There are six main methods of financial analysis:

• horizontal(temporal) analysis— comparison of each reporting position with the previous period;
• vertical(structural) analysis- identification specific gravity individual articles in the final figure, taken as 100%;
• trend analysis- comparison of each reporting position with a number of previous periods and determination of the trend, i.e. the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. With the help of the trend, possible values ​​of indicators are formed in the future, and therefore, a prospective predictive analysis is carried out;
• analysis of relative indicators(coefficients) - calculation of ratios between individual reporting positions, determination of interrelations of indicators;
• comparative(spatial) analysis- on the one hand, this is an analysis of the reporting indicators of subsidiaries, structural divisions, on the other hand, a comparative analysis with the indicators of competitors, industry averages, etc.;
• factor analysis– analysis of the influence of individual factors (reasons) on the resulting indicator. Moreover, factor analysis can be both direct (analysis itself), when the resulting indicator is divided into its component parts, and reverse (synthesis), when its individual elements are combined into a common indicator.

The main methods of financial analysis carried out at the enterprise:

Vertical (structural) analysis— determination of the structure of the final financial indicators(the amounts for individual items are taken as a percentage of the balance sheet currency) and identifying the impact of each of them on the overall result economic activity. The transition to relative indicators allows for cross-farm comparisons economic potential and performance of enterprises that differ in the amount of resources used, and also smoothes Negative influence inflationary processes that distort absolute indicators financial reporting.

Horizontal (dynamic) analysis is based on the study of the dynamics of individual financial indicators over time.

Dynamic analysis is the next step after the analysis of financial indicators (vertical analysis). At this stage, it is determined which sections and items of the balance sheet have undergone changes.

The analysis of financial ratios is based on the calculation of the ratio of various absolute indicators of financial activity among themselves. The source of information is the financial statements of the enterprise.

The most important groups of financial indicators:

1. liquidity indicators.
2. Indicators financial stability and solvency.
3. Profitability indicators.
4. Turnover indicators (business activity).
5. Market Activity Indicators

When analyzing financial ratios, the following points should be kept in mind:

• the value of financial ratios is greatly influenced by the accounting policy of the enterprise;
• diversification of activities makes it difficult to compare coefficients by industry, since the standard values ​​can vary significantly for different industries;
• normative coefficients chosen as a basis for comparison may not be optimal and may not correspond to the short-term objectives of the period under review.

Comparative financial analysis is based on comparing the values ​​of individual groups of similar indicators with each other:

• indicators of this enterprise and average industry indicators;
• financial indicators of the given enterprise and indicators of the enterprises-competitors;
• financial indicators of individual structural units and divisions of the enterprise;
• comparative analysis of reporting and planned indicators.

Integral (factorial) financial analysis allows you to get the most in-depth assessment of the financial condition of the enterprise.

Financial analysis is a process of studying the financial condition and the main results of the financial activity of an enterprise in order to identify reserves to increase its market value and ensure effective development.

To solve specific problems of financial management, a number of special systems and methods of analysis are used, which make it possible to obtain a quantitative assessment of the results of financial activity in the context of its individual aspects, both in statics and in dynamics. In the theory of financial management, depending on the methods used, the following main systems of financial analysis conducted at the enterprise are distinguished: horizontal analysis; vertical analysis; comparative analysis; ratio analysis; integral analysis (Fig. 2.3).

I. Horizontal (or trend) financial analysis is based on the study of the dynamics of individual financial indicators over time. In the process of using this system of analysis, the growth (increase) rates of individual indicators of financial statements for a number of periods are calculated and general trends in their change (or trend) are determined. In financial management, the following types of horizontal (trend) financial analysis are most widely used:

1. Study of the dynamics of the indicators of the reporting period in comparison with the indicators of the previous period (for example, with the indicators of the previous month, quarter, year).

2. Study of the dynamics of indicators of the reporting period in comparison with indicators of the same period last year (for example, indicators of the second quarter of the reporting period with similar indicators of the second quarter of the previous year). This type of horizontal financial analysis is used in enterprises with pronounced seasonal features of economic activity.

3. The study of the dynamics of indicators for a number of previous periods The purpose of this type of analysis is to identify trends in individual indicators that characterize the results of the financial activities of the enterprise (determination of the trend line in dynamics).

All types of horizontal (trend) financial analysis are usually supplemented by a study of the influence of individual factors on the change in the corresponding effective indicators. The results of such an analytical study make it possible to build the corresponding dynamic factor models, which are then used in the process of planning individual financial indicators.

II. Vertical (or structural) financial analysis is based on the structural decomposition of individual indicators of the financial statements of the enterprise. In the process of this analysis, the share of individual structural components of aggregated financial indicators is calculated. In financial management, the following types of vertical (structural) analysis are most widely used:

1. Structural analysis of assets. In the process of this analysis, the share of current and non-current assets is determined; elemental composition of current assets; elemental composition of non-current assets; the composition of the company's assets in terms of liquidity; composition of the investment portfolio by types of securities and others. The results of this analysis are used in the process of optimizing the composition of the company's assets.

2. Structural analysis of capital. In the process of this analysis, the share of equity and borrowed capital used by the enterprise is determined; the composition of the borrowed capital used by the periods of its provision (short- and long-term borrowed capital); the composition of the borrowed capital used by its types - bank credit; financial credit of other forms; commodity (commercial) credit, etc. The results of this analysis are used in the process of evaluating the effect financial leverage, determining the weighted average cost of capital, optimizing the structure of sources for the formation of borrowed financial resources, and in other cases.

3. Structural analysis of cash flows. In the process of this analysis, as part of the total cash flow, cash flows from the operating, investment and financial activities of the enterprise are distinguished; as part of each of these types of cash flow, the receipt and expenditure of funds, the composition of the balance of cash assets by its individual elements are more deeply structured.

