Determining the needs of a commercial organization in working capital. The need for working capital

The effectiveness of the organization's activities largely depends on the correct definition of the need for working capital Oh. Rational availability of working capital leads to cost minimization, improvement financial results to the rhythm and coherence of the work of the organization.

An overestimation of the need for working capital leads to their excessive diversion into reserves, to freezing and deadening of resources, and slowing down turnover. In addition, it is expensive for the business entity, as there are additional costs for storage and warehousing and property tax increases.

An understatement can lead to interruptions in the production and sale of products, untimely fulfillment by the organization of its obligations, and ultimately to loss of profit. In both cases, the result is an irrational use of resources, leading to a loss of financial stability.

The specific size of working capital is determined by the current need and depends on the nature and complexity of production, duration production cycle, seasonality of production, production growth rates, changes in the conditions of logistics and marketing of products, the procedure for settlements and the organization of settlement and cash services, the financial capabilities of the organization, the frequency and timing of payments, etc.

The organization's current need for working capital is determined using their rationing - the most important element in managing the formation and use of current assets.

Rationing is the process of establishing optimal size working capital necessary for the implementation of the normal economic activity organizations. Rationing of working capital - the subject of internal financial planning. Through rationing, financial services determine the need for their own working capital in a minimum but sufficient amount, which ensures the fulfillment of planned tasks and the continuity of the reproduction process.

Rationing is carried out by calculating the norms and standards for each element of working capital.

Norm- this is a relative indicator expressing the volume of stocks of material assets necessary to ensure normal operation, and calculated in stock days, rubles and percentages.

Working capital ratio- this is the monetary expression of the stock of material assets, the minimum necessary for the rhythmic work of an economic entity.

Determining the need for working capital is closely related to the production plan and the planned cost estimate for production. In the production plan, issues are worked out on which the provision of production with all types of resources depends. On the basis of the production plan, a cost estimate for the production of products is developed, in which the cost of production is planned. It is the cost estimate that forms the basis for determining the need for working capital.

There are several methods for calculating working capital ratios:

1. Method of direct counting is used for the initial calculation of standards and with a significant change in business conditions. This method consists in calculating the value of the norms for each element with the greatest possible detail and taking into account all influencing factors. Then the standards in monetary terms are summed up into general standards.

2. Analytical method is used when the planning period does not provide for significant changes in business conditions compared to previous period. In this case, the calculation of the working capital ratio is carried out on an aggregate basis, adjusted for the growth in production volume or taking into account individual factors affecting the value of the ratio (for example, the inflation index).

3. Coefficient method based on the basic size of the standard with specification for each element of the size of the standard, taking into account changes in the conditions of delivery, production, sale, calculations, etc.

The process of normalization of working capital includes five successive stages of calculation:

1. Calculation of stock norms for each element of normalized working capital. The norms are set in days of stock and mean the duration of the enterprise's property in the state of this type of working capital. For example, the material stock rate is 15 days. This means that materials are held in inventory as inventory for a maximum of 15 days, during which they must be used up in production and replaced with new receipts from material suppliers. A work-in-progress rate of, say, 5 days is based on the length of the production cycle (5 days) in which the products must pass full cycle manufacturing, technical quality control and compliance with standards and specifications and credited to the warehouse finished products. The stock rate of finished products shows the duration of the finished product in the warehouse, i.e. if the norm is set at 7 days, then during this period a shipping lot should be accumulated and the products released to the buyer or shipped to the carrier.

Norms are divided into private and cumulative. private rules calculated by types of inventories, products, etc. If the enterprise is multifunctional, then the calculations are carried out by type of activity, or on a territorial basis. On the basis of private norms are developed aggregate norms.

2. Calculation of one-day expenses for the elements of working capital in monetary terms. In the process of rationing, data on cost estimates for the production of products (works, services) are used. As a rule, calculations are made on the basis of indicators of the fourth quarter of the planned year, if production is not of a pronounced seasonal nature. For inventories, one-day turnover is calculated on the basis of the data in the item “ Material costs» production cost estimates; for work in progress - based on the cost of gross output; for finished products - based on the production cost of commercial products.

Example. According to the article "Material costs" of the estimate, it is planned to spend 4,500 thousand rubles in the IV quarter. One-day expense is determined by dividing the amount by 90 days (conditional duration of the quarter): 4500: 90 = 50 thousand rubles.

The cost of gross output according to the planned estimate for the 4th quarter is 8100 thousand rubles. One-day turnover in work in progress is equal to: 8100: 90 = 90 thousand rubles.

The production cost of marketable products according to the planned estimate for the IV quarter is 9720 thousand rubles. One-day turnover of stocks of finished products is equal to: 9720: 90 = 108 thousand rubles.

3. Determining the standard for a specific type of working capital based on the norms of the stock and their one-day consumption.

Example:

1) Let's determine the OS standard for material inventories: One-day consumption of materials in the amount of 50 thousand rubles. multiplied by the stock rate in days - 15 days. The standard for inventories is 50 × 15 = 750 thousand rubles.

2) Let's define the OS standard for work in progress: 90 × 5 = 450 thousand rubles.

3) Let's determine the OS standard for stocks of finished products: 108 × 7 = 756 thousand rubles.

4. Analysis of the average need for funds to cover deferred expenses.

Determine the amount that the company usually invests in future expenses. An enterprise may plan to increase this amount if expenses are expected to increase, or decrease if deferred expenses are expected to be written off to the cost of production. In the first case, additional investments in working capital will be required, in the second, on the contrary, the need for working capital under this item is reduced, but an increase in cost will entail an increase in the standard for items “Work in progress” and “Finished products”.

