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Cash flow for the company as a whole. Organization and management of cash flows

Depending on the type of activity, cash flows are distinguished by operating, investment and financial activities .

Operating activities brings the organization the main revenue and main flows Money.

Operational (current) activity is the activity of an organization that pursues profit making as the main goal, or does not have profit making as such a goal in accordance with the subject and goals of the activity.

In summary, cash flows from operating activities primarily arise from the primary, income-generating activities of the entity and are the result of the transactions and events included in the definition. net profit(losses). Operating cash flows include:

cash receipts from the sale of goods, products, performance of work, provision of services, repayment of receivables, rent and other income;
cash payments to suppliers of raw materials, materials and services, wages personnel, taxes and fees to the budgets of all levels and extra-budgetary funds, interest on loans and borrowings and other payments related to the implementation of the operational process.

Investment activities the activity of the company associated with capital investments in connection with the acquisition of fixed assets, intangible assets and other outside current assets, as well as their sale; with the implementation of long-term financial investments in other enterprises, the sale of securities, other financial investments, etc.

Thus, investment activity is the acquisition and sale of long-term assets and financial investments that are not cash equivalents.

financial activities companies are considered to be activities related to the implementation of short-term financial investments, the issuance of shares and other securities, the attraction and repayment of loans, etc. Financial activity results in changes in the size and structure of equity and borrowed capital (with the exception of current accounts payable).

In the most concentrated form, the classification of cash flows according to various criteria can be presented in tabular form:

Classification sign	Name of cash flow
1. The scale of servicing financial and economic processes (management level)	Enterprise cash flow
	Cash flow of the structural unit
	Cash flow of a single business transaction
2.View financial and economic activities	Total cash flow
	Cash flow of current activities
	Cash flow from investing activities
	Cash flow of financial activities
3. Direction of travel	Incoming cash flow (inflow)
3. Direction of travel	Outgoing cash flow (outflow)
4. Form of implementation	Non-cash cash flow
4. Form of implementation	cash flow
5. Scope of circulation	External cash flow
5. Scope of circulation	Internal cash flow
6. Duration	Short term cash flow
6. Duration	Long term cash flow
7. Sufficiency of volume	Excess cash flow
	Optimal cash flow
	Deficient cash flow
8. Type of currency	Cash flow in national currency
8. Type of currency	Cash flow in foreign currency
9. Predictability	Planned cash flow
9. Predictability	Unplanned cash flow
10. Continuity of formation	Regular cash flow
10. Continuity of formation	Discrete cash flow
11. Stability of formation time intervals	Regular cash flow with regular time intervals
11. Stability of formation time intervals	Regular cash flow with irregular time intervals
12. Evaluation over time	Current cash flow
12. Evaluation over time	Future cash flow

Let us briefly characterize each group of this classification.

1. Depending on the scale of servicing financial and economic processes the most generalizing is the cash flow of the enterprise. It is characterized by the receipt and use of funds at the level of the enterprise as a whole.

The cash flow of each structural unit separately becomes an independent subject of research as a result of the allocation of branches, representative offices and other structural units of the enterprise as separate objects of management.

The existence of a cash flow of a separate business transaction depends on the ability to single out this business transaction as a separate component of all financial and economic processes of the enterprise and on the ability to determine the cash flow associated with it.

2. By types of financial and economic activities, the most aggregated is the total cash flow. It is characterized by any cash flow occurring at the level of the object of study.

The cash flow of current activities is characterized by the receipt of funds from buyers (customers) and their use associated with the provision of the production process, the performance of work, the provision of services, the sale of purchased goods, etc.

The cash flow of investment activities is formed when the enterprise carries out activities related to investments in non-current assets, as well as their sale.

The cash flow of financial activities is characterized by the movement of funds in connection with the implementation of short-term financial investments by the enterprise and the disposal of shares, bonds, etc. previously acquired for up to 12 months.

3. Direction of cash flow there are two cash flows: incoming and outgoing.

Incoming cash flow (inflow) is characterized by a set of cash inflows to the enterprise for a certain period of time.

Outgoing cash flow (outflow) is characterized by the total use (payments) of funds by the enterprise for the same period of time.

4. By form of implementation there are two cash flows: non-cash and cash.

A feature of non-cash cash flow is its formation at the enterprise only in the form of entries in accounting accounts.

Cash flow is characterized by the receipt or payment by the enterprise of banknotes and coins.

5. Depending from the sphere of circulation The cash flow of an enterprise can be external or internal.

External cash flow is characterized by the receipt of funds from legal entities and individuals, as well as the payment of funds to legal and individuals. It helps to increase or decrease the cash balance of the enterprise.

Internal cash flow is characterized by a change in the location and form of funds that the company has. It does not affect their balance, as it constitutes an internal turnover.

6. By duration cash flow is divided into short-term and long-term.

Investments of funds in other objects for a period of up to one year constitute a short-term cash flow.

If the term exceeds one year, then the cash flow is characterized as long-term.

7. By volume sufficiency the cash flow of the enterprise can be excessive, scarce or optimal.

Excessive cash flow is characterized by the excess of cash receipts over the current needs of the enterprise. Its evidence is the high positive value of the net cash balance not used by the enterprise in the process of financial and economic activities.

When incoming cash is not enough to meet the current needs of the enterprise, a scarce cash flow is formed. Even with a positive value of the amount of the net cash balance, it can be characterized as a deficit if this amount does not provide the planned need for cash in all the provided areas of the financial and economic activity of the enterprise. The negative value of the sum of the net cash balance automatically makes this flow scarce.

The optimal cash flow is characterized by a balance between the receipt and use of funds, which contributes to the formation of their optimal balance, which allows the company to fulfill its obligations in a timely manner, which require settlements only in cash, and at the same time maintain maximum possible profitability Money.

8. By type of currency. The cash flow of an enterprise is characterized as a cash flow in the national currency, if the unit of account is the monetary unit of the country in which the enterprise is located. The cash flow in foreign currency is formed at the enterprise if the unit of account is the monetary unit of another country.

9. By predictability. The planned cash flow is characterized by the ability to predict in what amount and when the funds will be received by the enterprise or will be used by it. The cash flow that occurs at the enterprise unscheduled is characterized as an unplanned cash flow.

10. Depending from the continuity of formation A company can have a regular cash flow and a discrete cash flow.

Regular cash flow is characterized by the receipt and use of funds, which in the period under review are carried out constantly at separate intervals. Discrete cash flow is characterized by cash flow associated with the implementation of single financial transactions.

11. According to the stability of time intervals of formation:

regular cash flow with uniform time intervals within the period under review. Such a cash flow of receipt or expenditure of funds is in the nature of an annuity;
regular cash flow with uneven time intervals within the period under review. An example of such a cash flow is a schedule of lease payments for leased property with uneven time intervals agreed upon by the parties for their implementation throughout the period of leasing the asset.

12. According to the method of evaluation in time distinguish the following types of cash flow:

current cash flow. It characterizes the cash flow of the enterprise as a single comparable value, reduced in value to the current point in time;
future cash flow. It characterizes the cash flow of an enterprise as a single comparable value, reduced in value to a specific future point in time. The concept of future cash flow can also be used as its nominal identified value in the upcoming moment of time (or in the context of intervals of the future period), which serves as a discounting base in order to bring it to the present value.

The use of the presented classification in practice will allow more targeted accounting, analysis and planning of cash flows in order to effectively manage them.

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1. Theoretical basis organization cash flow management

1.1 Cash flow analysis methodology

Cash is the most liquid assets and does not stay long at this stage of the cycle. However, in certain size they must always be present working capital otherwise the company will be declared insolvent.

The main purpose of the analysis of cash flows is to identify the causes of the deficit (excess) of cash flows and determine the sources of their receipt and directions of spending to control the current liquidity and solvency of the enterprise. Its solvency and liquidity very often depend on the real cash flow in the form of a cash flow of payments reflected in the accounts of accounting 7, p. 124.

The main objectives of cash flow analysis are:

operational, daily control over the safety of cash flows and securities at the cash desk of the enterprise;

control over the use of cash flows strictly for the intended purpose;

control over correct and timely settlements with the budget, banks, personnel;

control over compliance with the forms of payment established in contracts with buyers and suppliers;

timely reconciliation of settlements with debtors and creditors to exclude overdue debts;

diagnostics of the state of absolute liquidity of the enterprise;

forecasting the ability of the enterprise to repay the obligations that have arisen in a timely manner;

contributing to the competent management of the company's cash flows.

The main source of information for analyzing the relationship between profit, working capital and cash flows is the balance sheet (form No. 1), the appendix to the balance sheet (form No. 5), the statement of financial results and their use (form No. 2). A feature of the formation of information in these reports is the accrual method, and not the cash method. This means that the income received or the costs incurred may not correspond to the actual "inflow" or "outflow" of cash flows in the enterprise.

The report may show a sufficient amount of profit and then the estimate of profitability will be high, although at the same time the enterprise may experience an acute shortage of cash flows for its functioning. Conversely, profits may be insignificant, and financial condition enterprises - quite satisfactory. The data on the formation and use of profits shown in the company's statements do not give a complete picture of the real process of cash flow.

