Profitability analysis

Factors affecting the amount of profit

Goals and objectives of financial analysis of organizations

The financial analysis organizations is the calculation, interpretation and evaluation of the complex financial indicators characterizing various aspects of the organization's activities. Financial analysis includes the analysis of the physical indicators of production and the study of the direct cash flows of the organization, which are based on its value. However, only a combination of these two components can give a real assessment of the state of the organization. Underestimation of the role of financial analysis, errors in plans and management actions in modern conditions incur significant losses. Such losses can be noticed and prevented in a timely manner by regularly analyzing the activities of the organization. Ensuring the effective functioning and development of the organization requires economically competent management of its activities, which is largely determined by the ability to analyze it.

main goal financial analysis is to obtain a small number of key (most informative) parameters that give an objective and accurate picture of the financial condition of the organization, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors, while the analyst and the manager (manager) can be interested in both the current financial condition of the organization and its projection for the near or more distant future, i.e. expected parameters of the financial condition.

The objectives of the analysis are achieved as a result of solving a certain interrelated set of analytical tasks. Analytical problem is a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological possibilities of the analysis. Ultimately, the main factor is the volume and quality of the initial information. At the same time, it must be borne in mind that the organization's periodic accounting or financial statements are only "raw information" prepared in the course of accounting procedures for the organization.

As a rule, tasks aimed at correcting financial policy organizations are put by management (managers, owners). In this case, we can say that the results of financial analysis are intended for internal users; they should help determine the most effective ways to improve (stabilize) the financial situation of the organization.

The result of the analysis for the internal user is a set of management decisions - a combination of various measures aimed at optimizing the state of the organization, which is revised under the influence of changes in the macro- and microeconomic environment.

Economic science has developed methods that allow, using a system of relative indicators calculated on the basis of financial reporting data, to quickly and fairly accurately form an idea of ​​the financial position of an organization. By studying the dynamics of changes in these indicators, it is possible to determine development trends own organization or her partner and make informed management decisions.

The content and forms of the balance sheet, income statement, other reports and applications are studied sequentially from one reporting period to another. In the financial statements, data are given for at least two years - the reporting and preceding the reporting. If they are incomparable with the data for the reporting period, they are subject to adjustment based on the rules established by regulatory enactments. The data that has undergone an adjustment must be reflected in the explanatory note along with an indication of the reasons for this adjustment. The constituent parts of financial statements are interconnected, as they reflect different aspects of the same facts of economic life. Although each report presents information that is different from other reports, none of them serves only one purpose and does not provide all the information needed to solve specific management problems.

The main users of such information are:

Investors who invest their capital in the organization with a certain degree of risk in order to receive income on it;

Lenders who make a temporary loan to an organization in exchange for some predetermined income and are interested in information to enable them to determine whether loan payments will be made on time;

Managers of the organization, since financial information allows you to make the most reliable assessment of the effectiveness of management;

Employees of the organization interested in obtaining information about the ability of the organization to pay salaries on time, make pension and other payments;

Suppliers interested in information enabling them to determine whether their due amounts will be paid on time;

Consumers (customers of the organization) interested in the stability of supply, as a result of the financial solvency of the organization;

Public and state organizations, since the well-being of the economic infrastructure of the region depends on the successful functioning of the organization.

Taking economic decisions, investors, creditors and other interested users analyze a wide range of economic information about the organization, both financial and non-financial. In this huge array of information that is created by the organization, public accounting (financial) statements, the core of which is the balance sheet, are of key importance.

Accounting (financial) reporting- this is a set of reporting forms compiled on the basis of financial accounting data in order to provide external and internal users with generalized information about the financial position of the organization in a form that is convenient and understandable for these users to make certain business decisions.

The financial statements of an organization (except for budgetary, insurance organizations and banks) include:

Balance sheet (f. 1);

Profit and loss statement (f. 2);

Statement of changes in equity (f. Z);

Traffic report Money(f.4);

Applications to the balance sheet (form 5);

Explanatory note;

An auditor's report confirming the accuracy of the organization's financial statements, if it is subject to mandatory audit in accordance with federal law.

Evaluation of the financial activity of the enterprise is carried out on the basis of financial statements.

The deductive method (study from general to particular) is the main one when reading (analyzing) financial statements. It must be applied multiple times. In the course of such an analysis, as it were, the historical and logical sequence of economic factors and events, the direction and strength of their influence on performance results are reproduced.

The practice of financial analysis has developed the following six basic rules for reading (method of analysis) of financial statements.

