Individual entrepreneur details in the contract include mandatory and additional information....
Financial relations of commercial organizations and enterprises are built on certain principles related to the fundamentals of economic activity: economic independence, self-financing, material interest, liability, financial reserves, control over financial and economic activities.
All these principles of organizing finance existed before, but in a market economy they have developed significantly (Fig. 12.1).
Rice. 12.1. Principles of organizing finance
The principle of economic independence cannot be realized without financial independence. Its implementation is ensured by the fact that business entities, regardless of the form of ownership, independently determine the scope of economic activity, sources of financing, directions for investing funds in order to generate profit and increase capital, improve the welfare of the company's owners. Organizations develop their own pricing policy. The market stimulates commercial organizations (enterprises) to search for new areas of capital investment, the creation of flexible industries that meet consumer demand. Commercial organizations (enterprises), in order to obtain additional profit, increase capital and improve the welfare of their owners, can make short-term and long-term financial investments in the form of acquiring securities of other enterprises, the state, participating in the activities of other economic entities. However, one cannot speak of complete economic independence, since the state regulates certain aspects of their activities. Thus, the relationship of commercial organizations (enterprises) with the budgets of different levels is established by law. Commercial organizations of all forms of ownership legally pay the necessary taxes in accordance with the established rates, participate in the formation of state off-budget funds. The state also determines the depreciation policy. The necessity of forming and the size of the financial reserve for joint-stock companies is determined by law.
The principle of self-financing. The implementation of this principle is one of the main conditions for entrepreneurial activity, which ensures the competitiveness of an economic entity. Self-financing means full self-sufficiency of costs for the production and sale of products, performance of work and provision of services, investment in the development of production at the expense of own funds and, if necessary, bank and commercial loans. In developed market countries, at enterprises with a high level of self-financing, the share of own funds reaches 70%. The main own sources of financing for commercial organizations (enterprises) include: depreciation, profit, deductions to the repair fund. The share of own sources in the total investment of Russian enterprises corresponds to the level of developed market countries and is more than 85%. However, the total amount of funds is quite low and does not allow for the implementation of serious investment programs. Currently, not all commercial organizations (enterprises) are able to implement this principle. Organizations in a number of industries, producing products and providing services necessary for the consumer, for objective reasons, cannot ensure their profitability. These include individual enterprises of urban passenger transport, housing and communal services, Agriculture, defense industry, extractive industries. Such enterprises, as far as possible, receive state support in the form of additional funding from the budget on a returnable and non-refundable basis.
The principle of material interest - the objective necessity of this principle is provided by the main goal of entrepreneurial activity: making a profit. Interest in the results of entrepreneurial activity is manifested not only by its participants, but also by the state as a whole. At the level of individual employees of an organization (enterprise), the implementation of this principle can be ensured by a high level of remuneration.
For an enterprise, this principle can be implemented as a result of the state's implementation of an optimal tax policy that can provide financial resources not only for the needs of the state, but also not reduce incentives for entrepreneurial activity, an economically sound depreciation policy, and the creation of economic conditions for the development of production. The commercial organization (enterprise) itself can contribute to the implementation of this principle by observing economically justified proportions in the distribution of newly created value, equity, the formation of a consumption fund and an accumulation fund. The interests of the state can be observed by the profitable activities of organizations (enterprises), the growth of production and the observance of tax discipline.
The principle of liability means the existence of a certain system of responsibility for the conduct and results of financial and economic activities, the safety of equity capital. Financial methods for implementing this principle are different and are regulated by Russian law. Organizations that violate contractual obligations, settlement discipline, terms of repayment of loans received, tax laws, etc., pay penalties, fines, and forfeits. Bankruptcy proceedings may be applied to unprofitable organizations that are unable to meet their obligations. This is enshrined in the Federal Law of the Russian Federation “On Insolvency (Bankruptcy)” dated January 8, 1998 No. 6-FZ, according to which the organization’s untimely fulfillment of its obligations within three months from the date of their fulfillment is a sign of bankruptcy.
Heads of organizations bear administrative responsibility for violation of tax legislation in accordance with the Tax Code of the Russian Federation.
Individual employees of organizations (enterprises) are subject to a system of fines in cases of marriage, deprivation of bonuses, dismissal from work in cases of violation labor discipline.
The principle of providing financial reserves is dictated by the conditions of entrepreneurial activity, associated with a certain risk of non-return of funds invested in business. In the conditions of market relations, the consequences of the risk fall on the entrepreneur, who voluntarily and independently implements the program developed by him at his own peril and risk. In addition, in the economic struggle for a buyer, entrepreneurs are forced to sell their products with the risk of not returning money on time. Financial investments of organizations (enterprises) are also associated with the risk of non-return of invested funds or income below expected. Finally, there may be direct economic miscalculations in the development of the production program. The implementation of this principle is the formation of financial reserves and other similar funds that can strengthen the financial position of the organization (enterprise) at critical moments of management.
Financial reserves can be formed by commercial organizations (enterprises) of all organizational and legal forms of ownership from net profit after paying taxes and other obligatory payments to the budget from it. For joint-stock companies, the formation of a financial reserve is established by law.
In practice, due to low financial capabilities, not all organizations (enterprises) form the financial reserves necessary for their financial stability.
The principle of exercising control over financial and economic activities. The objective basis for the implementation of this principle is the operation of the control function of finance. The financial and economic activity of organizations is associated with the formation of its income and spending money, and therefore affects the interests of the organization itself, its employees, the state and all possible counterparties. Control over financial and economic activities is manifested through the analysis of financial indicators and measures of influence of various contents. For example, an analysis of the financial condition of an organization helps to identify negative trends, determine the factors that affect its financial condition, and develop measures to influence it. Control over the completeness and timeliness of paying taxes to the budget, targeted spending financial resources helps to improve the efficiency of economic activity.
All the principles of organizing the finances of enterprises are in constant development, and for their implementation in each specific economic situation, their own forms and methods are used, corresponding to the state of the productive forces and production relations in society.
Non-state educational institution
higher professional education
Chelyabinsk Institute of Economics and Law named after M.V. Ladoshina»
Faculty of Entrepreneurship and Law
Direction Economics
Course work
FINANCE OF COMMERCIAL ORGANIZATIONS
Performed by student gr. E-351
A.I. Kuznetsova
Scientific adviser:
Sumina E.A.
Introduction
Conclusion
Bibliographic list
Introduction
The object of the study is the finance of commercial enterprises. The subject of the study is the analysis of finance and financial relations of enterprises.
This topic is very relevant. Its relevance lies in the fact that the finances of commercial organizations are the main link financial system, as they cover the processes of creation, distribution and use of national income in value terms. Commercial enterprises are the backbone of our operation economic system development of the country's economy depends on their development.
main goal term paper was the conduct of theoretical and analytical studies of the mechanism of financial relations of enterprises.
