Economic effect from the acceleration of capital turnover. Consequences of acceleration (deceleration) of working capital turnover. Capital productivity. Non-current asset turnover ratio

Economic effect as a result of the acceleration of turnover, it is expressed in the relative release of funds from circulation, as well as in an increase in the amount of revenue and profit.

The amount of funds released from circulation due to acceleration (-E) or additional funds raised into circulation (+E) in the event of a slowdown in the turnover of current assets is determined by the following formula:

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(period of turnover of current assets of the reporting year - period of turnover of the previous year) (1)

Let's calculate the economic effect for 2005:

. (27.40-22.22) = + 7042.78 thousand rub.

Of great importance in the analysis of business activity is the duration of the operating and financial cycles (Table 3)

Table 3 Calculation and dynamics of turnover indicators

Indicators	Source information or calculation method	Last year (2005)	Reporting year (2006)	Change
1. Revenue from the sale of goods, works and services, thousand rubles.	Initial data			AAAAAAAAAAAAAAAAAAAAAAAAAAA
2. Cost of sold goods, works, services	Initial data
3. Average value of receivables, thousand rubles.	Initial data
4. The average value of reserves and costs, thousand rubles.	Initial data
5. Average value of accounts payable, thousand rubles.	Initial data
Turnover ratios
1. Accounts receivable turnover ratio
2.Duration of accounts receivable turnover, days
3.Inventory turnover ratio
4. Duration of inventory turnover, days.
5. Duration of the business cycle (operational cycle), days.
6. Accounts payable turnover ratio
7. Duration of accounts payable turnover, days.
8. Duration of the financial cycle

The table shows that in the period under review there is a decrease in the turnover ratios of receivables, inventories and accounts payable, as a result, an increase in the duration of turnover.

A decrease in the inventory turnover ratio and an increase in the duration of the turnover of stocks indicates a slow turnover of goods or a decrease in demand. In general, the lower the inventory turnover ratio, the more funds are tied up in this least liquid item, the less liquid the working capital structure is, and the less stable the financial position of the enterprise. The organization is interested in reducing the turnover periods for inventory and receivables and increasing the turnover period for accounts payable in order to reduce the turnover period working capital.

For the financial condition of the enterprise, it is favorable to receive a deferred payment from suppliers, employees of the enterprise, the state, since the deferred payment provides an additional source of financing. It is unfavorable to freeze part of the funds in stocks and provide deferred payments to customers. This gives rise to the company's need for financing. The turnover ratio of receivables is reduced due to the increase in the amount of receivables. The decrease in the inventory turnover ratio was affected by an increase in the value of inventories and costs. As a result, the duration of the business cycle increases by 15.38 days. The decrease in the turnover ratio of accounts payable was caused by an increase in the amount of accounts payable to a greater extent than the cost price increased. The duration of the financial cycle in 2005 has a value of 16.56, but in 2006 it increases by 15.38.

3.1 Consequences of acceleration (deceleration) of working capital turnover

As part of the study, in accordance with the studied methodology for the analysis of current assets, it is necessary to graphically present their structure (Fig. 3.1.), To determine their most significant components. In paragraph 2.1. current assets were studied in fragments, indicators of structure and dynamics for the analyzed period were calculated.

Rice. 3.1. Structure of current assets of Yuzhnaya Zvezda LLC

The graphical representation of the structure determines that the essential components of current assets are: short-term financial investments - 51%; goods for resale - 34%; accounts receivable - 11%. From the point of view of the type of activity of the object of study, we are more interested in receivables and goods for resale. Short-term financial investments, taking into account the data of financial statements, are loans provided to other organizations.

In 2007 specific gravity short-term financial investments decreased to 17%, still a significant share in the total amount of current assets belongs to goods for resale - 11%; the share of receivables in working capital also increased - up to 49%, which is already a negative point: in 2007, half of all working capital of the organization is used not for the purposes of economic turnover, excluded from it, which naturally reduces efficiency economic activity organizations.