For example, it is enough to confirm what has been said to compare the amount of balance sheet profit shown in f. No. 2 of the statement of financial results and their use with the amount of change in cash flows in the balance sheet. Profit is only one of the factors (sources) of formation of balance liquidity. Other sources are: credits, loans, issue of securities, contributions of founders, others. Therefore, in some countries, the statement of cash flows is currently preferred as a tool for analyzing the financial condition of the company. For example, in the United States, since 1988, a standard has been introduced according to which enterprises, instead of the statement of changes in financial position they prepared before, must prepare a statement of cash flows. This approach allows a more objective assessment of the company's liquidity in terms of inflation and taking into account the fact that the accrual method is used in the preparation of other reporting forms, that is, it involves the reflection of expenses, regardless of whether the corresponding amounts of money are received or paid.

The cash flow statement is a document financial reporting, which reflects the receipt, expenditure and net changes in cash flows in the course of current business activities, as well as investment and financial activities for a certain period. These changes are reflected in such a way that it is possible to establish the relationship between the balances of cash flows at the beginning and end of the reporting period.

The cash flow statement is a statement of changes in financial position prepared using the cash flow method. It makes it possible to assess future cash flows, analyze the company's ability to repay its short-term debt and pay dividends, assess the need to attract additional financial resources. This report can be prepared either in the form of a statement of changes in the financial position (with the replacement of the “net current assets” indicator with the “cash” indicator), or in a special form, where the directions of cash flows are grouped into three areas: economic (operating) sphere, investment and financial spheres.

The logic of the analysis is quite obvious - it is necessary to single out, if possible, all transactions affecting the movement of cash flows. This can be done in various ways, in particular by analyzing all turnovers in cash flow accounts (accounts 50, 51, 52, 55, 57). However, in world accounting and analytical practice, as a rule, one of two methods is used, known as direct and indirect methods. The difference between them lies in the different sequence of procedures for determining the amount of cash flow as a result of current activities:

the direct method is based on the calculation of inflow (revenue from the sale of products, works and services, advances received, etc.) and outflow (payment of supplier invoices, return of received short-term loans and borrowings, etc.) of cash flows, i.e. the starting element is revenue;

the indirect method is based on the identification and accounting of operations related to the movement of cash flows, and the consistent adjustment of net profit, i.e. the starting point is profit.

In practice, two methods of calculating cash flows are used - direct and indirect.

The direct method of calculation is based on the reflection of the results of operations (turnovers) on cash flow accounts for the period. In this case, operations are grouped into three types of activities:

current (main) activity - receipt of proceeds from sales, advances, payment of supplier accounts, receipt of short-term loans and borrowings, payment of wages, settlements with the budget, paid / received interest on loans and borrowings;

investment activity - the movement of funds associated with the acquisition or sale of fixed assets and intangible assets;

financial activities - obtaining long-term loans and borrowings, long-term and short-term financial investments, repayment of debts on previously received loans, payment of dividends.

The required data is taken from the forms financial statements: "Balance sheet" and "Statement of cash flows.

The calculation of the cash flow by the direct method makes it possible to assess the solvency of the enterprise, as well as to exercise operational control over the receipt and expenditure of cash flows. In Russia, the direct method is the basis for the form of the Statement of Cash Flows. At the same time, the excess of receipts over payments both for the enterprise as a whole and for types of activity means an inflow of funds, and the excess of payments over receipts means their outflow.

In the long term, the direct method of calculating the amount of cash flows makes it possible to assess the level of liquidity of assets. In operational financial management, the direct method can be used to control the process of generating proceeds from the sale of products (goods, services) and draw conclusions regarding the sufficiency of cash flows for payments on financial obligations.

The disadvantage of this method is the inability to take into account the relationship between the obtained financial result (profit) and changes in the absolute amount of the company's cash flows.

The indirect method is preferable from an analytical point of view, as it allows you to determine the relationship between the profit received and the change in the amount of cash flows. The calculation of cash flows by this method is based on the net profit indicator with its necessary adjustments in items that do not reflect the movement real money on the respective accounts.

To eliminate discrepancies in the formation of the net financial result and net cash flow, adjustments are made to net profit or loss, taking into account:

changes in inventories, receivables, short-term financial investments, short-term liabilities, excluding loans and credits, during the period;

non-monetary items: depreciation of non-current assets; exchange differences; profit (loss) of previous years, revealed in reporting period and other;

other articles that should be reflected in investment and financial activities.

For methodological purposes, a certain sequence of implementation of such adjustments can be distinguished.

At the first stage, the impact on the net financial result of operations of a non-monetary nature is eliminated. For example, the disposal of fixed assets and intangible assets causes an accounting loss in the amount of their residual value. It is quite clear that write-offs from the residual value of property do not have any impact on the value of cash flows, since the outflow of funds associated with them occurred much earlier - at the time of its acquisition. Therefore, the amount of the loss in the amount of the under-depreciated cost must be added to the net income.

At the second stage, adjustment procedures are carried out taking into account changes in the items of current assets and short-term liabilities. The purpose of the adjustments is to show which items of current assets and short-term liabilities have changed the amount of cash flows at the end of the reporting period compared to its beginning. The increase in items of current assets is characterized by the use of funds and, therefore, is regarded as an outflow of cash flows. The decrease in items of current assets is characterized by the release of funds and is regarded as an inflow of cash flows.

1.2 Organizational cash flow management

Management of cash assets or the balance of cash flows and their equivalents, permanently at the disposal of the enterprise, is an integral part of the functions general management current assets of non-profit enterprises.

The size of the balance of monetary assets operated by the enterprise in the course of economic activity determines the level of its absolute solvency (the readiness of the enterprise to immediately pay off all its urgent financial obligations), affects the amount of capital invested in current assets, and also characterizes to a certain extent its investment opportunities (investment potential of the enterprise's short-term financial investments).

The main goal of financial management in the process of managing monetary assets is to ensure the constant solvency of the enterprise. In this, the function of monetary assets as a means of payment, which ensures the implementation of the goals of forming their operating, insurance and compensatory balances, gets its implementation. The priority of this goal is determined by the fact that neither a large amount of current assets and equity, nor a high level of profitability of economic activity can insure an enterprise against initiating a bankruptcy claim against it, if it cannot pay off its urgent financial obligations.

Therefore, in the practice of financial management, the management of monetary assets is often identified with the management of solvency (or liquidity management).

Cash flow management is also carried out with the help of cash flow forecasting, i.e. receipts (inflow) and use (outflow) of cash flows. The amount of cash inflows and outflows in conditions of instability and inflation can be determined very approximately and only for a short period, for example, a month, a quarter.

Estimated revenue is calculated by taking into account the average time for paying bills and selling on credit. The change in receivables for the selected period is taken into account, which may increase or decrease the inflow of cash flows, the impact of non-operating transactions and other receipts is determined.

In parallel, an outflow of cash flows is forecasted, i.e. the expected payment of invoices for goods received, and mainly the repayment of accounts payable. Payments to the budget, tax authorities and off-budget funds, dividends, interest, remuneration of employees of the enterprise, possible investments and other expenses are envisaged.

As a result, the difference between the inflow and outflow of cash flows is determined - net cash flow with a plus or minus sign. If it exceeds the outflow, then the amount of short-term financing in the form of a bank loan or other receipts is calculated in order to ensure the projected cash flow.

Determining the minimum required need for cash assets for the implementation of current business activities is aimed at establishing a lower limit on the balance of the required cash assets and is carried out on the basis of the cash flow forecast according to the following formula:

where YES min - the minimum required need for monetary assets for the implementation of current economic activities in the coming period;

PR YES - the expected volume of payment turnover for current business transactions in the coming period;

О DA - the turnover of monetary assets (in times) in the reporting period of the same period (taking into account the planned measures to accelerate the turnover of monetary assets).

Calculation of the minimum required need for monetary assets can be carried out by another method:

where YES K - the balance of monetary assets at the end of the reporting period;

FR DA - the actual volume of payment turnover for current business transactions in the reporting period.

The analysis of cash flow and its management make it possible to determine its optimal level, the ability of the enterprise to pay off its current obligations and carry out investment activities.

The generalized characteristic of the structure of sources of formation is the quality of the net cash flow. Its high quality is characterized by an increase in the share of net profit received due to an increase in output and a decrease in its cost, and its low quality is characterized by an increase in the share of net profit associated with an increase in product prices, non-operating transactions in the total net profit.

At the same time, it is important to determine the adequacy of the net cash flow generated in the course of economic activity to finance emerging needs. For this, the net cash flow sufficiency ratio (KD NPV) is used, which is calculated using the following formula

KD NPD = (3)

where OD is the amount of principal repayments on long- and short-term loans and borrowings of the organization;

Y - index - dividends of the founders;

З ТМ - the sum of the increase in stocks of inventory items as part of the current assets of the organization;

D y - the amount of dividends (interest) paid to the owners of the enterprise (shareholders, shareholders) on the invested capital.

To assess the synchronism of the formation of positive and negative cash flows for certain intervals of the reporting period, the dynamics of the balances of the organization's cash assets is considered, reflecting the level of this synchronism and ensuring absolute solvency, the cash flow liquidity ratio (CL DP) of the organization is calculated for certain intervals of the period under review according to the formula

where RAP - the amount of cash receipts;

YES K, YES N - the amount of the organization's cash balance, respectively, at the end and beginning of the period under review;

ODP - the amount of money spent.

Summarizing indicators of the effectiveness of the organization's cash flows are the cash flow efficiency ratio (CEF) and the net cash flow reinvestment ratio (CRchpd), which are calculated using the following formulas:

Kedp = and Krchpd = (5)

where? RI and? FID - the amount of growth, respectively, of real investments and long-term financial investments of the organization.