Example. Let's assume that the average need for deferred expenses is 40 thousand rubles:

a) the enterprise plans to create a repair fund in a larger amount than before. The increase will be 10 thousand rubles. Consequently, the standard of working capital under the item "Deferred expenses" will be: 40 + 10 = 50 thousand rubles.

b) the company plans to write off 20% of deferred expenses to the cost price, then the standard will be: 40 × 0.8 = 32 thousand rubles.

5. Determination of the general standard of working capital for the planned year:

a) 750 + 450 + 756 + 50 = 2006 thousand rubles;

b) 750 + 450 + 756 + 32 = 1998 thousand rubles.

Along with the planning (rationing) of the need for working capital and the calculation of the total standard, forecast calculations are carried out that model both the future financial position of the organization and the state of its own working capital.

The need for fixed assets is determined differentially by their types: buildings, premises of shops, tents, pavilions and other - passive part fixed assets ; equipment, vehicles, computer technology and more - active part of fixed assets.
AndWith The input data for calculating the need for fixed assets for the future period are: the planned volume of trade; capital intensity of fixed assets; market value of certain types of fixed assets; the cost of installing equipment and other mechanisms.
Determining the needs of the enterprise in its own working capital is carried out in the planning process, i.e. determination of the standard of working capital.
Working capital ratio - This is the minimum amount of money that is constantly needed by the enterprise for its activities.
The value of the standard is not constant. The amount of working capital depends on the volume of sales of goods, the conditions of supply and marketing, the range of products sold, the forms of calculation used.
As a basis for calculations, it is advisable to take the data of the fourth quarter, in which the volume of sales, as a rule, is the largest in the annual program. For enterprises with a seasonal nature of production - the smallest, because. the need for additional defense funds can be covered by short-term bank loans.
PThe planning process consists of several successive stages:
1) development of stock standards for each element of normalized working capital.
The norms of working capital characterize the minimum stocks of inventory items for a certain period of time, which is necessary to ensure the continuity of the trade and technological process, calculated in stock days, as a percentage or other units.
2) determination of the standard of own SS in monetary terms for each element of SS, thereby determining private standards;
3) the total standard of the enterprise's need for OS is determined.

Aggregate working capital ratio is equal to the sum of the standards for all elements and determines general need enterprises in working capital:

Cons. = PTZ+ +Pden.s.+Pother assets

Quarterly planning is similar to inventory quarterly planning.
Sources of financing of working capital of the enterprise are:
- own funds;
- stable liabilities (debt on wages, deductions during off-budget funds; accounts payable to suppliers for goods and financial authorities for the payment of taxes);
- borrowed funds (short-term loans and borrowings)
- borrowed funds - as a rule, these are accounts payable in all its varieties.

The need for working capital is determined by the enterprise when drawing up a financial plan. The value of the standard is not constant. The amount of working capital depends on the volume of production, conditions of supply and marketing, the range of products, the forms of payment used.
When calculating the needs of the enterprise in its own working capital, the following should be taken into account. Own working capital should cover the needs of not only the main production for the implementation of the production program, but also the needs of auxiliary and auxiliary production, housing and communal services and other households that are not related to the main activity of the enterprise and are not on an independent balance sheet, as well as for overhaul carried out on their own. In practice, however, the need for own working capital is often taken into account only for the main activity of the enterprise, thereby underestimating this need.
Rationing of working capital is carried out in monetary terms. The basis for determining the need for them is the cost estimate for the production of products (works, services) for the planned period. At the same time, for enterprises with a non-seasonal nature of production, it is advisable to take the data of the fourth quarter as the basis for calculations, in which the volume of production, as a rule, is the largest in the annual program. For enterprises with a seasonal nature of production - the data of the quarter with the smallest volume of production, since the seasonal need for additional working capital is provided by short-term bank loans.
To determine the standard, the average daily consumption of normalized elements in monetary terms is taken into account. For inventories, the average daily consumption is calculated according to the corresponding article of the cost estimate for production; for work in progress - based on the cost of gross or marketable output; for finished products - on the basis of the production cost of commercial products.
In the process of rationing, private and aggregate standards are established.
The normalization process consists of several successive stages. Initially, stock standards are developed for each element of normalized working capital. Norma is relative value, corresponding to the volume of the stock of each element of working capital. As a rule, the norms are set in days of stock and mean the duration of the period provided by this type of material assets. For example, the stock rate is 24 days. Therefore, stocks should be exactly as much as will be provided by production within 24 days.
The stock rate can be set as a percentage or in monetary terms to a specific base.
Further, based on the rate of stock and consumption of this type of inventory, the amount of working capital necessary to create normalized reserves for each type of working capital is determined. This is how private standards are defined.
The private ones include the norms of working capital in production stocks: raw materials, basic and auxiliary materials, purchased semi-finished products, components, fuel, containers; in work in progress and semi-finished products own production; in deferred expenses; finished products.

And finally, the aggregate standard is determined by adding the private standards. Thus, the working capital ratio is a monetary expression of the planned stock of inventory items, the minimum required for the normal economic activity of the enterprise.
Normalization methods (the following main methods of normalization of working capital are used: direct account, analytical, coefficient):
1. The direct account method provides for a reasonable calculation of reserves for each element of working capital, taking into account all changes in the level of organizational and technical development of the enterprise, transportation of inventory items, and the practice of settlements between enterprises. This method, being very time-consuming, requires highly qualified economists, involvement of employees of many enterprise services (supply, legal, product marketing, production department, accounting) in the rationing. But this allows you to most accurately calculate the company's need for working capital.
2. The analytical method is used in the case when the planned period does not provide for significant changes in the conditions of the enterprise in comparison with the previous one. In this case, the calculation of the working capital ratio is carried out on an aggregate basis, taking into account the ratio between the growth rate of production volume and the size of normalized working capital in the previous period. When analyzing the available working capital, their actual stocks are corrected, excess ones are excluded.
3. With the coefficient method, the new standard is determined on the basis of the standard of the previous period by making changes to it, taking into account the conditions of production, supply, sale of products (works, services), settlements.
Analytical and coefficient methods are applicable to those enterprises that have been operating for more than a year, have basically formed a production program and organized the production process and do not have enough qualified economists for more detailed work in the field of working capital planning.
In practice, the direct counting method is the most common. The advantage of this method is its reliability, which makes it possible to make the most accurate calculations of private and aggregate standards.
Features of various elements of working capital determine the specifics of their rationing. Consider the main methods of normalization essential elements working capital: materials (raw materials, basic materials and semi-finished products), work in progress and finished products.

