1. General Provisions

The need for sufficiently detailed accounting of working capital is determined by several factors. This is primarily:

revolving capital, depending on the type of investment project;

the level of projected inflation;

the degree of uncertainty of the arrivals of the necessary materials and payment of finished products.

Due to the specifics of the production process and circulation, there are certain features in the composition and structure of working capital in enterprises of various fields of activity.

Environmental companies have practically no raw materials and basic materials, purchased semi-finished products, a significant proportion of auxiliary materials, expenditure of future periods (costs of mining and preparatory work). For example, most investment projects in the gas industry (except for some, such as related to gas processing plants, underground gas storage facilities, etc.) are not associated with a noticeable amount of working capital and therefore do not require a detailed assessment of the need for it. When they are developed, it is enough to use simplified estimates.

Production reserves are significant in enterprises of manufacturing industries. Due to the duration of the production cycle, the proportion of incomplete production is high.

The composition of the revolving industrial funds of agricultural enterprises includes young animals, animals on growing and fattening, feed, seeds, spare parts, fuel and lubricants, fertilizers, auxiliary materials, crops of winter crops, chille. The largest share is occupied by production reserves.

The main element of current assets in construction organizations are industrial reserves and unfinished construction production. The composition of production reserves includes stocks of building structures, parts, blocks, building materials.

Products of transport enterprises have no real expression and therefore there are no such elements of current assets such as improved production. Processing production funds include auxiliary materials, spare parts, fuel, lubricants.

Processing production facilities of trade enterprises are represented by stocks of goods, auxiliary materials. Creating funds include funds in the calculations, cash funds and in bank accounts.

A feature of the activities of science organizations is the long nature of the implementation of research and development work. A high share of wages in costs, with a relatively small specific weight of material costs. In this regard, in the composition of current production funds, a significant proportion belongs to unfinished production.

Calculations of the demand for working capital in the development of investment projects and evaluating their effectiveness are somewhat different from similar accounting calculations, which is due to differences in accounting and results, as well as the need for more accurate accounting of the time factor.

Due to the fact that the calculations of the need for working capital represent a certain complexity and require a large amount of source information, for preliminary calculations or in the case when working capital does not have a small and substantial influence, the need for it can be determined consulted, for example, as a certain percentage From the average monthly (at this step) of clean operating costs or cost.

In fig. 1 shows the methods for calculating working capital for existing and newly created enterprises.

Fig.1 Methods for calculating working capital.

The need for fixed assets is determined by their types differentiated: buildings, premises of shops, tents, pavilions and other - passive part of fixed assets ; Equipment, vehicles, computing equipment and other - active part of fixed assets.
ANDfrom the challenges for calculating the need for fixed assets for the future period are: planned turnover; Fundacity of fixed assets; Market value of certain types of fixed assets; The cost of installing equipment and other mechanisms.
Determining the needs of the enterprise in own working capital is carried out in the planning process, i.e. Definitions of working capital standards.
Regulatory of working capital - This is the minimum amount of cash constantly necessary to the enterprise for its activities.
The value of the standard is not constant. The size of working capital depends on the volume of the sale of goods, the conditions of supply and sales, the range of products implemented applied forms of calculation.
As a basis of calculations, it is advisable to take the data of the IV quarter, in which the amount of implementation is usually the largest in the annual program. For enterprises with the seasonal nature of production - the smallest, because The need for additional defense means can be provided by the Bank's short-term loans.
Pthe planning roces consists of several consecutive stages:
1) Development of stock standards for each element of normalized working capital.
The norms of working capital characterize the minimum stocks of commodity and material values \u200b\u200bfor a certain period of time, which is necessary to ensure the continuity of the trade and technological process, calculated in the days of stock, in percent or other units.
2) the definition of the Own Own Standards in monetary terms for each element of OK, thereby define private regulations;
3) the cumulative standards of the needs of the enterprise in the OK will be determined.

Cumulative standard of working capital equal to the amount of standards for all elements and determines the overall need of an enterprise in working capital:

Potcher \u003d PTZ + + Ped.S. + Pererochiya Assets

Planning in quarters is similar to planning in quarters of inventories.
Sources of financing of working capital enterprises are:
- own funds;
- Sustainable liabilities (debt on s / pl, deductions to extrabudgetary funds; accounts payable for goods and financial bodies for paying taxes);
- borrowed funds (short-term loans and loans)
- Attracted funds - as a rule, this is payables in all its varieties.

The need for working capital is determined by the enterprise in the preparation of the financial plan. The value of the standard is not constant. The size of its own working capital depends on the volume of production, the conditions of supply and sales, the range of products used forms used.
When calculating the needs of the enterprise in own working capital, it is necessary to consider the following. The needs of not only the main production should be covered by the needs of the production program, but also the needs of the subsidiary and auxiliary industries, housing and communal services and other farms that are not related to the main activity of the enterprise and not on the independent balance sheet, as well as for major repairs, carried out by its own. In practice, however, often take into account the need for their own working capital only for the main activity of the enterprise, thereby incline this need.
Ramination of working capital is carried out in monetary terms. The basis for determining the need for them is the cost estimate of production (works, services) for the planned period. At the same time, for enterprises with a non-seasonal nature of production, it is advisable to take the data of the IV quarter, in which the volume of production is usually the largest in the annual program. For enterprises with a seasonal nature of production - the data of the quarter with the smallest production volume, since the seasonal need for additional working capital provides short-term bank loans.
To determine the standard, the average daily consumption of the normalized elements in monetary terms is taken. In terms of production reserves, average daily consumption is calculated according to the relevant article estimates for production costs; on unfinished production - based on the cost of gross or commercial products; On finished products - on the basis of the production cost of commercial products.
In the process of rationing, private and cumulative standards are established.
The rationing process consists of several consecutive steps. Initially, stock norms are being developed for each element of normalized working capital. The norm is a relative value corresponding to the volume of the reserve of each element of working capital. As a rule, the norms are established in the days of stock and mean the duration of the period provided by this type of material values. For example, the rate of stock is 24 days. Consequently, stocks should be exactly as much as production will provide for 24 days.
The reserve rate can be installed as a percentage or in monetary terms to a specific base.
Further, based on the reserve rate and consumption of this type of input and material values, the amount of working capital necessary to create normalized reserves for each type of working capital is determined. This is how private standards are determined.
Private related regulations for working capital in production reserves: raw materials, basic and auxiliary materials, purchased semi-finished products, components, fuels, containers; in unfinished production and semi-finished products of its own production; in expenditures of future periods; finished products.

Finally, the cumulative standard is determined by adding private standards. Thus, the standard of working capital is the monetary expression of the planned stock of inventories, minimally necessary for the normal economic activity of the enterprise.
Methods rationing (The following basic methods of working capital rationing methods are applied: direct account, analytical, coefficient):
1. The direct account method provides for the reasonable calculation of reserves for each element of working capital, taking into account all changes in the level of organizational and technical development of the enterprise, transportation of commodity and material values, the practice of settlements between enterprises. This method, being very laborious, requires high qualifications of economists, bringing to the standardization of employees of many enterprises services (supply, legal, sales of products, manufacturing department, accounting). But this allows you to most accurately calculate the need of an enterprise in working capital.
2. Analytical method is used in the case when there are no significant changes in the planned period in the conditions of the enterprise compared to the preceding. In this case, the calculation of the norms of working capital is carried out consolidated, given the relationship between the growth rates of production and the size of the normalized working capital in the preceding period. When analyzing existing working capital, their actual reserves are adjusted, unnecessary is excluded.
3. In the coefficient method, the new standard is determined on the basis of the provisional period of the previous period by applying changes to it, taking into account the conditions of production, supply, sales of products (works, services), calculations.
Analytical and coefficient methods are applicable in those enterprises that operate for more than a year have mainly formed a production program and organized the production process and do not have enough qualified economists for more detailed work on working capital planning.
In practice, the most common method of direct account is the most common. The advantage of this method is the accuracy to make the most accurate calculations of private and total standards.
Features of various elements of working capital determine the specifics of their rationing. Consider the main methods of normalization of the most important elements of working capital: materials (raw materials, basic materials and semi-finished products), work in progress and finished products.