III. Comparative financial analysis is based on comparing the values ​​of individual groups of similar indicators with each other. In the process of using this analysis system, the sizes of absolute and relative deviations of the compared indicators are calculated. In financial management, the following types of comparative financial analysis are most widely used.

1. Comparative analysis of the financial performance of this enterprise and industry averages. In the process of this analysis, the degree of deviation of the main results of the financial activities of this enterprise from the industry average is revealed in order to assess its competitive position in terms of financial results of management and identify reserves for further improving the efficiency of financial activities.

2. Comparative analysis of the financial performance of this enterprise and competing enterprises. In the process of this analysis, the weaknesses of the financial activity of the enterprise are revealed in order to develop measures to improve its competitive position in a particular regional market.

3. Comparative analysis of financial indicators of individual structural units and divisions of the given enterprise (its responsibility centers). This analysis is carried out in order to comparative evaluation and search for reserves to improve the efficiency of the financial activities of the internal divisions of the enterprise.

4. Comparative analysis of reporting and planned (normative) financial indicators. Such an analysis forms the basis of the controlling of current financial activities organized at the enterprise. In the process of this analysis, the degree of deviation of reporting indicators from planned (normative) is revealed, the reasons for these deviations are determined, and recommendations are made for adjusting certain areas of the financial activity of the enterprise.

IV. Analysis of financial ratios (R-analysis) is based on the calculation of the ratio of various absolute indicators of the financial activity of the enterprise among themselves. In the process of using this system of analysis, various relative indicators are determined that characterize the individual results of financial activity and the level of the financial condition of the enterprise. In financial management, the following groups of analytical financial ratios are most widely used: coefficients for assessing the financial stability of an enterprise; coefficients for assessing the solvency (liquidity) of the enterprise; asset turnover assessment coefficients; capital turnover assessment coefficients; profitability assessment coefficients and others.

1. The coefficients for assessing the financial stability of an enterprise make it possible to identify the level financial risk associated with the structure of the sources of formation of the capital of the enterprise, and, accordingly, the degree of its financial stability in the process of future development. To conduct such an assessment in the process of financial analysis, the following main indicators are used:

a) autonomy coefficient (KA). It shows to what extent the volume of assets used by the enterprise is formed at the expense of equity capital and to what extent it is independent of external sources financing. The calculation of this indicator is carried out according to the following formulas:

where SC- the amount of own capital of the enterprise on a certain date;
CA- the value of the net assets of the enterprise on a certain date;
To- the total amount of capital of the enterprise on a certain date;
BUT- the total value of all assets of the enterprise on a certain date;

b) funding ratio (KF). It characterizes the volume of attracted borrowed money per unit of equity, i.е. degree of dependence of the enterprise on external sources of financing. The following formula is used to calculate this indicator:

where ZK
SC

in) debt ratio (KZ). It shows the share of borrowed capital in the total amount used. The calculation of this coefficient is carried out according to the following formula:

where ZK- the amount of borrowed capital attracted by the enterprise (average or as of a certain date);
To

G) current debt ratio (KTZ). It characterizes the share of short-term borrowed capital in the total amount used. This indicator is calculated using the following formula:

where ZKk- the amount of short-term borrowed capital attracted by the enterprise (average or as of a certain date);
To- the total amount of capital of the enterprise (average or on a certain date);

e) long-term financial independence ratio (KDN). It shows to what extent the total volume of used assets is formed at the expense of the company's own and long-term borrowed capital, i.e. characterizes the degree of its independence from short-term borrowed sources of financing. The calculation of this indicator is carried out according to the formula:

where SC- the amount of own capital of the enterprise (average or on a certain date);
ZKd- the amount of borrowed capital attracted by the enterprise on a long-term basis (for a period of more than one year);
BUT- the total value of all assets of the enterprise (average or for a certain date);

e) equity maneuverability ratio (KMSk). It shows how much equity is invested in current assets, in the total amount of equity (i.e., what part of equity is in its high-turnover and highly liquid form). The calculation of this indicator is carried out according to the following formula:

where SOA- the amount of own current assets (or own working capital);
SC- total amount of own capital of the enterprise;

g) equity and long-term debt capital flexibility ratio(KMSD). It shows the share of own and long-term borrowed capital, aimed at financing current assets, in the total amount of own and long-term borrowed capital. This indicator makes it possible to judge the type of policy used by the enterprise to finance its assets. The following formula is used to calculate this indicator:

where 0Asd- the amount of own and long-term borrowed capital aimed at financing the current assets of the enterprise (average or on a certain date);
SC- the amount of own capital of the enterprise (average or on a certain date);
ZKd- the amount of borrowed capital attracted by the enterprise on a long-term basis (for a period of more than one year).

2. Coefficients for assessing solvency (liquidity) characterize the ability of an enterprise to pay off its current financial obligations in a timely manner at the expense of current assets of various levels of liquidity. Carrying out such an assessment requires a preliminary grouping of current assets of the enterprise according to the level of liquidity. To assess the solvency (liquidity) in the process of financial analysis, the following main indicators are used:

a) absolute solvency ratio or "acid test" ( KAP). It shows to what extent all the current financial obligations of the enterprise are secured by the means of payment available to it at a certain date. The calculation of this coefficient is carried out according to the formula:

where YES- the amount of monetary assets of the enterprise on a certain date;
KFI- the amount of short-term financial investments of the enterprise on a certain date;
0Bq- the sum of all current financial liabilities of the enterprise on a certain date;

b) intermediate solvency ratio (checkpoint). It shows the extent to which all current financial obligations can be met by its highly liquid assets (including ready-made means of payment). To determine this indicator, the following formula is used:

where YES- the amount of monetary assets of the enterprise (average or on a certain date);
KFI- the amount of short-term financial investments (average or for a certain date);
DZ- the amount of receivables of all types (average or for a certain date);
0Bq

in) current solvency ratio (KTP). It shows to what extent the entire debt on current financial obligations can be satisfied at the expense of all its current (current) assets. The calculation of this indicator is made according to the formula:

where OA- the sum of all current assets of the enterprise (average or on a certain date);
TFO- the sum of all current financial liabilities of the enterprise (average or for a certain date);

