Question 3 The purpose and objectives of economic analysis The purpose of economic analysis of the financial and economic activities of organizations is to find and measure reserves to improve production efficiency, increase competitiveness and financial stability. Tasks

Question 24 The purpose and objectives of the analysis of the state and use of labor resources The purpose of the analysis is to identify reserves of more rational use the number of employees and their working hours, increasing labor productivity and the efficiency of using the fund

Question 33 The purpose, objectives and information base of the analysis of production and sales of products The purpose of the analysis is to identify reserves for growth in production and sales of high-quality and cost-effective goods. Analysis tasks: analysis of the dynamics of the level of production and

Question 39 The purpose, objectives and information base of cost analysis for the production and sale of products The purpose of the analysis is to identify reserves for cost reduction and give a reasonable calculation of the projected cost value. Tasks and sequence of carrying out

Question 45 Purpose, objectives and information base for the analysis of financial results Purpose internal analysis financial results - to identify reserves for profit growth and profitability of the enterprise to increase its competitiveness and financial

Question 53 The purpose, objectives and content of the analysis of the investment activity of the organization Investment activity is a set of measures for investing funds in construction, land, technology, machinery and equipment, intellectual values,

Question 63 The purpose, objectives and information base of the analysis of the financial condition The purpose of the analysis of the financial condition is to identify on-farm reserves to strengthen the financial position and increase the solvency of the organization. Tasks

11.1. Tasks, directions, techniques and types of analysis of the financial condition A reliable and objective assessment of the financial condition is necessary both for the owners and management of the organization, and for external users (banks, investors, suppliers, tax authorities, etc.).

In this article, we will talk about what constitutes a financial analysis of an enterprise and what should be considered when conducting it.

You will learn:

• What are the goals of the financial analysis of the enterprise.
• What methods are used to conduct financial analysis of the enterprise.
• How is the analysis of the financial condition of the enterprise using coefficients.
• In what order is the analysis of the financial activity of the enterprise.

The objectives of the financial analysis of the enterprise

• Study economic processes and understand how they are related to each other.
• Scientifically substantiate plans, make correct ones management decisions and objectively evaluate the results of their achievement.
• identify positive and negative factors affecting the operation of the enterprise.
• Reveal the trends and proportions of the company's development, identify untapped reserves and economic resources.
• Summarize best practices and develop proposals for the implementation of effective solutions in the activities of a particular organization.

Financial analysis of the enterprise will not necessarily reveal the factor due to which the business may fall apart. However, only an analysis of the financial stability of the enterprise will help to understand why things began to go worse. The results will make it possible to identify the most vulnerable places in the company's economy, outline effective ways to solve problems and overcome the crisis.

The main goal of the financial analysis of the enterprise is the assessment of internal problems, as well as the development, justification and adoption, based on the results obtained, of decisions on the rehabilitation of the business, exit to bankruptcy, acquisition or sale of a company / shareholding, attraction of borrowed funds (investments).

Additional tasks that the analysis will help solve

• Evaluate the implementation of the plan for the receipt of funds and their distribution from the standpoint of improving the financial position of the company. The assessment is carried out on the basis of studying the relationship between indicators of the financial, production and commercial activities of the company.
• Predict economic profitability and financial results, taking into account the real situation of the enterprise, the availability of borrowed and own funds and the developed models of financial condition (subject to the existence of different options for using resources).
• Develop certain activities carried out with the aim of more efficient use of monetary assets and strengthening the financial position of the organization.

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The main sources of financial analysis of the enterprise

Basically, data for financial analysis is taken from such sources as:

• balance sheet (form No. 1). This is a form of financial statements that reflects the state of the company's economic assets and their sources in the financial assessment on a certain date. The balance sheet includes two components - an asset and a liability, and their totals should be equal;
• report on financial results (form No. 2);
• cash flow statement (Form No. 4);
• other forms of reporting, data from primary and analytical accounting, deciphering and detailing individual balance sheet items.

