One of the directions of financial management of enterprises is the effective management of cash flows. A complete assessment of the financial condition of an enterprise is impossible without an analysis of cash flows. One of the objectives of managing these flows is to identify the relationship between them and profit, for which it is necessary to know whether the profit received is the result of effective cash flows or is it the result of some other factors.

To understand this issue, it is necessary to understand what is meant by the terms "cash flow" and "cash flow".

Flow of funds - This is the transfer of money to someone, both in cash and non-cash. The movement of money is the fundamental principle, as a result of which finances arise, i.e. financial relations, cash funds, cash flows.

cash flow An enterprise is the aggregate of all its receipts and payments for a certain period of time. In world practice, cash flow is called "cash flow" (English cash flow, although the literal translation of this term means "cash flow").

Cash flows differ from a simple transfer of money in a number of ways:

• o this is the result of the monetary relations arising in the enterprise, which are the result of the movement of money;
• o organized and managed processes;
• o processes limited to a certain period of time, that is, having time limits - the beginning and end;
• o cash flow as an indicator has a number of economic characteristics: intensity, liquidity, profitability, sufficiency.

Degree cash flow intensity - this is an increase or decrease in its value over a certain period of time, i.e. the maximum flow is intense.

Cash flow liquidity - it is the excess of positive (receipt) over negative (payments). Return on cash flow is not its important characteristic, it is calculated, for example, as the ratio of net cash flow to inflows or outflows. Sufficiency of cash flow determined by its excess or deficiency.

Cash inflows (receipts) and outflows (payments) over a period of time are components of the 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. The net flow is one of the financial results of the enterprise along with such indicators as profit and profitability. Note that this is a specific result, since the company should not set as its goal the growth of net cash flow unnecessarily. Net flow can be either positive or negative. A positive cash flow is a positive net flow, and a negative cash flow is a negative net flow.

A positive net flow, or a positive cash flow, can be either excess or deficit. 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. The excess and scarcity of cash flow are indicators that are similar in content to indicators such as profitability and unprofitability (the use of the latter is also quite legitimate).

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. bringing future cash flows into a comparable form with the present.

The goal of cash flow management is to balance positive and negative cash flows over time, synchronizing them on a weekly, ten-day basis, or as needed.

Unbalanced flows make at some point the cash flow as a whole illiquid, and the company insolvent. Obviously, the main ways to balance threads are:

• o increase in funds in the turnover of the enterprise and, above all, its own;
• o increase in revenue through additional sales;
• o reduction in payments.

Balanced cash flow is liquid. The indicator is the liquidity ratio, which is defined as the ratio of positive flow (inflows) to negative flow (outflows). The minimum value of this indicator is equal to one.

The balance of the cash flow is ensured by its planning, primarily through the development of an operational financial plan, the so-called payment calendar. It is developed for a month with a frequency of 5, 10, 15 days. The peculiarity of the payment calendar is that the company first determines all its cash expenses for the month, and then seeks sources of funds to cover expenses if cash income is not enough. The development of an economically sound payment calendar is one of the prerequisites for effective cash flow management.

As already noted, cash flows are associated with cash inflows and outflows (Table 8.1).

Table 8.1. Cash inflows and outflows by type of activity

The need to divide the activities of the enterprise into three types (main, investment, financial) is explained by the role of each of them and their relationship. If the main activity is the main source of profit, then investment and financial activities are designed to contribute, on the one hand, to the development of the main activity, on the other hand, to provide it with additional funds.

By and large, the division of the enterprise into types is one of the ways to ensure a balance in the income and payments of the enterprise. For these purposes, enterprises develop a cash flow plan for the quarter (Table 8.2).

Table 8.2.

Thus, the main objects of cash flow management are:

• o positive flow - tributaries;
• o negative flow - outflows;
• o cash balance.

Cash flow planning for the year is carried out using the so-called cash budget, which is also called the cash flow budget or, as it is often called, the cash flow budget, abbreviated as KB, BDP, BDDS. Budgets at the enterprise are developed, as a rule, for one year, but this can be done for three, six months, and for another period.

Some enterprises plan cash flows for certain types of income and expenses, assets and liabilities, etc.

The main ways to strengthen the finances of enterprises are related to the optimization of the funds used by them and the elimination of their deficit.

Enterprise finance is the most important category of a market economy. They play a decisive role in the system of financial relations of the state, therefore, their professional management contributes to solving not only the problems of enterprise finance, but also such problems as inflation, budget deficit, monetary policy, stock market development, corruption, etc.

