Current financial planning and budgeting. Current financial planning (budgeting)

Current planning system financial activities firms is based on the developed financial strategy and financial policy for certain aspects of financial activity. This type financial planning is to develop specific types of current financial plans that enable the company to determine for the coming period all sources of financing for its development, form the structure of its income and costs, ensure its constant solvency, and also determine the structure of assets and capital of the company at the end of the planning period.
The result of the current financial planning is the development of:
- movement plan Money;
- the plan of the report on profits and losses;
- balance sheet plan.
The main purpose of constructing these documents is to assess the financial position of the company at the end of the planning period. The current financial plan is drawn up for a year, broken down by quarters, since such periodization complies with legal reporting requirements. The current financial plans of an entrepreneurial firm are developed on the basis of data that characterize:
- Financial strategy of the company;
- results financial analysis for the previous period;
- planned volumes of production and sales of products, as well as other economic indicators operating activities of the firm;
- a system of norms and standards for the costs of individual resources developed at the company;
the current system taxation;
- the current system of depreciation rates;
- average rates of credit and deposit interest in the financial market, etc.
To draw up financial documents in the process of current financial planning, it is important to correctly determine the volume of future sales (volume of sales). This is necessary for the organization of the production process, the effective distribution of funds. As a rule, sales forecasts are made for three years, the annual forecast is divided into quarters and months, while the shorter the forecast period, the more accurate and specific the information contained in it. The sales volume forecast helps to determine the impact of production volume, the price of products sold on the financial flows of the company. The forecast of sales volumes for a specific type of product can be presented in the form of a table (Table 10.2).
Table 10.2
Sales forecast for 2001

Based on the sales forecast data, the required amount material and labor resources, and other component production costs are also determined. Using the data obtained, a planned profit and loss statement is developed, with the help of which the amount of profit received in the upcoming (planned) period is determined.

Table 10.3

Particular attention in drawing up the plan of the profit and loss account is given to determining the proceeds from the sale of products. As a rule, the value of sales proceeds for the previous year is taken as the starting point. This value is determined in the current year, taking into account changes:
- cost of comparable products;
- prices for products sold by the company;
- prices for purchased materials and components;
- evaluation of fixed assets and capital investments of the company;
- remuneration of employees of the company.
The planned average annual amount of depreciation is determined on the basis of data on the average annual book value of fixed assets and depreciation rates.
Cost planning by responsibility centers is carried out by developing a cost matrix, which includes:
- dimension of the center of responsibility, i.e. an indication of the department in which this cost item occurs;
- dimension of the production program, i.e. indication of the purpose of the occurrence of this cost item;
- the dimension of the cost element, i.e. specifying the type of resources used.
As a result, when summing up the costs in the cells by the rows of the matrix, planned data on responsibility centers are obtained.
A cash flow plan is developed that takes into account cash inflow (receipts and payments), cash outflows (costs and expenses), net cash flow (surplus or deficit). In fact, it reflects the movement cash flows on current, investment and financial activities. Differentiation of activities in the development of a cash flow plan can improve the effectiveness of cash flow management in the process of carrying out the financial activities of the company.
The cash flow plan is compiled for the year, broken down by quarters and includes two main parts: receipts and expenses. The income section reflects proceeds from the sale of products, from the sale of fixed assets and intangible assets, income from non-sales operations and other income that the company expects to receive during the year.
The expenditure part reflects the costs of production of sold products, the amount of tax payments, the repayment of long-term loans, the payment of interest for using a bank loan, the directions for using net profit

Table 10.4
Cash flow plan for 2001

The balance sheet is usually based on following scheme:
1. Assets:
Current assets
Fixed Assets
2. Liabilities and equity of the firm:
Long term duties.
Short-term liabilities
3. Total liabilities
4. Equity of the firm
5. Total liabilities and equity firms