Calculation results are used for cash flow optimization, which is a selection process the best forms their organization, taking into account the conditions and features of the implementation of economic activities.

The financial condition of the company and the ability to quickly adapt in cases of unforeseen changes in the financial market depend on the effectiveness of cash flow management.

In the Western practice of financial management, more complex models of cash flow management are used. These are the Baumol model and the Miller-Orr model. However, the use of these models in Russia in the current market conditions(high inflation, a resurgent stock market, sharp fluctuations in the refinancing rates of the Central Bank of the Russian Federation, etc.) is not possible.

One of the main tasks of cash flow management is to optimize the average balance of the company's cash assets. This optimization is provided by calculating the required size certain types this balance in the coming period.

The need for the operating (transactional) balance of monetary assets characterizes the minimum necessary amount of them necessary for the implementation of current business activities. The calculation of this amount is based on the planned amount of negative cash flow from operating activities (the relevant section of the plan for receipt and expenditure of cash flows) and the number of turnovers of monetary assets.

where YES o - operating balance of cash flows,

ON od - the planned amount of negative (the amount of spending cash flows) cash flow on the operating activities of the enterprise,

KO yes - the number of turnovers of the average balance of cash flows in the planning period.

The need for an insurance (reserve) balance of monetary assets is determined on the basis of the calculated amount of their operating balance and the coefficient of unevenness (coefficient of variation) of cash flows to the enterprise for certain months of the previous year.

where YES c - insurance (reserve) balance of monetary assets,

YES o - the planned operating balance of cash flows,

KV pds - the coefficient of variation of cash flows in the enterprise.

The need for the compensatory balance of monetary assets is planned in the amount determined by the agreement on banking services. However, since the agreement with the bank providing settlement services to non-profit organizations does not contain such a requirement, this type of balance of cash assets is not planned at the enterprise.

Since this part of monetary assets does not lose its value during storage (when forming an effective portfolio of short-term financial investments), their amount is not limited by an upper limit. The criterion for the formation of this part of monetary assets is the need to ensure a higher rate of return on short-term investments in comparison with the rate of return on operating assets.

The total size of the average balance of monetary assets in the planning period is determined by summing up the calculated need for their individual types:

where YES - the average amount of monetary assets of the enterprise in the planning period,

YES o - the average amount of the operating balance of monetary assets,

YES from - the average amount of the insurance (reserve) balance of monetary assets,

YES to - the average amount of the compensatory balance of monetary assets,

YES and - the average amount of the investment balance of monetary assets.

Considering that the balances of monetary assets of the last three types are to a certain extent fungible, the total need for them with limited financial opportunities non-profit organization can be shortened accordingly.

When managing cash flows, a non-profit organization necessarily solves the problem of ensuring the cost-effective use of the temporarily free balance of cash assets. At this stage of the formation of the monetary asset management policy, a system of measures is developed to minimize the level of losses of alternative income in the process of their storage and anti-inflationary protection.

The main of these activities include:

Coordination with the bank that provides settlement services to the enterprise, the conditions for the current storage of the balance of monetary assets with the payment of deposit interest on the average amount of this balance (for example, by opening a checking account with a bank);

Use of short-term monetary investment instruments (first of all, deposits in banks) for temporary storage of insurance and investment balances of monetary assets;

The use of high-yielding stock instruments for investing the reserve and the free balance of monetary assets (government short-term bonds; short-term bank certificates of deposit, etc.), but subject to sufficient liquidity of these instruments in the financial market.

When managing cash flows in an organization, financial planning is carried out.

The financial planning system at the enterprise includes:

1) a system of budget planning for the activities of structural divisions;

2) a system of consolidated (comprehensive) budget planning of the enterprise.

In order to organize budget planning of the activities of the structural divisions of the enterprise, an end-to-end system of budgets is being developed that combines the following functional budgets covering the base of financial calculations of the enterprise:

The budget of the wage fund, on the basis of which payments to extra-budgetary funds and some tax deductions are predicted;

The budget of material costs, compiled on the basis of the consumption rates of raw materials, components, materials and volume production program structural divisions;

Depreciation budget, including directions for using it on overhaul, maintenance and renovation;

Budget for other expenses (travel, transport, etc.);

The budget for the repayment of loans and borrowings, developed on the basis of a payment schedule;

A tax budget that includes all taxes and obligatory payments to the budget, as well as to extrabudgetary funds. This budget is planned for the whole enterprise.

The development of budgets for structural units and services is based on the principle of decomposition, which means that the budget of a lower level is a detailed budget of a higher level. Consolidated budgets for each structural unit are developed, as a rule, on a monthly basis. In order to evenly provide the enterprise and its divisions with working capital, they indicate the daily planned and actual costs, as well as for the whole month.

An integral part of financial planning is the definition of responsibility centers - cost centers and income centers. Units in which the measurement of output is difficult or which work for domestic consumers, it is advisable to transform into cost centers (expenses). Units that produce products that go to the final consumer are transformed into profit centers, or income centers.

In the system of current financial planning, it is necessary to determine the actual flow of money to the enterprise. This is possible after conducting a cash flow analysis. To do this, it is necessary to have data on the inflow and outflow of cash flows in three areas: ordinary (current) activities, investment activities and financial activities. An inflow is any increase in liability items or a decrease in active accounts, an outflow is any decrease in liability items or an increase in active balance items.

financial planning is the final stage of planning in the enterprise.

Thus, in the course of carrying out its activities, any enterprise should analyze the organization system for managing cash flows to identify centers of inflow and outflow of cash flows. The main goal of organizing cash flow management at an enterprise is to identify the causes of a shortage (excess) of cash flows and determine the sources of their receipt and directions of spending to control the current liquidity and solvency of the enterprise. Its solvency and liquidity very often depend on the real cash flow in the form of cash payments.

2. Analysis of the activities of a cash flow management organization on the example of a non-profit organization of the Managing Company "Palace of Culture of Metallurgists"

cash flow non-profit organization

2.1 Characteristics of the features of the activities of the Managing Company "Palace of Culture of Metallurgists"

The cultural institution "Metallurgists' Palace of Culture" is a non-profit organization. The main activity is the activity of libraries, archives, cultural institutions.

The organization was registered by the Registration Chamber of the Administration of Lipetsk on August 31, 1998.

Full name: Institution of culture "Palace of Culture of Metallurgists". Abbreviated name: Cultural Institution "DK Metallurgists"

Location of the organization: 398005, Lipetsk, Mira Avenue, 22.

Table 1 - The main indicators of the financial and economic condition of the cultural institution "DK metallurgists" in 2010-2012

Index	Deviations, (+-)	Rates of growth, %


1. Fixed assets, thousand rubles
2. Reserves, thousand rubles
3. Cash, thousand rubles
4. Proceeds from the sale of products, the provision of services, thousand rubles.
5. Cost of goods sold, thousand rubles.
6. Profit from the sale of marketable products, the provision of services, thousand rubles.
7. Net profit, thousand rubles.
8. Average headcount, pers.
9. Labor productivity, thousand rubles/person

According to Table 1, it can be seen that in 2011 the amount of fixed assets increased by 1281 thousand rubles in the institution of culture "DK metallurgists". or by 36.0%, the amount of reserves - 573 thousand rubles. or by 1910.0%, the organization's funds decreased by 1416 thousand rubles. or by 81.2%, sales proceeds - by 1,742 thousand rubles. or by 78.8%, net profit - by 517 thousand rubles. or by 74.4%, the receivables of the organization increased by 428 thousand rubles. or by 104.1%, accounts payable - by 653 thousand rubles. or 2612%.

In 2012, the amount of fixed assets increased by 1,090 thousand rubles in the cultural institution "DK metallurgists". or by 22.5%, the amount of reserves decreased by 29 thousand rubles. or 4.8%, the organization's cash decreased by 114 thousand rubles. or by 34.7%, sales revenue increased by 2235 thousand rubles. or by 475.5%, net profit - by 321 thousand rubles. or by 180.3%, the organization's accounts receivable decreased by 140 thousand rubles. or by 16.7%, accounts payable - by 34 thousand rubles. or 5.0%.

2.2 Cash flow analysis of the Managing Company "Palace of Culture of Metallurgists"

Its solvency and liquidity very often depend on the real cash flow in the form of a cash flow flow reflected in the accounts of accounting.

In 2011, the balance of cash flows increased by 217 thousand rubles. or 4.1 times. This change was affected by cash flows from operating activities in the amount of RUB 1,606 thousand. However, there was an outflow of cash flows from investment activities in the amount of 1,389 thousand rubles.

In 2012, the balance of cash flows decreased by 71 thousand rubles. or 1.3 times. This change was influenced by the inflow of cash flows from operating activities in the amount of 978 thousand rubles.

Table 2 - Vertical Analysis receipts and expenditures of cash flows in the cultural institution "DK metallurgists" in 2010-2012, thousand rubles.

The name of indicators	Absolute value	Absolute value	Share of the sum of all sources of cash flows, %	Absolute value

1. Receipt and sources of cash flows
Revenues from sales
Target receipts
Other supply.
Total incoming cash flows
2. Use of cash flows

From table 2 it follows that the main source of cash flow in the cultural institution "DK metallurgists" in 2010 was targeted funding - 86.2%.

