The financial position of an enterprise is directly dependent on the state of working capital, therefore enterprises are interested in organizing the most rational movement and use of working capital.

Performance indicators

The efficiency of using working capital is characterized by a system of economic indicators, primarily the turnover of working capital.

Working capital turnover refers to the duration of the complete circulation of funds from the moment of acquisition of working capital (purchase of raw materials, supplies, etc.) to the release and sale of finished products. The circulation of working capital is completed by crediting the proceeds to the company's account.

The turnover of working capital is not the same at different enterprises, which depends on their industry, and within the same industry - on the organization of production and sales of products, the placement of working capital and other factors.

Working capital turnover is characterized by a number of interrelated indicators: the duration of one turnover in days, the number of turnovers for a certain period (turnover ratio), the amount of working capital employed at the enterprise per unit of production (load factor).

The time (duration) of turnover of working capital is one of the indicators of turnover. Another indicator of turnover is the turnover ratio.

Turnover ratio - this is the number of revolutions that working capital makes over a certain period; it is calculated using the formula

where P is the volume of products sold for the period under review; OBC is the average amount of working capital for the same period.

Turnaround time (duration) It is customary to call turnover in days. This indicator is determined by the formula

where D is the number of days in a given period (360, 90, 30); Kob – turnover ratio.

After substituting the corresponding quantities into the formula, you can obtain a detailed expression for the turnover indicator:

The higher the turnover ratio under given conditions, the better the use of working capital.

Load factor of funds in circulation (Кз), inverse to the turnover factor,

In addition to these indicators, the return on working capital indicator can also be used, which is determined by the ratio of profit from the sale of the enterprise's products to the balances of working capital. Profitability of working capital is calculated as the ratio of the enterprise's profit to the average annual cost of working capital.

Working capital turnover indicators can be calculated for all working capital involved in turnover and for individual elements.

Changes in the turnover of funds are identified by comparing actual indicators with planned or indicators of the previous period. As a result of comparison of working capital turnover indicators, its acceleration or deceleration is revealed.

When the turnover of working capital accelerates, material resources and sources of their formation are released from circulation; when it slows down, additional funds are drawn into circulation.

The release of working capital due to the acceleration of their turnover can be absolute and relative. An absolute release occurs if the actual balances of working capital are less than the standard or balances of the previous period while maintaining or exceeding the sales volume for the period under review. Relative release of working capital occurs in cases where the acceleration of their turnover occurs simultaneously with an increase in production volume, and the growth rate of production volume is faster than the growth rate of working capital balances.

Improving the use of working capital

The efficiency of using working capital depends on many factors. Among them, we can distinguish external factors that influence regardless of the interests and activities of the enterprise, and internal ones, which the enterprise can and should actively influence. External factors include: the general economic situation, features of tax legislation, conditions for obtaining loans and interest rates on them, the possibility of targeted funding, participation in programs financed from the budget. Taking these and other factors into account, an enterprise can use internal reserves to rationalize the movement of working capital.

Increasing the efficiency of using working capital is ensured by accelerating their turnover at all stages of the circulation.

Significant reserves for increasing the efficiency of using working capital are built directly into the enterprise itself. In the production sector, this applies primarily to inventories. Inventories play an important role in ensuring the continuity of the production process, but at the same time they represent that part of the means of production that is temporarily not involved in the production process. Effective organization of inventory is an important condition for increasing the efficiency of using working capital. The main ways to reduce inventories come down to their rational use; liquidation of excess stocks of materials; improving standardization; improving the organization of supply, including by establishing clear contractual terms of supply and ensuring their implementation, optimal selection of suppliers, and smooth operation of transport. An important role belongs to improving the organization of warehouse management.

Reducing the time spent by working capital in work in progress is achieved by improving the organization of production, improving the equipment and technology used, improving the use of fixed assets, especially their active part, and saving at all stages of the movement of working capital.

In the sphere of circulation, working capital does not participate in the creation of a new product, but only ensures its delivery to the consumer. Excessive diversion of funds into the circulation sector is a negative phenomenon. The most important prerequisites for reducing investments of working capital in the circulation sector are the rational organization of sales of finished products, the use of progressive forms of payment, timely execution of documentation and acceleration of its movement, compliance with contractual and payment discipline.

Accelerating the turnover of working capital allows you to free up significant amounts and thus increase production volume without additional financial resources, and use the released funds in accordance with the needs of the enterprise.

Lecture 7. ENTERPRISE HUMAN RESOURCES

HR management

Indicators of personnel dynamics and composition

Organization and regulation of labor

Labor productivity and its measurement indicators

Salary

The labor resources of an enterprise are the main resource of each enterprise, the quality of selection and the efficiency of its use largely determine the results of the enterprise's production activities. At the level of an individual enterprise, instead of the term “labor, resources,” the terms “personnel” and “personnel” are more often used.