With the help of such a cash flow plan, the company, when planning, covers the entire cash flow, which makes it possible to analyze and evaluate cash receipts and expenditures and make operational decisions about possible ways financing in the event of a shortage of these funds. In this case, the plan is considered to be finalized if it provides for sources to cover a possible shortage of funds.
The final document of the current annual financial plan is the planned balance of assets and liabilities (in the form of a balance sheet) at the end of the planning period, which reflects all changes in assets and liabilities as a result of planned activities and shows the state of property and finances of the entrepreneurial firm. The purpose of developing a balance plan is to determine the necessary increase in certain types of assets, ensuring their internal balance, as well as the formation of an optimal capital structure that would ensure sufficient financial stability of the company in the future period.
The balance sheet serves as a good check on the profit and loss plan and cash flow. In the process of its compilation, the acquisition of fixed assets, changes in the value of inventories are taken into account, planned loans, issuance of shares and other securities, etc. are noted.
The process of current financial planning is carried out at the firm in close connection with the process of planning its operations.

More on the topic Current financial planning:

1. 7.2. Financial planning 7.2.1. The role and objectives of financial planning
2. FINANCIAL PLANNING OF ORGANIZATIONS (ENTERPRISES) Fundamentals of organizing financial planning
3. Lecture No. 29 Topic: Financial planning. Business planning
4. Chapter 11 TYPES AND METHODS OF FINANCIAL PLANNING AND FORECASTING. BUDGETING AS A NEW MANAGEMENT TECHNOLOGY OF PLANNING AT THE ENTERPRISE
5. Analysis of financial activity as a tool for managing financial planning
6. Financial strategy and its role in managing financial planning
7. MONITORING OF CURRENT FINANCIAL ACTIVITIES
8. Choosing a policy for the integrated operational management of current assets and current liabilities
9. The main types of current financial plans developed at the enterprise are:
10. 11.4. Financial forecasting and its role in financial planning
11. Net working capital and current financial needs of the enterprise
12. 44. Analysis of cash flows from the current, investment and financial activities of the organization
13. An in-depth analysis of own working capital - and current financial needs
14. Chapter IV Financial planning and forecasting of financial statements
15. 7. FINANCIAL WORK AND FINANCIAL PLANNING IN THE ENTERPRISE MANAGEMENT SYSTEM

Current financial planning involves the preparation of short-term financial plans. Companies develop short-term financial plans to achieve budgetary and investment goals within one financial year. These plans have more high level reliability compared to long-term plans. Short-term plans are often adjusted as financial and investment goals change. Often enterprises under current financial planning ( operational management finance) understand short-term plans to manage cash deficits.

Components of working capital

For many businesses, elements working capital render greatest influence on their short-term cash flows. These elements usually include inventories of raw materials or finished products, debtors, creditors and cash. The movement of working capital sometimes creates large voids or shortfalls in cash (so-called "cash gaps") that threaten the business. This is due to the difference in accounts payable and cash cycles. The accounts payable cycle is the time it takes a company to pay for its inventory, while the cash cycle is the time it takes for debtors to pay for goods.

Money deficit

There are various reasons why there is a significant cash deficit. For example, a business may follow an aggressive marketing policy in which it allows its customers to pay their bills for more than long period. Such a policy can affect a company's cash flows in two ways. First, it fixes money in accounts receivable buyers, and secondly, the company can finance additional inventory for new sales without resorting to business-based cash inflows, but using, for example, bank loans. Businesses also have to deal with cash shortages when they buy new equipment, pay heavy court fines, or because of natural disasters such as hurricanes.

Cash flow forecast

When it becomes apparent that a severe cash shortfall will occur, a cash flow forecast is needed. The forecast should estimate total cash receipts and total cash payments during each quarter under at least three different scenarios: worst case, most likely and best case. At the same time, you need to know the difference between total receipts and payment amounts in order to find out if there is a deficit in each quarter of the year. For each element of cash inflows and outflows, all related increases and decreases must be accounted for, such as creditor discounts for prepaid goods/services, deferred expenses and cash sales.

Funding the cash gap

If the cash flow forecast indicates that a shortfall is likely to occur within a year, then the company must take steps to cover it. One way to finance short-term deficits is to use short-term measures such as increasing current liabilities, which may include negotiating more long terms lending and short-term bank loans. The company may also sell certain unwanted assets and offer discounts to debtors to encourage earlier payments.