AT modern conditions many enterprises experience a shortage of working capital, that is, a situation where the standard exceeds the amount of working capital. The reason for its occurrence may be the non-fulfillment of the plan for profit, the use of profit for purposes not provided for by the plan, untimely financing of the standard of working capital, diversion of working capital, i.e. immobilization.

The immobilization of working capital is their withdrawal from the continuous planned circulation. Any immobilization of working capital testifies to their inefficient use, leads to a slowdown in turnover and a deterioration in the solvency of the enterprise. It is necessary to distinguish between immobilization that has arisen as a result of the use of working capital for other purposes, that is, for purposes not at all connected with the circulation of funds, and immobilization that has arisen as a result of a slowdown in the circulation of funds at its individual stages.

The following main ways to accelerate the turnover of working capital can be distinguished:

At the stage of preparation for production - calculation of scientifically based norms and norms of working capital;

At the production stage - reducing the duration of the production cycle through automation, complex mechanization, the use of the latest scientific discoveries and technical inventions, the replacement of expensive materials with cheaper ones, the reuse of containers, tools, the rhythm of production, etc.;

At the stage of circulation - increasing the volume and ensuring the rhythm of the sale of products, which contributes to the uninterrupted shipment to customers and the timely receipt of funds for it to the current account; development of the settlement system in the national economy, timely execution of documents and strict adherence to payment discipline.

Turnover ratios help to determine how efficiently the company uses its assets and sources of their financing.

Turnover characterizes the amount of funds that the company must invest in the business for its normal functioning.

Turnover ratios help evaluate the effectiveness of not only enterprise management as a whole, but also individual services. Turnover analysis allows you to identify hidden capital reserves in the enterprise and thus sometimes refuse to use borrowed “paid” financing.

The financial position of an enterprise is largely determined by how quickly the funds invested in assets turn into real money. Accelerating the turnover of working capital allows either, with the same volume of sales, to release part of the working capital from circulation, or, with the same amount of working capital, to increase the volume of sales. In this regard, turnover rates are also called indicators of business activity. To assess the effectiveness of the use of assets, indicators of asset turnover in general, current assets, as well as inventories and receivables are used.

The turnover ratio of current assets reflects the number of turnovers committed by the property for the analyzed period. It is a stimulant indicator and therefore should tend to increase. It characterizes the efficiency of the enterprise's use of all available resources, regardless of the sources of their attraction. This coefficient shows how many times a year a full cycle of production and circulation is completed, bringing the corresponding effect in the form of profit.

The turnover for the analyzed periods from 2005 to 2006 increased from 2.58 to 3.41, and from 2006 to 2007 it sharply decreased from 3.41 to 1.96, which is a negative trend and indicates a fall the pace of turnover, sales, lowering the efficiency of resource use, the overall profitability of production, as well as increasing the instability of the financial condition of the enterprise. Moreover, the turnover decreased both due to the growth of current assets, and because of the decrease in revenue.

The duration of the turnover is a decoding of the turnover indicator and shows how many days current assets go through a full cycle. As a result of the acceleration of the turnover of working capital, there is a conditional release of working capital, that is, their savings. It is expressed in days and is calculated as follows:

Boa \u003d T / K vol.oa \u003d T x OA cf. / Revenues from sales; (2)

If in 2005 the period of one turnover was 141 days, then in 2006 it was 107 days, and in 2007 it was 186 days.

With a slowdown in turnover, there is an additional attraction of working capital to service production, that is, an overrun.

Additional attraction of working capital due to a slowdown in turnover is calculated as follows:

rOact \u003d (Boa 1 - Boa 0) x Comp.r 1 / T 1;

In 2005, the overspending of working capital amounted to 87552.5 thousand rubles, that is, these funds did not participate in the turnover, because of this, the efficiency of working capital use and the overall profitability of the enterprise decreased. In 2006, the overspending decreased by 280 times to 312.3 thousand rubles, but remained positive, which coincides with a slowdown in the rate of decline in the turnover of current assets and indicates a reduced, but ongoing decline in the efficiency of working capital use. In 2007, the additional attraction of current assets increased to 52,608.9 thousand rubles, which indicates a deterioration in the rationality of the enterprise's economic activity and an even greater decrease in the profitability of production.