Personnel (labor personnel) of an enterprise is the main composition of qualified workers of an enterprise, company, or organization.

Typically, an enterprise's workforce is divided into production personnel and personnel employed in non-production departments. Production personnel - workers engaged in production and its maintenance constitute the bulk of the enterprise’s labor resources.

The largest and most basic category of production personnel is workers enterprises (firms) - persons (employees) directly engaged in the creation of material assets or work to provide production services and move goods. Workers are divided into main and auxiliary.

The main workers include workers who directly create the marketable (gross) output of enterprises and are engaged in the implementation of technological processes, i.e. changes in shape, size, position, condition, structure, physical, chemical and other properties of objects of labor.

Auxiliary workers include workers engaged in servicing equipment and workplaces in production shops, as well as all workers in auxiliary shops and farms.

Auxiliary workers can be divided into functional groups: transport and loading, control, repair, tool, housekeeping, warehouse, etc.

Managers– employees holding positions of enterprise managers (directors, foremen, chief specialists, etc.).

Specialists ~ employees with higher or secondary specialized education, as well as employees who do not have special education, but occupy a certain position.

Employees – workers involved in the preparation and execution of documents, accounting and control, business services (agents, cashiers, clerks, secretaries, statisticians, etc.).

Junior service personnel - persons holding positions in the care of office premises (janitors, cleaners, etc.), as well as in servicing workers and employees (couriers, delivery boys, etc.).

The ratio of various categories of workers in their total number characterizes personnel structure enterprise, workshop, site. The personnel structure can also be determined by such characteristics as age, gender, level of education, work experience, qualifications, degree of compliance with standards, etc.

Analysis of the use of working capital is carried out in order to identify shortcomings in the working capital management system and identify reserves for increasing their efficiency.

Analysis of the use of working capital of a commercial organization is carried out in the following sequence:

At the first stage, an analysis of the use of working capital as a whole is carried out.

To assess the efficiency of using working capital, working capital turnover indicators are used (they can be used both to assess working capital as a whole and to assess their individual components). The main ones are the following:

average duration of one revolution in days;

the number (number) of turnovers made by working capital during a certain period of time (year, half-year, quarter), otherwise - the turnover ratio;

the amount of employed working capital per 1 ruble of products sold (working capital load factor).

If working capital goes through all stages of the circulation, for example, in 50 days, then the first turnover indicator (the average duration of one turnover in days) will be 50 days. This indicator approximately characterizes the average time that passes from the moment of purchasing materials to the moment of sale of products made from these materials.

So, the average duration of one turnover in days is calculated as the ratio of the average balance of working capital to the one-day turnover of product sales.

The indicator of the average duration of one revolution in days (TO) can be calculated in another way, as the ratio of the number of calendar days (B) in the reporting period to the number of revolutions made by working capital during this period, i.e. according to the formula:

where KO is the number of turnovers made by working capital during the reporting period.

The second turnover indicator - the number of turnovers made by working capital during the reporting period (turnover ratio) (CR) - can also be obtained in two ways:

as the ratio of product sales minus value added tax and excise taxes (P) to the average balance of working capital (SO), i.e. according to the formula:

as the ratio of the number of days in the reporting period to the average duration of one revolution in days, i.e. according to the formula:

The third indicator of turnover (the amount of employed working capital per 1 ruble of sold products or otherwise - the working capital load factor) is determined in one way as the ratio of the average balance of working capital (CO) to the turnover of product sales for a given period (P), i.e. e. according to the formula:

This figure is expressed in kopecks. It gives an idea of ​​how many kopecks of working capital are spent to obtain each ruble of revenue from product sales.

When the turnover of working capital slows down, there is an additional attraction (involvement) of them into circulation, and when it accelerates, working capital is released from circulation. The amount of working capital released as a result of the acceleration of turnover or additionally attracted as a result of its slowdown is determined as the product of the number of days by which turnover accelerated or slowed down by the actual one-day sales turnover.

The economic effect of accelerating turnover is that an organization can produce more products with the same amount of working capital, or produce the same volume of products with a smaller amount of working capital.

Profitability of working capital is calculated as the ratio of the profit (gross or net) of the enterprise (Pr) to the average annual cost of working capital (AGC).

The amount of increase in the volume of products sold due to the acceleration of turnover of working capital can be calculated using the formula:

Vр = ?Ko * Co.pl

where?Ko is the change in the OBS turnover ratio;

So.pl - the average balance of working capital in the planning or previous period.

As a result of the acceleration of turnover (intensity of use of working capital), a certain amount of working capital is released.

Absolute release reflects a direct reduction in the need for working capital. Absolute release occurs when:

So.f< Со.пл, Vр = const

where So.f - actual balances of working capital;

So.pl - planned working capital balances;

Vр - sales volume.

Absolute release is determined by the formula:

AB = Co.fact - Co.plan.

