Young scientist methods of improving the financial performance of the enterprise. Improving the management of financial results of small agribusiness enterprises. LLC "KipStep", its characteristics and analysis of financial activities

1. THEORETICAL ASPECTS OF FINANCIAL ACTIVITIES OF THE ENTERPRISE .. ……. ……… .. ………………………………………….… .......

1.1 The concept of the financial activity of an enterprise .....................

1.2 The essence of the financial activities of the enterprise ... ... .... ... .... ... ...

1.3 Methods of financial activities of the enterprise ... .. ... ... ... ... .... ....

2. ANALYSIS OF FINANCIAL ACTIVITIES OF THE ENTERPRISE OF JSC "KANT" FOR 2007-2009 ………… .. …………………………… .. …….… ..

2.1 Analysis of the economic characteristics of the enterprise ... ... .. ... ...

2.2 Analysis of the profitability of the enterprise …………… .. ……… ..… .....

2.3 Analysis of the liquidity of the enterprise ……………………. …… ..… ..

3. IMPROVEMENT OF THE FINANCIAL ACTIVITIES OF THE ENTERPRISE …………………………………………………… .. ………….

CONCLUSION

LIST OF USED SOURCES

INTRODUCTION

The market economy presupposes the formation and development of enterprises of various organizational - legal forms based on different types of private property, the emergence of new owners - both individual citizens and labor collectives of enterprises. There has appeared such a type of economic activity as entrepreneurship - this is an economic activity, i.e. activities related to the production and sale of products, the performance of work, the provision of services or the sale of goods needed by the consumer. It has a regular character and is distinguished, firstly, by freedom in choosing directions and methods of activity, independence in decision-making (of course, within the framework of laws and moral norms), and secondly, by responsibility for decisions made and their consequences. Thirdly, this type of activity does not exclude risk, loss and bankruptcy. Finally, entrepreneurship is clearly focused on making a profit, which in conditions of developed competition is also achieved by meeting social needs. This is the most important prerequisite and reason for the interest in the results of the financial activities of the enterprise. The implementation of this principle in practice depends not only on the independence granted to enterprises and the need to finance their expenses without government support, but also on the share of the profit that remains at the disposal of the enterprise after taxes. In addition, it is necessary to create an economic environment in which it is profitable to produce goods, make a profit, and reduce costs.

As a rule, the enterprise acts legal entity, which is determined by a set of signs: the isolation of property, liability for obligations with this property, the presence of a current account in the bank, acting on its own behalf. The isolation of property is expressed by the presence of an independent balance sheet, which includes the property of the enterprise.

1.THEORETICAL ASPECTS OF FINANCIAL ACTIVITIES OF THE ENTERPRISE

1.1 Concept of the financial activity of the enterprise

In numerous works devoted to financial and economic analysis, the term "financial activity" is interpreted from two perspectives. In a narrower sense, the term "financial activity" can be viewed from the point of view of data presentation in the "Statement of the movement Money", in which all activities of the organization are subdivided into financial, investment and current. Financial activities here mean activities related to short-term financial investments: issuance of bonds and other short-term securities, disposal of shares, bonds previously purchased for a period of up to 12 months, etc. .p. Investment refers to activities related to the capital investments of the organization in connection with the acquisition of land, buildings and other real estate, equipment, intangible assets and other non-current assets, as well as their sale, with the implementation of long-term financial investments in other organizations, the issue bonds and other securities of a long-term nature. Under the current one means the activities of the organization in accordance with the goals and objectives of its creation, which is reflected in the constituent documents. Current activities, as a rule, pursue profit as the main goal (production of industrial products tion, construction and installation work, trade, catering, leasing property, etc.), however, non-profit organizations may, on the contrary, not be involved in making a profit ( educational institutions, cultural and sports institutions, procurement of agricultural products and others).

On the other hand, the term "financial activity" can be considered somewhat broader, meaning the financial and economic activities of the organization as a whole. Thus, there is an integrated approach to understanding financial activities: all activities of the organization are divided into financial and production. Of course, in comparison with the first option, such a division of activities cannot have a clear boundary. In particular, V.V. Kovalev distinguishes financial and economic activities and, as a result, proposes to distinguish between such components of economic analysis as financial analysis and analysis of economic activities.

So, financial activity is an activity associated with the movement of financial resources of an organization. The latter are cash income and receipts intended to fulfill the financial obligations of the organization to employees, the state, counterparties, credit institutions and other economic entities of the economy; as well as for the implementation of costs in order to develop the processes of expanded reproduction.

The circle of persons involved in the financial activities of the enterprise is heterogeneous, and therefore there is a need to study the economy of the enterprise from different positions. Suppliers and contractors, credit institutions are interested in the question of the financial condition of the enterprise, and, in particular, its solvency; investors and owners are also interested in the financial condition of the enterprise, but first of all, in the efficiency of activities: profitability of investments and dividends; managers - the competitiveness of products (works, services), profitability and turnover of funds; the state - the reliability of the enterprise as a taxpayer, its ability to provide new jobs.

Often, the interest of external users of information is expressed in the consideration of only one of the systems of performance indicators of the organization. For example, the purpose of a bank that provides a line of credit to a company is to analyze liquidity ratios; a potential investor who is considering investing in a company, analyzes profitability indicators and assesses the degree of investment risk. At the same time, the results of the analysis for certain specific purposes cannot reflect a holistic picture of the activities of the organization under study. Thus, solvency depends on the quality and competitiveness of the goods (services) produced and the rate of turnover of assets; profitability is determined by the financial independence of the enterprise; profitability - the efficiency of financial activities in general. For example, in the practice of financial analysis, the problem of reconciling the results of certain aspects of financial activities exists between liquidity and profitability, as an indicator of the effectiveness of financial activities. Investing in highly liquid assets is usually characterized by low returns, and, conversely, investing in less liquid assets associated with greater risk will bring higher returns. Thus, we see that in order to assess the financial performance of an enterprise, a comprehensive analysis is required - an analysis of the system of indicators, which allows a comprehensive assessment of the results of the financial activity of an organization.

As you know, the goal of any commercial organization is generating profit. However, for an external analyst, the amount of income received cannot give an answer to the question: is the amount of the received profit optimal for a given enterprise in this moment time, that is, absolute indicators cannot give a holistic picture of the effectiveness of activities. It is known that the same results can be obtained by investing a different amount and quality of funds to achieve the goal, or in another way - by choosing more or less effective ways to achieve the goal. Accordingly, the effectiveness of achieving the goal can be interpreted as obtaining a better result at a lower cost. As mentioned above, the purpose of the organization's work, and, in particular, financial activities, is to make a profit; therefore, the efficiency of financial activity can be defined as obtaining a better quality profit. Quality profit means that profit, which, firstly, is more stable from the influence of other factors in relation to the main activity, that is, more predictable; secondly, the quality indicators of which have a positive trend.

A comprehensive analysis of financial activities can be carried out with varying degrees of detail. The depth and quality of the analysis depend on the volume and reliability of the information at the analyst's disposal. In accordance with the possibilities of access to information resources, two levels of data are distinguished - external and internal. External data contains publicly available information about the object of analysis and is presented to users in the form of accounting and statistical reporting, publications in the media; industry reviews; with a certain degree of convention, this also includes the materials of the shareholders' meeting, data from information and analytical agencies. Note that the latter source does not always provide reliable data, since it is mostly of a commercial nature. Internal data is confidential information of an official nature circulating within the analyzed object. Internal sources of information include management (production) accounting data, accounting registers and analytical decryptions of financial accounting, economic and legal, technical, regulatory and planning documentation.

Methodological aspects of the analysis of the financial condition of the enterprise, analysis of sales proceeds, cost, profit and profitability. Creation of a system for effective management of the financial activities of an enterprise, its feasibility study.