In international, and in recent decades in Russian business, the definition of cash flow (from English cashflow - cash flow) is increasingly common. It characterizes the activities of an organization or enterprise, as a result of which an outflow or inflow of means of payment is generated, and is an important criterion for the company's financial balance. Let's study in more detail what is cash flow.

The concept of cash flow and its varieties

Let's take a quick look at the cash flow definition. This is the movement of money through accounts or cash through the cash desk within the framework of one project or enterprise in different directions.

The process, which results in an increase in the amount of money, is a positive cash flow (inflow, receipt). The reverse direction process is an outflow (payment, expense, cost).

From the above, we can conclude that this indicator can ultimately have both positive and negative values.

As part of the overall financial policy of the company, management requires skill in managing cash flows () for its stable development. is the analysis and regulation of the company's financial flows in order to optimize costs and maximize income, in particular:

• development of schedules for receipts and expenditures of means of payment in the context of types; study of the factors influencing the formation of the enterprise's cash flow;
• forecasting a possible shortage of money and sources to cover it;
• determination of directions for investing funds that have been temporarily released.

Financiers distinguish types from the total cash flow depending on the activity that produces them. In particular, the cash flow of the project consists of the following flows:

• from operating activities (operating cash flow, CFO);
• from financial activities (cash flow from financing activities, CFF);
• from investment activity (cash flow from investing, CFI).

In separate undertakings, it is not possible to separate all the movements of finance by type of activity; in such cases, they can be combined all or some of them. In addition, cash flow is classified according to a number of indicators, such as the direction of movement (negative or positive), the level of sufficiency (deficit or excess), scale (by operations, lines of activity), time (future or present), etc.

Clean and free cash flow

The difference between receipts and payments for a certain time period is called net cash flow ( , NCF). This criterion is often taken into account by investors when deciding on the prospects of investing in an investment project. The formula for calculating this indicator looks like this:

• CO - outgoing (negative) flow;
• CI - incoming (positive) flow;
• n is the number of steps.

If we take into account the types of cash flows, then in this case the formula can represent the aggregate value of indicators from different directions, i.e. total balance for different types of activities:

For owners or investors, the free cash flow indicator is of great importance. These are the amounts that are accumulated in the accounts and in cash after paying taxes and deducting the cost of capital investments. A higher figure opens up room for the owner to maneuver in terms of investment, increasing the size of dividends, expanding the range of products, and modernizing production.

There are two types, which are calculated differently:

1. FCF from the firm's assets (free cash flow to the firm). This is the movement of finances within the framework of the main activity, excluding investment in fixed capital. In fact, FCFF = FCF, it gives an understanding of how much financial resource an enterprise has after capital expenditures. The criterion is more often used by investors.
2. FCF on equity (free cash flow to equity, FCFE). This is the money that remains after the exclusion of expenses in part of the company's core business, tax payments and bank interest. This indicator is used to assess the value of the company by shareholders.

FCFF is calculated using the following formula:

• EBIT - earnings before interest and taxes;
• Tax - income tax (interest rate);
• DA - depreciation;
• NCWC - the cost of owning new assets;
• ∆WCR - capital expenditures.

• NI is the value of the company's net profit;
• DA - depreciation of intangible and tangible assets;
• ∆WCR - capital expenditures;
• Net borrowing - an indicator of the difference between loans taken and already repaid;
• Investment - the amount of investment.

If the FCF at the end of the step is above zero, then this, in general, indicates the financial attractiveness of the company and the increase in the value of its shares. The negative value of the calculated criterion may be a consequence of the unprofitability of the enterprise or significant investments in its development.

How is the calculation made

Cash flow is usually calculated in relation to the analyzed time intervals (steps), the adopted rules provide for its forecasting monthly in the first year of undertaking, quarterly - in the second year, and then annually. The countdown is made from the basic fixed moment, which can be either the beginning or the end of the zero segment.

You can open cash flow and calculate it in various prices:

• current (base), prevailing on the market at the moment, not taking into account the level of inflation;
• forecast prices that are expected in the future and take into account inflation rates are calculated by multiplying the base price by the inflation index;
• deflated (calculated), these are forecast prices reduced to the current point in time by dividing them by the base inflation index.

Cash flow can be calculated in different currencies. The rules recommend calculating the movement of funds in the currencies in which payments are made, and then bringing them all to the final single currency. In Russian statistical reports, the final currency is the Russian ruble, however, if there is a need, then individual calculations can be reflected in the final additional currency.

Cash flows are calculated by two main methods - direct and indirect.