The standard of working capital in the reserves of raw materials, basic materials and purchased semi-finished products is calculated on the basis of their average one-day flow (P) and the average reserve rate in days.
One-day consumption is determined by dividing the costs of a certain element of working capital for 90 days (with a uniform nature of production - for 360 days).
The average rate of working capital is defined as a weighted average based on the norms of working capital on certain types or groups of raw materials, basic materials and purchased semi-finished products and their one-day consumption.
The rate of working capital for each type or homogeneous group of materials takes into account the time of stay in the current (T), insurance (C), transport (M), technological (A) and preparatory (D) reserves.
Current reserve - The main type of stock required for the uninterrupted operation of the enterprise between the two next deliveries. The size of the current stock is influenced by the frequency of supply of materials under contracts and their volume of consumption in production. The rate of working capital in the current reserve is usually accepted in the amount of 50% of the average supply cycle, which is due to the supply of materials by several suppliers and in different times.
Insurance reserve - The second largest type of stock, which is created in case of unforeseen abnormalities in supply and ensures the continuous operation of the enterprise. The insurance margin is taken, as a rule, in the amount of 50% of the current stock, but it can be less than this value depending on the location of the suppliers and the probability of interruption in the supply.
Transport supply Created in case of exceeding the terms of cargo turnover in comparison with the timing of document flow at enterprises remote from suppliers for significant distances.
Technological reserve it is created in cases where this type of raw materials needs to be preprocessing, excerpt to give certain consumer properties. This stock is taken into account if it is not part of the production process. For example, when preparing for the production of certain types of raw materials and materials, time is necessary for a dross, warming up, grinding, etc.
Preparatory reserve Related to the need for acceptance, unloading, sorting and storage of production reserves. The norms of the time required for these operations are established for each operation on the average delivery size on the basis of technological calculations or by timing.
Regulatory of working capital in stocks of raw materials, basic materials and purchased semi-finished products (H), reflecting the overall need for revolving, means for this element of production reserves, is calculated as the amount of the norms of working capital in the current, insurance, transport, technological and preparatory proceedings. The resulting common rate is multiplied by one-day consumption for each type or group of materials:

H \u003d P (T + C + M + A + D).

In production reserves, working capital in the reserves of auxiliary materials, fuel, containers, etc.

The magnitude of the norm of working capital in unfinished production depends on four factors: The volume and composition of the products produced, the duration of the production cycle, the cost of production and the nature of the cost of costs in the production process.
The volume of products produced directly affects the magnitude of the improved production: the more products are made in other other conditions, the greater the size of the work in progress. The change in the composition of the product produced is affected by the magnitude of unfinished production. With an increase in the specific weight of products with a shorter production cycle, the volume of incomplete production will be reduced, and vice versa.
The cost of products directly affects the size of unfinished production. The lower the cost of production, the less the amount of incomplete production in monetary terms. The increase in the cost of production entails an increase in unfinished production.
The volume of incomplete production is directly proportional to the duration of the production cycle. The production cycle includes the time of the production process, the technological reserve, the transport reserve, the time of accumulation of semi-finished products before the next operation (revolving stock), the time of finding semi-finished products in the reserve to guarantee the continuity of the production process (insurance margin). The duration of the production cycle is equal to the time from the moment of the first technological operation before accepting the finished product in the warehouse of finished products. Reducing reserves in unfinished production contributes to improving the use of working capital by reducing the length of the production cycle.
To determine the norm of working capital in incomplete production, it is necessary to know the degree of product availability. It reflects the so-called cost increment ratio.
All costs in the production process are divided into one-time and increasing. It is one of the costs produced at the very beginning of the production cycle, the costs of raw materials, materials, purchased semi-finished products. The remaining costs are considered increasing. Cost increases in the production process can occur evenly and unevenly.

If there is no uniformity in laying costs, then the cost increase ratio is determined by the schedule of the cost of increasing costs on the main products.
In the considered example, the rate of working capital in incomplete production P, defined as a product of the average duration of the production cycle in days and the cost of cost increases.
The standard of working capital for incomplete production is defined as a product of the value of a one-day consumption by estimated the cost of production of gross products and the norm of working capital.

Standard for unfinished production - H \u003d 3 * T * K.

where 3 is one-day consumption;

T - the duration of the production cycle, days;

K is the cost of increasing costs in unfinished production.
The calculation of the norms of working capital for incomplete production in certain industries can be produced by other methods depending on the nature of production.

The standard of working capital on finished products is defined as a product of a one-day production of commercial products in the coming year in terms of production costs and the norms of working capital:

N \u003d B * T / D,

where H is the standard of working capital on finished products;

In - the production of commercial products in the fourth quarter of the coming year (with a uniform nature of production) in terms of production cost;

D - the number of days in the period; T.

The rate of working capital on finished products, days.
Stock value (T) is set depending on the time required:
on the selection of certain types of products and their acquisition in the party;
on the packaging and transportation of products from the warehouse of suppliers to the sender station;
on loading.
The cumulative standard of working capital at the enterprise is equal to the amount of standards for all elements and determines the overall need of a business entity in working capital. The total rate of working capital is established by dividing the total standard of working capital for a one-day production of commercial production in production cost in the IV quarter, according to which the norm was calculated.
The funds in goods shipped, funds, funds in receivables and other calculations coming to non-normalized working capital of the appeal. Business entities have the opportunity to control these means and affect their value using the lending and calculation system.

Analysis of the use of working capital enterprises

Determining the needs of the enterprise in working capital

Composition and classification of working capital

An indispensable condition for the exercise of economic activities is the presence of working capital (working capital). Coverages - These are cash flowing into revolving industrial funds and circulation funds.

The essence of working capital is determined by their economic role, the need to ensure a reproduction process, including both the process of production and the process of circulation. Unlike the main funds that have been repeatedly involved in the production process, working capital are functioning only in one production cycle and regardless of the method of production consumption completely transfer its cost to the finished product.

Coverage of the enterprise exist in the field of production and in the sphere of circulation. Current production facilities and circulation funds are divided into various elements that make up the material and material structure of working capital.

Elements of working capital.Processing Production Funds include:

· productive reserves;

· Incorrect production and semi-finished products of their own manufacture;

· future spending.

Productive reserves - These are labor items prepared for running to the production process. In their composition, in turn, it is possible to distinguish the following elements: raw materials, basic and auxiliary materials, fuel, fuel, purchased semi-finished products and components, containers and tare materials, spare parts for current repairs, low-value and highly-free objects.

Unfinished production and semi-finished products of their own manufacture - These are labor objects that have entered the production process: Materials, details, nodes and products that are in the process of processing or assembly, as well as semi-finished products of their own manufacture, unfinished by production in some workshops and to be further recycling in other workshops of the same enterprise.