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INTRODUCTION

A sound financial condition of an enterprise is an important condition for its continuous and effective functioning. For achievement financial stability the enterprise needs to ensure constant solvency, high liquidity of its balance sheet, financial independence and high economic efficiency.

The problem of managing the financial activities of an enterprise was most widespread in the late 90s, when enterprises began to carry out their activities on the principles of a market economy. The importance of this problem is due to the fact that financial activity is the basis of all economic activities of the enterprise. The activity of each business entity is the subject of attention of a wide range of market participants who are interested in the results of its work. The main tool for this is financial analysis, with the help of which you can objectively assess the financial position of the analyzed enterprise and, based on its results, make an informed decision.

To identify the root causes of changes in the financial situation, it is necessary to study numerous indicators characterizing all aspects of the enterprise's activities: organization, sales, financial transactions, cash flow, etc. Application of multifaceted complex analysis financial condition the enterprise creates real prerequisites for managing individual indicators, and, accordingly, for enhancing their impact on improving the financial climate.

The financial activity of the enterprise must be analyzed from the standpoint of both short-term and long-term perspectives, since the criteria for its assessment may be different. The state of the company's finances is characterized by the placement of its funds and the sources of their formation. The financial efficiency of the enterprise is reflected by: the availability of its own circulating assets and their safety, the state and dynamics of accounts receivable and payable, turnover working capital, material security of bank loans, solvency.

The analysis of the financial condition is carried out in order to establish how effectively the financial resources at the disposal of the enterprise are used. In this regard, the analysis of the financial condition of the enterprise and the analysis of other aspects of its activities should mutually complement each other.

The object of the research was the KipStep Limited Liability Company - the only distributor in the Republic of Belarus of hosiery of the Italian company Levante. The main activity is wholesale and retail trade in hosiery and underwear.

The subject of the research is the management of the financial activities of the company and the ways of its improvement.

The purpose of the work is to develop proposals for improving the management of financial activities of KipStep LLC.

Achieving this goal required solving a number of interrelated tasks:

- study the theoretical foundations of financial management in the enterprise;

- to investigate the history of creation and development of KipStep LLC;

- to analyze the organizational structure of enterprise management, to analyze the organization of work of the economic and accounting department;

- evaluate the efficiency of economic activities based on the analysis of sales proceeds;

- to evaluate the efficiency of economic activity based on the analysis of the structure and dynamics of the cost of the services rendered;

- calculate and analyze the indicators of profit and profitability of the enterprise;

- to analyze the financial condition of the enterprise based on the assessment of liquidity indicators, financial stability, the likelihood of bankruptcy;

- to develop specific measures aimed at improving the management of financial activities at KipStep LLC.

When performing the thesis, methods of comparison, grouping of information, tabular presentation of analytical data, systematization and classification, graphic display of information were used.

The following were used as information sources when writing the thesis:

- the charter of KipSep LLC;

- balance sheets for 2007-2009. - Form No. 1;

- profit and loss statements for 2007-2009. - Form No. 2;

- reports on changes in capital for 2007-2009. - Form 3;

- cash flow statements for 2007-2009. - Form No. 4;

- Appendices to balance sheets - Form No. 5;

- regulatory documents and instructions of the Ministry of Finance, Ministry of Economy, Ministry of Statistics and Analysis of the Republic of Belarus.

1 THEORETICAL ASPECTS OF FINANCIAL MANAGEMENT IN THE ENTERPRISE

1.1 The essence of financial management of the enterprise

An enterprise is an independent economic entity created to conduct economic activities, which are carried out in order to generate profits and meet social needs.

The enterprise at various stages of its activity sets itself certain goals and objectives. The formulation of these tasks depends on the current state of the enterprise, its position in the market, interaction with other business entities, as well as internal mechanisms that determine this or that functioning of the enterprise. To study all of the above factors, a comprehensive analysis of economic activities is used that meets all modern requirements. The final and main stage of the analysis is the analysis of the financial condition of the enterprise, in the process of which the security of the enterprise with the financial resources necessary for the normal course of commercial activity, the purposefulness of their placement and use are revealed, financial relationships with other business entities, the solvency of the enterprise itself and its market stability are clearly defined.

Financial activity as an integral part of economic activity is aimed at ensuring the planned receipt and expenditure of monetary resources, the implementation of calculation discipline, the achievement of rational proportions of equity and borrowed capital and the most efficient use of it.

Financial activity is the formation of the company's own funds, its income, attraction of borrowed sources of financing of economic activity, the distribution of income generated as a result of this activity, their use for the development of the enterprise.

The development of economic activity requires an appropriate financial security, i.e. initial capital, which is formed from the contributions of the founders of the enterprise and takes the form of authorized capital. This is the most important source of the formation of the property of any enterprise. The specific methods of forming the authorized capital depend on the choice of the organizational and legal form.

When creating an enterprise, the authorized capital is directed to the acquisition of fixed assets and the formation of working capital in the amount necessary for conducting normal business activities, it is invested in the acquisition of licenses, patents, know-how, the use of which is an important income-generating factor.

The financial activity of an enterprise operating in market conditions is as follows. Initial capital is invested in production, in the process of which value is created, expressed in the price of products sold. After the sale of products, it takes a monetary form - the form of proceeds from the sale of manufactured goods (work performed, services rendered), which is transferred to the company's current account.

Revenue is not yet income, but a source of reimbursement for the funds spent on the production of products and the formation of cash funds and financial reserves of the enterprise. As a result of using the proceeds, qualitatively different components of the created value are distinguished from it.

Since the financial activity of an enterprise is a part of economic activity, its basic principles are as follows:

Rational use of financial resources;

Interest in the results of financial and economic activities;

Responsibility for the results of financial and economic activities;

Control over the financial activities of the enterprise.

The main goal of financial activity is to decide where, when and how to use financial resources for effective development of production and maximum profit.

The main task of the analysis is the timely identification and elimination of shortcomings in financial activities, finding reserves for improving the financial condition of the enterprise, its solvency.

The main sources of information for the analysis of financial condition are:

Form No. 1 "Balance sheet".

Form No. 2 "Profit and Loss Statement", which summarizes the final financial results of the enterprise for the analyzed period. The report discloses the process of formation and use of profit (loss) for the reporting period.

Form No. 3 "Report on changes in capital", which contains a report on the movement of sources of the company's own funds.

Form No. 4 "Statement of Cash Flows", which reflects the movement of funds in the areas of their use: current activities, investment activities, financial activities.

Form No. 5 "Appendix to the balance sheet", which consists of seven sections containing analytical information on the main items of the balance sheet: fixed assets and intangible assets; incomplete investments in non-current assets; profitable investments in assets; financial investments; receivables; accounts payable; received credits and loans.

At the enterprise, the analysis of financial activities is carried out by various financial services.

The financial service of an enterprise is understood as an independent structural unit that performs certain functions in the enterprise management system. This is usually the finance department. Its structure and number depend on the organizational and legal form of the enterprise, the nature of economic activity, and the total number of employees at the enterprise. Often, in medium and small firms, the chief accountant performs the functions of the financial service.

Financial management of an enterprise involves solving the following problems, which are, in essence, the goals of financial strategy:

The liquidity and solvency of the enterprise;

Profitability and profitability of its activities;

Material security for workers and owners, and in a socially oriented economy - and social security.

The implementation of the first goal involves the optimization of the property of the enterprise, its non-current and circulating assets, as well as those monetary sources and funds at the expense of which this property was formed. This presupposes the provision of the enterprise with the necessary funds in terms of both their quantity, i.e. satisfaction of needs, and optimization of sources of funds.

Realization of the second goal, i.e. achieving optimal financial results, profitability and profitability, presupposes rational and efficient use of funds.