The direct method is directly related to the components of accounting, such as order journals, general ledger, analytical accounting, which is closer to Russian specialists. This method is convenient to calculate benchmarks for spending and receiving money. Here, the inflow is the predominance of income over expenses, and the outflow is the excess of payments over income. The starting element is sales revenue.

The data for this technique is taken from the Balance of the enterprise (form No. 1), as well as from the Cash Flow Statement (form No. 4), which is analyzed "top down". In particular, NPV from financial activities are calculated exclusively by this method. Such an analysis makes it possible to approximately explain the discrepancy between the value of the company's cash flow for the reporting period and the profit received during the same time. At the same time, he is not able to reveal the relationship between the magnitude of the change in money and the financial result.

Cash flow calculation example by direct method:

The indirect method is more suitable for analytics, it is based on sequentially adjusting recorded profits by subtracting expenses and adding non-cash flow income. This method gives an understanding of the relationship between working capital and financial results. In this case, form No. 4 of the balance sheet is disclosed "from the bottom up". The adjustments mentioned include:

• balance sheet items that are not of a monetary nature (losses and profits of previous periods, depreciation, exchange rate differences);
• change in the amount of inventories, receivables, short-term financial liabilities and investments (except for loans and credits);
• other items that can be classified as financial or investment activities.

An example of calculating cash flow using the indirect method:

The accuracy of the forecast regarding the future movement of funds depends, first of all, on the accuracy and correctness of the calculations of such indicators:

• the volume of capital expenditures at the initial stage and during the life cycle of the project;
• expenses for the production and sale of products intended for release, as well as a forecast of expected sales volumes;
• stepwise need for third-party finance.

Qualitative cash flow forecasting enables potential investors to foresee the potential and expected profitability of the initiative under consideration with a high degree of probability.

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

Operating activities generates the organization's main revenue and main cash flows.

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.

So, cash flows from operating activities mainly arise from the main, income-generating activities of the organization and are the result of transactions and events included in the definition of net profit (loss). 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 to 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 activity the activity of the company is considered to be related to capital investments in connection with the acquisition of fixed assets, intangible assets and other non-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:

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 entities 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 activities 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 enterprise to fulfill its obligations in a timely manner, which require settlements only in cash, and at the same time maintain the highest possible profitability of funds.

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 during the lease period of 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.

Company executives are interested in the financial security and stability of the business, which is largely determined by the generated cash flow. Cash flow ("cash flow") is the sum of receipts and payments for a certain period of time, which is divided into separate intervals.

Cash flows serve to ensure the functioning of the company in virtually all aspects. To achieve the required business goals, to ensure stable growth, the financial manager needs to optimally organize cash flow management. For this purpose, it is convenient to classify cash flows into types.

Classification of cash flows into types

1. Direction of movement:

• Positive cash flow, the amount of cash receipts from all types of operations (sometimes use the term "cash inflow").
• Negative cash flow, the amount of cash payments for all types of its operations (sometimes use the term "cash outflow").

The relationship between these species is quite high. If, over a period of time, one of these types of flows is reduced, then this will most likely entail a reduction in the second type. Therefore, in financial management, these two types are considered as a complex object of management.

2. By management levels: CFD, projects, activities allows you to assess the bottlenecks of financial management and take timely measures:

• The overall cash flow of the company. This cash flow includes all other types and serves the business as a whole.
• Cash flow of individual structural divisions, centers of financial responsibility (CFD) of the enterprise.
• Cash flow for individual transactions. This is the primary object of self-management.

Figure 1. Types of cash flows on the example of the software product "WA: Financier": Consolidated statement of cash flows according to IFRS.

3. By type of activity:

• Cash flow for current activities. Includes proceeds from the sale of core activities, advances from customers, revenue from ancillary activities and repayment of debts to suppliers, wages, tax payments to the budget fund.
• Cash flow from investment activities. For example, it includes cash flow associated with the acquisition of property or the sale of long-term assets.
• Cash flow from financial activities. Includes receipts of loans and borrowings, interest repayments, dividend payments, etc.

Figure 2. Types of cash flows on the example of the software product "WA: Financier". Consolidated cash flow statement.

4. In relation to the company:

• internal cash flow. Cash flow within the company.
• external cash flow. Cash flow between a company and its counterparties.

5. Calculation method:

• Aggregate cash flow - the entire amount of cash receipts or payments for a period of time at intervals.
• Net cash flow (NFC) - the difference between positive and negative cash flow over a period of time by intervals. NPV is a significant result of a business that determines its market value and financial position.

The formula for calculating NPV both for the company as a whole and for individual CFDs is:

The amount of net cash flow for the period = The amount of positive cash flow (cash receipts) for the period - The amount of negative cash flow (cash payments) for the period.