The working capital ratio for stocks of raw materials, basic materials and purchased semi-finished products is calculated on the basis of their average one-day consumption (P) and the average stock rate in days.
One-day consumption is determined by dividing the costs for a certain element of working capital by 90 days (with a uniform nature of production - by 360 days).
The average rate of working capital is determined as a weighted average based on the norms of working capital for certain types or groups of raw materials, basic materials and purchased semi-finished products and their one-day consumption.
The rate of working capital for each type or homogeneous group materials takes into account the time spent in the current (T), insurance (C), transport (M), technological (A) and preparatory (D) stocks.
current stock - the main type of stock necessary for the smooth operation of the enterprise between two successive deliveries. The size of the current stock is affected by the frequency of deliveries of materials under contracts and the volume of their consumption in production. The working capital rate in the current stock is usually assumed to be 50% of the average supply cycle, which is due to the delivery of materials from several suppliers and at different times.
Safety stock - the second largest type of stock, which is created in case of unforeseen deviations in supply and ensures the continuous operation of the enterprise. The safety stock is usually assumed to be 50% of the current stock, but may be less than this value depending on the location of suppliers and the likelihood of interruption in supplies.
Transport stock is created in case of exceeding the terms of cargo turnover in comparison with the terms of document circulation at enterprises located at considerable distances from suppliers.
Technological reserve is created in cases when this type of raw material needs pre-treatment, aging to impart certain consumer properties. This inventory is taken into account if it is not part of the production process. For example, when preparing for the production of certain types of raw materials and materials, time is required for drying, heating, grinding, etc.
Preparatory Stock associated with the need for acceptance, unloading, sorting and warehousing of inventories. The norms of the time required for these operations are established for each operation on the average size deliveries on the basis of technological calculations or by timing.
The working capital ratio in stocks of raw materials, basic materials and purchased semi-finished products (H), reflecting the total need for working capital for this element of production stocks, is calculated as the sum of working capital norms in current, insurance, transport, technological and preparatory stocks. Received general norm multiplied by one-day consumption for each type or group of materials:

H=P(T+C+M+A+D).

In production stocks, working capital is also normalized in stocks of auxiliary materials, fuel, containers, etc.

The value of the standard of working capital in work in progress depends on four factors: the volume and composition of manufactured products, the duration of the production cycle, the cost of production and the nature of the increase in costs in the production process.
The volume of production directly affects the value of work in progress: the more products are produced, ceteris paribus, the greater will be the size of work in progress. A change in the composition of manufactured products affects the value of work in progress in different ways. With an increase in the share of products with a shorter production cycle, the volume of work in progress will decrease, and vice versa.
The cost of production directly affects the size of work in progress. The lower the cost of production, the lower the volume of work in progress in monetary terms. The increase in the cost of production entails an increase in work in progress.
The volume of work in progress is directly proportional to the duration of the production cycle. The production cycle includes the time of the production process, the technological stock, the transport stock, the time of accumulation of semi-finished products before the start of the next operation ( working stock), the time spent by semi-finished products in stock to guarantee the continuity of the production process (safety stock). The duration of the production cycle is equal to the time from the moment of the first technological operation to acceptance finished product in the finished goods warehouse. The reduction of inventories in work in progress helps to improve the use of working capital by reducing the duration of the production cycle.
To determine the rate of working capital for work in progress, it is necessary to know the degree of readiness of products. It reflects the so-called cost increase factor.
All costs in the production process are divided into one-time and incremental. Non-recurring costs include costs incurred at the very beginning of the production cycle - the costs of raw materials, materials, purchased semi-finished products. The remaining costs are considered incremental. The increase in costs in the production process can occur evenly and unevenly.

If there is no uniformity in the layering of costs, then the cost escalation factor is determined from the schedule of the sequence of increasing costs for the main products.
In this example, the rate of working capital for work in progress n, defined as the product of the average duration of the production cycle in days and the cost increase factor.
The working capital ratio for work in progress is determined as the product of the cost of a one-day expense according to the cost estimate for the production of gross output and the working capital norm.

The standard for work in progress is H = 3 * T * K.

where 3 - one-day consumption;

T is the duration of the production cycle, days;

K - the coefficient of increase in costs in work in progress.
The calculation of the working capital ratio for work in progress in certain industries can be done by other methods, depending on the nature of production.

The working capital ratio for finished products is determined as the product of the one-day output of marketable products in the coming year at the cost of production and the working capital norm:

H=W *T/D,

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

B - the release of marketable products in the fourth quarter of the coming year (with a uniform nature of production) at the production cost;

D is the number of days in the period; T

The norm of working capital for finished products, days.
The stock rate (T) is set depending on the time required:
for the selection of certain types of products and their acquisition in the batch;
for packaging and transportation of products from the supplier's warehouse to the sender's station;
for loading.
The total standard of working capital at the enterprise is equal to the sum of the standards for all their elements and determines the general need of an economic entity for working capital. The general norm of working capital is established by dividing the total norm of working capital by the one-day output of marketable products at the cost of production in the fourth quarter, according to which the norm was calculated.
The non-standardized working capital of the sphere of circulation includes funds in goods shipped, cash, funds in accounts receivable and other calculations. Business entities have the opportunity to manage these funds and influence their value through the system of crediting and settlements.