Financial statements is a single system of indicators, looking at which the experts understand the property and financial condition of the enterprise, what results it has managed to achieve. The basis for the preparation of financial statements is accounting data based on the results of the reporting period and as of the reporting date in accordance with established forms. On the composition, content, requirements and other methodological foundations accounting statements are stated in the accounting regulation “Accounting statements of the organization” (PBU 1 - PBU 10), approved by the Ministry of Finance of the Russian Federation with subsequent changes. In accordance with this provision, financial statements must include interrelated balance sheet data that form a single whole, a profit and loss statement, as well as explanations for them.

The balance sheet consists of 6 sections, these are:

1. fixed assets;
2. current assets;
3. losses;
4. capital and reserves;
5. long-term liabilities;
6. short term liabilities.

Assets are called balance sheet items that reflect the composition and placement of the company's economic assets (fixed and working capital) on a certain date.

Liabilities are balance sheet items that characterize the sources of the formation of economic assets, that is, obligations to the state, shareholders, suppliers, banking institutions, etc.

The names of individual chapters and articles in the balance sheet correspond to the classification of the economic assets of the organization and their sources on an economic basis. Information about numerous classification groups is detailed, making them more analytical. The aggregate indicator of financial statements is followed by its disaggregation through the listing "including". This makes balance sheet information more meaningful and understandable to a wide range of users, even to those who know little about the scheme for generating this data.

Investors and analysts pay special attention to form number 2, because it includes dynamic information about the significant success of the company and allows you to understand what aggregate factors and on what scale the company operates. Based on the data of form No. 2, it is possible to assess the financial condition of the company both in terms of the total volume in dynamics and in structure, as well as to conduct a factor analysis of profit and profitability.

As for the traditional financial indicators generated in the accounting system and reflected in the accounting (financial) statements, the problematic aspects of their use are associated with a number of specific restrictions:

• the value of financial indicators can be measured using accounting methods, asset valuation methods, the application of the norms of the Tax Code of the Russian Federation for accounting purposes, which is especially common in accounting practice in the Russian Federation. This distorts the amount of expenses, profits and indicators derived from them;
• on the basis of financial indicators, one can judge past events and past facts of economic activity;
• financial indicators are distorted by inflation, they are easy to disguise and falsify;
• financial indicators that are reflected in the accounting (financial) statements and the coefficients derived from them are too general, and therefore it is not possible to use them at all levels of enterprise management;
• on the basis of accounting (financial) statements as an information source for calculating relative financial indicators, it is impossible to fully judge the value of assets. The reporting does not include information about all income-generating factors associated with intellectual capital;
• based on profit as an accounting performance indicator, it is difficult to evaluate long-term management decisions.

If the analysis of the financial performance of an enterprise is carried out based only on accounting and reporting data, it may be unreliable, since these data are not operational.

Indicators of the financial position of the company are formed primarily on the basis of the database management accounting, or internal workflow. But at the same time, a number of confidential restrictions appear, and the information that is the basis for the analysis, as well as its results, turns into trade secret, and outside stakeholders cannot access them directly.

The analysis of the financial results of the enterprise, based on indicators of management accounting, has a visible advantage. This is the degree of its spatial and temporal detail, formed initially taking into account the requirements and wishes of the enterprise regarding the direction of segmentation and the frequency of measurements (hour, day, week, month, and so on). AT this moment The most appropriate analysis period is 1 month. In this case, the information remains relevant and is sufficient to determine trends in the change in the economic situation of the company.

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The operational aspects of the analysis of the financial activity of the company are expressed in monitoring the status of receivables and payables, substantiating the most optimal forms of settlements with counterparties, maintaining the balance of funds required for everyday payments, analyzing the turnover of individual elements of working capital, tracking indicators of operating and financial cycles, analysis financial budgets and evaluation of their implementation. These tasks are solved in the course of current financial activities, thanks to which the company controls the implementation of the management decisions made, maintains its economic position at a decent level and remains solvent.

