Methods of management of state and municipal finances. Finance and credit

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Financial management is the conscious influence of the legislative and executive authorities on the finances of the country as a whole and its territories, economic entities, as well as financial processes, financial activities in order to achieve and maintain macroeconomic balance, financial stability of the economy, financial support for the economic and social tasks to be solved.

The financial management system in a modern market economy is an interconnected set of measures, tools, and financial institutions that ensure stable and efficient functioning financial system in general and its individual links, contributing to the development of the real sector of the economy and the solution of urgent social problems.

In accordance with the structure of the financial system, financial management is subdivided by types of management objects: financial management of the country's federal authorities; financial management of subjects of the federation; financial management of municipalities; financial management of business entities (financial management).

Financial management is carried out using administrative and administrative and economic methods.

In financial management, objects, subjects and management tools are distinguished.

The objects of financial management include areas of financial relations: public finance (budgets of different levels, state non-budgetary social funds, state credit, stock market), insurance, local finance (budgets of municipalities, local off-budget funds), finance commercial and not commercial organizations, finances of state and municipal unitary enterprises.

The subjects of financial management are a set of organizational structures of power that regulate and control financial processes in the economy (legislative bodies that pass laws on finance, financial activity, and executive bodies that direct, regulate and control financial processes at the national, regional and local levels, as well as financial apparatus in commercial and non-commercial organizations).

Financial management tool serves as a financial mechanism, which is an integral part of the economic mechanism. It is a set of types and methods of organizing financial relations and is used to influence the economy and the social sphere, to conduct a unified financial policy of the state. The financial mechanism is aimed at solving specific problems, achieving a real effect, meeting the needs of society. The structure of the financial mechanism is complex due to the variety of financial relations. There are three main groups that reflect the economic content of finance: state and municipal finances, finances of organizations of various organizational and legal forms, including insurance organizations, household finances.

In the structure of the financial mechanism, such functional links as the mobilization of financial resources, financing, stimulation, etc. are distinguished. The financial mechanism sets in motion financial resources, affects social production through financial support and financial regulation.

The construction of the financial mechanism is carried out in accordance with the financial policy and financial law, reflected in the financial legislation.

Financial management performs the following functions: financial analysis; financial forecasting; planning of financial resources and financial activities; operational regulation of finance; financial control.

Financial control will create feedback in the shadow of management, providing management necessary information on compliance with laws, norms, rules for the formation and use of finance.

The subjects of management use in each area and in each link of financial relations specific methods of targeted impact on finances. At the same time, they also have common methods and methods of management. Specific methods and forms of financial management are:

- financial planning;
- forecasting;
- programming;
- financial regulation;
- operational management;
- financial control;
1. Financial planning

Financial planning occupies an important place in the financial management system. It is in the course of planning that any business entity comprehensively assesses the state of its finances, identifies opportunities for increasing financial resources, and directions for their most effective use. Management decisions in the planning process are made on the basis of an analysis of financial information, which, in this regard, must be sufficiently complete and reliable. The reliability and timeliness of obtaining information ensures the adoption of informed decisions. Financial information is based on accounting, statistical and operational reporting. With regard to public financial management, financial planning is an activity aimed at balancing and proportionality of financial resources. Balance means the optimal ratio between the financial resources at the disposal of the state and the income remaining in the hands of economic entities. Proportionality - a rational ratio between the amount of income before tax and after payment for enterprises, sectors of the economy, regions, subjects of the federation. The state, through an increase or decrease in this ratio, can stimulate or limit their development.

2. Financial forecasting

Financial forecasting - foreseeing a possible financial situation, substantiating the indicators of financial plans. Financial forecasting precedes the stage of drawing up financial plans, develops a concept of financial policy for a certain period of development. The purpose of financial forecasting is to determine the realistically possible amount of financial resources, sources of formation and their use in the forecast period. Forecasts make it possible to outline various options for the development and improvement of the financial system, forms and methods for implementing financial policy.

Financial forecasting involves the use of various methods:

- construction of econometric models that describe the dynamics of indicators of financial plans, depending on the factors that determine or affect economic processes;
- correlation and regression analysis;
- peer review method.
3. Financial regulation.

Financial regulation of socio-economic processes is an activity organized by the state to use all aspects of financial relations in order to adjust the parameters of reproduction. The subjects of financial regulation are state structures, and the objects are the income and expenses of the participants in the public system.

The main task solved in the course of financial regulation is related to the establishment of proportions for the distribution of accumulation, ensuring the maximum possible satisfaction of the needs of society, both at the macro and micro levels.

The financial regulators of the market economy are:

- taxes and non-tax payments to the budget;
- financial benefits and sanctions;
- general and targeted subsidies;
- income and expenses of off-budget funds;
- income and expenses of state enterprises and organizations.

Financial impact is inherent in direct, indirect and mixed forms of regulation.

4. Financial management

Operational management is a set of measures developed on the basis of an operational analysis of the current situation and aimed at obtaining the maximum effect at a minimum cost through the redistribution of financial resources. The main content of operational management is reduced to maneuvering financial resources in order to solve newly emerging problems. Operational financial management is the main function of the apparatus of the financial system: the Ministry of Finance, financial departments of local authorities, directorates of extra-budgetary funds, insurance organizations, and financial services of enterprises.

5. Financial control.

Financial control, on the one hand, is one of the final stages of financial management, and on the other hand, it acts necessary condition efficiency of their management.

Financial control, being a form of implementation of the control function of finance, is a set of actions and operations for compliance with financial and economic legislation and financial discipline in the process of formation and use of monetary funds at the macro and micro levels in order to ensure the expediency and efficiency of financial and economic operations.

The object of financial control is monetary relations, redistribution processes in the formation and use of financial resources, including in the form of monetary funds at all levels and in all parts of the economy.

The methods of financial control include:

Verification - is carried out on certain issues of financial and economic activity on the basis of reporting, balance sheet and expenditure documents. During the audit, violations of financial discipline are revealed and measures are planned to eliminate them.

Survey - covers certain aspects of the activities of enterprises, organizations and institutions.

Supervision - is carried out by regulatory authorities for economic entities that have received a license for a certain type of financial activity: insurance, banking, etc. It involves monitoring compliance with regulations and rules. Economic analysis, as a kind of financial control, is aimed at a detailed study of periodic or annual financial and accounting statements in order to assess the overall results of economic activity, financial condition and substantiate the possibilities of their effective use.

Audit - the most common form of financial control, which is an interconnected set of audits of the financial and economic activities of enterprises, institutions and organizations. The audit is carried out to establish the feasibility, validity, economic efficiency of the completed business transactions, to check financial discipline, the reliability of accounting and reporting data - to identify violations and shortcomings in the activities of the audited object.

Control is carried out by legislative authorities, executive authorities, financial, tax and credit institutions, insurance organizations, state committees, ministries and departments; financial services of enterprises, organizations and institutions.

Question 4.1. Goals and objectives of financial policy

Topic 4. Financial management policy

The state, depending on the sphere of social relations, has an impact on various aspects of its activities through domestic and foreign policy, social and cultural, financial and technical.

financial policy is a set of measures (usually by the state or an enterprise) to develop a general concept of the main directions, goals and main tasks of using financial relations. Public financial policy- this is a special sphere of activity of the state, aimed at mobilizing financial resources, their rational distribution and use for the implementation by the state of its functions.

The main forms of public financial policy include:

Fiscal policy aimed at regulating the economic situation with the help of budget revenues and expenditures;

Budgetary policy, the purpose of which is the regulation of budgetary processes;

Financial programs aimed at financing social, regional and environmental policies;

Financial assistance aimed at creating conditions for the successful development of countries with economies in transition.

The financial policy in the face of the state or an enterprise implements its practical implementation through a financial mechanism, using financial leverage and methods.

The main goal of financial policy is: the most complete mobilization and formation of the maximum possible amount of financial resources necessary to meet the needs of the subject (state or enterprise)

Objectives of financial policy:

Providing conditions for the formation of the maximum possible financial resources;

Rational distribution and use of financial resources;

Organization of regulation and stimulation of economic and social processes by financial methods;

Creation effective system financial management.

The purpose of financial management is financial stability and financial independence in the interests of the subject.

Financial management methods are:

financial planning is the process of developing a financial plan for a business entity.

financial forecasting- this is a long-term development of changes in the financial condition of the object as a whole and its various parts.

financial regulation- this is an activity organized by the subject for the use of finance in order to adjust the parameters associated with costs, income and expenses.

Financial control- this is a set of measures using specific forms and methods carried out by subjects of control to verify financial transactions and actions of state bodies, municipalities, enterprises, organizations, institutions and citizens aimed at obtaining a financial result. It allows you to see different aspects of the work of the economic activity of the subject. Financial control arises because financial relations can be planned and regulated, as there are: specific subjects of financial relations (i.e. business entities, citizens, the state), norms, standards, purposes of using financial resources, volumes and timing of financial transactions, legal conditions established by law.

The financial analysis is a comprehensive assessment of the structure of financial resources. When conducting financial analysis, the following main methods are used:

Analysis of absolute balance indicators. This analysis is a study of the data provided in the financial statements for a specific date. As a result of the analysis, the composition of property, the structure of financial investments, sources of financing equity, the amount of borrowed funds, the amount of sales proceeds, the amount of profit, etc. are determined.

Horizontal Analysis . This analysis is a temporal analysis, which consists in a comparison between the indicators obtained in the base (past) and reporting (current) period. It allows you to identify trends in balance sheet items and determine the rate of growth or decline. The bottom analysis tool is the construction of a graph comparing the indicator over time.

Trend analysis. This analysis is a dynamic analysis, which consists in comparing the indicators obtained over several years (3-5 years). It allows you to identify the trend in the dynamics of the indicator without random influences. trend(eng. Trend - Chart) is a pattern that characterizes the general long-term trend in changes in time series indicators. The bottom analysis tool is the construction of a graph according to the dynamics of the indicator change over time.

Comparative analysis. This analysis is a comparison in the form of a comparison of the two analyzed indicators. The bottom analysis tool is the construction of a graph or table comparing indicators in the analyzed period.

It allows you to identify a comparison of indicators, structure or dynamics for the same position:

Between the planned (normative) and actual (received) results of the financial indicators of the analyzed organization;

Between different divisions of the company;

Between different organizations (competitors).

Vertical analysis. This analysis is a structural analysis, which is carried out in order to determine the structure of the final financial indicators. It allows you to identify the impact of each position, depending on the share in the overall final indicator of reporting. The bottom analysis tool is the construction of a diagram according to the structure of the general analyzed indicator.

Analysis of financial ratios. This analysis is a calculation of analytical financial ratios (relative indicators). It allows you to identify the influence of the relationship as a result of the relationship between individual indicators for different positions. The calculation of relative indicators is carried out on the basis of the ratio of one indicator relative to another. These groups include:

Indicators of property status;

liquidity indicators;

Indicators of financial stability;

business activity indicators;

Profitability indicators.

Ministry of Education and Science of the Russian Federation

Federal Agency for Education

State educational institution

higher professional education

"Samara State Technical University"

Institute of Continuing Professional Education

Department of Economics and Management

Course work

in the discipline "Finance and Credit"

on the topic "Methods of financial management: essence, concept"

Fulfilled

Student gr. 4-32-1 pzo Azimov R.M.

checked

Teacher Tuganaeva E.G.