The relative release of working capital occurs when turnover accelerates with an increase in production volume. Unlike absolute release, the funds released cannot be withdrawn from circulation without maintaining continuity of production.

Relative release reflects both the change in the amount of working capital and the change in the volume of products sold. To determine it, you need to calculate the need for working capital for the reporting year, based on the actual turnover of product sales for this period and turnover in days for the previous year. The difference will give the amount of funds released.

When analyzing the use of working capital, the analysis of liquidity ratios is important.

Liquidity is the ease of implementation, sale, transformation of material or other assets into cash to cover current financial obligations.

In the practice of financial analysis, there are three main indicators of liquidity.

Current (total) liquidity ratio (coverage ratio; English current ratio, CR) is a financial ratio equal to the ratio of current (current) assets to short-term liabilities (current liabilities). This is the most common and frequently used liquidity indicator. Determined by the formula:

Ktl = OA / KO

where: Ktl - current liquidity ratio;

OA - current assets;

KO - short-term liabilities.

The ratio reflects the company's ability to pay off current (short-term) obligations using only current assets. The higher the indicator, the better the solvency of the enterprise.

A coefficient value of 2 or more is considered normal (this value is most often used in Russian regulations; in world practice, 1.5 to 2.5 is considered normal, depending on the industry). A value below 1 indicates a high financial risk associated with the fact that the company is not able to reliably pay current bills. A value greater than 3 may indicate an irrational capital structure.

Quick liquidity ratio (sometimes called intermediate or quick liquidity; English quick ratio, QR) is a financial ratio equal to the ratio of highly liquid current assets to short-term liabilities (current liabilities). The source of data is the company’s balance sheet in the same way as for current liquidity, but inventories are not taken into account as assets, since if they are forced to be sold, losses will be maximum among all current assets. Quick liquidity formula:

Kbl = (DS + KFV + KDZ) / KO

where KDZ is short-term receivables;

KFV - short-term financial investments;

DS - cash.

The ratio reflects the company's ability to pay off its current obligations in the event of difficulties with the sale of products.

A coefficient value of at least 1 is considered normal.

Absolute liquidity ratio is a financial ratio equal to the ratio of cash and short-term financial investments to short-term liabilities (current liabilities). The source of data is the company’s balance sheet in the same way as for current liquidity, but only cash and funds close to it in essence are taken into account as assets:

Cal = (DS + KFV) / KO

Unlike the two above, this coefficient is not widely used in the West. According to Russian regulations, a coefficient value of at least 0.2 is considered normal.

The formula by which the operating cycle is calculated is:

POC - duration of the operating cycle of the enterprise, in days;

POda - turnover period of the average balance of monetary assets, in days;

POmz - duration of stocks of raw materials, materials and other material factors of production as part of current assets, in days;

POgp - duration of turnover of finished product inventories, in days;

POd - duration of collection of receivables, in days.

The duration of the production cycle is determined by the formula:

PPT - duration of the enterprise's production cycle, in days;

POsm - turnover period of the average stock of raw materials, materials, semi-finished products, in days;

POnz - period of turnover of work in progress inventory, in days;

POgp - turnover period of the average inventory of finished products, in days;

The cash flow cycle (financial cycle) is determined by the formula:

PFC - duration of the financial cycle, in days;

PPT - duration of the production cycle, in days;

POd - average receivables turnover period, in days;

POkz - the average period of turnover of accounts payable, in days.

The reduction in operational, production and financial cycles in dynamics is considered a positive trend

At the second stage of analyzing the use of working capital, the analysis is carried out according to individual structural components:

1. Analysis of inventory assumes:

Analysis of the structure of inventories (in general and for individual groups), consideration of the dynamics of inventories for the analyzed period.

Determination of the constant and variable parts of reserves, identification of seasonal fluctuations.

Analysis of inventory turnover indicators and average turnover period in order to identify ways to accelerate their turnover.

2. Analysis of accounts receivable assumes:

Analysis of the dynamics, structure and condition of accounts receivable.

Calculation of indicators characterizing the status and efficiency of use of receivables:

The coefficient of diversion of current assets into accounts receivable:

current asset financial cycle

DZ - total amount of receivables,

OA - the total amount of current assets of the enterprise.

Number of receivables turnover:

OR - the total amount of turnover for product sales in the period under review,

Receivables collection period:

avg.DZ - average accounts receivable, rub.;

Оо - the amount of one-day turnover for product sales, rub.

Overdue accounts receivable ratio:

2. Cash analysis assumes:

Analysis of the most significant indicators such as the absolute liquidity ratio and the turnover period of monetary assets.

Calculation of ratios and indicators demonstrating changes and the state of the enterprise’s funds. Calculation of the minimum acceptable cash requirement using the formula:

PRda - the expected volume of expenditure of monetary assets in the coming period, rubles;

Koda is the turnover ratio of monetary assets in the reporting period.