Sources of short-term lending

• Operating loans

Operating bank loans are the most common way to finance temporary cash shortages. This is an agreement in which a company can borrow up to a certain amount for a certain period. Operating loans may be unsecured or secured by collateral. The interest charged on the loan is set by the bank. This is usually the bank's base lending rate plus an additional percentage. The bank may increase the rate over time as it is affected by the risk assessment of the borrower.

Banks provide loans mainly to low-risk borrowers. Many of the loan requests denied by banks come from small businesses, particularly start-ups. Therefore, startups usually turn to alternative sources financing.

Financial institutions may require collateral (collateral) for a loan, such as real estate, receivables, or equipment. Such loans are called secured loans. For secured loans, the interest rate is often lower than for unsecured loans.

• Letter of credit

Letters of credit allow borrowers to pay the balance and borrow funds as needed. It differs from a short-term loan where the borrower receives a lump sum of cash and can only borrow more after the short-term loan is repaid.

• Other sources

Large companies use a variety of other sources of short-term funds, such as promissory notes.

Strategies for dealing with cash flow problems

When carrying out ongoing financial planning, the following strategies can be used.

• Cycle time reduction

Reducing cash cycle times can greatly reduce the chances of cash flow problems. This is why companies often try to shorten inventory and receivables cycles. The duration of the cash cycle can be reduced if it is possible to defer payments to suppliers.

• Cash reserves

Keeping cash reserves and a few short-term liabilities helps to avoid financial problems. However, this comes at a cost. The presence of "idle" money that is not invested in the business, respectively, does not bring future income.

• Maturity hedging

Maturity hedging is a term that means paying short-term expenses such as inventory with short-term loans. It is generally best to avoid financing long-term assets (such as investment in equipment) with short-term borrowing. This type of timing mismatch requires frequent refinancing and is riskier because short-term interest rates are more volatile than long-term ones. Maturity mismatches also increase risk, as short-term financing may not always be available.

It is important to note that short-term interest rates are usually lower than long-term ones. This means that it is generally more expensive to use long-term loans than short-term loans.

• Cash budgeting

The main tool for short-term financial planning is the cash flow budget (BDDS). This budget simply records planned estimates of cash receipts and payments. More detailed information see our article for a detailed discussion of cash budgeting.

Document "Budget" in the software product "WA: Financier".

Basic terms and concepts: current financial plan, payment calendar, balance of income and expenses, income from product sales, income from equity participation, other income and expenses, break-even limit, operating expenses, profit (loss) from operating and ordinary activities, net income from operating activities, net profit.

3.1. The current financial plan, as a program for managing the finances of enterprises.

3.3. Methodological bases for the implementation and formation of the financial plan.

3.3.1. Analysis of the financial plan at the enterprise

3.3.2. Formation of a draft financial plan for the next year

3.3.3. The main directions for improving the methodological foundations of financial planning at the enterprise

After studying the material, you will know:

Features of current financial planning at the enterprise;

Types of current plans and their purpose;

Methodological approaches to the formation of a financial plan.

And you will be able to:

Choose the form of the current financial plan, taking into account the specifics of the enterprise;

Form a financial plan;

Evaluate the effectiveness of financial planning in the enterprise;

Reserves for increasing the financial capabilities of the enterprise were identified.

Current financial plan as an enterprise financial management program

In ensuring the success of the enterprise, a significant role is played by the current financial plan (budget). Lack of both financial

plan and the correct organization of financial planning can be one of the main causes of losses for the enterprise. Compared to long-term financial planning, current planning relies on more accurate calculation methods. Annual financial plans more differentiated and detailed. They should be linked to specific actions and measures. The current financial plan defines specific indicators of the financial and economic activities of the enterprise, the sequence and timing of operations for the planned year.

It is possible to ensure effective financial management through reasonable planning of all cash flows associated with the circulation of production assets, the formation and use of cash income and equity of the enterprise.

The developed financial plans of enterprises embody management decisions preceded by:

Analysis of enterprise development trends;

Forecast various options enterprise development;

Assessment of the consequences of decisions made.