Rule 1 Horizontal Analysis - comparison of each reporting position with the previous period;

Rule 2 Vertical Analysis - determination of the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole;

Rule 3 trend analysis - comparing each reporting position with a number of previous periods and determining the trend, i.e. the main trend of the indicator dynamics, cleared of random influences and individual characteristics individual periods. With the help of the trend, possible values ​​of indicators are formed in the future, and, therefore, a prospective predictive analysis is carried out;

Rule 4 Relative analysis - Calculation of relations between separate positions of the report or positions of different forms of reporting, determination of interrelations of indicators;

Rule 5 Comparative analysis - analysis, which includes both an inter-farm analysis of the performance of a given company with the performance of competitors, with average industry and average economic data, and an intra-company analysis of summary reporting indicators for individual indicators of the company, subsidiaries, divisions, etc .;

Rule 6 Factor analysis - analysis of the influence of individual factors on the performance indicator using deterministic or stochastic methods of research. Moreover, factor analysis can be both direct, when the performance indicator is divided into its component parts, and reverse (synthesis), when its individual elements are combined into a common performance indicator.

Financial analysis is part of a general, complete analysis economic activity, which consists of two closely related sections:

financial analysis and

managerial (production) analysis.

Financial analysis is divided into external and internal.

Features of external financial analysis are:

The multiplicity of subjects of analysis, users of information about the activities of the enterprise;

a variety of goals and interests of the subjects of analysis;

availability of standard methods of analysis, accounting and reporting standards;

· Orientation of the analysis only to the public, external reporting of the enterprise;

· limitation of analysis tasks as a consequence of the previous factor;

· maximum openness of the results of the analysis for users of information about the activities of the enterprise.

Financial analysis, based on data only from financial statements, acquires the character of an external analysis carried out outside the enterprise by its interested counterparties, owners or government agencies. This analysis does not reveal all the secrets of the firm's success.

analysis of absolute indicators of profit;

· analysis of relative indicators of profitability;

· analysis of the financial condition, market stability, liquidity of the balance sheet, solvency of the enterprise;

· analysis of the efficiency of the use of borrowed capital;

· economic diagnostics of the financial condition of the enterprise and the rating assessment of issuers.

There is a variety of economic information about the activities of enterprises and many ways to analyze these activities. Financial analysis according to financial statements is called the classic method of analysis.

Internal (on-farm) financial the analysis uses accounting data, data on the technical preparation of production, regulatory and planning information, etc. as a source of information.

analysis of the effectiveness of capital advances,

Analysis of the relationship between costs, turnover and profit.

In the system of managerial (production) analysis, it becomes possible to conduct a comprehensive economic analysis and evaluating the effectiveness of economic activity by attracting data from management production accounting.

Features of management analysis are:

orientation of the results of the analysis to their management;

use of all sources of information for analysis;

Lack of regulation of analysis from outside;

completeness of the analysis, the study of all aspects of the enterprise;

integration of accounting, analysis, planning and decision making;

· maximum secrecy of the results of the analysis in order to preserve commercial secrets.

The main purpose of the analysis of financial results is to identify factors that cause a decrease in financial results, that is, a decrease in profits and profitability.

The analysis of financial results involves the solution of the following tasks:

Analysis of the composition and dynamics of profit;

Analysis of financial results from ordinary activities;

Analysis of the level of average selling prices;

Analysis of financial results from other activities;

Analysis of the distribution and use of profits;

Analysis of the profitability of the organization.

The final financial result of the organization's activities is the indicator of net profit or net loss (retained earnings (loss) of the reporting period), the value of which is formed in several stages, which is reflected in Form No. 2 "Profit and Loss Statement". Initially, gross profit is determined as the difference between the proceeds from the sale and the cost of goods sold, products, works, services.

P V = S - FROM, (1)

where P IN- gross profit;

S- proceeds from the sale of goods, products, works, services;

FROM- full cost of sold products, goods (works, services).

Then the profit (loss) from sales is determined as the difference between the gross profit and the amount of commercial ( ∑Z K ) and administrative expenses ( ∑B ). This type profit is involved in the calculation of the profitability of sales.

P P = P V - ∑Z K -∑Z U, (2)

At the next stage, the profit (loss) before tax is calculated as the difference between the profit from sales and the sum of operating and non-operating income and expenses.

P B = P P + ON + P p.(3)

where P B– profit before taxation (balance sheet);

ON - result from operating and financial activities;

P p - income and expenses from other operations.