When planning the needs of an enterprise in working capital, 3 methods are used:

Analytical;

coefficient;

direct counting method.

Analytical method involves determining the need for working capital in the amount of their average actual balances, taking into account the growth in production volume. It is used in those enterprises where funds invested in material values ​​and costs have a large specific gravity in the total working capital.

At coefficient method stocks and costs are divided into those dependent on changes in production volumes (raw materials, materials, costs of work in progress, finished products in stock) and those that do not depend on it (spare parts, MBP, RBP). For the first group, the need for working capital is determined based on their size in the base year and the growth rate of production in the coming year. For the second group of working capital, the need is planned at the level of their average actual balances over a number of years.

The direct account method provides for a reasonable calculation of reserves for each element of working capital, taking into account all changes in the level of organizational and technical development of the enterprise, transportation of inventory items, and the practice of settlements between enterprises. This method is used when organizing a new enterprise and periodically clarifying the need for working capital of existing enterprises. In general, its content includes the following stages of work:

development of stock standards for certain major types of inventory items (inventory and materials) of all elements of normalized working capital, expressed in days of stock, percent, rub. etc. The reserve rate is calculated for each element of defense assets and characterizes the minimum amount of stock of goods and materials for a certain period of time, which is necessary to ensure the continuity of the production process;

calculation of the average daily consumption of this type of goods and materials based on their consumption according to the estimate of production costs. The average daily expense is calculated as the quotient of the corresponding production costs for 90, 180, or 360 days;

determination of the standard of own working capital in monetary terms for each element of working capital and the total need of the enterprise for working capital.

Rationing of working capital is carried out in the following areas:

rationing of working capital invested in inventories;

determination of the need for working capital invested in work in progress;

normalization under the item “Expenses of future periods”;

rationing under the article “Finished products”;

regulation of work in progress.

Let's take a closer look at these areas:

1. Rationing of working capital invested in inventories.

Min. requirements for other stocks \u003d one-day consumption * stock rate in days.

One-day expense = expense in Q4 / 90 days.

In industries where production is seasonal, the standard is determined by the quarter in which there is the least need for working capital. At the same time, peak loads are covered by bank loans.

The process of normalizing working capital at an enterprise is also important because in the course of such work, the practice of supplying, placing and consuming working capital is analyzed.

The stock rate is calculated as follows:

To determine the stock rate, the calculation is carried out for that part of the raw materials, materials that make up 70-80% of the product cost. The stock rate for other stocks is the sum of several intermediate stocks, i.e. from the residence time of raw materials and materials in one state or another:

1. current/warehouse stock;

2. guarantee/insurance stock;

3. transport stock;

4. unloading, acceptance, storage of materials;

5. technological reserve / drying, cutting, selection, cleaning.

The main of these types of stocks - current/warehouse stock (I).

The purpose of the current stock is to ensure the production process between deliveries, therefore the value of the current stock is primarily determined by the intervals between deliveries. The interval between deliveries can be determined on the basis of supply contracts. If the ties are stable, then the supply contract is for 1 year, where the delivery dates are determined.

The peculiarity of calculating the current stock rate is that an enterprise can have not one, but several suppliers.

The norm of the current stock is usually taken half interval between deliveries. At the same time, the stock is maximum on the day of delivery.

where N– stock standard;

O- one day expense

H- the stock rate in days.

However, it is not always necessary to take the current stock rate equal to half the delivery interval:

1. The current stock rate should be taken equal to 100% if the company has a small number of suppliers (1-2 pieces), i.e. their deliveries do not overlap others.

2. If the delivery interval is short (5-6 days), then there is a high probability of supply failure, therefore, it is necessary to take the value of the current stock equal to the frequency of receipts, i.e. 100%.

As a rule, in the absence of supply contracts, practically established supply intervals are taken as the basis for calculating the norms of raw material reserves.

Not taken into account atypical deliveries:

excessively large;

overly small.

Delivery interval = 360 / number of receipts(if there are no deviations in the frequency and quantity of deliveries).

In this case, deliveries falling on 1 day are equated to one delivery.

Determining the need for working capital

Enterprises operating on the principles of commercial accounting must have a certain property and operational independence in order to conduct business profitably and be responsible for the decisions made. Under these conditions, it becomes extremely important to determine the needs of enterprises in their own working capital, playing leading role in the normal operation of enterprises.

The need of enterprises for their own working capital is established in the process of rationing, ᴛ.ᴇ. determination of the standard of working capital. The purpose of rationing is to determine the rational amount of working capital diverted for a certain period into the sphere of production and the sphere of circulation.

The need for own working capital for each enterprise is determined when drawing up a financial plan. The amount of own working capital depends on the volume of production, conditions of supply and sale, the range of products manufactured, and the forms of payment used.

Rationing of working capital is carried out in monetary terms. The basis for determining the need for them is the cost estimate for the production of products (works, services) for the planned period. To determine the standard, the average daily consumption of normalized elements in monetary terms is taken into account. For inventories, the average daily consumption is calculated according to the corresponding article of the cost estimate for production; for work in progress - based on the cost of gross or marketable output; for finished products - based on the production cost of commercial products.

During the normalization process, private and collective standards. The normalization process consists of several successive stages.

Initially, stock standards are developed for each element of normalized working capital. Norm - ϶ᴛᴏ relative value corresponding to the volume of the stock of each element of working capital. As a rule, the norms are set in days of stock and mean the duration of the period provided by this type of material assets. For example, the stock rate is 24 days. Therefore, stocks should be exactly as much as will be provided by production within 24 days.

The stock rate can be set as a percentage, in monetary terms, to a certain base.

The norms of working capital are developed by the financial service of the enterprise with the participation of services related to production and supply and marketing activities. Based on the stock rate and consumption of this type of inventory items, the amount of working capital necessary to create normalized stocks for each type of working capital is determined. This is how private standards are defined.