The following major tasks are solved in the course work:
tracking the essence of finance and financial relations of commercial organizations
studying the principles of organizing finance for commercial organizations and enterprises
familiarization with the concept, essence and classifications of financial resources
study of the composition of the financial resources of the organization
analysis of the classification and directions of use of the capital funds of a commercial organization
When writing a term paper, used various sources information, such as: federal laws and economic literature of Russian authors and Internet sources.
Finance and financial relations of commercial organizations
1 The essence of finance and financial relations of commercial organizations
Finance arose in the conditions of regular commodity-money circulation in connection with the development of the state and its need for resources. According to its material content, the finances of the state are funds of funds. But finance is not money itself, but the relationship between people regarding the formation, redistribution and use of funds of money. Finance serves as an economic instrument for the distribution of the gross social product and national income.
The essence of finance, the laws of their development, the scope of commodity-money relations covered by them, and their role in the process of social reproduction are determined by the economic structure of society, the nature and functions of the state.
Finance, as a general economic category, performs many functions, i.e. dynamic manifestations of their properties and purposes. The main ones are: investment-distributive, fund-creating, income distribution, providing and control.
The first function is manifested in the distribution of its resources based on various classification groups, the main of which are: a) structural divisions of the enterprise and (or) types of activities; b) types of assets.
Distribution of the cumulative resource potential enterprises among divisions (types of activity) in the most synthesized form is expressed in the framework of investment policy, when relatively more or less attention is paid to one or another division, division, production line and others. The main criterion in this case, as a rule, is the predicted return on investment. The distributive function of the enterprise's finances from the standpoint of the structure of its assets is manifested in the desire to optimize the active side of the balance sheet.
The fund-forming function is implemented in the course of optimizing the right (ie, sources, passive) side of the balance sheet. Any enterprise is financed from several sources, and there are many of them, and they, as a rule, are not free. Here there is a natural desire to choose the most optimal combination of them. This aspect is especially significant when it is necessary to mobilize additional financial resources in large volumes, which takes place in the implementation of strategic investment programs.
The essence of the income distribution function is that the decisive role in the creation and functioning of the enterprise is borne by its owners. They may liquidate the company, keep the capital invested at a non-expansion level by withdrawing excess profits in the form of dividends, or they may, on the contrary, refrain from receiving dividends in the hope that the reinvested profits will bring a greater return in the future. Arguments in favor of a particular decision are formed within the framework of dividend policy when a certain part of the enterprise's resources is withdrawn from it and paid out in the form of dividends.
The meaning of the providing function of finance is determined, firstly, by the intended purpose of the enterprise and, secondly, by the system of established settlement relations. The intended purpose of the enterprise is to regularly generate profits on average, due to which the capital of the owners increases, which, if necessary, manifests itself in the receipt of additional funds by them compared to the initial investment. In purely procedural terms, the second is much more significant. aspect - system settlement relations, since in the modern economy any relations in the systems “enterprise-state”, “enterprise-enterprise”, “enterprise-employees”, “enterprise-owner”, etc. most often expressed in the form of monetary relations. The finances of enterprises, therefore, are precisely designed to ensure this current, routine activity.
The control function of the finances of enterprises is manifested in control over the validity of the formation of income, over the costs of the enterprise, the rational use of funds, the payment of taxes to the budget and contributions to extra-budgetary social funds. Financial control is carried out in the process of using monetary funds for their intended purpose. The implementation of this function is carried out with the help of financial performance indicators of enterprises, their assessment and development of the necessary measures to improve the efficiency of distribution relations.
An enterprise is an independent economic entity created to conduct economic activities that are carried out in order to make a profit and meet social needs.
As a rule, an enterprise acts as a legal entity, which is determined by a combination of features:
segregation of property;
liability for obligations with this property;
having a bank account;
speaking on its own behalf.
The isolation of property is expressed by the presence of an independent balance sheet, which lists the property of the enterprise. Based on the foregoing, the principles of organizing finance can be formulated as follows: independence in the field of financial activities, self-financing, interest in the results of financial and economic activities, responsibility for its results, control over the financial and economic activities of the enterprise.
The economic activity of the enterprise is inextricably linked with its financial activity. The enterprise independently finances all directions of its expenses in accordance with production plans, manages the available financial resources, investing them in the production of products in order to make a profit. Independence in the use of own and equivalent funds provides the necessary flexibility of resources, which in turn allows you to concentrate financial resources on the necessary areas of economic and other activities of the enterprise.
Self-financed - required condition successful economic activity of enterprises in a market economy. This principle is based on the full cost recovery for the production of products and the expansion of the production and technical base of the enterprise, it means that each enterprise covers its current and capital costs from its own sources. In case of temporary insufficiency in funds, the need for them can be provided by short-term bank loans and commercial loans, if we are talking about current costs, and long-term bank loans used for capital investments. The financial relations of an enterprise (organization) arise when, on a monetary basis, the formation of the enterprise's own funds, its income, the attraction of borrowed sources of financing of economic activities, the distribution of income generated as a result of this activity, and their use for the development of the enterprise.
The organization of economic activity requires appropriate financial support, i.e. initial capital, which is formed from the contributions of the founders of the enterprise and takes the form of authorized capital - the most important source of formation of the property of any enterprise. Specific methods of formation of the authorized capital depend on the organizational and legal form of the enterprise.
When creating an enterprise, the authorized capital is directed to:
the acquisition of fixed assets and the formation of working capital in the amount necessary to conduct normal production and economic activities;
acquisition of licenses, patents, know-how, the use of which is an important income generating factor.
Thus, the initial capital is invested in production, in the process of which value is created, expressed by the selling price of the products produced by the enterprise. After the sale of products, it takes on a monetary form - the form of proceeds from the sale of manufactured goods, which is credited to the company's current account. Revenue is not yet income, but already a source of reimbursement for the funds spent on the production of products and the formation of cash funds and financial reserves of the enterprise.
2 Principles of organizing finance for commercial organizations and enterprises
Financial relations of commercial organizations and enterprises are built on certain principles related to the basics of economic activity.
The principle of economic independence assumes that the organization, regardless of the organizational and legal form, independently determines economic activity, the direction of investment of funds in order to make a profit. In the conditions of market relations, the state does not interfere in the economic and financial activities of organizations. The main subject of making the most important financial decisions is the owner of the organization.
However, economic independence does not mean permissiveness. The market implies a strict legal order. The state establishes the rules of entrepreneurship, regulates the relationship of economic entities with budgets of all levels and state non-budgetary funds, determines the procedure for accounting, cash and non-cash payments.