Samara, 2010

Introduction…………………………………………………………………………...3

1. Main tasks and methods of financial management……………………………....6

1.1 Essence and methods of financial management……………...……………..6

1.2 Control objects……….……………………………………………….10

1.3 Subjects of management………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….

1.4 Basic methods and forms of financial management…………………..19

2. State financial management bodies………………………......26

2.1 The highest government financial management bodies ... ... 26

2.2 Managing the budget process………………………………………………………………………28

2.3 Public debt management ………………………………………………………………………………………………………………………………………………………………………………………………………….

2.4 Taxation management………………………………………...35

2.5 Financial management in other countries……………………………...37

3.How to manage finances in times of crisis……………………………..39

Conclusion................................................. ................................................. .44

Bibliography............................................... ................ 46

Introduction

The most serious problem in Russia is the problem of financial management.

Finance is first and foremost(from lat. financia - cash, income) - a set of economic relations that arise in the process of formation, distribution and use of centralized and decentralized funds of funds. Usually we are talking about trust funds of the state or business entities (enterprises). The word finance is often used in everyday life to refer to money.

The finances of enterprises are economic, monetary relations that have arisen as a result of the movement of money. These relationships need to be managed. Management is a set of techniques and methods of purposeful influence on an object in order to achieve a certain result.

Financial management is an integral part of the overall system for managing socio-economic processes. It is aimed at improving the system of relations designed to normalize the financial resources necessary for the socio-economic development of society.

Purpose of financial management- financial stability and financial independence, manifested in macroeconomic balance, budget surplus, reduction of public debt, hardness of the national currency, in a combination of economic interests of the state and all members of society.

Allocated to financial management objects and subjects management. The objects are various types of financial relations that form the financial system. Subjects of financial management - the totality of all organizational structures that manage finances - the financial apparatus.

Financial management is carried out at all levels of the financial system. It happens nationwide, which sets general principles, rules and regulations, and also ensures the implementation of a unified financial and budgetary policy, tax, currency and monetary policy in the Russian Federation; and financial management of individual management entities .

The entire financial management system is based on the financial policy of the state. The financial policy of the state is a means of implementing its economic and social policy, i.e. performs a supporting role, and the success of the implementation of its budgetary, tax, monetary, credit, price and customs policy as a whole depends on how well the financial management process is organized in the state . This determines the relevance of the topic of the course work ("Methods of financial management").

The purpose of the study is to study the financial management system in the Russian Federation.

Research objectives:

1) Determine the objects, subjects, goals, objectives and methods of financial management in the Russian Federation;

2) Consider government finance authorities

3) And also get acquainted with the duties and rights of the Ministry of Finance.

The object of research is the financial management of the Russian Federation.

The subject of the study is financial relations arising in the process of formation of the federal budget as the main object of financial management.

Various sources were used in writing the course work. A special place among them is occupied by legal acts, the study of which allows us to draw certain conclusions about the modern organization of financial management in the Russian Federation. A complete list of sources is given at the end of the work.

When writing a term paper, such research methods were used as the study of the theoretical and regulatory framework; material analysis; generalization (synthesis); comparative and other research methods.

1. Main tasks and methods of financial management

1.1 Essence and methods of financial management

Management is inherent in all spheres of human activity, including financial. Management is understood as a conscious purposeful impact on an object with the help of a set of techniques and methods to achieve a certain result. Management is based on knowledge of the objective laws of the development of society. However, for management big influence is rendered by the state in the person of appropriate administrative structures.

An important area of management activity is financial management. It is carried out by a special apparatus with the help of special techniques and methods, including a variety of incentives and sanctions.

In financial management, as in any other managed system, objects and subjects of management are distinguished. The objects of management are various types of financial relations associated with the formation of cash income, savings and use by business entities and the state. The subjects of management are those organizational structures that manage.

In accordance with the classification of financial relations in their areas, such groups of objects as the finances of organizations (enterprises, institutions), insurance relations, public finances and finances are distinguished. household. They correspond to such management entities as financial services (departments) of enterprises, insurance authorities, financial authorities and tax inspectorates. The totality of all organizational structures carried out by financial management is a financial apparatus.

The subjects of management use in each area and each link of financial relations specific methods of targeted impact on finances. At the same time, they also have common methods and methods of management. In financial management, the most important functional elements like: planning, operational management, control.

Planning occupies one of the most important places in the financial management system. When planning, any business entity comprehensively assesses the state of finances, reveals the possibility of increasing financial resources, determines the direction of their most effective use. Planned decisions are made on the basis of the analysis of financial information, which is based on accounting, statistical and operational reporting.

Operational management is a set of measures developed on the basis of an operational analysis of the current financial situation and pursuing the goal of maximum effect at a minimum cost through the redistribution of financial resources. The main content of operational management is the rational use of financial resources in order to improve economic activity.

Control as a control element is carried out in the process of planning and operational management. It allows you to compile the actual results of the use of financial resources with the planned ones, to identify reserves for the growth of financial resources and their more efficient use.

Distinguish strategic, or general, financial management and operational. Strategic planning is expressed in the determination of financial resources for the implementation of targeted programs, etc. It is carried out by state and economic management bodies: the Federal Assembly of the Russian Federation, the Presidential Administration, the Ministry of Finance, the Ministry economic development and trade and others. Operational management is a function of the apparatus of the financial system: the Ministry of Finance, financial authorities of the constituent entities of the Russian Federation and local authorities, heads of extra-budgetary funds, insurance organizations, financial services of organizations, financial services of enterprises.

When processing management decisions of a financial nature, both in strategic and operational management, the requirements of economic and legal laws, the results of economic analysis of both the results of the past economic period and prospects, economic and mathematical methods and automated financial management systems, a rational combination of economic and administrative management methods. Management decisions on finance are formalized in legal laws, financial forecasts and plans, resolutions and other forms.

In our country, in the conditions of economic transformations, the previously accumulated experience in financial management, which positively influenced the economy in the past, is unjustifiably underestimated. In management, such financial levers as payment for land, long-term depreciation rates, specific capital investments and others are almost not properly used. Forms of state credit are developing poorly, the use of targeted subventions from the budget is ignored. The financial and credit crisis of August 1998 required the development and implementation of a new financial and credit policy, the transition to fundamentally new methods of financial management. They should ensure the strengthening of the state impact of finance on the development of the real sector of the economy, promote the growth of the efficiency of social production and the social sphere.

The priority tasks of economic policy aimed at achieving a sustainable pace economic growth, appear to be: creating conditions for the development of the main elements of the financial infrastructure (banking sector, stock market, investment institutions, insurance services market) and achieving financial stability; ensuring the balance of the budget system and increasing the efficiency of its functioning; a significant reduction in the tax burden and an increase in the efficiency of the tax and customs systems.

To implement these tasks, specific measures are needed to adopt new draft laws and introduce amendments and additions to existing ones in order to create a favorable business climate, protect property rights, de-bureaucratize management, increase the investment activity of management, equalize the tax burden to improve the payment system, and introduce international financial reporting standards. and increasing the openness of information on the financial and economic activities of economic structures; completion of the transfer of all recipients of federal budget funds to the treasury system, and highly subsidized subjects of the Russian Federation - cash service through the federal treasury; ensuring transparency of budgets of all levels and off-budget funds, as well as procedures for the procurement of goods and services for public needs; to improve the procedure for compulsory insurance, the system of state regulation of insurance and supervision.

1.2 Control objects

The financial system is the financial relations that exist within the framework of a given economic formation.

Financial system- a set of various spheres of financial relations (links of the financial system), in the process of which funds of funds are formed and used. This is a collection of centralized and decentralized monetary funds.

The construction of the financial system is based on the following principles:

1) Functional purpose. It consists in the fulfillment by each link of the financial system of its tasks (the state budget expresses the distribution relations between the state, enterprises and the population; the finances of enterprises express the relations for the creation and use of monetary funds intended to meet the primary needs of social reproduction).

2) The unity of the financial system - is predetermined by a single economic and political basis states. This leads to a unified financial policy pursued by the state through centralized financial bodies and common goals. Management of all links takes place on the basis of unified legislative and regulatory acts.

3) Territoriality - each region has its own financial system with its own territorial features.

Financial system of the Russian Federation

Fig.1 Financial system of the Russian Federation

National finance plays a leading role in ensuring certain rates of development of all sectors of the national economy, the redistribution of financial resources between sectors of the economy and regions of the country, production and non-production areas, as well as individual groups and strata of the population.

public finance- these are relations regarding the distribution and redistribution of the total social product (SOP) and part of the national wealth associated with the formation of the financial resources of the state and their use for the costs of expanding production, meeting the growing socio-cultural needs of society, the needs of defense and management.

In the field public finance links stand out:

State budget - off-budget funds

State loan

The state budget is the main link of the financial system. It is a form of formation and use of a centralized fund of funds to ensure the functions of public authorities. It concentrates a significant part of the financial resources of the state; the main share of SOP and national income (ND) is concentrated in the hands of the state (in Russia, up to 80% of funds are centralized).

The budget of the Russian Federation as a financial plan of the state is based on the indicators of the forecast of the country's socio-economic development for the next year. General indicators and the structure of incomes and expenditures are organically linked with the volumes of the social product and national income and are determined by the tax system and the budgetary and financial policy of the state.

Extrabudgetary funds are created by federal and regional government bodies and local governments for the accumulation of funds directed to finance expenses not included in the budget.

Extra-budgetary funds have a strictly designated purpose and are independent financial and credit institutions. On the basis of the target orientation of the spending of funds, they can be grouped into three groups. The first includes off-budget social insurance funds of national importance (Pension Fund of the Russian Federation, Social Insurance Fund of the Russian Federation, State fund employment of the population of the Russian Federation, Mandatory Medical Insurance Fund). The second group covers off-budget funds of intersectoral and sectoral (departmental) purposes (created at the federal level to finance R&D costs, social and logistical support of individual departments). The third includes various off-budget funds for territorial purposes.

As a financial and credit institution, an off-budget fund can act as an investor in the financial market, acquiring government securities in order to generate income and increase financial resources.

State loan expresses credit relations between the state, represented by federal executive authorities, on the one hand, business entities, individuals, non-residents and foreign states, on the other, regarding obtaining loans, providing loans or guarantees.

The state attracts additional financial resources by selling bonds, treasury bills and other types of government securities on the financial market. State credit is also used to stabilize money circulation in the country.

State credit functions in the following forms: government loans, guaranteed loans. Government loans are carried out by issuing and placing securities, obtaining a foreign loan. In the form of conditional public debt are guaranteed obligations federal government under loans received by the executive authorities of the constituent entities of the Russian Federation or business entities.

In accordance with government level financial relations within the links of the sphere of public finance are divided into sub-links:

federal finance

finances of subjects of the Russian Federation

local finance

Enterprise Finance various forms of ownership, being the basis of the country's unified financial system, serve the process of creating and distributing the social product and national income.

The finances of enterprises are monetary relations associated with the formation and distribution of cash income and savings and their use to fulfill obligations to the financial and credit system and finance the costs of expanded reproduction, social service and financial incentives for employees.

The finances of economic entities can be divided into sub-links:

finances of commercial enterprises and organizations

finance of non-profit organizations

The financial relations of these two groups of economic entities have their own specifics associated with the form of business organization, the formation of income and expenses, ownership of property, fulfillment of obligations, and taxation.

The financial resources of enterprises represent cash income and savings ( own funds), as well as cash receipts from outside (attracted and borrowed funds) used by them for the production and sale of goods and services, the reproduction of capital and labor.