The inventory turnover rate is one of the critical factors affecting the overall turnover of working capital. The inventory turnover period is the average period of time required for the transformation of raw materials into finished products and subsequent sale.

With an increase in inventory turnover, the period of one turnover decreases accordingly. Which is a positive change and indicates that the company uses resources rationally. Current assets are concentrated in liquid form and this leads to an increase in their turnover and an increase in profits.

With regard to the stocks of the organization: the speed of their turnover increases, which is a positive trend, the movement and change in the form of stocks occurs faster, which reduces the risk of deadening of funds in stocks; in 2005, stocks managed to complete one turnover in 61 days, in 2006 - in 42 days, in 2007 - in 30 days. The lower this indicator, the work more efficiently trade organization.

Since a significant proportion of Yuzhnaya Zvezda's inventory belongs to goods for resale, management should monitor the immobilization of working capital in the context of product groups. To do this, it is necessary to study the structure of goods for resale, monitor its changes on a quarterly basis. Due to insufficient data, we analyzed the structure of goods for resale only for 2007, the following results were obtained (Fig. 3.3).

Rice. 3.3. Inventory structure for resale by Yuzhnaya Zvezda LLC in 2007

As you can see, the largest share in the total value of inventory is occupied by flower crops - 45%; accessories for plants and planting material have approximately the same shares - 20% and 14%, respectively.

As a result of the analysis, we received the amount of additionally attracted working capital as a result of a slowdown in the turnover of current assets.

Table 3.1

Overspending of working capital as a result of a slowdown in the turnover of current assets (thousand rubles)

The system of generalizing and particular indicators of the turnover of working capital is based on two interrelated financial ratios: the turnover ratio and the duration of one turnover, characterizing the efficiency of the use of working capital, and in particular the turnover turnover of inventories, turnover and maturity of receivables, etc.

In terms of their content, turnover indicators are direct indicators of the efficiency of the resource type, i.e. characterizing the ratio of effect to costs. The original is applied as an effect. financial indicator- sales revenue. Quantitatively, the costs are expressed through indicators of advanced resources, which gives reason to attribute the turnover indicators to the resource type. In other words, turnover is characterized by a comparison of indicators of production volume and the value of advanced working capital.

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

External factors include: the scope of the organization; industry affiliation; the scale of the organization; the economic situation in the country and related business conditions.

Internal factors - the pricing policy of the organization, the structure of assets, the methodology for estimating reserves.

Reserves and ways to accelerate the turnover of working capital in a generalized form depend on two factors: production volumes, sales and the size of working capital. To speed up turnover, you need to:

To improve production and marketing, to normalize the allocation of working capital;

Fully and rhythmically fulfill business plans;

Improve the organization of production and marketing, introduce progressive forms and methods;

Improve settlements with suppliers and buyers;

Improve claims handling;

Accelerate the turnover of funds by improving the collection of proceeds, strict limitation of cash balances at the cash desks of the enterprise, on the way, on the bank account;

Minimize stocks of household materials, low-value and wearing items, inventory, workwear in the warehouse, reduce accountable amounts, deferred expenses;

Do not allow the growth of receivables.

The efficiency of the use of working capital of enterprises, therefore, depends primarily on their ability to improve the organization of production and marketing, to increase the level of commercial and financial work.

Particular attention is paid to the study of the causes identified for certain types of current assets and the development of measures to optimize them. The growth of inventories may be the result of shortcomings in the organization of trade, advertising, the study of customer demand, other marketing activities, the presence of unclaimed and slow production.