The principle of self-financing is one of the main conditions for entrepreneurial activity, which ensures the competitiveness of an economic entity. Self-financing means full self-sufficiency of costs for the production and sale of products, performance of work and provision of services, investment in the development of production at the expense of own funds and, if necessary, bank and commercial loans. Self-financing refers to the methods of market management of the economy, when own financial sources are sufficient to finance economic activities. Self-financing assumes that the distributed profit of the enterprise after payments to the budget and extra-budgetary funds is exempt from state regulation. The profit of a commercial organization, depreciation and other cash funds become the main sources of financing its economic and social development. Credits from banks and other credit institutions are repaid by the enterprise itself from its own sources. In a market economy, ensuring the principle of self-financing is achieved through the use of equity capital, dividends, and profits from financial transactions.
Self-financing has a number of advantages:
borrowing costs (payment of interest and loan repayment) are excluded;
the enterprise becomes independent of external capital;
due to additional own capital, the reliability and creditworthiness of the enterprise increases;
the process of making a decision on further development is facilitated by additional investments.
The principle of material interest - the objective necessity of this principle is ensured by the main goal of entrepreneurial activity - making a profit. Interest in the results of entrepreneurial activity is manifested not only by its participants, but also by the state as a whole. At the level of individual employees of the enterprise, the implementation of this principle can be ensured by a high level of remuneration. For an enterprise, this principle can be implemented as a result of the state's implementation of an optimal tax policy, an economically sound depreciation policy, and the creation of economic conditions for the development of production. The enterprise itself can contribute to the implementation of this principle by observing economically justified proportions in the distribution of newly created value, the formation of a consumption fund and an accumulation fund. The interests of the state can be observed by the profitable activities of enterprises, the growth of production and the observance of tax discipline. Obviously, at present there are weak prerequisites for the implementation of this principle: the existing taxation system is of a pronounced fiscal nature. Due to the difficult economic situation in the country, many commercial organizations and enterprises do not fulfill their obligations to their employees to pay wages on time and, finally, the decline in production does not allow ensuring the interests of the state, the completeness and timeliness of paying taxes to the budget.
The principle of liability is realized as a result of the formation of losses and the inability of the enterprise to satisfy the requirements of creditors for payment for goods.
In more broad sense material responsibility lies in the fact that the deterioration of the financial condition automatically leads to the impossibility of uninterrupted activities, the normal circulation of funds and gives rise to a number of problems, without the solution of which the continued operation of the enterprise is generally jeopardized. Such is the material responsibility in the broad sense of the heads of enterprises and their founders. The responsibility of individual employees is realized through fines, deprivation of bonuses, etc.
The principle of providing financial reserves is associated with the need to form financial reserves to ensure entrepreneurial activity, which is associated with risk due to possible fluctuations in market conditions. AT market economy the consequences of the risk fall directly on the entrepreneur, who independently makes decisions, implements the developed programs with the risk of non-return of invested funds. The financial investments of an enterprise are also associated with the risk of receiving an insufficient percentage of income compared to inflation rates or more profitable areas of capital investment. Finally, there may be direct miscalculations in the development of the production program.
Financial resources of commercial organizations
1 Concept, essence and classification of financial resources
The financial resources of a commercial organization are money income, savings and receipts owned ty or at the disposal of the organization and intended to perform financial obligations, ensuring reproduction costs, social needs and material incentives for workers.
The main sources of formation of financial resources of a commercial organization include:
proceeds from the sale of products, works and services;
proceeds from other sales (for example, disposed new funds, inventories, etc.);
non-operating income (fines received, dividends dy and interest on securities, etc.);
funds received in the order of redistribution fi financial resources within vertically integrated structures and industries.
The types of financial resources of a commercial organization will be profit from the sale of goods (works or services), from the sale of property, the balance of income and expenses from non-sales measures, depreciation, reserve and similar funds formed from the profits of previous years.
Potentially financial resources are formed at the stage of production, when new value and the transfer of the old to the finished product is carried out. But precisely potentially, since workers in the material sphere do not produce financial resources, but labor products in kind.
The real formation of financial resources begins only at the stage of distribution, when the value is realized and individual elements of value (reimbursement, wages and profit) are separated from the proceeds from the sale of goods. It is no coincidence that profit, although it is created at the stage of production, is quantitatively formed in the process of cost distribution.
Availability of financial resources in required sizes determines financial well-being enterprise, i.e. its financial stability and solvency in any period of the year.
The financial resources of enterprises are directed to the following purposes:
financing costs for the production and sale of products, works, services;
real and financial investments;
formation of special-purpose monetary funds;
payments to the budget and off-budget funds;
repayment of credits and loans;
charitable purposes.
The dynamic (flow) approach to managing economic processes has been known for a long time. The theory of dynamic balance is based on the distinction between two streams of values: material and monetary. This implies the possibility of obtaining two results:
material result (profit) = material income - material costs;
monetary result = monetary income - monetary expenses.
Financial relations arising in the process of formation and use of financial resources of the enterprise are mediated cash flows for various types of activities. The real movement of money in the process of individual circulation of the enterprise's capital constitutes its cash turnover.
Thus, the cash turnover of the enterprise consists of the movement of funds in connection with the ongoing business transactions. For example, payroll and taxes, depreciation, the emergence of receivables and payables are not accompanied by the movement of money. An example of "cash" accounting transactions are wage payments, repayment of receivables and payables, advances, etc.
2 The composition of the financial resources of the organization
The financial resources of enterprises include own, borrowed and borrowed funds.
The financial basis of the enterprise is formed by its own capital. Equity is understood as the total amount of funds owned by the enterprise and used by it to form assets.
The basis of the first part of the equity capital of an enterprise is its authorized capital - the total value of assets recorded in the constituent documents, which are the contribution of owners (participants) to the capital of the enterprise (enterprises for which a fixed amount of authorized capital is not provided, reflect the amount of the actual contribution of owners to its statutory fund).
The second part of equity is represented by additional invested capital, Reserve capital, retained earnings and some other types of it.
The formation of the company's own capital is subject to two main goals:
Formation at the expense of own capital of the required volume outside current assets. The amount of the enterprise's own capital advanced into various types of its non-current assets (fixed assets; intangible assets; construction in progress; long-term financial investments, etc.) is characterized by the term own fixed capital.
Formation at the expense of own capital of a certain amount of current assets. The amount of own capital advanced in various types of its current assets (stocks of raw materials, materials and semi-finished products; volume of work in progress; stocks of finished products; current receivables; monetary assets, etc.) is characterized by the term own working capital.
Own capital management is connected not only with ensuring the effective use of its already accumulated part, but also with the formation of its own financial resources that ensure the future development of the enterprise. In the process of managing the formation of their own financial resources, they are classified according to the sources of this formation.
As part of the internal sources of the formation of its own financial resources, the main place belongs to the profit remaining at the disposal of the enterprise - it forms the predominant part of its own financial resources, provides an increase in own capital, and, accordingly, an increase in the market value of the enterprise.
Depreciation charges also play a certain role in the composition of internal sources, especially at enterprises with a high cost of their own fixed assets and intangible assets; however, they do not increase the amount of the enterprise's own capital, but are only a means of reinvesting it.