Among the directions of spending the cash flows of the cultural institution "DK metallurgists" the main specific gravity occupy: payment of supplier invoices (70.5%), staff salaries and contributions to off-budget funds (23.4%), settlements with the budget (3.3%), financing the acquisition of the active part of fixed assets (2.1%), other expenses (0.7%).

The net change in cash flows (the excess of outflow over inflow) is -48 thousand rubles. or 0.3%.

The main source of cash flow in 2011 in the cultural institution "DK metallurgists" was targeted funding - 87.7%.

Among the areas of spending the cash flows of the cultural institution "DK metallurgists" the main share is occupied by: payment of invoices of suppliers (53.5%), remuneration of personnel and contributions to extra-budgetary funds (28.7%), settlements with the budget (4.5%) , for the issuance of accountable amounts (2.8%), financing the acquisition of the active part of fixed assets (9.4%), other expenses (1.3%).

The net change in cash flows (the excess of inflow over outflow) is 1.5%.

The main source of cash flow in 2012 in the cultural institution "DK Metallurgists" was targeted funding - 83.6%.

Among the areas of spending the cash flows of the cultural institution "DK metallurgists" the main share is occupied by: payment of suppliers' invoices (58.8%), remuneration of personnel and contributions to extra-budgetary funds (26.6%), settlements with the budget (5.6%) , for the issuance of accountable amounts (2.7%), financing the acquisition of the active part of fixed assets (5.2%), other expenses (1.1%).

The net change in cash flows (the excess of outflow over inflow) is 0.4%.

The expenditure of cash flows decreased by 2898 thousand rubles, including: for payments to suppliers decreased by 4596 thousand rubles, for wages increased by 67 thousand rubles, for settlements with off-budget funds- by 49 thousand rubles, for the issuance of accountable amounts - by 410 thousand rubles, for the acquisition of fixed assets - by 1013 thousand rubles, for settlements with the budget - by 95 thousand rubles, for other payments - by 64 thousand roubles.

In 2012, cash flow receipts increased by 4,941 thousand rubles, including:

Target financing of the organization increased by 3508 thousand rubles,

Revenue from current activities - by 1664 thousand rubles,

Other income decreased by 231 thousand rubles.

The use of cash flows increased by 5229 thousand rubles, including: for payment to suppliers increased by 3903 thousand rubles, for wages increased by 1119 thousand rubles, for settlements with off-budget funds decreased by 37 thousand rubles, for the issuance of accountable amounts increased by 139 thousand rubles, for the acquisition of fixed assets decreased by 340 thousand rubles, for settlements with the budget increased by 446 thousand rubles, for other payments it decreased by 1 thousand rubles.

The analysis of cash flows by the indirect method is preferable from an analytical point of view, as it allows you to determine the relationship between the profit received and the change in the amount of cash flows.

According to the results of the analysis of cash flows in the cultural institution "DK metallurgists" for 2011, the following conclusions can be drawn by an indirect method:

1. for the reporting period, the amount of net profit decreased by 517 thousand rubles compared to the previous one;

2. increased inventory balances by 573 thousand rubles. in warehouses;

3. increased accounts receivable by 315 thousand rubles;

4. accounts payable increased by 653 thousand rubles;

6. The total change in cash flows from all types of activities amounted to +473 thousand rubles.

According to the results of the analysis of cash flows for 2012 in the cultural institution "DK Metallurgists" by an indirect method, the following conclusions can be drawn:

1. for the reporting period, the amount of net profit increased by 321 thousand rubles compared to the previous one;

2. inventory balances decreased by 29 thousand rubles;

3. accounts receivable decreased by 140 thousand rubles;

4. accounts payable decreased by 334 thousand rubles;

5. deficiency detected own funds(net profit and depreciation charges) for investment activities;

6. The total change in cash flows from all types of activities amounted to +982 thousand rubles.

Thus, after analyzing the cash flow in the cultural institution "DK Metallurgists", it was found that the organization is not always able to generate a sufficient amount of cash flows to carry out its activities.

2.3 Analysis of the effectiveness of cash flow management in the Managing Company "Palace of Culture of Metallurgists"

Management of cash assets or the balance of cash flows and their equivalents, permanently at the disposal of the enterprise, is an integral part of the functions of the overall management of current assets of the cultural institution "Palace of Culture of Metallurgists".

The main goal of financial management in the process of managing monetary assets is to ensure the constant solvency of the enterprise.

Along with this main goal, an important task of financial management in the process of managing monetary assets is to ensure effective use temporarily free cash flows, as well as the formed investment balance.

In the process of cash flow management, the following indicators of cash flows in the organization are calculated.

Table 3 shows that the participation rate of monetary assets in total current assets for 2011 decreased by 57%, and for 2012 - by 6%. The period of turnover of monetary assets for 2011 decreased by 27.8 days, and for 2012 - by 4.17 days. The number of turnovers of monetary assets in 2011 increased by 34.98 vol., and in 2012 - by 48.26 vol.

Table 3 - Indicators of the movement and state of cash flows in the cultural institution "Palace of Culture of Metallurgists" in 2010-2012

Index				Deviation, +/-

1. The coefficient of participation of monetary assets in total current assets
2. Period of turnover of monetary assets, days
3. The number of turnovers of monetary assets
4. Absolute liquidity ratio
5. Critical liquidity ratio
6. Current liquidity ratio

All liquidity ratios are above their own normative values, which is a positive fact.

Let us calculate the planned amount of the operating balance of the monetary assets of the cultural institution "DK Metallurgists" in 2013.

20133: 93.41 = 215 thousand rubles.

We will calculate the planned amount of the insurance balance of the monetary assets of the cultural institution "DK Metallurgists" in 2013.

YES c \u003d 215 x 70% \u003d 151 thousand rubles.

The need for the compensatory balance of monetary assets is planned in the amount determined by the agreement on banking services. However, since the agreement with the bank that provides settlement services to the cultural institution "DK Metallurgists" does not contain such a requirement, this type of balance of cash assets is not planned at the enterprise.

The need for an investment (speculative) balance of monetary assets is planned based on the financial capabilities of the enterprise only after the need for other types of balances of monetary assets is fully met.

The total size of the average balance of monetary assets in the planning period is determined by summing up the calculated need for their individual types: YES = 215 + 151 = 366 thousand rubles.

Considering that the balances of the last three types of monetary assets are to a certain extent interchangeable, the total need for them, given the limited financial capabilities of the cultural institution "DK metallurgists", can be reduced accordingly.

When managing the cash flows of the cultural institution "DK metallurgists", the problem of ensuring the profitable use of the temporarily free balance of monetary assets is necessarily solved. At this stage of the formation of the monetary asset management policy, a system of measures is developed to minimize the level of losses of alternative income in the process of their storage and anti-inflationary protection.

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1. The concept of cash flow

One of the areas of enterprise financial management is the effective management of its cash flows. A complete assessment of the financial condition of an enterprise is impossible without an analysis of its cash flows. One of the tasks of cash flow management is to identify the relationship between cash flows and profit, i.e. whether the profit received is the result of effective cash flows or is it the result of some other facts.

All activities of any commercial organization are associated with the movement of funds, with their receipt and disposal. The movement of funds in the enterprise occurs continuously. It is this continuous process of money movement that essentially constitutes the concept of "cash flow".

There are concepts such as cash flow and cash flow. The movement of funds is their transfer to someone, both in cash and non-cash, it is all the gross receipts of the enterprise and payments.

The general definition of cash flow is: "money coming into the company from sales and other sources, as well as money spent by the company on purchases, wages, etc."

"Cash flow - a set of time-distributed receipts and payments of cash generated by economic activity enterprises".

In economic terms, cash flow is the difference between income and costs. economic entity, expressed as the difference between payments received and payments made. In general, this is the sum of the firm's retained earnings and its depreciation deductions saved to form its own source of cash.

In other words, "cash flow is the net amount of money actually received by the firm in a given period."

There are two main approaches to the analysis of the definitions of the concept of "cash flow". According to the first approach, cash flow is the difference between all cash inflows and outflows over a certain period of time. This definition is more suitable for the term "net cash flow", which is equal to the difference between the sum of cash inflows and outflows of the organization. The second approach is more common among economists. Cash flow is considered as the sum of cash inflows and outflows for the period. At the same time, most authors do not include cash equivalents in the composition of cash flows.

It is also possible to single out an approach in which cash flows are considered in a broad sense as the sum of retained earnings and depreciation, which is closely related to the first approach to determining cash flow.

Summarizing approaches to determining the essence of cash flows, we can define this economic category as a set of real inflows and outflows of cash and their equivalents, distributed at each specific point in time of the period under review and serving all the processes of the organization's business activities.

The process of managing the cash flows of an enterprise also does not have an unambiguous interpretation. Some economists reduce this process to determining the optimal level of cash balance and its use in the financial activities of the organization.

Summarizing the definitions of various economists related to the category of "management", one can characterize the management of the enterprise's cash flows as the organization of a purposeful and systematic impact control system on financial and economic relations arising in the process of movement money capital organizations. This impact is aimed at fulfilling the tasks set, as well as ensuring the effective formation, use and distribution of the financial capital of the enterprise using the appropriate principles, functions and methods of management.

The value of the cash flow indicator in the analysis of the company's activities is very large: it shows the company's ability to pay for the goods and services it needs, to pay dividends to shareholders, and business valuation is often built on its basis.