Large balances of cash on hand and on the way arise due to the irregular development of sales, untimely delivery of proceeds to the bank, unused funds and other violations of cash discipline. Excess balances of other inventory items are the result of the presence or acquisition of surplus and unnecessary materials, raw materials, fuel, low-value and wearing items, and other material assets. It is possible to reduce the stocks of goods, materials, raw materials, fuel to the optimal size through their wholesale or barter transactions, uniform and frequent delivery. The rhythmic development of trade turnover contributes to the normalization of the balances of goods and cash at the checkout on the way.

The economic effect as a result of accelerating the turnover of assets is expressed in the relative release of funds from circulation, as well as in an increase in the amount of revenue and the amount of profit.

The amount of funds released from the turnover due to acceleration is determined by multiplying the one-day sales turnover by the change in the duration of the turnover:

In the RCOP KSiK Institution, due to the acceleration of asset turnover by 23 days, there was a relative release of funds from circulation in the amount of 291.318 million rubles. ( ). If the capital turned around in 2008 not in 290 days, but in 313, as in 2007, then to ensure actual revenue in the amount of 4623 million rubles. it would be required to have in circulation not 3679 million rubles. current assets, and 3970 million rubles, that is, 1269 million rubles. more.

3. WAYS TO IMPROVE THE FINANCIAL STATE OF THE INSTITUTION "RCOP KSiK"

The analysis carried out at the enterprise showed that the organization is in a financial condition that is far from ideal for normal functioning. This is largely due to small profits, a low level of profitability, a large amount of long-term loans.

The organization is engaged in various activities (production, provision of services), one of which is agriculture, which occupies the most significant share in the structure of production. Despite the widespread development, unfortunately, agriculture in our country is, in most cases, unprofitable (regarding enterprises state form property), especially in the livestock sector.

In the analyzed organization, the level of profitability for various types of activities is positive and quite high, and for agriculture - negative. Livestock and crop production costs are high, and revenues are constrained by the level of purchase prices set by the state. In general, the loss Agriculture covered by profits from other activities. However, the share of agriculture in overall structure production is very high (more than 50%) and with full coverage of losses, the profit remains low.

To solve this problem, it was decided to reduce the volume of agricultural production. In 2007, the livestock farm was closed and the entire livestock of a large cattle. Every year, by a joint decision of the management of the organization and higher authorities, the area under crops is reduced, and more highly profitable crops (rapeseed, sugar beet) are grown.

In the future, the management of the organization plans to completely stop agricultural activities. Due to this, according to economic calculations and business plans, the profitability of the organization will increase significantly, which will bring the commercial structure of the organization to a new level, the level of stable financial stability.

However, since agriculture is a real sector of the economy for our country and confidently occupies a large niche in the structure of the country's economy, liberation from agriculture is completely impossible. In order to reduce the cost of agricultural production, it is necessary to carry out a number of measures:

Purchase of imported agricultural machinery, which is characterized by high productivity and lower consumption of fuels and lubricants, labor costs and more often requires repairs

Revise the wage system, increase the share of incentive payments, carefully select workers, set up strict work schedules to avoid production downtime.

Taking into account the seasonal nature of production (the main work falls on March-April, when sowing takes place, and July-August, when harvesting takes place), carry out seasonal reduction of workers while maintaining jobs.

Also, in order to make agricultural production profitable, it is necessary not to sell raw materials to the side, but to establish processing production. The established state purchase prices are valid for the sale of raw materials. However, in the production of products from agricultural raw materials, its cost is included in the costs at the actual cost, which makes it possible to recover the costs in full.

A stable financial condition is achieved with sufficiency equity, good asset quality, sufficient profitability, taking into account operational and financial risk, sufficient liquidity, stable income and broad leverage opportunities.

The study made it possible to make a number of proposals aimed at improving and restoring the financial condition of the enterprise. In order for U "RTsOP KSiK" to further increase its solvency, the management of the enterprise needs to take a number of measures to improve the enterprise:

Based on the results of the analysis of the financial condition of the RTsOP KSiK, the following recommendations can be made to improve the qualifications of the financial position of the enterprise:

â reduce, if possible, the company's debt, both receivable and payable: somewhat tighten the company's policy towards large debtors, releasing cash, look for new sources of own funds to pay off accounts payable, without resorting to borrowed funds and without dragging the company into a debt hole.