When implementing the second goal of the financial strategy, the enterprise can choose one of the more specific options:

Profit maximization based on the achieved level of development and market share;

Conquering the market and thus preparing the foundation for maximizing profits;

Economic growth based on emerging markets, properties and qualities of products, features of applied technologies, etc .;

Continuous increase and maximization of the value of the property of the enterprise.

A special place among the goals and objectives of enterprises in the field of financial management is the constant increase in the value of the property of the enterprise, the maximization of its value. There is a fairly close relationship between maximizing the value of an enterprise and its profits. The strategic goals of the company in the field of finance are to ensure its liquidity and profitability. Moreover, if the provision of liquidity is a prerequisite economic development of the enterprise, while the second strategic goal - ensuring profitability - can be combined with goals such as market conquest or simply the survival of the enterprise.

Operational management is a set of measures developed on the basis of an operational analysis of the current financial situation and aimed at obtaining the maximum effect at a minimum cost through the redistribution of financial resources. The main content of operational management is reduced to the maneuvering of financial resources in order to eliminate bottlenecks and solve newly emerging problems.

Control as an element of management is carried out both in the planning process and at the stage of operational management. It allows you to compare the actual results from the use of financial resources with the planned ones, to identify reserves for the growth of financial resources, to outline ways of more efficient management.

The financial condition of an enterprise (FSP) is understood as the ability of an enterprise to finance its activities. It is characterized by the provision of financial resources necessary for the normal functioning of the enterprise, the expediency of their location and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.

Financial condition is the most important characteristic of an enterprise's activities. It determines the competitiveness of an enterprise, its potential in business cooperation, assesses the extent to which the economic interests of the enterprise itself and its partners in financial relations are guaranteed. The partners and shareholders of the enterprise are not interested in the process, but in the result, i.e. financial indicators for the reporting period, which can be determined on the basis of official reporting. In addition, the financial condition of the enterprise is not indifferent and tax authorities- from the point of view of the ability of the enterprise to pay taxes in full and on time. The financial condition of an enterprise is the main criterion for banks when deciding whether to issue a loan to it, at what interest rates and for how long.

The financial condition of the enterprise can be stable, unstable and crisis. The ability of an enterprise to make payments in a timely manner, to finance its activities on an expanded basis indicates its good financial condition. FSP depends on the results of its commercial and financial activities. If production and financial plans are successfully fulfilled, then this has a positive effect on the FSP, and, conversely, as a result of non-fulfillment of the plan for the production and sale of products, its cost increases, revenue and the amount of profit decrease, therefore, the FSP and its solvency deteriorate.

In order to survive in a market economy and prevent bankruptcy of an enterprise, you need to know well how to manage finances, what should be the capital structure in terms of composition and sources of education, what share should be taken by own and borrowed funds. You should also know such concepts of a market economy as business activity, liquidity, solvency, creditworthiness of an enterprise, profitability threshold, financial stability margin (safety zone), degree of risk, effect of financial leverage, and others, as well as the methodology for their analysis.

Evaluation, as follows from the definition, requires the establishment of certain criteria that express the goal or the desired state of the elements of the economic process. Depending on the purpose of the assessment, normative and planned values ​​of indicators, data on similar foreign and domestic economic entities can be taken as a base.

FSP analysis is carried out not only by the managers and relevant departments of the enterprise, but also by its founders, investors in order to study the efficiency of resource use, banks to assess credit conditions and determine the degree of risk, suppliers for timely receipt of payments, tax inspectorates to fulfill the plan of budget receipts and etc. In accordance with this, the analysis is:

1) Internal, which is carried out by the services of the enterprise, and its results are used for planning, monitoring and forecasting the FSP. The purpose of such an analysis is to establish a systematic flow of funds and place their own and borrowed money in such a way as to ensure the normal functioning of the enterprise, maximize profit and exclude bankruptcy.

2) External analysis is carried out by investors, suppliers of material and financial resources, regulatory authorities on the basis of published reports. The purpose of this analysis is to identify a profitable investment opportunity to ensure maximum profit and eliminate the risk of loss.

3) Analysis of financial condition can be performed with varying degrees of detail, depending on the purpose of the analysis, available information, etc. Achievement of these goals is achieved using various methods and techniques.

1.2 Methodological aspects of the analysis of the financial condition of the enterprise

There are various classifications of methods of financial analysis. The practice of financial analysis has developed the basic rules for reading (analysis methodology) of financial statements. Among them, the main ones can be distinguished:

Horizontal analysis (time-based) - comparison of each reporting item with the previous period. It allows you to identify trends in changes in individual articles or their groups that make up accounting statements... This analysis is based on the calculation of the underlying growth rates of balance sheet items or income statement items.

Vertical analysis (structural) - determination of the structure of the final financial indicators, with the identification of the influence of each reporting item on the result as a whole. The vertical analysis is based on a different presentation of financial statements - in the form of relative values ​​that characterize the structure of the summarizing final indicators. An obligatory element of the analysis is the time series of these values, which makes it possible to track and predict structural shifts in the composition of household assets and the sources of their coverage.

Horizontal and vertical analysis complement each other. In this regard, in practice, when analyzing the financial condition, they often build analytical tables, characterizing both the structure of the accounting form and the dynamics of its individual indicators, that is, tables reflecting the goals of both vertical and horizontal analysis. Predictive models are used to predict the income of an enterprise and its future financial condition, to calculate the point of critical sales volume.

Trend analysis - comparing each reporting item with a number of previous periods and determining the trend, that is, the main trend in the dynamics of the indicator. A trend is used to conduct forward-looking predictive analysis.

Comparative analysis is both an on-farm analysis of summary reporting indicators for individual indicators of a firm, and an inter-farm analysis of the indicators of a given firm with the indicators of competitors, with industry-average and average economic data.

Analysis of relative indicators (ratios) - calculating the relationship between individual report items or items of different reporting forms for individual company indicators, determining the relationship between indicators. The system of analytical coefficients is the leading element of the financial analysis used by various groups of users.

The method of financial analysis depends on the goals set, as well as various factors of information, time, methodological and technical support.

The simplest method of analysis is the comparison method, in which the financial indicators of the reporting period are compared either with the planned or with the indicators for the previous period. When comparing indicators for different periods, it is necessary to achieve their comparability, i.e. indicators should be recalculated taking into account the homogeneity of the constituent elements, information processes in the economy, assessment methods, inflation.

The next method is the grouping method, where indicators are grouped and tabulated. This makes it possible to carry out analytical calculations, identify trends in the development of individual phenomena and their relationship, identify factors influencing the change in indicators.

Financial ratios are widely used as a tool for financial analysis. These are relative indicators of the financial condition of the enterprise, which express the ratio of some absolute financial indicators to others.

In the process of analyzing the financial condition of an enterprise, several stages can be distinguished. At each stage of the analysis, its own task of assessing the financial condition of the enterprise at a given point in time is posed. Consider each stage of the analysis of the financial condition of the enterprise (see table 1.1).

Table 1.1 - Methodology for analyzing the financial condition of the enterprise

Note. Source: own development

For a general description of the financial indicators of the enterprise, to determine their dynamics and deviations for the reporting period, it is necessary to conduct a general assessment of the financial condition of the enterprise.

Stage I - a general assessment of the financial condition of the enterprise and changes in its financial indicators for the reporting period.

Balance sheet structure analysis:

Thanks to these tables, it is easier to carry out horizontal and vertical analysis of the main financial indicators of the enterprise. The horizontal analysis characterizes the changes for the reporting period, and the vertical analysis characterizes the proportion of indicators in the total total (currency) of the balance sheet of the enterprise. Calculation of change specific weights the values ​​of balance sheet items for the reporting period are carried out according to the formula:

where B is the balance sheet currency;

ai - item of the analytical balance;

t1 - indicator of the analytical balance sheet at the beginning of the period;

t2 - indicator of the analytical balance sheet at the end of the period.