G) total ratio of receivables and payables(KDKo). It characterizes the general ratio of calculations for these types of debts of the enterprise. The calculation of this indicator is carried out according to the formula:

where D3o- the total amount of the current receivables of the enterprise of all types (average or for a certain date);
K3o- the total amount of accounts payable of the enterprise of all types (average or for a certain date).

e) the ratio of receivables and payables for commercial operations (KDk). This indicator characterizes the ratio of payments for purchased and delivered products. To determine this indicator, the formula is used:

where DZp- the amount of the enterprise's current receivables for products (goods, works, services), calculated as an average or as of a certain date;
KZp- the amount of accounts payable of the enterprise for products (goods, services, works), calculated as an average or for a certain date.

3. The coefficients for assessing the turnover of assets characterize how quickly the formed assets turn around in the course of the economic activity of the enterprise. To a certain extent, they are an indicator of its business (production and commercial) activity. The following formulas are used to assess the turnover of an enterprise's assets:

a) the turnover ratio of all used assets in the period under review ( KOa

where OR
BUT

b) the turnover ratio of current assets of the enterprise in the period under review ( COoa

where OR- the total volume of sales of products in the period under review;
OA

c) the period of turnover of all used assets in days ( POa). This indicator can be calculated using the following formulas:

where BUT- the average cost of all used assets of the enterprise in the period under review;
ORo
D
KOa- the turnover ratio of all used assets in the period under review;

d) the period of turnover of current assets in days ( POoa

where OA- the average cost of current assets in the period under review (calculated as the average chronological);
ORo- one-day volume of sales of products in the period under review;
D- the number of days in the period under review;
COoa- the turnover ratio of current assets in the period under review;

e) the period of turnover of non-current assets in years ( POVA). The calculation of this indicator is carried out according to the formulas:

where Og- annual volume of product sales;
VA- the average annual cost of non-current assets (calculated as the average chronological);
On the is the average depreciation rate.

According to the considered fundamental formulas, the turnover ratio and periods of turnover can, if necessary, be calculated for individual elements of current and non-current assets.

4. Capital turnover assessment coefficients characterize how quickly the capital used by the enterprise as a whole and its individual elements turn around in the course of its economic activity. To assess the turnover of the capital of the enterprise, the following main indicators are used:

a) the turnover ratio of all capital used in the period under review ( Cook). This indicator is determined by the following formula:

where OR- the total volume of sales of products in the period under review;
To

b) equity turnover ratio in the period under review ( KOsk). This indicator is calculated according to the following formula:

where OR- the total volume of sales of products in the period under review;
SC

c) the turnover ratio of borrowed capital in the period under review ( KOzk) To calculate this indicator, the following formula is used:

where OR- the total volume of sales of products in the period under review;
ZK- the average amount of borrowed capital in the period under review (calculated as the average chronological);

d) the turnover ratio of the attracted financial (bank) loan in the period under review ( KOfk

where OR- the total volume of sales of products in the period under review;
FC- the average amount of attracted financial (bank) credit in the period under review (calculated as the average chronological);

e) the turnover ratio of attracted commodity (commercial) credit in the period under review ( KOTK

where OR- the total volume of sales of products in the period under review;
TC

f) the period of turnover of the entire capital used by the enterprise in days ( OK

where To- the average amount of the entire capital used by the enterprise in the period under review (calculated as the average chronological);
ORo- one-day volume of sales of products in the period under review;
D- the number of days in the period under review;
K0k- the turnover ratio of all capital used in the period under review;

g) the period of equity turnover in days ( POsk). The following formulas are used to calculate this indicator:

where SC- the average amount of used capital of the enterprise in the period under review (calculated as the average chronological);
ORo- one-day volume of sales of products in the period under review;
D- the number of days in the period under review;
KOsk- equity turnover ratio in the period under review;

h) the period of turnover of borrowed capital in days ( Pozk). This indicator is calculated using the following formulas:

where ZK- the average amount of borrowed capital of the enterprise in the period under review (calculated as the average chronological);
ORo- one-day volume of sales of products in the period under review;
D- the number of days in the period under review;
KOzk- the turnover ratio of borrowed capital in the period under review;

i) the period of turnover of the attracted financial (bank) loan in days ( POfk). This indicator is determined by the following formulas:

where FC- the average amount of attracted financial (bank) credit in the period under review (calculated as an average chronological);
ORo- one-day volume of sales of products in the period under review;
D- the number of days in the period under review;
KOfk- turnover ratio of attracted financial (bank) credit in the period under review;

j) the period of turnover of the attracted short-term bank loan in days ( POkbk). This indicator is calculated using the following formula:

where KBK- the average amount of attracted short-term bank credit in the period under review (calculated as an average chronological);
ORo- one-day volume of sales of products in the period under review;

k) the period of turnover of the attracted commodity (commercial) credit in days ( POTK). This indicator is calculated using the following formula:

where TC- the average amount of attracted commodity (commercial) credit in the period under review (calculated as an average chronological);
ORo- one-day sales volume in the period under review;

m) the period of turnover of the total accounts payable of the enterprise in days ( POokz). This indicator is determined by the formula:

where OKZ- the average amount of accounts payable of an enterprise of all types in the period under review (calculated as an average chronological);
ORo- one-day volume of sales of products in the period under review;

m) the period of turnover of the current liabilities of the enterprise according to settlements in days ( POtor). The following formula is used to calculate this indicator:

where TOP- the average amount of current liabilities according to the calculations of the enterprise of all types in the period under review (calculated as an average chronological);
ORo- one-day volume of sales of products in the period under review.