The strategic aspects of the financial activity of the enterprise relate primarily to the application of the methodology of financial analysis in the development and justification of the strategy for its growth. As you know, a business cannot develop if investment programs are not implemented, there is no financial support for them, there is no proper return on investment, and the company is financially unstable. The strategic aspects of the financial analysis of the enterprise also include the justification of the dividend policy and the distribution of profits after taxes. At the moment, the strategic issues of financial analysis are becoming increasingly important, since the concept of managing the value of the company and the need to analyze strategic risks are being introduced into administrative practice.

Among other things, solutions for financial management are also accepted by the enterprise on the basis of studying the external working conditions, assessing its position in the capital market, external analysis the financial condition and business activity of existing and potential counterparties from the standpoint of the rationality of establishing and further conducting business communication and interaction with them.

The most common methods of financial analysis of an enterprise

There are 6 types of financial analysis of an enterprise, these are:

1. horizontal (temporary), within which each reporting position is compared with the previous period;
2. vertical (structural) when they reveal specific gravity individual articles in the final indicator, taken as 100%;
3. trend, during which each reporting position is compared with previous periods and the main trend in the dynamics of the indicator is revealed, cleared of random influences and individual characteristics preceding individual periods. Using the trend, specialists form the probable values ​​of indicators in the future, respectively, conduct a prospective predictive analysis;
4. analysis of relative indicators(coefficients). Here, the ratios between the individual reporting positions are calculated and how they are related to each other;
5. comparative (spatial) analysis. In this case, analyze the reporting indicators of subsidiaries and structural divisions, as well as competitor data and industry averages, etc.;
6. factorial, in which they analyze how individual factors (reasons) affect the resulting indicator. At the same time, a distinction is made between direct factor analysis (direct analysis), which implies splitting the resulting value into a number of components, and reverse (synthesis), when individual parts are combined into a single indicator.

Consider the types of financial analysis of enterprises in more detail.

1. A vertical, or structural, analysis of the financial and economic activities of an enterprise involves determining the structure of the final financial indicators (the amounts for individual items are taken as a percentage of the balance sheet currency) and identifying the impact of each of them on the outcome of the activity. When moving to relative indicators, it is possible to carry out inter-farm comparisons of the economic potential and performance of companies using resources of different sizes, as well as smooth out the negative impact of inflation, which distorts the absolute reporting indicators.
2. The basis of horizontal analysis is the study of the dynamics of individual financial indicators over time. In this case, it is revealed which sections and articles of the balance sheet have changed.
3. The basis of the analysis of financial ratios is the calculation of the ratio of different absolute indicators of the financial activity of the company. Information is taken from the financial statements of the company.

The most important indicators of the financial activity of the enterprise include the following groups:

• liquidity;
• financial stability and solvency;
• profitability;
• turnover (business activity);
• market activity.

When analyzing financial ratios, remember a number of important points:

• the size of financial ratios largely depends on the accounting policy of the company;
• due to the diversification of activities, it is more difficult to conduct a comparative analysis of coefficients by industry, since standard values can vary greatly for different areas of the company;
• normative coefficients, on the basis of which the comparison is made, may not be optimal and may not correlate with the short-term objectives of the period under study.

1. In a comparative financial analysis, the values ​​of individual groups of similar indicators are compared, namely:

• company performance and industry averages;
• the performance of the company and these values ​​of its competitors;
• indicators of the company as a whole and its individual divisions;
• reporting and planned indicators.

1. Thanks to the integral (factorial) financial analysis, it is possible to more deeply assess the financial position of the company at the moment.

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Practitioner tells

Analysis of the financial condition of the enterprise by responsibility centers

Andrey Krivenko,

ex-financial director of Agama Group of Companies, Moscow

Our company is a distributor of deep-frozen products. To manage sales volume in this area, first of all, they regulate the timing of receivables and negotiate discounts with buyers. That is why it is extremely important to manage the financial condition of the company.

An analysis of the financial and economic activities of an enterprise is carried out when budgets are formed, the causes of deviations of current indicators from those planned are identified, plans are adjusted, and individual projects are calculated. The main tools here are horizontal (tracking changes in indicators in dynamics) and vertical (structural analysis of articles) analysis of management accounting reporting documents. It is also necessary to calculate the coefficients. Such financial analysis is carried out for all major budgets: BDDS, BDR, balance sheet, sales, purchases, inventory budgets.