When developing a financial plan, they take into account the results of the analysis of the financial and economic activities of the enterprise over the past 3-5 years, the forecast for the volume of operating and investment activities, the current legislation on pricing, taxation, national regulations (standards) accounting. Balancing the plan for resources is carried out on an economically justified basis, taking into account the financial condition of the enterprise at the beginning of the planning period and the possibilities of ensuring financial stability during the planning period.

An economically sound financial plan is an enterprise capital management program. It includes the following components (Fig. 3.1).

IN business case financial plan indicators great importance has both competence financial managers, and the degree of validity of plans for the production and sale of products (goods, works, services), the value of projected production assets, since these indicators are the initial basis for developing a financial plan, determining the value financial resources according to the sources of formation and directions of use necessary to ensure its implementation of the plan.

The task of the enterprise is to ensure the implementation of the predicted financial indicators, efficient use of own and borrowed capital, ensuring constant control over solvency,

creditworthiness and liquidity of debt obligations, financial stability and competitiveness of the enterprise.

Rice. 3.1. Components of a financial plan

The use of financial management tools in the development of a financial plan allows you to take into account external and internal factors impact on quality indicators, determine them optimal value and a critical line of financial risk.

By appointment in the practice of market management, the following are distinguished types of current plans :

- Functional plans, with the help of which they implement management decisions in various functional areas;

- At the same time, plans which are developed for the purpose of implementing any project (program), containing tasks for the implementation, implementation of one-time actions;

- stable plans, which standardize the decision about recurring;

- Standardized plans in accordance with the instructions for their formation. These are action plans that include a series of steps that must be followed in the course of performing individual tasks;

financial planning is aimed at the efficient use of financial resources and the identification of internal reserves for increasing. To this end, the company:

Rational use of production capacity;

Introduce new production technologies and improve the quality of products;

Comply with the norms for the cost of material, labor and financial resources, projected labor productivity and optimization of financial investments;

Ensure the profitability of operating, investment, financial activities.

So, an economically sound financial plan is a program for managing the formation, placement and use of the total and equity capital of the enterprise.

The basis for the development of the current (short-term) financial plan is the strategic plan and production program. By developing a financial plan - a document that represents a way to achieve the financial goals of the enterprise, provide a link between its income and expenses. In the process of financial planning during implementation managerial function, the enterprise: a) identifies the financial goals and benchmarks of the enterprise; b) establishes the degree to which these goals are in line with the current financial condition enterprises; c) determines the sequence of actions aimed at achieving the set goals. The latter will be different for the long term and short term, as will their purpose. If the purpose of the short-term financial plan is to ensure constant solvency, then the main purpose of the long-term plan is to determine the pace of expansion of the enterprise that is acceptable from the standpoint of financial stability.

The current financial plan will play a proper managerial role only if it is closely interconnected with the overall strategy of the enterprise, its business plans, production, marketing, scientific, technical and other plans. The absence of such a relationship will manifest itself in the fact that:

1) financial forecasts without practical value until adequate production and marketing decisions are developed.

2) plans will not be real, with unattainable marketing goals.

3) financial plans may be unapproved if the achievement of financial indicators is unfavorable for the enterprise in the long term.

4) financial planning will not become effective until the employees of the enterprise (from an ordinary employee to the head) are not actively involved in financial management.

To provide effective management finances in the planning process it is necessary to:

Assess the investment and financial capabilities of the enterprise;

Anticipate the consequences of current decisions to avoid unforeseen problems and understand the relationship between current and future decisions;

To substantiate the chosen option of the financial plan and possible financial solutions;

Evaluate the results achieved by the enterprise, comparing them with the goals set in the financial plan.

The effectiveness of financial planning is achieved subject to the following three conditions: 1. forecasting, 2. choice the best option financial plan and 3. monitoring its implementation (Fig. 3.2).

Rice. 3.2. Three conditions for the effectiveness of financial planning

The implementation of these conditions ensures the necessary continuity in financial planning. The process of financial planning requires adherence to a number of specific principles. However, the observance of the basic principles is mandatory.