“Cash flow is not equal to profit: it is quite real that a company makes a profit, but is not able to continue settlements with suppliers, because it does not have enough money in circulation. When evaluating efficiency capital investments cash flow is an indicator that characterizes the difference between the inflow and outflow of funds from investment and operating activities in each period of the project.

Cash flows, as opposed to a simple transfer of money, are:

- the result of the monetary relations arising at the enterprise, which are the result of the movement of money;

– organized and managed processes;

- processes not in general, but limited to a certain period of time, i.e. have time limits - the beginning and the end;

– as an indicator of cash flow has a series economic characteristics, such as intensity, liquidity, profitability, sufficiency, etc.

The advantages and necessity of cash flow management are as follows.

1. Improving cash flow management is tantamount to involving additional cash in circulation. Moreover, this problem is often presented to managers as secondary.

2. For large enterprises that have been operating for a long time, management is beneficial in terms of both increasing the efficiency of the funds used, and obtaining additional profit, increasing profitability.

3. For young, small enterprises, management is especially important, because they must rely on their own sources of funds, since external sources are not always affordable for them, both in terms of price and availability.

4. professional management cash flows have a positive effect on the relationship of the enterprise with banks, suppliers, buyers, etc.

The financial cycle of an enterprise or the cash flow cycle includes the following points:

- payment for raw materials and materials;

- sale (shipment of finished products, provision of services, performance of work);

- receipt of money for finished products, services rendered, work performed.

And only by managing cash flows can the problem of the gap between the amount of payments and the amount of receipts be solved, i.e. liquidity problem of the enterprise. For these purposes, it is necessary to increase the amount of own or borrowed funds in the turnover of the enterprise.

When implementing the cash flow management policy, the following results are achieved:

1. Improving the efficiency of enterprise financial management.

2. Balance of positive and negative cash flows over time; unbalanced flows make at some points the flow as a whole illiquid, and the enterprise insolvent. It is quite obvious that the more often such situations and the longer they last, the worse financial position enterprises.

3. Determination of the directions of cash flows and control over them in accordance with. classification as a whole for the enterprise, by type of activity, by structural divisions and responsibility centers, by stages and periods of the enterprise's activity, by sources of funds (own, borrowed, etc.).

4. Optimization of cash flows and the structure of sources of funds in order to ensure efficient operation enterprises.

5. Increasing the efficiency of the use of funds in the turnover of the enterprise, accelerating their turnover.

6. Expansion of sales volume based on the expansion of control over cash flows and improvement of their management.

7. Obtaining additional profit and increasing the profitability of the enterprise.

8. Improving the efficiency of planning and forecasting the activities of the enterprise.

9. Reducing the risk of insolvency of the enterprise and preventing its bankruptcy.

2. Types and classification of cash flows of the enterprise

On fig. 1 shows the classification of cash flows of the enterprise. Conditional figures are used to visualize the relationship of cash flows.

Rice. 1. Classification of cash flows

The cash flow of an enterprise is the totality of all its receipts and payments for a certain period of time.

The inflows (receipts) and outflows (payments) of money over a period of time are constituent parts cash flow. A set of inflows or receipts is a positive cash flow, and a set of cash outflows or payments is a negative cash flow.

Net cash flow is the difference between the sum of inflows and outflows. Net flow refers to the financial results of the enterprise. Net flow can be either positive or negative.

Positive net flow, may be excess or deficient. Excess flow means a significant excess of cash receipts over demand. Deficient cash flow characterizes the opposite phenomenon, when receipts are not enough to cover the need. Negative flow, of course, is always scarce.

A time estimate defines the cash flow as present and future. The present flow is determined in the estimation of the present time, and the future flow is determined in the estimation of some future specific point in time by discounting, i.e. ghosts of future cash flows in a comparable form with the present.

From the point of view of constancy, cash flows are regular and discrete. A regular flow goes constantly for a certain period of time, and a discrete flow is a single receipt and expenditure of money, an enterprise for any period. Most cash inflows and outflows are regular. Discrete flows are the acquisition of property, obtaining a long-term loan, proceeds from the payment of a large bill, the purchase of a license, etc. Regular cash flows can be both with uniform monetary intervals and with uneven ones.

Depending on the scale, cash flows are:

- in general for the enterprise;

- for certain types of economic activity (main, investment, financial);

- by individual structural divisions or responsibility centers of the enterprise";

- for individual business transactions or stages in the activities of the enterprise, for example, from the moment of creation joint-stock company, launch of new products, completion of reconstruction, etc.;

– own and borrowed funds;

– gross flows and flows based on financial results.

3. Efficiency of cash flows of the enterprise

The cash flow statement for the whole enterprise and for individual types of activities is part of the financial statements.

The efficiency of using cash flows is determined by the speed of their movement - the speed of turnover, or turnover. The faster the circulation of DS is made, the smaller their amount will be required by the enterprise for the successful implementation of the production program.

The period of capital in cash (Pdn) is determined as follows:

The following formula can be used to calculate the projected cash balance:

4. Cash flow management of the enterprise

The main goal of cash flow management is to ensure the financial balance of the enterprise in the process of its development by balancing the volume of receipts and expenditures of funds and their synchronization in time.

The main tasks of cash flow management are as follows:

– forecast of incoming and outgoing cash flows and their management;

– ensuring the liquidity of the enterprise;

– evaluation various types investments and placement of surplus funds;

– identifying sources of short-term financing;

– risk management on interest rates and exchange;

- determination of the plan for the receipt of funds and their use.

The cash flow management process can be represented as the following steps:

1. Full and reliable accounting of cash flows and the formation of the necessary reporting.

2. Analysis of cash flows in the previous period.

3. Planning of cash flows in the context of their various types.

4. Optimization of cash flows.

5. Ensuring effective control over cash flows.

5. Accounting for the cash flows of the enterprise

Complete and reliable accounting of cash flows is based on the following principles:

1. The principle of informative reliability

2. Principle of balance

3. The principle of ensuring efficiency

4. The principle of providing liquidity

A distinctive feature of modern Russian reality is that cash flows are not an independent object of accounting. As an accounting object in Russia, cash is considered that is not highly sensitive to possible unforeseen financial problems. The cash category is static and does not reveal the cash flow, despite the fact that the implementation of almost all types of operations of enterprises and organizations causes the cash flow in the form of their receipt or expenditure. For the reasons mentioned above, it is necessary to separate cash flows into an independent accounting object and form a cash flow accounting system, which includes managerial, financial and strategic accounting of cash flows.

The main purpose of the cash flow accounting system is to provide, first of all, internal users with reliable information on cash flows, necessary and sufficient for the development and timely adoption of adequate management decisions. This goal is achieved through the formation of a reporting system that will allow information users to objectively evaluate and make appropriate decisions on cash flow management.

The objects of the cash flow accounting system are:

– system of cash and non-cash payments;

– working capital management;

– management of capital invested in fixed assets (fixed capital);

– policy of attracting new financial resources;

– management of the capital structure of the enterprise;

- the level and dynamics of the financial results of the enterprise.

- property and financial condition of the enterprise;

– business activity and efficiency of the enterprise.

The cash flow accounting system is designed to provide:

1. Coverage of all financial transactions, i.e. be continuous and continuous, reflect all operations on the movement of the financial resources of the enterprise and its funds for all receipts, payments, balances in various monetary forms - cash on hand, non-cash funds in bank accounts, letters of credit, settlements, securities and any other places of their storage or location;

2. Reflection of business processes directly related to the financial operations of the enterprise, for example, the production of commercial products and their shipment to customers, the preparation and sending of payment documents, the timeliness and completeness of the receipt of funds from buyers, refusals of acceptance, transfer of delivered products by the buyer to safekeeping due to its incompleteness, incomplete delivery and for other reasons, other production and economic facts of the enterprise;

3. Reflection of information on the timeliness of settlements with the budget and off-budget funds and other non-commodity transactions of the enterprise;

4. Control over the state and targeted use of working capital of the enterprise.

The purpose of cash flow reporting is to provide users with useful information. At present, the expediency and necessity of meeting the information needs of numerous users is obvious, which can be grouped into three main groups:

– directly engaged in business at this enterprise;

- located outside the enterprise, but having a direct financial interest in the business;

– having an indirect financial interest in the business.

The first group of users are the management of the enterprise, who are responsible for the conduct of business and for achieving the objectives of the enterprise.

The second category of users of reporting information represents a fairly large number of people who do not work at the enterprise, but who have a direct financial interest in the results of its activities. These are, first of all, the founders of the enterprise, as well as various creditors - suppliers or banks, from which the enterprise takes long-term and short-term loans.

The third circle of persons with an indirect financial interest is made up of a wide variety of users of accounting (financial) statements. This is the tax service state statistics, various financial advisors, etc.

In reporting Russian enterprises there are forms that reflect the movement of funds. This:

– statement of changes in equity – Form No. 3;

– cash flow statement – Form No. 4;

- the movement of borrowed funds - part of the appendix to the balance sheet, form No. 5.

6. Cash flow analysis

The next stage of cash flow management is the analysis of cash flows in the previous period.

As a result of the analysis of cash flows, the enterprise should get an answer to the main question: where does the money come from, the role of each source and for what purposes are they used? Conclusions should be drawn both for the enterprise as a whole and for each type of its activity: core, investment and financial. On this basis, conclusions are drawn about the sources and security of each type of activity with the necessary funds. As a result, decisions are made to ensure the excess of cash receipts over payments, sources of payment for current liabilities and investment activities, sufficiency of profits, etc.