Other internal sources do not play a significant role in the formation of the enterprise's own financial resources. As part of the external sources of the formation of its own financial resources, the main place belongs to the attraction by the enterprise of additional share capital (through additional contributions from participants) or equity (through additional emission and sale of shares) capital.
For individual enterprises, one of the external sources of generating their own financial resources may be the gratuitous financial assistance provided to them (as a rule, such assistance is provided only to individual state-owned enterprises of various levels). Other external sources of formation of own financial resources include tangible and intangible assets transferred to the enterprise free of charge and included in its balance sheet.
The increase in the company's own capital is primarily associated with the management of the formation of its own financial resources. The main task of this department is to ensure the necessary level of self-financing, the development of the economic activity of the enterprise in the coming period.
Borrowed funds include loans from commercial banks and other credit organizations, other loans. fruitful financial activities any enterprise is practically impossible without the involvement of borrowed capital from the outside. Borrowed funds can significantly expand the volume of the subject's main activity, accelerate the formation of the necessary financial funds, ensure a more cost-effective use of financial own funds, and as a result, increase the liquidity and financial value of the enterprise.
Ideally, the basis of an economic entity should be its own funds, however, practice in our country shows that, for the most part, borrowed funds are the basis. That is why the market for borrowed funds is the most important aspect of both the financial and economic activities of the enterprise. It is aimed at achieving a high end result of the activity.
By definition, borrowed funds are funds received for a specified period of time and subject to repayment with a certain amount of interest for their use. These can be loans from banks and other credit organizations, as well as from the state, funds received from the issuance of securities debt securities (bonds). The mobilization of borrowed funds is carried out in several ways, the main of which are public financing, attraction of credit resources, mobilization of capital through securities. Cash received through the issuance and localization of securities is the main source of investment. Borrowed funds can be attracted in the following forms: - in national currency; - in foreign currency; - in the form of goods (delivery of materials with an agreed deferred payment); - lease (use in production activities of fixed assets that do not belong to the subject, on a paid basis); - other forms (use of intangible assets on a lease basis, etc.). The choice of using any of the forms of borrowing is made by the enterprise independently, based on the specifics of the main activity, as well as the purpose of attracting.
An important nuance in lending to an enterprise, the fact that borrowed funds, in whatever volume and form they are attracted, must be secured by the organization's own assets. This is especially true for those funds that are attracted in monetary terms. Borrowed funds are necessarily secured by the most liquid assets.
Raised financial resources include funds raised by issuing shares, budget appropriations and extra-budgetary funds, as well as funds from other enterprises and organizations raised for equity participation and other purposes.
The structure of the financial resources of enterprises differs depending on the organizational and legal form of the enterprise, its sectoral affiliation and other factors. So, for example, as part of the financial resources of agricultural enterprises there are budget allocations, enterprises with a high level of technical equipment have a large share of depreciation deductions, enterprises with a seasonal nature of production have borrowed funds.
Despite the differences in the composition and structure of the financial resources of individual enterprises in their total volume by production enterprises, the largest share is occupied by own funds, they account for about half of the total financial resources. The structure of financial resources changed along with the development of the economy. The development of the financial market gives enterprises new opportunities to expand the composition of financial resources and increase their volume.
3 Classification and directions of use of fixed assets of a commercial organization
All cash costs of the enterprise are grouped according to three criteria:
expenses associated with making a profit (include expenses for the production and sale of products (works, services) and investments). The costs of production and sale of products are the costs associated with the creation of goods (products, works, services), as a result of the sale of which the enterprise will receive a financial result in the form of profit or loss. Investments are capital investments aimed at expanding the volume of own production, as well as extracting income in the financial and stock markets.
expenses not related to making a profit (these are consumption expenses, social support for employees, charity and other humanitarian purposes).
compulsory expenses (these are taxes and tax payments, social insurance contributions, insurance expenses, the creation of mandatory reserves, economic sanctions).
The costs of production and sale of products are classified as follows:
material costs; these are the costs for the purchase of raw materials and materials used in the production of goods (when performing work, rendering services) and for household needs; for containers and packaging materials; for the purchase of tools, inventory, overalls and other property that is not depreciable; for the purchase of components, semi-finished products from third-party manufacturers; for the purchase of fuel, water and energy of all types spent for technological purposes; for the purchase of works and services of an industrial nature performed by third-party contractors
labor costs - represent any accruals to employees in cash and in kind, compensation accruals related to the mode of work or working conditions, bonuses and one-time incentive accruals, expenses stipulated by the norms of the legislation of the Russian Federation, employment contracts(contracts) and (or) collective agreements.
costs associated with the management of the production process (overhead costs) include administrative and management expenses, rent, travel expenses, maintenance of company vehicles, auxiliary production costs, etc.
the cost of non-current assets used in the production process is transferred to costs through the depreciation mechanism - a gradual transfer of the cost of fixed assets and intangible assets used in the production process to the cost of a newly created product.
The financial resources of the enterprise are cash income and receipts generated from an internal source and borrowed funds and used to cover the costs of reproduction and financial obligations.
Since the main task of a commercial organization is to maximize profit, the problem of choosing the direction of using financial resources constantly arises: investments in order to expand the main activities of a commercial organization or investments in other assets. As you know, the economic value of profit is associated with obtaining a result from investments in the most profitable assets.
The following main areas of use of financial resources of a commercial organization can be distinguished:
capital investments.
expansion of working capital.
implementation of research and development work (R&D).
payment of taxes.
placement in securities of other issuers, bank deposits and other assets.
distribution of profits among the owners of the organization.
incentives for employees of the organization and support for their families.
charitable purposes.
If the strategy of a commercial organization is associated with maintaining and expanding its position in the market, then capital investments are necessary (investments in fixed assets (capital)). Capital investment is one of major areas use of financial resources of a commercial organization. In Russian conditions, it is very important to increase the volume of capital investments due to the need to upgrade equipment, introduce resource-saving technologies and other innovations, since the percentage of not only moral, but also physical depreciation of equipment is very high.
In addition to the expanded reproduction of fixed assets, part of the organization's profits can be directed to the expansion of working capital - the purchase of additional raw materials, materials. For this purpose, short-term bank loans can also be attracted, funds received in the order of redistribution from the main ("parent") company, etc. can be used.
Great importance for business development has the participation of a commercial organization in scientific research. An experience foreign countries shows that organizations that innovate are less at risk of bankruptcy and provide a high level of profitability. Consequently, a part of the profit of a commercial organization, as well as funds received in the form of targeted financing (for example, budget funds), can be intended for research and development work (R&D).
Conclusion
The finances of commercial organizations and enterprises as part of the financial system cover the processes of creating the distribution and use of GDP in value terms. They operate in the field material production, where the total social product and national income are mainly created.