By adding private standards, the total standard is calculated.

Working capital ratio represents the monetary expression of the planned stock of inventory items, the minimum required for the normal economic activity of the enterprise.

They mainly use such methods of normalization of working capital as the method of direct counting, analytical, coefficient.

Direct Count Method essentially consists in the fact that first the amount of the advance of working capital in each element is determined, then by their summation the total amount of the standard is determined.

Analytical method is applied in the case when in the planning period there are no significant changes in the working conditions of the enterprise compared to the previous one. In this case, the calculation of the working capital ratio is carried out on an enlarged basis, taking into account the ratio between the growth rates of production volume and the size of normalized working capital in the previous period.

At coefficient method the new standard is determined on the basis of the old one by making changes to it, taking into account the conditions of production, supply, sale of products (works, services), and settlements.

In practice, it is most expedient to use the direct counting method. The advantage of this method is the reliability that allows you to make the most accurate calculations private and aggregate standards. The private ones include the norms of working capital in production stocks: raw materials, basic and auxiliary materials, purchased semi-finished products, low-value items, spare parts; in work in progress and semi-finished products of own production; in deferred expenses; in finished products. The peculiarity of each element determines the specifics of normalization.

The standard of working capital advanced in raw materials, basic materials and purchased semi-finished products is determined by the formula:

where H is the standard of working capital in stocks of raw materials, basic materials and purchased semi-finished products;

P - average daily consumption of raw materials, materials and purchased semi-finished products;

D is the stock rate in days.

The average daily consumption for the range of consumed raw materials, basic materials and purchased semi-finished products is calculated by dividing the sum of their costs for the corresponding quarter by the number of days in the quarter.

Determination of the stock rate is the most time-consuming and important part of the rationing. The stock rate is set for each type or group of materials. If many types of raw materials and materials are used, then the norm is set for the main types, which occupy at least 70-80% of the total cost.

The stock rate in days for certain types of raw materials, materials and semi-finished products is set on the basis of time, which is extremely important for the creation of transport, preparatory, technological, current warehouse and insurance stocks.

Transport stock necessary in cases where the time of movement of goods in transit exceeds the time of movement of documents for its payment. In particular, the transport stock is provided in the case of payments for materials on the terms of advance payment.

The transport stock in days is defined as the difference between the number of days of cargo run and the number of days of movement and payment of documents for this cargo.

Preparatory Stock provided in connection with the costs of acceptance, unloading and storage of raw materials. It is determined on the basis of established norms or actually spent time.

Technological reserve is taken into account only for those types of raw materials and materials for which, in accordance with the production technology, preliminary preparation of production is necessary (drying, exposure of raw materials, heating, settling and other preparatory operations). Its value is calculated according to established technological standards.

Current warehouse stock designed to ensure the continuity of the production process between the supply of materials, in this regard, in the industry it is based. The size of the warehouse stock depends on the frequency and uniformity of supplies, as well as the frequency of launching raw materials and materials into production.

The basis for calculating the current warehouse stock is the average duration of the interval between two adjacent deliveries of a given type of raw materials and materials. The duration of the interval between deliveries is determined on the basis of contracts, orders, schedules or based on actual data for the past period. In cases where this type of raw materials and materials comes from several suppliers, the current stock rate is taken in the amount of 50% of the delivery interval. At enterprises where raw materials come from one supplier and the number of types of material assets used is limited, the stock rate can be taken as 100% of the delivery interval.

Safety stock is created as a reserve that guarantees an uninterrupted production process in case of violation of the contractual conditions for the supply of materials (incompleteness of the received batch, violation of the delivery time, inadequate quality of the materials received).

The value of the safety stock is accepted, as a rule, within the limits of up to 50% of the current warehouse stock. It should be even more if the enterprise is located far from suppliers of transport routes, if unique, high-quality materials are periodically consumed.

Τᴀᴋᴎᴍ ᴏϬᴩᴀᴈᴏᴍ, the total stock rate in days for raw materials, basic materials and purchased semi-finished products as a whole consists of the five listed stocks.

The working capital ratio for auxiliary materials is established for two main groups. The first group includes materials consumed regularly and in large quantities. The standard is calculated in the same way as for raw materials and basic materials. The second group includes auxiliary materials that are rarely used in production and in small quantities. The standard is calculated by the analytical method based on the database for previous years.

The general norm of working capital for auxiliary materials is the sum of the norms of both groups.

The working capital ratio for fuel is calculated in the same way as for raw materials and materials. The standard for gaseous fuel and electricity is not calculated. When calculating fuel consumption, the need for fuel for production and non-production needs is taken into account. For production needs, the need is determined based on the production program and consumption rates per unit of output by workshop; for non-production - based on the volume of work performed.

The rate of working capital for containers is determined based on the method of its preparation and storage. For this reason, the calculation methods for containers in different industries are not the same.

At enterprises that use purchased containers for packaging products, the working capital rate is determined in the same way as for raw materials.

For containers of own production used for packaging finished products and included in the wholesale price, the stock rate in days is determined by the time this container is in the warehouse from the moment of its manufacture to the packaging of products in it. If the cost of containers of own production is not included in the wholesale price of finished products, but is included in the cost of gross and marketable products, the standard for it is not set, since it is taken into account in the standard for finished products.

For returnable containers received from the supplier along with raw materials and materials, the working capital rate depends on the average duration of one turnover of the container from the moment the invoice for the container together with the raw materials is paid until the invoice for the returned container is paid by the supplier.

The working capital ratio for spare parts is set for each type of spare parts separately, based on the timing of their delivery and the time of use for repairs. The ratio can be calculated on the basis of standard rates per unit of the book value of fixed assets, using the analytical method based on the data of previous years.