â monitor the status of settlements on overdue debts. In conditions of inflation, any deferred payment leads to the fact that the company actually receives only a part of the cost of the work performed, so it is necessary to expand the system of advance payments.

â strive to accelerate the turnover of capital, as well as to maximize its return, which is expressed in an increase in the amount of profit per ruble of capital. An increase in the return on capital can be achieved through the rational and economical use of all resources, preventing their overspending and losses. As a result, the capital will return to its original state in a larger amount, i.e. with a profit.

â the most efficient use of computer technology and the implementation of software that is most suitable for a given enterprise.

Thus, the above activities will contribute to the establishment of a stable financial condition of the RTsOP KSiK, which is of undoubted interest to potential investors; for banks providing credit; for the tax service; for management and employees of the enterprise.

CONCLUSION

Study of the problems of development and improvement of the methodology for assessing the financial condition in the context of the formation of a socially oriented market economy led to the following main conclusions and proposals:

One of the conditions for a stable financial condition of an economic entity is the timely identification and implementation of on-farm reserves. To do this, it is necessary to reveal and study the deep (primary) factors associated with taking into account the industry specifics of the trading process, which determine the improvement of the financial and economic activities of the organization.

Capital turnover indicators. Methodology for their calculation and analysis. Factors of change in the duration of turnover of total and working capital. The effect of accelerating capital turnover. Ways to reduce the duration of its turnover.

Since the turnover of capital is closely related to its profitability and serves as one of the most important indicators characterizing the intensity of the use of the enterprise's funds and its business activity, in the process of analysis it is necessary to study the indicators of capital turnover in more detail and establish at what stages of the circulation there was a slowdown or acceleration of the movement of funds.

It is necessary to distinguish between the turnover of the total aggregate capital of the enterprise, including fixed and circulating.

The capital turnover rate is characterized by the following indicators:

turnover ratio (K about);

duration of one revolution ( P about).

Capital turnover ratio calculated by the formula:

The reciprocal of the capital turnover ratio is called capital intensity (Ke):

Duration of capital turnover:

where D - the number of calendar days in the analyzed period (year - 360 days, quarter - 90, month - 30 days).

The average balances of the entire capital and its components are calculated according to the chronological average: 1/2 of the amount at the beginning of the period plus balances at the beginning of each next month plus 1/2 of the balance at the end of the period and the result is divided by the number of months in the reporting period. The necessary information to calculate the turnover ratio is available in the balance sheet and the income statement.

When determining the turnover of all capital, the amount of turnover must include the total proceeds from all types of sales. If the indicators of turnover of only functioning capital are calculated, then only proceeds from the sale of products are taken into account. Turnovers and average balances on the accounts of capital investments, long-term and short-term financial investments are not taken into account in this case.

The turnover of capital, on the one hand, depends on the speed of turnover of fixed and working capital, and on the other - from its organic structure: the larger the share of the fixed capital, which turns over slowly, the lower the turnover ratio and the higher the duration of the turnover of the total aggregate capital, i.e.:

where K obs.k- turnover ratio of total capital; UD t.a- share of current assets (working capital) in total assets; To obt.a- turnover ratio of current assets; P obs.k - the duration of the turnover of the total capital; P obt.a - the duration of the turnover of current assets.

At the analyzed enterprise (Table 13.3), the duration of the turnover of the total capital decreased by 27 days, and the turnover ratio increased by 0.35, respectively.

Using the chain substitution method, we calculate how these indicators have changed due to the capital structure and the turnover rate of working capital.

From Table. 13.4 it can be seen that the acceleration of the turnover of total capital occurred both due to changes in the structure of capital (an increase in the share of working capital in its total amount), and due to the acceleration of the turnover of the latter.