5. Ratios for evaluating profitability (profitability) characterize the ability of the enterprise to generate the necessary profit in the course of its economic activity and determine the overall efficiency of the use of assets and invested capital. The following key indicators are used for this assessment:

a) the profitability ratio of all assets used or the economic profitability ratio ( Ra). It characterizes the level of net profit generated by all the assets of the enterprise that are in its use on the balance sheet. The calculation of this indicator is carried out according to the formula:

where CHPO- the total amount of net profit of the enterprise received from all types of economic activity in the period under review;
BUT- the average cost of all used assets of the enterprise in the period under review (calculated as an average chronological);

b) return on equity ratio or financial profitability ratio ( Rsk). It characterizes the level of profitability of equity capital invested in the enterprise. The following formula is used to calculate this indicator:

where CHPO- the total amount of net profit of the enterprise received from all types of economic activity in the period under review;
SC- the average amount of equity capital of the enterprise in the period under review (calculated as the average chronological);

c) profitability ratio of product sales or commercial profitability ratio ( rrp). It characterizes the profitability of the operating (production and commercial) activities of the enterprise. This indicator is calculated according to the following formula:

where CHRP- the amount of net profit received from the operating activities of the enterprise in the period under review;
OR- the total volume of sales of products in the period under review;

d) profitability ratio of current costs ( Ptz). It characterizes the level of profit received per unit of costs for the implementation of the operating (production and commercial) activities of the enterprise. The following formula is used to calculate this indicator:

where CHRP- the amount of net profit received from the operating (production and commercial) activities of the enterprise in the period under review;
And- the sum of the costs of production (circulation) of the enterprise in the period under review;

e) return on investment ratio ( Pi). It characterizes the profitability of the investment activity of the enterprise. The calculation of this indicator is carried out according to the following formula:

where CHPI- the amount of net profit received from the investment activity of the enterprise in the period under review;
IR- the amount of investment resources of the enterprise placed in objects of real and financial investment.

The profitability ratios can also be calculated from certain types assets of the enterprise, individual forms of capital attracted by it, individual objects of real and financial investment.

v. Integrated financial analysis allows you to get the most in-depth (multi-factor) assessment of the conditions for the formation of individual aggregated financial indicators. In financial management, the following systems of integral financial analysis are most widely used:

1. The system of integrated analysis of the effectiveness of the use of enterprise assets. This system of financial analysis, developed by DuPont (USA), provides for the decomposition of the indicator "return on assets" into a number of private financial ratios of its formation, interconnected in unified system. A schematic diagram of such an analysis is shown in fig. 2.4.

This system of analysis is based on the "DuPont Model" (developed by DuPont, USA), according to which the profitability ratio of the company's assets used is the product of the profitability ratio of product sales and the turnover ratio (number of turnovers) of assets:

where Ra- profitability ratio of used assets;
rrp- profitability ratio of product sales;
KOa- turnover ratio (number of turnovers) of assets.

To interpret the results obtained in the calculation of the "Dupon Model", a special matrix can be used, shown in fig. 2.5.

With the help of this matrix, it is possible to identify the main reserves for further increasing the profitability of the company's assets - to increase the profitability of product sales; speed up asset turnover; use both of these directions.

For an integral analysis of the efficiency of using the equity capital of an enterprise, the following three-factor DuPont Model can be used:

where Rsk- return on equity;
CHPO- the amount of net profit in the period under review, received from all types of economic activity;
SC- the average amount of equity capital of the enterprise in the period under review (calculated as the average chronological);
BUT- the average sum of all used assets of the enterprise in the period under review (calculated as an average chronological);
R- the total volume of sales of products in the period under review.

2. SWOT-analysis system of financial activity. The name of this system is an abbreviation of the initial letters of the terms that characterize the objects of this analysis:
S - Strehgths ( strengths enterprises);
W - Weaknesses (weaknesses of the enterprise);
O - Opportunities (opportunities for the development of the enterprise);
T - Trears (threats to the development of the enterprise).

3. Object-oriented system of integrated analysis of the formation of the net profit of the enterprise. The concept of integrated object-oriented analysis, developed by Modernsoft (USA), is based on the use of computer technology and a special package of applied programs. The basis of this concept is the representation of the model of formation of net profit (or other effective indicator of financial activity) of the enterprise in the form of a set of interacting primary financial blocks that model "classes" of elements that directly form the amount of net profit. The user himself determines the system of such blocks and classes based on the specifics of the financial activity of the enterprise, in order to present in the model all the key elements of profit formation in accordance with the desired level of detail. After building the model, the user fills all the blocks with quantitative characteristics in accordance with the reporting information for the enterprise. The system of blocks and classes can be expanded and deepened as the direction of the enterprise's activity changes and more detailed information about the process of generating profits.

4. Portfolio analysis system. This analysis is based on the use of "portfolio theory", according to which the level of profitability of a portfolio of stock instruments is considered in conjunction with the level of risk of the portfolio ("profit-risk" system). According to this theory, it is possible to reduce the level of portfolio risk and, accordingly, increase the ratio of profitability to risk due to the formation of an "effective portfolio" (an appropriate selection of specific securities). The process of analyzing and selecting such securities into a portfolio is the basis for using this systems theory.

Systems and methods financial planning

financial planningis a process of developing a system of financial plans and planned (normative) indicators to ensure the development of the enterprise with the necessary financial resources and improve the efficiency of its financial activities in the coming period.