The growth in sales of goods can have a positive and negative impact on the amount of profit. An increase in the volume of sales of profitable goods leads to a proportional increase in profits. If the product is unprofitable, then with an increase in sales, a decrease in the amount of profit occurs. The structure of the sale of goods can also have both a positive and a negative impact on the amount of profit. If the share of more profitable goods in total sales increases, then the amount of profit will increase, and vice versa, with an increase in the share of low-profit or unprofitable goods, the total amount of profit will decrease.

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 analysis financial stability enterprises 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 financial, production and commercial activities companies.
• 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. The composition, content, requirements and other methodological foundations of financial statements are stated in the accounting regulation “Accounting statements of an 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). IN 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 company's financial activities 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 the operating and financial cycles, analyzing 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 company value management 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 of 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, comparative analysis coefficients by industry becomes more complicated, since the 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 it in the necessary and sufficient volume. 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 in terms of 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.

		Calculation formula
		Numerator	Denominator
Financial Independence Ratio		Equity	Balance currency
Financial dependency ratio		Balance currency	Equity
Debt capital concentration ratio		Borrowed capital	Balance currency
Debt ratio		Borrowed capital	Equity
Total solvency ratio		Balance currency	Borrowed capital
Investment ratio (option 1)		Equity	Fixed assets
Investment ratio (option 2)		Equity + long-term liabilities	Fixed assets

1. Coefficients reflecting the company's liquidity.

Name of financial ratio		Calculation formula
		Numerator	Denominator
Instant liquidity ratio			short-term obligations
Absolute liquidity ratio		Cash and cash equivalents + short-term financial investments (excluding cash equivalents)	short-term obligations
Quick liquidity ratio (simplified version)		Cash and cash equivalents + short-term financial investments (excluding cash equivalents) + receivables	short-term obligations
Average liquidity ratio		Cash and cash equivalents + short-term financial investments (excluding cash equivalents) + receivables + inventories	short-term obligations
Interim liquidity ratio		Cash and cash equivalents + short-term financial investments (excluding cash equivalents) + receivables + inventories + value added tax on acquired valuables	short-term obligations
Current liquidity ratio		current assets	short-term obligations

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 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.

Name of financial ratio	Calculation formula
	Numerator	Denominator
Property dynamics	Balance currency at the end of the period	Balance currency at the beginning of the period
Share of non-current assets in property	Fixed assets	Balance currency
Share of current assets in property	current assets	Balance currency
Share of cash and cash equivalents in current assets	Cash and cash equivalents	current assets
Share of financial investments (excluding cash equivalents) in current assets	Financial investments (excluding cash equivalents)	current assets
Share of stocks in current assets		current assets
Share of accounts receivable in current assets	Receivables	current assets
Share of fixed assets in non-current assets	fixed assets	Fixed assets
Share of intangible assets in non-current assets	Intangible assets	Fixed assets
Share of financial investments in non-current assets	Financial investments	Fixed assets
Share of research and development results in non-current assets	Research and development results	Fixed assets
Share of intangible exploration assets in non-current assets	Intangible search assets	Fixed assets
Share of tangible exploration assets in non-current assets	Tangible Exploration Assets	Fixed assets
The share of long-term investments in material assets in non-current assets	Long-term investments in material values	Fixed assets
Share of deferred tax assets in non-current assets	Deferred tax assets	Fixed assets

1. Ratios demonstrating the financial stability of the business.

The basis of the main ratios used in assessing the financial stability of a company are the values ​​taken into account for the purposes of analysis: equity capital (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 and 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, Methodological 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 period of time 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 performance, analysts have the opportunity to explore relative profits, liquidity, leverage, performance and value of the enterprise in comparison with past performance and / or the results of competitors.

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.

• Quality management at the enterprise: standards, stages of implementation, tips

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.

Financial analysis is a method of accumulation, transformation and use of information of a financial nature, with the aim of:

assess the current and prospective financial condition of the enterprise;

assess the possible and appropriate pace of development of the enterprise from the standpoint of their financial support;

identify available sources of funds and assess the possibility of their mobilization;

predict the position of the enterprise in the capital market.

The main purpose of financial analysis is to obtain a small number of key (most informative) parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors, while the analyst or manager (manager ) may be of interest to both the current financial condition of the enterprise and its projection for the near or more distant future, i.e. expected parameters of the financial condition.

But not only time limits determine the alternativeness of the goals of financial analysis. They also depend on the goals of the subjects of financial analysis, i.e. specific users of financial information. The subjects of analysis are, both directly and indirectly, users of information interested in the activities of the enterprise.

