 (form No. 1)

If F1< 0 , this means a lack of own working capital ( SOS) for the formation of stocks of the enterprise, which is a negative indicator for the activities of the enterprise (periodic lack of funds for urgent needs, violation of solvency, etc.)

If F1 > 0, this means the sufficiency of own current assets ( SOS) for the formation of reserves, which is a positive moment for the activity of the enterprise (the enterprise has enough funds necessary for business development).

If F1 = 0, then the enterprise develops a situation in which all own current assets ( SOS) materialized in inventory for production. How correct such a policy is can be judged by the final indicators of financial and economic activity for the reporting period.

3) The most generalizing absolute indicator of financial stability is the surplus or lack of sources of funds for the formation of reserves and costs, i.e. the difference between the value of sources of funds and the value of stocks and costs. This refers to the provision of sources of own and borrowed funds, with the exception of accounts payable and other liabilities.

Depending on the ratio of the values ​​of indicators of inventories, own working capital and other sources of formation of reserves, the following types of financial stability can be distinguished with a certain degree of conventionality:

Three indicators of the availability of sources of formation of reserves and costs correspond to three indicators of the availability of reserves and costs by sources of formation.

Table 1. Algorithm for calculating absolute indicators characterizing different kinds sources

It is possible to distinguish 4 types of financial situations:

1. Absolute financial independence. This type of situation is extremely rare and represents an extreme type of financial stability.

2. Normal independence of the financial condition, which guarantees solvency.

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 accounts receivable, accelerating inventory turnover.

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

4) The relative indicator characterizing the security of the enterprise SOS is the coefficient of the enterprise's security with its own working capital (Koss).

koss = SOS / OA

It is defined as the ratio of own working capital to the value of current assets of the enterprise (p. 490 - p. 190): p. .Standard value Koss = 0.1

This method of assessment is considered quite tough, since it is customary in the world to qualify any financial ratios as unsatisfactory if they turn out to be worse than the industry average values ​​of the corresponding coefficients. In Russia, when the entire industry may be in financial crisis, it is reasonable to compare the financial ratios of an enterprise with the same ratios of financially healthy open companies industries whose shares in real terms do not fall in price on the stock market - or at least fall no faster than the decline in the price index of the entire stock market.

From the above, it follows that:

it is necessary to clearly distinguish between the state of insolvency, which can be established by the Federal Service of the Russian Federation for Insolvency (Bankruptcy) and Financial Recovery, and the state of bankruptcy, which can only be recognized by a court that takes into account all the circumstances of the case;

Critical factors for assessing the solvency (bankruptcy) of organizations are not so much values ​​such as the current liquidity ratio, commensurate with the current assets and borrowed current liabilities of the organization, but:

the ratio of the total debt to the entire balance sheet or market (liquidation) value of the company's assets;

the ratio of accounts payable for current and future payments (including taxes) and receivables for completed orders;

the same for overdue accounts payable and receivable. The recommended approach should prevent false conclusions about insolvency and even more so bankruptcy of enterprises in the context of the ongoing crisis of mutual non-payments in the economy, which especially affects organizations and enterprises specializing in the execution of long-term contracts of the contract type.

4) The coefficient of maneuverability of own working capital.

The maneuverability coefficient characterizes what share of equity sources is in a mobile form and is equal to the ratio of the difference between the sum of all sources of equity and the cost of non-current assets to the sum of all sources of equity and long-term loans and borrowings.

The coefficient shows what part of the volume of own working capital (in the special literature they are sometimes also called functioning, or working, capital) falls on the most mobile component of current assets - cash. It is determined by the ratio of the amount of cash to the amount of own working capital (the difference between current assets and liabilities).

When using this coefficient in economic analysis be aware of its limitations. In the conditions of the Russian economy, which is still far from stable (by stability one should understand, first of all, the existence of stable legal and economic conditions: regulatory framework, tax mechanism, price proportions, etc.) this coefficient should be treated with great caution. Only as normal, due to the specifics of the type of activity under consideration, structural relationships and proportions in property and sources of financing develop in stable conditions, this indicator will begin to acquire analytical value. First of all, it will act as an indicator of changes in the conditions for the receipt of funds and their expenditure.

The formula for calculating the coefficient of maneuverability of own working capital:

CmanSOS = SOS/SC

(P. 490 - P. 190 + P. 5 10) /P. 490 f1

It is believed that the optimal value of this indicator may approach 0.5.