Financial planning in an enterprise is based on the use of its three main systems:

1. long-term planning financial activity of the enterprise.
2. Current planning of the financial activity of the enterprise.
3. Operational planning of the financial activity of the enterprise.

Each of these financial planning systems has specific methodological approaches to implementation, forms of implementation of the results and a certain period (planning horizon) of coverage (Table 2.1).

What is the relationship management accounting and economic analysis?

Economic analysis is not only the most important component of any of the management functions, but is itself a type of management activities prior to the adoption management decisions aimed at the sustainable development of the organization's business. Thus, economic analysis occupies an intermediate place between the selection of information and the decision-making process and, depending on the nature of the decision, uses appropriate methods.

What is the subject and objects of economic analysis?

The subject of economic analysis is the reasons for the change in the results of management and their deviations from the target parameters. The knowledge of cause-and-effect relationships in the economic activity of enterprises allows us to reveal the essence of the processes taking place in it and, on this basis, give a correct assessment of the results achieved in the current situation, identify reserves for improving work efficiency, justify plans and management decisions aimed at achieving the set goals.

List the tasks of economic analysis.

1. Establishing patterns and trends in economic indicators in the specific conditions of the enterprise.

2. Evaluation of the performance of the enterprise on the basis of an objective and comprehensive study of accounting and reporting information.

3. Scientific substantiation of current and future plans for the development of the enterprise

4. Monitoring the implementation of planned targets and the use of production resources.

5. Identification and measurement of internal reserves of the efficiency of the enterprise at all stages of the production process.

6. Development of measures for the use of production reserves.

7. Making optimal management decisions to improve the activities of the enterprise.

4. What is the content of the analysis and diagnostics of economic activity? The content of the analysis of financial and economic activity consists in a comprehensive study of the technical level of production, the quality and competitiveness of products, the provision of production with materials, labor and financial resources and the efficiency of their use. This analysis is based on systems approach, complex accounting of various factors, high-quality selection of reliable information and is an important function of management.

The essence of diagnosing the financial and economic activities of an enterprise is to establish and study signs, measure the main characteristics that reflect the state of machines, instruments, technical systems, economics and finance of an economic entity, to predict possible deviations from stable, average, standard values ​​and to prevent disruptions in the normal mode of operation

5. Give a description of the relationship between the main economic indicators as the basis for a comprehensive analysis.

objects, purpose and objectives of the analysis, a plan of analytical work is drawn up; a system of synthetic and analytical indicators is being developed, with the help of which

the object of analysis is characterized;

the necessary information is collected and prepared for analysis;

a comparison is made of the actual results of management with the indicators of the plan of the reporting year, the actual data of past years, with the achievements of leading enterprises, industries, etc.;

factor analysis: factors are identified and their influence on the result is determined;

unused and promising reserves for increasing production efficiency are identified; assessment of business results, taking into account the action of various factors and identified

unused reserves, measures are being developed for their use.

6. List the tasks of analytical research on the topics of a comprehensive economic analysis of economic activity. General:

1. Assessment of the quality, validity and reliability of plans and standards.

2. Determination of basic indicators for planning for the coming period.

3. Control over the implementation of plans and evaluation of their implementation. It also evaluates the effectiveness of the use of material, labor and financial resources.

4. Determination of the influence of individual factors and their quantitative assessment. Isolation and measurement of the influence of internal (depending on the activities of the enterprise) and external (industry) factors.

5. Identification of reserves for increasing production efficiency.

6. Substantiation of managerial decisions and their optimization.

7. an objective assessment of the financial condition of an economic entity, its solvency, financial stability and business activity.

8. Identification of opportunities to increase equity, net assets, return on shares and improve the use of borrowed funds.

9. forecasting financial results, potential threat of bankruptcy.

Specific:

Selection of partners according to the information published about them;

Evaluation and verification (due diligence) of the acquired organization (business);

Development of a methodology for analyzing the effectiveness of M&A transactions (mergers and acquisitions), determining the synergistic effect;

Improving the methodology of economic analysis, taking into account international experience and restructuring accounting and reporting in accordance with international standards;

Development of techniques for analyzing the effectiveness of investing financial resources in real and portfolio investment;

Improving methods for analyzing the quality, reliability of products, their competitiveness in the domestic and foreign markets;

Analysis of the organization's capitalization and business growth potential;

Development of methods of social, regional analysis, environmental protection activities;

Analysis of the effectiveness of outsourcing implementation;

Development of non-traditional types of analysis: continuous, multivariate, strategic, diagnostic.

Run test

1. The fundamental principles of the method of economic analysis do not reflect the following feature of dialectics:

a) unity of analysis and synthesis;

b) the study of economic phenomena in their interrelation;

c) the study of economic phenomena in development, in dynamics;

G) unity and struggle of opposites.

2. The mathematical equation Y = reflecting the relationship of the effective indicator with several factor indicators, belongs to the type of ... factor models. Additive

3. Economic and mathematical methods of analysis include:

a) operations research method:

b) trend analysis;

c) coefficient analysis;

d) horizontal analysis.

4. The method of their transformation (modeling) is not applied to the class of multiple deterministic factor models:

a) lengthening factor system;

b) extensions of the factor system;

c) reduction of the factor system;

G) bifurcation of the factor system.

5. To determine the compliance of individual costs at the enterprise with the socially necessary, its organizational and technical level and place in a number of enterprises of similar industrial specialization allows:

a) comparison of reporting indicators with indicators of previous periods;

b) inter-farm comparison;

in) comparison with industry averages;

d) comparison of the performance of the enterprise with the average performance of the market economy.

6. Method chain substitutions... consists in obtaining a number of intermediate values ​​of the effective indicator by successively replacing the basic (planned) values ​​of factors with actual ones, followed by comparing the value of the effective indicator before and after changing the level of the factor under study.