The working capital ratio for overalls and footwear is determined on the basis of the number of employees who are entitled to them and the cost of one set. The standard for this group of working capital in the warehouse is determined by multiplying one-day consumption by the stock rate in days, including transport, current and insurance stocks.

For special equipment and devices, the standard is determined based on their set, cost and service life.

The standard of working capital in work in progress should ensure a rhythmic production process and a uniform flow of finished products to the warehouse. The standard expresses the cost of products that have been started, but not finished, at various stages of the production process. As a result of rationing, the value of the minimum reserve sufficient for the normative work of production should be calculated.

The amount of working capital advanced into work in progress is not the same for enterprises and industries. The main reasons for the differences are the features of the organization, the volume of production, the structure of products.

Rationing of working capital in work in progress is carried out by groups or types of products for each division separately. If the range of products is diverse, then the standard is calculated for the main products, which make up 70-80% of its total mass.

The standard of working capital in work in progress is determined by the formula:

H \u003d P * T * K,

where P - one-day costs for the production of products;

T is the duration of the production cycle in days;

K is the growth factor.

One-day reserves are determined by dividing the cost of producing the gross (marketable) output of the corresponding quarter by 90.

The product of the duration of the production cycle and the cost escalation factor is the stock rate in days for the item ʼʼWork in progressʼʼ.

The duration of the production cycle reflects the time spent by products in work in progress from the first technological operation to the complete manufacture of products and their transfer to the warehouse.

The production cycle includes technological stock (time for processing a product), transport stock (time for transferring a product from one workplace to another and to a warehouse), working stock (the time spent by products between processing operations and insurance stock (in case of a delay in any operation) When calculating the standard, the production cycle is determined for each type of product in calendar days, taking into account the number of shifts of the enterprise per day.In enterprises that produce a wide range of products, the duration of the production cycle is determined as a weighted average.

The coefficient of increase in costs reflects the nature of their growth in work in progress by days of the production cycle.

All costs in the production process are divided into one-time and incremental. To lump sum include costs incurred at the beginning of the production cycle (costs of raw materials, base materials and purchased semi-finished products). The remaining costs are considered growing (depreciation of fixed assets, electricity costs, wages, etc.).

The cost escalation factor is determined by the ratio of the average cost of a product in work in progress to total amount production costs. The coefficient is determined different ways for production with a uniform and uneven increase in costs.

If the main share of costs goes into production at the very beginning of the production cycle (one-time), and the remaining (increasing) costs are distributed relatively evenly throughout the production cycle (in serial production), the coefficient is calculated by the formula:

K = ––––––––––––––,

where A - costs incurred at a time at the beginning of the production cycle;

B - other costs included in the cost of production.

With an uneven increase in costs by days of the production cycle, the coefficient is determined by the formula:

(Ce * T) + (C2 * T2) + (C3 * 3) + ... ... + (0.5 * Cp * T)

K = ––––––––––––––––––––––––––––––––––––––––,

where Ce - one-time costs of the first day of the production cycle;

C2, C3, ... - costs by days of the production cycle;

T2, T3, ... - time from the moment of one-time operations to the end of the production cycle;

Cp - costs incurred evenly during the production cycle;

C - the production cost of the product;

T is the duration of the production cycle.

Costs that increase evenly (Cp) are taken into account in the calculation of the average cost of the product in half, since they are at all stages of work in progress at the same time.

The standard for the item ʼʼDeferred expensesʼʼ is calculated according to the formula:

H \u003d Ro + Rp - Rs,

where Ro - the amount of deferred expenses at the beginning of the planning period;

Rp - expenses incurred in the planning period according to the estimate;

Rs - expenses included in the cost of production of the planned period.

Finished products manufactured at the enterprise characterize the transition of working capital from the sphere of production to the sphere of circulation. This is the only standardized element of circulation funds.

The working capital ratio for finished products is calculated by the formula:

where P - one-day output of marketable products at production cost;

D is the stock rate in days.

The norms of working capital for finished products are determined separately for finished products in the warehouse and for shipped goods, for which settlement documents are being processed.

The norm for finished products in the warehouse is determined by the time of picking and accumulation of products up to required sizes, storage of products in a warehouse until shipment, packaging and labeling of products, delivering them to the station of departure and shipment.

The norm for goods shipped, for which the documents are not submitted to the bank, is determined by the established deadlines for issuing invoices and payment documents, submitting documents to the bank, and the time the amounts are credited to the company's accounts.

Τᴀᴋᴎᴍ ᴏϬᴩᴀᴈᴏᴍ, private standards are established for each element of normalized working capital. Further, by adding private standards, the total standard of working capital is determined, reflecting the general need of the enterprise for its own working capital in the planned period.

Further, it is extremely important to compare the obtained total standard with the total standard of the previous period in order to determine how the enterprise's need for total working capital changes in the planning period.

The difference between the standards is the amount of increase or decrease in the standard of working capital, which is reflected in financial terms enterprises.

Determining the need for working capital - the concept and types. Classification and features of the category "Determining the need for working capital" 2017, 2018.

For rational use working resources, it is necessary to determine their minimum value, which ensures the smooth operation of the enterprise. The lack of working capital leads to downtime in production, and the surplus leads to a decrease in the efficiency of using the capital of the enterprise.

Each enterprise determines the total amount of working capital and the amount of their individual types at the beginning of each month, quarter, on average per year.

To determine the need for working capital, it is recommended to calculate their standards. Traditionally, normalized working capital includes inventories, work in progress, deferred expenses and finished products in stock.

For production stocks, the purpose of rationing is to establish the optimal balance of raw materials, fuel and other material assets in warehouses from the moment the materials are received until they are transferred to production. In many industries, funds in inventories account for more than 60% of all working capital, therefore, the rationing of this element revolving funds should be carried out most carefully, since the presence of unreasonably high stocks leads to a slowdown in the overall turnover of the company's working capital. If the production reserves are too small, this may cause interruptions in the supply of production with raw materials, the necessary materials.