The first group of users includes owners of enterprise funds, lenders (banks, etc.), suppliers, customers (buyers), tax authorities, enterprise personnel and management. Each subject of analysis studies information based on their interests. So, the owners need to determine the increase or decrease in the share of equity capital and evaluate the efficiency of the use of resources by the administration of the enterprise; creditors and suppliers - the feasibility of extending the loan, credit conditions, loan repayment guarantees; potential owners and creditors - the profitability of investing their capital in the enterprise, etc. It should be noted that only the management (administration) of the enterprise can deepen the analysis of reporting using production accounting data as part of the management analysis carried out for management purposes.

The second group of users of financial statements are the subjects of analysis, who, although not directly interested in the activities of the enterprise, must, under the contract, protect the interests of the first group of users of statements. These are audit firms, consultants, exchanges, lawyers, press, associations, trade unions.

The objectives of the analysis are achieved as a result of solving a certain interrelated set of analytical tasks. The analytical task is a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological capabilities of the analysis. Ultimately, the main factor is the volume and quality of the initial information. At the same time, it should be borne in mind that the periodic accounting or financial statements of an enterprise are only "raw information" prepared in the course of accounting procedures at the enterprise.

To make management decisions in the field of production, marketing, finance, investment and innovation, management needs constant business awareness on relevant issues, which is the result of the selection, analysis, evaluation and concentration of the original raw information. An analytical reading of the source data is also necessary based on the goals of analysis and management.

The basic principle of analytical reading of financial statements is the deductive method, i.e. From general to specific. In the course of such an analysis, as it were, the historical and logical sequence of economic facts and events, the direction and strength of their influence on the results of activity are reproduced.

The practice of financial analysis has already developed the main types of analysis (method of analysis) of financial statements. Among them, 6 main methods can be distinguished:

horizontal (temporal) analysis- comparison of each reporting position with the previous period;

vertical (structural) analysis- determination of the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole;

trend analysis- comparing each reporting position with a number of previous periods and determining the trend, i.e. the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. With the help of the trend, possible values ​​of indicators are formed in the future, and therefore, a prospective predictive analysis is carried out;

analysis of relative indicators (coefficients)- Calculation of relations between separate positions of the report or positions of different forms of reporting, determination of interrelations of indicators;

comparative (spatial) analysis- this is both an on-farm analysis of summary reporting indicators for individual indicators of an enterprise, branches, divisions, workshops, and an inter-farm analysis of indicators this enterprise in comparison with the indicators of competitors, with average industry and average economic data;

factor analysis- analysis of the influence of individual factors (reasons) on the performance indicator using deterministic or stochastic methods of research. Moreover, factor analysis can be both direct (analysis itself), when the analysis is divided into component parts, and reverse, when a balance of deviations is made up and at the stage of generalization all the identified deviations are summed up, the actual indicator from the baseline due to individual factors.

The methodology of financial analysis consists of three interrelated blocks:

• 1. analysis of the financial condition;
• 2. analysis of the financial results of the enterprise;
• 3. analysis of the effectiveness of financial and economic activities.

There is a variety of economic information about the activities of enterprises and many ways to analyze these activities. Financial analysis according to financial statements is called the classic method of analysis.

Financial analysis is part of a general, complete analysis of economic activity, which consists of two closely related sections: financial analysis and production management analysis.

The division of analysis into financial and managerial is due to the division of the enterprise-wide accounting system into financial accounting and management accounting that has developed in practice. This division of analysis is somewhat arbitrary, because internal analysis can be seen as a continuation of external analysis and vice versa. In the interests of the case, both types of analysis feed each other with information.

Features of external financial analysis are:

the plurality of subjects of analysis, users of information about the activities of the enterprise;

variety of goals and interests of the subjects of analysis;

availability of standard methods of analysis, accounting and reporting standards;

orientation of the analysis only to the public, external reporting of the enterprise;

limited analysis tasks as a consequence of the previous factor;

maximum openness of the analysis results for users of information about the activities of the enterprise.

Financial analysis, based on data only from financial statements, acquires the character of an external analysis, i.e. analysis carried out outside the enterprise by its interested counterparties, owners or government agencies. This analysis, based only on reporting data, which contains only a very limited part of information about the activities of the enterprise, does not allow revealing all the secrets of success or failure in the activities of the enterprise.

analysis of absolute indicators of profit;

analysis of relative profitability indicators;

analysis of the financial condition, market stability, liquidity of the balance sheet, solvency of the enterprise;

analysis of the effectiveness of the use of borrowed capital;

economic diagnostics of the financial condition of the enterprise and the rating assessment of issuers.