Horizontal financial analysis of the enterprise is carried out every month by items in the context of responsibility centers (CR). At the first stage, the share of certain expense items in the total amount of DH costs and the compliance of this share with the current standards are calculated. Next, variable costs are compared with sales volume. Then the values ​​of the two indicators are compared with their values ​​in previous periods.

The annual business expansion is approximately 40–50%, and it makes no sense to analyze data from two or three years ago, and therefore, as a rule, they evaluate information for the last year at most, taking into account the growth of the enterprise. At the same time, they check how the actual values ​​of the monthly budget correspond to the planned annual ones.

Analysis of the financial condition of the enterprise using coefficients

The main indicators on the basis of which one can judge the financial condition of the company are solvency and liquidity ratios. That is why the analysis of the financial performance of this type of enterprise is very important.

It should be noted that solvency is a broader concept than liquidity. Solvency is the ability of the enterprise to fully fulfill its payment obligations, the presence of financial resources in the necessary and sufficient amount. As for liquidity, here we are talking about the ease of sale, sale, and the transformation of property into money.

The solvency and liquidity of the enterprise is determined mainly on the basis of coefficient analysis. First, let's understand what a financial ratio is.

A financial ratio is a relative indicator, which is calculated as the ratio of individual balance sheet items and their combinations. The coefficient analysis is carried out on the basis of the balance sheet, that is, according to the data of forms 1 and 2.

In the economic literature, ratio financial analysis is the study and analysis of the financial statements of an enterprise using a set of financial indicators (ratios) that characterize the position of the business. This type of research is carried out in order to describe the activities of an economic entity according to some key indicators that allow assessing its financial condition.

1. Coefficients on the basis of which it is possible to judge the solvency of the company.

1. Coefficients reflecting the company's liquidity.

A financial analysis of the solvency of an enterprise, as well as its liquidity, is needed first of all in order to understand what the risk of a business is to become bankrupt. It should be noted that liquidity ratios have nothing to do with assessing the growth potential of an enterprise, but demonstrate its position at a given point in time. If the organization works for the future, liquidity ratios cease to be so significant. Therefore, it is necessary to assess the financial condition of the enterprise, first of all, by analyzing its solvency.

1. Coefficients that make it possible to judge the property position of the company.

1. Coefficients showing financial stability business.

The basis of the main coefficients used in assessing the financial stability of a company are the values ​​taken into account for the purposes of analysis: equity(SC), short-term liabilities (CO), borrowed capital(ZK), own working capital (SOK). These indicators are calculated using formulas based on the codes of the balance sheet lines:

• SK = Kiri + DBP = p. 1300 + p. 1530
• KO = line 1500 - line 1530
• ZK \u003d TO + KO \u003d line 1400 + line 1500 - line 1530
• SOK \u003d SK - VA \u003d p. 1300 + p. 1530 - p. 1100

C&R here is capital and reserves (p. 1300); DBP - deferred income (line 1530); DO - long-term liabilities (line 1400); VA - non-current assets (line 1100).

When analyzing the financial performance of an enterprise, you need to remember that the normative and recommended values ​​were derived from the analysis of the work of firms in the West. They were not adapted to Russian realities.

You should also carefully consider the methodology for comparing coefficients with industry standards. If in developed countries the proportions were formed many years ago and all changes are continuously monitored, then in the Russian Federation the market structure of assets and liabilities is only being formed and there is no full-fledged monitoring. And if we take into account the distortions in reporting, continuous changes in the rules for its development, then it is rather difficult to derive reasonable new industry standards.

Next, they compare the values ​​of the indicators with the recommended standards and, as a result, evaluate whether the company is solvent, profitable, financially stable, and at what level of its business activity.

Practitioner tells

Proper planning is the key to the absence of a shortage of financial resources

Alexandra Novikova,

Deputy Head financial service SKB Kontur, Yekaterinburg

Most enterprises often face the problem of shortages. working capital. As a result, they have to apply loans (credits). Lack of finance is a consequence of incorrect planning of receipts and payments of money.