The financial relations of enterprises consist of four groups:

Relations with other enterprises and organizations;

within the enterprise;

Within associations, enterprises that include relationships with a higher organization; within financial and industrial groups, as well as the holding;

With the financial and credit system - budgets and off-budget funds, banks, insurance, stock exchanges, various funds.

The security of centralized monetary funds with financial resources depends on the state of the finances of enterprises. At the same time, the active use of enterprise finances in the process of production and sale of products does not exclude the participation of the budget, bank loans, and insurance in this process.

Insurance- this is a set of special closed redistributive relations between its participants regarding the formation of a target insurance fund at the expense of monetary contributions, intended to compensate for possible damage caused by business entities, or to equalize losses in family income due to the consequences of insured events.

Insurance finance is associated with the redistribution of funds coming from individuals and legal entities. The damage on insured events is decomposed between the insurance participants.

According to the differences in the objects of insurance, insurance relations can be divided into five groups:

social;

personal;

property;

· liability Insurance;

business risk insurance.

V social insurance the object is the level of income of citizens and includes insurance of pensions, benefits, benefits. In personal insurance, the object is life, health and work capacity - life insurance and accident insurance. object liability insurance the obligation of the insurers to fulfill the contractual terms for the supply of products, repayment of debts to creditors or compensation for material and other damage if it was caused by other persons. In case of liability insurance, the insurance company compensates for the damage. V business risk insurance the object is the risk of not receiving profit or generating a loss (insurance in case of a decrease in the agreed level of profitability or income, insurance against equipment downtime, etc.)

The insurance is in mandatory and voluntary form. The optimal combination of compulsory and voluntary insurance makes it possible to form an insurance system that provides a universal scope of insurance protection for social production.

1.3 Subjects of management

The subjects of general financial management in the Russian Federation are the highest federal authorities - the President of the Russian Federation, the Federal Assembly of the Russian Federation, the Government of the Russian Federation.

The President of the Russian Federation - regulates the activities of the financial system, signs the budget plan, has the right to "veto" financial legislation adopted by the Federal Assembly.

The Federal Assembly of the Russian Federation (consists of two chambers: the Federation Council and the State Duma) - establishes taxes, fees, non-tax payments, approves the federal budget, adopts financial legislation (Budget and Tax Codes, etc.)

The Government of the Russian Federation - considers the federal budget, acts as a single center for financial management. The central body implementing the financial policy is the Ministry of Finance of the Russian Federation. It ensures the unity of financial, monetary and foreign exchange policy in the Russian Federation, coordinates the activities of other federal executive bodies.

Ministry of Finance of the Russian Federation (MF RF):

Provides methodological guidance in the field of financial planning and financing of sectors of the economy;

Develops budgetary federalism;

Develops a draft federal budget;

Prepares a report on the implementation of the federal budget;

Prepares a consolidated budget;

The Ministry of Finance has the following functions:

Participation in the development of forecasts for the socio-economic development of the Russian Federation for the long term, medium and short term;

Prepares proposals and implements measures to improve the budget system and the mechanism of interbudgetary relations

Participates in the preparation of proposals in the main areas of monetary policy;

Carrying out measures to control the targeted execution of the federal budget and the execution of targeted budget funds;

The Ministry of Taxes and Dues of the Russian Federation (MNS RF) and the Federal Tax Police Service (FSNP RF) exercise control over the correctness of the calculation, completeness and timeliness of the payment of state taxes and other payments to the relevant budget established by the Russian Federation; The Ministry of Taxation of the Russian Federation also exercises currency control. The Federal Securities Commission controls the activities of stock market participants, thereby contributing to an increase in revenues to the budget fund.

The system of the Central Bank of the Russian Federation (CBR) is an important body for the implementation of monetary policy. The Central Bank of the Russian Federation, along with the Federal Treasury, carries out cash execution of the budget, controls the activities of other credit institutions. The Accounts Chamber of the Russian Federation is a special control body that exercises control over the state of federal property and control over the spending of federal funds. The Accounts Chamber is independent of the Government and is accountable to the Federal Assembly.

The subject of operational financial management is the financial apparatus: the Ministry of Finance of the Russian Federation, the Accounts Chamber, financial authorities of the constituent entities of the Federation, tax authorities and the customs service, insurance organizations, directorates of extra-budgetary funds, financial departments and services of enterprises, organizations and institutions, as well as banks.

1.4 Basic methods and forms of financial management

Specific methods and forms of financial management are:

Financial planning;

Forecasting;

Programming;

financial regulation;

operational management;

Financial control;

financial planning occupies an important place in the financial management system. It is in the course of planning that any business entity comprehensively assesses the state of its finances, identifies opportunities for increasing financial resources, and directions for their most effective use. Management decisions in the planning process are made on the basis of an analysis of financial information, which, in this regard, must be sufficiently complete and reliable. The reliability and timeliness of obtaining information ensures the adoption of informed decisions. Financial information is based on accounting, statistical and operational reporting.

With regard to public financial management, financial planning is an activity aimed at balancing and proportionality of financial resources. Balance means the optimal ratio between the financial resources at the disposal of the state and the income remaining in the hands of economic entities. Proportionality is a rational ratio between the amount of income before tax and after payment by enterprises, sectors of the economy, regions, subjects of the federation. The state, through an increase or decrease in this ratio, can stimulate or limit their development.

Financial planning is an integral part of national economic planning, is based on the indicators of the socio-economic development plan, and is aimed at coordinating the activities of all organs of the financial system.

The main object of financial planning are the links of finance, which receive their quantitative expression in the plan. The movement of funds of a particular monetary fund is expressed and fixed in the relevant financial plans, which are combined into a single system.

All links of the financial system have financial plans, and the form of the financial plan, the composition of its indicators reflect the specifics of the corresponding link in the financial system. Thus, enterprises and organizations operating on a commercial basis draw up balance sheets of income and expenses; institutions carrying out non-commercial activities - estimates; public associations, insurance companies - financial plans; public authorities - budgets of various levels.

Specific tasks of financial planning are determined by financial policy. This is the determination of the amount of funds and their sources necessary to fulfill the planned targets; identification of reserves for income growth, cost savings; establishment of optimal proportions in the distribution of funds between centralized and decentralized funds.

financial forecasting – foreseeing a possible financial situation, substantiating the indicators of financial plans. Financial forecasting precedes the stage of drawing up financial plans, develops a concept of financial policy for a certain period of development. The purpose of financial forecasting is to determine the realistically possible amount of financial resources, sources of formation and their use in the forecast period. Forecasts make it possible to outline various options for the development and improvement of the financial system, forms and methods for implementing financial policy.

Financial forecasting involves the use of various methods:

Construction of econometric models that describe the dynamics of indicators of financial plans, depending on the factors that determine or influence economic processes;

Correlation and regression analysis;

Method of peer review.

financial programming - a method of financial planning that uses a program-target approach, which is based on clearly formulated goals and means to achieve them, involves:

Establishment of priorities of expenses by directions;

Improving the efficiency of spending funds;

Termination of funding in accordance with the choice of an alternative option.

The choice of the program option depends, first of all, on economic (resource) factors. This takes into account not only the scale, significance and complexity of achieving the goal, but also the size of the existing backlog, the expected total effect, and potential losses from not achieving the goal.

financial regulation socio-economic processes is an activity organized by the state to use all aspects of financial relations in order to adjust the parameters of reproduction. The subjects of financial regulation are state structures, and the objects are the income and expenses of the participants in the public system.

The main task to be solved in the course of financial regulation is related to the establishment of proportions for the distribution of accumulation, ensuring the maximum possible satisfaction of the needs of society, both at the macro and micro levels.

The financial regulators of the market economy are:

Taxes and non-tax payments to the budget;

Financial benefits and sanctions;

General and targeted subsidies;

Income and expenses of off-budget funds;

Income and expenses of state enterprises and organizations.

Financial impact is inherent in direct, indirect and mixed forms of regulation.

The direct impact on the course of market processes is: through the collection of direct national taxes; through the application of increased or reduced rates of taxes and payments to the budget and to centralized off-budget funds; when changing the standards of public spending; as a result of the collection of fines, penalties, forfeits for violation of financial discipline. All this directly changes both the level of income of the subjects of reproduction and the market situation.

Indirect forms of regulation include: indirect state taxation and the implementation of current public spending.

Among the mixed forms of financial impact, there are: local taxes, a system of non-tax payments to the budget, preferential taxation and preferential financing of certain areas of activity and activities, standards for the formation and use of decentralized extra-budgetary funds and funds of state enterprises and organizations.

operational management finance is connected with the implementation of practical actions to implement the financial plan, make adjustments to its indicators taking into account new economic circumstances, find other sources of financial resources formation and directions for their effective investment. Operational management is a set of measures developed on the basis of an operational analysis of the current situation and aimed at obtaining the maximum effect at a minimum cost through the redistribution of financial resources. The main content of operational management is reduced to maneuvering financial resources in order to solve newly emerging problems.

Operational financial management is the main function of the apparatus of the financial system: the Ministry of Finance, financial departments of local authorities, directorates of extra-budgetary funds, insurance organizations, financial services of enterprises.

Financial control, on the one hand - one of the final stages of financial management, and on the other hand, it is a necessary condition for the effectiveness of financial management.

Financial control includes:

Verification of compliance with economic laws (optimality of distribution and redistribution of national income);

Drawing up and execution of the budget plan (budget control);

Tax control.

Financial control pursues the following tasks:

Promoting a balance between the need for financial resources and the size of funds;

Ensuring the timeliness and completeness of the fulfillment of financial obligations to the state budget;

Identification of intra-production reserves for increasing financial resources.

An important role in ensuring the quality of financial control is played by the level of organization of accounting in the country - accounting, budget, tax. Reporting documentation is the main object of financial control. Successful and effective implementation financial control depends on the level of organization and types of control, forms and methods of its implementation.

Depending on the subjects of control exercising financial control, the following types of it are distinguished:

National control, carried out by state authorities. The main goal is to ensure the interests of the state and society in terms of receipt of income and expenditure of public funds;

Departmental control, carried out by control and audit departments, other structures of ministries and departments, covers the activities of enterprises, institutions and organizations accountable to them;

Internal control is carried out by economic and financial services of enterprises and organizations. Object of control - economic and financial activities;

Public control is carried out by non-governmental organizations. The object of control depends on the tasks facing them;

Independent control is carried out by special bodies: audit firms and other services.

The methods of financial control include:

The audit is carried out on certain issues of financial and economic activity on the basis of reporting, balance sheet and expenditure documents. During the audit, violations of financial discipline are revealed and measures are planned to eliminate them.

The survey covers certain aspects of the activities of enterprises, organizations and institutions.

Supervision is carried out by regulatory authorities over economic entities that have received a license for a certain type of financial activity: insurance, banking, etc. Economic analysis, as a type of financial control, aims to study in detail periodic or annual financial and accounting statements in order to assess the results of economic activity, financial state and substantiation of the possibilities of their effective use.

revision- the most common form of financial control, which is an interconnected set of checks on the financial and economic activities of enterprises, institutions and organizations. The audit is carried out to establish the feasibility, validity, economic efficiency of the completed business transactions, to check financial discipline, the reliability of accounting and reporting data - to identify violations and shortcomings in the activities of the audited object.