The calculation of changes in balance sheet items as a percentage of the values ​​at the beginning of the year is carried out according to the formulas:

the calculation of the change in balance sheet items as a percentage of the change in the total of the analytical balance is carried out according to the formulas:

Table 1.2 - Analysis of the balance sheet structure

Note. A source:

The obtained indicators of structural changes (columns 7 and 8) make it possible to identify the sources of changes in the assets or liabilities of the enterprise.

In the process of the relationship of enterprises with the credit system, as well as with other enterprises, it is necessary to analyze the creditworthiness of the borrower.

Creditworthiness is the ability of an enterprise to pay off its debts in a timely manner and in full.

Analysis of creditworthiness involves making calculations to determine the liquidity of assets and liquidity of the balance sheet.

Asset liquidity is the reciprocal of the time it takes to convert them into money. The less time it takes to convert it into money, the more liquid the assets are. The liquidity of the balance sheet is expressed in the degree of coverage of the company's liabilities by its assets, the time of conversion of which into money corresponds to the maturity of the liabilities. The need to analyze balance sheet liquidity arises in market conditions in connection with the strengthening of financial constraints and the need to assess the creditworthiness of the enterprise.

There are two methods for determining the creditworthiness and liquidity of the balance sheet:

1) Comparison method:

Analysis of balance sheet liquidity by comparison method consists in comparing funds for an asset, grouped according to their degree of liquidity and arranged in descending order of liquidity, with liabilities for liabilities, grouped by maturity and arranged in ascending order of payment terms.

For the analysis, the asset and liability of the balance sheet is grouped according to the following criteria:

By the degree of decreasing liquidity (asset);

By the degree of urgency of payment (liability).

The task of assessing the liquidity of the balance sheet is to determine the amount of coverage of the company's liabilities by its assets, the period of transformation of which into monetary form (liquidity) corresponds to the maturity of obligations (urgency of return).

The assets of the enterprise, depending on the speed of their conversion into money, are divided into four groups:

1) A1 - the most liquid assets. These include: cash and short-term financial investments.

2) A2 - quickly realizable assets. These include: accounts receivable and other assets.

3) A3 - slow-moving assets.

4) A4 - hard-to-sell assets. This group includes articles I of the balance sheet section (fixed assets, intangible assets).

The obligations of the enterprise are also divided into four groups and are arranged according to the degree of urgency of their payment:

1) P1 - the most urgent obligations. This group includes accounts payable.

2) P2 - short-term liabilities. These include: short-term loans and borrowings, and other short-term liabilities.

3) P3 - long-term liabilities. The group includes long-term loans and borrowings.

4) P4 - permanent liabilities (capital and reserves). When determining the liquidity of the balance sheet of the group of assets and liabilities are compared with each other.

The balance sheet is considered liquid subject to the following ratios of groups of assets and liabilities:

A1? P1; A2? P2; A3? P3; A4? P4.

Comparison of the first and second groups of assets (A1, A2) with the first two groups of liabilities (P1, P2) shows the current liquidity, i.e. the solvency or insolvency of the enterprise in the nearest time to the moment of the analysis.

Comparison of the third group of assets (A3, A4) and liabilities (P3, P4) shows promising liquidity, i.e. the forecast of the company's solvency.

A necessary condition for the absolute liquidity of the balance sheet is the fulfillment of the first three inequalities, the fourth inequality is of the so-called balancing nature: its fulfillment indicates that the enterprise has its own circulating assets. If any of the inequalities has a sign opposite to that fixed in the optimal version, then the liquidity of the balance differs from the absolute one.

At the same time, the lack of funds for one group of assets is compensated by surplus for another, but in practice less liquid funds cannot replace more liquid ones.

Comparison of liquid funds and liabilities allows you to calculate the indicators of current liquidity, which indicate the solvency or insolvency of the organization.

2) Method of coefficients:

The liquidity of an enterprise is also determined using financial ratios:

a) Absolute liquidity ratio:

Ka.L. = (p. 260 + p. 270) / (p. 790 - p. 720), (1.4)

The coefficient shows what part of the current debt can be repaid in the nearest time to the moment of drawing up the balance.

b) Coverage ratio or current liquidity:

CT.L. = p. 290 / (p. 790 - p. 720), (1.5)

The ratio shows the extent to which current assets cover short-term liabilities.

The most important component of the company's financial resources are its current assets, which include: stocks, cash, short-term financial investments, accounts receivable. A great influence on the state of circulating assets is exerted by their turnover. It determines not only the amount of the minimum working capital required for economic activity, but also the amount of costs associated with the possession and storage of stocks.

In turn, this is reflected in the cost of production and, ultimately, on the financial results of the enterprise. All this necessitates constant monitoring of the company's working capital and requires an analysis of their turnover.

This stage of the analysis of the financial condition of the enterprise, in turn, can be divided into two stages:

1) The first stage is the analysis of asset turnover.

a) Asset turnover or turnover rate:

Cob = B / Ao, (1.6)

where B is the proceeds from sales, p. (p. 010 f. No. 2);

Ao - the average value of current assets:

Ao = (Anach + Akon) / 2, (1.7)

where Anach is the amount of assets at the beginning of the period, p. (on p. 290);

Akon - the amount of assets at the end of the period, p. (on p. 290).

The rate of turnover characterizes the rate of turnover of the company's circulating assets.

b) Duration of turnover:

Kprod = D / Kob, (1.8)

where D is the duration of the analyzed period;

Cob - asset turnover.

c) Attraction (release) of funds into circulation:

Kpriv = V / D (Kprod.report.t - Kproduct.forward.t), (1.9)

where Kprod.report.t is the turnover period of the reporting year;

Kprod.predsh.t - turnover period of the previous year.

This indicator characterizes the additional attraction (release) of funds into circulation, caused by the slowdown (acceleration) of asset turnover.

2) The second stage is the analysis of accounts receivable turnover.

a) Accounts receivable turnover:

Kd.z. = V / DZ, (1.10)

where DZ is the average accounts receivable, p.

This indicator characterizes the multiplicity of the excess of proceeds from sales over the average amount of receivables.

b) Period of repayment of receivables:

Op.p. = D / Kd.z., (1.11)

This indicator characterizes the period of settlements with buyers that has developed over the period.

c) The share of receivables in the total volume of current assets:

DDZ = ДЗ / Ао 100%, (1.12)

It characterizes the structure of current assets.

The above indicators provide a certain opportunity to characterize the state of the current assets of an economic entity and their dynamics. The financial condition of the enterprise largely depends on the state of the circulating assets. For the lack of working capital paralyzes the commercial activity of the enterprise, and, ultimately, deprives the enterprise of the ability to meet its obligations, which can lead to bankruptcy.

The most important indicator reflecting the final financial results of the enterprise is profitability.

Profitability is a relative indicator of the economic efficiency of production, which characterizes the ratio of income (profit) and costs for a certain period of time.

There is a system of indicators of profitability.

1) Profitability of the property (assets) of the enterprise:

where Ra.p. - return on assets of the enterprise,%

Пч - net profit, rubles;

A is the average value of assets, p.

2) Return on non-current assets:

3) Profitability of current assets:

4) ROI:

where PDN.U. - profit before taxes, p.

5) Return on equity:

where SK is the average value of equity, p.

6) Profitability of products sold:

where V is sales proceeds, p.

With the help of the above indicators of profitability, it is possible to analyze the efficiency of using the assets of the enterprise, i.e. financial return on investment

Stage II - analysis of the solvency, financial stability of the enterprise.

1) Comparison method

A solvent company is one with cash, short-term financial investments, active settlements and other assets to cover its short-term liabilities:

where D - accounts receivable, financial investments, cash and other assets, p .;

M - short-term liabilities, p.