During the subsequent analysis it is necessary to study the change in the turnover of working capital at all stages of its circulation, which will allow you to trace at what stages there was an acceleration or deceleration of capital turnover. To do this, the average balances of certain types of current assets must be multiplied by the number of days in the analyzed period and divided by the amount of sales turnover.

The duration of capital in certain types of assets can be determined in another way: by multiplying the total duration of the turnover of working capital by the share of individual types of assets in the total average annual amount of current assets. For example, in the reporting year, the share of inventories in the total amount of current assets was 35% (9715/27760 x 100), and the total duration of working capital turnover was 100 days. Therefore, capital was held in inventories for an average of 35 days (100 days x 35%/100).

Table data. 13.5 show at what stages of the circulation there was an acceleration in the turnover of capital, and at which - a slowdown. Significantly decreased the duration of the stay of capital in inventories and work in progress, which indicates a reduction in the production cycle. At the same time, the duration of the period for the circulation of funds in finished products and receivables.

The duration of the turnover of both all current assets and individual types (Pb) may change due to the amount of proceeds (AT) and average working capital balances (Ost). To calculate the influence of these factors, the chain substitution method is used:

Hence the change in the duration of the turnover of working capital due to:

turnover of working capital

average balances of working capital

including due to changes in average balances:

Economic effect as a result of the acceleration of capital turnover is expressed in the relative release of funds from circulation, as well as in an increase in the amount of revenue and the amount of profit.

The amount of funds released from circulation due to acceleration (-E) or additionally attracted funds into circulation (+E) when the turnover of capital slows down, it is determined by multiplying the one-day sales turnover by the change in the duration of the turnover:

In our example, due to the acceleration of working capital turnover by eight days, there was a relative release of funds from turnover in the amount of 2220 million rubles. If the capital turned over in the reporting year not in 100 days, but in 108, then to ensure actual revenue in the amount of 99,935 million rubles. it would be required to have in circulation not 27,760 million rubles. working capital, and 29,980 million rubles, i.e. for 2220 million rubles. more.

The same result can be obtained in another way, using the capital turnover ratio. To do this, from the actual average annual amount of working capital of the reporting year, one should subtract its estimated value, which would be required to ensure the actual amount of turnover with the capital turnover ratio of the previous year:

±E = 27,760 - 99,935/3.3333= -2220 million rubles

To establish the impact of the turnover ratio on the change in the amount of revenue, you can use the following factorial model:

B = KL X Cob. From here

Wkob = KL 1 X Cob = 27,760 x (3.6 - 3.3333) = 7404 million rubles, Vk L =KL X Kobo = (27 760 - 20,700) x 3.333 = 23,531 million rubles, Vtot = B 1 - B 0 = 99,935 - 69,000 = 30,935 million rubles

Since profit can be represented as a product of factors (P= KL X Roma = KL X Cob X Rpn), then the increase in its amount due to a change in the capital turnover ratio can be calculated by multiplying the increase in the latter by the base level of the sales profitability ratio and by the actual average annual amount of working capital:

P = Cob X Rpno X KL 1= = (3.6 - 3.333) x 0.21 x 27,760 = +1,556 million rubles.

In our example, due to the acceleration of the turnover of working capital in the reporting year, the company additionally received profit in the amount of 1,556 million rubles.

At the end of the analysis, measures are developed to accelerate the turnover of working capital. The main ways to accelerate the turnover of capital:

reduction in the duration of the production cycle due to the intensification of production (use of the latest technologies, mechanization and automation production processes, increasing the level of labor productivity, more complete use of the production capacity of the enterprise, labor and material resources, etc.);

improving the organization of material and technical supply in order to ensure the uninterrupted supply of production with the necessary material resources and reduce the time spent by capital in stocks;

acceleration of the process of shipment of products and registration of settlement documents;

reducing the time spent in accounts receivable;

level up marketing research aimed at accelerating the promotion of goods from the manufacturer to the consumer (including market research, improving the product and the forms of its promotion to the consumer, the formation of the correct pricing policy, the organization effective advertising etc.).