On-farm financial analysis uses data on the technical preparation of production, regulatory and planning information, and other system accounting data as a source of information.

In the system of on-farm management analysis, it is possible to deepen financial analysis by attracting management production accounting data, in other words, it is possible to conduct a comprehensive economic analysis and evaluate the effectiveness of economic activity. The issues of financial and managerial analysis are interrelated in the justification of business plans, in monitoring their implementation, in the marketing system, i.e. in the management system for the production and sale of products, works and services oriented to the market.

Features of management analysis are:

orientation of the results of the analysis to their management;

use of all sources of information for analysis;

lack of regulation of analysis from the outside;

the complexity of the analysis, the study of all aspects of the enterprise;

integration of accounting, analysis, planning and decision making;

maximum secrecy of the analysis results in order to preserve commercial secrets.

Introduction of a new chart of accounts of accounting, bringing the forms of accounting statements in line with the requirements international standards necessitates the use of a new method of financial analysis that meets the conditions market economy. Such a technique is needed for a reasonable choice of a business partner, determining the degree of financial stability of an enterprise, assessing business activity and the effectiveness of entrepreneurial activity.

The main (and in some cases the only) source of information about the financial activities of a business partner is the financial statements, which have become public. The reporting of an enterprise in a market economy is based on a generalization of financial accounting data and is an information link connecting the enterprise with society and business partners - users of information about the activities of the enterprise.

In certain cases, to achieve the goals of financial analysis, it is not enough to use only financial statements. Separate user groups, such as management and auditors, have the opportunity to involve additional sources (production and financial accounting data). However, most often annual and quarterly reports are the only source of external financial analysis.

According to the order of the Ministry of Finance of the Republic of Belarus No. 23 dated January 20, 2000, new standard forms of annual financial statements of legal entities were approved.

The main source of information for financial analysis is the balance sheet of the enterprise (Form No. 1). Its importance is so great that the analysis of the financial condition is often called the analysis of the balance sheet. The source of data for the analysis of financial results is the income statement (Form No. 2). source additional information for each of the blocks of financial analysis, there are explanations to the balance sheet and profit and loss statement, namely: statement of movements of funds and other funds (Form No. 3), statement of cash flows (Form No. 4), appendix to the balance sheet ( Form No. 5).

How useful are such sources of information for enterprises?

First of all, by the fact that without preparing data for analysis, already on the basis of the balance sheet of the enterprise (Form No. 1) and (Form No. 2), a comparative express analysis of the company's reporting indicators for previous periods can be made.

Secondly, with the advent of special automated accounting programs for analyzing the financial condition of an enterprise, it is convenient, immediately after compiling reporting forms, without leaving the program, to perform the simplest express analysis of the enterprise based on ready-made forms of financial statements using the built-in financial analysis block.

The detailing of the procedural side of the methodology for analyzing the financial condition depends on the goals set, as well as various factors of information, time, methodological, personnel and technical support. The logic of analytical work assumes its organization in the form of a two-module structure:

express analysis of the financial condition;

detailed analysis of the financial condition.

The long-term development of any enterprise depends on the ability of management to identify emerging problems in a timely manner and competently neutralize them. To achieve this goal, financial analytics is used, the purpose of which is to identify all the problematic elements in the company's management tools.

What is the financial analysis of the enterprise

Financial analysis should be understood as the complex use of certain procedures and methods for an objective assessment of the state of the enterprise and its economic activity. The basis for the assessment is quantitative and qualitative accounting information. It is after its analysis that specific managerial decisions are made.

Financial analysis is focused on studying the economic, technical and organizational level of the enterprise, as well as the departments related to it. The goals of financial analysis include the assessment of the financial and industrial economic activity of the company, including the diagnosis of bankruptcy.

Financial Analysis Priorities

The financial and economic analysis of the state of the enterprise sets specific tasks, the fulfillment of which determines the accuracy of the analytics result. We are talking about the discovery of reserves and production opportunities that were not used, about assessing the quality, establishing the impact of specific activities on the overall results of management and identifying the factors that caused deviations from the standards. In the process of analysis, a forecast of the expected results of the enterprise's activities and the preparation of information necessary for making a management decision are also carried out.

It can be argued that the financial analysis of an enterprise plays the role of financial management both in the company itself and in the process of cooperation with partners, tax authorities, and the financial and credit system. At the same time, business activity, financial stability, profitability and profitability are taken into account. The analysis itself can also be defined as a tool for managing, planning, as well as monitoring the company's activities and its diagnostics.