Analysis of turnover indicators and average turnover period, organization of measures to accelerate cash turnover.

Introduction

In the management system of various aspects of the activities of any enterprise in modern conditions, the most complex and responsible link is financial management. An indispensable condition for the successful functioning of an enterprise of any organizational and legal form is the active implementation of a strategically directed and detailed set of measures to create or strengthen obvious and hidden advantages over its own. competitors. In a market economy, all agro-industrial formations are interested in rhythmic and stable functioning. It is possible to achieve high performance results only with the help of a clearly structured, justified and effective financial policy of the enterprise.

An important component of the system for organizing the production process at agro-industrial enterprises is the policy of managing current assets and, for this purpose, conducting a detailed analysis of the efficiency of their use.

The development of a perfect mechanism for managing the working capital of organizations, as well as obtaining the results of an analysis of the composition, structure and dynamics of current assets, make it possible to approach a practical solution to the issue of the need for their financing. This is the relevance of the chosen topic of this course work. In addition, the effective formation and regulation of the volume of current assets helps maintain an optimal level of liquidity, ensures the efficiency of the production and financial cycles of activity, and, consequently, a sufficiently high solvency and financial stability of agro-industrial enterprises.

It is for this purpose that an analysis is carried out to identify the ratios of current assets and sources of their formation that are rational for a given organization: short-term liabilities and equity capital.

The topic of my course work is “Analysis of the use of working capital of an organization.” The object of the study is OJSC Beloretsk Butter and Cheese Plant in Beloretsk, specializing in the production of dairy products. The period under study is 2004–2006.

The purpose of the course work is, based on a study of the current state of the efficiency of using working capital of OJSC "BMSK", to determine specific ways and reserves for improving their use.

When writing the coursework, I was guided by the following tasks:

– express diagnostics of Beloretsk Butter and Cheese Plant OJSC;

– justification of the relevance of the research topic, its scientific and problematic significance in a market economy;

– study of the current state of economic and financial activities of OJSC “Beloretsk Butter and Cheese Plant”;

– identifying ways and reserves for improving the economic and financial activities of Beloretsk Butter and Cheese Plant OJSC.

1. General characteristics of the financial and economic condition of OJSC Beloretsk Butter and Cheese Plant

1.1 Organizational and legal status and priorities of activity of OJSC "BMSC"

The Beloretsk Butter and Cheese Plant was put into operation in 1977, then it was transformed into OJSC “Beloretsk Butter and Cheese Plant” in accordance with the Federal Laws “On the Privatization of State and Municipal Property”, “On Joint Stock Companies” and the Law of the Republic of Bashkortostan “On the Privatization of State and Municipal Property in the Republic of Belarus” "

Now the open joint-stock company "BMSC" operates on the basis of the Charter, registered by decree of the head of the administration of Beloretsk No. 381-5 dated June 17, 1998.

At the moment, OJSC "BMSC" is the legal successor of the Beloretsk butter and cheese-making plant in relation to all rights and obligations in accordance with the transfer act and the approved privatization plan for the enterprise.

The founder of JSC "BMSC" is the Ministry of Property Relations of the Republic of Belarus represented by the Committee for the Management of Municipal Property of the City of Beloretsk and the Beloretsk District.

The authorized capital of JSC "BMSK" is 9,367,356 rubles; in addition, the plant, after its state registration, issues and places ordinary and preferred shares worth 7,128,306 and 2,239,050 rubles, respectively.

The main management body of OJSC "BMSK" is the Board of Directors, which exercises general management of the plant's activities. With the exception of resolving issues that, in accordance with the Charter, fall within the exclusive competence of the general meeting of shareholders.

The Board of Directors is elected by the general meeting of shareholders by cumulative voting in the number of 5 members for the period until the next annual meeting of shareholders.

The General Director and members of the board of JSC "BMSK" cannot constitute more than one quarter of the composition of the Board of Directors.

Management of the current activities of OJSC "BMSK", execution of decisions made by the general meeting of shareholders and the Board of Directors of the plant is carried out by the sole executive body represented by the General Director, Kharisov N.B. The General Director can simultaneously exercise the functions of Chairman of the Management Board of OJSC BMSC, and he can also be elected to the Board of Directors.

In accordance with current legislation, the General Director is elected for a term of up to 5 years.

Characterizing the main activities of Beloretsk Butter and Cheese Plant OJSC, it should be noted:

– firstly, the production and sale of dairy products, production of industrial products and goods, processing of production waste;

– secondly, intermediary, trade and purchasing activities, as well as the organization of company stores.

The trade and purchasing activities of the Beloretsk Dairy Plant are directly related to the fact that the plant is located on the main transport route of the city of Beloretsk, access can be made from all sides except the south-west, where the residential area is located. The enterprise has its own vehicles, which allows the plant to carry out timely delivery of milk from milk collection points, as well as delivery of products to city stores, and carry out supply and sales deliveries with its own vehicles.