In the course of the financial and economic activities of commercial organizations and enterprises, certain financial relations arise related to the organization of production, the sale of products, the formation of financial resources, the distribution and use of income.
The finances of commercial organizations and enterprises are economic relations arising in the process of formation production assets, production and sale of products, formation of own financial resources, attraction of external sources of financing, their distribution and use.
The principles of organizing the finances of commercial enterprises are in constant development and improvement. The main principles in a market economy at the present stage include self-sufficiency, self-financing, financial independence of enterprises, interest and economic responsibility for fulfilling obligations to the state, suppliers, banks, a team of employees, a combination financial planning and commercial calculation.
The financial resources of an enterprise are the basis of its successful activity. With their help, you can upgrade equipment, introduce new technologies, pay workers, etc. Therefore, their importance in production can hardly be underestimated. But this concept includes not only money.
Financial resources of the enterprise - a set of own, borrowed and attracted funds of the enterprise, with the help of which its economic activity is carried out. This includes money, shares, accounts payable and receivable, fixed assets, products, etc. They are also called "shared value tokens", which can be used not only to develop activities, but also in difficult times to pay off various debts, etc. . P.
There are eight main areas for the use of financial resources:
capital investments;
increase in working capital;
other material costs;
formation of financial reserves;
financing the social needs of society;
meeting the personal needs of individual citizens;
public debt service (external and internal);
expenses for foreign economic activity.
Enterprise finance, being part of common system financial relations, reflect the process of formation, distribution and use of income at enterprises of various sectors of the national economy and are closely related to entrepreneurship, since an enterprise is a form of entrepreneurial activity.
Financial management is largely an art that depends on the performer, his ability to make quick decisions in the face of uncertainty.
monetary commercial public reproduction
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The organization of the finances of commercial enterprises is based on provisions related to their economic activities.
The initial formation of own financial resources, as noted above, occurs in commercial enterprises (organizations) at the time of their establishment, when the authorized fund (authorized capital) is formed. The sources of formation of the authorized capital, depending on the organizational and legal forms of economic entities, can be:
share capital (in joint-stock companies); long-term loan; budgetary funds, etc. The main source of financial resources at operating enterprises is the proceeds from the sale of products (works, services), due to which income and profit are formed, as well as depreciation, reserve and other funds.
The principles of organizing the finances of commercial enterprises are in constant development and improvement.
AT modern conditions when the country's economy is on the way to market relations, the main principles of organizing the finances of commercial enterprises (organizations) include: self-sufficiency, self-financing, financial independence of enterprises, interest and economic responsibility for fulfilling obligations to the state, suppliers, banks , a team of workers; combination of financial planning and commercial calculation.
self-sufficiency- the principle of financial and economic activity, in which the costs of the enterprise are fully covered by their own income. Self-sufficiency is the main condition for economic (commercial) calculation, which assumes full reimbursement of current costs associated with the production and sale of products (goods, works, services), and profit. The principle of self-sufficiency consists in providing the enterprise with the necessary material, labor and financial resources and its ability to ensure cost-effective operation.
Self-financed refers to the methods of market management of the economy, when own financial sources are sufficient to finance production activities. Self-financing is the principle of carrying out the financial and economic activities of an enterprise, in which not only current expenses, but also capital investments, as well as financing the social and economic development of an enterprise and future expenses are provided from its own sources of financing.
This method assumes that the distributed profit of the enterprise after payments to the budget and off-budget centralized funds is exempt from state regulation. The profit of a commercial enterprise, depreciation and other cash funds become the main sources of financing of its economic and social development. Credits from banks and other credit institutions are repaid by the enterprise itself from its own sources (mainly from the profits received and the amortization fund).
In a market economy, ensuring the principle of self-financing is achieved through the use of equity capital, dividends, and profits from financial transactions. Self-financing is closely related to full financial independence enterprises, when the latter are granted the right to independently manage their financial, material, labor resources, seek and put into circulation borrowed and borrowed funds, based on
economic benefit.
Principle material interest manifests itself in making a profit as a source of material incentives for the achieved positive results of the commercial activity of the enterprise and its staff. The interests of the state and employees of enterprises can be observed by the profitable activities of the enterprise.
Economic responsibility enterprises is determined by the legally established system of financial sanctions for non-fulfillment of obligations to the budget, trust funds and other enterprises, banks. Special forms of liability are provided for taxpayers who violate tax laws. Enterprises are liable for their obligations with their own property. This responsibility of enterprises is strengthened by the system of insurance of business risks and the increasing role of insurance indemnities coming from insurance companies.
The rational organization of finance in the sphere of material production is achieved with a rational choice of financial resources, an optimal combination of own and borrowed funds.
Own sources are constantly in the turnover of enterprises, fixed in their statutory fund. Enterprises have the right to independently dispose of them.
An important principle of organizing the finances of commercial enterprises is combination of financial planning and commercial calculation. There is an opinion that commercial calculation is incompatible with financial planning, however, in world and domestic practice, a generally recognized lever financial management are targeted integrated programs as an element of planning. In investment activity, no firm starts a business until it develops a project (plan) with justification of financing and the final financial result. On the basis of intra-company planning, contracts are concluded, orders are placed on a competitive basis. The development of plans (abroad they are called projects) is based on a deep study of consumer demand, the experience of competitors, and an analysis of the financial capabilities of the enterprise.
Financial relationships of commercial enterprises and organizations are built on specific principles that are related to the basics of the financial and economic activities of the enterprise: self-financing, economic independence, liability, material interest, providing financial reserves.
One of the basic principles of organizing the finances of an enterprise is the principle of economic independence. The implementation of this principle is ensured by the fact that economic entities, regardless of the form of ownership, independently determine the sources of financing, their expenses, and the direction of investments of their funds in order to make a profit. The development of market relations has significantly expanded the independence of commercial enterprises, and completely new opportunities have appeared in the field of investing money. But to talk about the complete financial independence of commercial organizations in the process of accumulation financial resources and the use of their financial resources is prohibited. The state controls certain aspects of the activities of enterprises. Thus, enterprises of any form of ownership, in accordance with the current legislation, must pay the necessary taxes within the established rates, participate in the formation of various extra-budgetary funds.
The second principle of organizing the finances of an enterprise is the principle of self-financing. The implementation of this principle is one of the key conditions for doing business, which guarantees the competitiveness of a commercial enterprise. Self-financing means the full payback of the costs incurred for the production and sale of products, investment and subsequent development of production at the expense of their financial resources and, if necessary, commercial and bank loans. Today, not all organizations and enterprises are able to fully implement this principle.
The next principle of organizing the finances of an enterprise is the principle of material interest , that is, making a profit. The interest in the result of economic activity is equally inherent in the collectives of organizations and enterprises, the individual employee and the state as a whole. The implementation of this principle is carried out by means of decent wages, the most optimal tax policy of the state, compliance with an economically justified proportion in the distribution of profits for accumulation and consumption.
