Analysis of the use of the organization's working capital. Analysis and assessment of the effective use of working capital Analysis of the effectiveness of the use of material working capital of enterprises

Efficiency of using working capital at an enterprise and ways to improve it

Introduction

An indispensable condition for an enterprise to carry out economic activities is the availability of working capital (working capital).

The successful implementation of the enterprise’s production cycle depends on the state of working capital, since their lack negatively affects production activities, interrupts the production cycle and ultimately leads to the lack of ability to pay for its obligations and to bankruptcy. Therefore, at present, the problem of the most effective and efficient use of these funds is becoming increasingly important for enterprises. In this regard, the chosen topic of the course work is very relevant.

The purpose of the course work is to assess the efficiency of using working capital at the enterprise and suggest ways to improve it.

In accordance with the chosen goal, the following research objectives were identified:

study the theoretical foundations of analyzing the use of working capital in an enterprise;

give a brief organizational and economic description of LEADER LLC for 2008-2009;

analyze the efficiency of using working capital at the enterprise and suggest ways to improve it

The object of the study is Leader LLC.

The subject of the study is the efficiency of using working capital at the enterprise and ways to increase it.

The theoretical basis of the study was the legislative and regulatory acts of the Russian Federation, as well as the works of domestic and foreign scientists and practitioners on the problem under study.

The information base for the study is the accounting and financial statements of LEADER LLC for 2008-2009.

The following research methods were used in the work: historical, monographic, economic-statistical, etc.

1.
Theoretical foundations of an enterprise's working capital

.1 The essence of an enterprise’s working capital: concept, classification

Working capital refers to the mobile assets of a business that are cash or can be converted into cash during the production process. They are necessary for creating inventories in warehouses and in production, for settlements with suppliers, the budget, for paying wages, etc. According to economic content (areas of turnover), mobile funds are divided into circulating production funds and circulation funds.

The concepts of working capital and working capital are not identical. Some authors, such as Likhacheva O.N., Bocharov V.V., Zaitsev L.N., use the term working capital to mean an obligatory element of the production process, the main part of the cost of production. The lower the consumption of raw materials, materials, fuel and energy per unit of production, the more economically the labor spent on their extraction and production is spent, the cheaper the product. The presence of sufficient working capital at the enterprise is a necessary prerequisite for its normal functioning in a market economy.

Other authors, Kuznetsov B.T., Radionov A.R., use the term working capital of an enterprise, which represents an economic category in which many theoretical and practical aspects are intertwined.

Working capital- this is a value advanced in monetary form, which in the process of a systematic circulation of funds takes the form of working capital and circulation funds, necessary to maintain the continuity of the circuit and returning to its original form after its completion.

Working capital assets include items of labor that are entirely consumed during one production cycle and fully transfer their value to the cost of the finished product. These are industrial stocks of raw materials, materials, semi-finished products, fuel, energy, packaging, spare parts, work in progress and deferred expenses.

Depending on the role that production inventories play, in the production process they are divided into the following groups: raw materials and basic materials, auxiliary materials, purchased semi-finished products, waste (returnable), fuel, containers and packaging materials, spare parts, low-value and wearable items.

Raw materials and basic materials- these are the objects of labor from which the product is made (they form the material basis of the product). In this case, raw materials are the products of agriculture and the mining industry (grain, cotton, milk, etc.), and materials are products of the manufacturing industry (sugar, fabrics, etc.).

Auxiliary are materials that are used to influence raw materials and materials to give the product certain consumer properties or to care for tools and facilitate the production process (onions, peppers and other spices in sausage production, lubricants, etc.).

All these provisions make it possible to more deeply study the composition and structure of working capital and determine ways to optimize them.

Cash intended for the formation of inventories of finished products, as well as checks and bills receivable, debt of shareholders, miscellaneous accounts receivable, funds in current accounts in banks and cash desks (temporarily available funds) represent circulating funds.

The main factors determining the amount of working capital employed in production (working production assets) are the duration of the production cycle for manufacturing products, the level of labor organization and technology development, and the perfection of technology. In turn, the amount of circulating media depends mainly on the conditions for the sale of the product, the level of organization of the supply and marketing system.

The totality of funds advanced to mobile (in constant movement) funds forms the working capital of the enterprise.

Classification of working capital

Targeted management of an enterprise's current assets determines the need for their preliminary classification. From the standpoint of financial management, this classification of working capital is based on the following main features (Fig. 1.)

Figure 1 - Classification of current assets of an enterprise according to the main characteristics

According to the nature of the financial sources of formation, gross, net and own current assets are distinguished:

1) gross current assets (or current assets in general) characterize their total volume, formed at the expense of both equity and borrowed capital. As part of the enterprise's balance sheet, they are reflected at the amount of the second section of its assets;

2) net current assets (or net working capital) characterizes that part of their volume that is formed at the expense of own and long-term borrowed capital.

2. By type of current assets there are:

1) stocks of raw materials, materials and semi-finished products. This type of current assets characterizes the volume of incoming material flows in the form of inventories that support the production activities of the enterprise;

) finished goods inventories. This type of current assets characterizes the current volume of outgoing material flows in the form of inventories of manufactured products intended for sale.

3) accounts receivable. It characterizes the amount of debt in favor of the enterprise, represented by the financial obligations of legal entities and individuals for payments for goods, work, services, advances issued, etc.

4) monetary assets. These include not only cash balances in national and foreign currencies (in all their forms), but also the amount of short-term financial investments, which are considered as a form of investment use of the temporarily free balance of monetary assets.

) other types of current assets. These include current assets that are not included in the types discussed above, if they are reflected in their total amount (deferred expenses, etc.).

3. The nature of participation in the operational process. In accordance with this criterion, current assets are divided as follows:

1) current assets serving the production cycle of the enterprise (inventories of raw materials, materials and semi-finished products; volume of work in progress, inventories of finished products);

) current assets serving the financial (cash) cycle of the enterprise (accounts receivable, etc.).

4. Period of operation of current assets. Based on this feature, the following types are distinguished:

1) constant part of current assets. It represents a constant part of their size, which does not depend on seasonal and other fluctuations in the operating activities of the enterprise and is not associated with the formation of inventories of seasonal storage, early delivery and intended use.

) variable part of current assets. It represents a varying part of them, which is associated with a seasonal increase in the volume of production and sales of products, the need to form, in certain periods of the enterprise’s economic activity, inventories of inventory items for seasonal storage, early delivery and designated purposes. As part of this type of current assets, their maximum and average parts are usually distinguished.

.2 Methodology for analyzing the efficiency of using working capital at an enterprise

The financial position of an enterprise is directly dependent on the state of working capital, so they must pay special attention to their analysis.

The purpose of analyzing current assets is to increase the efficiency of their use.

The main objectives of the analysis are:

1. identifying the degree of provision of the enterprise with working capital;

2. study of the composition and structure of current assets;

Studying the efficiency of using working capital at the enterprise;

Developing ways to improve the efficiency of using working capital.

Analysis of the use of working capital includes the following steps.

First stage- Analysis of the enterprise's provision with current assets.

It begins with a study of the composition and structure of working capital. At this stage, it is revealed which groups are part of them and what share they occupy in the total volume of working capital at the enterprise.

Second stage - Analysis of the efficiency of using working capital.

At this stage, the following indicators are calculated:

) working capital turnover ratio in turnover (Kob), characterizes the number of turnovers made by the working capital of an enterprise for a certain period (year, quarter), or shows the volume of products sold per 1 ruble. working capital. From the formula it is clear that an increase in the number of revolutions leads either to an increase in output by 1 ruble. working capital, or to the fact that a smaller amount of working capital needs to be spent on the same volume of production

where Vyr is sales revenue.

The average value of working capital for the period, which is calculated by the formula:

, (2)

where ObSn.p. - working capital at the beginning of the period;

ObSc.p. - working capital at the end of the period.

Thus, the turnover ratio characterizes the level of production consumption of working capital. An increase in the rate of turnover of working capital means that the enterprise uses them rationally and effectively. A decrease in turnover indicates a deterioration in the financial condition of the enterprise.

) the loading (consolidation) factor of working capital, the value of which is the inverse of the turnover ratio. It characterizes the amount of working capital spent per 1 ruble. products sold:

(3)

3) duration (time) of one turnover of working capital:

where is the number of days in the period under consideration.

Since in current practice most enterprises do not have enough working capital, it is necessary to calculate the economic effect at the end of the analyzed period - the release or overexpenditure of working capital as a result of acceleration or deceleration of their turnover:

, (5)

“+” - overexpenditure of working capital;

“-” - saving working capital.

) profitability of using working capital:

. (6)

5) profitability of one turnover of working capital:

. (7)

The main indicator of the efficiency of using working capital is the turnover ratio. Its level depends on sales revenue and the average amount of working capital for the analyzed period. Using factor analysis, we will consider the change in the turnover ratio due to:

sales proceeds

, (8)

where is the average amount of working capital in the base period of time;

average amount of working capital

, (9)

where is the average amount of working capital in the reporting period;

revenue1 - revenue from sales in the reporting period.

Another important indicator of the efficiency of using working capital is the profit from one turnover. The level, which depends on the profit from sales and the turnover ratio. Using factor analysis, we will consider the change in the amount of profit from one turnover due to:

profit from sales

(10)

turnover ratio

(11)

Using factor analysis, positive and negative factors will be identified that affect the turnover ratio and profit from one turnover. As a result, the management of the enterprise will take ways to increase the efficiency of using working capital.

Thus, an analysis of working capital will be able to provide clear information about their composition and structure and how effectively these funds are used in the enterprise.

1.3 Ways to improve the efficiency of working capital

The efficiency of using working capital depends on many factors. Among them, we can distinguish external factors that influence regardless of the interests and activities of the enterprise, and internal ones, which the enterprise can and should actively influence.

External factors include: the general economic situation, features of tax legislation, conditions for obtaining loans and interest rates on them, the possibility of targeted financing, participation in programs financed from the budget. Taking these and other factors into account, an enterprise can use internal reserves to rationalize the movement of working capital.

Increasing the efficiency of using working capital is ensured by accelerating their turnover at all stages of the circulation.

Significant reserves for increasing the efficiency of using working capital are built directly into the enterprise itself. In the production sector, this applies primarily to inventories. Inventories play an important role in ensuring the continuity of the production process, but at the same time they are involved in the production process. Effective organization of inventory is an important condition for increasing the efficiency of using working capital. The main ways to reduce inventories come down to their rational use; liquidation of excess stocks of materials; improving standardization; improving the organization of supply, including by establishing clear contractual terms of supply and ensuring their implementation, optimal selection of suppliers, and smooth operation of transport. An important role belongs to improving the organization of warehouse management.

Reducing the time spent by working capital in work in progress is achieved by improving the organization of production, improving the equipment and technologies used, improving the use of working capital, especially their active part, and saving at all stages of the movement of working capital.

In the sphere of circulation, working capital does not participate in the creation of a new product, but only ensures its delivery to the consumer. Excessive diversion of funds into circulation is a negative phenomenon. The most important prerequisites for reducing investments in working capital in the circulation sector are the rational organization of sales of finished products, the use of progressive forms of payment, timely execution of documentation and acceleration of its movement, compliance with contractual and payment discipline.

Accelerating the turnover of working capital allows you to free up significant amounts and thus increase production volume without additional financial resources, and use the released funds in accordance with the needs of the enterprise.

In enterprises, a reasonable assessment of inventories is of great importance, which is studied in connection with the movement of products and the determination of their value. In practice, the cost of inventories is most often determined by three methods - FIFO, LIFO and weighted average cost.

According to the FIFO method, when the price level increases, inventory is accounted for at the price of the first batch received at the warehouse, which causes an increase in profit in the income statement compared to what would have been indicated if inventory had been accounted for in composition of costs at their current price.

The LIFO method involves valuing ending inventory at the prices of the last purchases. The main goal of this method is to bring the cost of goods sold as close as possible to the final costs of their acquisition.

From the above provisions, it is obvious that at a stable price level, the assessment of inventory using both methods will be the same. The weighted average cost method eliminates cost fluctuations in inventory valuation and cost of goods sold calculations.

The advantages and disadvantages of each method should be assessed by the heads (managers) of the enterprise and give preference to one of them. Using different methods simultaneously when calculating indicators or other tasks is not allowed.

For specific types of working capital, the one that most fully characterizes their consumption is selected as the basic assessment indicator. Thus, for auxiliary materials this indicator is their average daily consumption, for containers - the annual (quarter) volume of marketable products, for general purpose tools and workwear - the average annual number of employees.

Thus, in modern conditions, when enterprises are completely self-financing, the efficient use of working capital is of particular importance.

Chapter 2. Brief organizational and economic characteristics of LEADER LLC for 2008-2009

.1 General information

Limited Liability Company "LIDER" is a forest industry enterprise. It was founded in 2002.

LEADER LLC is located at the address: 613440 Kirov region, Nolinsk, Zagorodny lane, building 22.

The following companies compete with it:

IP Loginov A.A.;

IP Alibekov Sh.V.;

LLC "Nema-les" (Nemsky district);

PE Galvas I.P. (Nolinsky district).

LEADER LLC produces products for the needs of the population, budgetary organizations, private enterprises of Nolinsky and nearby areas.

The organizational structure of the enterprise is shown in Figure 2.