An important indicator of the intensity of the use of working capital is the speed of their turnover. The turnover of working capital is the duration of one complete circulation of funds, starting with the first and ending with the third phase. The faster the working capital passes through these phases, the more products the company can produce with the same amount of working capital.

In different economic entities, the turnover of working capital is different, as it depends on the specifics of production, the conditions for marketing products, the solvency of the enterprise, on the peculiarities in the structure of working capital and other factors.

The turnover rate of working capital is calculated using three interrelated indicators: the duration of one turnover in days, the number of turnovers per year (half year, quarter), and the amount of working capital per unit of products sold. The calculation of the turnover of working capital can be carried out both according to the plan and actually.

Planned turnover can be calculated only for normalized working capital, actual - for all working capital, including non-standardized ones. Comparison of planned and actual turnover reflects the acceleration or deceleration of the turnover of normalized working capital.

With the acceleration of turnover, working capital is released from circulation, with a slowdown, there is a need for additional involvement of funds in circulation. The duration of one revolution in days is determined on the basis of formula 1.

O = Co: (T: D), (1)

or formula 2.

O \u003d (Co × D) : T (2)

where O is the duration of one revolution, days;

Сo - average annual balances of working capital, rub.;

T - the volume of marketable products (at cost), rub.;

D - the number of days in the reporting period

The turnover ratio shows the number of turnovers made by working capital per year (half year, quarter), and is determined by formula 3.

Ko = T: Co, (3)

where Ko is the turnover ratio, i.e. number of turns.

Working capital utilization ratio is an indicator that is inverse to the turnover ratio. It characterizes the amount of working capital per unit (1 ruble, 1 thousand rubles, 1 million rubles) of products sold, is calculated according to formula 4.

Kz \u003d Co: T, (4)

where Kz is the working capital utilization factor.

This indicator may indicate a rational, efficient or, conversely, inefficient use of working capital only in comparison over a number of years and based on the dynamics of the coefficient. Turnover can be general or private. General turnover characterizes the intensity of the use of working capital in general for all phases of the circulation, without reflecting the features of the circulation of individual elements or groups of working capital. In the indicator of total turnover, the process of improving or slowing down the turnover of funds in individual phases is leveled, as it were. Accelerating the turnover of funds at one stage can be minimized by slowing down the turnover at another stage and vice versa.

The second indicator of turnover - the number of turnovers made by working capital for the reporting period (turnover ratio) can be obtained in two ways:

1) sales of products net of value added tax and excises to the average balance of working capital, i.e. formula 5.

CHO = P/CO, (5)

where CHO is the number of revolutions

P - sales of products

SO - average balance of working capital

2) the number of days in the reporting period to the average duration of one turnover in days, i.е. formula 6.

CHO = V / P (6)

B - the number of days in the reporting period,

P is the average duration of one revolution in days.

The third indicator of turnover (the amount of employed working capital per 1 ruble of sold products is the working capital utilization factor) is defined in one way as the ratio of the average working capital balance to the turnover for sales of products for a given period, i.e. formula 7.

This indicator is expressed in kopecks. It gives an idea of ​​how many kopecks of working capital are spent to receive each ruble of proceeds from the sale of products.

The most common first indicator of turnover, i.e. average duration of one turn in days.

The most commonly calculated turnover per year.

With a slowdown in the turnover of working capital, there is an additional involvement in turnover, with acceleration, there is a release of working capital from circulation. The amount of working capital released due to the acceleration of turnover or additionally attracted as a result of a slowdown is determined as the product of the number of days by which the turnover accelerated or slowed down by the actual one-day sales turnover.

The economic effect of accelerated turnover is that the organization can, with the same amount of working capital, produce more products, or produce the same volume of products with a smaller amount of working capital.

The acceleration of the turnover of working capital is achieved by introducing new equipment into production, advanced technological processes, mechanization and automation of production. Such activities help to reduce the duration of the production cycle, as well as increase the volume of production and sales of products.