The fourth basic principle of organizing the finances of commercial enterprises is the principle of liability, which **** means the existence of a system of responsibility for the results of the financial and economic activities carried out. In general, for an economic entity, this principle is implemented through forfeits and penalties, fines levied in case of violation of contractual obligations (product quality, terms), late repayment of long-term and short-term loans, violation of tax laws, repayment of bills.
The last basic principle of organizing the finances of commercial enterprises is the principle of providing financial reserves. Entrepreneurial activity is always associated with risk, and this dictates the need to form financial reserves and other similar funds. Within the framework of market relations, the consequences of a possible risk fall directly on the entrepreneur, who independently and voluntarily implements his program.
Essence and features of the organization of finance of commercial enterprises
The reason for the emergence of finance is the need for the state and various subjects of resources to ensure their activities. It is impossible to satisfy this need for resources without finance either in the sphere of management, or in the social sphere, or in the sphere of state activities: management and defense. This is due to the fact that only with the help of finances is the distribution of value among the subjects of the reproduction process, that is, only through the financial distribution of the value of the gross national product, each participant in social reproduction receives its share in the created value and the cash flow receives a target designation. The public purpose of the finances of organizations is to provide financial resources to separately functioning entities social activities in the form of formation of legal entities. According to the principles of functioning, these organizations carry out their activities on the terms of commercial calculation, that is, they pursue the goal of making a profit, or do not set themselves such a goal, but their functioning is socially necessary and useful. In addition, there are various public associations that can be organized into a legal entity. The finances of legal entities - organizations are divided into the following sections: finances of commercial organizations, finances of non-profit organizations, finances public organizations. A legal entity that pursues the extraction of income as the main goal of its activities is a commercial organization. Such a legal entity is created in the form of a state enterprise, economic partnership, joint-stock company, production cooperative. A commercial organization is obliged to carry out entrepreneurial activities.
Entrepreneurship is an initiative activity of legal entities and citizens, regardless of the form of ownership, aimed at obtaining net income by satisfying the demand for goods (works, services), based on private ownership (private entrepreneurship) or on the right of economic management of a state enterprise. An enterprise operating on a commercial basis includes all types of enterprises in the sphere of material production, the sphere of commodity circulation, as well as some organizations in the non-productive sphere, small enterprises, private enterprises, joint-stock companies, partnerships, associations, commercial banks, insurance companies, etc.
A significant impact on the organization of finances of enterprises operating on a commercial basis is provided by commercial settlement and trade secrets.
Commercial calculation - is a method of managing the economy, which consists in comparing the costs and results of activities in monetary terms; Its goal is to extract maximum profit at minimum cost. Commercial calculation involves the obligatory receipt of profit and achievement sufficient level profitability in order to carry out business activities. Otherwise, the enterprise goes bankrupt and is subject to liquidation with the recognition of its bankruptcy.
Bankruptcy is the persistent inability of a debtor, an individual entrepreneur or legal entity, to satisfy the claims of his creditors and pay tax and other obligatory payments due to the excess of his liabilities over assets.
Assets - the property of a business entity, which includes all fixed and working capital. Liabilities - obligations of a business entity, consisting of borrowed and borrowed funds, including accounts payable.
A trade secret is any confidential managerial, industrial, scientific and technical, trade, financial and other information that is of value to an enterprise in achieving an advantage over competitors and making a profit.
The implementation of activities under the conditions of a trade secret and through the method of commercial calculation determine the specifics in the organization of finance, which consists in the following points.
Commercial organizations have real financial independence - financial independence is expressed in the fact that a business entity has the right to independently distribute the proceeds received from the sale of products, dispose of the profit remaining after taxation, at its discretion form and use funds for production and consumer purposes, independently seek sources of expansion production, including the issuance of securities, attraction of credit resources, etc. The enterprise has the right to open settlement and other accounts in any commercial bank to store funds and carry out all types of settlement, credit and cash transactions.
The organization of the finances of entities whose activities are covered by a trade secret are free from petty regulation by the state, i.e. enjoy complete economic freedom. The state regulates the financial and economic activities of enterprises, as a rule, with the help of cost instruments, pursuing appropriate tax, depreciation, currency, export-import policies.
Commercial organizations bear full financial responsibility for the actual results of work, timely fulfillment of obligations to suppliers, consumers, the state, banks and other counterparties. In a market economy, an enterprise is liable for its obligations with its own property; for non-fulfillment of obligations, a reasonable system of financial sanctions is applied to enterprises: fines, forfeits, penalties. Since enterprises have real financial independence, they themselves cover their losses and losses. At the same time, losses from innovation activities are covered by financial reserves and the insurance system, and losses from mismanagement are covered by profits. The enterprise is obliged to compensate for the damage caused by the irrational use of land and other natural resources, pollution environment, violation of safety and production rules, sanitary standards, etc.
The completeness of the implementation of the financial responsibility of commercial organizations is provided in the legislative. In particular, Article 44 of the Civil Code states that "legal entities are liable for their obligations with all their property."
The organization of the finances of commercial enterprises is aimed at ensuring a material interest in improving performance. This is achieved through a system of profit distribution (collective interest) and through a system of material incentives and bonuses (personal interest).
Commercial organizations enter into financial relationships with banks, insurance companies, the state. At the same time, such relationships are organized taking into account the principles of commercial calculation. Enterprises and banks are equal partners organizing financial side of their operations with a focus on profit: banks provide paid and term loans, receive commissions for intermediary and trust operations from their customers.
In turn, if the company keeps free money in deposit accounts, then the bank charges interest on them.
Insurance companies carry out insurance of various objects of commercial enterprises, their diverse risks. This creates certain guarantees of stability in the business activities of commercial organizations.
The state should also act as a partner of enterprises, since the latter is the main taxpayer, providing funds to the state budget. In this regard, it is advisable for the state to establish tax payments at a level that does not undermine the interest of business entities in the development of production.
Thus, the financial relationships of commercial organizations with counterparties are aimed at strengthening commercial calculation and increasing the efficiency of entrepreneurial activity.
Finances of commercial enterprises and organizations are financial or monetary relations that arise in the course of entrepreneurial activity in the process of forming equity capital, trust funds of funds, their distribution and use.
Chapter 2. Finance of commercial organizations and enterprises
2.1 Functions of finance for commercial organizations and enterprises
Through the distribution function, the initial capital is formed, which is formed from the contributions of the founders, the reproduction of capital, the creation of basic proportions in the distribution of income and financial resources, ensuring the optimal combination of interests of individual producers, business entities and the state as a whole.
The distribution function of finance is associated with the formation of monetary funds of commercial funds and organizations through the distribution and redistribution of incoming income.
The objective basis of the control function is the cost accounting for the costs of production and sale of products, the performance of work and the provision of services, the process of generating income and cash funds.