The financial stability of an enterprise is the provision of its reserves and costs with sources of formation.

In order to characterize the sources of funds for the formation of stocks and costs, indicators are used that reflect different degrees of coverage of certain types of sources. Among them:

1) Availability of own working capital (EU):

Es = K - Av, (1.20)

where K - sources of own funds, p. (p. 590 + p. 690);

Av - non-current assets, p. (p. 290).

2) The total value of the main sources of formation of reserves and costs (Eo):

Eo = Ec + M, (1.21)

On the basis of the above indicators, the indicators of the supply of stocks and costs by the sources of their formation are calculated.

Surplus (plus) or shortage (minus) of own working capital:

± Ес = Ес - З, (1.22)

where З - supplies and costs, p.

Financial stability is characterized by the following levels:

a) absolute financial stability

b) normal stability (guaranteed solvency)

З = Ес + М, (1.24)

c) unstable financial condition (violation of solvency)

Z = Es + M + Io, (1.25)

d) financial crisis

З> Ес + М, (1.26)

The calculation of these indicators allows you to identify the situation in which the enterprise is located and outline measures to change it.

This stage of the analysis makes it possible to identify the direction of the trend of changes in the financial condition of the enterprise and to establish what structural changes in the balance sheet are due to the prevailing trend. The next task of the analysis is to identify the causes of changes in the financial condition of the enterprise. This is possible by studying the indicator of the financial stability of the enterprise. The external manifestation of the financial stability of an enterprise is its solvency. An enterprise is considered solvent if its available funds, short-term financial investments and active settlements (settlements with debtors) cover its short-term liabilities.

Thus, the solvency of an enterprise is determined by its ability and ability to simultaneously and fully fulfill payment obligations arising from trade, credit and other transactions of a monetary nature, that is, the ability to generate cash in the amount and within the time frame necessary for the implementation of planned costs and payments.

Calculation and analysis of liquidity ratios (see formulas (4) and (5)) allows you to identify the degree of security of the company's current liabilities with liquid assets.

A number of financial ratios are used to characterize the financial stability of an enterprise.

- coefficient of autonomy:

Ka = p. 590 / p. 890, (1.27)

The autonomy ratio shows the share of own funds in the total resources of the enterprise. The higher it is, the higher the financial independence of the company.

- the ratio of the ratio of borrowed and own funds:

Kz.s = p. 790 / (p. 590 + p. 690), (1.28)

The coefficient shows what part of the company's activities is financed by borrowed funds.

- equity ratio:

Ko = (p. 590 + p. 690 - p. 190) / p. 290, (1.29)

The coefficient shows the availability of own circulating assets, which are necessary for financial stability.

Stage III - assessment of the possibility of potential bankruptcy.

One of the goals of financial analysis is the timely identification of signs of bankruptcy of an enterprise.

Based on the theory of long waves in the economy of Kondratyev, we can conclude that any enterprise in its development is moving towards a state of bankruptcy. However, having foreseen the negative trend in advance, it is possible to redesign production in advance, preventing the liquidation of the enterprise. In countries with developed economies, the possibility of a potential bankruptcy of an enterprise is assessed using the coefficient "Z - Altman's account":

Z = 1.2 X1 + 1.4 X2 + 3.3 X3 + 0.6 X4 + 1.0 X5, (1.30)

where X1 - own working capital / total assets;

X2 - retained earnings / total assets;

X3 - profit before interest / total assets;

X4 - market value of equity / borrowed capital;

X5 - sales volume (revenue) / total assets.

Restrictions: If "Z is Altman's score"? 1.8, the probability of bankruptcy is very high, if "Z - Altman's score" is from 1.8 to 2.7 - the probability of bankruptcy is high. If "Z - Altman's score" is from 2.7 to 2.9, the probability of bankruptcy is possible. If "Z - Altman score" is 3 or more, the probability of bankruptcy is very low.

According to Altman's model, insolvent enterprises with a high level of the fourth indicator (equity / debt capital) receive a very high rating, which is not true. Due to the imperfection of the current method of revaluation of fixed assets, when old worn-out assets are given the same importance as new ones, the share of equity capital is unreasonably increased at the expense of the revaluation fund. As a result, there was an unrealistic ratio of equity and borrowed capital. Therefore, this indicator may somewhat distort the real picture.

In this regard, to identify enterprises with an unsatisfactory financial condition and to determine the signs of their potential bankruptcy, you can also use the following coefficients with the standards established for them:

Current liquidity ratio (see formula (5));

Equity ratio (see formula (1.28)).

And also the coefficient of recovery (loss) of solvency:

where Кт.л.t2 - current liquidity ratio at the end of the reporting period;

Кт.л.t1 - current liquidity ratio at the beginning of the reporting period;

У - the period of restoration of the loss of solvency;

T is the duration of the reporting period.

If the company has, after drawing up the balance sheet, the specified calculation ratios are lower than the established ones, then this may serve as a basis for recognizing the company as insolvent, i.e. bankrupt.

In a market economy, accounting statements of business entities become the main means of communication and an essential element of information support for financial analysis.

Sources of information for the analysis are:

1) balance sheet (form 1);

2) profit and loss statement (form 2);

3) a report on the movement of sources of own funds (form 3);

4) a statement of cash flows (form 4);

5) annex to the balance sheet (form 5).

These reporting forms must be filled out in accordance with the decree of the Ministry of Finance of the Republic of Belarus dated February 14, 2008 No. 19 "On the financial statements of organizations."

The analysis of the results of the organization's work is carried out on the basis of: the balance sheet for the last reporting period, as well as the balance sheet for the first day of the current month (if the date of compilation of this balance sheet does not coincide with the end date of the last reporting period) submitted by the organization.

The indicators of the balance sheet and the profit and loss statement allow us to make an overall assessment of the enterprise, analyze the dynamics of the estimated indicators, the structure of the balance sheet items, the main directions of the economic and financial activities of the enterprise, identify trends in the change in the financial condition and the factors influencing these changes.

Any enterprise, to one degree or another, constantly needs additional sources of financing. They can be found on the capital market, attracting potential investors and creditors by objectively informing them about their financial and economic activities, that is, mainly with the help of financial statements.

2 LLC "KipStep", its characteristics and analysis of financial activities

2.1 The history of creation and the main activities of KipStep LLC

KipStep LLC was established on March 7, 2007. KipStep is a limited liability company and belongs to a private form of ownership. The founders of the company at the time of its opening are two partners with a share of 77% and 33%, respectively, and an authorized capital of five million rubles.

The main activity of the company is wholesale trade. But already in 2008, KipStep LLC received a retail trade license, registered in the register of licenses of the Minsk City Executive Committee. In the same year, the company opens three specialized retail stores, and in 2009 their number increases to eight.

LLC "KipStep" is the only distributor in Belarus of the assortment of hosiery and underwear made in Italy by the corporation "Levante".

The imported products are represented by two brands: "Levante", "Elledue". Initially, KipStep LLC specialized in the sale of Levante products. Since Italian tights are quite expensive and effective demand on the national market is rather limited, there was a need to diversify sales. And since December 2008, KipStep LLC begins to cooperate with Novomoskovsk Knitted Fabric Factory, which produces cheaper tights under the Jullieta trademark, thereby covering another market segment in terms of price range.

The products sold by LLC KipStep make up seven percent of the market for all hosiery and 50% of the market is among imported products (hosiery) in Belarus.

In 2009 the company received an offer for cooperation from the Polish manufacturers of lingerie "Atlantic". One of the most important terms of the contract is the sale of these products in hypermarkets in Minsk and large stores throughout Belarus.

2.2 Analysis of the organizational structure of management at KipStep LLC

The dynamics of the number of employees at the firm since the beginning of its formation ranges from 23 to 30 people. The structure of the number of employees by type of activity is shown in Figure 2.1.