These in the current financial planning include: compliance with the deadline, ensuring the constant need for working capital and ensuring an optimal cash balance (Figure 3.3).

Rice. 3.3. Principles of financial planning

Based on the implementation of these principles, decisions are made to ensure the effective movement of financial resources. This can be achieved in the implementation of financial planning in the relationship: "minulet-television-future" (Fig. 3.4).

Important for the financial planning process is the use of the results situational analysis. The latter is reduced to the definition of "what will happen if certain events occur?" Based on the analysis, proposals are developed, alternative plans that take into account the following:

How much does the company need to produce and sell products?

What products to continue and what to suspend?

Independently produce or buy components?

Is it advisable to change the technology and organization of production?

Close or re-profil the structural divisions of the enterprise?

What will happen in the company if the volume of sales decreases?

How will they affect financial results price reductions in the sale of products?

What will be the result of changing one of the variables or constants?

Rice. 3.4. Financial planning in the relationship of periods "past - present - future"

A deep comprehensive analysis of financial and statistical reporting materials, the use of relevant information materials at the regional and national levels at the first three stages makes it possible to provide a reliable analytical base for the development of long-term, current and operational financial plans.

Important for financial planning is the identification of sources funding especially the company's need for additional capital. The latter can be formed at the expense of both long-term and short-term sources of financing. When planning funding sources, there are two options: long-term financial resources do not cover capital requirements or they exceed the need(Fig. 3.5).

Rice. 3.5. Principles of financial planning

According to the first option, when long-term financial resources do not cover the entire need of the enterprise for capital, the solution to the problem can be short-term financing, and otherwise, the enterprise should allocate funds for investments.

The amount of long-term sources of financing attracted by the enterprise in the event of an additional need for capital determines in what capacity it acts in the short term - a borrower or a lender.

The choice of the optimal financial plan is achieved by developing such options: pessimistic, most probable and optimistic.

The development of options for financial plans allows you to establish:

The amount of funds at the disposal of the enterprise, and their optimal balance;

Reasonable amount of financial resources and the possibility of attracting them by the enterprise;

Rational ratio of sources of financial support;

Sufficiency of financial resources for the implementation of the tasks;

The amount of funds that must be transferred in the form of taxes to the budget and the social mandatory contribution to the pension fund and payments to banks and creditors;

The optimal variant of the profit distribution of the enterprise;

Methods for balancing income and expenses.

When developing a financial plan, consider:

a) the restrictions that the enterprise will encounter in the course of its activities (requirements for the protection environment; market in terms of sales volume, product range and quality, technical, technological and personnel capabilities of the enterprise);

b) the disciplinary role of the financial plan in the activities of the financial manager;

c) a certain conditionality of financial plans due to the uncertainty of changes in the economic situation on a global and local scale.

The form of the financial plan for private enterprises, unlike state ones, is not regulated. That's why state enterprises develop various in form and content, financial plans. However, it is important for financial planning to control the implementation of the plan.

The following economic indicators of the enterprise should be subject to special control:

Profitability of the enterprise;

Allocation of funds for its development;

Growth of own capital of the entrepreneur;

The volume of taxes and obligatory payments payable;

Repayment of debts of past periods to the budget.

Along with current financial plans in financial management, enterprises use operational financial plans (budgets).

In the financial plan, a balance linking the income and expenses of the current year should be achieved, which follows from the forecasted operating, investment and financial activities, and the receipt of net profit in the amount of not less than the amount provided for the payment of dividends to shareholders and economic and social development enterprises.

The form and level of detail of the current financial plan may vary depending on the types and volumes of activities, the level of reliability of the calculations made, and ensuring the necessary level of transparency in the activities of enterprises.

According to the duration of the current financial plans are divided into annual, quarterly and monthly. The latter are used to control and promptly respond to the process of fulfilling the annual financial plan.

For enterprises of various sizes, more or less financial plans are developed.

For a medium-sized enterprise, it is mandatory to draw up such major operating financial plans(budgets): balance sheet forecast, income and expense budget (or income statement forecast), cash flow budget.