7. The mathematical equation Y = , reflecting the relationship of the effective indicator with several factor indicators, belongs to the type .. mixed. factor models.

8. ..Vertical. analysis involves determining the structure of the final indicators of financial statements with the identification of the impact of each position on the result as a whole.

9. The horizontal (temporary) method of financial analysis involves:

a) determination of the structure of the final indicators of financial statements with the identification of the impact of each position on the result;

b) identification of the main trend in the dynamics of the indicator, cleared of random influences and features of individual periods;

c) comparison of each reporting position with the previous period with the identification of absolute and relative deviations;

d) comparison of the company's indicators with those of competing firms, with industry average and general economic indicators.

10. When using the method. absolute difference.. the value of the influence of factors is calculated by multiplying the absolute increase in the value of the factor under study by the basic (planned) value of the factors that are in the model to the right of it, and by the actual value of the factors located in the model to the left of it.

11. Integral..... the method is based on summing the increments of a function defined as a partial derivative multiplied by the increment of the argument over infinitesimal intervals.

12. .Index Analysis.. are relative indicators of comparison of phenomena consisting of elements that are not directly summable:

a) indexes;

b) financial ratios:

c) interest;

d) average values.

13. The mathematical equation Y = , reflecting the relationship of the effective indicator with several factor indicators, belongs to the type. multiples.. factor models.

14. ... methods of economic analysis of economic activity are based on the use of professional knowledge, experience and intuition of the analyst:

a) heuristic;

b) economic and mathematical;

c) factor;

d) statistical.

15. The method of a comprehensive assessment of the effectiveness of economic activity, which involves assigning a weight coefficient to each indicator and its increment on a certain scale, is called the method:

b) scoring;

c) increase in the total resource;

G) financial ratios.

16. The method that involves comparing each reporting position with a number of previous periods and determining the main trend in the dynamics of the indicator, cleared of random influences and features of individual periods, is called. horizontal (temporary).. analysis.

17. To identify the reasons for the deviation of the actual values ​​of individual indicators from their predicted levels, a comparison is used:

a) reporting indicators with planned indicators;

b) reporting indicators with indicators of previous periods;

c) indicators of the enterprise with similar industry average data;

d) indicators of the enterprise with average indicators of a market economy.

18. The method of analysis, in which the effect of a number of factors on the performance indicator is excluded and one of them is singled out, is called:

a) rows of dynamics;

b) elimination;

c) detailing;

d) balance linkages.

19. Method of analysis involving comparison homogeneous objects to find similarities or differences between them is called:

a) graphic;

b) factorial:

c) selective and continuous observation;

G) comparison.

20. The economic and mathematical methods of analysis include:

a) calculus of variations;

b) trend analysis;

c) factor analysis;

d) vertical analysis.

21. Assessment of the dynamics of financial indicators is carried out using the method:

a) vertical analysis;

b) horizontal analysis;

c) financial ratios;

d) comparative analysis.

22. The calculation of relative indicators according to financial statements, reflecting intra-balance sheet relationships or relationships between indicators of several reporting forms, is carried out on the basis of the method:

a) economic and mathematical analysis;

b) financial ratios;

c) comparative (spatial) analysis;

d) factor analysis.

23. Mathematical equation Y \u003d (a + b) / c, reflecting the relationship of a performance indicator with several factor indicators, belongs to the type of ... factor models:

a) additive;

b) multiplicative;

c) multiples;

G) mixed (combined)).

24. Medium... the value expresses distinguishing feature given set of phenomena, establishes the most typical features this aggregate.

25. factorial... analysis studies the impact of input values ​​on the performance indicator using deterministic research techniques.

26. To identify trends in the development of an enterprise and the dynamics of the main parameters of its economic and financial situation, the following is used:

a) comparison of reporting indicators with planned indicators;

b) comparison of reporting indicators with indicators of previous periods;

c) inter-farm comparison;

d) comparison with industry average data.

27. Economic and mathematical methods of analysis do not include methods:

a) elementary mathematics;

3) b) mathematical programming;

c) operations research;

G) elimination.

28. Mathematical equation Y \u003d , reflecting the relationship of a performance indicator with several factor indicators, belongs to the type .. multiplicative. factor models.

29. Methods ... allow you to give a comprehensive assessment of the financial condition of the enterprise:

a) mathematical statistics;

in) deterministic factor analysis;

d) mathematical programming.

30. Standard techniques (methods) for analyzing financial statements include ... analysis:

a) regressive;

b) correlation;

in) horizontal;

d) differential.

The main goal of financial analysis is to obtain the maximum number of the most informative parameters that give an objective picture of the company's financial condition, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors.

There are various classification of financial analysis methods. The practice of financial analysis has developed the basic rules for reading (methods) of analysis financial statements. Among the main ones are:

In addition to these methods, there is also a comparative and factor analysis.

Comparative analysis of the financial condition of the enterprise

Comparative analysis is both an intra-production analysis of summary reporting indicators for individual indicators of an enterprise, divisions, workshops, and an inter-economic analysis of the indicators of a given company with those of competitors, with average industry and average production indicators. Benchmarking allows you to compare:

• actual indicators with planned ones, which gives an assessment of the validity of planned decisions;
• actual indicators with normative ones, which provides an assessment of internal production reserves;
• actual indicators of the reporting period with similar data from previous years to identify the dynamics of the studied parameters;
• actual indicators of the organization with the reporting data of other enterprises (the best or industry average).

Factor analysis

Factor analysis makes it possible to evaluate the influence of individual factors on the performance indicator both by the direct method of splitting the performance indicator into its component parts, and by the inverse method, when individual elements are combined into a common performance indicator.