Future spending - These are lovely elements of current funds, including the costs of preparing and mastering new products, which are manufactured in this period (quarter, year), but relate to the products of the future period.

Pouch funds consist of the following elements:

· Finished products in warehouses;

· Products in the way (shipped products);

· cash;

· Means in settlements with consumers of products.

The ratio between the individual elements of working capital or their components is called structure of working capital. Thus, in the reproductive structure, the ratio of current production funds and the conversion funds is an average of 4: 1. In the structure of production reserves on average by industry, the main place (about 1/4) occupies raw materials and basic materials, significantly lower (about 3%) the share of spare parts and containers. Production reserves themselves have a higher specific weight in the fuel and materials intensive industries. The structure of working capital depends on the sectoral affiliation of the enterprise, the nature and features of the organization of production activities, the conditions of supply and sales, settlements with consumers and suppliers.

Normated and non-normalized working capital.These elements of working capital are grouped in different ways. Usually, two groups distinguish between the scope of planning are distinguished: normalized and non-normalized working capital. Rationing - This is the establishment of economically sound (planned) reserves and standards for the elements of working capital necessary for the normal activity of the enterprise. Current production funds and finished products are usually related to the number of normalized working capital. Relief funds are usually nonzeromable.

Sources of formation of working capital.Among the sources used to form working capital, allocate their own, borrowed and attracted means.

Total own working capital Installed by the company independently. It is usually determined by the minimum need for the formation of the necessary stocks of commodity and material values, to ensure the planned volumes of production and sales of products, as well as for calculations on time.

In the Financial Planning Process, the Enterprise takes into account the increase and reducing the standards of its own working capital, defined as the difference between the standards for the end and the beginning of the planned period. The increase in the norm of its own working capital is funded primarily at the expense of its own resources.

Along with the profit to replenish its own working capital, so-called sustainable liabilities are used, which are equal to their own means. Sustainable are liabilities, which are constantly used by the enterprise in the turnover, although they do not belong to it (for example, the reserve of the upcoming minimum debt payments to workers and employees for wages, on social insurance contributions, etc.), etc.), etc.

As sustainable liabilities, it is normal, turning out of month per month wage arrears and social insurance deductions, the balance of the repair (reserve) fund, consumer funds by collateral for the return package, the reserve of upcoming payments. Since these funds are constantly in circulation, enterprises and their size throughout the year it fluctuates significantly, their minimum amount in this year is used as the source of equivalent working capital.

During the year, the need for enterprises in working capital may vary, so it is impractical to fully form working capital at the expense of own sources. "This would lead to the formation of excess working capital in certain moments and weakened the incentives to their economical use. The company is therefore uses to finance working capital. borrowed funds.

An additional need for working capital due to temporary needs is provided by short-term loans from the bank.

In addition to own and borrowed funds in the turnover of the enterprise are located involved funds. This is the accounts debt of all types, as well as means of targeted financing before their use on direct intended.

The definition of the needs of the enterprise in its own working capital is carried out in the process of rationing, i.e. Definitions curvas standard.

The purpose of rationing is to determine the rational amount of working capital, distracted for a certain period of production and the sphere of treatment.

The order of rationing.The need for working capital is determined by the enterprise in the preparation of the financial plan. The value of the standard is not constant. The size of its own working capital depends on the volume of production, the conditions of supply and sales, the range of products used forms used.

When calculating the needs of the enterprise in own working capital, it is necessary to consider the following. The needs of not only the main production should be covered by the needs of the production program, but also the needs of the subsidiary and auxiliary industries, housing and communal services and other farms that are not related to the main activity of the enterprise and not on the independent balance sheet, as well as for major repairs, carried out by its own. In practice, however, they often take into account the need for their own working capital only for the main activity of the enterprise, thereby increasing this need.

Ramination of working capital is carried out in monetary terms. The basis for determining the need for them is the cost estimate of production (works, services) for the planned period. At the same time, for enterprises with a non-seasonal nature of production, it is advisable to take the data of the IV quarter, in which the volume of production is usually the largest in the annual program. For enterprises with a seasonal nature of production - the data of the quarter with the smallest production volume, since the seasonal need for additional working capital provides short-term bank loans.

To determine the standard, the average daily consumption of the normalized elements in monetary terms is taken. In terms of production reserves, average daily consumption is calculated according to the relevant article estimates for production costs; in incomplete production - based on the cost of gross or commercial products; On finished products - on the basis of the production cost of commercial products.

In the process of rationing, private and total standards are established. The rationing process consists of several consecutive steps. Initially, stock norms are being developed for each element of normalized working capital. Norm - This is a relative value corresponding to the volume of the reserve of each element of working capital. As a rule, the norms are established in the days of stock and mean the duration of the period provided by this type of material values. For example, the rate of stock is 24 days. Consequently, stocks should be exactly as much as production will provide for 24 days.

The reserve rate can be installed as a percentage or in monetary terms to a specific base.

Further, based on the reserve rate and consumption of this type of input and material values, the amount of working capital necessary to create normalized reserves for each type of working capital is determined. So are determined private standards.

Private include norms of working capital in production reserves; raw materials, basic and auxiliary materials, purchased semi-finished products, components, fuels, containers, low-value and listening items (IBS); in unfinished production and semi-finished products of its own production; in expenditures of future periods; finished products.

The standard of a separate element of working capital is calculated by the formula:

Where N. - standards of own funds on the element; ABOUT - turnover (consumption, release) on this element for the period; T. - the duration of the period; NZ - The norm of the reserve of working capital for this element.

And finally, the cumulative standard is determined by adding private standards. In this way, regulatory of working capital It is a monetary expression of the planned stock of commodity values \u200b\u200bminimally necessary for the normal economic activity of the enterprise.

Normalization methods.The following main ruling methods are applied: direct account, analytical, coefficient.

Direct account method it provides for the reasonable calculation of reserves for each element of working capital, taking into account all changes in the level of organizational and technical development of the enterprise, transportation of commodity values, the practice of settlement between enterprises. This method, being very laborious, requires high qualifications of economists, bringing to the standardization of employees of many enterprises services (supply, legal, sales of products, manufacturing department, accounting). But this allows you to most accurately calculate the need of an enterprise in working capital.

Analytical method Applied In the case when the planned period does not provide for significant changes in the conditions of the enterprise compared with the preceding. In this case, the calculation of the norms of working capital is carried out consolidated, given the relationship between the growth rates of production and the size of the normalized working capital in the preceding period. When analyzing existing working capital, their actual reserves are adjusted, unnecessary is excluded.

For coefficient method The new standard is determined on the basis of the provisional period of the preceding period by making changes to it, taking into account the conditions of production, supply, sales (works, services), calculations.

Analytical and coefficient methods are applicable in those enterprises that operate for more than a year have mainly formed a production program and organized the production process and do not have enough qualified economists for more detailed work on working capital planning.

In practice, the most common method of direct account is the most common. The advantage of this method is the accuracy to make the most accurate calculations of private and total standards.

Features of various elements of working capital determine the specifics of their rationing. Consider the main methods of normalization of the most important elements of working capital: materials (raw materials, basic materials and semi-finished products), work in progress and finished products.

Organization of materials.The standard of working capital in the reserves of raw materials, basic materials and purchased semi-finished products is calculated on the basis of their average one-day consumption ( R) and average reserve rate in days.

One-day consumption is determined by dividing the costs of a certain element of working capital for 90 days (with a uniform nature of production - for 360 days).