5) The share of own working capital in covering stocks

This indicator characterizes that part of the cost of inventories, which is covered by own working capital, and also traditionally is of great importance in the analysis of the financial condition. The value of this coefficient must exceed the value 0,5.

Share of SOS_in_GZ = SOS/ZZ

where SOS - own working capital (p. 490 - p. 190), ZZ - stocks and costs (p. 210 + p. 220, second section of the balance sheet)

Working Capital Financing

Financing of working capital by means of lending is a fairly common phenomenon that helps manufacturers not to stop the process of production of goods or services. But it is also necessary to pay attention to the calculation of the financial benefit on the loan so that production does not become unprofitable.

If an enterprise conducts an incorrect policy of management and planning of working capital, then problems of a different nature follow from this. The main problem will be the lack of working capital and the need for additional funding.

Definition 1

Working capital financing is the attraction of additional capital to the company to cover the shortage of current assets.

In any case, if the company realizes that it will not be able to cover the deficit of working capital with its own stable liabilities, then the management is forced to resort to borrowed funds from the outside in order not to stop the production process.

Debt financing is a loan, it can be taken from a bank at interest or microfinance or, if there are other sources of loan, then use their services. This is not the most profitable source of working capital, since interest on loans ultimately increases the cost of production.

What is a company's working capital?

In the economy of an enterprise, it is customary to single out such an item in the balance sheet of financial statements as "working capital", they are included in the asset balance in the section "capital and reserves".

Remark 1

Without working capital, the company will not be able to exist in the market, or rather, conduct current activities, ensure the process of production of goods or services.

It is customary to attribute to the working capital of the company everything that in the final form transfers its value to the final result. production process i.e. manufactured products.

Working capital of the company can be different, that is, they have a different classification depending on the purpose and form.

Sources of working capital

It is not always possible for an enterprise to form working capital from its own capital, it happens that a company this moment time does not have the financial capacity, or the entire working part was invested in another line of business.

In view of this, the sources of formation of working capital of an enterprise can be:

• Company's own funds;
• Borrowed funds.

So, let's consider in more detail our own working capital and the issues of their formation at the enterprise. Before starting the production of goods on the market, it is necessary to form a policy for maintaining working capital accounting. All working capital of the company must be formed depending on the internal documentation of the company, that is, they are prescribed in the company's charter. They will not indicate how much funds should be or how they should be distributed, but information on from what sources of the enterprise they are formed and in what percentage.

Sources of replenishment of the company's own working capital can be:

• Gross profit of the company, which it receives during the year;
• Depreciation of fixed assets of the enterprise, depending on the method of depreciation, working capital can be replenished every month or quarter or year;
• Additional sources of income. For example, renting out space that the company does not need, etc.

In addition to its own working capital, a company can use borrowed funds, which are also divided into several categories.

Group of stable liabilities. They can also be called their own, but not completely, since in the end the company will have to give these funds away. For example, the amount of wages not issued by the company, which it has not yet paid to employees for the month, unpaid taxes and fees, unpaid sick leave, social contributions, etc. That is, until the payment of these funds to employees, the company actually has financial means and can invest them in working capital if there is a deficit. But in any case, in the future, this money must be paid to employees and the state according to the law;

A group of borrowed funds. If the company realizes that it will not be able to cover the deficit of working capital with its own stable liabilities, then the management is forced to resort to borrowed funds from the outside in order not to stop the production process. Borrowed funds can be taken from a bank at interest or microfinance, or, if there are other sources of loans, then use their services. This is not the most profitable source of working capital, since interest on loans ultimately increases the cost of production.

Working capital problems

In matters of a production nature of working capital, various kinds of problems periodically arise. The main problems of working capital include:

• Illiterate policy of working capital planning. This problem leads to a shortage or lack of working capital in production. This is a serious problem for the enterprise, since an incorrect financial calculation of the need for funds ultimately affects the cost of the company's products, which, due to its growth, loses its competitive position in the sales market;
• The problem of incorrect calculation is the need for working capital for the enterprise. It often happens that the calculation of the need for working capital does not always correspond to the real situation on the market, prices are constantly rising due to growth and changes in inflation, which is why suppliers change the terms of delivery and sale of goods, which leads to an increase in the cost of the production process and final products as consequence, which has a negative effect on common work companies.

Thus, the problems associated with working capital have a serious impact on the work of the company, as they can change the final results of the company's activities, and more precisely the final products of the company, which are sold on the market.