2. State financial management bodies

2.1 Highest public authorities of financial management

President of the Russian Federation in his annual message to the Federal Assembly on the situation in the country and on the direction of the state's domestic and foreign policy, he formulates, among other things, the basic principles of the state's financial policy for a given period. This largely determines the financial activities of the Government of the Russian Federation for the corresponding period.

In addition, the President makes some personnel appointments. So, with the consent of the State Duma, he appoints the Chairman of the Government of the Russian Federation, and, at his suggestion, deputies of the Prime Minister, federal ministers, including the Minister of Finance and the Minister for Taxes and Duties. The President presents to the State Duma a candidate for the Chairman of the Central Bank of the Russian Federation.

The President of the Russian Federation signs and promulgates federal laws and submits bills to the State Duma. He issues decrees and orders that are binding on the entire territory of the Russian Federation, which are an important element of state financial management.

State Duma of the Russian Federation, in accordance with the Constitution of the Russian Federation, adopts federal laws, including federal laws on the federal budget, federal taxes and fees, financial, currency, credit, customs regulation, which are subject to mandatory consideration Federation Council. However, bills on the introduction or abolition of taxes, on the issuance of state loans, on changing the financial obligations of the state and other bills providing for expenses covered from the federal budget, can only be introduced if there is a conclusion of the Government of the Russian Federation.

The Federation Council and the State Duma control the implementation of the federal budget. For this purpose, they form the Accounts Chamber. At the same time, the Chairman of the Accounts Chamber and half of its auditors are appointed and dismissed by the State Duma, and the Deputy Chairman and the other half of its auditors are appointed by the Federation Council.

Government of the Russian Federation develops and submits to the State Duma the federal budget and ensures its execution, and also submits to the State Duma a report on the execution of the budget.

The Government of the Russian Federation ensures the conduct of a unified financial and monetary policy in the Russian Federation.

The Government of the Russian Federation is the most important link strategic management state finances. And at the same time, through the Ministry of Finance and other relevant federal departments, it performs the function of the main organizer, regulator and coordinator of activities for the operational state management of finance and credit.

2.2 Managing the budget process

The budget process is an integral part of budget planning. budget planning consists in the centralized distribution and redistribution of the value of the social product and national income between the links of the financial system on the basis of the state socio-economic development program of the country in the process of formation and execution of budgets and extra-budgetary funds of various levels.

Budget Process- the activities of state authorities, local self-government bodies and participants in the budget process, regulated by the norms of law, in drawing up and reviewing draft budgets, draft budgets of state extra-budgetary funds, approving and executing budgets and budgets of state extra-budgetary funds, as well as monitoring their execution. The budget process includes 4 stages of budget activity:

1) drafting budgets;

2) consideration and approval of budgets;

3) execution of budgets;

4) preparation of reports on the execution of budgets and their approval

An integral part of the budget process is budgetary regulation- redistribution of financial resources between budgets of different levels.

The first stage of the budget process is drafting budgets. The drafting of budgets is preceded by the development of forecasts for the socio-economic development of the Russian Federation, constituent entities of the Russian Federation, municipalities and sectors of the economy, as well as the preparation of consolidated financial balance sheets, on the basis of which the executive authorities develop draft budgets.

Drawing up draft budgets is the exclusive prerogative of the Government of the Russian Federation, the relevant executive authorities of the constituent entities of the Russian Federation and local governments. The direct drafting of budgets is carried out by the Ministry of Finance of the Russian Federation, financial authorities of the constituent entities of the Russian Federation and municipalities.

The first stage in the formation of the federal budget is the development by the federal executive authorities and the selection by the Government of the Russian Federation of a plan-forecast of the functioning of the economy for the next financial year. On the basis of the plan-forecast data, the Ministry of Finance of the Russian Federation develops the main characteristics of the budget and the distribution of budget expenditures. The Government of the Russian Federation is considering proposals to increase (maintain) the minimum wages and pensions, and to index them.

The Ministry of Finance of the Russian Federation sends drafts of the main budget indicators to the federal executive bodies for distribution to specific budget recipients and notifies the executive bodies of the constituent entities of the Russian Federation about the methodology for forming interbudgetary relations between the Russian Federation and the constituent entities of the Russian Federation.

The second stage in the formation of the federal budget is the distribution by federal executive bodies of the maximum volumes of budget financing in accordance with the functional and economic classifications of expenditures and by recipients of funds, the development by these bodies of proposals for economic reforms, the abolition of unfunded regulations, as well as the preparation of a list of funded federal target programs. Uncoordinated issues are subject to consideration by an interdepartmental commission headed by the Minister of Finance of the Russian Federation.

Based on the documents submitted by the federal executive bodies, the Government of the Russian Federation must approve the draft law on the federal budget for submission to the State Duma.

The draft federal law on the federal budget for the next financial year, together with those specified in Art. 192 of the RF BC documents are submitted for consideration by the State Duma of the Russian Federation.

The State Duma Council sends the draft to the State Duma Budget Committee to prepare an opinion on the formal compliance of the submitted documents with the requirements of the law, after which the draft is sent to the Federation Council, State Duma committees, other subjects of legislative initiative for comments and suggestions and to the Accounts Chamber of the Russian Federation for conclusion. The State Duma considers the draft budget in four readings.

First reading: The State Duma discusses the concept and forecast of the socio-economic development of the Russian Federation, the main directions of the budget and tax policy, the main principles and calculations on the relationship of the federal budget with the budgets of the constituent entities of the Russian Federation, the draft program of external borrowing of the Russian Federation in terms of sources of external financing to cover the federal budget deficit, as well as the main budget specifications. The State Duma hears the report of the Government of the Russian Federation, the Budget Committee and the relevant committee responsible for considering the draft budget, the report of the Chairman of the Accounts Chamber and decides whether to accept or reject the project. In case of rejection of the draft, the State Duma may submit the project to a conciliation commission (consisting of representatives of the State Duma, the Federation Council and the Government of the Russian Federation), return the draft to the Government for revision or raise the issue of confidence in the Government of the Russian Federation (in the latter case, a new draft budget is prepared and submitted to the State Duma by a new composition of the Government RF). When submitting the project to the conciliation commission, it develops an agreed version of the main characteristics of the budget, after which the project is again submitted for consideration in the first reading in the State Duma. Based on the results of consideration of the draft in the first reading, a resolution of the State Duma on the adoption of the draft law on the federal budget in the first reading is adopted.

Second reading The State Duma approves federal budget expenditures by sections of the functional classification within the limits of the total volume of federal budget expenditures approved in the first reading, and the amount of the Federal Fund for Financial Support of the Subjects of the Russian Federation. If the State Duma rejects the draft federal law on the federal budget for the next financial year in the second reading, it submits the said bill to the conciliation commission.

Third reading The State Duma considers federal budget expenditures by subsections of the functional classification, distribution of funds from the Federal Support Fund for the RF Subjects by RF subjects, expenditures under federal target programs, the Federal Targeted Investment Program within the limits of expenditures approved in the second reading; the list of protected items of the federal budget, the Program of State External Borrowings of the Russian Federation, programs for providing guarantees of the Government of the Russian Federation, programs for providing federal budget funds on a repayable basis for each type of expenditure, the program of state external borrowings of the Russian Federation.

When considering the draft federal law on the federal budget in the fourth reading the draft is voted on as a whole, amendments to the draft, possible in the second and third readings, in the fourth reading are not allowed.

The Federal Law on the federal budget for the next financial year adopted by the State Duma is submitted for consideration by the Federation Council. The Federation Council considers the law and votes as a whole. If approved, the law is sent to the President of the Russian Federation for signing and promulgation. If the draft is rejected, it is submitted to the conciliation commission, revised, submitted to the State Duma for approval in one reading, then resubmitted to the Federation Council for final approval. The veto of the Federation Council may be rejected by the State Duma by a repeat vote of at least two-thirds of the votes. If the President does not sign the law, the law is sent to the conciliation commission and again considered by the Federal Assembly. At least two-thirds of the votes of the Federal Assembly are required to override the President's veto.

The execution of budgets begins after their approval in the prescribed manner (for the federal budget - signing by the President of the Russian Federation). The Russian Federation establishes treasury execution of budgets. The executive authorities are entrusted with organizing the execution of budgets, managing budget accounts and budgetary funds.

A special role is assigned to the Federal Treasury of the Ministry of Finance of the Russian Federation - it is this body that ensures compliance with the principle of unity of cash- enrollment of all incoming revenues and receipts from sources of financing the budget deficit to a single budget account and the implementation of all envisaged expenses from a single budget account.

The tax authorities and the State Customs Committee (and their local authorities) are responsible for the execution of the revenue part of the budget, which, in addition to collecting taxes and other payments to the budget, are obliged to submit information on the execution of budgets to the Treasury, as well as authorities managing state (municipal) property.

Consideration and approval of the report on the execution of budgets is one of the forms of financial control exercised by legislative (representative) authorities (subsequent control).

To control the execution of the budget, the Federal Assembly of the Russian Federation forms a special body - the Accounts Chamber (this body also participates in preliminary control - when considering and approving the draft federal budget).

Federal Law "On the federal budget for 2009": Article 138 "The Accounts Chamber of the Russian Federation, in agreement with the State Duma of the Russian Federation, develops, approves and introduces forms of financial reporting mandatory for participants in the budget process, necessary for the Accounts Chamber to control the execution of the federal budget for 2009."

The Ministry of Finance of the Russian Federation is responsible for compiling the report on the execution of the federal budget.

The report on the execution of the federal budget is submitted to the State Duma and the Accounts Chamber by the Government of the Russian Federation in the form of a federal law, together with reports on the execution of off-budget funds and other documents and materials.

The Accounts Chamber checks the report on the execution of the federal budget for the reporting year, using the materials and results of the inspections and audits carried out. The State Duma considers the report on the execution of the federal budget after receiving the conclusion of the Accounts Chamber, after which it makes a decision to approve or reject the report.

2.3 Public debt management

Control public domestic debt, the establishment of the procedure, conditions for the issuance and placement of debt obligations of the Russian Federation is carried out by the Government of the Russian Federation.

Servicing of the state internal debt of the Russian Federation is carried out by the Central Bank and the Ministry of Finance.

The upper limit of domestic debt is established by the law on the federal budget.

Federal Law "On the federal budget for 2009": Article 92 "Set the upper limit of the state internal debt of the Russian Federation as of January 1, 2005: for debt obligations of the Russian Federation - 648.3 billion rubles; for targeted debt obligations of the Russian Federation - 30 billion debt rubles".

Operations with public external debt regulated by federal law and other regulatory legal acts.

The right to carry out state external borrowings is within the competence of the Government of the Russian Federation. For example, the Ministry of Finance develops draft programs for external borrowing and, with the participation of interested federal executive bodies, organizes work to attract foreign credit resources to the economy.

The maximum amount of state external borrowings is annually established in the law on the federal budget.

Federal Law "On the federal budget for 2009": Article 103 "To establish the maximum amount of state external borrowings of the Russian Federation for 2009 in the amount of 9.5 billion US dollars."

2.4 Tax administration

In the management of taxation, the Federal Assembly takes only legislative participation - the adoption of tax legislation (changes and additions to the Tax Code, laws on federal laws and fees, etc.)

The President of the Russian Federation issues such regulatory acts as the Decree "On measures to increase the collection of taxes and other tax payments and streamline cash and non-cash money circulation, Decree " On strengthening financial discipline.