Financial control over the activities of an economic entity is carried out by: directly an economic entity through a comprehensive analysis of financial indicators, operational control over the implementation of financial plans, timely receipt of proceeds from the sale of products (works, services), obligations to suppliers, customers and consumers, the state, banks and others counterparties; shareholders and owners of a controlling stake by controlling the effective investment of funds, making profits and paying dividends; tax authorities that monitor the timeliness and completeness of the payment of taxes and other obligatory payments to the budget; commercial banks when issuing and repaying loans, providing other banking services; independent audit firms, when conducting audits.
2.2 Principles of organizing finance for commercial organizations and enterprises
Financial relations of commercial organizations and enterprises are built on certain principles related to the basics of economic activity: economic independence, self-financing, material interest, provision of financial reserves.
The principle of economic independence cannot be realized without financial independence. Economic entities, regardless of the form of ownership, independently determine the scope of economic activity, sources of financing, directions for investing funds in order to make a profit. However, one cannot speak of complete economic independence, since the state regulates certain aspects of their activities. Legislation establishes the relationship of commercial organizations and enterprises with budgets of different levels.
The implementation of the principles of self-financing is one of the main conditions for entrepreneurial activity, which ensures the competitiveness of an economic entity. Self-financing means full self-sufficiency of costs for the production and sale of products, performance of work and provision of services, investment in the development of production at the expense of own funds and, if necessary, bank and commercial loans.
The principle of material interest - the objective necessity of this principle is provided by the main goal of entrepreneurial activity - making a profit.
At the level of individual employees of the enterprise, the implementation of this principle can be ensured by a high level of remuneration. For an enterprise, this principle can be implemented as a result of the state's implementation of an optimal tax policy, the creation of economic conditions for the development of production. The interests of the state can be observed by the profitable activities of enterprises, the growth of production and the observance of tax discipline.
The principle of liability means the existence of a certain system of responsibility for the conduct and results of financial and economic activities. Enterprises that violate contractual obligations, settlement discipline, terms of repayment of loans received, tax laws, etc., pay penalties, fines, forfeits. This principle is currently implemented most fully.
The principle of providing financial reserves is dictated by the conditions of entrepreneurial activity, which is associated with certain risks of non-return of funds invested in business. In the conditions of market relations, the consequences of the risk fall on the entrepreneur, who voluntarily and independently implements the program developed by him at his own peril and risk.
The implementation of this principle is the formation of financial reserves and other similar funds that can strengthen the financial position of the enterprise at critical moments of management. Financial reserves can be formed by enterprises of all organizational and legal forms of ownership from net profit, after paying taxes and other obligatory payments to the budget from it.
All the principles of organizing the finances of enterprises are in constant development, and for their implementation in each specific economic situation, their own forms and methods are used, corresponding to the state of the productive forces and production relations in society.
2.3 Factors affecting the organization of the finances of an enterprise
The organization of the finances of an enterprise is influenced by two factors: the organizational and legal form of management and industry-specific technical and economic features.
The organizational and legal form of managing is determined by the Civil Code of the Republic of Kazakhstan, according to which a legal entity is recognized as an organization that owns, manages or manages separate property and is liable for its obligations with this property. It has the right on its own behalf to acquire and exercise property and personal non-property rights, bear obligations, be a plaintiff and defendant in court. A legal entity must have an independent balance sheet or estimate. Organizations can be legal entities:
pursuing profit as the main goal of their activities - commercial organizations;
not having profit as such a goal and not distributing profits among participants - non-profit organizations.
Commercial organizations are created in the form of business partnerships and companies, production cooperatives, state enterprises.
Financial relations arise already at the stage of formation of the authorized capital of an economic entity, which from an economic point of view is the property of an economic entity on the date of its creation. The legal entity is subject to state registration and is considered created from the moment of its registration.
The organizational and legal form of managing determines the content of financial relations in the process of formation of the authorized capital. The formation of the property of commercial organizations is based on the principles of corporatism. The property of state enterprises is formed on the basis of state funds.
The participants of a general partnership create the authorized capital at the expense of the contributions of the participants, and in essence the authorized capital of the general partnership is the share capital. By the time of registration of a general partnership, its participants must make at least half of their contribution to the share capital. The rest must be paid by the participants within the terms specified in the memorandum of association. If this rule is not followed, the participant is obliged to pay to the partnership 10% per annum from the amount of the unpaid part of the contribution and compensate for the losses incurred. A participant in a general partnership has the right, with the consent of the other participants, to transfer his share in the share capital or part of it to another participant in the partnership or to a third party.
The founding agreement of a limited partnership stipulates the conditions on the amount and composition of the share capital, as well as the size and procedure for changing the shares of each of the general partners in the share capital, the composition, terms for making contributions and liability for breach of obligations. The procedure for the formation of the authorized capital is similar to the procedure for its formation in a full partnership. The management of the activities of a limited partnership is carried out only by general partners. Participants-contributors do not take part in business activities and are in essence investors.
The authorized capital of a limited liability company is also formed from the contributions of its participants. The minimum amount of the authorized capital in accordance with the law is set at 100 minimum calculation indices on the day of registration of the company and must be paid at least in half. The rest must be paid during the first year of the company's operation. In case of violation of this procedure, the company must either reduce its authorized capital and register this reduction in the prescribed manner, or terminate its activities through liquidation. A member of the company has the right to sell his share in the authorized capital to one or more members of the company or to a third party, if this is stipulated in the charter. The authorized capital of a company with additional liability is formed in the same way.
Joint-stock companies form the authorized (share) capital based on the par value of the company's shares. The minimum amount of the authorized capital of an open joint stock company is set at 500,000 minimum calculation indices on the day of registration of the company. The authorized capital is formed by placing ordinary and preferred shares.
In such areas of entrepreneurial activity as the production and marketing of industrial and agricultural products, trade, consumer services, etc., the preferred form of entrepreneurial activity is a production cooperative. The property of the PC consists of shares of its members in accordance with the charter of the cooperative. PC can create indivisible funds at the expense of a certain part of the property, if it is stipulated in the charter. By the time of registration of the PC, each of its members is obliged to pay at least 10% of their share contribution, and the remaining part - within a year from the date of registration.
The profit of commercial organizations, remaining after its distribution in the general established order, is distributed among the participants on the principles of corporatism.
According to its economic content, the entire set of financial relations can be grouped into the following areas:
between the founders at the time of the establishment of the enterprise - associated with the formation of the authorized capital;
between enterprises and organizations - associated with the production and sale of products, the emergence of newly created value;
between enterprises and its divisions - regarding the financing of expenses, distribution and use of profits, working capital;
between enterprises and its employees - when distributing and using income, issuing shares and bonds, paying interest, collecting fines, withholding taxes;
between an enterprise and a higher organization, within financial and industrial groups;
between commercial organizations and enterprises - associated with the issue and placement of securities, mutual lending, equity participation in the creation of joint ventures;
between enterprises and the financial system of the state - when paying taxes and making other payments to the budget;
between the enterprise and the banking system - in the process of storing money in commercial banks, payment of interest on a bank loan, provision of other banking services;
between enterprises and insurance companies and organizations - when insuring property, commercial and entrepreneurial risks;
between enterprises and investment institutions - in the course of investment placement, privatization, etc.