Thus, the main objects of cash flow analysis are:

– positive flow – inflows;

– negative flow – outflows;

- cash balance.

Analysis of cash flows is associated with finding out the reasons that influenced the following processes:

– increase in cash inflow;

– decrease in their inflow;

– increase in their outflow;

- reduction of their outflow.

The analysis can be done both for a long period (several years) and for a short one (quarter, year). Such an analysis will be of undoubted interest if it is done for a period reflecting some stage in the activity of the enterprise.

Analysis of cash flows should be carried out both on the basis of reporting and planned indicators. Data are used as calculated indicators primary accounting and regular company reporting.

7. Cash flow planning

Cash flow planning is carried out in the form of multivariate planned calculations of these indicators under various scenarios for the development of initial factors (optimistic, realistic, pessimistic). The object in this case is the fulfillment of the established planned assignments on the formation of the volume of funds and their spending in the prescribed areas; uniformity of formation of cash flows in time; liquidity of cash flows and their efficiency. These indicators are controlled in the process of monitoring the current financial activities of the enterprise.

The planned indicators of the cash flow of the enterprise are calculated in the form of an operational financial plan, the so-called payment calendar. It is developed for a month with a frequency of 5, 10 or 15 days.

The peculiarity of the payment calendar is that the company first determines all its cash expenses for the month, and then seeks financial resources to cover expenses if cash income is not enough.

Planning possible payments and sources of their coverage is associated with daily control over the receipt of sales proceeds and the payment of incoming material assets as the main areas of cash flows. The development of an economically sound payment calendar is one of the prerequisites for effective cash flow management. It allows you to provide the company with the necessary funds, identify opportunities to increase sales and profits, and improve the efficiency of the structure of funds used.

Along with the payment calendar of enterprises, a special journal is maintained, which reflects all indicators of the payment calendar in dynamics, as well as indicators of the cash flow statement.

When using the payment calendar, enterprises have the opportunity to apply the analysis, which is called ABC. Its meaning is that, using natural and cost indicators, cash flows are divided into three groups (A, B and C) depending on the amount of funds or other factors and the possibility of applying appropriate management methods to each of these groups.

Cash flow planning for a longer period than 1 month is carried out using the cash flow budget. Budgets at the enterprise are developed, as a rule, for 1 year, but this can be done for 3 or 6 months. The cash flow budget, on the one hand, reflects income and receipts of funds, and on the other hand, expenses and payments. But unlike the payment calendar, planning in the budget of cash flows is carried out for three types of activities: core, investment and financial. With the help of the cash flow budget, the company solves the problem of cash deficit in certain months during the year.

There are two methods for calculating cash flow: direct and indirect. The differences between these methods follow from the principles of calculations. With the direct method, the calculation of flows is carried out on the basis of the accounting accounts of the enterprise, and with the indirect method, on the basis of the indicators of the balance sheet of the enterprise (Form-1) and the income statement (Form-2).

As a result, with the direct method, the enterprise receives answers to questions about cash inflows and outflows and their sufficiency to ensure all payments. The indirect method shows the relationship various kinds activities of the enterprise, as well as the impact on profits of changes in the assets and liabilities of enterprises. In addition, the calculation basis for the direct method is the proceeds from the sale of products, and for the indirect method - profit.

Under the direct method, cash flow is defined as the difference between all the inflows of funds in the enterprise for three types of activities and their outflows. The balance of funds at the end of the period is defined as their balance at the beginning, taking into account their flow for a given period.

With the indirect method, the basis for the calculation are retained earnings, depreciation, as well as changes in the assets and liabilities of the enterprise.

At the same time, an increase in assets reduces the company's cash, and an increase in liabilities increases it, and vice versa.

8. Cash flow optimization

Optimization of cash flows is the process of choosing the best forms of their organization in the enterprise, taking into account the conditions and characteristics of the implementation of its economic activities. Mechanisms for minimizing financial risks play an important role in optimizing cash flows.

Cash flow optimization is one of the most important functions of cash flow management aimed at improving their efficiency in the coming period.

The most important tasks to be solved during this stage of cash flow management are:

– identification and implementation of reserves, allowing to reduce the dependence of the enterprise on external sources attracting funds;

– ensuring a more complete balance of positive and negative cash flows in time and volume;

- ensuring a closer relationship of cash flows by types of economic activity of the enterprise;

– increase in the amount and quality of the net cash flow generated by the economic activity of the enterprise.

The basis for optimizing the cash flows of an enterprise is to ensure a balance between the volumes of their positive and negative types. The results of economic activity of the enterprise are negatively affected by both scarce and excess cash flows.

Methods for optimizing the scarce cash flow depend on the nature of this scarcity - short-term or long-term.

The balance of the deficit cash flow in the short term is achieved by using the "System of acceleration - deceleration of the payment turnover". The essence of this system is to develop at the enterprise organizational measures to accelerate the attraction of funds and slow down their payments.

In the system of optimizing the cash flows of an enterprise, an important place belongs to their balance in time. In the process of such optimization, two main methods are used - alignment and synchronization. Equalization of cash flows is aimed at smoothing their volumes in the context of individual intervals of the period under consideration. This optimization method eliminates, to a certain extent, seasonal and cyclical differences in the formation of cash flows (both positive and negative), while simultaneously optimizing the average cash balances and increasing the level of absolute liquidity. The results of this method of optimizing cash flows over time are evaluated using the standard deviation or coefficient of variation, which should decrease during the optimization process.

Growth in net cash flow drives pace economic development enterprises on the principles of self-financing, reduces the dependence of this development on external sources of formation of financial resources, ensures growth market value enterprises.

The negative consequences of a deficit cash flow are manifested in a decrease in the liquidity and solvency of an enterprise, an increase in overdue accounts payable to suppliers of raw materials and materials, an increase in the share of overdue debts on financial loans received, delays in paying wages (with a corresponding decrease in the level of personnel productivity), an increase in the duration of the financial cycle , and, ultimately, in a decrease in the profitability of the use of equity capital and assets of the enterprise.

The negative consequences of excess cash flow are manifested in the loss of the real value of temporarily unused funds from inflation, the loss of potential income from the unused part of monetary assets in the field of their short-term investment, which ultimately also negatively affects the level of return on assets and equity of the enterprise.

9. Controlling the cash flow of the enterprise

Ensuring effective control over cash flows can significantly reduce the risk of insolvency of the company. Even for enterprises that successfully carry out economic activities and generate a sufficient amount of profit, insolvency can occur as a result of the imbalance of various types of cash flows over time. Synchronization of receipts and payments of funds, achieved in the process of managing the cash flows of the enterprise, allows to eliminate this factor in the occurrence of its insolvency.

The main goal of managing the cash flows of an enterprise is to ensure its financial balance in the development process by balancing the volumes of receipts and expenditures of funds and their synchronization in time.

Responsibility for ensuring control over cash flows lies with the financial director of the enterprise. To ensure effective control over cash flows, it is necessary to documentation support all transactions related to cash flows, which would provide complete information for the financial director. To do this, you must enter documents regulating the spending of funds, for example, an application for payment, it can also be memos, payment registers, etc. The minimum set of details for such a document includes the following sections:

– payment initiator (department, employee);

– payment code in accordance with the classifier of payment items or projects;

- payment term;

– signatures of the initiator of the payment, the head of the division, the head of the company.

Applications for payment serve as a tool for collecting factual information. The "Payment Initiator" requisite allows you to track which division of the company carries out certain types of expenses. In this case, it is necessary to authorize the application with the head of the department and CEO to avoid misappropriation of company funds.

Applications are easy to classify by departments and expense items, even in Excel. Having accumulated information on actual payments for two or three months, you can proceed to limiting expenses and compiling a payment calendar.

To control payments, it is useful to analyze the reasonableness of spending money and the system for recording costs. Analytical indicators must be added to the payment request: inventory turnover ratio (instant, 30- and 90-day), amounts of accounts payable to each supplier and overdue receivables from buyers, as well as the period of delay. It is also useful to introduce an indicator of the rate of payments to suppliers as a share of sales revenue. Thus, they create special shapes for financial management, and these indicators (usually 3-5) allow you to understand how and when to spend money.

The financial director must be given the right to sign documents regulating payments. Typically, this right is granted by order of the CEO, but in some cases - by decision of the business owner or the board of directors.

Since such innovations threaten the top management of the company with some weakening of their impact on financial flows, it is necessary to explain to the management the need for delegation of authority, and also to convince them to introduce a budgeting system, within which financial director or the employees under his control will receive the right of decisive signature in terms of payments approved in the budget.

By signing payment documents, the financial director will be able to receive timely information about the company's activities, including its expenses, acquire the status of a top manager, which will avoid conflicts with the heads of functional units, and will also begin to gradually introduce budget procedures.

Thanks to the effective organization of control over cash flows, it is possible to develop effective solutions to increase the volume of positive cash flow and reduce the volume of negative cash flow in the long run.

At the same time, the growth in the volume of positive cash flow in the long term can be achieved through the following activities:

– attraction of strategic investors in order to increase the volume of own capital;

– additional issue of shares;

– attracting long-term financial loans;

– sale of a part (or the whole volume) financial instruments investment;

– sale (or lease) of unused types of fixed assets.