At the same time, it should be noted that the analysis of specific aspects of the enterprise's activity is based on the analysis of the system of indicators, moreover, in a dynamic state. This is explained by the fact that the financial and production and economic activities of the company, as well as its divisions, have interrelated indicators. For this reason, changes in specific indicators can affect the final financial technical and economic indicators of the enterprise.

Financial and economic analysis of the enterprise: goals

Speaking about this form of analysis of the company's activities, it is worth noting that it involves a combination of deduction and induction methods. In other words, during the study of single indicators, the analyst should also take into account the general ones.

Another important principle is that when analyzing an enterprise, all types of business processes are studied taking into account their interdependence, interdependence and interconnection. As for the analysis of factors and causes, in this case, the analytics is based on the understanding of the following principle: each factor and cause must receive an objective assessment. Therefore, both causes and factors are initially studied, after which their classification into groups follows: secondary, main, insignificant, essential, little determining and determining.

The next step is to study the influence on economic processes of the determining, basic and significant factors. On the other hand, little-determining and insignificant factors are studied only if necessary and only after the completion of the main part of the analysis. It is worth considering the fact that financial analysis does not always involve the study of all factors, since this is relevant only in some cases.

At the same time, if we talk about the exact goals of the financial analysis of the enterprise, it makes sense to define the following components of the assessment process:

• analysis of the ability to repay loans;
• tracking the state of the enterprise at the time of assessment;
• bankruptcy prevention;
• assessment of the value of the company in case of its merger or sale;
• tracking the dynamics of the financial condition;
• analysis of the enterprise's ability to finance investment projects;
• making a forecast of the financial activity of the enterprise.

It should be noted that in the process of studying the financial condition of an enterprise, the help of a financial analyst can be used by those economic entities that are focused on obtaining extremely accurate and objective information about the activities of the enterprise.

These entities can be divided into two categories:

• External: creditors, auditors, government agencies, investors.
• Internal: shareholders, audit and liquidation commission, management and founders.

Another purpose for which financial analysis can be carried out, but not at the initiative of the enterprise, is to assess the investment potential and creditworthiness of the company. Such analytics, as a rule, is of interest to banks, for which it is important to ensure the solvency and profitability of the enterprise. This is logical, since any potential investor is interested in obtaining information regarding the liquidity of the company and the degree of risk regarding the loss of the deposit.

Features of internal and external analysis

Internal financial accounting and analysis is necessary in order to meet the needs of the enterprise itself. It can be focused both on identifying the degree of liquidity of the company, and on a thorough assessment of its results within the last reporting period. Such valuation methods are relevant when a financial analyst or firm's management intends to determine how realistic and relevant the allocation of funds for the expansion of production that was planned, and what effect additional costs can have on it.

With regard to external financial analysis, it is carried out by analysts who are not related to the enterprise. They also do not have access to internal information of the company.

If an internal analysis is carried out, then there will be no problems with attracting information of any category, including one that is not available. In case of external analysis Initially, some limitations of assessment methods due to the lack of information in full are taken into account.

Types of financial analysis

Analytics, with the help of which the state of the enterprise is assessed, can be divided into several key types according to the content of the management process:

• retrospective, or current analysis;
• perspective (preliminary, predictive);
• operational financial and economic analysis;
• analysis that takes into account the results of a particular period of time.

Each of the types is used depending on the key task.

Methods of financial analysis

The current methods of financial analytics include the following areas:

• Vertical analysis. This is one of the types of assessment of the financial statements of an enterprise, in which the share of balance sheet items and various types of liabilities and assets is analyzed. With this technique, the distribution of resources is shown in shares.

• Horizontal analysis. We are talking about the financial analytics of the company, in which a dynamic assessment of the balance sheet items is made. Both the nature and the direction of the trend are assessed.
• Ratio analysis. With this type, financial, economic and production indicators are calculated on the basis of financial statements. Such financial and accounting analysis also examines reports on losses, profits and other regulatory documentation. The calculation of the coefficients makes it possible to evaluate the effectiveness and efficiency of various resources, activities and capital of the company, including.
• Trend analysis. With such an assessment, each reporting position is compared with specific previous periods, as a result, the trend of the enterprise's movement is determined. With the help of the established trend, the possible values ​​of future indicators are formed. In other words, a prospective analysis is carried out.
• Factor analysis. In this case, an assessment of the impact of specific factors on the final results of the company's activities is used. Stochastic and deterministic methods are used for research.
• Comparative analysis. We are talking about on-farm analytics of the summary indicators of workshops, divisions, subsidiaries, etc. An inter-farm financial analysis of the organization is also carried out in relation to the indicators of competing enterprises.