Figure 2 - Scheme of the organizational structure of LEADER LLC

The management structure of LEADER LLC is shown in Figure 3.

Figure 3 - Diagram of the management structure of LEADER LLC

LEADER LLC specializes in the production of joinery and carpentry products from solid wood and offers for sale:

· Elements of stairs (balusters, pillars, handrails, steps, bowstrings);

· Log houses made of rounded logs (houses, bathhouses, gazebos, etc.);

· Moldings (plinths, bars, corners, glazing beads).

The composition and structure of sales revenue is presented in Table 1.

Table 1 - Composition and structure of sales revenue from LEADER LLC

	Product type					2009 to 2008, %
	Balusters
	Handrail, steps

The table shows that in 2008. and 2009 the largest share in the revenue structure is occupied by the production of such types of products as: - balusters (20.7% and 24.1%, respectively);

at home (13.7% and 20.9%)

baths (23.0% and 20.7%)

The company's revenue for the analyzed period increased by 45.6%.

.2 Analysis of main economic indicators

WITH By analyzing the main economic indicators of an enterprise, one can judge how it functions.

Personnel is a collection of labor resources<#"582188.files/image017.gif">rub.

Turnover ratio (for 2009) = rub.

From the calculations it is clear that the turnover ratio at the LEADER LLC enterprise is growing. This means that the company uses working capital rationally and efficiently.

) an important indicator of the effective use of working capital is the utilization rate of funds in circulation. It characterizes the amount of working capital advanced for 1 ruble. revenue from product sales, i.e. it represents the working capital intensity, i.e. costs of working capital (in kopecks) to receive 1 rub. sold products (works, services) (3):

Load factor (for 2008) = rub.

Load factor (for 2009) = rub.

The load factor of funds in circulation is the reciprocal of the fund turnover ratio. The lower the utilization rate of funds, the more efficiently the working capital is used at the enterprise, and its financial position improves. We can conclude that at this enterprise the load factor decreased by 0.15.

) duration of one turnover of working capital (4):

Duration of one revolution (for 2008) = days

Duration of one revolution (for 2009) = day

From the calculations it is clear that in 2008 the duration of one turnover of working capital is 120 days, and in 2009 - 51 days. Consequently, during the analyzed period, the time for one turnover decreased by 69 days, which had a positive effect on the use of working capital.

4) economic effect - release or overexpenditure of working capital as a result of acceleration or slowdown of their turnover (5):

Saving working capital = -= rub.

As a result of the acceleration of turnover of working capital, there was a saving of RUB 964,804.43.

Profitability ratio (for 2009) = rub.

) profit from one turnover of working capital shows how many rubles fall on one turnover (7):

Profit from one turnover (for 2008) = rub.

Profit from one turnover (for 2009) = rub.

Table 11 - Indicators of efficiency of use of working capital

	Indicators of efficiency of use of working capital			2009 to 2008, %
	Revenue from the sale of goods, products, works, services, rub.
	Average annual cost of working capital, rub.
	Profit (+), loss (-) from sales, rub.
	Load factor
	Duration of one turnover of working capital
	Profitability ratio
	Profit from one turnover

The table shows that the turnover ratio increased by 133.3%, the load factor decreased by 50%, and the duration of one turnover decreased by 69 days. The negative point is that profit per turnover decreased by 23.1%.

Thus, we can conclude that the working capital of this enterprise is used effectively, as evidenced by the growth of key performance indicators.

One of the main indicators of the efficiency of using working capital is the turnover ratio.

Using factor analysis, you can identify changes in the turnover ratio due to:

sales revenue (8)

average amount of working capital (9)

Table 12 presents the indicators obtained as a result of factor analysis.

Table 12 - Factor analysis of the working capital turnover ratio.

Indicators			Growth per year		Changing the turnover ratio due to
				in units measured	Sales proceeds, rub.	Product profitability, rub.
Revenues from sales. rub.
Average cost of working capital, rub.
Turnover ratio

The data shows that a positive impact on the increase in the working capital turnover ratio was equally exerted by an increase in sales revenue by 45.6% and a decrease in the average cost of working capital by 28.4%.

It is also necessary to analyze the change in profit from sales due to:

profit from sales (10)

Turnover ratio (11)

Table 13 presents the data obtained from factor analysis.

Table 13 - Factor analysis of profit from one turnover.

Indicators			Growth per year		Change in profit from one turnover due to
				in units measured	Profit from sales, rub.	Turnover ratio
Profit from sales. rub.
Turnover ratio
Profit from one turnover, rub.

According to the table, it can be seen that the reduction in profit from one turnover was significantly influenced by an increase in the turnover ratio by 133.3% with a low increase in profit from sales (45.6%).

3.2 Ways to improve the efficiency of using working capital

Accelerating the turnover of working capital is a top priority for enterprises.

The efficiency of using current assets depends on many factors, which can be divided into external ones, which have an impact regardless of the interests of the enterprise, and internal ones, which it can and should actively influence. External factors include such as the general economic situation, tax legislation, conditions for obtaining loans and interest rates on them, the possibility of targeted financing, participation in programs financed from the budget. These and other conditions determine the framework within which an enterprise can manipulate the internal factors of the rational movement of working capital.

At the present stage of economic development, the main external factors affecting the state and use of working capital include such as the crisis of non-payments, high taxes, and high bank loan rates.

The crisis in the sales of manufactured products and non-payments lead to a slowdown in the turnover of working capital. Consequently, it is necessary to produce products that can be sold quickly and profitably, stopping or significantly reducing the production of products that are not in current demand. In this case, in addition to accelerating turnover, the growth of accounts receivable in the assets of the enterprise is prevented.

At the current rate of inflation, it is advisable to direct the profit received by the enterprise, first of all, to supplement working capital. The rate of inflationary depreciation of working capital leads to an underestimation of costs and their transfer to profit, where working capital is divided into taxes and non-productive expenses.

There are significant reserves for increasing the efficiency of using working capital within the enterprise itself.

At the stage of creating inventories, these may be:

Introduction of economically feasible stock standards;

Bringing suppliers of raw materials, semi-finished products, components, etc. closer to consumers;

Widespread use of direct long-term connections;

Expansion of the warehouse system of logistics, as well as wholesale trade in materials and equipment;

Integrated mechanization and automation of loading and unloading operations in warehouses.

At the work in progress stage:

Acceleration of scientific and technological progress (introduction of advanced equipment and technology, especially waste-free and low-waste, robotic complexes, rotary lines, chemicalization of production);

Development of standardization, unification, typification;

Introduction

In the management system of various aspects of the activities of any enterprise in modern conditions, the most complex and responsible link is financial management. An indispensable condition for the successful functioning of an enterprise of any organizational and legal form is the active implementation of a strategically directed and detailed set of measures to create or strengthen obvious and hidden advantages over its own. competitors. In a market economy, all agro-industrial formations are interested in rhythmic and stable functioning. It is possible to achieve high performance results only with the help of a clearly structured, justified and effective financial policy of the enterprise.

An important component of the system for organizing the production process at agro-industrial enterprises is the policy of managing current assets and, for this purpose, conducting a detailed analysis of the efficiency of their use.

The development of a perfect mechanism for managing the working capital of organizations, as well as obtaining the results of an analysis of the composition, structure and dynamics of current assets, make it possible to approach a practical solution to the issue of the need for their financing. This is the relevance of the chosen topic of this course work. In addition, the effective formation and regulation of the volume of current assets helps maintain an optimal level of liquidity, ensures the efficiency of the production and financial cycles of activity, and, consequently, a sufficiently high solvency and financial stability of agro-industrial enterprises.

It is for this purpose that an analysis is carried out to identify the ratios of current assets and sources of their formation that are rational for a given organization: short-term liabilities and equity capital.

The topic of my course work is “Analysis of the use of working capital of an organization.” The object of the study is OJSC Beloretsk Butter and Cheese Plant in Beloretsk, specializing in the production of dairy products. The period under study is 2004–2006.

The purpose of the course work is, based on a study of the current state of the efficiency of using working capital of OJSC "BMSK", to determine specific ways and reserves for improving their use.

When writing the coursework, I was guided by the following tasks:

– express diagnostics of Beloretsk Butter and Cheese Plant OJSC;

– justification of the relevance of the research topic, its scientific and problematic significance in a market economy;

– study of the current state of economic and financial activities of OJSC “Beloretsk Butter and Cheese Plant”;

– identifying ways and reserves for improving the economic and financial activities of Beloretsk Butter and Cheese Plant OJSC.

1. General characteristics of the financial and economic condition of OJSC Beloretsk Butter and Cheese Plant

1.1 Organizational and legal status and priorities of activity of OJSC "BMSC"

The Beloretsk Butter and Cheese Plant was put into operation in 1977, then it was transformed into OJSC “Beloretsk Butter and Cheese Plant” in accordance with the Federal Laws “On the Privatization of State and Municipal Property”, “On Joint Stock Companies” and the Law of the Republic of Bashkortostan “On the Privatization of State and Municipal Property in the Republic of Belarus” "

Now the open joint-stock company "BMSC" operates on the basis of the Charter, registered by decree of the head of the administration of Beloretsk No. 381-5 dated June 17, 1998.

At the moment, OJSC "BMSC" is the legal successor of the Beloretsk butter and cheese-making plant in relation to all rights and obligations in accordance with the transfer act and the approved privatization plan for the enterprise.

The founder of JSC "BMSC" is the Ministry of Property Relations of the Republic of Belarus represented by the Committee for the Management of Municipal Property of the City of Beloretsk and the Beloretsk District.

The authorized capital of JSC "BMSK" is 9,367,356 rubles; in addition, the plant, after its state registration, issues and places ordinary and preferred shares worth 7,128,306 and 2,239,050 rubles, respectively.

The main management body of OJSC "BMSK" is the Board of Directors, which exercises general management of the plant's activities. With the exception of resolving issues that, in accordance with the Charter, fall within the exclusive competence of the general meeting of shareholders.

The Board of Directors is elected by the general meeting of shareholders by cumulative voting in the number of 5 members for the period until the next annual meeting of shareholders.

The General Director and members of the board of JSC "BMSK" cannot constitute more than one quarter of the composition of the Board of Directors.

Management of the current activities of OJSC "BMSK", execution of decisions made by the general meeting of shareholders and the Board of Directors of the plant is carried out by the sole executive body represented by the General Director, Kharisov N.B. The General Director can simultaneously exercise the functions of Chairman of the Management Board of OJSC BMSC, and he can also be elected to the Board of Directors.

In accordance with current legislation, the General Director is elected for a term of up to 5 years.

Characterizing the main activities of Beloretsk Butter and Cheese Plant OJSC, it should be noted:

– firstly, the production and sale of dairy products, production of industrial products and goods, processing of production waste;

– secondly, intermediary, trade and purchasing activities, as well as the organization of company stores.

The trade and purchasing activities of the Beloretsk Dairy Plant are directly related to the fact that the plant is located on the main transport route of the city of Beloretsk, access can be made from all sides except the south-west, where the residential area is located. The enterprise has its own vehicles, which allows the plant to carry out timely delivery of milk from milk collection points, as well as delivery of products to city stores, and carry out supply and sales deliveries with its own vehicles.

The range of products is quite wide - 46 items, but the main specialization of OJSC "BMSC" is the production of whole milk products. However, recently the plant began to specialize in the production of cheese, which is increasing every year.

The main sales market for JSC "BMSK" is the city of Beloretsk, whose population, according to the latest census, is 113,700 people.

The company has three branded stores located within the city. There is also active diversification into the sales market of Magnitogorsk and the neighboring Chelyabinsk region.

Raw materials for processing come from Beloretsky, Uchalinsky, Burzyansky districts. On average, JSC "BMSC" processes about 30 tons of raw milk per day. Accepted milk is carefully checked to ensure compliance with all established standards. The plant works closely with local dairy farms and with numerous village residents who keep livestock on their farmsteads. The plant's specialists regularly travel to milk collection sites, inspect them, and, in addition, supply milk producers with special reagents and equipment, and teach the basic principles of milk production and procurement.

1.2 Economic characteristics of OJSC "BMSC"

Let's consider the economic characteristics of OJSC "BMSC". To do this, let us pay attention to the equipment of the enterprise with fixed and working capital, as well as labor resources.

The provision of any enterprise with fixed assets and the efficiency of their use are important factors on which the results of economic activity depend, in particular the quality, completeness and timeliness of any type of work, and, consequently, the volume of production, its cost, and the financial condition of the enterprise. In this regard, analysis of the enterprise's provision of fixed assets and identification of reserves for increasing the efficiency of their use is of great importance. First of all, when analyzing fixed assets, it is necessary to study the structure of fixed assets and assess the changes that have occurred.

Having analyzed the data in this table, we can conclude that by 2006, compared to 2004, the cost of fixed assets decreased by 5.8%. The main reason for the change in the structure of fixed assets is the disposal of fixed assets in terms of some items.

First of all, this is due to the fact that by 2006 the cost of buildings decreased by 0.4% due to their depreciation. You can also see a decrease in the cost of machinery and equipment at the enterprise by 26.3% due to the obsolescence of most refrigeration and other production units. In addition, the cost of vehicles and household equipment has remained virtually unchanged compared to 2004.