Since it is impossible to accurately predict the future, the planning process must be continuous. At each stage of financial planning, it is necessary to reflect the information received. permanent shift external conditions requires continuous review of financial plans.

So, when organizing flexible operational financial planning with a planning period of one year, plans are approved in December for a year - from January to December, and a month later - a year from February to January of the next calendar year, and in February a year - from March to February of the next calendar year, etc. A similar organization of financial planning began to be applied American companies starting from the 50-60s pp. 20th century The use of modern information technologies provided in the late 70s and early 80s pp. the rapid spread of continuous planning in developed countries V different areas and on different levels management.

7.3. Current financial planning

Current planning is considered as part of a long-term one and is a specification of its goals. It is carried out in the context of the three above-mentioned documents. The current financial plan is drawn up for the year with a quarterly and monthly breakdown. This is due to the fact that seasonal fluctuations in market conditions are leveled out over the year, and the breakdown allows you to track the synchronism of funds flows.

The annual cash flow plan is divided into quarters and reflects all receipts and directions of expenditure of funds.

The first section "Receipts" considers the main sources of cash inflows, in the context of activities.

1). From current activities: proceeds from the sale of products, services and other receipts;

2). From investment activities: proceeds from other sales, income from non-operating transactions, from securities and from participation in the activities of other organizations, accumulation for construction and installation work performed by an economic method, funds received in the form of equity participation in housing construction;

3). From financial activities: an increase in the authorized capital, the issue of new shares, an increase in debt, obtaining loans, issuing bonds.

The second section "Expenses" reflects the outflows of funds in the same main areas.

Production costs, payments to the budget, payments from the consumption fund, increase in own working capital.

Investments in fixed assets and intangible assets, R&D costs, lease payments, long-term financial investments, expenses from other sales, non-sales operations, maintenance of social facilities, others;

Repayment of long-term loans and interest on them, short-term financial investments, payment of dividends, deductions to the reserve fund, etc.

Then the balance of income over expenses and the balance for each section of activity is revealed. Thanks to this form of plan, planning covers the entire cash flow of the enterprise, which makes it possible to analyze and evaluate the receipts and expenditures of funds, and make decisions on financing the deficit. The plan is considered drawn up if it provides sources for covering the deficit. The development of a cash flow plan takes place in stages:

1. the planned amount of depreciation is calculated, because it is part of the cost and precedes the planned profit calculations. The calculation is based on average annual cost fixed assets and depreciation rates.

2. based on the standards, a cost estimate is compiled, including the costs of raw materials, materials, direct labor costs, overhead costs / for the economic maintenance of production and management /

In modern conditions, the process of cost planning by responsibility centers is becoming more widespread, which involves the division of an enterprise into structures, the head of which is responsible for the costs of this unit. Planning consists in developing a cost matrix that shows three dimensions of information:

The dimension of the responsibility center where the cost item originated;

The dimension of the production program, for what purpose it arose;

The dimension of the cost element (what type of resource was used).

When summing the costs in the cells by rows, planned data is obtained by responsibility centers, which is important for management. When summarized by columns, planned data on item costs are obtained, which is necessary to determine the price and profitability of the program. The matrix makes it possible to determine the cost of sales of products for the development of annual plans and helps to reduce costs, taking into account the responsibility of specific departments.

3. revenue from the sale of products is determined taking into account the factors of influence in the planning period.

The next document of the annual financial plan is the planned profit and loss statement, which specifies the projected amount of profit received. The final document is a balance sheet reflecting all changes in assets and liabilities as a result of planned activities.

As the measures laid down in the financial plan are implemented, actual data are recorded and financial control is carried out.

The foreign method of developing financial plans is the method of developing a financial plan on a zero basis, which is based on the fact that each of the activities at the beginning of the current year must prove the right to exist by substantiating the future economic efficiency of the funds received. Managers prepare a cost plan for their line of business at a minimum level of production, and then profit from the incremental increase in production for which they are responsible. Top management thus has the information to prioritize and direct the use of resources in order to maximize their effectiveness.

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