These methods are used at all stages of financial analysis, which accompanies the formation of general indicators of the economic activity of the organization. During the formation of these indicators, the following is done: assessment of the technical and organizational level and other production conditions; characteristics of the use of production resources: fixed assets, material resources, labor and wages; analysis of the volume of the structure and quality of products; evaluation of costs and production costs.

Horizontal and vertical financial analysis

This type of analysis consists in the construction of one or more analytical tables in which absolute balance sheet indicators are supplemented by relative growth (decrease) rates. Typically, base growth rates over several periods are used here. The purpose of the horizontal analysis is to identify the absolute and relative changes in the values ​​of various items of financial statements for a certain period, to evaluate these changes.

Of great importance for assessing the financial condition is the vertical financial analysis of the asset and liability of the balance sheet, which allows you to judge the financial report by relative indicators, which in turn makes it possible to determine the structure of the asset and liability balance, the share of individual reporting items in the balance sheet. The purpose of vertical analysis is to calculate the share of individual items in the balance sheet and evaluate their dynamics in order to be able to identify and predict structural changes in assets and sources of their coverage.

Horizontal and vertical analysis complement each other, and on their basis a comparative analytical balance is built, all indicators of which can be divided into three groups: indicators of the balance structure; indicators of balance dynamics; indicators of the structural dynamics of the balance. Comparative analytical balance underlies the analysis of the structure of property and the sources of its formation.

Trend financial analysis

A variant of horizontal analysis is trend financial analysis (analysis of development trends). Trend analysis is of a prospective, predictive nature, since it allows, based on the study of the pattern of changes in an economic indicator in the past, to predict the value of the indicator for the future. To do this, a regression equation is calculated, where the analyzed indicator acts as a variable, and the time interval acts as a factor under the influence of which the variable changes. The regression equation makes it possible to build a line that reflects the theoretical dynamics of the analyzed profitability indicator.

Ratio financial analysis

Analysis of relative indicators (ratio financial analysis) - calculation of relationships between individual report items or positions different forms reporting on individual indicators of the company, determining the relationship of indicators. The corresponding indicators calculated on the basis of financial statements are called financial ratios.

Financial ratios characterize different sides economic activity organizations:

solvency through liquidity and solvency ratios;

financial dependence or financial autonomy through the share of equity in the balance sheet;

business activity through asset turnover ratios in general or their individual elements;

work efficiency - through profitability ratios; market characteristics joint-stock company through the rate of dividend.

The absolute figures of the financial statements are actual data. For the purposes of planning, accounting and analysis, the organization calculates similar absolute indicators, which can be: regulatory, planned, accounting, analytical.

For the analysis of absolute indicators, the comparison method is most often used, with the help of which absolute or relative changes in indicators, trends and patterns of their development are studied.

This is the general concept of the formation of economic and, including financial indicators of the economic activity of the organization.

Bibliography:

1. Grishchenko O.V. Analysis and diagnostics of the financial and economic activities of the enterprise: Tutorial. Taganrog: Publishing House of TRTU, 2000.
2. Efimova O.V. The financial analysis. - M.: Accounting, 2001.
3. Kovalev V.V. Financial analysis: methods and procedures. - M.: FiS, 2002.
4. Lyubushin N.P., Leshcheva V.B., Suchkov E.A. Theory of economic analysis: Training and metodology complex/ Ed. prof. N.P. Lyubushin. - M.: Jurist, 2010.
5. Savitskaya G.V. Analysis of the economic activity of the enterprise: Proc. allowance. - 7th ed., Rev. - Minsk: New knowledge, 2010.

What is the purpose of financial analysis of the enterprise?

Based on data on the past activities of the enterprise, financial analysis is aimed at reducing uncertainty about its future state.

The results of the analysis of the financial condition of the enterprise is of paramount importance for a wide range of users, both internal and external to the enterprise - managers, partners, investors and creditors.

• For internal users, which primarily include the heads of the enterprise, the results of financial analysis are necessary to assess the activities of the enterprise and prepare decisions on adjusting the financial policy of the enterprise.
• For external users - partners, investors and creditors - information about the enterprise is necessary for making decisions on the implementation of specific plans for this enterprise (acquisition, investment, conclusion of long-term contracts).

What is the difference between external and internal financial analysis?

External financial analysis is focused on the open financial information of the enterprise and involves the use of standard (standardized) methods. In this case, as a rule, a limited number of basic indicators are used.

When performing the analysis, the main emphasis is on comparative methods, since users of external financial analysis are most often in a state of choice - with which of the enterprises under study to establish or continue relationships and in what form it is most appropriate to do so.

Internal financial analysis is more demanding on the original information. In most cases, the information contained in standard accounting reports is not enough for him, and it becomes necessary to use internal management accounting data.

In the process of analysis, the greatest emphasis is placed on understanding the causes of the ongoing changes in the financial condition of the enterprise and the search for solutions aimed at improving this condition. At the same time, it does not matter at all whether the goal is achieved by using standard or original methods.

Unlike external, internal analysis is not limited to consideration of the enterprise as a whole, but almost always goes down to the analysis of individual divisions and activities of the enterprise, as well as types of products.

The following table compares the two approaches to financial analysis.

Table 1.

What tasks are solved with the help of financial analysis?

With the help of financial analysis, the following tasks are sequentially solved:

1. Determination of the financial condition of the enterprise at the current moment.
2. Identification of trends and patterns in the development of the enterprise for the period under study.
3. Identification of factors that negatively affect the financial condition of the enterprise.
4. Identification of reserves that the company can use to improve its financial condition.
5. Development of recommendations aimed at improving the financial condition of the enterprise.

What are the main directions of financial analysis?