Analyzing the structure of fixed assets in OJSC "BMSK" it is clear that the largest share in the period 2004–2006. buildings and industrial premises occupy 53.9 and 57%, respectively; machinery and equipment account for 17.3% in 2006, which is 2.8% less than in 2004. The smallest share in the structure of fixed assets in OJSC "BMSC" is occupied by production and household equipment; their share during the study period remains unchanged and amounts to 0.01%.

A sufficient supply of processing and other enterprises with labor resources, their rational use, and a high level of labor productivity are of great importance for increasing production volumes. In particular, the volume and timeliness of performing various types of work, the efficiency of using equipment and, as a result, the volume of production, its cost, profit and a number of other economic indicators depend on the provision of a farm or enterprise with labor resources and the efficiency of their use.

Let's consider the supply of labor resources to our enterprise, the data is given in table 1.2.2.

Table 1.2.2 Equipping OJSC "BMSC" with labor resources

							2006 as a percentage of 2004
			average annual number, people		average annual number, people
By organizing everything
incl. workers of the whole milk shop
workers at the butter and ice cream production site
laboratory workers
workers at the sausage cheese production shop
expedition workers
employees of OGM, OGE
garage workers
compressor shop workers
managers

As can be seen from Table 1.2.2, the total number of employees at the enterprise in 2006 compared to 2004 decreased by 7.7%. This is due, first of all, to a reduction in the staff of the whole milk shop by 9.1%, since by 2006 there was a noticeable decrease in production volumes and order volumes. There is a 20% decrease in the number of employees in the Chief Mechanical Department and the Chief Power Engineer Department; this was due to the acquisition of new vehicles in 2006, and the need for maintenance personnel at these production sites has decreased. It is also clear from this table that the number of such workers as oil production shop workers, expedition workers, garage workers and managers has not changed. There is only an increase of 8.3% in workers in the sausage cheese production workshop, since this enterprise began to expand the production of sausage cheese.

Analyzing the structure of the composition of employees at OJSC "BMSK", it is clear that the largest share is occupied by workers of the whole milk section; in 2004–2006. 21.2% and 20.8%, respectively, since the production of whole milk products is the main specialization of the enterprise. A sufficient share falls on service personnel, for example, workers in the compressor shop in 2004 amounted to 13.5%, and by 2006 - 12.5%.

The smallest share in the structure of the plant’s employees in 2004–2006. Expedition workers occupy 3.8% and 4.2%, respectively.

The company employs highly qualified specialists, thanks to whom the quality of its products remains unchanged. Every year, employees of JSC "BMSK" undergo advanced training courses not only in the Republic of Belarus, but also abroad.

An interesting fact is that many employees of the creamery plant have been working since its very foundation. This means that people like to work here, especially if the salary is sufficient.

The team considers its task to produce tasty, natural and high-quality products.

When analyzing the economic condition of OJSC "BMSC", attention should be paid to the analysis of the plant's production capacity.

The production capacity of an enterprise means the maximum possible output of products at the achieved or planned level of equipment, technology and production organization. To assess the production capacity of the Beloretsk Butter and Cheese Plant for the analyzed period, we will take 2004–2006. For this analysis, Table 1.2.3 will be needed.

Table 1.2.3 Production capacity of Beloretsk Butter and Cheese Plant OJSC

Product type	Power per shift, t	Average annual capacity, t	Products produced, t			Average annual power used, %
Animal oil
Whole milk products
Sausage cheese
Cheese "Adygei"
Processed cheese "Omichka"

This table shows that in 2006, the utilization of production capacity increased due to an increase in the volume of products: Adyghe cheese, animal butter, whole milk products, as well as due to the expansion of the range of products - in 2006 the enterprise began producing a new type of product, processed cheese. Analyzing the use of average annual capacity, it is clear that in 2006 there was an increase and amounted to 21.5% of the listed assortment, compared to 2005 and 2004.

1.3 Analysis of the financial condition of OJSC "BMSC"

The financial condition of an enterprise is characterized by a system of indicators that reflect the state of capital in the process of its circulation and the ability of a business entity to finance its activities at a fixed point in time. In the process of supply, production, sales and financial activities, a continuous process of capital circulation occurs. The structure of funds and sources of their formation, the availability and need for financial resources, and, as a consequence, the financial condition of the enterprise, the external manifestation of which is solvency, changes. Consequently, a stable financial condition is the result of competent, skillful management of the entire complex of factors that determine the results of the financial and economic activities of an enterprise.

An analysis of the structure of financial liabilities indicates the predominance of short-term sources in the structure of borrowed funds, which is a negative factor that characterizes the ineffective structure of the balance sheet and the high risk of loss of financial stability.

Operating profit increased in the analyzed period from -107 thousand rubles. and up to 71 thousand rubles. or by 166.4%. This indicates an increase in the efficiency of the enterprise's operating activities.

At the end of the analyzed period, the company had a net profit of 23 thousand rubles, which tended to decrease, i.e. own funds received as a result of financial and economic activities decreased.

The amount of income from non-operating operations tended to grow and amounted to 1,330 thousand rubles. At the same time, there are no expenses for non-operating activities at the end of the period.

The results of comparing the rates of change in income and expenses associated with non-operating activities indicate an increase in its profitability.

At the end of the analyzed period, the company had a net profit of 23 thousand rubles, which had a growth trend, i.e. own funds received as a result of financial and economic activities increased.

Let's calculate the coefficients characterizing the financial condition of the enterprise and compare them with the results of the last three years. We will write the results in the form of table 1.3.1.

Table 1.3.1 Financial indicators of the activities of OJSC "BMSK"

Indicators			Growth, %
Absolute liquidity ratio
Current ratio
Net working capital, thousand rubles.
Total liabilities to assets
Total liabilities to equity
Return on sales, %
Return on equity, %
Return on current assets, %
Return on non-current assets, %
Fixed asset turnover, times
Asset turnover, times
Inventory turnover, times
Receivables repayment period, days

The total liquidity ratio, which characterizes the overall provision of an enterprise with working capital for conducting business activities and timely repayment of the enterprise's urgent obligations, decreased in the period under review from 1.1 to 0.8, or by 27%.

The value of the indicator indicates an insufficient level of coverage of current liabilities with current assets and overall low liquidity, since its standard value is in the range from 1 to 2. This may indicate difficulties in marketing products and problems associated with organizing supplies.

The negative trend in this indicator for the analyzed period reduced the likelihood of repaying current liabilities at the expense of inventories, finished products, cash, accounts receivable and other current assets.

The quick liquidity ratio, which reflects the share of current liabilities covered by cash and the sale of short-term securities, increased in the analyzed period from 0.4 to 0.5, or by 27.3%.

The absolute liquidity ratio, reflecting the share of current liabilities covered solely by cash, decreased in the analyzed period from 0.0061 to 0.0001, or by 97.9%. Thus, during the analyzed period, the enterprise loses the ability to immediately repay current obligations using cash.

The enterprise's return on equity, which determines the efficiency of using funds invested in the enterprise, decreased, which is a negative fact, and amounted to 0.2%.

Return on current assets also decreased, which is a negative trend, and amounted to 0.2%.

Return on non-current assets decreased to 0.2%.

Thus, the management of the financial service of OJSC "BMSK" should take measures to increase the profitability of its equity capital, since at the end of the analyzed period this indicator is below the standard level, and the level of borrowed capital is so high that the enterprise is in strong debt dependence, which means , there is a high risk of its insolvency if interruptions in the flow of income occur.

2. Analysis of the provision of Beloretsk Butter and Cheese Plant OJSC with its own working capital and the efficiency of their use

2.1 Theoretical foundations of the analysis of an organization’s working capital

In a market economy, all agro-industrial formations are interested in rhythmic and stable functioning. It is possible to achieve high performance results only with the help of a clearly structured, justified and effective financial policy of organizations.

An important component of the system of organizing production of agro-industrial enterprises is the policy of managing current assets. Developing a perfect mechanism for managing working capital of organizations and its effective application in practice is a pressing problem at the present time, since the effective formation and regulation of the volume of current assets helps maintain an optimal level of liquidity, ensures the efficiency of the production and financial cycles of activity, and, consequently, a sufficiently high solvency and financial stability of agro-industrial enterprises.

The financial condition, liquidity and solvency of the organization largely depend on the level of business activity, optimal use of working capital, assessment of its size and structure. Due to the fact that working capital forms the main share of the company’s liquid assets, their value must be sufficient to ensure the rhythmic and uniform operation of the organization and, as a result, making a profit. The use of working capital in business activities should be carried out at a level that minimizes time and maximizes the speed of circulation of working capital and its transformation into real money supply for subsequent financing and the acquisition of new working capital. The need for financing depends proportionally on the rate of asset turnover. The lower the turnover of working capital, the greater the need to attract additional sources of financing, since the organization does not have its own funds to carry out business activities.

Each enterprise carrying out economic activities must have working capital that ensures the uninterrupted process of production and sale of products. Working capital of business entities, participating in the circulation of funds in a market economy, represents an organically unified complex. Working capital is money advanced into circulating production assets and circulation funds.

Working capital of the enterprise, participating in the process of production and sale of products, makes a continuous circuit. At the same time, they move from the sphere of circulation to the sphere of production and back, successively taking the form of circulation funds and circulating production assets.

Unlike fixed assets, which are repeatedly involved in the production process, working capital operates only in one production cycle and completely transfers its value to the entire manufactured product.

According to the sources of formation, working capital is divided into own and borrowed. With the development of entrepreneurial activity and corporatization, the own funds of enterprises play a decisive role, as they ensure the financial stability and operational independence of the business entity. The own working capital of privatized enterprises is at their complete disposal. Enterprises have the right to sell them, transfer them to other business entities, citizens, rent them out, etc.

Borrowed funds, attracted mainly in the form of bank loans, cover the enterprise's additional need for funds. At the same time, the main criterion for bank lending conditions is the reliability of the financial condition of the enterprise and the assessment of its financial stability.

The placement of working capital in the reproduction process leads to their division into circulating production assets and circulation funds. Working production assets function in the production process, and circulation funds function in the circulation process, i.e. in the process of selling finished products and purchasing inventory. The optimal ratio of these funds depends on the largest share of circulating production assets involved in value creation.

The size of circulation funds should be sufficient, but no more, to ensure a clear and rhythmic circulation process.

Analysis of current assets is one of the most important sections of the analysis of financial statements, which determines the presentation of information about the property and financial position of the organization. When conducting such an analysis, certain problems arise, the failure of which significantly reduces the reliability of its results.

The first question that arises when analyzing current assets is related to their definition. Current assets are cash and other assets that can be expected to be converted into cash or sold or consumed within 12 months or the normal operating cycle if it exceeds 12 months. The operating cycle is understood as the average time interval between the moment of procurement of material assets and the moment of payment for products sold or services rendered.

The definition of the concept of current assets allows a more reasonable approach to the formation of their value for analysis purposes, for which it is necessary to exclude from the composition of the section of the balance sheet of the same name those items that essentially do not belong to current assets. This primarily applies to accounts receivable items for which payments are expected more than 12 months after the reporting date.

An exception to the rule is accounts receivable for contracts concluded for a term of more than a year, but with a turnover period during the normal operating cycle. The presence of such receivables as part of current assets should be commented on in the explanatory note in order to indicate to external users the specificity of the approach.

In practice, this procedure is considered as the only adjustment to items of current assets. At the same time, in order to analyze current assets, it is necessary to further clarify their value by excluding from their composition those accounting items from which it seems unlikely to receive potential income. Such an adjustment should be made at the stage of preparing balance sheet information for its analysis.

When analyzing the operating cycle and determining the need for sources of financing, it is difficult to establish the duration of the stages of repayment of receivables and payables in the conditions of a mixed settlement system, which is most typical for the present time. The problem is that the methods of financial analysis are focused on a simplified situation, when the sale of goods is carried out only on credit, and the receipt of material assets is accompanied by the emergence of accounts payable. However, the system of relationships between an organization and its counterparties in many cases presupposes the presence of advance payment for products in one volume or another.

This aspect is fundamental for obtaining reliable results of solvency analysis, as well as analysis of financial results and profitability of organizations. An overvaluation of assets or the inclusion of so-called “dead” items, for example, accounts receivable that are unlikely to be collected, lead to a distorted assessment of solvency and an overstatement of the financial result and, consequently, to an unreliable presentation of information about the property and financial position of the organization.

It is advisable to conditionally divide items of current assets depending on the degree of their liquidity into three groups:

1) liquid funds that are immediately ready for sale;

2) liquid funds at the disposal of the organization;

3) illiquid funds.

The next problem in analyzing turnover is that the revenue reflected in the financial statements may be overestimated in comparison with the actual amount of revenue in situations of possible product returns, as well as discounts arising related to the terms of settlement. For the purposes of turnover analysis, it is recommended to use the net revenue indicator.

Analysis of inventory turnover is also important because, on its basis, turnover rates are developed. Even if other control and regulation methods are used for inventory management purposes, developing inventory turnover rates will be useful because:

– turnover rates are those general indicators that allow you to compare inventory levels in different time periods;

– turnover rates are the starting point when justifying limits on inventories in financial and production terms;

– as a result of the current comparison of actual turnover indicators and planned norms, it becomes possible to evaluate the effectiveness of financial planning. On the other hand, a comparison of actual and planned turnover indicators allows us to assess the degree to which inventories correspond to the real needs of the organization.