Our organization, in order to prevent such situations, applies budgeting in relation to the movement of financial resources. The largest percentage of all payments for a specific period falls on settlements with suppliers and agents. In this regard, even at the planning stage, we compare these costs with the receipt of finance from clients and see a probable surplus or deficit of the latter. By varying the timing of dividend payments to owners, we manage to achieve the optimal ratio between free cash and debt on loans.

Conducting a financial analysis of an enterprise: 6 stages

Stage 1. Formation of the purpose and context of the analysis

Being aware of your goals is especially important if you are going to do an analysis. financial efficiency enterprises, since there are many ways to do it, and the study uses a significant amount of data.

Some analytical tasks are precisely defined, and here you can do without the participation of an analyst. For example, a periodic assessment of an investment-debt portfolio or a report on the share markets of a particular enterprise can be performed on the basis of the provisions of institutional norms, that is, the requirements contain regulations, for example, Guidelines for analyzing the financial condition of organizations. We also note that the format, procedures and / or information sources may also be offered by domestic official documents of a legal and regulatory nature.

If other tasks of the financial analysis of the enterprise are set, the participation of an analyst is necessary to determine the main meaning of such a study. Based on the purpose of the financial analysis of the enterprise, the experts find out which approaches are best to apply, which tools, information sources to use, in what format to present the results of the work and which aspects to pay the most attention to.

If there is a large amount of information to be dealt with, an inexperienced analyst can simply start processing the numbers and create the output. But this approach is not the most effective, and it is better to exclude it so as not to get uninformative information. Consider the questions: what conclusion would you come to if you received a significant amount of data? What questions could you not answer? Which solution will support your answer?

The analyst at this stage should also determine the context. Who the target audience? What is the final product, for example, a final report with conclusions and recommendations? What period is chosen (what time period is taken for the financial analysis of the enterprise)? What resources and resource constraints apply to the study? And in this case, the context can also be predetermined (that is, to analyze in standard format set by institutional norms).

After identifying the purpose and context of the financial analysis of the company, the expert needs to formulate specific questions that he can answer in the course of work. For example, if an analysis (or some stage of a larger study) is being conducted to compare the historical performance of three businesses in the same industry, the questions would be: what was the relative growth rate of the businesses and what is their relative profitability; which organization shows the best financial result, and which works less efficiently than others?

Stage 2. Data collection

At this stage, the analyst collects information on the basis of which he can answer certain questions. Here it is very important to understand the specifics of the enterprise, to know the financial performance and financial condition (including trends over a long time period in comparison with similar companies). In some cases, it is possible to conduct a historical analysis of the financial and economic activities of an enterprise, based only on financial indicators. For example, they will be sufficient to sort out a large number of alternative enterprises with a certain minimum degree of profitability. But to address deeper issues, such as understanding why and how one firm performed weaker than its competitors, more information is needed.

It should also be noted that if you need to compare the historical performance of two companies in a particular area, you can limit yourself to historical financial statements. They will allow you to understand which company has grown faster and which company is more profitable to invest in. However, if we are talking about a broader comparison with general industrial growth and profitability, it is obvious that industry data will have to be used.

Economic and industrial data are also needed in order to better understand the environment where the company operates. Experts often use a top-down approach in which they, firstly, see the macroeconomic environment, the prerequisites for economic growth and inflation, secondly, analyze the development trends of the industry in which the company operates, and, thirdly, outline the prospects for the organization in its industry and global economic structure. For example, an analyst may need to forecast expected earnings growth for a business.

To determine the level of development of the company in the future, the historical data of the subject is not enough - they represent only one information component. However, if the analyst understands economic and industry conditions, he may well make a more detailed forecast of the business's future earnings.

Stage 3. Data processing

After the necessary financial statements and other information are obtained, the analyst should calculate these data using the appropriate analytical tools. For example, during data processing, you can calculate coefficients or growth rates, prepare a horizontal and vertical financial analysis of an enterprise, generate charts, perform statistical calculations, for example, using regression or Monte Carlo methods, evaluate equity, sensitivity, apply other analysis tools, or combine several of them, corresponding to the objectives of the work.