Reducing the volume of negative cash flow in the long run can be achieved through such measures as:

– reduction in the volume and composition of real investment programs;

– refusal of financial investment;

- reduction of the amount fixed costs enterprises.

It is no secret that it is in financial activities that abuses are not uncommon, which negatively affect the entire economic activity of the enterprise and infringe on the rights of owners. Therefore, ensuring efficiency financial control over the cash flow of an enterprise is a key stage in cash flow management.

10. The need for cash flow management

Thus, it should be noted that cash flows make up the bulk of the financial resources used commercial organizations in the course of their business activities. The state of cash flows largely determines the financial well-being of both individual organizations and economic system generally.

The constant movement of funds is the basis for an uninterrupted process of production and circulation. This is the most important function of money - production.

Cash is one of the main financial categories that have a significant impact on the sphere of production, the sphere of circulation, the state of settlements in national economy and, thus, on the money circulation in the country, perform their second function - payment and settlement.

Cash flow management is directly related to the mechanism for determining the planned needs of the enterprise for them, their rationing. It is important for the enterprise to correctly determine the optimal need for cash, which will allow, with minimal costs, to receive the profit planned for a given volume of production. Understating the amount of funds entails an unstable financial condition, interruptions in the production process and, as a result, a decrease in production and profits. In turn, overestimation of the amount of funds reduces the ability of the enterprise to produce capital expenditures to expand production.

conclusions

The methods of managing the cash flows of enterprises contribute to the adoption of more informed and rational decisions by the financial managers of organizations. The use of the considered principles of education and cash flow management in practical activities enterprises will optimize the structure of payments of enterprises. The optimization of the company's payments is achieved, first of all, by the balance of cash payments, as a result of which the solvency increases and it becomes possible to maintain it at the required level.

Effective cash flow management allows you to accelerate the turnover of funds, reduce the need to attract additional borrowed funds, free up additional funds that can be directed to the turnover of the enterprise.

Literature

Textbooks and monographs

1. Balabanov I.T. Fundamentals of financial management: Tutorial for secondary special educational institutions. - M.: Finance and statistics, 2006.

2. Bertonesh M., Knight R. Cash flow management. - St. Petersburg: Peter, 2005.

3. Blank I.A. Cash flow management. - K .: Nika-Center, Elga, 2007.

4. Borodina E.I. Enterprise finance. - M.: Finance and statistics, 2005.

5. Bocharov V.V., Leontiev V.E. Corporate Finance. - St. Petersburg: Peter, 2005.

6. Kovalev V.V. Finance of enterprises - M .: Prospekt, 2006.

7. Likhacheva O.N. Financial planning at the enterprise. - M .: OOO "TK Velbi", 2006.

8. Polovinkin S.A. Financial management of an enterprise - M .: FBK-Press, 2007.

9. Cherkasov V.E. Financial management. - Tver: Tver Institute of Economics and Management, 2005.

Periodicals

10. Mityakova O.I. Cash flow optimization as a tool crisis management enterprise // Finance and credit. - 2005. - No. 30. - S. 44-50.

11. Khorin A.N. Cash flow statement // Accounting. - 2005 - No. 5. - S.: 24-29.

12. Burtsev V.V. Revision of the financial system of the enterprise // Management in Russia and abroad. - 2004. - No. 3. – P. 35-40.

The significance of this topic lies in the fact that we defined the finances of enterprises from the very beginning as cash funds and cash flows. Flows ensure the functioning of monetary funds. Without the cash flows that each cash fund has - authorized capital, accumulation and consumption fund, etc. - these funds would not be capable: they were not formed and were not used. Therefore, an important component of enterprise financial management is cash flow management. The success of managing the finances of an enterprise depends on the ability to distribute, use and replenish funds.

The importance of cash flow management also stems from the fact that they serve business processes. Therefore, cash flow management accelerates the turnover of capital, allows you to increase profits, thereby giving the enterprise financial stability and the rhythm of its functioning, and also allows you to reduce the need for borrowed capital and act on the principles of self-financing.

If the borrowed capital is involved in the conditions of a well-functioning cash flow management system, then it is used in the general direction of flow management with the greatest return and is returned to the creditor without complications for the enterprise. In a word, the state of cash flows as a kind of money circulation system reflects the financial "health" of the enterprise.

Cash flow management includes cash flow accounting, forecasting, cash flow analysis and regulation.

Cash flow - This is the continuous movement of funds representing their receipt (inflow) and expenditure (outflow). Such movement is distributed in time and volumes. Serving economic activity, it is generated by this activity.

The purpose of cash flow management is to ensure a balance (equilibrium) of receipts and expenditures of funds and maintaining their optimal balance.

Managing cash flows means solving the following tasks:

1. Establish sources of income and directions for spending money;

2. Investigate factors affecting cash flows (internal, external, direct, indirect, etc.);

3. Analyze the reasons for the lack or excess of funds and take measures to bring them into line;

4. Improve the mechanism of regulation and control of cash flows.

Synchronization of receipts and payments in terms of size and time allows you to reduce the reserve balance of funds, optimizing its size, and invest free cash, turning it into additional source arrived.

Cash flows can be classified:

1. P O scale maintenance of business processes and, accordingly, subdivided into general cash flow, accumulating all types of cash flows of the enterprise as a whole, for certain types economic activity, by individual structural divisions(responsibility centers) of the enterprise, for individual business transactions;

2. P O typeseconomic activity allocate such types of cash flows:

- operating activities(current) - somehow, payments to suppliers of raw materials and materials, wages, tax payments, etc., and receipts from buyers of products, tax refunds, etc.;

- for investment activities- investments in long-term assets (land plots, buildings, equipment, etc.), investments in the authorized capital of other organizations and subsidiaries and, accordingly, proceeds from the sale of long-term assets and income from investment investments;

- for financial activities- receipts related to the attraction of additional equity and share capital through the placement of new shares and bonds, the use of credit, etc., and the payment of dividends and interest, the redemption of own shares, the redemption of bonds and own bills, the return of loans and the payment of interest on them, etc.

Cash flow diagrams for these types of activities are presented in Appendix No. 1.

3. PO directions cash flows are positive cash flow (inflow, receipts) and negative cash flow (outflow, payments).

4. PO method of calculation allocate gross cash flow as a set of receipts or expenditures of funds in a certain period and clean cash flow is the difference between cash in and out.

Net cash flow reflects their ratio and is calculated by the formula:

- in short supply cash flow - income below the actual need for spending money. Even if the amount of net cash flow is positive, it can be characterized as scarce if the amount received does not meet the minimum need of the enterprise for cash.

The negative value of the amount of net cash flow automatically makes it scarce. IN financial analysis it is advisable to determine the degree of sufficiency not only for each type of activity separately, but also as a set of all types of activity. In this case, the shortfall in cash flows from one type of activity is offset by a positive inflow from others.

6. By time estimation method allocate present (current) and future (discounted) cash flows reflecting the value of money over time. It is different due to the natural depreciation of money. For example, at the beginning of the 20th century, an expensive suit made of natural fabric cost $50 in the United States. And today such a suit costs about 3000. Therefore, the purpose of the discount is to reflect the decline in the purchasing power of money in the future.

7. By continuity of formation consider: regular, i.e. carried out constantly, including with a uniform and uneven time interval (in most cases, the cash flows of an enterprise are regular, and the time interval may be violated with a change in the economic situation) and discrete - as a one-time receipt or expenditure of funds (gratuitous assistance, acquisition of another enterprise, etc.).

8. IN depending on prices distinguish cash flows at current prices;cash flows at forecast prices and cash flows at deflated prices(reduced to the price level of a fixed moment).

9. By form of implementation are divided into cash and non-cash cash flows.

10. By sphere of circulation share to external and internal(between business units).

11. By predictability - on planned and arising spontaneously (due to some extraordinary events).

The continuity of cash flow generates the repeatability of cash flows, which means their cyclicality. During the cycle, the money invested in assets is returned in the form of a result obtained during the operation of these assets (for example, proceeds from the sale of goods and services or interest on invested capital). The cash flow serving each type of activity of the enterprise has its own cycle - for current activities, for investment activities, for financial activities.

The cycle for current activities (production and commercial cycle) will be the time period from the moment of investing funds in pre-production stocks (purchase of raw materials, materials, etc.) until they are received from the recipients of products and services (debtors). The investment activity cycle will be measured by the time parameters of investing funds in non-current assets until a return is received from them. And so on. To more accurately determine the cycles of cash flows, it is necessary to link them with the circulation of economic assets as the material basis of cash flows.

Then the turnover of capital elements will come into view: for current activities- stocks of raw materials and materials - from the moment they are received from the supplier to transfer to production, including the time spent in the warehouse of the enterprise; finished products - from the moment of completion of its creation to the moment of sale, including the time of its stay in the warehouse; receivables turnover time - from the moment of its sale to the receipt of funds for these products.

That is, the time of the financial cycle is calculated by the formula:

FC \u003d WHO + AIR - VOKZ,

where WHO is the time of inventory circulation;

AIR - the time of circulation of receivables;

VOKZ - the time of circulation of accounts payable.

In its turn:

WHO \u003d ZAP sr × 360 / Sp

AIR \u003d DZ sr × 360 / V

VOKZ \u003d KZ sr × 360 / Sp,

where ZAP cf - the average value of reserves;

DZ av and KZ av - average values of receivables and payables;

Cn is the total cost of products sold;

B - proceeds from the sale of products or services.