Taxation is directly managed by the Government of the Russian Federation. By its lawmaking, it only indirectly regulates taxation, for example, by such resolutions as the "Regulation on the Composition of Costs Included in the Costs of Production and Distribution" or by submitting to the State Duma draft laws on the introduction of taxes and fees, on amendments and additions to certain laws of the Russian Federation on taxes Through its ministries and departments The government exercises direct control over taxation.

The Ministry of Finance carries out tax forecasting. The main task of tax forecasting is to determine the economically justified amount of tax revenues in the corresponding or consolidated budget. Distinguish operational, short-term, medium-term tax forecasting.

In particular operational forecasting is carried out by the Ministry of Finance and financial authorities for a month or a quarter in order to ensure real assessment tax receipts for the near future to determine funding limits (within the approved budget) in the context of economic classification, as well as ministries, departments, territories and state programs.

Tax forecasting plays an active role in the development of budgetary and tax policies. In addition, in the process of tax forecasting, measures are being developed to improve the control work of tax authorities.

The Ministry of Finance is also entrusted with the task of developing, together with the Ministry of Taxation of the Russian Federation and other federal executive bodies, proposals on the tax policy of the state, the development of tax legislation and the improvement of the country's tax system.

The Ministry of the Russian Federation for Taxes and Dues is directly responsible for the completeness of receipt of taxes and fees to the budgets. More about his activities in the next question.

2.5 Financial management in other countries

1) Financial management in economically developed countries, as a rule, is carried out by several state bodies. In the US, this is the Treasury Department. Its functions include the development of financial and tax policies, the issuance of banknotes and the minting of coins, issues of internal loans and public debt management, control over the implementation of financial legislation and monetary circulation, and the collection of internal revenues. In addition, financial management is handled by the Office of Management and Budget under the President. It makes up the expenditure part of the federal budget and develops financial programs, organizes operational control over budget management, and is the leading executive body.

2) In the UK, financial management is carried out by a number of bodies. The main one is the Treasury, which deals with the development, compilation and execution of the state budget, tax policy, financial and economic forecasting, international financial relations, and control over the spending of funds by state enterprises. The Department of Customs Duties and Excises is in charge of excise and customs duties and monitors the implementation of legislation in this area. The Inland Revenue Authority oversees the implementation of legislation governing the collection of direct taxes.

The Bank of England manages the public debt. Its competence includes issuance of loans, repayment of the capital amount of loans, operations on current debt.

3) In Germany, financial management is mainly entrusted to the Federal Ministry of Finance. It develops the foundations of financial, tax, currency and credit policy, draws up a draft budget and medium-term financial plan, provides cash services to the budget, monitors its execution, and also distributes resources between the links of the budget system. The federal department for finance and federal government public debt, subordinate to the federal ministry of finance. The first department deals with tax audit of enterprises, taxation of foreign investments, problems of elimination of double taxation; the second - operations for the issuance and repayment of loans and the financing of the budget deficit.

4) In France, financial management is carried out by the Ministry of Economy, Finance and Budget. Its functions include: development of the state budget and control over its execution, cash services for the budget; collection of taxes, duties and other revenues; control over financial transactions; communication between the state and enterprises as a shareholder, creditor or guarantor; public account and control. The above functions are distributed among the respective main departments.

5) In Italy, the main financial management bodies are: the Treasury, which is responsible for public spending and financial control; the ministry of finance, which collects revenues; the Ministry of Budget and Planning, which draws up the state budget and coordinates financial resources; Ministry of the Interior, in charge of local finance

3. How to manage finances in a crisis

Andrey Shulga - General Director. Finam Management Management Company, Moscow.

The financial crisis is not only a collapse in the stock market, but also the basis for changing the balance of power in the market and the emergence of new leaders. They can be companies that most effectively manage their finances. The most correct reaction to the crisis is to look for new opportunities for business development.

For example, many companies have a chance to implement their investment programs at lower costs (by reducing the cost of building materials and labor). Now it is possible to solve personnel issues more effectively, as qualified specialists have appeared on the market without inflated salary expectations. There are options with the purchase of assets falling in price. Finally, the financial crisis makes it possible to reduce the debt burden, in particular, through the repurchase of significantly cheaper bonds. There are other options for strengthening market positions during the economic crisis. Of course, all this requires money.

Companies that, on the one hand, do not have a large debt burden, and on the other hand, were able to form a significant cash reserve in the pre-crisis period, are currently in the most advantageous position. If a few months ago, excessive stocks of money in the accounts were considered as negative factor(business does not use capital efficiently enough), now such enterprises have the opportunity to develop most efficiently.

In a growing economy, most companies preferred to reinvest financial resources, and credit funds were actively used to implement ambitious development programs. Now business needs to learn how to manage finances in the new conditions: the rising cost of financial resources and the reduced availability of money. As a result, previously popular methods of debt financing are reducing their relevance. Attracting resources through the stock market is also largely difficult: it was the stock exchanges, as a tool for attracting investments, that suffered the most from the crisis. It can be expected that in the next few years the most serious growth dynamics will be shown by direct investments.

Where to get money

The idea that it is impossible to attract credit resources in the current conditions does not correspond to reality. Perhaps this state of affairs took place for two weeks at the end of September. By mid-October, the situation began to change: several companies attracted syndicated loans, MTS placed a large bonded loan, and Mechel announced the resumption of the procedure for placing preferred shares. The question, of course, is the price of money, which has grown significantly. For example, if back in June MTS placed bonds at 8.7% per annum, in October the rate was 14.1% per annum. And even this level left ground for rumors that the placement was non-market. Now most companies should focus on a rate starting from 18%. If the growth rate and profitability of the business are high enough, it is quite possible to borrow at such a percentage.

Practitioner tells

Oleg Bolychev | Chairman of the Board of Directors of the Vester Group, Kaliningrad.

The crisis is forcing us to shift our focus to improving the efficiency of already opened facilities and extracting maximum profit from them. Every cloud has a silver lining, because this situation has forced us to dump non-core assets more aggressively. We are talking about land plots, as well as real estate objects that we cannot effectively use for the development of the federal network. Not all of them have been sold yet, and we have about $50 million worth of them.

At the same time, if the market conditions on the securities market change, Vester will issue bonds for secondary circulation, which were placed in August 2008. Then the business media wrote that 15.5% is a high interest rate. I think that today everyone will be happy if he is offered money at such interest.

We do not plan to reduce the volume of purchases of goods. Our main task in the procurement line is to provide retail facilities with the necessary assortment and quantity. Therefore, we will renew contracts with current suppliers and enter into agreements with new ones. Additional requirements upon entry into our network will decrease. However, we are introducing two new clauses into the contracts: on the provision of additional commodity credit and on increasing the deferred payments.

No staff reductions are planned, but the tasks solved by employees are changing. Thus, management personnel, which before the crisis was focused on the development program and the development of new territories, today must strengthen the operational component of the business and work to improve its efficiency. One of the methods to reduce costs will be to reduce the wages of managerial personnel in the variable part, that is, to reduce bonuses and bonuses.

For solutions financial tasks bank loans can still be used. The state carried out pumping of the banking sector with liquidity, gave directives that the money should flow into the real sector. In the end, it will still be possible to get a loan. Of course, the cost of loans for Last year has almost doubled. It is possible that there will be a slight decrease, but it is unlikely that it will affect medium-sized businesses. He will have to borrow at 20% or more. Expensive, but not deadly, if you invest these resources wisely. For example, in the purchase of cheap assets. With a payback period of four to six years, such transactions fully compensate for expensive loans.

Business leaders should pay attention to various opportunities for obtaining cheaper loans. These, in particular, include secured loans (for shares, real estate), which even now allow you to receive resources at 12-16% per annum.

The main risk, which has already been fully felt by some large domestic business groups, is the requirement for additional collateral against depreciating collateral (securities, depreciating real estate, etc.). Managers should look to non-traditional forms of collateral, such as export earnings. With long-term contracts, the risk of additional collateral requirements becomes more predictable and less likely.

What currency to keep money in

For the first time in the past few years, the ruble seems to be not the best option here. In fact, now it is devaluing. The question is its scale. In the next five quarters, Russian corporations will have to pay off about $160 billion of external debt. This amount is comparable to the total amount of gold and foreign exchange reserves of the Central Bank of Russia. Under these conditions, domestic companies will largely have to buy dollars on their own. open market. Similar processes are developing in the world market, indirectly supporting the current bullish trend of the dollar.

Against this background, the US dollar exchange rate by the end of 2009 may rise to 28.00 - 28.30 rubles. At the same time, the CBR retains the ability to maintain the overall stability of the relative value of its dual-currency basket by depreciating the euro against the ruble. Against this background, the attractiveness of the dollar for the preservation of free funds of the enterprise increases.

Financial management is an important part of the overall system for managing socio-economic processes in society. First of all, financial management is the conscious influence of government bodies on the country's finances, on financial processes, financial activities, in order to achieve the financial stability of the economy, generate income, and profit.

The objects of financial management are the types of financial relations associated with the formation of cash income, accumulation and their use. The subjects of management, respectively, are the organizational structures that carry out management. Financial management is carried out using special techniques and methods.

Financial management should be carried out both at the macro level (at the state level) and at the level of individual organizations. This principle is determined by the unity of the economic space. Financial management is a process of targeted impact with the help of a special financial mechanism, which includes certain elements, such as financial methods, financial leverage, legal, regulatory and information support.

Integral stages of financial management, like any other management process, are financial planning, financial forecasting and financial control. These functions are implemented by the relevant financial management bodies, which mean a set of organizational structures that directly manage. According to the types of management objects, financial management bodies are divided into state finance management bodies, finances of the constituent entities of the Federation, municipalities and financial management bodies of economic entities (enterprises, organizations, institutions, public funds), individual entrepreneurs without forming a legal entity.

The bulk of federal budget revenues are tax revenues (91.84%). Among the tax revenues, the largest share is accounted for by indirect taxes (84.98%). Among direct taxes, the largest share falls on corporate income tax (62.03%). Among the indirect taxes in the first place customs duties and fees (39.67%), in second place are taxes on goods (works, services) sold in Russia (25.64%), in third place are taxes, fees and regular payments for the use of natural resources (19.19% ). Among non-tax revenues, a large share falls on income from the provision of paid services and compensation for state expenses (33.5%).

The main part of federal budget expenditures falls on interbudgetary transfers (29.7%). This characterizes the distributive nature of Russia's budget policy. Incomes of subjects of the federation in the form of mandatory regulatory contributions are credited to the federal budget, and then redistributed between the budgets of the subjects of the federation, depending on their budgetary security. Others important areas budget expenditures are expenditures on general government issues (17.18%), expenditures on national defense (12.85%), expenditures on the national economy (11.18%), expenditures on national security and law enforcement (10.33%). This structure of expenditure characterizes the main priorities of the expenditure part of the budget.

The main part of federal budget expenditures is represented by current expenditures, but, nevertheless, capital expenditures account for 32% of federal budget expenditures. These expenses include expenses for innovation and investment activities. This is a normal level of capital expenditures, which allows us to conclude that the Russian economy is gradually being updated.

Bibliography

1) The Budget Code of the Russian Federation. No. 145-FZ, dated July 31, 2009

2) Constitution of the Russian Federation, 2009

3) Tax Code of the Russian Federation. Part one, No. 146-FZ

4) Decree of the Government of the Russian Federation "On approval of the Regulations on the Ministry of Finance of the Russian Federation", No. 273, dated 06.03.07.; "Regulations on the Ministry of Finance of the Russian Federation".