Figure 2.1 - Structure of the number of employees by type of activity

Figure 2.1 shows that, in percentage terms, the sales department was smaller, while the economics and accounting department and the warehouse department were larger. Since 2008, the accounting department has been gradually reduced, due to the automation of many labor-intensive accounting processes. Thus, the sales department is expanding, on the work of which the shipments of goods to customers and, accordingly, the company's revenue, directly depend.

The organizational structure of management is shown in Figure 2.2.

The company implements a linear-functional organizational structure management, which corresponds to the developed strategy for the development of the enterprise and has a number of advantages necessary for its implementation in small firms:

- quick implementation of actions according to orders and instructions given by higher managers to subordinates,

- a rational combination of linear and functional relationships;

- stability of authority and responsibility for personnel.

- unity and clarity of management;

- prompt decision-making and implementation;

- personal responsibility of each manager for the results of activities;

- professional solution of problems by specialists of functional services.

The general management of the enterprise is carried out by the director. The director is directly subordinate to the assistant director, lawyer, chief head of the sales department. In turn, the head of the sales department is subordinate to the head of the department in Minsk, the head of the directions of Belarus and the head of own retail, to whom the sales representatives and the merchandiser are subordinate.

Also in the direct subordination of the director are the logistics department and the accounting and economic department.

The director and subordinate departments carry out the following tasks:

Carry out the organization of the economic and financial activities of the enterprise in order to achieve the greatest results at the lowest cost of material, labor and financial resources;

Forecasting the technical and economic indicators of the enterprise;

Analysis of the production and economic activities of the enterprise and its divisions;

Work to ensure the solvency of the enterprise, the efficiency of using its own and borrowed funds; improving the forms and systems of remuneration, increasing its incentives;

Solve other tasks in accordance with their competence.

Reporting on the financial condition of the company is entrusted to the economics and accounting department. The department is headed by the chief accountant, who also serves as an economist. The chief accountant is subordinate to the deputy chief accountant and accountant for the statement and execution of consignment notes (TTN).

The direct responsibility of the chief accountant is the organization accounting economic and financial activities of the firm and control over the economical use of material, labor and financial resources, the safety of the firm's property. Based on the structure and characteristics of the firm's activities, the need to ensure its financial stability, the chief accountant forms an accounting policy in accordance with the legislation on accounting. Leads the work on the preparation and adoption of a working chart of accounts, forms of primary accounting documents used to formalize business transactions for which standard forms of documents for internal financial statements are not provided. Supervises the conduct of business operations, compliance with the technology for processing accounting information and the procedure for document flow.

The chief accountant carries out the formation and timely submission of complete and reliable accounting information on the activities of the enterprise, its property status, income and expenses, develops and implements measures aimed at strengthening financial discipline.

The duties of the chief accountant include: drawing up a balance sheet and operational consolidated reports on income, expenditures of funds, on the use of the budget, other statistical reports, and submitting them in accordance with the established procedure to the relevant authorities; notification of the director of the enterprise about all identified shortcomings in the work of the company's accounting department with a mandatory explanation of the reasons for their occurrence, as well as a proposal for ways to eliminate them.

The Deputy Chief Accountant organizes the accounting of property, liabilities and business transactions, incoming fixed assets, inventory and cash; timely reflects on the accounts of the accounting transactions related to their movement. Keeps records of the costs of production and circulation, execution of cost estimates, sales of products, performance of work (services), the results of the economic and financial activities of the company.

It can be seen from the organizational structure that KipStep LLC does not have a financial department that would analyze, predict and accordingly develop a development strategy for the company in the field of finance. Therefore, the functions of financial management in KipStep LLC are performed directly by the director of the company. So on a monthly basis, the chief accountant submits reports on the financial condition of the company, on the basis of which an analysis of the financial activities of the enterprise is carried out and appropriate management decisions are made to improve it. But there is a problem in that all reports are submitted once a month, thus the relevance and timeliness of decision-making is lost, and as a result, the financial activity of the enterprise deteriorates. Also, analyzing financial activities and making management decisions based on its results is a rather laborious process that is entrusted to both the chief accountant and the director.

2.3 Analysis of the economic condition of the enterprise

Assessment of the economic activity of KipStep LLC for 2007-2009. carried out on the basis of the analysis of the main technical and economic indicators (TEP) of the enterprise, presented in table 2.1.

Table 2.1- Dynamics of technical and economic indicators of the work of LLC "KipStep"

2.3.1 Analysis of revenue from product sales

The dynamics of the volume of sales of products of LLC KipStep is shown in Figure 2.3.

Figure 2.3 - Dynamics of the volume of sales of products for 2007-2009

In 2007, the proceeds from the sale of products amounted to 281.373 million rubles; in 2008, sales revenue amounted to 1,455.370 million rubles, which is 5.17 times more than in 2007. A small revenue in 2007 indicates that the company has just begun to work, to master sales markets, to develop ... By the end of 2007, KipStep LLC had developed its client base of regular customers and, thus, occupied its niche in the Belarusian hosiery market, as evidenced by a sharp increase in revenue in 2008.

In 2009, revenue from sales amounted to 1967.097 million rubles, which is 1.35 times more than in 2008. The increase in revenue in 2009 is associated with an increase in the range of goods sold, such as "Jullieta" and Atlantic.

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Historical aspects of the origin and development of financial analysis. The main technical and economic indicators of the enterprise. Assessment of liquidity, financial stability, profitability, solvency. Ways to optimize your financial situation.

When choosing directions for improving financial and economic activities, it is necessary to use the results of the analysis performed in the previous chapter, since the analysis of financial and economic activities is specifically designed to identify the problems of the enterprise.

It should be borne in mind that financial and economic activity is a complex characteristic of an enterprise.

This means, when proposing measures that improve some aspects of financial and economic activity, one must take into account that they can negatively affect other aspects of the enterprise's work. For example, if a company has a surplus of inventory, the easiest way to get rid of it is to simply sell it. But if they are sold without justification, then the enterprise will lose production resources, and its production will stop.

Thus, it is necessary to determine the prerequisites for the development of measures, evaluating the results of the analysis. Let's consider them in more detail:

For 2013-2015, the IP Brytkov N.V. the turnover decreased due to the deteriorating business conditions.

The prime cost is decreasing at a slower pace than the turnover, which means that expenses begin to occupy a large share in the financial results.

The efficiency of operations is reduced due to the decrease in the company's profits.

Labor productivity of employees of IE Brytkova N.V. is shrinking.

The share of labor costs in the expenses of the enterprise is increasing.

Decreases capital productivity and profitability of using fixed assets.

There is a twofold increase in accounts receivable, although the turnover of the enterprise is decreasing.

More than 80% of the property of the enterprise consists of fixed assets and therefore has low liquidity.

More than 50% of financing sources consist of long-term loans, which means that the company is highly dependent on creditors.

The company has an increasing shortage of liquid assets to cover term liabilities, which means a deterioration in solvency.

Liquidity indicators are somewhat excessive, which indicates an unreasonable excess of current assets over term liabilities.

The return on assets and liabilities of the enterprise is reduced, the return period, on the contrary, is growing.

There is a significant reduction in profitability indicators. And although they remain at a fairly high level, their reduction is nevertheless extremely large (for some items, the reduction is up to 2 times).

Based on the foregoing, we can conclude that the SP Brytkova N.The. there are quite a few problems of organizing the financial and economic activities of an enterprise.

They are mainly due to a decrease in trade turnover, since its decrease leads to a decrease in the income part of financial results.

This, in turn, reduces the profit of the enterprise, reducing its ability to self-finance its activities.

Let's make a table with a list of the problems listed above, and options for resolving them, which will make it possible to improve the financial and economic activities of the enterprise.