Operating cycles allows you to ensure the balancing of cash flows in time, to find reserves for generating cash flows at all stages of the circulation of economic assets of the enterprise.

Cash flow cycles depend on a number of conditions, including:

Industry specifics of the enterprise (technological cycle);

Features of the market in which the enterprise sells its products and purchases what it needs for industrial consumption;

Economic conditions in the country (tax policy, inflation, interest rates etc.);

The level of general manageability of the enterprise and the ongoing financial policy.

However, the immediate objective of cash flow management is to shorten the financial cycle. Naturally, it will be based on the reduction production cycle(from the moment of purchase of working capital and reduction of time production process before the shipment of finished products), reducing the time of turnover of receivables (from the moment the goods are shipped to the recipient until the funds are credited to the settlement account of the manufacturer).

In practice, cash flows and their provision are much more complex than in a schematic representation. For example, inventories and fixed assets can act as a means of payment and take the form of money bypassing the production process.

A special element in the presented scheme is accounts payable. It does not apply to business assets. But varying it allows you to regulate the cycle of cash flows and serves as a short-term source of increasing the available cash from the enterprise.

The focus of regulation and management of cash flows is the ratio of receivables and payables. First of all, we must strive to reduce accounts receivable, provide debtors with credit for an acceptable period and prevent its delay. But at the same time, remember that the use of deferred payment and installment plans, which inevitably give rise to receivables, can increase sales volumes.

And this positive moment in the "accumulation" of receivables. Creditors also need to seek a loan for a period exceeding the maturity of receivables, and use the funds received with maximum efficiency. Otherwise, the company faces penalties for non-payment of accounts payable and the loss of counterparties, and even technical bankruptcy.

Ensuring the financial balance of the enterprise by balancing the volume of receipts and expenditures of funds and their synchronization in time is carried out through:

Regular construction of schemes of emerging cycles of cash flows;

Analysis of each component of individual cash flow cycles and its optimization;

Control and, if necessary, restructuring cash flow cycles.

The calculation of the feasibility of organizing cash flows and their effectiveness can be carried out by two methods - direct and indirect.

Direct method - provides data on gross and net cash flow in the reporting period. It reflects the entire volume of receipts and expenditures of funds for certain types of economic activity (current, investment, financial) and for the enterprise as a whole.

That is, the essence of the direct method is to characterize the inflow and outflow of funds for a certain period through the state of the cash balance at the beginning and end of this period, taking into account the amount of cash turnover. For this, accounting and reporting data are used that characterize all types of receipts and expenditures of funds.

This method has its advantages and disadvantages. The advantages are:

Providing operational information and the possibility of assessing the sufficiency of funds for payments on current obligations;

Ability to identify the main sources of positive flows and the direction of negative flows;

Opportunities to identify items with the highest positive and negative cash flow results;

Possibilities of monitoring and regulating the state of cash flows as a generalizing indicator of accounting registers (General Ledger, order journals and other documents);

Possibilities of forecasting the state of cash flows and solvency of the enterprise.

The disadvantage is the complexity in the absence of electronic processing of information and errors in the reliability of the effectiveness of the organization of cash flows, since some lines in the financial statements are not broken down according to the classification of the types of activities of the enterprise (wage payments, social payments).

Therefore, from the point of view of identifying the reasons for the discrepancy between financial results and free cash balances, as well as the state of profitability of the enterprise from various types of activities, the indirect method is more preferable.

indirect method- provides calculation of net cash flow based on the use of net profit as a basic element received in the reporting period, then converted into an indicator of net cash flow. Such a calculation is carried out by type of economic activity and the enterprise as a whole. The indirect method allows you to determine the main financial source of increasing net cash flow according to the types of activities and to identify the dynamics of all factors influencing its formation.

The inflow of funds consists of net profit, depreciation charges, the magnitude of the decrease in individual items of the balance sheet asset and the increase in accounts payable.

The formula for calculating net cash flow from operating activities is as follows:

Where CFop - the amount of net cash flow of the enterprise on operating activities in the period under review;

state of emergency - the amount of net profit of the enterprise;

aos - the amount of depreciation of fixed assets;

Ana - the amount of depreciation of intangible assets;

DZ - decrease (increase) in the amount of accounts receivable;

W tm - decrease (increase) in the amount of stocks of inventory items that are part of current assets;

KZ - increase (decrease) in the amount of accounts payable;

R - increase (decrease) in the amount of the reserve and other insurance funds.

Theoretically cash flow for ordinary activities in normally functioning enterprises should exceed their outflow. This is due to the process of increasing the cost of capital during production activities, since the value received will be greater than the original entrepreneurial advance.

But in reality, there is a whole set of factors that determine the possible excess of outflow over inflow, including the timeliness of debtor settlements, price changes for finished products sold and purchased pre-production stocks (there may be so-called “scissors” not in favor of the enterprise), timeliness of bank settlements , servicing the transfers of debtors, change in exchange rate differences used in the calculations of currencies for enterprises that carry out foreign economic activity and etc.

In the normal development of business, creditor and accounts receivable approximately coincide in size, - say the financiers. (see V.V. Kovalev Management of cash flows, profit and profitability. M., 2008, p. 20).

For investment activities the amount of net cash flow is determined as the difference between the amount of sale of certain types of non-current assets and the amount of their acquisition in the reporting period. The formula by which this indicator of investment activity is calculated is as follows:

Where CFin - the amount of net cash flow of the enterprise for investment activities in the period under review;

Ros - the amount of disposal of retired fixed assets;

Rna - the amount of disposal of retired intangible assets;

Rdfi - the amount of the sale of long-term financial instruments of the enterprise's investment portfolio;

Rsa - the amount of re-sale of previously redeemed own shares of the enterprise;

Dp - the amount of dividends (interest) received by the enterprise on long-term financial instruments of the investment portfolio;

pos - the amount of acquired fixed assets;

D NKS - the amount of growth in unfinished capital construction;

Mon - the amount of acquisition of intangible assets;

PDF - the amount of acquisition of long-term financial instruments of the enterprise's investment portfolio;

Vsa - the amount of redeemed own shares of the enterprise.

For financial activities the amount of net cash flow is defined as the difference between the amount of financial resources attracted from external sources and the amount of the principal debt, as well as dividends (interest) paid to the owners of the enterprise. The formula for calculating this indicator for financial activity is as follows:

Where CF f - the amount of net cash flow of the enterprise on financial activities in the period under review;

Psk - the amount of equity or share capital additionally attracted from external sources;

MPC - the amount of additional attracted long-term credits and loans;

pkk - the amount of additionally attracted short-term credits and loans;

BCF - the amount of funds received in the form of gratuitous targeted financing of the enterprise.

Vdk - the amount of payment (repayment) of the principal debt on long-term credits and loans;

Wcc - the amount of payment (repayment) of the principal debt on short-term credits and loans;

Doo - the amount of dividends (interest) paid to the owners of the enterprise (shareholders) on invested capital (shares, shares, etc.).

The amount of net cash flow for these types of activities represents its total size for the enterprise in the reporting period for all types of activities.

The advantage of the indirect method when used in operational management is that it allows you to establish a correspondence between the financial result and the use of own working capital. In the long term, the indirect method makes it possible to identify the most problematic areas for managing cash flows and the economic activity of an enterprise, i.e. the formation of immobilized (unused) funds.

But perhaps the most important advantage this method is that cash flow management when using own, borrowed and borrowed funds is aimed at final result enterprise activities - earning net income.

But this method is not without drawbacks. For there is no absolute unity of factors affecting both the state of cash flows and the state of profit. Thus, early disposal of non-current assets, including fixed assets, leads to a decrease in profit by the amount of their residual value. But this transaction does not cause cash flow. In addition, it is necessary to take into account the existing discrepancy in the time of expenditure and receipt of income and their reflection in the financial statements, and the actual cash flow for these operations.

For example, according to accounting data, an enterprise can be profitable, but at the same time experience certain difficulties in paying for urgent obligations. The point here is in the specifics of the reflection of information in the reporting, which is ahead of the real cash flow, because it depends on the method of calculation used. Information about the cash flow is formed on a cash basis and reflects the fact of their movement. The resulting profit is, firstly, a calculated indicator, and secondly, it can be determined before the receivables are repaid.

The cash flow liquidity ratio is also used, in which the main guideline is the dynamics of the balances of the enterprise's cash assets, the size of which ensures absolute solvency.

It is calculated by the formula:

where PDS - cash receipts;

DO - cash balance;

RDS - spending money.

If the size of the net cash flow is correlated with the amount of money spent, then we get an indicator - the cash flow efficiency ratio.

The efficiency of a positive cash flow can also be expressed in terms of the ratio of profit to the size of this flow. This profitability ratio is calculated from the positive cash flows of various activities.

The state of cash flows of the enterprise is significantly influenced by the types and forms of cash payments used. They affect the rate of cash flow. Thus, the use of cash settlement ensures the receipt of funds at the time of the transaction. Cashless payment involves the movement of payment documents through banks serving counterparties, which requires more time.

Even the implementation of non-cash payments in various forms (payment orders and claims, advance payments, checks, on the terms of acceptance and without it, letters of credit with all their varieties) has a significant impact on the speed of money movement due to various labor costs in processing the data of payment documents and different order money transfer.

To manage current cash flows, a cash flow plan, a profit and loss plan, a budgeting system, a payment calendar, and a cash plan are used.