Each of the listed groups of relations has its own characteristics and scope, all of them are bilateral in nature and their material basis is the movement of funds.
finance share capital resource
2.4 Financial resources of commercial organizations
To carry out their activities, commercial organizations have, along with material and human resources, also financial resources to cover various needs. The funds come at their disposal through various channels and, in the process of involving them in circulation, are transformed into financial resources.
The financial resources of commercial organizations are cash incomes and receipts at their disposal and intended to meet the needs associated with their functioning: the fulfillment of financial obligations to counterparties, the implementation of expenses for the statutory (core) activities, including the costs of expanded production, economic incentives for employees , social issues.
The formation of financial resources of commercial organizations can be carried out through three channels:
At the expense of own and equivalent funds;
mobilization of resources in the financial market;
receipt of funds from the financial system in the order of redistribution.
The initial formation of financial resources occurs at the time of the establishment of the enterprise, when the authorized capital (fund) is formed. Sources of the formation of the authorized capital depend on the organizational and legal form of management: joint-stock company, cooperative, state enterprise, partnership, etc.
In this regard, the following sources of the authorized capital of commercial organizations are distinguished: share capital, shares of members of cooperatives, sectoral financial resources, long-term credit, and budgetary funds.
The size of the statutory fund shows the amount of those funds - fixed and circulating, which are invested in the production process or other statutory activities of a commercial organization. At the same time, the minimum size of the authorized fund, the features of its formation and use, the legal regime of property, the restriction of entrepreneurial activities of certain types of commercial organizations established in the form of business partnerships, banks, insurance companies, joint ventures are regulated by the Civil Code and other special legislative acts. A contribution to the charter fund of a business partnership may be money, securities, things, property rights, including intellectual property.
The main source of financial resources at existing commercial enterprises is the cost of products sold, services rendered. In the process of distribution of proceeds, various parts of the cost of goods sold take the form of cash savings.
Financial resources are formed mainly at the expense of profit. In addition, the sources of financial resources are: proceeds from the sale of retired property, stable liabilities, various targeted revenues, mobilization of internal resources in construction, funds from renting property, etc.
A commercial enterprise formed in the form of a cooperative as a source of financial resources has share and other contributions from members of the labor collective.
Significant financial resources can be mobilized in the financial market. The forms of their mobilization are the sale of shares, bonds and other types of securities, as well as credit investments.
Carrying out activities in market conditions is associated with various types of risks: entrepreneurial risks, currency risks, commercial risks, etc. In this regard, commercial organizations are increasingly resorting to insurance for their activities. This results in the payment of insurance compensation to them.
Thus, in the composition of financial resources, the funds mobilized in the financial market and insurance compensation payments received from insurance companies play an important role.
The use of financial resources is carried out by commercial organizations in many areas:
Payments to financial and banking system authorities;
Investing own funds in core activities: capital costs (reinvestment) associated with the expansion of production and its technical renewal, the transition to new advanced technologies, the use of "know-how", etc.;
Investing financial resources in securities purchased on the market;
The direction of financial resources for the formation of monetary funds of an incentive and social nature;
Use of financial resources for charitable purposes, sponsorship, etc.
Chapter 3. Profit and profitability of commercial enterprises
The functioning of enterprises on the terms of commercial calculation implies the obligatory receipt of profit by them. Profit is the most important category of market relations, it has three functions:
An economic indicator characterizing financial results economic activity of the enterprise;
The stimulating function that appears in the process of its distribution and use;
One of the main sources of formation of financial resources of the enterprise.
The basis for the existence of profit in the economy is the presence of a surplus product and a commodity-money form of the process of expanded reproduction, i.e. Profit is the basic form in which the value of the surplus product is expressed and measured.
Profit is the main source of financing for the increase in working capital, renewal and expansion of production, social development of the enterprise, as well as the most important source of budgeting at different levels.
Profit is a source of financing needs that differ in their economic content. When it is distributed, the interests of both society as a whole, represented by the state, and the entrepreneurial interests of economic entities and their counterparties, the interests of individual employees, intersect. The object of distribution is the gross profit.
Distribution of profit is the prerogative of an economic entity, is regulated by the internal documents of the enterprise and is fixed in its accounting policy. When distributing profits, they proceed from the following principles: first-priority fulfillment of obligations to the budget, the profit remaining at the disposal of the enterprise is distributed for accumulation and distribution.
The mechanism of the impact of finance on the efficiency of economic management depends on the nature of distribution relations, the specific forms and methods of their organization, their correspondence to the level of productive forces and production relations. The benchmark for establishing the relationship between accumulation and consumption should be the state of production assets and the competitiveness of products. In the process of distributing net profit, the enterprise has the right to independently determine the method of distributing profit.
The distribution of net profit can be carried out through the formation of special funds: accumulation fund, consumption fund, reserve funds, or its direct distribution in certain areas.
In the first case, the enterprise must draw up estimates for the expenditure of consumption and accumulation funds in the form of an addition to the financial plan. In the second case, the distribution of profits is reflected directly in the financial plan.
economic recovery process further development entrepreneurial activity in the manufacturing sector will largely determine the maximum profit due to intensive factors, the growth of investment in the real sector of the economy and the creation of an effective tax system.
Profitability, in contrast to the profit of the enterprise, showing the effect of entrepreneurial activity, characterizes the effectiveness of this activity. Profitability is a relative indicator that reflects the degree of profitability of the enterprise. In a market economy, there is a system of profitability indicators.
The profitability of all products sold can be defined as:
The percentage of profit from the sale of products to the costs of its production and sale;
The percentage ratio of profit from sales of products to revenue from sales of products;
Percentage of balance sheet profit to revenue from sales;
The ratio of net profit to revenue from sales.
These indicators give an idea of the efficiency of the current costs of the enterprise and the degree of profitability of the products sold.
The profitability of individual types of products depends on the price and the total cost. It is defined as the percentage ratio of the selling price of a given product minus its full cost to the full cost of a unit of this product.
Return on non-current assets is defined as the percentage of net profit to average non-current assets. Return on current assets is defined as a percentage of net profit to the average annual value of current assets.
The return on investment is defined as the percentage of gross profit to the value of the property of the enterprise. Return on equity is calculated as a percentage of net profit to equity.
Profitability indicators are used in the process of analyzing the financial and economic activities of the enterprise, making management decisions, decisions of potential investors on participation in the financing of investment projects.