The average rate of working capital is defined as a weighted average based on the norms of working capital on certain types or groups of raw materials, basic materials and purchased semi-finished products and their one-day consumption.

The rate of working capital for each type or homogeneous group of materials takes into account the time of stay in the current ( T.), insurance (C), transport (m), technological ( BUT) and preparatory ( D.) Stocks.

Current reserve - The main type of stock required for the uninterrupted operation of the enterprise between the two next deliveries. The size of the current stock is influenced by the frequency of supply of materials under contracts and their volume of consumption in production. The rate of working capital in the current reserve is usually accepted in the amount of 50% of the average supply cycle, which is due to the supply of materials by several suppliers and in different times.

Insurance reserve - The second largest type of stock, which is created in case of unforeseen abnormalities in supply and ensures the continuous operation of the enterprise. The insurance margin is taken, as a rule, in the amount of 50% of the current stock, but it can be less than this value depending on the location of the suppliers and the probability of interruption in the supply.

Transport supply Created in case of exceeding the terms of cargo turnover in comparison with the timing of document flow at enterprises remote from suppliers for significant distances.

Technological reserve It is created in cases where this type of raw materials needs to be preprocessing, excerpt to give certain consumer properties. This stock is taken into account if it is not part of the production process. For example, when preparing for the production of certain types of raw materials and materials, time is necessary for a dross, warming up, grinding, etc.

Preparatory reserve Related to the need for acceptance, unloading, sorting and storage of production reserves. The norms of the time required for these operations are established for each operation on the average delivery size on the basis of technological calculations or by timing.

Regulatory of working capital in stocks of raw materials, basic materials and purchased semi-finished products ( N.), reflecting the overall need for working capital in this element of production reserves, is calculated as the sum of the norms of working capital in the current, insurance, transport, technological and preparatory reserves. The resulting common rate is multiplied by one-day consumption for each type or group of materials:

N.= R (T.+ FROM+ M.+ BUT+D.).

In the production reserves, working capital in the reserves of auxiliary materials, fuels, containers, low-value and high-wear items, etc.

Rationing of work in progress.The value of the norm of working capital in unfinished production depends on four factors: the volume and composition of the products produced, the duration of the production cycle, the cost of production and the nature of the increase in costs in the production process.

The volume of products produced directly affects the magnitude of the improved production: the more products are made in other other conditions, the greater the size of the work in progress. The change in the composition of the products produced in different ways affects the magnitude of the improved production. With an increase in the specific weight of products with a shorter production cycle, the volume of incomplete production will be reduced, and vice versa.

The cost of products directly affects the size of unfinished production. The lower the cost of production, the less the amount of incomplete production in monetary terms. The increase in the cost of production entails an increase in unfinished production.

The volume of incomplete production is directly proportional to the duration of the production cycle. The production cycle includes the time of the production process, the technological reserve, the transport reserve, the time of accumulation of semi-finished products before the next operation (revolving reserve), the time of finding semi-finished products in the reserve to guarantee the continuity of the production process (insurance margin), the duration of the production cycle is equal to the time from the moment of the first technological operation Before accepting the finished product in the warehouse of finished products. Reducing reserves in unfinished production contributes to improving the use of working capital by reducing the duration of the production cycle.

To determine the norm of working capital in incomplete production, it is necessary to know the degree of product availability. It reflects the so-called cost increase ratio.

All costs in the production process are divided into one-time and increasing. TO one-time The costs produced at the very beginning of the production cycle are the costs of raw materials, materials, purchased semi-finished products. The remaining costs are considered increasing Cost increases in the production process can occur evenly and unevenly.

The cost increase ratio is determined by uniform and uneven increases of costs. With uniform increasing, the cost increase coefficient is calculated by the formula:

where TO - cost increase ratio; Fed. - one-time costs; FN - increasing costs. With uneven increases of costs of the production cycle of the production cycle, the cost of cost increases is determined by the formula;

where FROM - average cost of the product in unfinished production; P - Production cost of the product.

The rationing of working capital in unfinished production is carried out by the formula:

N.= 3 *T * K.,

where N. - standard of working capital in unfinished production; 3 - one-day costs; T. - the duration of the production cycle; TO- Cost increases in production.

Calculation of the working capital standards for incomplete production in certain industries can be carried out by other methods depending on the nature of production.

Rationing of finished products.The ratio of working capital on finished products is defined as a product of the norms of working capital and one-day production of commercial products in the coming year in terms of production costs:

where N. - standard of working capital for finished products; IN - production of commercial products in the fourth quarter of the coming year (with a uniform nature of production) in terms of production cost; D. - number in the period; T. - The rate of working capital on finished products, days.

Reserve rate ( T.) is established depending on the time required;

· On the selection of certain types of products and their acquisition in the party;

· Packaging and transportation of products from a warehouse of suppliers to the sender station;

· Loading.

Cumulative standard of working capital The company is equal to the amount of standards for all their elements and determines the overall need of a business entity in working capital. The total rate of working capital is established by dividing the total standard of working capital for a one-day production of commercial production in production cost in the IV quarter, according to which the norm was calculated.

Non-normalized working capital of the sphere of circulation includes funds in goods shipped, cash, funds in receivables and other calculations. Business entities have the opportunity to control these means and affect their value using the lending and calculation system.

Each organization, starting its production and economic activity, should have a certain amount of money. For these monetary resources, the organization purchases on the market or from other enterprises under the contracts of raw materials, materials, fuel, pays for electricity bills, pays to their employees wages, bears the costs of mastering new products. All this represents one of the most important management parameters, which was called "Curvas Organizations".

Initially, when creating an organization, working capital is formed as part of its main fund (capital). They are sent to the purchase of production reserves, products. Finished products enters the warehouse and shipped to the consumer. Until its payment, the manufacturer has a need for money. The magnitude of this need depends not only on the volume of invested funds, but also on the size of the upcoming calculations, it can fluctuate during the year for various reasons. Therefore, the organization uses other sources of working capital - sustainable liabilities, payables, bank loans and other creditors.

As the production program grows, the need for working capital increases, which also requires relevant financing of working capital growth. In this case, the source of replenishment is the net profit of the organization.

In modern economic conditions, many organizations lack their own working capital, which is due not only to the disadvantages in their work, but also objective reasons: changes in prices, inflation, decline in production.

It is also important to be able to properly manage working capital, develop and implement activities that contribute to a decrease in the material intensity of products and accelerate the turnover of working capital. As a result of accelerating the turnover of working capital, their release occurs, which gives a number of positive effects. Organization in the event of effective management of its own and other circulation can achieve a rational economic situation balanced by liquidity and profitability.

1. Organization of working capital enterprises

The organization of working capital is fundamental in the overall complex of problems of improving their effectiveness. The organization of working capital includes:

· Determination of the composition and structure of working capital;

· Establishment of the need of an enterprise in working capital;

· Determination of sources of working capital;

· Order and maneuvering by working capital;

· Responsibility for the safety and efficient use of working capital.

Under the composition of working capital is understood as the combination of elements forming revolving industrial funds and the funds of circulation, that is, their placement on individual elements.

The structure of working capital is the ratio of individual elements of current production assets and conversion funds, that is, shows the share of each element in the total amount of working capital.

The predominant part of the revolving production funds make up labor objects - raw materials, basic and auxiliary materials, purchased semi-finished products, fuel, etc., containers and tare materials. In addition, revocable production facilities include some ruffles of labor - low-value and helpful items (IBEs), tools, special fixtures, interchangeable equipment, equipment, spare parts for current repairs, special clothes and shoes. These tools of labor function less than a year or have cost limits. The cost limits in the turnover change periodically, which is associated with the revaluation of fixed assets and the period of their acquisition.