Ratio analysis as the main tool of financial analytics

As a key method of financial analysis, you can define the coefficient. This is explained by the fact that a quantitative assessment of the state of the company and the adoption of various managerial decisions aimed at changing specific indicators are made on the basis of financial and economic ratios. In this case, one can observe a direct relationship between those resources of the company that were taken into account and the efficiency of their operation, expressed through the values ​​of financial and economic ratios and data in the balance sheet items.

This method of financial analysis involves the evaluation of four relevant groups of economic indicators:

• Profitability (profitability) ratios. Such data serves to reflect the profitability of the company's capital when generating income through the use of assets of various types.
• Coefficients of financial reliability (stability). In this case, the level of own and borrowed capital of the company is demonstrated, and the capital structure of the company is also displayed.
• Solvency (liquidity) ratios. Reflect the ability and ability of the organization to timely short-term and long-term debt obligations.

• Turnover ratios (business activity). Using this information, you can determine the number of company assets for a particular reporting period and the intensity of their turnover, among other things.

The method of financial analysis, in which the coefficients of the enterprise are taken as the basis for calculations, is considered important because it makes it possible to timely identify crisis phenomena in the company and take relevant measures to stabilize the situation.

This type of analysis is part of the strategic management of the organization.

Examples of financial analytics

In order to understand the essence of assessing the state of the organization, it is necessary to study the example of financial analysis. For example, for the entire period of the period under study, the margin was stable, but there was a certain decrease.

During the study period, an increase in the turnover rate of goods by 35 days was revealed. This indicates the presence of illiquid stocks and an increase in the number of stocks of goods. At the same time, the optimal value of turnover for hardware stores is 80-90 days.

As for accounts receivable, the enterprise does not have it - all retail of the company is made on the terms of payment upon delivery. Accounts receivable turns over within 4-7 days, which can be defined as a positive indicator.

At the same time, the operating cycle also increased by 35 days within the period covered by the analysis. It is obvious that it (the cycle) corresponds to an increase in the duration of the turnover. Due to the increase in the term of trade turnover, the term of the financial cycle has also increased.

The financial analysis of the enterprise defines an example of this kind as a fairly stable activity, in which overstocking of the warehouse is possible. To optimize the process as much as possible, it is necessary to revise the procurement policy in order to reduce the turnover period.

How to analyze bank activity

The financial analysis of the bank is focused on ensuring quality management through the development of key parameters of its activities. We are talking about such indicators as the profitability of operations, capital and payment turnover, the structure of assets and liabilities, the efficiency of the bank's divisions, portfolio risks financial resources and intrabank pricing.

In order for the study of the state of the bank to be successful, certain conditions must be met: the information used for the analysis must be reliable, accurate, timely and complete. If the provided data does not correspond to reality, the applied methods of financial analysis will not be able to lead to objective conclusions. This means that the impact of some problems will be underestimated, which may worsen the situation.

The reliability of information is assessed in the process of inspection checks and during documentary supervision.

Methods for researching the state of the bank

Various aspects of the bank's activities are evaluated through the use of scientific and methodological tools. It is with their help that you can develop the optimal solution to specific problems of a managerial nature.

There are popular methods of bank financial analysis:

• Dynamic balance sheet equation. This technique involves accounting for profits and losses. Through such management, a factorial financial assessment of the state of the bank and the fact how profitable its activities are is carried out.
• Modified balance sheet management (liabilities are equal to assets). In this case, financial analysis involves a quick assessment of the effectiveness of the bank's liability management.
• Basic balance sheet management (assets are equal to the sum of equity and paid liabilities). The key principle of this valuation technique is the effective disposal and ownership of all bank assets.
• The capital balance equation (the bank's capital is equal to assets minus paid liabilities). This type of equation is relevant when it is necessary to obtain final grade how effective was the management of available capital within the increment own capital. This methodology is also used to identify and exploit higher yield reserves.

Thus, we can conclude that the financial analysis of the enterprise, an example of which was given above, is a necessary measure for determining the state and profitability of the company. Without such analytics, the efficiency of the enterprise's activities can be significantly reduced, and at the same time, rehabilitation measures in case of untimely assessment may turn out to be irrelevant.