In this regard, working capital is divided into standardized and non-standardized. Standardized working capital corresponds with own working capital, as it makes it possible to calculate economically justified standards for the corresponding types of working capital. Non-standardized working capital is an element of circulation funds. Management of this group of working capital is aimed at preventing their unreasonable increase, which is an important factor in accelerating the turnover of working capital in the sphere of circulation.

In addition to the general turnover rates established for individual groups of inventories, for most enterprises it is necessary to carry out a more detailed calculation of inventory rates so that it becomes an integral part of the enterprise's production plan. In this case, the assessment of turnover is not carried out in isolation, but as an integral part of a system for analyzing the relationship between sales - production - procurement.

The basic principles of rationing working capital are adjusted depending on changes in business conditions, the development of corporatization, and, consequently, self-financing and self-sufficiency.

In the process of rationing working capital, norms and standards are developed. The working capital norm is a relative value corresponding to the minimum, economically justified volume of inventories, inventory, usually established in days. Norms of working capital depend on the norms of material consumption in production, the norms of wear resistance of spare parts and tools, the duration of the production cycle, supply and sales conditions, the time it takes to impart certain properties to certain materials necessary for industrial consumption, and other factors.

The working capital ratio is the minimum required amount of funds to ensure the business activities of the enterprise.

If working capital standards can be established for a relatively long period, then the standards are calculated for each specific period. Working capital standards are determined as the product of the sum of one-day consumption or output and the standard for the corresponding types of working capital.

One-day consumption or output at enterprises with production volume increasing evenly throughout the year is calculated according to the cost estimate for the fourth quarter of the coming year. This is explained by the fact that the calculated working capital standard is valid at the end of the upcoming period and must meet production needs at the beginning of the next period.

Only in conditions of the seasonal nature of production is one-day consumption calculated according to the cost estimate with a minimum volume of production, since the need above the minimum is covered by borrowed funds.

Rationing of working capital should ensure the optimal value of all components of regulated working capital.

So, analysis of the state of use of the enterprise's working capital, analysis of the composition and structure of their components: inventories, work in progress and finished products, which are an important indicator of the commercial activity of the enterprise, is necessary not only for a reliable assessment of their actual use, but also for calculating the efficiency of their use in future. Determining the structure and identifying trends in changes in the elements of working capital make it possible to predict the parameters of business development.

2.2 Analysis of the provision of OJSC "BMSK" with its own working capital

Current assets serve the production sector and completely transfer their value to the cost of finished products, changing their original form. They ensure the uninterrupted circulation of funds, as well as the continuity of the production process, including all the funds necessary for the enterprise to create inventories in warehouses and in production, for settlements with suppliers, the budget, for paying wages and other purposes, so it makes sense to analyze them in detail .

We will conduct a detailed analysis of the provision of working capital and the efficiency of their use using the example of Beloretsk Butter and Cheese Plant OJSC in Beloretsk; for the analyzed period we will take 2004–2006.

Table 2.2.1 Equipping OJSC "BMSC" with working capital

Types of working capital

2006 as a percentage of 2004

cost, thousand rubles

cost, thousand rubles

cost, thousand rubles

incl. raw materials

Future expenses

Accounts receivable

including buyers and customers

Cash

Analysis of this table allows us to judge that the total cost of working capital increased by 58.44% by 2006, which in total terms is 4530 thousand rubles. There is a tendency to increase the amount of inventories and cash by 7.3%, and special attention should be paid to the increase in accounts receivable, which has increased almost threefold. In addition, a fairly significant reduction in the amount of VAT is visible, by 35.7%.

Analyzing the structure of working capital in OJSC "BMSK" for 2004–2006, it is clear that the largest share belongs to inventories - 62.3% and 42.2%, respectively. In the composition of inventories, the largest share is occupied by raw materials and supplies in 2004 - 39.8%, and by 2006 - 24.9%, finished products account for 22.1% and 17.2%, respectively. Another rather significant percentage share is accounted for by accounts receivable, of which the debt of buyers and customers amounted to 34.9% in 2004 and 52.9% in 2006. The smallest amount at the plant is cash, which back in 2004 occupied 0.54% of the total structure of working capital, and by 2006 its value decreased to “0”.

In general, for the organization, the value of working capital could be significantly affected by an increase in the cost of finished products and goods for resale by 23.1% and a sharp increase in customer debt due to late payment for shipped products.

As you know, in any enterprise, the source of replenishment of its own current assets is retained earnings, as well as capital growth due to the share premium of the joint-stock company, reserve capital and social sector funds.

The financial position of an enterprise directly depends on how quickly funds invested in assets turn into real money. The speed of circulation of funds, in turn, is influenced by the following factors:

– scope of activity and scale of the enterprise,

– industry affiliation,

– economic situation in the country,

– pricing policy of the enterprise,

– asset structure,

– methodology for assessing the deadbolt.

Let's consider what factors can influence the change in the value of directly the own working capital of OJSC "BMSK". To do this, let's analyze table 2.2.2.

Table 2.2.2 Factors influencing changes in the value of own working capital

Indicators	Amount, thousand rubles			Change	2006 to 2004, %
Own working capital
authorized capital in terms of the formation of working capital
Extra capital
Reserve capital
retained earnings of the reporting year

Analyzing the data in Table 2.2.2, we draw the following conclusions.

It can be seen that OJSC “BMSK” has a lack of its own working capital, even by 2006 there is a tendency to reduce its value by almost 8 times. This is happening mainly due to a sharp decrease in the authorized capital in terms of the formation of working capital by 3,603 thousand rubles. or by 136.6%, that is, almost 2.5 times.

The unfavorable fact is that there is an increase in the amount of loss by 6.4% or 437 thousand rubles. This explains the negative value of the cost of own working capital. Only the amount of additional and reserve capital in OJSC “BMSK” remains unchanged in the amount of 7976 thousand rubles. and 285 thousand rubles. respectively. So, OJSC “BMSK” has a rather significant shortage of its own working capital, primarily associated with the lack of main sources for their formation at the enterprise.

2.3 Analysis of the efficiency of using working capital at OJSC "BMSK"

Improving the use of current assets with the development of entrepreneurship is becoming increasingly important, since the material and monetary resources released in this case are an additional internal source of further investment. Rational and efficient use of working capital helps to increase the financial stability of the enterprise and its solvency. Under these conditions, the company fulfills its settlement and payment obligations in a timely manner, which allows it to successfully carry out commercial activities.

The efficiency of using working capital is characterized by a system of economic indicators, one of which is the ratio of their placement in the sphere of production and the sphere of circulation. The more working capital serves the production sector, and within the latter - the production cycle, the more rationally they are used.

All indicators of the efficiency of using working capital will be calculated according to Form No. 1 “Balance Sheet” and Form No. 2 “Profit and Loss Statement” of OJSC “BMSK” for the period 2004–2006.

The calculation of the main indicators of the use of working capital is presented in table 2.3.1.

Table 2.3.1 Efficiency of use of working capital at OJSC "BMSK"

Indicators				Change	2006 to 2004, %
1. Volume of products, works, services sold, thousand rubles.
2. Number of days in the reporting period
3. One-day turnover for sales of products, works, services, thousand rubles.
4. Average cost of working capital balances, thousand rubles.
5. Working capital turnover ratio, turnover
6. Working capital consolidation ratio
7. Duration of one turnover of funds, days
8. The amount of all working capital released or additionally attracted compared to 2004, thousand rubles.
9. Load factor of funds in circulation, rub.

The table data confirms that the turnover of working capital of OJSC "BMSK" slowed down by 29 days - from 80.75 to 109.9 days. This, first of all, leads to a decrease in the funds turnover ratio by 1.19 turns - from 4.46 to 3.27 turns, and an increase in the consolidation ratio by 0.08. The change in the rate of turnover of working capital was achieved as a result of the interaction of two factors: an increase in revenue by 29 thousand rubles. and an increase in the average balance of working capital by 2643 thousand rubles. A slowdown in the turnover of working capital is a negative factor for the activities of an enterprise, for example, a decrease in profit and a decrease in solvency. Therefore, when the turnover of working capital slows down, in order to maintain the achieved indicators, the enterprise needs to attract additional funds. Using the example of OJSC "BMSK", the amount of additional funds raised after analysis for 2006 should amount to 2623.3 thousand rubles.

In this situation, you can also analyze the reasons that influenced the slowdown in working capital turnover. This could be, as already mentioned, a change in the average annual balances of current assets and sales revenue. To do this, we will use the method of chain substitutions in the following sequence:

∆ K ob = K ob.o -K ob.p,

where K ob.o, K ob.p – the value of the turnover ratio of the reporting and previous year.

∆ K rev = 3.27 – 4.45 = -1.18.

Let's make a substitution:

K` about. = B about 2.3.27284 = 4.46.

Calculation of changes in the turnover rate due to the influence of factors:

1) volume of products sold

∆ K rev 1 = K ` rev. -K ob..p

∆ K rev 1 = 4.46–4.45 = 0.01;

2) the average value of working capital balances:

∆ K rev 2 = K rev – K `

∆ K rev 2 = 3.27 – 4.46 = – 1.19.

So, according to the factor analysis data, it is clear that due to a slight increase in revenue from product sales by 29 thousand rubles. or 0.08%, the turnover of working capital increased by only 0.01 turnover. And due to the increase in working capital balances compared to 2004 by 2643 thousand rubles. or 36.6% there was a significant reduction of 1.19 turns.

Checking the results of the influence of factors:

∆ K rev 1 + ∆ K rev 2 = ∆ K rev

0,01 – 1,19 = – 1,18.

The main task of the analysis is not to assess the value of indicators, but to determine the financial consequences of their changes. At OJSC "BMSC", due to the slowdown in turnover of working capital, the decrease in revenue amounted to:

∆B = ∆ K about * About s.s.

∆B = -1.18*9927 = – 11713 thousand rubles.

In addition, the change in working capital turnover influenced the change in profit, an increase of 36.86 thousand rubles, which can be determined by the formula:

∆P = – P p.

where P p. = 139 thousand rubles. – profit from sales of products in the previous year.

∆P = – 139 = 102.14 – 139 = 36.86 thousand rubles.

The most complete analysis of the efficiency of using working capital of OJSC "BMSK" is impossible without assessing the individual, most important components of current assets, which include inventories and the amount of accounts receivable, which occupy the largest share in the value of current assets. Particular attention should be paid to the analysis of precisely these components of the working capital of the enterprise under study. To analyze inventory turnover and accounts receivable, consider Table 2.3.2.

Table 2.3.2 Assessment of inventory turnover and accounts receivable at OJSC "BMSK"

Indicators				Change	2006 to 2004, %
1. Amount of accounts receivable, thousand rubles.
2. Inventories, thousand rubles.
3. Accounts receivable turnover, turnover
4. Share of accounts receivable in the total volume of current assets
5. Inventory turnover, turnover

Analyzing the data in Table 2.3.2, we draw the following conclusions. First of all, the increase in the share of accounts receivable in the total volume of current assets by 2006 by 69.7% confirms the significant role of this indicator in relation to the turnover of the company’s own assets. In addition, the amount of accounts receivable increased in 2006 compared to 2004 by 3147 thousand rubles, and the amount of inventories decreased by 308.5 thousand rubles. or by 3.8%, in connection with this there is a decrease in inventory turnover by 0.6 turns. The accounts receivable turnover ratio in our case, due to a fairly significant increase in accounts receivable, decreased in 2006 compared to 2004 by 7.6 turns. This indicates, first of all, untimely payments from buyers and the “freezing” of the amount of the principal debt to the plant for shipped products. A sharp decrease in the accounts receivable turnover ratio at OJSC "BMSC" indicates that the enterprise, despite the failure to repay the principal amount of the debt, continues to sell finished dairy products on credit.

At the end of the analysis of the efficiency of using working capital at OJSC "BMSK", it would be appropriate to calculate the final indicator - the magnitude of the economic effect obtained from accelerating the turnover of working capital. It can be determined using the load factor.

If the load factor at JSC "BMSC" increased by 23.2 rubles, then the total amount of working capital savings will be:

E ef = ∆K z * In report 2.3.81000 = 753.8 rubles.

Summarizing the conclusions from the calculations made, we can say that at the enterprise under study it is necessary to pay attention to improving the management system in terms of the use of current assets. This will help not only stabilize the rhythm of the production process, but also eliminate excess working capital, which leads to a slowdown in the turnover of working capital, and also reduce the duration of the operating cycle.

3. Ways to optimize the use of current assets at OJSC Beloretsk Butter and Cheese Plant

The current asset management policy is part of the overall asset management strategy of the enterprise. It consists in forming the required volume and composition of assets, optimizing the process of their circulation.

The main disadvantage of almost every enterprise is an insufficiently developed policy for managing current assets, where, first of all, it should be taken into account that the acceleration of their turnover has a significant impact on the profit margin of the enterprise. Reducing the turnover period of current assets leads to a decrease in the need for them. And a decrease in the use of current assets causes a decrease in costs, which, other things being equal, leads to an increase in profit margins.

The insufficiency of its own working capital necessitates an increase in borrowed sources of financing: loans and borrowings. In cases where, for one reason or another, the use of loans and borrowings seems inappropriate, in the absence of additional capital investments by the owners, a slowdown in the timing of repayment of accounts payable inevitably occurs, which, in turn, leads to an increase in its balances on the balance sheet.