The results are in Table 20. Activities are proposed in the idea generation process, and there are a lot of them to be proposed. This will allow you to choose from them the simplest and fastest-to-implement measures.

Table 20 - Options for solving the problems of financial and economic activities of the individual entrepreneur N.V. Brytkova

So, from the table you can see a fairly large number of problematic prerequisites for the development of measures. In order to resolve them, more than 20 possible measures have been proposed.

All of the above measures cannot be implemented immediately. Therefore, from them you need to choose the most appropriate measures for the implementation.

To do this, we will consider each of the activities in more detail, describing its features and considering the possibility of implementation at the enterprise of IE Brytkova N.V.

1. Increase in prices

Increasing prices is the easiest way to increase the company's revenue if its goods, works and services are in demand on the market.

At the same time, an increase in prices immediately reduces the number of potential customers, unless the company has some noticeable competitive advantages (unique goods or services, superiority in quality, etc.).

Since SP Brytkova H.The. - this is a car service, then such an enterprise operates in conditions of tough competition, to which dumping from other car services has been added. Most likely, higher selling prices will lead to further customer churn.

Therefore, it is reasonable to refuse to implement this event.

2. Offer of new products

The supply of new goods (works, services) can also become a source of additional revenue. But for this it is necessary to offer demanded goods (works, services). Their proposal will require additional marketing research, increased implementation costs, etc.

If we turn to the report on the financial results of the enterprise, we can see that in the period under review, the commercial expenses of the individual entrepreneur N.V. Brytkova. grew, while revenue, on the contrary, declined. This indicates a lack of competence in this area among the employees of the enterprise.

And there is no reason to believe that it will arise in the near future. Therefore, the implementation of this event must also be abandoned.

But, as in the previous event, you can turn to the reporting, from which it can be seen that business expenses (including advertising costs) are growing, and revenue is decreasing.

This means that if SP Brytkova H.The. will increase advertising costs, you will most likely not receive the required increase in revenue.

Therefore, the implementation of this event should also be abandoned.

4. Getting discounts from suppliers

In the conditions of the financial and economic crisis, the suppliers of individual entrepreneurs N.V. Brytkova. also face the same problems as the enterprise itself - with a reduction in the amount of demand.

If you explore alternative supply options and identify cheaper suppliers, you can negotiate with existing suppliers and get a discount on the supplied resources.

Since this activity is quite simple, it makes sense to complete it.

5. Technology change

Changing the technology of work is one of the most promising areas for improving the work of an enterprise. New technologies, as a rule, reduce costs, create new consumer values, etc.

At the same time, their search, testing and implementation is a long and expensive process. As a result, it is possible to recommend this event to be implemented in the future, and at the present time - to postpone it.

6. Introduction of planning and budgeting

The introduction of comprehensive planning and budgeting procedures at the enterprise will obviously have a positive effect on the performance of the enterprise, increase the transparency of the business, and simplify the analysis capabilities.

At the same time, the implementation of this event is quite lengthy. Therefore, it is possible to recommend this measure to be implemented in the future, and at the present time - to postpone its implementation.

7. Increase in turnover

Increase in turnover is the direction of increasing labor productivity by increasing output. As noted in activities 1-3, IE Brytkova N.V. does not have sufficient commercial resources and qualifications to increase turnover.

Therefore, it makes sense to refuse the implementation of this direction of increasing labor productivity at the moment.

8. Reduction of the number of employees

Downsizing is an easy way to increase productivity as employees have to complete more tasks.

At the same time, given the competition among car services, their desire to "lure" employees of other car services to themselves, it can be noted that the dismissal of their qualified employees would be a managerial mistake.

9. Reduction of wages

Reducing labor costs is another way to reduce labor costs. At the same time, this is a very unpopular and risky move. There is a high probability that the employees of IE Brytkov, upon its implementation, will simply go to competitors.

10. Realization of unnecessary fixed assets

The sale of unused fixed assets is a simple way to reduce their number at the enterprise. The individual entrepreneur Brytkova N.V. almost all property is fixed assets. Even a slight reduction in fixed assets will already make it possible to reduce the funds "frozen" in them as a whole.

Therefore, this measure should be implemented.

11. Increase in turnover

An increase in turnover is also a way to increase the return on assets, since the return on assets is the ratio of proceeds to fixed assets. As noted in activities 1-3, the IP Brytkov N.V. there are difficulties with increasing turnover.

Therefore, it makes sense to refuse to increase capital productivity by increasing turnover.

12. Sanctions in relation to clients

Introduction of fines, penalties, etc. - one of the methods of reducing accounts receivable.

At the same time, in the conditions of tough competition and the developing crisis, one can expect that clients who have faced such sanctions will simply immediately refuse to work with the entrepreneur N.V. Brytkova.

Having the opportunity to choose between different car services, for many customers it makes no sense to work with a car service, the working conditions with which are dangerous.

Therefore, it also makes sense to refuse the implementation of this event.

13. Work on prepayment

The more prepaid purchases from a company, the less receivables it has. The ideal situation is when all clients pay their bills in full before the start of the service.

It should be noted that this event is extremely difficult to implement, since there is fierce competition among car services now.

In principle, it makes no sense for the client to make an advance payment, which is inconvenient for him, since he can choose from several dozen competitors. Therefore, the implementation of this event should be abandoned.

14. Using forfaiting

Forfaiting is a type of trade finance in which an enterprise can sell its receivables to a third party, which allows the majority of the receivables to be collected immediately.

For individual entrepreneur Brytkova N.V. this event as a whole does not make sense, because, firstly, it is quite expensive, and secondly, the company's turnover is reduced, which means that even having received the amount of debt, the company will not be able to use it effectively in its activities.

15. Using factoring

Factoring is a procedure similar to forfaiting, differing from it in that it is mainly focused on the management of a company's receivables, and not on its direct sale. If forfaiting is the sale of receivables, then factoring is the assignment of claims.

This procedure is also quite expensive, and for the individual entrepreneur Brytkova N.V. in general, it does not make much sense, since the enterprise will not be able to effectively use the funds received in its activities.

Therefore, it also makes sense to refuse the implementation of this event.

16. Reduction of fixed assets

Reducing fixed assets is an easy way to reduce their share in the assets of the enterprise. This activity largely coincides with activity 10 and will be implemented during its implementation.

17. Increase in all other assets

An increase in the size of all assets, except for fixed assets, will naturally lead to a decrease in the share of fixed assets.

At the same time, this event will lead to an increase in assets in general, which will reduce the profitability of the company's assets.

In addition, this will be an unreasonable increase, since it will not be accompanied by an increase in financial results, since the company's turnover is declining.

Therefore, it makes sense to refuse the implementation of this event.

18. Reduction of long-term loans

Reducing long-term loans is a way to reduce the attracted financial sources of the enterprise and interest expenses on them.

This event makes sense for real ...

The set of local measures aimed at improving the financial condition of the enterprise includes measures to improve management efficiency and ensure sustainable implementation, and accelerate the turnover of working capital.

The purpose of the implementation of local measures of financial recovery is to ensure a stable financial position of the enterprise, which is manifested in the stability of the proceeds from sales, increasing the profitability of products.

The first block of activities includes the following activities:

1. By reducing the cost, which includes:

Reducing overhead costs by simplifying the management structure and bringing the number of management personnel in line with objective production needs;

Improving the work of the supply service of the enterprise, the maximum possible reduction in intermediary structures, which will make it possible to reduce the cost of consumed raw materials and materials and supply the enterprise with more technologically and economically effective types of it;

Strengthening control over the quality of services provided, eliminating their repeated provision;

Reduced equipment maintenance costs and reduced property tax. Leasing of unused space and fixed assets can be used as a source of cost reduction, as well as generating additional income. This event may become especially relevant for wholesale and retail trade enterprises;

Introduction of personal responsibility for the use of material resources, as well as tasks to reduce costs for all departments and services of the enterprise;

Optimization of taxation;

The choice of the accounting policy of the enterprise;

Minimization of utility bills costs.