The range of products is quite wide - 46 items, but the main specialization of OJSC "BMSC" is the production of whole milk products. However, recently the plant began to specialize in the production of cheese, which is increasing every year.

The main sales market for JSC "BMSK" is the city of Beloretsk, whose population, according to the latest census, is 113,700 people.

The company has three branded stores located within the city. There is also active diversification into the sales market of Magnitogorsk and the neighboring Chelyabinsk region.

Raw materials for processing come from Beloretsky, Uchalinsky, Burzyansky districts. On average, JSC "BMSC" processes about 30 tons of raw milk per day. Accepted milk is carefully checked to ensure compliance with all established standards. The plant works closely with local dairy farms and with numerous village residents who keep livestock on their farmsteads. The plant's specialists regularly travel to milk collection sites, inspect them, and, in addition, supply milk producers with special reagents and equipment, and teach the basic principles of milk production and procurement.

1.2 Economic characteristics of OJSC "BMSC"

Let's consider the economic characteristics of OJSC "BMSC". To do this, let us pay attention to the equipment of the enterprise with fixed and working capital, as well as labor resources.

The provision of any enterprise with fixed assets and the efficiency of their use are important factors on which the results of economic activity depend, in particular the quality, completeness and timeliness of any type of work, and, consequently, the volume of production, its cost, and the financial condition of the enterprise. In this regard, analysis of the enterprise's provision of fixed assets and identification of reserves for increasing the efficiency of their use is of great importance. First of all, when analyzing fixed assets, it is necessary to study the structure of fixed assets and assess the changes that have occurred.

Having analyzed the data in this table, we can conclude that by 2006, compared to 2004, the cost of fixed assets decreased by 5.8%. The main reason for the change in the structure of fixed assets is the disposal of fixed assets in terms of some items.

First of all, this is due to the fact that by 2006 the cost of buildings decreased by 0.4% due to their depreciation. You can also see a decrease in the cost of machinery and equipment at the enterprise by 26.3% due to the obsolescence of most refrigeration and other production units. In addition, the cost of vehicles and household equipment has remained virtually unchanged compared to 2004.

Analyzing the structure of fixed assets in OJSC "BMSK" it is clear that the largest share in the period 2004–2006. buildings and industrial premises occupy 53.9 and 57%, respectively; machinery and equipment account for 17.3% in 2006, which is 2.8% less than in 2004. The smallest share in the structure of fixed assets in OJSC "BMSC" is occupied by production and household equipment; their share during the study period remains unchanged and amounts to 0.01%.

A sufficient supply of processing and other enterprises with labor resources, their rational use, and a high level of labor productivity are of great importance for increasing production volumes. In particular, the volume and timeliness of performing various types of work, the efficiency of using equipment and, as a result, the volume of production, its cost, profit and a number of other economic indicators depend on the provision of a farm or enterprise with labor resources and the efficiency of their use.

Let's consider the supply of labor resources to our enterprise, the data is given in table 1.2.2.

Table 1.2.2 Equipping OJSC "BMSC" with labor resources

As can be seen from Table 1.2.2, the total number of employees at the enterprise in 2006 compared to 2004 decreased by 7.7%. This is due, first of all, to a reduction in the staff of the whole milk shop by 9.1%, since by 2006 there was a noticeable decrease in production volumes and order volumes. There is a 20% decrease in the number of employees in the Chief Mechanical Department and the Chief Power Engineer Department; this was due to the acquisition of new vehicles in 2006, and the need for maintenance personnel at these production sites has decreased. It is also clear from this table that the number of such workers as oil production shop workers, expedition workers, garage workers and managers has not changed. There is only an increase of 8.3% in workers in the sausage cheese production workshop, since this enterprise began to expand the production of sausage cheese.

Analyzing the structure of the composition of employees at OJSC "BMSK", it is clear that the largest share is occupied by workers of the whole milk section; in 2004–2006. 21.2% and 20.8%, respectively, since the production of whole milk products is the main specialization of the enterprise. A sufficient share falls on service personnel, for example, workers in the compressor shop in 2004 amounted to 13.5%, and by 2006 - 12.5%.

The smallest share in the structure of the plant’s employees in 2004–2006. Expedition workers occupy 3.8% and 4.2%, respectively.

The company employs highly qualified specialists, thanks to whom the quality of its products remains unchanged. Every year, employees of JSC "BMSK" undergo advanced training courses not only in the Republic of Belarus, but also abroad.

An interesting fact is that many employees of the creamery plant have been working since its very foundation. This means that people like to work here, especially if the salary is sufficient.

The team considers its task to produce tasty, natural and high-quality products.

When analyzing the economic condition of OJSC "BMSC", attention should be paid to the analysis of the plant's production capacity.