As a result, the appearance of a decrease in the need for own working capital is created, which in most cases is not true, since the indicated increase in accounts payable is accompanied by an increase in overdue liabilities, indicating problems with solvency.

A forced or intentional increase in the volume of accounts payable as part of the passive part of the balance sheet of Russian organizations makes the issue of determining the cost of this source of financing current assets especially relevant.

OJSC Beloretsk Butter and Cheese Plant is a striking example of an enterprise for which the question of improving management policies remains open at the moment.

If there is a lack of current assets, as in our case, there is a risk of disruption to production processes, possible failure to fulfill obligations, and, as a result, a decrease in profits.

To overcome such situations, the company urgently needs to attract additional financial resources. This urgency is reflected in their rising prices. As calculations showed in 2006, additional attraction of working capital in the amount of 2632.3 thousand rubles was required.

Management of individual groups of current assets constitutes the second section of the general policy for their management. Improving the management of each component of the total number of current assets can solve many problems in an enterprise.

Since inventories and receivables occupy a significant share in the structure of current assets of OJSC BMSK, we will consider how to optimize the management of these particular items of current assets.

Inventory management is a complex set of activities that consist of ensuring an uninterrupted production and sales process while minimizing current costs for the formation and maintenance of inventories. In relation to the enterprise under study, I would suggest optimizing the delivery time of raw materials, choosing to choose disciplined, reliable and regular suppliers. In the worst case, a shortage of inventories can lead to a stop in production and a decrease in sales volumes.

One of the measures to carry out effective inventory management is to establish strict control over the use of inventories, their replenishment and turnover. To implement this program, it is necessary to implement the ABC system - a system for monitoring the movement of inventories. This method involves dividing inventories into three categories - A, B and C, depending on the valuation of the total annual requirement for this type of inventory. Management of category A should be carried out frequently, daily; at the enterprise under study, this may be raw milk that is daily involved in the production process; Category B reserves must be closely monitored; for category C, safety stocks are created, which must be periodically monitored.

This system allows you to obtain the total need for financial resources advanced for the formation of reserves, i.e. determine the size of current assets serving a specific stage of the production and commercial cycle, excluding the situation in which production inventories stagnate and remain unused in the production process

The main task in the process of inventory management is to optimize their size and turnover. For this purpose, it is also proposed to introduce an economically feasible order model at the enterprise. First, an analysis of the current costs of placing an order, delivery of goods, acceptance and storage in a warehouse is carried out, and the amount of each type of cost is determined. Minimizing all these types of costs is the key point in determining the most economical size of inventories.

Another solution to many problems in terms of inventory management is to involve excess inventories of goods and materials into economic circulation. This will reduce storage costs, possible losses due to aging and spoilage of inventory, and also free up some financial resources.

For the period from 2004 to 2006, OJSC "BMSC" observed a sharp increase in accounts receivable by 129.5%. This typically results in increased bad debts and collection costs. In conditions of inflation, the aging of accounts receivable leads to the depreciation of funds invested in it, and as a consequence, to the formation of a lack of financial resources.

As part of debt management, including receivables, it is necessary to assess the solvency of clients and monitor the timeliness of payments.

Also, to optimize the efficiency of management over the use of current assets in terms of accounts receivable at OJSC "BMSK", it is necessary to implement the following measures:

– development of the enterprise’s marketing policy,

– improve the payment system,

– studying the degree of market saturation with products and its capacity, etc.

The accounts receivable management policy is aimed at expanding the volume of product sales and optimizing cash flows.

Conclusion

Thus, the most important element of production, ensuring the continuity of production and normal operation, are current assets.

Effective use of working capital plays a significant role in ensuring the normalization of the work of any enterprise, increasing the level of profitability of production and depends on many factors. External factors, as a rule, include the general economic situation: tax legislation, conditions for obtaining loans and interest rates on them, the possibility of targeted financing, etc. These factors determine the framework within which any economic entity can take advantage of reserves for the rational movement of working capital.

At present, elements of the crisis state of the economy have a negative impact on changes in the efficiency of using the working capital of an enterprise and on the slowdown in their turnover: the decline in production volumes and consumer demand, the severance of economic ties; violation of contractual and payment discipline, etc.

At the same time, significant reserves for increasing the efficiency of using current assets lie directly in the business entity itself. In the production sector, this applies primarily to inventories. Being one of the components of working capital, they play an important role in ensuring the continuity of the production process.

Rational organization of industrial reserves is an important condition for increasing the efficiency of their use.

In this course work, the theoretical aspects of the importance of conducting an economic analysis of current assets were considered using the example of OJSC "BMSC" in Beloretsk, the state of the financial and economic activities of OJSC "BMSC" was studied, and an economic and financial analysis of the activities of this enterprise was carried out.

The main problems of using working capital were also identified.

So, for example, by 2006 there was a significant slowdown in the turnover of working capital, which is a negative factor for the activities of the enterprise, which led to a decrease in profit and a decrease in the solvency of the plant. In addition, it was revealed that there was a very sharp reduction in accounts receivable turnover. This indicates, first of all, untimely payments from buyers and the “freezing” of the amount of the principal debt to the plant for shipped products. In this regard, it was proposed that the enterprise under study, as part of debt management, including receivables, thoroughly assess the solvency of clients, monitor the timeliness of payments, the procedure and timing of concluding contracts, etc.

With regard to increasing the efficiency of using inventories at JSC "BMSC" during the analysis in order to involve their full volume in the production process, it was proposed to introduce an ABC system - analysis, which would allow the enterprise to establish a system of strict control over the use of inventories, their replenishment and turnover.

Bibliography

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3. Efimova O.V. Analysis of the organization's assets Accounting. – 2005. – No. 19. - With. 15–19.

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Introduction.

History of the development of economic analysis.

The theory, methodology, methods and techniques of economic analysis developed gradually, going through complex, sometimes contradictory stages of history. The path of economic analysis as a science is complex and tortuous.

Our country also has well-known experience in organizing economic analysis, both science and professional activity. The history of the development of economic analysis in our country could be periodized as follows: the state of analysis in tsarist Russia, its development in the post-revolutionary period, during the transition to market relations.

It would be wrong to say that under the conditions of capitalism in Russia there was no need for deep analytical research, for generalizing certain economic processes and phenomena. However, some analytical developments unfortunately ended in failure.

As is known, dramatic changes in the economy occurred after October 1917. Quite a high level of activity was noted in the development of analysis of the economic activities of trading enterprises and organizations. Economic analysis in trade initially developed somewhat faster than in industry. Trade during the period under review was one of the important links in the chain of tasks facing the country. The expansion of trade between city and countryside required the creation of an extensive and economical trading apparatus. This was all the more necessary because trade intermediation in the first post-revolutionary years was more expensive than in the conditions of capitalist Russia. During this period, economic analysis was finally formed as an independent discipline in higher educational institutions. The content of the analysis was not only the study of financial indicators according to balance sheet data, but also a comprehensive study of the enterprise’s economy using the entire arsenal of accounting and reporting data. On the one hand, this stimulated scientific research and the development of textbooks in this area, on the other, the production of highly qualified specialists ensured the introduction of scientifically based analysis methods into practice.

The restructuring of the economic mechanism and its orientation towards market relations requires a revision of the traditional understanding of many important economic categories, and in some cases filling them with a completely different meaning and practical content. A peculiarity of the analysis of commercial activity in market conditions is a significant change in its tasks and functions, which entails a change in its methodology. With the orientation of production, intermediary and other

types of activities to the requirements of both the internal and external markets, completely new, non-traditional tasks for our economic practice arise, implemented by all commercial services of enterprises.

The importance of analyzing fixed and working capital of an enterprise.

The topic of the course work “Analysis of the efficiency of using fixed and working capital of an enterprise” reveals in the most complete and detailed manner the most important issues related to the study of the financial condition and the development of measures to improve it using data from the analysis of fixed and working capital of the enterprise. Currently, this topic is very relevant. In this regard, the importance of this analysis greatly increases.

In a market economy, the role of financial analysis has not only increased, but also changed qualitatively. This is due, first of all, to the fact that financial analysis has transformed from an ordinary element of economic analysis in market conditions into the main method of assessing the entire economy. In other words, financial analysis has transformed from an appendage of economic analysis into a comprehensive analysis of all economic activities of any industry, region, economic entity, or individual entrepreneur. Thus, only financial analysis is able to comprehensively examine and evaluate all aspects and results of capital flows and determine the financial condition of a given object.

Fixed and working capital constitute, as a rule, the bulk of the total capital of a trading enterprise. Investments of capital should be as efficient as possible. The efficiency of capital use refers to the amount of profit per ruble of invested capital. We are talking about a complex concept that includes the movement of fixed and working capital of an enterprise. Therefore, the analysis of the efficiency of capital use is carried out in separate parts, and then a consolidated analysis is done.

Specific tasks problems facing the analysis of the efficiency of using fixed and working capital of an enterprise can be formulated as follows:

Studying the efficiency of using fixed assets of trading enterprises and organizations;

Study of working capital, their compliance with the volume of economic activity, correct use;

Study of working capital according to their classification, as well as their turnover;

Study of settlements with the budget, bank, debtors and creditors (in statistics and dynamics);

Identification of reserves for strengthening the financial position of trading enterprises and organizations.

1. Concept and classification of fixed and working capital of a trading enterprise.

Carrying out trading activities involves the use of various means of labor necessary for the promotion, storage and sale of goods.

Fixed assets - this is part of the property used as means of labor in the performance of work and provision of services, or for the management of an organization for a period exceeding 12 months.

For accounting, drawing up a balance of fixed assets, reporting, and conducting an inventory, classification of fixed assets is necessary.

Basic means of trade can be classified according to a number of characteristics.

According to economic purpose and nature of functioning

- production;

- non-productive.

Production fixed assets trade represent the means involved in the process of production and sale of goods. These include buildings, structures, equipment, and vehicles. Their share in the total mass of fixed assets is about 90%.

Non-production means – these are municipal and cultural facilities, such as buildings and structures of healthcare, housing, and management, the share of which is about 10%.

By role in production and technological processes fixed assets are divided into:

- active;

- passive.

Active fixed assets in natural material form include machines, trade and technological, lifting and transport, refrigeration equipment, household equipment, mechanisms, vehicles (vehicles).

Passive means – these are buildings of shops, pavilions, tents for selling goods, restaurants, cafes, snack bars, etc. for the production of semi-finished products, preparation, sale of food, organization of its consumption and trade services to the population; warehouses, bases; structures; household equipment. They make up approximately 80% of all fixed assets.

In natural form

- building – architectural and construction facilities that provide working conditions for trade workers, storage, part-time work, sorting and preparation of goods for sale, sale of goods, provision of trade services and trade services to the population;

- structures – objects necessary for the implementation of production, trade and technological processes, performing auxiliary functions of serving the population;

- cars and equipment , which include power machines, working machines and equipment, vending machines, mechanical equipment, production lines, handling equipment; cash registers, weighing instruments, filling and packaging equipment, thermal equipment. Automatic machines and equipment also stand out here, i.e. units, which are a system of mechanisms and devices in which the processes of obtaining, transmitting, and using energy are completely mechanized; materials and program assignments, as well as regulatory and measuring instruments, laboratory equipment;

- production and household equipment. Industrial equipment is items for industrial purposes that serve to facilitate trade, technological and production operations during work (tables and counters); labor protection equipment; containers for storing bulk and liquid goods (for example, tanks, trade cabinets, inventory containers), etc. Household equipment is items for office and household purposes;

- tool – mechanized and non-mechanized hand tools or tools attached to machines;

- vehicles – vehicles designed to move people and goods;

- other types of fixed assets.

With the development of market relations, changes occur in the ratio of various types of fixed assets. In addition, the development of science and technology contributes to the emergence of new types of machines, equipment, and the introduction of computer technology.

By affiliation fixed assets can be divided into:

- own;

- attracted (rented).

By nature of use on the:

- current ;

- inactive (taken out of service as a result of physical and moral wear and tear);

- newly acquired , ready for installation.

Trade, due to its technological characteristics, does not and cannot have, like industry, significant fixed assets. Their share in the country's production fixed assets is only 3 - 4%. In terms of their composition, these are mainly buildings and premises. Their share in fixed assets of trade is 75-85%, and

the remaining 15 - 25% are vehicles, transmission devices, machines, refrigeration and other equipment, tools, production and household equipment. But the acceleration of the turnover of economic resources concerns working capital to a greater extent. And if we take into account the share of trade in the working capital of the national economy, then we can say that the task of accelerating the turnover of economic resources relates primarily to trade. In fact, trade here surpasses any of the sectors of the country's national economy.

Working capital occupy an important place in the property of a trading enterprise. They represent part of the funds invested in current assets.

Elements of working capital are:

Objects of labor (raw materials, materials, fuel);

Finished products in the warehouses of the enterprise, goods for resale;

Funds in settlements, short-term financial investments, cash .

The functional role of working capital in the activities of a trading enterprise is fundamentally different from the role of fixed assets. Elements of working capital are part of the continuous flow of business transactions.

Classification of working capital carried out according to the following characteristics.

By functional role in product creation Working capital is divided into:

- working capital in the production sector;

- working capital in the sphere of circulation .