In addition, in enterprises, these tools of labor are often calculated by thousands of items, which technically makes the accounting of their wear. Therefore, in practice, they are not related to the main, but to revocative funds.

The listed objects and tools of labor make up a group of current production funds - production reserves. In addition to them, there are incomplete production and expenses of future periods to revocable production funds.

The main purpose of funds advanced to current production funds is to ensure the continuous and rhythmic production process.

The composition and structure of working capital is not the same in various industries and subproduces of the economy. They are determined by many factors of the production, economic and organizational order. So, in mechanical engineering, where the production cycle is long, high the proportion of incomplete production. In enterprises where a large number of tools, devices, devices are applied, highly specific weight of low-value and listening items (for example, in mechanical engineering and metalworking).

1.1. Concept, composition and structure of working capital

Coverages - This is a set of funds advanced to create working capital and circulation funds, providing a continuous circuit of cash funds.

The working capital funds of the industry are part of the production funds, which is fully consumed in each production cycle, immediately and completely transfers its value on the products being created and in the production process changes natural shape. Their real content are objects of labor. In the production process, they turn into finished products by making it a material basis or contribute to its content.

Coverage funds cover the movement of labor items from the moment of entering the enterprise's warehouse before turning them into finished products and transition to the sphere of circulation. Due to the fact that the production of products is continuously functioning in the production area constantly functioning a certain part of the current funds located at various stages of the circuit and submitted by the following relatively homogeneous groups:

1. Production reserves, The components of the main part of the current funds. They include raw materials, basic and auxiliary materials, fuel, fuel, purchased semi-finished products and components, packaging and carboards, replacement parts for the repair of fixed assets, low-value and quick items: tools and economic equipment worth up to 100 minimum wages per unit and term Services up to the year.

2. Unfinished products, That is, labor items received in the production process and subject to further processing at the subsequent stages of the process. It can be in the form of unfinished industrial production and semi-finished products of its manufacturer.

3. Expenses of future periods It does not serve as a real element of working capital, and represent the costs of designing and mastering new types of products, carrying out mining and preparatory work at the enterprises of the extractive industries, organized at seasonal enterprises and others. These costs are manufactured in this period, and are expensive at the expense of the cost in subsequent. The manufactured products enters the sphere of appeal, and after the implementation of its value takes a monetary form. Consequently, for the normal activity of the enterprise, in addition to current production assets, we need funds serving the sphere of circulation - the conversion funds. These include ready, but unrealized products and funds necessary to acquire materials, pay payments, fulfillment of financial obligations to suppliers and financial authorities and others.

Thus, the combination of funds of industrial enterprises intended for the formation of current production funds and conversion funds are their working capital.

In the working facilities of industry, the main part is occupied by revolving industrial funds. Their share in the total amount of working capital in stocks of commodity and material values \u200b\u200bis about 85%.

The ratios between the components of current funds in their total cost represents the structure of current funds. Their structure in various industries is determined by the technological level of production, the degree of specialization, the duration of the cycle, the composition of consumed materials, geographical location in relation to suppliers.

In its movement, working capital takes consistently three stages - monetary , manufacturing and commodity.

Monetary The stage of the circuit of funds is preparatory. It proceeds in the sphere of appeal, where there is a transformation of funds in the form of production reserves.

Production Stage is a direct production process. At this stage, the cost of the production being created, but not completely, and in the amount of the cost of the used production reserves, the costs of wages and the costs associated with it are additionally advanced, as well as transferred

The cost of the main production facilities. The productive stage of the circuit ends with the production of finished products, after which it comes to the stage of its implementation.

On the commodity The steady of the circuit continues to be advanced product of labor (finished products) in the same amount as in the productive stage. Only after the transformation of the commodity form of the cost of produced products into cash advanced funds are restored due to the part of the proceeds from the sale of products. The rest of its amount is monetary accumulations, which are used in accordance with the plan of their distribution. Part of the savings (profits), intended for the expansion of working capital, joins them and makes the subsequent circulation cycles along with them.

The monetary form, which is taken by working capital in the third stage of their circle, is at the same time the initial stage of turnover of funds.

Cur circuit of working capital occurs according to the scheme:

where - cash advanced by the economic entity; - means of production; - production; - finished products; - Cash received from the sale of products and include implemented profits. Points (...) mean that the treatment of funds is interrupted, but the process of their circle continues in the field of production.

Curvas are located simultaneously at all stages and in all forms of production, which ensures its continuity and uninterrupted operation of the enterprise.

2. Sources of formation of working capital

Current funds of enterprises are designed to ensure their continuous movement at all stages of the circuit in order to meet the needs of production in monetary and material resources, to ensure timeliness and completeness of the calculations, increase the efficiency of working capital.

All sources of funding for working capital are divided into their own, borrowed and attracted.

Own funds Play a major role in the organization of circulation of funds, as enterprises working on the basis of commercial calculation must have a certain property and operational independence in order to maintain a business cost-effective and be responsible for decisions made.

The formation of working capital comes at the time of organizing an enterprise when its statutory fund is created. The source of formation in this case is the investment funds of the founders of the enterprise. In the process of operation, the source of replenishment of working capital is the resulting income, as well as the so-called sustainable liabilities equal to their own means. These are funds that do not belong to the company, but are constantly in its turnover. Such means serve as a source of working capital in the amount of their minimal residue. These include: the minimum passing from month to month of labor payments to employees of the enterprise, reserves for covering upcoming expenses, minimal turning debt to budget and extrabudgetary funds, funds of creditors received as a prepayment for products (goods, services), funds for customers Pledge for return container, passing the remnants of the consumption fund, etc.

To reduce the overall need of farms in working capital, as well as stimulating their effective use, it is advisable to attract borrowed money . Borrowed funds are mainly short-term loans from which temporary additional need for working capital is satisfied.

The main directions attracting loans For the formation of working capital are:

· Lending seasonal stocks of raw materials, materials and costs associated with the seasonal production process;

· Temporary replenishment of the lack of own working capital;

· Exercise of calculations and mediating of the payment turnover.

Thus, with the transition to the market economy management system, the role of a loan as a source of working capital, at least not decreased. Along with the usual need to cover the extensive need for working capital of the enterprise, new factors appeared, which determine the strengthening of the value of the bank loan. These factors are primarily related to the transitional stage of development, experienced by the domestic economy. One of them was inflation. The impact of inflation on the revolving agents of the enterprise is very multifaceted: it has a direct and indirect effect. Direct influence is characterized by impairment of working capital during their turnover, that is, after the completion of turnover, the company actually does not actually receive an advanced amount of working capital as part of revenue from the sale of products.

Indirect influence is expressed in slowing the turnover of funds due to the crisis of non-payment, in many ways due to inflation. To other reasons for the occurrence of the crisis include a decrease in labor productivity; extreme ineffectiveness of production; The inability of individual managers to adapt to new conditions: to look for new solutions, change the commodity range, reduce the material intensity and energy intensity of production, implementing unnecessary and unnecessary assets; Finally, the imperfection of legislation, allowing not to pay the debts with impunity.

In order to combat the defaults and the provision of financial support, significant funds are allocated to replenish the working capital of enterprises. However, not always dedicated funds are used as intended, which also has a strong inflationary effect.