The production capacity of an enterprise means the maximum possible output of products at the achieved or planned level of equipment, technology and production organization. To assess the production capacity of the Beloretsk Butter and Cheese Plant for the analyzed period, we will take 2004–2006. For this analysis, Table 1.2.3 will be needed.

Table 1.2.3 Production capacity of Beloretsk Butter and Cheese Plant OJSC

This table shows that in 2006, the utilization of production capacity increased due to an increase in the volume of products: Adyghe cheese, animal butter, whole milk products, as well as due to the expansion of the range of products - in 2006 the enterprise began producing a new type of product, processed cheese. Analyzing the use of average annual capacity, it is clear that in 2006 it increased and amounted to 21.5% of the listed assortment, compared to 2005 and 2004.

1.3 Analysis of the financial condition of OJSC "BMSC"

The financial condition of an enterprise is characterized by a system of indicators that reflect the state of capital in the process of its circulation and the ability of a business entity to finance its activities at a fixed point in time. In the process of supply, production, sales and financial activities, a continuous process of capital circulation occurs. The structure of funds and sources of their formation, the availability and need for financial resources, and, as a consequence, the financial condition of the enterprise, the external manifestation of which is solvency, changes. Consequently, a stable financial condition is the result of competent, skillful management of the entire complex of factors that determine the results of the financial and economic activities of an enterprise.

An analysis of the structure of financial liabilities indicates the predominance of short-term sources in the structure of borrowed funds, which is a negative factor that characterizes the ineffective structure of the balance sheet and the high risk of loss of financial stability.

Operating profit increased in the analyzed period from -107 thousand rubles. and up to 71 thousand rubles. or by 166.4%. This indicates an increase in the efficiency of the enterprise's operating activities.

At the end of the analyzed period, the company had a net profit of 23 thousand rubles, which tended to decrease, i.e. own funds received as a result of financial and economic activities decreased.

The amount of income from non-operating operations tended to grow and amounted to 1,330 thousand rubles. At the same time, there are no expenses for non-operating activities at the end of the period.

The results of comparing the rates of change in income and expenses associated with non-operating activities indicate an increase in its profitability.

At the end of the analyzed period, the company had a net profit of 23 thousand rubles, which had a growth trend, i.e. own funds received as a result of financial and economic activities increased.

Let's calculate the coefficients characterizing the financial condition of the enterprise and compare them with the results of the last three years. We will write the results in the form of table 1.3.1.

Table 1.3.1 Financial indicators of the activities of OJSC "BMSK"

The total liquidity ratio, which characterizes the overall provision of an enterprise with working capital for conducting business activities and timely repayment of the enterprise's urgent obligations, decreased in the period under review from 1.1 to 0.8, or by 27%.

The value of the indicator indicates an insufficient level of coverage of current liabilities with current assets and overall low liquidity, since its standard value is in the range from 1 to 2. This may indicate difficulties in selling products and problems associated with organizing supplies.

The negative trend in this indicator for the analyzed period reduced the likelihood of repaying current liabilities at the expense of inventories, finished products, cash, accounts receivable and other current assets.

The quick liquidity ratio, which reflects the share of current liabilities covered by cash and the sale of short-term securities, increased in the analyzed period from 0.4 to 0.5, or by 27.3%.

The absolute liquidity ratio, reflecting the share of current liabilities covered solely by cash, decreased in the analyzed period from 0.0061 to 0.0001, or by 97.9%. Thus, during the analyzed period, the enterprise loses the ability to immediately repay current obligations using cash.

The enterprise's return on equity, which determines the efficiency of using funds invested in the enterprise, decreased, which is a negative fact, and amounted to 0.2%.

Return on current assets also decreased, which is a negative trend, and amounted to 0.2%.

Return on non-current assets decreased to 0.2%.

Thus, the management of the financial service of OJSC "BMSK" should take measures to increase the profitability of its equity capital, since at the end of the analyzed period this indicator is below the standard level, and the level of borrowed capital is so high that the enterprise is in strong debt dependence, which means , there is a high risk of its insolvency if interruptions in the flow of income occur.

2. Analysis of the provision of Beloretsk Butter and Cheese Plant OJSC with its own working capital and the efficiency of their use

2.1 Theoretical foundations of the analysis of an organization’s working capital

In a market economy, all agro-industrial formations are interested in rhythmic and stable functioning. It is possible to achieve high performance results only with the help of a clearly structured, justified and effective financial policy of organizations.

An important component of the system of organizing production of agro-industrial enterprises is the policy of managing current assets. Developing a perfect mechanism for managing working capital of organizations and its effective application in practice is a pressing problem at the present time, since the effective formation and regulation of the volume of current assets helps maintain an optimal level of liquidity, ensures the efficiency of the production and financial cycles of activity, and, consequently, a sufficiently high solvency and financial stability of agro-industrial enterprises.