The sphere of circulation includes working capital servicing the sales process: goods, finished products, shipped goods, cash, debtors. Working capital related to production , include inventories and work in progress. Trade enterprises, if they do not carry out production activities, have current assets only in the sphere of circulation.

Depending on the characteristics of the formation at trading enterprises, working capital is divided into:

- standardized;

- non-standardized .

Main part standardized working capital constitute inventories of current storage (75-85% of all working capital).

Some Some of the working capital of enterprises is not standardized . These funds are generated in the course of operational and economic activities in the process of settlements with suppliers, buyers, various individuals and organizations, as well as in connection with the availability of bank lending facilities.

By sources of formation Working capital can be divided into:

- own;

- borrowed;

- attracted.

The division of working capital into own and borrowed indicates the sources of origin and forms of provision of working capital to the enterprise for permanent or temporary use.

Own working capital are formed at the expense of the enterprise’s own capital (authorized capital, reserve capital, accumulated profit, etc.). Own working capital also includes long-term liabilities, i.e. it is assumed that long-term liabilities are intended to finance fixed assets and capital investments.

Borrowed working capital are formed in the form of bank loans, as well as accounts payable. They are provided to the company for temporary use.

Grouping of working capital according to the method of reflection in the balance sheet enterprise allows us to distinguish the following groups:

- material working capital . This includes materials, supplies, finished goods, goods, other inventories and costs;

- accounts receivable . It includes the following items: goods shipped, settlements with debtors, other current assets;

- cash. They include the following balance sheet items: cash desk, current account, foreign currency account, other funds, short-term financial investments.

Thus, trading enterprises can normally exist and develop if they are provided with fixed and working capital. The state of fixed and working capital and their rational, efficient use directly affect the final results of the economic activities of enterprises.

1. Objectives and information support for the analysis of fixed and working capital of a trading enterprise.

Analysis of fixed assets can be carried out in several directions, the development of which together allows us to assess the structure, dynamics and efficiency of use of fixed assets and long-term investments.

At the same time, the analyst’s actions can be systematized and mainly come down to performing the following analytical procedures:

Comparison of data from the reporting period with the corresponding data from the base period;

Comparison of reporting data with planned estimates or design indicators;

Comparison of efficiency indicators for the use of fixed assets with indicators for the use of other types of enterprise resources;

Comparison of reports on fixed assets with reports on the financial results of the enterprise;

Factor modeling of relationships between indicators of the use of fixed assets.

The main directions of analysis of fixed assets and the corresponding tasks solved within each direction are presented in table. 1.

Table 1 . The main directions and tasks of the analysis of fixed assets.

Main directions of analysis	Analysis tasks
Structure analysis- no dynamics fixed assets	Assessment of the size and structure of capital investments in fixed assets Determining the nature and size of the impact of changes in the value of fixed assets on the financial position of the enterprise and the structure of the balance sheet
Analysis of effectiveness usability basic	Analysis of the movement of fixed assets Analysis of efficiency indicators for the use of fixed assets Analysis of equipment operating time usage Integral assessment of equipment use
Analysis of effectiveness the cost of operation equipment	Analysis of capital repair costs Analysis of costs for current repairs Analysis of the relationship between sales volume, profit and equipment operating costs
Analysis of effectiveness value of investment in fixed assets	Evaluating the effectiveness of capital investments Assessing the effectiveness of raising loans for investment

The completeness and reliability of the results of the analysis of fixed assets depend on the degree of perfection of accounting and well-functioning systems

registration of transactions with fixed assets, completeness of filling out accounting documents, accuracy of assigning objects to accounting classification groups, reliability of inventory records, depth of development and maintenance of analytical accounting registers.

As sources of accounting information for analysis of fixed assets are used:

Account 01 “Fixed assets”;

Account 02 “Depreciation of fixed assets”;

Account 03 “Profitable investments in material assets”;

Account 07 “Equipment for installation”;

Account 08 “Investments in non-current assets”;

Analytical accounting data for the relevant accounts by type and individual inventory items of fixed assets (statements and analytical accounting cards;

Forms of annual and quarterly financial statements of the enterprise.

In trade, the main place in the composition of funds is occupied by working capital. Therefore, special attention should be paid to the analysis of working capital.

The main tasks of working capital analysis are:

Studying changes in the composition and structure of working capital;

Grouping of working capital by main characteristics;

Determination of the main sources of working capital formation;

Determination of the main indicators of the efficiency of using working capital.

Particular attention is paid to studying the causes of identified deviations for certain types of working capital and developing measures to optimize them. For example, an increase in inventory may be the result of shortcomings in the organization of trade, advertising, studying customer demand, the presence of stale, slow-moving, excess goods, etc. Large cash balances in the cash register and in transit arise due to the irregular development of retail trade turnover, untimely delivery of proceeds to the bank and unused funds, other violations of cash discipline. Excessive balances of other inventory items are the result of the presence or acquisition of excess and unnecessary materials, raw materials, low-value and wearable items, and other material assets. It is possible to reduce inventories of goods, materials, raw materials, and fuel to optimal sizes through their wholesale sales or barter transactions. The normalization of balances of goods and cash at the checkout and in transit is facilitated by the rhythmic development of retail trade turnover. Remains of empty containers can be optimized by timely returning them to suppliers, expediting delivery to container collecting enterprises, and organizing centralized removal of containers. The minimum required amounts of funds should be kept in bank accounts, and all available balances should be transferred to

early repayment of received loans, investing in securities, providing loans to legal entities and individuals.

The main sources of information for the analysis of working capital are:

Balance sheet (form No. 1);

Profit and loss statement (form No. 2);

Primary accounting data that deciphers and details individual balance sheet items.

Working capital analysis data is used to study the financial condition and develop measures to improve it of trading enterprises.

3. Analysis of the efficiency of using fixed and working capital of an enterprise.

3.1. Analysis of the movement of fixed assets.

During the reporting period, the value of fixed assets may change as a result of receipts through capital construction, gratuitous addition, disposal as a result of liquidation, sale of unused fixed assets, gratuitous transfer. In this case, it is necessary to determine the amount of incoming and outgoing funds, balances at the beginning and end of the year.

The amount of fixed assets at the end of the year can be calculated using the formula:

OK = He + Op - Ov,

Where OK – fixed assets at the end of the year;

He – fixed assets at the beginning of the year;

Op – fixed assets received during the year;

Ov – the cost of fixed assets disposed of during the year.

The analysis process uses indicators of both the initial and residual value of fixed assets, as well as cost and natural indicators.

The cost of fixed assets at the end of the reporting year can be calculated using the following formula:

OKG = He +Op* TV / 12 – Ov * Tl / 12,

Where TV – operating time of fixed assets during the year;

Tl – time elapsed after disposal of fixed assets during

The average annual value of fixed assets can also be determined as the quotient of dividing by 12 the amount obtained by adding half of the total book value of all fixed assets at the beginning and end of the reporting year and the value of fixed assets on the 1st of all other months of the reporting year.

In a market economy, there is growing interest in the cost characteristics of fixed assets, analysis of their condition, the need for timely replacement of obsolete assets and the real financial possibilities for such replacement.

Let's consider the methodology for calculating indicators using an example, the data for which is given in table. 2.

Table 2. Balance of availability and movement of fixed assets (thousand rubles).

Index	Availability to the beginning of the year	Post- drank	Dropped out	Availability finally of the year
Cost of fixed assets at original assessment including new ones		6158,0
Depreciation of fixed assets
Residual value fixed assets

To analyze the movement of fixed assets, we calculate the main indicators using the following formulas:

- coefficient of receipt of Kvv:

Kvv = Cost of received fixed assets

Kvv = 8351 / 23135 100% = 36,19%;

- Cob update factor:

Cob = Cost of new fixed assets

Cost of fixed assets at the end of the period

Cob = 6158 / 23135 100% = 26,6%;

- fixed asset retirement ratio Kvyb :

Kvyb = Cost of retired fixed assets

Kvyb = 46 / 14830 100% = 0,31%;

- elimination coefficient Kl :

Cl = Cost of liquidated fixed assets

Cost of fixed assets at the beginning of the period

From these calculations it is clear that in the reporting year the share of received fixed assets was 36.19%, of which new ones - 26.6%. The purpose of updating fixed assets is to reduce the costs of maintaining and operating equipment, reduce equipment downtime, increase labor productivity, and improve the quality of service.

A necessary condition for the effective use of fixed assets is to increase the economic effect of their operation. To analyze the state of fixed assets, we calculate the following indicators:

- suitability factor K valid:

TO valid = Residual value of fixed assets

- wear factor K purl:

TO purl = Amount of accrued depreciation of fixed assets

Initial cost of fixed assets

TO purl And TO good are calculated as of the beginning and end of the analyzed period:

Kizn beginning = 4449 / 14830 100% = 30%;

Kizn con = 4784 / 23135 100% = 20,7%.

In the example under consideration, the decrease in the wear rate is due to the high level of the renewal rate.

The serviceability factor can be calculated as the difference between one (or 100%) and the wear factor:

Kgod = 1 – TO purl

The source of initial information for calculating indicators is the financial statements (form No. 5 “Appendix to the balance sheet”). To calculate the renewal rate, primary analytical accounting data on the arrival of new equipment is required.

3.2. Indicators of the efficiency of using fixed assets of a trading enterprise.

The structure of fixed assets of a commercial enterprise differs significantly from the structure of fixed assets of an industrial enterprise. This is due to both objective and subjective reasons. Objective factors are related to the peculiarities of the technological process in trade, the need for widespread use of human labor of service personnel, which makes this industry labor-intensive. Subjective factors are associated with the low level of mechanization and automation of the trade process in the industry as a whole. As noted earlier, most of the fixed assets of a trading enterprise are buildings, structures and transmission devices, and the rest of the active assets are machinery and equipment. At the same time, an increase in the share of the active part of fixed assets is characterized positively, as it contributes to an increase in labor productivity and an improvement in the culture of trade services to the population.

However, the development of a network of supermarkets and hypermarkets, large trading structures, and the construction of a commodity supply system necessitate large capital investments in the creation of modern transport and warehouse complexes, automated inventory management systems, and modern settlement systems with customers using plastic and discount cards.

Increasing the efficiency of using fixed assets is an important task in a trading enterprise.

To assess the efficiency of using fixed assets, it is advisable to use both general indicators , characterizing the effectiveness of using the entire set of funds, and private, characterizing the effectiveness of using individual groups of funds.

TO summary performance indicators indicators should include:

- capital productivity;

- capital intensity;

- capital-labor ratio;

- profitability of fixed assets.

The efficiency of use of fixed assets is most often characterized by the indicator return on assets . In trading indicator

capital productivity is found as the ratio of retail or wholesale turnover to the average cost of fixed assets used.

Fotd = T/OSG,

Where F department – capital productivity;

T – trade turnover;

Osg – average annual cost of fixed assets.

In this way, it is determined how many rubles of trade turnover there are for each ruble of fixed assets. Consequently, capital productivity increases if the growth rate of trade turnover outstrips the growth rate of the value of fixed assets. Thus, the growth of capital productivity is the most important factor in improving the financial results of an enterprise.

Comparison of actual capital productivity for the reporting and previous periods allows us to establish an increase (decrease) in the efficiency of use of fixed assets. Particular attention should be paid to the decrease in capital productivity and it is necessary to find out the reasons for the current situation and outline measures.

Capital intensity fixed assets is determined by the ratio of the average annual cost of fixed assets to the volume of turnover:

F e = ABOUT sg / T,

Where F e - capital intensity;

T – trade turnover.

Capital-labor ratio is determined by the ratio of the active part of fixed assets to the number of employees:

Fr = Osg / H,

Where Fr – capital-labor ratio;

H – number of employees;

Osg – average annual cost of the active part of fixed assets.

When considering this indicator, it is necessary to constantly take into account that the trading industry in terms of capital-labor ratio is one of the lagging behind. The share of manual labor in trade is extremely high, and its reduction by increasing the capital-labor ratio is a priority.

The profitability of fixed assets is determined by the ratio of profit to the average annual cost of fixed assets:

R = P/Osg,

Where R - profitability;

P - profit.

For a general assessment of the efficiency of using fixed assets, it is advisable to calculate the integral indicator:

Whoa = F dept * R,

Where Whoa - integral indicator of the use of fixed assets;

Fotd – capital productivity;

R – profitability of fixed assets.

When determining each indicator of the efficiency of use of fixed assets, the cost of both own and leased assets is taken into account.

In addition to general indicators of the efficiency of using the entire set of fixed assets, private indicators are used that take into account the characteristics of individual trade sub-sectors: retail trade, public catering, wholesale trade. Thus, the use of commercial and industrial premises is characterized by the following indicators:

Trade turnover per 1m2 of total area, per 1m2 of retail space, per seat (catering establishments);

The ratio of the area of ​​the sales area and seats;

Profit per 1m2 of total area, per 1m2 of retail space.

IN retail trade indicators such as:

:

N = Trade turnover

Sales area

- installation area coefficient :

TO at = Area occupied by equipment and bulky goods

Sales area

The standard value of the coefficient is 0.27 - 0.3.

- exposure area ratio :

Ke = Product display area

Sales area

The optimal coefficient value is 0.7-0.75.