Rationing of work in progress and semi-finished products of own production is important for industries with a long technological cycle.

The required amount of finished products in warehouses depends largely on the type, characteristics of the product, its permissible shelf life, transportation conditions, the availability of the necessary space, storage containers, etc.

An accurate calculation of the enterprise's need for working capital is carried out on the basis of a study of the time spent by working capital in the sphere of production and circulation according to the stages of their circulation.

The residence time of working capital in the sphere of production covers the period during which working capital is in the state of stocks and in the form of work in progress. The residence time of working capital in the sphere of circulation covers the period of their stay in the form of residues of unsold products.

Rationing of working capital- this is the rationale for the norms of individual elements of working capital, usually in days, taking into account the indicators of the production program of the enterprise.

Working capital rate (T norms) is expressed in days minimum requirement in certain types of material circulating assets, ensuring an uninterrupted production process.

Working capital ratio (OS norms)- the estimated value of the need for working capital in monetary terms, which is determined as follows:

where R d- average daily consumption of raw materials, materials, other material values, rub.

In practice, the following methods of normalization of working capital are used:

• direct account (technical and economic calculations);
• analytical;
• coefficient.

The most accurate and reasonable calculations are obtained on the basis of the establishment of norms for individual elements of material circulating assets. direct count method.

1. Rationing of stocks of raw materials, materials, purchased semi-finished products.

To calculate the standard stocks of raw materials, materials use the planned one-day consumption of raw materials, materials for each type of product and the norms of stocks of raw materials, materials in days ( T norms stock)" which includes the following elements:

• current (warehouse) stock ( T tech);
• safety stock ( T fear),
• transport stock ( T transp),
• technological margin (T);
• preparatory stock (T subg).

Thus, the stock rate in days is determined by the formula

current stock determined by the frequency of supplies of raw materials, materials. Its value during normalization is taken in the amount of 50% (1/2) of the average delivery interval.

Transport stock in days can be set as the difference between the time spent by raw materials, materials in transit and the document flow time or by dividing medium size material values ​​in transit for their one-day consumption.

Technological reserve created during the preparation of materials for production, including analysis and laboratory testing. It is taken into account if it is not part of the production process. Usually the norm of this stock is 1 day.

Preparatory Stock- this is the time for acceptance, unloading, sorting, storage of raw materials, materials, laboratory analysis.

Example FOR. Calculation of stock rate in days (T standard reserve) and the norm of working capital in stocks ( OS norms reserve) on the main raw material for the production of product A.

The planned average daily consumption of raw materials is 2 tons. The price of 1 ton is 50 thousand rubles. The supply of raw materials in accordance with the contract is carried out with a frequency of 16 days. The safety stock rate is 25% of the current one. Transport stock - 2 days, technological stock - 1 day, preparatory stock - 1 day.

The stock rate of the main raw material will be

Average daily consumption of raw materials at cost

Working capital ratio in stocks of basic raw materials for product A

Similar calculations are made for each type of product, then the results are summarized and the general standard of working capital in stocks of raw materials, materials, purchased semi-finished products for the enterprise is determined.

2. Rationing of working capital in work in progress.

The working capital ratio in work in progress depends on the following factors:

• 1) on the volume and composition of products;
• 2) the duration of the technological cycle;
• 3) the cost of production;
• 4) the nature of the increase in costs in the production process.

The volume of production directly affects the value of work in progress: the more products are produced, ceteris paribus, the greater will be the size of work in progress. A change in the composition of manufactured products affects the value of work in progress in different ways.

With an increase in the share of products with a shorter production cycle, the volume of work in progress will decrease, and vice versa.

The cost of production directly affects the size of work in progress: the lower the cost of production, the lower the volume of work in progress in monetary terms, and vice versa.

The volume of work in progress is directly proportional to the duration of the technological cycle, equal to the time from the moment of the first technological operation to the acceptance of the finished product at the finished product warehouse. The reduction of inventories in work in progress contributes to the improvement of the use of working capital by reducing the duration of the technological cycle.

The standard of working capital in work in progress is calculated by the formula

where OS norms np- standard of working capital in work in progress for the planned period (quarter), rub.;

TP- marketable products valued at full cost in the planning period, rubles;

D - the number of days in the planning period, days;

^cycle- duration of the production cycle, days;

K nz- coefficient of increase in costs.

The cost escalation factor characterizes the degree of product readiness. There are two methods for calculating the coefficient. At uniform cost escalation ratio is defined as the ratio of the sum of 100% one-time initial costs and 50% incremental costs ( wage, depreciation of equipment, overheads, etc.) to the sum of one-time and incremental costs (production cost):

where W e - one-time initial costs, rub.;

W n- increasing costs, rub.

Example 3.5. Calculation of the standard of working capital in work in progress for product A with a uniform increase in costs.

The manufacturing period of product A (duration of the production cycle) is 8 days. The cost of raw materials and materials for the production of product A is 1,700 rubles, the subsequent evenly increasing costs are 1,000 rubles. The production cost of commercial products for product A in the first quarter in accordance with the cost estimate is 3600 thousand rubles.

Working capital ratio in work in progress for product A for the 1st quarter:

At uneven increase in costs to calculate the coefficient, it is necessary to study the nature of the increase in costs by stages of the production cycle. In doing so, the formula is used

where 3 i- expenses for i-th period time on an accrual basis by days of the production cycle (r = 1,2,...,p), rub.;

C - the planned cost of the product, rub.;

^cycle- duration of the production cycle, days.

Example 3.6. Calculation of the standard of working capital in work in progress with an uneven increase in costs for product B.