The financial condition, liquidity and solvency of the organization largely depend on the level of business activity, optimal use of working capital, assessment of its size and structure. Due to the fact that working capital forms the main share of the company’s liquid assets, their value must be sufficient to ensure the rhythmic and uniform operation of the organization and, as a result, making a profit. The use of working capital in business activities should be carried out at a level that minimizes time and maximizes the speed of circulation of working capital and its transformation into real money supply for subsequent financing and the acquisition of new working capital. The need for financing depends proportionally on the rate of asset turnover. The lower the turnover of working capital, the greater the need to attract additional sources of financing, since the organization does not have its own funds to carry out business activities.

Each enterprise carrying out economic activities must have working capital that ensures the uninterrupted process of production and sale of products. Working capital of business entities, participating in the circulation of funds in a market economy, represents an organically unified complex. Working capital is money advanced into circulating production assets and circulation funds.

Working capital of the enterprise, participating in the process of production and sale of products, makes a continuous circuit. At the same time, they move from the sphere of circulation to the sphere of production and back, successively taking the form of circulation funds and circulating production assets.

Unlike fixed assets, which are repeatedly involved in the production process, working capital operates only in one production cycle and completely transfers its value to the entire manufactured product.

According to the sources of formation, working capital is divided into own and borrowed. With the development of entrepreneurial activity and corporatization, the own funds of enterprises play a decisive role, as they ensure the financial stability and operational independence of the business entity. The own working capital of privatized enterprises is at their complete disposal. Enterprises have the right to sell them, transfer them to other business entities, citizens, rent them out, etc.

Borrowed funds, attracted mainly in the form of bank loans, cover the enterprise's additional need for funds. At the same time, the main criterion for bank lending conditions is the reliability of the financial condition of the enterprise and the assessment of its financial stability.

The placement of working capital in the reproduction process leads to their division into circulating production assets and circulation funds. Working production assets function in the production process, and circulation funds function in the circulation process, i.e. in the process of selling finished products and purchasing inventory. The optimal ratio of these funds depends on the largest share of circulating production assets involved in value creation.

The size of circulation funds should be sufficient, but no more, to ensure a clear and rhythmic circulation process.

Analysis of current assets is one of the most important sections of the analysis of financial statements, which determines the presentation of information about the property and financial position of the organization. When conducting such an analysis, certain problems arise, the failure of which significantly reduces the reliability of its results.

The first question that arises when analyzing current assets is related to their definition. Current assets are cash and other assets that can be expected to be converted into cash or sold or consumed within 12 months or the normal operating cycle if it exceeds 12 months. The operating cycle is understood as the average time interval between the moment of procurement of material assets and the moment of payment for products sold or services rendered.

The definition of the concept of current assets allows a more reasonable approach to the formation of their value for analysis purposes, for which it is necessary to exclude from the composition of the section of the balance sheet of the same name those items that essentially do not belong to current assets. This primarily applies to accounts receivable items for which payments are expected more than 12 months after the reporting date.

An exception to the rule is accounts receivable for contracts concluded for a term of more than a year, but with a turnover period during the normal operating cycle. The presence of such receivables as part of current assets should be commented on in the explanatory note in order to indicate to external users the specificity of the approach.

In practice, this procedure is considered as the only adjustment to items of current assets. At the same time, in order to analyze current assets, it is necessary to further clarify their value by excluding from their composition those accounting items from which it seems unlikely to receive potential income. Such an adjustment should be made at the stage of preparing balance sheet information for its analysis.

When analyzing the operating cycle and determining the need for sources of financing, it is difficult to establish the duration of the stages of repayment of receivables and payables in the conditions of a mixed settlement system, which is most typical for the present time. The problem is that the methods of financial analysis are focused on a simplified situation, when the sale of goods is carried out only on credit, and the receipt of material assets is accompanied by the emergence of accounts payable. However, the system of relationships between an organization and its counterparties in many cases presupposes the presence of advance payment for products in one volume or another.

This aspect is fundamental for obtaining reliable results of solvency analysis, as well as analysis of financial results and profitability of organizations. An overvaluation of assets or the inclusion of so-called “dead” items, for example, accounts receivable that are unlikely to be collected, lead to a distorted assessment of solvency and an overstatement of the financial result and, consequently, to an unreliable presentation of information about the property and financial position of the organization.

It is advisable to conditionally divide items of current assets depending on the degree of their liquidity into three groups:

1) liquid funds that are immediately ready for sale;

2) liquid funds at the disposal of the organization;

3) illiquid funds.

The next problem in analyzing turnover is that the revenue reflected in the financial statements may be overestimated in comparison with the actual amount of revenue in situations of possible product returns, as well as discounts arising related to the terms of settlement. For the purposes of turnover analysis, it is recommended to use the net revenue indicator.