IN catering indicators are determined:

- turnover per seat ;

- capacity utilization factor :

TO m = Production capacity

Average daily food release

For wholesale trade, the efficiency indicators for using warehouse space are calculated:

- specific warehouse turnover :

U st = Average warehouse turnover

Total warehouse area

- warehouse space utilization rate:

TO skl = Usable area

Main area

Useful area is the warehouse area directly occupied by material assets or devices for storing them. The main warehouse area is the usable area plus the area occupied by receiving, sorting, picking rooms and equipment for storing goods.

For various methods of storing and moving goods in a warehouse, standard coefficients for the use of warehouse space are established. During the analysis, the actual coefficient is compared with the normative one, and based on the results of the comparison, a specific management decision is made.

- warehouse volume utilization ratio:

TO v = Useful volume

Main volume

At present, regulatory coefficients for the use of warehouse volume have not been determined. However, it has been established that if the actual utilization rate of the warehouse volume is less than 0.2, then this indicates an incorrect choice of warehouse and handling equipment.

In turn, private indicators of the efficiency of use of fixed assets have a direct impact on general indicators.

3.3. Analysis of the efficiency of using working capital in trade.

The amount of working capital of trading enterprises depends on the volume and speed of turnover. The task of enterprises and trade organizations is to find ways to use working capital most effectively. The efficiency of using working capital is characterized primarily by its turnover.

Under turnover of funds refers to the duration of passage of funds through individual stages of production and circulation.

The turnover of working capital is calculated:

The duration of one revolution in days;

The number of revolutions during the reporting period.

The most common indicator is turnover in days . The duration of one turnover in days is determined as the quotient of the average value of working capital divided by the average one-day turnover for the sale of goods or by multiplying the average balance of working capital by the number of days of the analyzed period and dividing by the turnover for this period. Average annual balances of current assets can be determined using the chronological average or arithmetic average formulas (according to current accounting and reporting data). When calculating working capital turnover indicators, comparability of data must be ensured. So, if average inventory is included in the calculation at cost, then turnover is taken at purchase price (at cost). When calculating the turnover of other types of current assets in wholesale and retail trade, turnover is usually taken at retail prices (in public catering - at sales value). Turnover in days for all types of current assets is determined by summing it up for individual types of current assets.

Turnover working capital can be studied and in number of revolutions. It is determined by dividing the volume of turnover for the period under study by the average balance of working capital. An increase in the number of revolutions indicates a more efficient use of working capital.

The turnover of current assets is usually studied over time. For individual types of working capital and for the enterprise as a whole, it is determined how much their turnover has accelerated or slowed down and how much funds have been released or additionally invested as a result. To determine the amount of funds released or additionally invested as a result of a change in the circulation time of current assets, it is necessary to multiply the actual average daily turnover of the reporting period by the acceleration or deceleration of the turnover of working capital in days. The acceleration of the turnover of working capital is facilitated, first of all, by improving the processes of transporting goods and their sale, improving the organization of economic activities, etc.

We will consider the analysis of working capital turnover based on the data given in table. 3.

Table 3 . Working capital turnover.

Index	Previous year	Reporting year	Changes (+;-)
Revenue, rub.
Number of days of analysis controlled period
Average current balance funds, rub.
Duration of one turnover, days
Number of revolutions per ana- lysed period

According to the table, it can be seen that the turnover of working capital of a business entity over the year accelerated by 2.1 days - from 31.8 to 29.7 days. This led to an increase in the number of revolutions by 0.8 revolutions - from 11.3 to 12.1 revolutions. The change in the rate of turnover of working capital was achieved as a result of the interaction of two factors:

1. increase in revenue by 5,000 rubles.
2. increase in the average balance of working capital by 74 rubles.

For other inventory items (materials, raw materials, fuel, fuel, containers, low-value and wearable items), turnover calculated in relation to the volume of turnover does not accurately characterize the time of their circulation. Using them, it is necessary to determine turnover based on their average daily consumption. This indicator is usually called private turnover of working capital . Partial indicators of turnover of current assets are calculated by dividing the average balances of individual types of other commodity-

material assets in the amount of their average daily consumption. For accounts receivable, the private turnover ratio is determined by dividing its average balances by the average daily repayment amount. Partial indicators of working capital turnover show how many days on average the balances of other inventory items are consumed (renewed), and for accounts receivable - over what period they are repaid.

An indicator of the efficiency of using current assets is also their level of profitability , determined by the ratio of the annual amount of profit to the average annual balance of working capital. The profitability of current assets is usually studied over a long period, the rate of its change is determined, and most importantly, the forecast reserves for growth.

To make a general assessment of the efficiency of using current assets, you can calculate and analyze integral indicator , determined by taking the square root of the product of the growth rate or decrease in turnover of working capital (in the number of revolutions) and their profitability. The integral indicator of the efficiency of using working capital is studied by the rate of its change over a number of years. The growth in the rate of the integral indicator of the efficiency of current assets indicates an improvement in their use.

Trade enterprises and organizations must accelerate the turnover of working capital by better studying consumer demand, eliminating irrational transportation, reducing the time for loading and unloading, sorting, processing and packaging of goods, and for releasing them to customers. Rational use of working capital and acceleration of their turnover improves the financial position of trading enterprises and organizations, making it possible to fulfill and exceed the turnover plan at the lowest cost.

3.4. Sources of formation of working capital.

The system for the formation of working capital affects the speed of their turnover and the efficiency of use.

Excess working capital means that part of the company's capital is idle and does not generate income. At the same time, the lack of working capital will slow down the progress of the implemented process, slowing down the speed of the economic turnover of the enterprise's funds.

The question of the sources of working capital formation is important from another point of view. Market conditions are constantly changing, so the company's needs for working capital are unstable. It becomes almost impossible to cover these needs only from our own sources. Therefore, the main task of management

The process of forming working capital is to ensure the efficiency of raising borrowed funds.

The composition and structure of sources for the formation of working capital are given in Table. 4.

As a rule, the minimum requirement of an enterprise for working capital is covered by its own sources of profit, authorized capital, reserve capital, etc. However, due to a number of objective reasons, such as inflation, growth in sales volumes, delays in paying customer bills, etc., the enterprise temporary additional needs for working capital arise. In these cases, financial support for economic activity is accompanied by the attraction of borrowed sources - bank and commercial loans, loans, etc.

Table 4. Sources of working capital.

Own		Additionally attracted
Authorized capital Extra capital Reserve capital Savings fund Social Sphere Fund Targeted funding tions and receipts retained earnings	Long-term bank loans Long-term loans Short-term bank loans Short-term loans Commercial loans Investment tax commercial loan Employees' investment contribution	Accounts payable suppliers and contractors on wages on insurance other creditors Consumption fund Reserves for upcoming expenses and payments Provisions for doubtful debts Charitable and other proceeds

Information on the size of own sources of funds is presented mainly in Section 4 of the enterprise’s balance sheet and in Section 1 of Form No. 3 “Statement of Capital Flows”. Information about borrowed and attracted sources of funds is found in sections 5 and 6 of the enterprise’s balance sheet, as well as in sections 1, 2 of form No. 5 “Appendices to the balance sheet.”

3.5. Factors influencing the working capital of a trading enterprise.

In the conditions of the Russian Federation, the transition to market relations is accompanied by many enterprises entering a zone of economic uncertainty and increased risk. Most businesses are for the first time

faced the need for an objective assessment of the financial condition, solvency and reliability of its partners, constant monitoring of the quality of settlement and financial transactions and payment discipline.

An important task of analyzing the efficiency of using working capital is to calculate the influence of various factors on this indicator.

Main external factors that influence the size and speed of turnover of the enterprise’s working capital are:

Scale of activity of the enterprise (small business, medium, large);

The nature of the business or activity, i.e. industry affiliation of the enterprise;

Duration (number and duration) of technological operations for the provision of services;

Quantity and variety of resource types consumed;

Geography of product consumers, suppliers and subcontractors;

Payment system for goods, works, services;

Customer solvency;

Quality of banking services;

Product sales growth rate;

Share of added value in the price of the product;

Accounting policy of the enterprise;

Qualification of managers;

Inflation.

In addition to external factors, the amount and speed of turnover of working capital is influenced by internal factors arising as a result of the economic activities of a trading enterprise.

The most common reasons for the lack of working capital for trade enterprises and associations are:

Failure to fulfill the trade turnover plan, violation of its commodity structure;

Slowdown in turnover;

Exceeding the standard for inventory and failure to take timely measures to normalize it.

Thus, all shortcomings in economic activity to one degree or another affect the situation with working capital.

The state of accounts receivable, their size and quality have a significant impact on the financial condition of enterprises. The financial situation of trading enterprises and organizations is deteriorating due to the diversion of their own working capital to cover accounts receivable and other non-standardized assets. This situation must be overcome. Subject to settlement and contractual discipline, trading organizations should not have significant accounts receivable on their balance sheets, as this leads to an unscheduled diversion of working capital from their direct purpose, to

delays the turnover of working capital and disrupts normal solvency.

Banking institutions consider trade organizations that are not provided with working capital in the established amounts as poorly performing and may change their lending regime. For such organizations, the reasons that led to the lack of their own working capital are analyzed more thoroughly, and measures are developed to replenish them to the standard. If a trading organization does not have internal sources to replenish the lack of its own working capital, then the bank can, as an exception, issue a short-term loan. In the process of studying the factors that influenced the change in turnover

funds, use data from the financial plan of a trading organization, and its validity is checked.

3.6. Comparative analysis of the use of working capital.

1) enterprises whose own working capital meets the standard;

2) enterprises experiencing a shortage of working capital;

3) enterprises with excess working capital.

The balance sheets of enterprises of the second and third groups are subject to more careful study. Enterprises of the second group may experience a shortage of working capital as a result of a discrepancy between standards and the actual volume of economic activity or, which is more common in practice, as a result of failure to fulfill the turnover plan, overexpenditure of the estimated distribution costs, or shortfall in income.

The study of working capital for a group of poorly performing enterprises is aimed primarily at identifying and eliminating the causes of financial tension.

Based on the analysis of the balance sheets of enterprises in this group, the issue of allocating funds for the temporary replenishment of their own working capital to those enterprises that really need it is resolved. The allocation of additional working capital to poorly performing enterprises should be accompanied by the development of measures to improve their financial and economic activities.

Enterprises of the third group achieve an excess of their own working capital, as a rule, by exceeding income targets, which is the main source of their formation. When analyzing

balance sheets of such enterprises identify best practices and disseminate them to other enterprises. At the same time, in the process of analysis and based on its results, the issue of rational use of working capital is resolved. They must be directed to the further development of trade turnover, to production and social development, since the replenishment of the standard of own working capital is carried out from the production and social development fund.

Conclusion.

The economy of our country is developing according to the laws of the market. In a market economy, financial analysis is one of the main tools for influencing the economy. The increasing role of financial analysis in a market economy is associated, first of all, with the main principle of the market: cruelty. The market lives by a very strict law: the survival of the fittest. And the strongest business entity on the market is one that has good financial condition (not only a lot of money, but most importantly no debts). Achieving good financial health requires, among other factors, systematic financial analysis as a comprehensive analysis of all business activities. Financial analysis is a deep, scientifically based study of financial relations and the movement of financial resources in a single production and trading process. One of the most important tasks of analyzing the financial condition of an economic entity is to study the efficiency of the use of financial resources.

The financial condition of an economic entity is a characteristic of its financial competitiveness (i.e., solvency, creditworthiness), the use of financial resources and capital, and the fulfillment of obligations to the state and other economic entities. The movement of any commodity and material assets, labor and material resources is accompanied by the formation and expenditure of funds. Therefore, the financial condition of an economic entity reflects all aspects of its production and trading activities.

Fixed and working capital are the most important components of the capital of any enterprise that are necessary for the implementation of its economic activities. Thus, the results of the financial and economic activities of enterprises largely depend on the rational, efficient use of fixed and working capital.

Fixed assets of a trading enterprise are tangible assets of production and non-production purposes, functioning and developing in the industry, necessary for the rational and systematic implementation of production functions of trade services to the population, creating conditions for highly productive labor of trade workers. To increase the efficiency of using fixed assets, it is necessary to introduce progressive forms of trade, improve the supply of goods to the retail network, and more fully study the demand of the population.

Trade as a branch of economic activity differs from other industries in its high need for working capital. The need for working capital is determined by three main items of current assets: inventory, inevitable accounts receivable, necessary funds and, in addition, stocks of low-value and wearable items (containers, packaging materials, utensils), fuel and materials used in technological processes of trade and when transporting goods. Rational use of working capital and acceleration of their turnover improve the financial position of trading enterprises and organizations and make it possible to fulfill and exceed the turnover plan, and thereby increase profits.

In addition, to improve the financial position of the enterprise it is also necessary:

Monitor the ratio of accounts receivable and accounts payable. Since a significant excess of accounts receivable poses a threat to the financial stability of the enterprise and makes it necessary to attract additional sources of financing;

If possible, focus on increasing the number of customers in order to reduce the risk of non-payment;

Monitor the status of settlements on overdue debts. In conditions of inflation, any deferment of payment leads to the fact that the enterprise actually receives only part of the cost of the services provided.