The main areas of financial analysis are:

1. Analysis of the balance structure.
2. Analysis of the profitability of the enterprise and the structure of production costs.
3. Analysis of solvency (liquidity) and financial stability of the enterprise.
4. Capital turnover analysis.
5. Analysis of return on capital.
6. Analysis of labor productivity.

What are the methods of financial analysis?

There are the following methods of financial analysis:

• Horizontal(retrospective, longitudinal, temporal) analysis.
  It involves comparing financial indicators with previous periods of time in order to determine trends in the development of the enterprise.
• Vertical(deep, structural) analysis.
  It involves determining the structure of the main financial indicators in order to study them in more detail.
• factorial analysis.
  It involves assessing the impact of individual factors on the final financial performance in order to determine the causes that cause changes in their values. In this case, the method of chain substitutions (elimination) can be used.
  This method of analysis is used, as a rule, when conducting internal financial analysis.
• Comparative analysis.
  It involves comparing the financial indicators of the enterprise under study with industry averages or similar indicators of related enterprises and competitors. Unfortunately, in Russia today there is no necessary statistical base. Therefore, in some cases, it is possible to use similar Western directories, the most famous of which are the bulletins of Dun & Bradstreet and Robert Morris Associates.
  This type of analysis is used, as a rule, when conducting external financial analysis.

2. Sources of information for financial analysis

What are the main sources of information for financial analysis?

The main sources of information for financial analysis are accounting and management accounting data:

1. Data on the property of the enterprise (assets) and sources of its formation (liabilities) at the beginning and end of the study period in the form of an analytical balance sheet.
2. Data on the performance of the enterprise for the period under study in the form of an analytical profit and loss report.

How analytical reports are built will be discussed below.

Which Additional Information used in financial analysis?

When conducting a financial analysis, for a more accurate interpretation of the source data, the following information may additionally be required:

• Information about the accounting policy of the enterprise.
• The amount of accrued depreciation of fixed assets and intangible assets.
• The average number of personnel and the wage fund of the enterprise.
• Share of overdue receivables and payables.
• The share of barter (commodity) settlements in sales proceeds.

How to build an analytical balance?

Traditionally, and especially when conducting an external analysis, a standard balance sheet (Form No. 1) is used as initial information. However, this is not prerequisite and, for example, in case of distrust of the external reporting of the enterprise, any other management accounting document can be used for this purpose.

In any case, the data must meet the following requirements:

• Data preparation should be carried out on a regular basis and according to a single methodology.
• Data on property and sources must be balanced with each other.
• Assets should be structured according to their economic nature (according to the principle of attributing value to manufactured products, terms of use and degree of liquidity).
• Data on funding sources should be separated according to the principle of ownership and terms of attraction.

All of the above requirements are met by the analytical balance.

One of the ways to build this document is to transform (aggregate or downsize) and refine the standard balance sheet.

Listed below are a number of procedures that must be carried out:

• Decrease authorized capital enterprises by the amount of unpaid capital (debts of the founders).
• Put down the real value of non-current assets.
• Adjust the value of current assets (stocks, receivables, free cash) and liabilities (, loans) for amounts that for some reason did not fall into the balance sheet.
• It is most convenient to correct the difference between the value of assets and liabilities through a specially created article of the analytical balance sheet "Accumulated capital". This analytical article combines all types of retained earnings, reserves formed from profits, accumulation and consumption funds and other similar balance sheet items. It shows what the enterprise has actually earned over the entire history of its existence (for privatized enterprises - from the moment of corporatization).

Table 2. Approximate structure of the analytical balance

Note.

The second column of assets and liabilities of the balance sheet shows conventions corresponding positions used in the future in the calculation formulas and examples.

How to get analytical?

As a basis for constructing an analytical income statement, you can use the accounting income statement (form No. 2).

In this case, the following procedures must be followed:

• Adjust sales proceeds for sales amounts that for some reason were not included in the accounting report.
• Adjust costs for sold products on the amounts of expenses that for some reason did not fall into the accounting report or, according to tax legislation, are attributed to repayment at the expense of profit.
• Divide the costs of sold products into variable and fixed components according to the degree of their dependence on changes in production and sales volumes.
• As part of fixed costs, separate the items "Depreciation" and "Interest on loans" as separate items.
• Separate taxes calculated before income taxation from other operating costs and include them in costs of products sold.
• Separate income and expenses associated with the sale of non-current assets and other property of the enterprise and securities, as well as exchange differences, as separate items.

• Construction regularity.
• Use of a single methodology when generating reports for different periods.
• Ensuring the possibility of conducting a break-even analysis.

Table 3. Sample Structure of Analytical Profit and Loss Statement

3. Scorecard for financial analysis

Indicators of the financial condition of the enterprise are divided into two categories: volumetric and relative. The latter are called financial ratios or financial ratios.

Various indicators are related to each other and reflect the view from only one of several possible points of view on the enterprise. Therefore, they talk about the system of financial indicators.

Among the volumetric indicators of the enterprise's activity are used:

1. Balance currency.
2. Own or paid-in authorized capital of the enterprise.
3. Net assets of the enterprise.
4. Sales volume (sales proceeds) for the period.
5. The amount of profit for the period.
6. cash flow for the period.
7. The structure of cash flow by type of activity.

Financial ratios are divided into several groups:

• Solvency (liquidity) indicators.
• Profitability indicators*.
• turnover indicators.
• Indicators of financial stability.
• Profitability indicators*.
• Indicators of labor efficiency.

* Indicators of profitability and profitability are considered separately. This is due to the fact that in the first case, the efficiency of the current (main) activities of the enterprise is analyzed, that is, the income and costs associated with their receipt are compared. In the second case, we are talking about the efficiency of capital (assets) use in general.

To obtain a holistic assessment of the enterprise, various volumetric indicators and financial ratios are combined (taking into account the weight and significance of each of them) into complex (composite) indicators of financial condition.