On the one hand, without attracting credit resources into circulation in the conditions of their own funds deficiency, the enterprise must reduce or completely suspend production, which threatens serious financial difficulties until bankruptcy. On the other hand, the solution of the problems arising only with loans causes improving the dependence of the enterprise from credit resources due to an increase in loan debt. This leads to an increase in the non-stability of the financial condition, their own working capital is lost, moving to the Bank's property, since enterprises do not provide the norm of profit on the invested capital specified in the form of a bank interest.

Credit debt relates to unscheduled rapid sources of working capital. Its presence means participation in the turnover of the enterprise of funds of other enterprises and organizations. Part of the payables is natural, as it follows from the existing procedure for calculations. Along with this, payables may arise as a result of a violation of payment discipline.

Enterprises may have accounts payable to suppliers for received goods, contractors for the work performed, tax inspectorate for taxes and payments, on extra-budgetary funds.

It should also be allocated to other sources of formation of working capital, to which the means of the enterprise are temporarily not used by the intended purpose (funds, reserves, etc.).

The correct relationship between its own, borrowed and attracted sources of formation of working capital plays an important role in strengthening the financial condition of the enterprise.

2. Determining the needs of the enterprise in working capital. Determination of working capital standards

Enterprises operating on the principle of commercial calculation should have a certain property and operational independence in order to maintain a business profitable and be responsible for the decisions made. Under these conditions, the need to determine the needs of enterprises in their own working capital playing a major role in the normal functioning of enterprises.

The definition of the needs of the enterprise in its own working capital is carried out in the rationing process, that is, the definitions of the standard of working capital.

The purpose of rationing is to determine the rational amount of working capital, distracted for a certain period of production and the sphere of treatment.

The domestic practice of rationing of working capital at industrial enterprises is based on a number of principles.

The need for own working capital for each enterprise is determined in the preparation of the financial plan. Thus, the value of the standard is not the magnitude of constant. The size of its own working capital depends on the volume of production, the conditions of supply and sales, the range of products used forms used.

When calculating the needs of the enterprise in own working capital, it is necessary to consider the following: the needs of not only the main production should be covered with their own working capital for the implementation of the production program, but also the needs of the subsidiary and auxiliary industries, housing and communal services and other farms that are not related to the main activity of the enterprise and not consisting of independent balance, overhaul, carried out by its own forces. In practice, it is often taken into account the need for own working capital only for the main activity of the enterprise, thereby incline this need.

Ramination of working capital is carried out in monetary terms. The basis for determining the need for them estimation costs for production Products (works, services) for the planned period. At the same time, for enterprises with a non-seasonal nature of production, it is advisable to take the data of the VI quarter, in which the volume of production is usually the largest in the annual program. For enterprises with the seasonal nature of production - the data of the quarter with the smallest production volume, since the seasonal need for working capital provides short-term loans from the bank.

To determine the standard, the average daily consumption of the normalized elements in monetary terms is taken. In terms of production reserves, the average daily consumption is calculated according to the appropriate article cost estimates: according to incomplete production - based on the cost of gross or marketable products; On finished products - on the basis of the production cost of commercial products.

In the process of rationing is established private and cumulative standards . The rationing process consists of several consecutive stages:

I. Initially, stock norms are being developed for each element of normalized working capital. The norm is a relative value corresponding to the volume of the reserve of each element of working capital. As a rule, the norms are set in reserve days and mean the duration of the period provided by this type of material values. For example, the rate of stock is 24 days. Consequently, stocks should be exactly as much as the production will ensure 24 days.

The reserve rate can be installed as a percentage in monetary terms to a specific base.

Curvas standards are developed at the company financial service with the participation of services related to industrial and supply-sales activities.

II. Further, based on the reserve rate and consumption of this type of input and material values, the amount of working capital necessary to create normalized reserves for each type of working capital is determined. This is how private standards are determined.

III. Finally, the cumulative standard is calculated by adding private standards. The standard of working capital is the monetary terms of the planned stock of commodity and material values, minimally necessary for the normal economic activity of the enterprise.

1. Effectiveness of the use of working capital

In the system of measures aimed at improving the efficiency of the enterprise and strengthening its financial condition, the important place is occupied by the issues of rational use of working capital. The problem of improving the use of working capital has become even more relevant under the conditions of formation of market relations. The interests of the enterprise require full responsibility for the results of their production and economic activities. Since the financial situation of enterprises is directly dependent on the state of working capital and implies the measurement of costs with the results of economic activities and reimbursement of costs by its own funds, enterprises are interested in the rational organization of working capital - organizations of their movement with the minimum possible amount for the greatest economic effect.

The efficiency of working capital is characterized by a system of economic indicators, primarily turning around working capital.

Under the turnover of working capital is understood as the duration of one complete circuit of funds from the moment of transformation of working capital in monetary form into production reserves and before the release of finished products and its implementation. Circulation of funds is completed by crediting revenue to the enterprise account.

Outpravability of working capital Nonodynakov at enterprises both of one and various sectors of the economy, which depends on the organization of production and sales of products, placement of working capital and other factors. Thus, in heavy engineering with a long-term production cycle, the time of turnover of funds is the greatest, rapidly turning around working capital in the food and mining industries.

The turnover of working capital is characterized by a number of interrelated indicators: the duration of one turnover in days, the number of revolutions for a certain period is a year, half a year, a quarter (turnover coefficient), the amount of working capital on the unit of products (loading coefficient).

Duration of one revolution of working capital The other day (o) is calculated by the formula:

T. O \u003d C: D, Where

The remains of working capital (medium or on a specific date);

T- volume of commercial products;

D-number days in the period under consideration.

Reducing the duration of one turnover indicates an improvement in the use of working capital.

Number of revolutions For a certain period, or the turnover coefficient coefficient (KO) is calculated by the formula:

T. KO \u003d S.

The higher under these conditions the turnover coefficient, the better the working capital is used.

Coefficient of loading means in circulation (KZ), inverse turnover ratio, is determined by the formula:

FROM Kz \u003d T.

In addition to these indicators, an indicator of recycling of working capital can also be used, which is determined by the ratio of profits from the sale of enterprise products to the remains of working capital.

Radiation turnover indicators may be calculated by all working capital involved in the turnover, and for individual elements.

Changing the turnover of funds is by comparing actual indicators with the planned or indicators of the previous period. As a result of comparing the indicators of turnover turnover, it is accelerated or slowing.

When accelerating the turnover of working capital from turnover, material resources and sources of their education are released, during a slowdown - additional funds are involved in the turnover.

The release of working capital due to the acceleration of their turnover can be:

C. Absolute release There is a place if the actual remains of working capital are less than the standard or balance of the preceding period while maintaining or exceeding the amount of implementation during the period under review.

C. Relative release Curvas takes place in cases where the acceleration of their turnover occurs simultaneously with the growth of the enterprise's production program, and the growth rate of production is ahead of the growth rate of working capital residues.

The efficiency of the use of working capital depends on many factors that can be divided into external affects regardless of the interests of the enterprise, and the internal, to which the company can and should actively influence. External factors include such as a general economic situation, tax legislation, the conditions for obtaining loans and interest rates on them, the possibility of targeted financing, participation in programs funded from the budget. These and other factors determine the framework in which the enterprise can manipulate the internal factors of the rational movement of working capital.

At the present stage of economic development, the main external factors affecting the condition and use of working capital can be attributed to such as the crisis of non-payment, a high level of taxes, high bank loan rates.