To speed up the turnover, it is important: the rational organization of logistics, the sale of finished products, the observance of the regime of savings in production costs for the sale of products, the use of forms of non-cash payments for products that contribute to the acceleration of payments, etc.

To study the reasons for changes in the rate of turnover of funds, consider the indicators of general turnover and indicators of private turnover. They refer to certain types of current assets and give an idea of ​​the time spent by working capital at various stages of their circulation. These indicators are calculated in the same way as stocks in days, however, instead of the balance (stock) on a certain date, the average balance of this type of current assets is taken.

Private turnover shows how many days on average there are working capital in a given stage of the cycle. For example, if the private turnover for raw materials, basic materials is 10 days, then this means that from the moment the materials arrive at the organization's warehouse to the moment they are used in production, an average of 10 days pass.

As a result of summing up the indicators of private turnover, we will not get an indicator of total turnover, since different denominators (turnovers) are taken to determine the indicators of private turnover. These indicators allow us to establish what effect the turnover of certain types of working capital has on the indicator of total turnover.

In analytical practice, the indicator of inventory turnover is used. The number of turnovers made by stocks for a given period is calculated using the following formula:

Divide the proceeds from the sale of products, works and services (net of value added tax and excises) by the average value for the item "Inventories" of the 2nd section of the balance sheet asset.

Acceleration of inventory turnover indicates an increase in the efficiency of inventory management, and a slowdown in inventory turnover indicates their accumulation in excessive amounts and inefficient inventory management. Indicators reflecting the turnover of capital, that is, the sources of formation of the organization's property, are also determined. For example: equity turnover, calculated by the following formula:

The sales turnover for the year (net of value added tax and excises) is divided by the average annual cost of equity.

This formula expresses the effectiveness of the use of equity capital (additional, authorized, reserve capital, etc.). It gives an idea of ​​the number of turnovers made by the organization's own sources of activity per year.

This indicator characterizes the effectiveness of the use of funds invested in the development of the JSC "Technopark" enterprise. It reflects the number of turnovers made by all long-term sources during the year.

When analyzing the financial condition and the use of working capital, it is necessary to find out from what sources the financial difficulties of the enterprise are compensated. If the assets are covered by sustainable sources of funds, then the financial condition of the organization will be stable not only at this reporting date, but also in the near future. Sustainable sources should be considered own working capital in sufficient amounts, balances of carry-over debt to suppliers on accepted settlement documents, the payment deadlines for which have not come, constantly carry-over debt on payments to the budget, part of other accounts payable, unused balances of special-purpose funds (accumulation and consumption funds, as well as the social sphere), unused balances of targeted financing, etc.

If the financial breakthroughs of the JSC "Technopark" enterprise are blocked by unstable sources of funds, it is solvent at the reporting date and may even have free cash in bank accounts, but financial difficulties are expected in the short term. Unsustainable sources of working capital that are available on the 1st day of the period on the date of the balance sheet, but absent on dates within this period, include: non-overdue wage arrears, contributions to off-budget funds (in excess of certain stable values); unsecured debt to banks on loans against inventory items; debts to suppliers on accepted settlement documents, the payment terms of which have not come; in excess of the amounts attributed to sustainable sources; debt to suppliers for delivery; arrears in payments to the budget in excess of the amounts attributed to sustainable sources of funds.

It is necessary to draw up a final calculation of financial breakthroughs i.e. unjustified spending of funds and sources to cover these breakthroughs.

Based on the above, we can conclude that an important indicator of working capital is the speed of their turnover. When comparing the planned and actual turnover, you can see the acceleration or deceleration of the turnover of normalized working capital.

With a slowdown in the turnover of working capital, there is an additional involvement of them in the turnover.

With the acceleration of turnover, working capital is released from circulation, i.e. an organization can produce more products with the same amount of working capital or the same volume of products with a smaller amount of working capital.