5) Federal Law of the Russian Federation "On the federal budget for 2009", No. 36-FZ, dated February 23, 2009

6) Federal Law of the Russian Federation "On the tax authorities of the Russian Federation", No. 151-FZ, dated 08.07.09

7) Dadashev A.Z., Chernik D.G. The financial system of Russia. Tutorial. – M.: Infra-M, 2007.

8) Magazine "General Director" - http://www.gd.ru/magazine/article/813.html

9) Kovalev V.V. Financial management. Textbook - M.: FBK-PRESS, 2008.

10) Lectures on the course "General Theory of Finance". Kemenova Z.A. –M.: ABiK, 2007.

11) Panskov V.G. Taxes and taxation in the Russian Federation. Textbook for high schools. – M.: Knizhny Mir, 2008.

12) Finance. / Ed. Kovaleva A.M. Tutorial. - M.: Finance and statistics, 2006.

13) Finance in enterprise management. / Ed. Kovaleva A.M. - M.: Finance and statistics, 2005.

14) Finance. / Ed. Rodionova V.M., - M.: Finance and statistics, 2005.

15) Finance. Money turnover. Credit. / Ed. Drobozina L.A. - M .: Finance, UNITI, 2007.

16) Finance, investment/International finance - I. N. Zhuk

http://exsolver.narod.ru/Books/Fininvest/InterFin/c7.html

1. Main tasks and methods of financial management

1.4 Basic methods and forms of financial management.

Specific methods and forms of financial management are:

Financial planning;

Forecasting;

Programming;

financial regulation;

operational management;

Financial control;

1.4.1 Financial planning and forecasting

Financial planning is one of the most important financial management tools. There are a number of features that characterize this activity:

1) regulation (ordered process);

2) connection with information processing;

4) temporary.

By planning, we will understand the process of developing and adopting targets of a quantitative and qualitative nature and determining ways to achieve them most effectively (Kovalev, 1999, p. 278). The result of planning is a plan or a set of plans (system). The plan is the result of an orderly process that defines the parameters for achieving goals in the future. Planning acts as an effective tool for achieving the set goals by means of taking coordinated measures in a changing external and internal environment. The supreme goal of planning is to modernly identify means and alternatives that would reduce the risk of making erroneous decisions.

PLANNING AT THE LEVEL OF THE STATE AND ITS SUBJECTS

Financial planning is the final stage in the system of national economic planning. The relative isolation of individual links of the financial system involves the development of a set of financial plans for each link, each subject of the financial system.

The main object of financial planning is the financial resources redistributed between individual subjects of the financial system. The movement of financial resources is fixed in the relevant plans, which form a single system of financial planning. The central place in the system of financial plans belongs to the budgets (federal, subjects of the Federation, local governments), in which the form of formation and spending of funds of funds intended for financial support of the tasks and functions of state and municipal government finds a quantitative expression.

Budgets are developed taking into account the need to achieve minimum state standards based on the norms of financial costs, as well as in accordance with other norms (norms) established by the legislation, subjects of the Federation, legal acts of local governments.

Along with budgets at the federal level, the level of constituent entities of the Russian Federation, and local governments, extra-budgetary funds can and are being formed. The cash flows in these funds are reflected in the income and expense estimates, respectively. These estimates are nothing more than the financial plans of extrabudgetary funds.

At the national and territorial levels, the system of financial planning includes the development and implementation of long-term financial plans, financial balance sheets, as well as balance sheets for the movement of income and expenditures of the population.

Forward-looking financial planning is carried out in order to ensure the coordination of economic and social development and financial policy, as well as a comprehensive forecasting of the financial consequences of the developed reforms, programs, laws, tracking long-term negative trends and modern adoption of appropriate measures.

Long-term financial plans are developed for three years, of which the first year is the year for which the budget is drawn up; the next two years is a planning period during which the real results of the declared economic policy can be traced.

The long-term financial plan is adjusted annually, taking into account the indicators of the updated medium-term forecast of the socio-economic development of the Russian Federation, its constituent entities, municipalities; at the same time, the planning period is shifted forward by one year.

The balance of financial resources is a set of all incomes and expenses of the Russian Federation, subjects of the Russian Federation, municipalities and economic entities in a certain territory. The balance of financial resources is compiled on the basis of the reporting balance of financial resources for the previous year in accordance with the forecast of the socio-economic development of the relevant territory and is the basis for drafting the budget.

The consolidated financial balance of the state is developed by the Ministry of Economic Development and Trade of the Russian Federation with the participation of the Ministry of Finance of the Russian Federation. It allows you to link the material and financial proportions in the national economy, coordinate the indicators of all parts of the financial and credit system, determine the sources of financing for the activities identified in the forecast of economic and social development states; identify reserves of additional financial resources, make predictive financial calculations and adjust the direction of financial policy.

The balance of cash income and expenditure of the state reflects the movement of monetary resources of the population in cash and non-cash forms. Monetary incomes of the population are formed from three sources:

Salary and allowances wages, bonuses, funds for travel expenses, social payments made by the employer to employees;

Income from business activities, participation in the profits of enterprises, transactions with personal property and income from credit and financial transactions;

social transfers.

Expenses are divided into:

Consumer spending;

Taxes and other obligatory payments, voluntary contributions;

Cash savings and savings.

The balance of income and expenditure of the population is used to plan cash turnover, retail turnover, tax revenues, and credit resources. It is compiled both at the federal and regional levels. At the federal level, it is developed by the Ministry of Economic Development and Trade of the Russian Federation with the participation of the Ministry of Finance of the Russian Federation, the Central Bank of the Russian Federation and other financial bodies.

For financial planning, of particular importance is the information that gives an idea of the state of affairs in the future, i.e., prognostic information. The process of obtaining this information is called forecasting. A forecast is a probable representation of future events based on observation, theoretical generalizations, assumptions, and limitations.

Financial forecasting is primarily the rationale for financial plans, foreseeing the financial situation for a particular period of time. In theory and practice, medium-term (5-10 years) and long-term (more than 10 years) financial forecasting are distinguished.

The main goal of financial forecasting is to determine the actual amount of resources and their needs in the forecast period. Financial projections are necessary element and at the same time a stage in the development of financial policy. They allow developing various scenarios for solving socio-economic problems facing all elements of the financial system.

In theory and in practice, various methods forecasting. Among them we highlight the following:

Methods of expert assessments;

Method of processing spatial and temporal aggregates;

Methods of situational analysis and forecasting, including simulation methods, growth models;

Methods of proportional dependencies of indicators, including production functions and cost functions.

PLANNING AT THE LEVEL OF BUSINESS SUBJECTS.

Forms and methods of planning at the level of economic entities depend on their organizational and legal form, sectoral affiliation and other factors. For commercial organizations, the main expected financial result of activity is profit. In modern conditions in Russia, characterized by a relatively high level of inflation, the virtual absence of price regulation, and the widespread prepayment and barter, it is difficult to ensure the accuracy of forecasting, including profit forecasting.

Allocate different types financial plans: strategic and current, long-term and long-term.

The strategic financial plan is developed based on the goals of doing business, taking into account macroeconomic processes in the economy, the financial policy of the state, including tax and customs policy; the state and development of financial markets, investment and inflationary processes, etc. As a rule, strategic plans are a commercial secret of the enterprise. The strategic plan should answer at least the following questions:

The amount of capital required by the enterprise, from what sources and in what timeframe is it planned to attract it?

How will this capital be used?

Can an enterprise develop on its own, and if not, what are the sources of attracting financial resources?

What levels of cash flow, profitability of production and return on investment can the company reach and in what time frame?

Current financial plans are developed taking into account forecast trends and ultimately take the form of a balance of income and expenses of the enterprise, which reflects all aspects of its proposed financial and economic activities, determines the directions for ensuring the highest profitability, areas for the most efficient investment of resources, sources of financing investments, etc.

The main functions of current planning are:

Determining the amount of financial resources and their sources for implementation: production activities, investment activities, scientific and design survey activities, social projects;

Cost planning and sales of products;

Planning cash flows;

Planning profit from the activities of the enterprise as a whole;

Investment return planning.

Long-term and short-term plans differ not only in scale, but also in the goals of planning. If main goal long-term planning is to determine the pace of expansion of the company that is acceptable from the standpoint of financial stability, then the goal of the short-term is to ensure the constant solvency of the enterprise.

As noted above, financial planning is a process that includes various stages, elements, procedures, etc. There are the following stages of financial planning:

Study of the financial results of the enterprise;

Development of predictive options for financial reports based on changes in operational plans;

Determining the specific needs of the enterprise in financial resources to ensure the fulfillment of planned targets;

1.4.2. Financial programming and automated financial management systems

financial programming – the method of financial planning, using a program-target approach, which is based on clearly formulated goals and means to achieve them, involves:

Establishment of priorities of expenses by directions;

Improving the efficiency of spending funds;

Termination of funding in accordance with the choice of an alternative option.

Part of the overall financial management are automated control systems (ACS), based on the use of economic mathematical methods and electronic computing technology. ACS are an integral element of the structure of financial bodies, other financial management structures, and contribute to a better, more efficient functioning of finance.

A market economy based on a variety of forms of ownership, competition among commodity producers, and a developed system of finance generates an increase in economic and financial information. All this requires the ability to navigate in the field of informatics as a system for collecting, organizing, storing and processing information. Comprehensive financial management by specialists of financial authorities is impossible without their information service based on the use of automated financial settlement systems (ASFR), financial management (ASFM).

ACS finance is a combination of economic and mathematical methods, electronic computers, office equipment and modern means of communication. It acts as a subsystem of the nationwide automated system for collecting and processing information for accounting, planning and managing the national economy.

In the management of public finances, automated systems of public settlements (ASFR) are used. In particular, the ASFR functions in the system of the Ministry of Finance of the Russian Federation, which has become an organic part of the structure of financial authorities. This system helps to improve the efficiency of financial management by reducing the complexity of collecting, processing and analyzing information, providing multivariate calculations of financial plans and their better coordination with each other, rationalizing the structure of the apparatus of financial authorities. Its application requires constant improvement of the system of financial indicators, the development of new methods for identifying and mobilizing income and savings, the formation of financial reserves in the national economy, and the rational use of financial resources.

ASFR contains a number of subsystems in which a set of tasks is solved for: consolidated budget calculations; income and taxes; expenses of budgetary institutions; finance sectors of the national economy. ASFR also helps to resolve issues in the field of state budget execution through drawing up a budget list, making changes to budget indicators, and accounting for budget execution in terms of income and expenditure.

Currently, an urgent task is to introduce automation of financial calculations in grassroots financial bodies. This is especially true for tax inspectorates dealing with numerous, constantly changing data on taxpayers. This work should be carried out in conjunction with the ASFM of the Ministry of Finance of the Russian Federation.

With all the positive significance and importance of ASFR, at the same time, its capabilities cannot be exaggerated. They are not unlimited. Part of the tasks of financial management is not amenable to formalization, it requires the experience of employees of financial authorities, traditional methods of their work. ACS finance cannot do what is not characteristic of them, namely, the improvement of the financial relations themselves, their forms. In these systems, specialists set goals and adjust them. Primary information comes from a person, he constantly monitors the operation of the system. An employee of the financial authority makes a choice of decisions from the possible options prepared by the automated control system. But this requires his high qualifications.

ACS represents a qualitatively new step in improving economic and financial management. In order to increase the efficiency of their functioning, measures are required for the technical equipment of employees of financial services, and continuous improvement of the management system.