The distribution crisis manufactured products, and non-payment leads to a slowdown of working capital. Therefore, it is necessary to produce that products that can be sold quite and profitably, stopping or significantly reducing the production of products that are not current demand. In this case, in addition to accelerating the turnover, the growth of receivables in the assets of the enterprise is prevented.

With the existing rates of inflation, the profit received by the company is advisable to send, first of all, to replenish working capital. The rate of inflation impairment of working capital leads to inclusion of costs, and their flow to profit, where current wastewater is sprayed for taxes and non-manufacturing costs.

Significant reserves of improving the efficiency and use of working capital lies, directly, in the enterprise itself. In the sphere of production, this applies, above all, to production reserves. Being one of the components of working capital, they play an important role in ensuring the continuity of the production process. At the same time, production reserves represent that part of the means of production that is temporarily not involved in the production process.

The rational organization of production reserves is an important condition for improving the efficiency of working capital. The main ways to reduce production reserves are reduced to their rational use; liquidation of excess materials of materials; improving rationing; Improving the organization of supply, including by establishing clear contractual delivery conditions and ensure their implementation, the optimal choice of suppliers, the established operation of transport. An important role belongs to improving the organization of warehousing.

Reducing the time of stay of working capital in unfinished production is achieved by improving the organization of production, improving the applied equipment and technology, improving the use of fixed assets, primarily their active part, saving for all workshop items.

The residence of working capital in the field of treatment does not contribute to the creation of a new product. An excessive distraction in the sphere of circulation is a negative phenomenon. The most important prerequisites for reducing investment of working capital in this sphere are: a rational organization of sales of finished products, the use of progressive forms of calculations, timely execution of documentation and accelerating its movement, compliance with contractual and payment discipline.

The acceleration of revolutions of working capital allows you to free up significant amounts and, thus, increase the amount of production without additional financial resources, and the released means to use in accordance with the needs of the enterprise.

2.2. Influence of working capital management on the final results

The effectiveness of the management of working capital of the enterprise has a great influence on the results of its financial and economic activities.

On the one hand, it is necessary to more rationally use the existing current resources - it is primarily about the optimization of production reserves, reducing the work in progress, the improvement of the forms of calculations.

On the other hand, now the enterprises have the opportunity to choose different options for debiting costs for the cost, determination of revenue from sales of products (works, services) for tax purposes.

For example, depending on the demand and supply conjuncture, the prediction of sales of the enterprise may be interested in intensive lifting the cost or in their more uniform distribution for any period. For this, it is important to choose from the list of options one that will respond to the goals set. It is necessary to trace what effects will have decisions on the cost of the cost, the amount of profits and taxes.

A significant part of these alternative opportunities relates to the scope of management of the enterprise's working capital. Consider some examples of the influence of decisions made on the final financial results (profit, loss).

According to low-value and spending items (IBS), the limit of the value of their class attitude is currently established - 100 minimum wages per month. The head of the enterprise has the right to establish a smaller limit of the value of the IBE, which will lead to a decrease in the costs attributable to the cost in this period as a result of a smaller debugging.

In addition, different methods of deposit deposits of the IBE are possible:

accrual immediately 100% wear when transmitting to operation, which will increase the costs of the current period;

the accrual of 50 percent wear during the transmission of IBE into operation and 50 percent wear (minus returnable materials at the price of possible use) - upon disposal. The MBP worth 1/20 of the established limit is written off at cost, regardless of the selected method of depreciation.

Material and production reserves are the least liquid article among the articles of current assets. To seek this article in cash, it takes time not only to find the buyer, but also to get from it subsequently payment for products.

Conclusion

The rational use of working capital is predetermined as a whole development of the enterprise. The formation and use of working capital requires careful analysis.

In a market economy, the company should pay much attention not only to marketing research, market research, but also the effective use of existing internal resources.

The company must first take care of profits, as profit is an important indicator of the company's position in the market. The magnitude of profits depends on the efficient use of working capital (their turnover).

Thus, it should be noted that along with the main funds for the successful work of the enterprise, working capital is of great importance, their optimal amount and efficient use.

Improving the efficiency of fixed assets is carried out by faster development of new capacities, increasing the change in the work of machinery and equipment, improving the organization of the material and technical base, repair service, improve the skills of workers, technical re-equipment of enterprises, modernization and conduct of organizational and technical measures.

In the system of measures to improve the efficiency of social production, an important place is occupied by the issues of rational use of working capital in all spheres of human activity, especially in industry.

With the most cost-effective use of working capital, with the released resources it is necessary to strengthen the financial condition of enterprises and associations, increase the material interest of workers and employees in improving the efficiency of industrial production.

Curvas are one of the components of the property of the organization. The state and efficiency of their use are one of the main conditions for the successful activity of the enterprise. The development of market relations determines the new conditions of their organization. High inflation, non-payment and other crisis phenomena forced organizations to change their policy towards working capital, look for new sources of replenishment, study the problem of their efficiency use.

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Andrey Yakovlev
Financial analyst of the company
"Service-Product"
Magazine "Financial Management"
№ 7-8 (85) July-August 2009

What is the need for a company in working capital with an existing financial fashion to reduce? Analysis of the enterprise will answer.

Today, the "buoyancy" enterprises depends largely on how work with suppliers and buyers has been built, or rather, how baliated by the accounts and receivables of the company. It is these two parameters that mainly determine the need for business financing, if not to take into account all sorts of investment projects to create new and modernizing existing production and trading facilities, which most enterprises have frozen today. And in order to decide on the needs of the company in borrowed money, to start better with the analysis of the sales structure, existing charges, the period of discharbility of payables and receivables, as well as the timing of the goods in the way and in the warehouse.

What data will be required

Consider how the need for borrowed funds is calculated using the example of the Sales-Product trading company. The company specializes in distribution of alcoholic and juice products, in the range of about 2,000 items, of which the most running positions of order 200. Procurement is carried out directly from manufacturers, respectively, for each supplier, the range of products delivered is unique. Like the overwhelming majority of Russian companies, the "service product" because of the crisis encountered a sharp deficit of borrowed funds.

Table 1 Calculation of the company's financial cycle (DN)

The name of the counterparty	Defrection provided by suppliers	Capturing the payment provided to customers	Delivery time	Warehouse	Company financial cycle (gr. 3 + gr. 4 + gr.5-gr.2)
Supplier No. 1.	30	35**	5	21	31
Retail	-*	30	-	-	26
Network	-	45		-	41
Supplier No. 2.	45	35	0	14	4
Retail	-	30	-	-	-1
Network		45		-	14
On the company as a whole	39 (30 x 41% + 45 x 59%) ***	35 (35x41% + 35 x 59%)	2 (5 x 41% +0 x 59%)	17 (21 x 41% + 14 x 59%)	15

* The indicator does not depend on where the product will be sold - in retail or wholesale in the trading network.

** The delay in the payment provided by customers is calculated by the formula (delayed retail clients x their share in turnover, defined in purchase prices + delay in networks x share in turnover defined in purchasing prices).

*** Elements of the financial cycle as a whole on the company are determined taking into account the share of suppliers in the company's turnover defined in procurement prices.

The calculation of the need for borrowed financing and the search for its reduction has begun from the collection and systematization of indicators characterizing the business activity (see Table 1), namely:

the duration of the delay of payment provided by the supplier (period of accountability of payables);

deadlines during which buyers pay goods purchased from the "Service-Product" (period of receivability of receivables);

storage time in the warehouse and finding goods on the way.