2. To improve the efficiency of personnel management through:

Bringing the professional and quality level of personnel into line with the innovative processes of the enterprise;

Labor productivity management;

Personnel planning and marketing, personnel recruitment and accounting management;

Labor relations management, personnel development, ensuring normal working conditions;

Personnel behavior motivation management.

3. Reorganization of management structures through restructuring in order to ensure the effective distribution of the use of all the resources of the enterprise, which consists in creating a complex of business units on the basis of division, connection, liquidation of existing and organization of new structural units, joining the enterprise of other enterprises, etc.

Second block of events is aimed at ensuring sustainable implementation and accelerating the turnover of working capital and includes the following activities:

1. Searching for new types of products or increasing the competitiveness of those already produced. Carrying out a set of marketing activities in order to promote or search for a promising market niche. This includes the following management actions:

Development of the marketing service at the enterprise;

Determination of their advantages and disadvantages, as well as the advantages and disadvantages of competitors;

Identification of emerging changes in the market, search for ways to respond to the influence of external factors;

Analysis of internal information about orders and sales, product relevance, product returns, market capacity;

Studying buyers from the point of view of the needs of the population, working with external sources of information;

These management measures make it possible to identify those types of products that are in demand on the market, timely notice a decrease in prices or an increase in demand for these products, and based on this information, adjust their production program, finding out the reasons for changes in demand, make appropriate changes in products, go to if necessary, for the release of new products. Holding such events will also allow you to constantly monitor the activities of competitors and, if necessary, take the necessary measures to increase the competitiveness of products, improve their sales, which will always allow you to be one step ahead of competitors.

This inevitably leads to a decrease in stocks of finished products in the warehouse, an acceleration of the turnover of the company's working capital and, together with an increase in sales proceeds, to an improvement in its financial condition.

2. Collection of receivables involves the following management actions:

Increase in the share of prepayment for products sold;

To intensify the work of the legal service to collect the overdue part of the debt.

Carrying out such events will allow the company to increase the share of funds, accelerate the turnover of the company's working capital, which will certainly affect its financial condition.

3. Change of worn out equipment or replacement of assets for new products, includes measures for the acquisition of more versatile equipment that will allow the company to diversify if necessary.

4. Choosing the right sales policy:

Using in the process of selling products information about the most favorable regions for sale, obtained in the marketing department as a result of research;

Establishing direct relationships with product consumers and minimizing intermediary services;

Opening of own stores.

Carrying out such events will significantly reduce the prices of manufactured products, since there will be no multiple markups made by intermediary organizations, such a decrease in prices cannot but affect the competitiveness of products. The sale of products in the regions, which are marked as having increased demand, will also increase sales.

Financial policy includes all decisions, changing rules of the game at the enterprise, the basic principles of its activities. Therefore, it is formed at the stage of development and adoption of a new development strategy, for example, enterprise reform. Financial management of a reformed enterprise aims to provide the enterprise with the methods, approaches, resources necessary to get out of a crisis situation, as well as track the rational use of funds and the efficiency of operations and processes for which these funds are intended.

During the study, the following points were identified:

A functioning organizational structure contributes to the solution of the set goals of the enterprise. However, it should be noted that in the organization of departments for the management of financial resources there is no clear control and planning for the centers of financial responsibility.

The calculation of the coefficients characterizing the financial position of the enterprise (for example, the coefficients of financial stability are below the norm), showed the need to develop measures to improve the financial position.

The object of the research is a trading company: Open Joint-stock company Shopping Center "Bashkortostan".

OJSC TC "Bashkortostan" is a large trading enterprise in Ufa and the Republic of Belarus. The main goal of the Company is to make a profit. The main activities of the Company are:

Retail trade of food and non-food products;

Production and sale of catering products;

Implementation of household and other types of services for the population.

The analysis of the main performance indicators showed that in 2008 the growth of retail trade turnover by 2.9% can be noted.

As a result of the current activities of the trading enterprise, incomes of 174,498 thousand rubles were received, which amounted to 21.47% of the turnover, compared to last year, the level of income increased by 2.04%, in terms of the amount of income increased by 21,034 thousand rubles.

When conducting financial analysis on the forms of financial statements, it was revealed that the company has a low level of financial independence (the norm is not less than 0.5). By the end of the reporting period, it increased by 4% - a favorable trend. By the end of 2008, the ratio of borrowed funds to own funds decreased by 26% - a favorable trend. The enterprise has a low share of funding sources that it can use in its activities for a long time. At the end of the reporting period, there was a slight decrease in the share of these sources.

The calculation of the coefficients showed that it is necessary to develop measures to improve the financial condition of the enterprise:

Since the current liquidity ratio is less than 2, the value of current assets cannot cover the entire value of current liabilities. Those. the entity does not have a reserve stock to compensate for losses that the entity may incur when disposing and disposing of all current assets other than cash. In other words, the entity is not protected from any potential decline in the market value of current assets caused by unforeseen circumstances that could interrupt or reduce cash flow.

The coefficient of restoring solvency is less than 1. Thus, the coefficient calculated for a period of 6 months indicates that the enterprise has no real opportunity to restore its solvency in the near future.

The coefficient of loss of solvency is less than 1, which indicates a loss of solvency. Therefore, further development is required to improve the financial condition of the enterprise.

This is the weak point of the enterprise.

In 2008, compared to 2007, there was an improvement in all indicators of profitability, and the indicators of profitability of fixed assets, sales, use of current assets and equity capital increased significantly (sheet No. 2). This happened as a result of an increase in sales and the average annual value of current assets.

As a result of the analysis of cash funds, it was revealed that the net cash flow in reporting period increased by 13,719 thousand rubles, and amounted to 2305 thousand rubles in 2008. According to the results of the analysis, it is possible to note the fragmentation in the responsibility for the conduct of financial activities, namely, in the current, investment and financial.

The company lacks clear control and planning for the centers of financial responsibility. The division of responsibility at the level of individual structural divisions will allow for effective control, operational analysis of production results and identification of weaknesses in production. In addition, this method will make it possible to keep the management of the organization aware of which areas of production it is not possible to achieve the planned indicators.

Therefore, it was necessary to develop a strategy to improve the financial performance of the enterprise.

To achieve the main strategic goal, the enterprise must carry out planning in three main directions: financial management, planning management in the enterprise and personnel management.

In the field of personnel management, the company's management plans to improve the personnel motivation system by introducing competition by department, and based on the results of work, materially encourage employees in the form of wage increments, vouchers to resort places in the Republic of Belarus, clothing rewards, etc.

In the area of ​​financial management and planning in the enterprise, the management for the near future envisages improvement of the policy in the field of management of inventories by minimizing operating costs.

When optimizing a batch of orders, we will receive a release of funds in the amount of RUB 18,994.

In order to strengthen control over the expenditure of funds in the enterprise, it is necessary to create a financial service, where the departments responsible for accounting and planning the movement of financial resources of the enterprise will be concentrated by reorganizing the financial and economic departments, accounting.

A financial plan was drawn up on the basis of the division of financial responsibility centers.

The planning process consists of the following elements:

1. Sales budget

2. Cost budget

3. Cash flow budget

4. Balance sheet budget.

The final stage in the development of a financial plan is the construction of a forecast balance.

The funds released in this case cannot be withdrawn from circulation, since they are in stocks of inventories that ensure the growth of sales of goods. The relative and absolute release of working capital has a single economic basis and significance, because it means additional savings for an economic entity.

Based on the calculated data, we can conclude about the rational, efficient use of the company's working capital and the feasibility of implementing the proposed measures.