1.4.3 Financial regulation

The financial regulators of the market economy are:

Taxes and non-tax payments to the budget;

Financial benefits and sanctions;

General and targeted subsidies;

Income and expenses of off-budget funds;

Income and expenses of state enterprises and organizations.

Financial impact is inherent in direct, indirect and mixed forms of regulation.

Indirect forms of regulation include: indirect state taxation and the implementation of current public spending.

1.4.4 Operational management

Operational financial management is associated with the implementation of practical actions to implement the financial plan, making adjustments to its indicators, taking into account new economic circumstances, finding other sources of financial resources and areas for their effective investment. Operational management is a set of measures developed on the basis of an operational analysis of the current situation and aimed at obtaining the maximum effect at a minimum cost through the redistribution of financial resources. The main content of operational management is reduced to maneuvering financial resources in order to solve newly emerging problems.

1.4.5 Financial control

One of the most important functions of management, including financial management, is control. Financial control is designed to ensure the implementation in practice of the control function of finance.

Financial control, on the one hand, is one of the final stages of financial management, and on the other hand, it is a necessary condition for the effectiveness of financial management.

ESSENCE, MODELS AND FORMS OF FINANCIAL CONTROL.

From the point of view of practice, financial control is a set of measures to organize compliance with financial legislation and financial discipline of all business and management entities, as well as an assessment of the effectiveness of financial transactions and the appropriateness of expenses incurred. In other words, financial control not only includes an assessment of the legitimacy of certain financial actions, but also has an analytical aspect.

Financial control, like all other financial categories, change as financial relations evolve. Historically, it arose as state control over the spending of state treasury funds. Expansion of the sphere of financial relations, deepening of financial relations, deepening of financial relationships between business entities, emergence and development of financial markets, improvement of forms and methods of organizing financial control.

Currently, with state financial control, there is also non-state financial control, which is represented by:

Intracompany control;

Control of commercial banks over organizations;

Independent audit control.

The ultimate goals of all types of financial control are the same and are to ensure compliance with financial discipline, improve the efficiency of distribution and use of financial resources. At the same time, the tasks and, accordingly, the functions of state and non-state financial control are different.

If the main task of financial control is to promote the successful implementation of the financial policy of the state by ensuring compliance with financial legislation, financial discipline, and preventing the misuse of budgetary and extrabudgetary funds, then the main task of non-state control is to increase the efficiency of using financial resources of economic entities, ensuring the reliability of financial reporting indicators.

The object of financial control is the distribution processes in the formation and use of financial resources, including the form of centralized funds of funds.

The subject of financial control are various financial indicators: incomes and expenditures of budgets of different levels, tax payments, incomes of economic entities, their distribution costs, cost and profit, as well as incomes and expenses of households, etc. Many of the controlled indicators are calculated, which makes it necessary to check the reliability and correctness of their calculation in accordance with the current regulatory documents. The scope of financial control is all operations, not only money circulation, but also barter transactions, as well as various forms offsets.

The effectiveness of the Financial Control depends both on its organization and on the sanctions applied to financial violations. Tax evasion by many taxpayers in Russia is associated not only with the inconsistency of Russian legislation in the financial sector, but also with the disproportion of financial sanctions with the damage caused by violation or non-compliance with the current legislation.

In world practice, there are two main models of financial control: Anglo-Saxon and French. If in the Anglo-Saxon model the controlling financial authorities only carry out various types of control and prepare a report on them, and the issue of sanctions is the prerogative of administrative or judicial authorities, then the French model provides for the possibility of granting some judicial functions to individual control bodies in determining the guilt of persons in financial violations, claiming damages, etc.

In the Russian Federation, the bodies of tax and customs control, the Accounts Chamber have separate powers in terms of applying sanctions against persons who grossly violate the law and financial discipline, causing direct damage to the state.

Diverse tasks are assigned to financial control in various spheres of the financial and economic life of society. The effectiveness of financial control largely depends on the nature of its organization. The world community has developed certain principles set forth in the Lima Declaration of INTOSAI (International Organization of Supreme Audit Institutions.). Among them are independence, objectivity, competence, publicity.

The independence of financial control should be ensured by the financial independence of the controlling body, longer terms of office of the heads of state control bodies in comparison with the terms of office of parliamentary authorities. The principles of objectivity and competence imply strict observance of the current legislation, the establishment of standards for the conduct (implementation) of various types of control. The principle of publicity provides for informing the public through the mass media about the results of the work of regulatory bodies.

For each type of control and the supervisory authority, there is a corresponding regulation that determines the procedure, sequence for performing control operations and the form of reporting.

Various forms of control exist and are used, which are usually classified according to certain criteria (see table)

Classification sign

Form of financial control

Implementation Regulation

Time spending

Subjects of control

Objects of control

Mandatory, proactive, external and internal

Preliminary, current, sequential

State (including presidential, legislative authorities, representative authorities), local governments, financial and credit authorities, departmental, on-farm, independent (audit)

Budget, off-budget funds, tax, credit, insurance, investment, customs, currency

Mandatory control is carried out by the state financial control bodies in accordance with the current legislation in a timely manner. It applies, in particular, tax audits mandatory audit of the annual financial statements of individual organizations, companies, etc.

Initiative control is determined by the relevant bodies of economic entities, and act as an integral part of its financial management.

Preliminary control is carried out at the stage of consideration and adoption of budgets (federal, constituent entities of the Russian Federation, local authorities), financial plans of economic entities, estimates of income and expenses of budgetary organizations and institutions. It provides for an assessment of the validity of indicators of various financial plans, including budgets of all levels. This form of control makes it possible to prevent a possible violation of the current legislation, regulations, to identify additional reserves and sources of possible income, to prevent the irrational use of financial resources, etc.

Current control is carried out in the course of execution of budgets of all levels, financial plans of individual programs. This form of control provides not only for the observance of financial discipline in the course of financial and economic operations, but also involves an analysis of the financial activities of economic entities.

The previous control is carried out in the course of consideration and approval of reports on the execution of budgets, summarizing the economic activities of economic entities at the end of the reporting period and the financial year as a whole. It is designed to evaluate the results of budget execution, the implementation of financial plans and the development of tactics and strategies for the next and subsequent financial years.

State control is carried out by state authorities (the Presidential Administration, legislative and executive control bodies of the Russian Federation and subjects of the Russian Federation). The purpose of this control is to observe the interests of the state and society as a whole in the implementation of the financial policy of the state.

The control of local self-government bodies is carried out by the relevant financial control bodies and is aimed primarily at monitoring and analyzing the implementation of local budgets.

The control of the finances of credit authorities consists in checking the correctness of the financial statements of enterprises and organizations.

Departmental control is exercised by special subdivisions of ministries and departments of enterprises, organizations and institutions accountable to them. The goals and objectives of such control are directly established by the ministries and departments themselves.

On-farm control is carried out by financial and economic divisions of enterprises and organizations. The goals and objectives of this control are formulated by the management bodies of economic entities.

Independent (audit) control is carried out by audit firms, auditors in accordance with the current legislation and regulations governing the implementation of audits.

FINANCIAL CONTROL METHODS

Distinguish the following methods (methods, techniques) for the implementation of financial control: inspections, surveys, supervision, analysis of the financial condition, observation (monitoring), audits.

Verification is carried out on certain issues of financial activity on the basis of reporting documentation and expenditure documents. In case of violation of financial discipline, measures are planned to eliminate their negative consequences.

The survey involves the study of certain aspects of the functioning of the enterprise, organizations in order to determine their financial condition and possible directions of development.

Supervision is the control over the implementation of financial transactions in order to bring them in accordance with the norms and requirements of the current legislation. Systematic violation of norms, requirements, leading to infringement of the interests of the partners of the subject of control, in some cases entails the application of sanctions, for example, in the form of revocation of a license to perform certain types of activities (operations).

Supervision (monitoring) is a constant control over the use of financial resources by the subject of control and its financial condition. Supervision can be established by the creditor with the consent of the subject, and can also be introduced by the arbitration court when establishing signs of financial insolvency (non-fulfillment of financial obligations) of the enterprise.

The audit acts as the most common and comprehensive method of financial control. According to the completeness of the coverage of the financial and economic activities of the subject, full, partial, thematic and complex audits are distinguished.

A full audit provides for the verification of all aspects of the financial and economic activities of an economic entity. Thematic audit involves the control of financial and economic activities of the economic entity. Thematic audit involves the control of financial and economic activities. A comprehensive audit includes checking all aspects of the financial and economic activities of an economic entity, including issues of safety and efficiency in the use of factors of production, compliance with financial discipline, quality (reliability, timeliness) of financial statements.

According to the degree of coverage of financial and business transactions in the audit process, continuous audits are distinguished, which consist in checking all operations, all primary documentation in a certain area of activity for the entire audited period of time and selective audit, the essence of which is to check part of the primary documents for a certain period of time.

Along with continuous and selective audits, combined audits are used, which consist in checking certain areas of the activity of an economic entity by a continuous method, and in others by a selective one, which makes it possible to speed up the audit and ensure a high level of coverage of controlled transactions.

To conduct any type of audit, a program is drawn up and approved, which indicates the goals of the audit, the object, the carriage aspects of control and the main issues of the audit. The results of the audit are documented in an act, which is an official financial document, on the basis of which measures are developed and measures are taken to eliminate violations and bring the perpetrators to justice.

Topic 7 Finance, credit and money circulation.

Finances of the enterprise, their content and essence.

Finance- financial resources of enterprises, for the normal operation of enterprises. Finance (macroeconomic level, public finance) is economic relations associated with the formation, distribution and use of centralized and decentralized funds in order to perform the functions and tasks of the state and ensure conditions for expanded production.

Finances are based on commodity-money relations, but they are not money.

With the transition to market relations in the Russian Federation, a trace is distinguished. fin. systems:

1) budgetary, 2) extra-budgetary state funds, 3) state credit, 4) state social property and its insurance, 5) finances of enterprises, organizations, institutions.

Systems from 1 to 4 groups are finances of the macro level.

The 5th system is the micro level.

The financial relations of the enterprise consist of 4 groups:

1) the relationship of the enterprise with other organizations and organizations.

2) relationships within enterprises,

3) relations within associations, which include relations with higher organizations and deviations within financial and industrial groups,

4) relations with the financial and credit system, which include relations with budgetary and non-budgetary funds, banks, insurance, and various funds.

Accordingly, these groups include:

1. relations with suppliers, buyers, with construction and installation and transport organizations, relations with the post office, telegraph, foreign trade organizations and foreign firms;

2. relations between subdivisions of enterprises, branches, workshops, departments, teams, relations with workers and employees related to payment for work and services, distribution of profits and working capital, and relations with workers and employees related to the payment of wages, benefits, dividends on shares, financial assistance, recovery of money for damages, payment of taxes;

3. relations regarding education, the use of centralized monetary funds, especially the financing of investments, also includes the replenishment of working capital, the financing of import operations and scientific work, incl. marketing;

4. relations with various budgets and off-budget funds that are associated with the transfer of taxes and deductions.

The most important aspect of the financial activity of the enterprise is the formation and use of various monetary funds through which:

1) providing pre-ty necessary. money Wed you

2) Finnish scientific and technical. progress

3) development and implementation of new technology,

4) economic incentives,

5) settlements with budgets and banks.