All this information was obtained from contracts concluded with suppliers and contractors, and from managerial accounting. For example, striving not to lose the confidence of suppliers, the "service product" does not allow the slightest overference of payment. Therefore, for calculating the financial cycle of the enterprise, the contractual defers provided by suppliers were used.

As for the timing of the repayment of receivables by customers, then there was a different situation. Not all of them can boast a strict payment discipline, so the deadlines during which buyers pay the products supplied to them, were identified as the average period of receivability of receivables for the previous month.

The time of finding the goods in the way is the data from the company's management accounting. And we are talking about the timing of delivery of goods from suppliers, but the time is not taken into account for transportation to the client. This is due to the fact that the contracts for which the service-product works, assume that the date of delivery of the goods is considered to be the date of its shipment from the manufacturer's warehouse.

To determine the storage time of goods in the warehouse, a double approach was used. For a number of suppliers, this characteristic is determined based on the concluded contracts. This is due to the fact that some manufacturers oblige distributors to keep a certain amount of their products - for example, uncompanable balances should be at least five-day sales. This requirement in the "service-product" is strictly executed, along with the stocks exceeding the standard set by the manufacturer - not. According to the products of other suppliers, which do not impose such restrictions on the distributor, the shelf life of their products was defined as a period of reserves turnover based on statistics for the previous month.

In addition to the data listed, for calculating the need for borrowed financing "Service-Product" required to determine the turnover in procurement prices (the value of goods supplied by manufacturers). And accounting data preferred a more complex approach to the definition of this indicator. Its essence comes down to analyzing the structure of turnover and margins acting on the goods of different manufacturers (see Table 2). In the course of work on the optimization of the financial cycle, these data will be necessary to analyze how those or other management initiatives on the company's financial indicators will affect. Immediately make a reservation that such a solution was made possible due to the fact that the trade fees are tied to suppliers, and not to specific names or categories of their goods. This is a fairly standard pricing practice for many distribution companies.

Table 2 Main indicators of trading company per month

The name of the counterparty	Share in turnover,%	Trade turnover, rub.	Extra charge,%	Gross profit, rub. *	Commodity turnover in procurement prices, rub.	Share in turnover in procurement prices,%
Supplier No. 1.	40	4 000 000	13	474308	3 525 692	41
Retail	70	2 800 000	15	365 217	2 434 783	69
Network	30	1 200 000	10	109 091	1 090 909	31
Supplier No. 2.	60	6 000 000	18	934 783	5 065 217	59
Retail	70	4 200 000	20	700 000	3 500 000	69
Network	30	1 800 000	15	234 783	1 565 217	31
TOTAL	100	10 000000	16	1409 091	8 590 909	100

* Gross profit in rubles per month \u003d turnover: (1 + extra charge) x markup.

Calculation of need for borrowed financing

It is possible to determine the need for borrowed financing as the difference between the company's affordable companies currently by their own working capital and the volume of working capital necessary to maintain the existing financial cycle.

The size of the available own working capital is calculated based on the balance of the balance according to the following formula:

Own working capital \u003d Own capital (p. 490) + Long-term liabilities (p. 590) - non-current assets (p. 190).

Of course, Ideally will have to make a management balance that the data contained in it has been relevant at the time of the calculations.

And the volume of working capital, the necessary companies can be calculated as a product of trade in procurement prices and the company's financial cycle (given by 30 days), which is determined by the classical formula:

Financial Cycle (DN) \u003d Customer Delay (DN) + Delivery Delivery (DN) + Storage Storage Time (DN) - provider delay (day).

By the way, the logic of calculating the financial cycle of the manufacturing enterprise will largely similarly, with the only difference that the time spent on the production of products will be added to the formula, and the storage period will be considered separately for the reserves of finished products, semi-finished products, raw materials and materials.

Example 1.

Own working capital of a trading enterprise account for 4 million rubles. The financial cycle as a whole on the company is 15 days (see Table 1 on page 21), and the turnover in procurement prices - 8,590,909 rubles (see Table 2 on page 22). Accordingly, in order to work with suppliers and customers on previous conditions, the company needs 4,295,455 rubles of working capital (8,590,909 rubles. X 15 days: 30 days). Hence the need for financing for replenishment of working capital is 295,455 rubles (4,295,455 - 4,000,000). (On the website of the magazine www.fd.ru, you can download the MS Excel file, which presents all the calculations described in the article - for this you need to go to the "Additional Material" link, located next to the name of this article.)

Is it worth something to change in working with counterparties

By itself, the calculation of the need for financing is undoubtedly useful. The financial director of the company receives a clear reference point, in fact, it is precisely such a credit line limit that needs to be negotiated with banks. But in a crisis, when bankers are extremely wary of borrowers, to obtain the necessary funding is problematic. However, using the data collected at the previous stages, you can develop a solution to solutions that will help companies depend on bank financing and evaluate the risks and loss associated with them.

As a rule, such measures are reduced to the fact that the deferred payment provided to customers is reduced, and, on the contrary, the payment time to suppliers increases.

Example 2.

Take the previous example. Suppose the company managed to increase the delay of payment under contracts with suppliers for 3 days and to reduce the time to pay for payment to the goods to customers. In addition, it turned out to cut up to 14 days warehouse stocks and get rid of the loss of time for delivery - 2 days (of course, the time for transportation is not going anywhere, but in the contract with the supplier it is possible that the delivery is considered the date of receipt of goods to the Warehouse distributor, and No time shipping from the seller's warehouse). Then the financial cycle of the enterprise will become no longer 15 days, but only 4 days. Accordingly, the amount of working capital necessary for the company's operating activities will be 1,145,455 rubles (8,590,909 rubles. X 4 days: 30 rubles). At the same time, the need for credit resources will disappear, and moreover, 2,854,545 rubles (4,000,000 - 1 145 455) can be investing.

At the same time, counting the future increase in cash flow, do not forget about the risk:

growth in the amount of overdue payment by customers;

increasing hopeless receivables;

untimely payment shipped by suppliers of goods and subsequent accrual of pennel;

reducing turnover due to the lack of any sought-after goods in the warehouse.

Perhaps the only complexity and certain subjectivity in such calculations are an assessment of how the analyzed indicator changes after optimizing the financial cycle. Most often, the entire calculation is based on expert judgments. However, the "Service-Product" practice is often used and data obtained based on the analysis of accumulated statistics. We illustrate how it works with respect to the risk of increasing hopeless receivables after a reduction in delaying payment to customers. In the practice of the company, there was such a situation in which out of total products delivered to customers no more than 5 percent remains not paid by customers. Whatever enough, the psychological factor is triggered here: since they reduced me a delay of payment, then gaining products and I will not pay until it is thrown into court. According to the company statistics, a decrease in delay to customers leads to an increase in hopeless receivables by 0.05 percent. Accordingly, planning once again to reduce the deferment of payment to counterparties, the company's management suggests that an increase in non-payment will not exceed 0.05 percent. And the losses associated with such a solution can be evaluated as a product of existing hopeless receivables by 0.05 percent. By analogy, you can act in relation to all other risks.

By the way, developing measures to optimize the need for working capital will be fully justified, if you consider savings and additional costs is not generalized, but for each specific initiative: an increase in delay in debt payment to suppliers, reducing warehouse reserves, etc. The fact is that the fact is that Some decisions will be unprofitable to the company, which may remain unnoticed if you calculate only "Total saved as a result of a comprehensive reduction in the financial cycle" and "Total additional losses associated with the planned changes".