The NPV sum can be both positive and negative. This indicator affects the size of the company's cash assets.

6. According to the level of sufficiency:

• Excess cash flow. In this case, the receipts are much higher than the company's actual need for spending them. An indicator of redundancy is a high positive NPV value.
• Deficient cash flow. In this case, the receipts are significantly lower than the company's actual need for spending them. At the same time, the amount of NPV can be positive, but it does not provide all the needs of the company for spending money. A negative NPV automatically means a deficit.

7. In terms of balance:

• Balanced cash flow. It can be calculated both for the company as a whole, and for a separate CFD, a separate operation.

Balance formula between individual types of cash flows for the period:

Positive cash flow amount = Negative cash flow amount + Anticipated increase in cash reserve amount.

• Unbalanced cash flow. In this case, equality is not guaranteed. Unbalanced is both deficit and excess total cash flow.

8. By time period:

• Short term cash flow. The period from the beginning of cash receipts (or payments) to the end is no more than 1 year.
• Long term cash flow. The period from the beginning of receipts of funds (or payments) to the end of more than 1 year.

Typically, these types of cash flows are used for individual operations of the company: short-term cash flow is usually associated with current and partly with financial activities, long-term cash flow is associated with investment and partly with financial activities (for example, long-term loans and borrowings).

9. By importance in the formation of financial performance:

• Priority cash flow - generates a high level of net cash flow (or net profit). For example, proceeds from the sale of goods.
• Secondary cash flow - in terms of its functional orientation or insignificant volume, it does not have a significant impact on the formation of financial results. For example, the issuance of cash under the report.

10. According to the method of evaluation over time:

• Current cash flow - a comparable amount, given at a cost to the current point in time.
• Future cash flow is a comparable amount, discounted in value to a specific future point in time.

Typically, this classification is used for discounting.

11. In accordance with international accounting standards, cash flows are also divided by types of economic activity:

• Cash flow from operating activities is characterized by payments to suppliers of raw materials and supplies; third-party performers of certain types of services that provide operational activities.
• The cash flow from investment activities is characterized by payments and receipts of funds that interact with the implementation of real and financial investment.
• Cash flow from financial activities is characterized by receipts and payments of funds that are associated with the attraction of equity or other capital, with the acquisition of long-term and short-term credit and loans.

Taking into account the above classification, various types of financial planning and cash flow management are organized. Thus, the classification of types of cash flows helps to carry out accounting, analysis and planning of cash flows in the company.

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1. Theoretical foundations of 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 a certain amount, they must always be present in the composition of 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, the profit may be insignificant, and the financial condition of the enterprise is 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.

A cash flow statement is a financial reporting document that 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, and 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 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 sales proceeds, 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 necessary data is taken from the forms of 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. 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 of real money in the relevant 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 the reporting period and others;

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 balance of 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

The 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 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 payments, 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.

The determination of 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 a cash flow forecast according to the following formula:

where YES min - the minimum required need for monetary assets for the implementation of current business 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. To do this, use the net cash flow sufficiency ratio (KD NPV), 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 liquidity ratio of the cash flow (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.

The results of calculations are used to optimize cash flows, which is the process of choosing the best forms of their organization, taking into account the conditions and characteristics of economic activity.

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 application 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. Such optimization is ensured by calculating the required size of certain types of 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.

Given that the balances of the last three types of monetary assets are to a certain extent fungible, the total need for them, given the limited financial capabilities of a non-profit organization, can be reduced 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 forecasted;

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

Depreciation budget, including directions for using it for major repairs, current repairs 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;

The tax budget, which includes all taxes and obligatory payments to the budget, as well as to off-budget 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 in 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

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"

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 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 of the receipt and expenditure of cash flows in the cultural institution "DK metallurgists" in 2010-2012, thousand rubles.

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 areas of spending the cash flows of the cultural institution "DK metallurgists" the main share is occupied by: payment of invoices of suppliers (70.5%), remuneration of personnel and contributions to extra-budgetary 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 directions of spending the cash flows of the cultural institution "DK metallurgists" the main share is occupied by: payment of invoices of suppliers (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 it decreased by 4596 thousand rubles, for wages it 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 rubles.

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 payments 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 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. the insufficiency of own funds (net profit and depreciation charges) for the implementation of investment activities was revealed;

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"

The 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 the effective use of temporarily free cash flows, as well as their 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

All liquidity ratios are above their 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.

Given that the balances of the last three types of monetary assets are to a certain extent fungible, 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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