These funds include:

1. Authorized capital, through which are formed working capital and Wed-va, cat. being the main source of own funds in pr-tion, it changes according to the results of work for a year after measuring the constituent documents, it is fashionable to increase or decrease by issuing or withdrawing shares from circulation, as well as by reducing or increasing the par value of shares (the value of shares);

2. Extra capital- includes results of revaluation of fixed assets and share premium (issuance of money and securities into circulation):

Income from the sale of shares in excess of their par value,

ITC money received free of charge for industrial purposes,

Allocation from the budget for the formation of capital investments,

Cash funds for replenishment of working capital.

3.Reserve capital:

The cash fund, which is formed by deductions from profits,

Designed to cover losses, in a JSC to redeem bonds and issue its shares,

4.Fund of social spheres:

- cash funds deducted from net profit, aimed at the development of production,

Creation from net profit,

is directed to the payment of dividends, one-time incentives, mater. assistance, payment vacations, meals, transportation, etc.

5. Sinking fund- designed for simple reproduction of the main. funds, as well as attracted borrowed sources.

6. Monetary fund- is formed in industries that receive foreign exchange earnings from transport operations or buy foreign currency for import operations.

Methods of financial management of the enterprise.

1. Providing function Finance suggests that the company should have been fully provided with the necessary monetary resources. All expenses must be covered by their own income, the temporary additional need for wed-wah is covered by a loan and other borrowed sources, while optimizing the sources of money. Wed-in is one of the main tasks of managing the functions of an enterprise. The task of optimizing sources of resources is solved by financial management.

2. Distribution- the content at the macro level is the distribution and redistribution of the social product and national income. In this distribution process, national income covers 2 phases: - primary distribution, in which primary income or the main income of organizations and state income is formed, this is manifested in the form of wages, profits and centralized money in the state ; - secondary distribution and redistribution, while the totality of primary income forms nat. income, but primary income does not form target money. public funds, therefore, the redistribution of nat. income. After the primary distribution, which is carried out in the field of mat. pr-va occurs redistribution by means of withdrawal by will of a part of the income in the area of the mat. pr-va. These incomes are directed to the non-productive sphere. This mechanism is implemented through the budget system with the help of taxes. At the micro level - a contract in the distribution and redistribution of proceeds from the sale of products, work performed, services rendered. Part of the proceeds goes to compensate mat. the costs necessary for the production of products, and a part for the payment of wages, profit generation, which are redistributed by the state in the form of income tax and the enterprise, at the expense of the remaining profit, forms accumulation, consumption and reserve funds.

3. Control - is expressed in direct control over the formation and use of centralized and decentralized fin.sr-in.

Financial control- this is the control of legislative and executive authorities at all levels, as well as specialized institutions over the financial activities of all economies. subjects (state, enterprises) using special methods.

State control affects the sphere of budgets of all levels, extra-budgetary funds and finances of enterprises, banks, etc. The bodies exercising state financial control include all state bodies that manage finances (see above), as well as the Accounts Chamber of the Federal Assembly, the Control Department of the President of the Russian Federation, etc.

Non-state control is carried out by credit institutions, shareholders, external audit firms, internal control bodies of enterprises, etc.

Financial control can be conditionally classified according to various criteria:

1. Time of holding: preliminary, current, subsequent.

2. The subject of control: presidential, executive authorities, representative authorities and local self-government, financial and credit organizations, departmental, on-farm (by the enterprises themselves), audit.

3. Sphere of financial activity: budgetary, tax, currency, credit, insurance, investment, money supply control.

4. Form of holding: obligatory, initiative.

5. Method (method, method) of conducting: verification, examination, supervision, analysis of financial activities, observation, revision.

Financial control- this is cost control, which takes place in all spheres of social reproduction and accompanies the process of movement of money.

Financial mechanism - a system of state norms, types and methods of using public finances in order to ensure the implementation of an appropriate financial policy. The elements of the financial mechanism are: legally established forms of financial resources, methods of their formation, legislative norms and regulations (including taxes and non-tax payments), principles for the formation of the budget system, methods for regulating credit and stock markets, etc. The plurality of relationships determines the plurality of elements financial mechanism.

There are many practical aspects of the implementation of financial policy. It is expressed through:

pricing system;

Tax policy and sources of budgeting;

monetary policy;

Privatization, etc.

Enterprise financial mechanism- This is a financial management system for an enterprise, which is designed to organize and interact with fin. relations with funds den. Wed-in.

Organization and interaction of fin. relations is achieved by using Fin. categories, in particular profit, taxes, working capital, depreciation, cashless payments, fin. categories, from the standards - profitability, payments to the budget, as well as through the use of various incentives, sanctions, etc. fin. leverage.

Fin. activity pr-tiya implemented fin. department, in a small enterprise, the financial department can be combined with the sales department or accounting department.

Head of fin. The department is subordinate to the leader of the pre-I and is responsible for the financial condition of the pr-tia.

Composition of the financial department: head, deputy head, senior expert, experts, cashier, collector, computer operator

Employees of the financial department carry out the following. types of jobs:

1) financial, credit, cash, planning, operational management of the implementation of plans;

2) issuance of payment documents to buyers and control over their payment;

3) payment of supplier invoices;

4) receipt and repayment of loans;

5) receiving cash from the bank for the payment of wages and other payments.

The main task of the employees of the department of fin. services are strengthening the financial position of the pre-tia due to:

1.Improve profitability;

2. increase in profit;

3.growth of labor productivity;

4.reduction of s/s products;

5.growth of its quality;

6. implementation of the achievements of scientific progress.

Tasks of the financial department:

1. creation of financial resources for prod. and social development, for profit growth, profitability;

2. fulfillment of financial obligations to the budget, bank, suppliers, higher organizations, for the payment of salary;

3. promoting more efficient use of production funds and investments;

4. development and implementation of fin., credit. and cash plans;

5. implementation of measures for the efficient use of industrial funds, bringing the size of own working capital to the established standards;

6. ensuring the safety and acceleration of the turnover of working capital;

7. control over the correct use of fin. resources.

Financial results of the enterprise, their content and procedure for determining.

Fin. result of the action of the pre-tia forms as a result of the main. dei-sti pre-tia, provided for by the charter or founding. documents, and also, as a result of other activities that are not related to the main one, but take place.

All expenses must be covered by your own income. The task of optimizing the sources of the medium should be successfully solved by the fin. management. One of the chap. tasks of financial management pre-i - is to optimize the sources of money. wed-in, because with an excess of wed-in, the efficiency of their use decreases, and with a shortage, fin. difficulties, to-rye can lead to serious consequences.

Main source of money. Wed-in, developing pre-I yav-Xia profit. Its value depends on many factors. Main factor is the ratio of income and expenses. Profit is the main source of reserve capital formation. This capital is intended to compensate for unforeseen losses and possible losses from households. action. Fin. rez-you are expressed by the formation of gross profit.

VP \u003d Prp + Ppr + V (profit: from the sale of GP, from other sales, non-operating transactions). The planned value of profit from industrial. deya-sti on pre-yah is calculated for the year by months and quarterly. The main part of the profits from industrial. deya-sti yav-Xia profit from the sale of products. affect the growth of production. labor, reducing the material consumption of products and its s / s, increasing capital productivity, improving product quality, and other measures taken to intensify production and increase its efficiency. Profit yav-Xia DOS. source of income pre-tia, and DOS. the source of the increase in profits is the decrease in s / s products. The cost of production and sales of products is determined acc. with the provision on the composition of the costs of production and sale of products. The regulation includes the costs of agricultural products. grouping costs by economy. elements, the procedure for the formation of results taken into account in the taxation of profits. Final fin. rez-t profit or loss is composed of fin. result of the sale of products, works, services from the main. Wed-in and other property pr-tion and income from non-operating activities, reduced by the amount of the expense for these operations. Pre-e carry out export activities when calculating profits, the export tariff is excluded from the proceeds from the reaction of products. For tax purposes, revenue from the sale of products is determined either as it is paid (for non-cash settlements), or as funds are received for goods and services on the accounts of institutions and banks. When calculating cash in cash, revenue is determined by the receipt of funds at the cash desk, or as the goods are shipped and the buyer is presented with settlement documents. Revenue from reaction-tion has a great impact on the fin. results of pre-tia.

Fin. the well-being of the pre-tion is ensured through the action of both internal factors, as well as external ones. Of particular importance are external circumstances, which the entrepreneur cannot change and is forced to adapt to them. Internal Capabilities pre-tions are used to effectively use factors, while managers must control external factors in order to anticipate danger and use the opportunities that have opened up in relation to pre-ty in time. Fin. the success of the pre-tion largely depends on the coordinated work of the leader, Ch. accountant, lawyer To solve the problems, a cost management mechanism is needed. planning and cost accounting for agricultural products, incl. according to the assortment produced by the enterprise, while it is important to create an accounting analytical database and guarantee monthly imf-tion on the efficiency of work and on the structure of the s / s on the assortment.

financial planning. the results of the pre-Ia implemented by the components separately for the first component - profit from the reaction of products, provides for taking into account the profit in the balances at the beginning and end of the reporting period: Prp = Png + Ptp-Pkg (profit at the beginning of the year + marketable output profit at the end of the year). To ensure the pr-va, stocks are planned: Zpl \u003d Zng + Ztp-Zkg (planned stocks \u003d balances at the beginning of the year + stocks for marketable products - at the end of the year). When determining GP, balances at the end and beginning of the year are taken into account: Vgp \u003d Ong + TP + Okg (GP issued = at the beginning of the year + commercial products - balances at the end of the year). Profit from tov. pr-tion determined Xia next. way:

1. The method of direct counting, where the range of manufactured products is insignificant and s / s products are determined for each type.

2. Calculated-analytical, the range of products is significant, s / s products are determined by individual representatives of groups of manufactured products.

3. In practice, a combined method is used.

Max is predicted. possible profit, while determining the proceeds from the reaction of products and compared with the total cost, all costs are divided into fixed and mixed. Dependence of profit on post. and altern. costs called-Xia efficient production. a lever under which with a change in revenue from the real-tion of products there is a more intensive change in profit in one direction or another. Effect indicator leverage is essential. Revenue from the real-tion of products yav-Xia DOS. source of wed-in on the production, the formation of centralization. and decentralization. funds den. Wed-in, the timely receipt of revenue provides n / a circulation of Wed-in and the continuity of the pr-th process.

With Fin. planning takes into account the totality of fin. relations of pre-tion, which can be systematized in the next. directions:

1. associated with the formation of the authorized capital of the pre-I, to-th being the source of the formation of prod. funds, acquisition of namater. pre-I assets;

2. associated with the production and reaction of products, as well as the emergence of a newly created article, include money. relations between suppliers and buyers, transport and clientele, customer and contractor;

3. m / y commercial. organizations and pre-yami fin. relations are connected with the emission and placement of securities;

4. fin. relations m / y pre-em and its divisions, with a higher organization, a member of which they are-Xia in the performance of mutual fin. obligations;

5. fin. relations m / y commercial. organizations, predecessors and individual employees arising from the distribution, use of income, the issuance, placement of shares, bonds, the payment of interest on bonds;

6. fin. relations between the enterprise and the banking system in the process of keeping money in the bank, obtaining loans, paying interest on a loan, providing banking services;

7. fin. m / s relations with enterprises and insurance companies, in case of property insurance, certain categories workers, businesses and risk.

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Introduction

Financial management is an integral part of the overall system for managing socio-economic processes. It is aimed at improving the system of relations designed to normalize the financial resources necessary for the socio-economic development of society.

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