Analysis of the financial condition of the enterprise:

Financial analysis Bocharov Vladimir Vladimirovich

1.1. The purpose and objectives of financial analysis

In modern conditions, the independence of enterprises in making and implementing management decisions, their economic and legal responsibility for the results of economic activity is increasing. Objectively, the importance of the financial stability of economic entities is increasing. All this increases the role of financial analysis in assessing their production and commercial activities and, above all, in the availability, placement and use of capital and income. The results of such an analysis are needed primarily by owners (shareholders), creditors, investors, suppliers, tax authorities, managers and heads of enterprises.

The key goal of financial analysis is to obtain a certain number of basic (most representative) parameters that give an objective and reasonable description of the financial condition of the enterprise. This applies primarily to changes in the structure of assets and liabilities, in settlements with debtors and creditors, and in profit and loss.

Local goals of financial analysis:

? determination of the financial condition of the enterprise;

? identification of changes in the financial condition in the spatio-temporal context;

? establishing the main factors causing changes in the financial condition;

? forecast of the main trends in financial condition.

The analyst and the manager (financial manager) are interested in both the current financial position of the enterprise (for a month, quarter, year), and its forecast for a more distant future.

The alternativeness of the goals of financial analysis is determined not only by its time limits. It also depends on the goals that users of financial information set for themselves.

The objectives of the study are achieved as a result of solving a number of analytical problems:

? preliminary review of financial statements;

? characteristics of the property of the enterprise: non-current and current assets;

? assessment of financial stability;

? characteristics of sources of funds: own and borrowed;

? analysis of profit and profitability;

? development of measures to improve the financial and economic activities of the enterprise.

These tasks express the specific goals of the analysis, taking into account the organizational, technical and methodological possibilities of its implementation. Ultimately, the main factors are the volume and quality of analytical information.

To make decisions in the field of production, marketing, finance, investment and innovation, the management of the enterprise needs systematic business awareness on issues that are the result of the selection, analysis and generalization of initial information.

In practice, it is necessary to read the baseline information correctly, based on the goals of analysis and management. The basic principle of studying analytical indicators is the deductive method, that is, the transition from the general to the particular, but it must be used repeatedly. In the course of such an analysis, the historical and logical sequence of economic factors and events, the direction and strength of their impact on the results of economic activity of enterprises are reproduced.

From the book Economic Analysis author Litvinyuk Anna Sergeevna

52. The purpose and objectives of the analysis of investment activity The purpose of investment analysis is: an objective assessment of the needs, opportunities, scale, feasibility, profitability and security of short-term and long-term investments; definition

From the book Finance and Credit author Shevchuk Denis Alexandrovich

58. The essence of financial control. The purpose, objectives and role of financial control in a market economy

From the book Financial Analysis author Bocharov Vladimir Vladimirovich

1.3. The relationship of financial and managerial analysis Financial analysis is an integral part of the general analysis of the economic activity of enterprises, consisting of closely related sections: 1) financial analysis; 2) production management

From the book Financial Management: Lecture Notes author Ermasova Natalya Borisovna

1.4. Methods of financial analysis The key goal of financial analysis is to obtain a certain number of basic (most informative) indicators that give an objective picture of the financial condition of the enterprise:? changes in the structure of assets and liabilities;? dynamics

From the book Analysis of Financial Statements. cheat sheets author Olshevskaya Natalia

1.1. Purpose, objectives and structure of financial management

From the book Finance of Organizations. cheat sheets author Zaritsky Alexander Evgenievich

11. The purpose and objectives of the analysis of financial statements It is important to navigate in such concepts of a market economy as business activity, solvency, creditworthiness, profitability threshold, financial stability margin, degree of risk, financial leverage And

From the book The Practice of Human Resource Management author Armstrong Michael

104. Essence, tasks and methods of financial analysis Financial analysis, as well as assessment of the financial condition of the enterprise - the most important and integral part of financial management. The financial condition of the enterprise is characterized by a set of indicators that

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PURPOSE OF THE ROLE ANALYSIS The role analysis should provide the following information about the role for its subsequent use in evaluating recruiting, performance management, training and development: overall purpose - why the position exists and, in essence, what

From the book Comprehensive Economic Analysis of the Enterprise. Short Course author Team of authors

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

From the author's book

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

From the author's book

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 the growth of production and sales of high-quality and cost-effective goods. Analysis tasks: analysis of the dynamics of the level of production and

From the author's book

Question 39 The purpose, objectives and information base of cost analysis for production and sales 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

From the author's book

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

From the author's book

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,

From the author's book

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

From the author's book

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.).