The cost of product B is 1000 rubles. The duration of the production cycle is 4 days. Costs on the first day - 500 rubles, on the second - 700 rubles, on the third - 800 rubles, on the fourth - 1000 rubles. The volume of marketable output of product B at cost in the first quarter is 2250 thousand rubles.

Cost escalation factor:

The standard of working capital in work in progress in the first quarter for product B:

The calculations made for each product are summarized.

When calculating the standard of working capital for work in progress, you should pay attention to the fact that the minimum stock can be expressed in one day, the maximum - in a period reflecting the duration of the production cycle.

3. Rationing of working capital in stocks of finished products.

The standard for the balance of finished products is determined as the product of the norm of working capital and the one-day output of marketable products in the coming year at the production cost

where OS normgp - the standard of working capital in stocks of finished products, rub.;

TP d- average daily volume of marketable products at production cost, rub.;

T norms gp - the rate of working capital in stocks of finished products, days.

The rate of working capital in stocks of finished products is set depending on the time required:

• for the selection of certain types of products and their acquisition in a batch;
• packaging and transportation of products from the warehouse of suppliers to the sender's station;
• loading.

The standards are calculated by type of product, and then summed up.

Example 3 7. Calculation of the standard of working capital in stocks of finished products for product C.

The planned volume of marketable output for product C in the first quarter is 10,800 thousand rubles. Finished goods stock norm 2 days.

The standard of working capital in stocks of finished products for product C will be

4. Rationing of working capital in deferred expenses. Working capital ratio in deferred expenses ( OS norms rbp) can be determined by the formula

where R n- the amount of funds in deferred expenses at the beginning of the planning period, rubles;

R pr- expenses incurred in the planned period, rub.;

P c - expenses written off to the cost of production in the planned period, rub.

Aggregate working capital ratio is determined by summing up the standards for individual elements of working capital.

The direct counting method is associated with a large amount of calculations, therefore, the norms determined on its basis are usually used for a long time, clarifying with significant changes in the production program or technologies. More simple is analytical method, based on the analysis of working capital and the efficiency of their use in the reporting period, taking into account changes in technology and organization of production.

Example 3.8. Calculation of the standard of working capital for the quarter by the analytical method.

In the fourth quarter of the reporting year average amount working capital industrial enterprise amounted to 63,280 thousand rubles, including: stocks of raw materials - 58,700 thousand rubles, work in progress - 1,720 thousand rubles, finished products - 1,610 thousand rubles, deferred expenses - 1,250 thousand rubles. In the process of analysis, excess stocks in the amount of 2250 thousand rubles were identified.

In the first quarter of the coming year, in line with the growth in output, it is planned to increase raw material stocks by 8% and reduce work in progress by 330,000 rubles. by improving the technological process.

Working capital in stocks of finished products will amount to 1,450 thousand rubles in the first quarter, and 1,160 thousand rubles in deferred expenses.

The required amount (standard) of working capital in the first quarter of the planned year will be:

At coefficient method, the standard of working capital of the previous period is adjusted, taking into account the acceleration of the turnover of working capital and changes in the volume of output in the planned period.

Example 3.9. Calculation of the standard of working capital by the coefficient method.

The average annual amount of material circulating assets of the enterprise in the reporting year amounted to 50,000 thousand rubles, the turnover ratio of working capital - 9. In the planned year, the volume of marketable products will increase by 15%. The company identified opportunities to accelerate the turnover of funds invested in the formation of inventories and work in progress by 4 days.

The average circulation time of material circulating assets in the reporting year will be 40 days (360: 9), in the planned year - 36 days (40 - 4). Turnaround time decreased by 10% (change ratio 36:40 = 0.9).

The amount of working capital of the enterprise, other things unchanged, should increase in accordance with the growth in the volume of marketable products by 15% (growth factor 1.15). However, the acceleration of turnover helps to reduce the need for working capital by 10%.

The standard of material circulating assets in the planned year will be

The average amount of material circulating assets will increase in the planned year compared to the reporting year by 3.5%:

A separate type of working capital planning is the calculation of the amount of working capital of an enterprise in receivables for the coming period.

Calculation of the required amount of working capital in receivables (OS dz) carried out according to the formula

where RP d- the average daily volume of products sold according to the plan, rub.;

K s / H - the ratio of the cost and selling price of products;

T dz- time of circulation of receivables according to the plan, days.

Example 3.10. Calculation of the amount of working capital in receivables.

In the fourth quarter of the reporting year, the time of circulation of receivables is 15 days. Improving the management of receivables, application in the planning period efficient systems control over its movement will speed up the time of its circulation by 3 days. The planned volume of products sold in the first quarter of the coming year will amount to 86,000 thousand rubles. The ratio of the cost and selling price of products will be equal to 0.71.

According to the plan, the average daily volume of products sold in the first quarter will be:

The circulation time of receivables in the first quarter will be:

Working capital in receivables according to the plan will be:

Compliance with the normative values ​​of working capital at enterprises contributes to resource saving, increasing the efficiency of activities.

test questions

• 1. What is meant by working capital of an enterprise?
• 2. Describe the circulation of working capital of an industrial enterprise.
• 3. What is the composition of the working capital of an industrial enterprise?
• 4. What is meant by working capital assets?
• 5. What is the composition of circulating production assets?
• 6. What is meant by circulation funds?
• 7. What is the composition of circulation funds?
• 8. What indicators are used to assess the effectiveness of the use of working capital?
• 9. What factors determine the company's need for working capital?
• 10. What is meant by normalization of working capital?
• 11. What is the difference between the concepts of "norm" and "norm" of working capital?
• 12. How to calculate the standard of working capital in stocks of raw materials, materials for an industrial enterprise?
• 13. How to calculate the working capital ratio in work in progress?
• 14. How to calculate the working capital ratio in stocks of finished products in warehouses?