Bibliography:

1. 1. M. S. Abryutina “Economic analysis in trading activities”, M.: Publishing House “Delo and Service”, 2000.
2. M. I. Bakanov “Theory of economic analysis”, M.: “Finance and Statistics”, 1997
3. M. I. Bakanov “Analysis of economic activity in trade”, M.: “Economy”, 2000.
4. I. T. Balabanov “Analysis and planning of finances of an economic entity”, M.: “Finance and Statistics”, 1998.
5. G. P. Borisov “Analysis of economic activity in trade”, M.: “Economy”, 1999.
6. L. I. Kravchenko “Analysis of economic activity in trade”, Minsk: “Higher School”, 1995.
7. N. P. Lyubushkina “Analysis of the financial and economic activity of an enterprise”, M.: “UNITY-DANA”, 1999.
8. G. V. Savitskaya “Analysis of the economic activity of an enterprise”, Minsk: LLC “New Knowledge”, 2001.
9. A. N. Solomatin “Economics and organization of activities of a trading enterprise”, M.: “INFRA-M”, 2000.
10. A. D. Sheremet “Methodology of financial analysis”, M.: “INFRA-M”, 1999.

"Accounting", N 10, 1999

The Ministry of Economy of the Russian Federation, by Order No. 118 dated October 1, 1997, approved Methodological Recommendations for the reform of enterprises (organizations). They include several sections, including methodological recommendations for the development of supply and sales, pricing, financial, investment and personnel policies. They guide enterprises to improve the efficiency of their activities through the consistent implementation of production process management functions and the full use of modern management methods and management tools.

Unfortunately, in these documents the problem of managing working capital, accounts payable and receivable is only slightly touched upon. The concept of working capital cannot be limited to cash and marketable securities, but should also include inventories, work in progress, finished products, goods, and accounts receivable.

During the management of working capital, it is customary to control: the volume and structure of working capital, their dynamics by type, as well as in comparison with turnover; compliance of normalized working capital with standards, size and reasons for deviations; changes in the composition and value of regulated and non-standardized working capital, their causes and consequences; indicators of economic efficiency of using working capital over time.

An analysis of the volume and structure of working capital, dividing them into standardized and non-standardized, is carried out according to the balance sheet in comparison with the beginning of the reporting period. In the process of analysis, it is advisable to study the change in rationed funds during the reporting period, both as a whole and for individual elements: inventories of goods in a warehouse, in a distribution network, in transit, cash and securities in the cash register, goods shipped under commission and commission agreements, services provided, other assets (inventory, materials for own needs, packaging). Then you need to analyze non-standardized working capital: cash in the current account, accounts receivable, and other funds. Particular attention should be paid to changes in the absolute amount and specific value of funds invested in goods shipped and accepted for safekeeping, including under commission and commission agreements, as well as accounts receivable. For processing enterprises, the duration of the operating cycle is of particular importance, which is associated with the temporary immobilization of current assets. It is necessary to monitor whether the profitability of the processed goods covers the costs associated with immobilization and maintenance of the production process, or whether these costs are compensated by the profitability of other goods. That is, it is necessary to control the exit of production costs from the break-even framework of the financial activities of the enterprise as a whole. As a result of the analysis, shortcomings in the placement and use of economic assets are identified, and measures to eliminate them are outlined. It is noteworthy that the growth rate of normalized working capital may be higher than the growth rate of trade turnover as a result of a rapid increase in cash and other assets. At the same time, the growth of funds invested in inventories of goods may correspond to or be lower than the growth rate of trade turnover. In this case, it is necessary to determine the feasibility of the existing ratio in the use of household resources.

Based on the results of financial activities, it is useful to study the trend of releasing or attracting additional working capital. To determine the savings in working capital due to the acceleration of their turnover, the need for current assets for the reporting period is established based on the actual revenue and turnover rate for the previous period.

By increasing working capital through borrowed funds, the company needs to monitor the growth rate of current assets and accounts payable; in addition, it is very important to plan the receipt of funds into the current account before repaying the loan. This problem is especially relevant when accounts payable need to be returned without waiting for the completion of the operating cycle for the current project.

From an economic point of view, the turnover ratios of inventory, accounts receivable, cash, and securities are quite important. They serve as the initial data for calculating the efficiency of using working capital of a trading enterprise. Accelerating asset turnover leads to the release, i.e. to saving money, reducing fixed costs in specific terms, and increasing liquidity. It is advisable to study how the turnover of standardized funds changed in the reporting period compared to the previous one, which led to a slowdown in the turnover of funds invested in inventories of goods or other elements of working capital, since as a result of a slowdown in turnover, additional funds are involved in economic turnover:

Qf
Delta E = ---- x (Tob.act. - Tob.plan.),
t

where Qf is the turnover of the current period; Tob.fact. - the duration of one revolution of the current period; Tob.plan. - the duration of one revolution of the previous period.

Operational analysis allows you to determine the rhythm of product sales over a specific period of time. The rhythm coefficient, calculated as the ratio of daily actual trade turnover to basic indicators, and seasonality analysis make it possible to predict consumer demand and build a supply and sales policy accordingly.

The main reason for creating reserves is that it is neither theoretically nor practically possible to combine the moments of the end of the formation of the necessary resources and the beginning of their consumption. It, in turn, comes down to organizing the storage of inventories and supply of products, which is associated with certain costs. Storage costs consist of the costs of renting a warehouse, depreciation of your own warehouse, as well as losses from the immobilization of funds. The costs of supplying a separate batch include the costs of transportation, security, insurance, delivery registration, etc. The desire to reduce the cost of storing inventories entails an increase in the number of deliveries, which automatically increases the costs of maintaining the latter. Moreover, storage costs are several times less than the costs of supplying products.

The essence of inventory management tasks lies precisely in deciding, in relation to a specific economic situation, when to stock and how much to stock in order to satisfy existing needs in a timely manner and in the required amount and at the same time ensure a minimum of total costs for storage and supply of individual batches of commodity resources. The following elements appear as input data in inventory management models: intensity of demand over time, organization of inventory replenishment, unit costs for storage and delivery of individual batches of stored resources, and sometimes unit costs due to shortages.

If the model is built, then it can be used to find the values ​​of such control parameters that provide the optimal value of the quality criterion for the given initial data. To simplify the process of analyzing them and finding the optimal management strategy, the whole variety of economic and mathematical models of inventory management can be reduced to several types. The first place among them is rightfully occupied by the so-called classical economic and mathematical model of inventory management with the condition of constant demand over a certain period.

The control parameter of the classical model is one: the number of deliveries or the size of one delivery. The objective function in the classical model has the following form:

E = S x n + Ct x v: 2,

where Ct - specific storage costs; S - costs for 1 delivery; v - delivery size; n - number of deliveries.

The problem of inventory management within the framework of the classical model comes down to finding such values ​​of v and n at which the total demand (Q) would be satisfied completely and in a timely manner during a certain period and at the same time the value of the objective function (E) would be minimal. If the number of deliveries in the planning period is known, then the size of the supply will be: v = Q: n. To determine the value of the argument at which the target function takes its minimum or maximum value, you need to calculate the first derivative of this function with respect to this argument, equate it to zero and thus solve the equation for the unknown. By applying this rule of mathematical analysis to the objective function, we can obtain the following formula for calculating the optimal batch size:

_____
/2SQ
vopt. = / ----- .
/Ct

Using this expression, it is easy to obtain a formula for calculating the optimal supply quantity.

If a trade organization promptly purchased goods, the quality, quantity and assortment of which correspond to the demand of the population, the circulation of funds ends with the sale of products. At this stage of circulation, it is important to correctly set the level of sales prices and, accordingly, the trade markup in order to reimburse distribution costs, pay taxes and make a profit. The size of the trade markup is determined by the enterprise itself, depending on market conditions, quality and consumer properties of the product.

Pricing principles mainly pursue two goals: maximizing current profits and minimizing costs. At the same time, the general approach - the higher the price, the greater the profit - does not always justify itself, since the entrepreneur, as well as the financial result, is usually interested in the inventory turnover period. At the same time, revenue from the sale of goods is determined not only by the price, but also by the quantity of goods sold at this price. Thus, a reduction in prices, due to which the quantity of goods sold sharply increases, not only increases profits, but also has a positive impact on other indicators of the trading organization’s activities: the share of fixed distribution costs in the cost of production decreases, and cash turnover accelerates.

Trading enterprises that have gained a foothold in the market, as a rule, become larger over time, and this leads to an increase in the share of fixed costs (the number of employees increases and, accordingly, the costs of wages, tax deductions and payments to extra-budgetary funds, payment of interest on loans, and also purchase or rental of commercial equipment, etc.) in the totality of distribution costs and, as a consequence, to a certain risk of dependence on the volume of revenue at a low level of profitability.

Let us assume that the average price for products sold consists of the following components: c + s + p, where c is the share of fixed costs (rent of premises, equipment, depreciation, official salaries, etc.); s is the share of variable costs (purchase cost of products, transportation costs, wages, taxes on margins) and p is the share of business profit in sales revenue. Then the minimum amount of revenue (Qmin) that will cover the given fixed costs C.

This ratio can be used from the point of view of assessing the financial stability of an enterprise. The margin of financial strength shows how much reduction in revenue from product sales a trading enterprise can withstand without a serious threat to its financial position.

Example. A retailer has inventory and other variable costs of $70,000. units, fixed costs in the form of salaries, depreciation, payment for electricity and rent of premises - 25,000 den. units Let us determine the minimum monthly profit that, under given conditions, will provide a profit of 5,000 den. units For these conditions, revenue from the sale of inventories must be at least 100,000 den. units Otherwise, the share of profit will first be reduced, and then fixed and variable costs will not be reimbursed. Factors for the emergence of such a situation may include an economic crisis, an unsuccessful choice of location for a retail trade enterprise, or the successful policies of competitors.

Thus, with an increase in revenue, the share of conditionally fixed costs decreases and the profitability of the enterprise increases, and this, in fact, is a reserve for increasing the efficiency of use of current assets.

M.I.Bakanov Professor

E.A.Sergeev

Economist

Moscow State

university of commerce

Industrial stocks at the enterprise are divided into current, insurance (warranty), technological (preparatory), seasonal and transport.

The current stock is necessary for the normal operation of the enterprise between next deliveries:

Ztek = Mn * Tin,

where Mn is the average daily consumption of material; Tin - delivery interval.

Since the current stock reaches its maximum value only at the time of delivery and is subsequently reduced, half of the stock is taken into account when calculating the cost of creating the current stock.

Safety stock, as a rule, is always less than the current one:

Zstr = Mn (To + Ttr + Tpr + Tpod),

where To is the time to ship the material to suppliers; Тtr - transportation time; Tpr - time for acceptance of material by the consumer; Tpod is the time to prepare the material for production.

The norm of transport stock is determined by the distance of the enterprise from the supplier, the average speed of cargo movement and the time for completing documentation. The amount of working capital contained in cargo while it is in transport is determined on an average annual basis as follows:

where Q is the annual volume of cargo transportation, t; p - price of 1 ton of cargo, rub.; TD - cargo delivery time; 360 is the number of days in a year taken into account.

The stock rate of individual materials is determined by summing up current, insurance, seasonal, technological and transport stocks.

The inventory standard is determined as follows:

where Ms is the consumption of materials during the planning period, rub.; Tpl - planning period in days (quarter, year); NZ - material supply rate, days.

The working capital standard for work in progress is determined as follows:

where Nn.pr – work-in-progress standard; Nt – commercial products at factory cost for the planning period; Tpl – duration of the planning period; Tc - duration of the production cycle; Knz - coefficient of increase in costs in work in progress.

The cost increase ratio is the ratio of the average size of work in progress to the cost of production.

The working capital ratio at the end of the planning period is determined as follows:

Nn.pr.k = Nn.pr.n + (V – Nt) ,

where Nn.pr.k is the work in progress standard at the end of the period; Nn.pr.n - ​​work in progress standard at the beginning of the period; B - cost estimate for the planned period; Nt - commercial products for the planned period at the planned cost.

The efficiency of using working capital is characterized primarily by its turnover. The duration of one revolution in days Tob is the following ratio:

where Sob is the average balance of working capital for the analyzed period; T - number of days of the analyzed period; Np - revenue from sales of products for the analyzed period.

The average balance of working capital Sob is defined as the average chronological moment series, calculated from the totality of indicator values ​​at different points in time.

The capital turnover ratio characterizes the amount of revenue from product sales per one ruble of working capital:

The turnover ratio simultaneously shows the number of turnovers of working capital for the analyzed period and can be calculated by dividing the number of days of the analyzed period by the duration of one turnover in days:

The coefficient of loading of funds in KZ turnover characterizes the amount of working capital advanced per one ruble of proceeds from sales of products:

The lower the load factor, the more efficiently working capital is used.

We will consider the analysis of working capital turnover based on data for the analyzed enterprise (Table 19). According to Table 19, it can be seen that the turnover of the enterprise’s working capital over the year accelerated by 3.9 days – from 51.2 to 47.3 days. This led to an increase in the funds turnover ratio by 0.6 - from 7 to 7.6 and a decrease in the load factor of funds in circulation by 1.08 kopecks. – from 14.23 to 13.14 kopecks.

Let us determine the magnitude of the economic effect obtained from accelerating the turnover of working capital:

Thus, the total amount of working capital savings from the total revenue is 5948.96 thousand rubles.

Table 19

Analysis of working capital turnover