As part of a comprehensive financial analysis at this stage, you need to:

• get acquainted with the financial statements of each enterprise that you need to analyze and evaluate them. At this stage, they study accounting in the organization, analyze the methods used (for example, when generating information on income in the statement of financial results), made operational decisions, factors affecting financial statements;
• make the necessary adjustments to the financial statements to facilitate comparison; uncorrected reports of the studied enterprises differ in accounting standards, operational decisions, etc.;
• prepare or collect data for financial statements and financial ratios(which demonstrate different aspects of corporate performance, and the elements of the financial statements of the enterprise serve as the basis for their determination). Through horizontal-vertical financial analysis and financial indicators Analysts have the opportunity to examine relative profits, liquidity, leverage, performance, and enterprise valuation against past performance and/or competitor performance.

Stage 4. Analysis / interpretation of the processed data

After processing the data, the output information is interpreted. It is rarely possible to answer a clear question of financial analysis in the format of a single number. The basis of the answer to the analytical question is the interpretation of the results of the calculation of indicators. It is this response that is used to form conclusions and make recommendations. The purpose of the financial analysis of an enterprise is often to answer a specific question, but usually the expert must give an opinion or recommendation.

For example, the analysis of securities may have a logical conclusion in the form of a decision on the acquisition, preservation, sale of shares or a conclusion on the price of an equity share. To substantiate his conclusions, the expert can provide relevant information in the form of the target value of the indicator, relative or expected performance in the future, provided that the strategic position occupied by the enterprise at the moment, the quality of management and any other information important in making a decision is maintained.

Stage 5. Development and presentation of conclusions and recommendations (accompanied, for example, by an analytical report)

In this case, the analyst draws up a conclusion or recommendation in the format chosen by the company. The way the results are presented will be influenced by the analytical task, institution, or audience.

An investment analyst report may contain the following information:

• results and investment conclusion;
• business resume;
• risks;
• grade;
• historical and other information.

Compilation of financial statements may be regulated by relevant authorities or professional standards.

Step 6: Taking further action

Report generation is not the final stage. When investing in stocks or assigning a credit rating, the subject of analysis should be re-examined from time to time to determine whether the original conclusions and recommendations are relevant.

If there is no investment in shares, further monitoring is not required. But at the same time, it is useful to determine how effectively the analysis of the financial and economic activities of the enterprise was carried out (for example, with the efficiency and attractiveness of the rejected investment). Further actions in the process of analysis may be a repetition of the previously presented measures.

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The best books about financial analysis of the enterprise

1. L. BUT. Bernstein"Analysisfinancialreporting» - Financial Statement Analysis. Theory, Application, and Interpretation.

The manual is extremely useful for CFOs and accountants who want to better understand how to conduct a financial analysis of an enterprise and learn about recommendations for making decisions.

1. Svetlana Kamysovskaya, Tatyana Zakharova “Accounting financial statements. Formation and analysis of indicators. Tutorial".

The book describes the latest methodology for analyzing the financial condition of an enterprise and the most popular methods for its implementation. The authors also talk about the procedure for the formation of accounting reports.

1. Glafira Savitskaya "Analysis of the economic activity of the enterprise."

A useful guide written in simple and accessible language. Allows you to better understand what financial and ratio analysis of accounting reports is.

1. Benjamin Graham and Spencer B. Meredith "Analysis of the financial statements of companies."

Information about experts

Andrey Krivenko, ex-financial director of Agama Group of Companies (Moscow). Andrey Krivenko is the founder of the Izbenka and VkusVill grocery chains. From 2002 to 2004, he served as the head of strategic projects for the Regent holding. From 2004 to 2008 he worked financial director in the fish holding "Agama".

Alexandra Novikova, Deputy Head of the Financial Service of SKB Kontur, Yekaterinburg. SKB Kontur is a leading developer of online services for accounting and business. SAAS products from SKB Kontur are chosen by thousands of enterprises throughout Russia for filing reports, exchanging electronic documents and doing bookkeeping.