Analysis of inventory turnover is also important because, on its basis, turnover rates are developed. Even if other control and regulation methods are used for inventory management purposes, developing inventory turnover rates will be useful because:

– turnover rates are those general indicators that allow you to compare inventory levels in different time periods;

– turnover rates are the starting point when justifying limits on inventories in financial and production terms;

– as a result of the current comparison of actual turnover indicators and planned norms, it becomes possible to evaluate the effectiveness of financial planning. On the other hand, a comparison of actual and planned turnover indicators allows us to assess the degree to which inventories correspond to the real needs of the organization.

In this regard, working capital is divided into standardized and non-standardized. Standardized working capital corresponds with own working capital, as it makes it possible to calculate economically justified standards for the corresponding types of working capital. Non-standardized working capital is an element of circulation funds. Management of this group of working capital is aimed at preventing their unreasonable increase, which is an important factor in accelerating the turnover of working capital in the sphere of circulation.

In addition to the general turnover rates established for individual groups of inventories, for most enterprises it is necessary to carry out a more detailed calculation of inventory rates so that it becomes an integral part of the enterprise's production plan. In this case, the assessment of turnover is not carried out in isolation, but as an integral part of a system for analyzing the relationship between sales - production - procurement.

The basic principles of rationing working capital are adjusted depending on changes in business conditions, the development of corporatization, and, consequently, self-financing and self-sufficiency.

In the process of rationing working capital, norms and standards are developed. The working capital norm is a relative value corresponding to the minimum, economically justified volume of inventories, inventory, usually established in days. Norms of working capital depend on the norms of material consumption in production, the norms of wear resistance of spare parts and tools, the duration of the production cycle, supply and sales conditions, the time it takes to impart certain properties to certain materials necessary for industrial consumption, and other factors.

The working capital ratio is the minimum required amount of funds to ensure the business activities of the enterprise.

If working capital standards can be established for a relatively long period, then the standards are calculated for each specific period. Working capital standards are determined as the product of the sum of one-day consumption or output and the standard for the corresponding types of working capital.

One-day consumption or output at enterprises with production volume increasing evenly throughout the year is calculated according to the cost estimate for the fourth quarter of the coming year. This is explained by the fact that the calculated working capital standard is valid at the end of the upcoming period and must meet production needs at the beginning of the next period.

Only in conditions of the seasonal nature of production is one-day consumption calculated according to the cost estimate with a minimum volume of production, since the need above the minimum is covered by borrowed funds.

Rationing of working capital should ensure the optimal value of all components of regulated working capital.

So, analysis of the state of use of the enterprise’s working capital, analysis of the composition and structure of their components: inventories, work in progress and finished products, which are an important indicator of the commercial activity of the enterprise, is necessary not only for a reliable assessment of their actual use, but also for calculating the efficiency of their use in future. Determining the structure and identifying trends in changes in the elements of working capital make it possible to predict the parameters of business development.

2.2 Analysis of the provision of OJSC "BMSC" with its own working capital

Current assets serve the production sector and completely transfer their value to the cost of finished products, changing their original form. They ensure the uninterrupted circulation of funds, as well as the continuity of the production process, including all the funds necessary for the enterprise to create inventories in warehouses and in production, for settlements with suppliers, the budget, for paying wages and other purposes, so it makes sense to analyze them in detail .

We will conduct a detailed analysis of the provision of working capital and the efficiency of their use using the example of Beloretsk Butter and Cheese Plant OJSC in Beloretsk; for the analyzed period we will take 2004–2006.

Table 2.2.1 Equipping OJSC "BMSC" with working capital

Analysis of this table allows us to judge that the total cost of working capital increased by 58.44% by 2006, which in total terms is 4530 thousand rubles. There is a tendency to increase the amount of inventories and cash by 7.3%, and special attention should be paid to the increase in accounts receivable, which has increased almost threefold. In addition, a fairly significant reduction in the amount of VAT is visible, by 35.7%.

Analyzing the structure of working capital in OJSC "BMSK" for 2004–2006, it is clear that the largest share belongs to inventories - 62.3% and 42.2%, respectively. In the composition of inventories, the largest share is occupied by raw materials and supplies in 2004 - 39.8%, and by 2006 - 24.9%, finished products account for 22.1% and 17.2%, respectively. Another rather significant percentage share is accounted for by accounts receivable, of which the debt of buyers and customers amounted to 34.9% in 2004 and 52.9% in 2006. The smallest amount at the plant is cash, which back in 2004 occupied 0.54% of the total structure of working capital, and by 2006 its value decreased to “0”.

In general, for the organization, the value of working capital could have been significantly affected by an increase in the cost of finished products and goods for resale by 23.1% and a sharp increase in customer debt due to late payment for shipped products.

As you know, in any enterprise, the source of replenishment of its own current assets is retained earnings, as well as capital growth due to the share premium of the joint-stock company, reserve capital and social sector funds.

The financial position of an enterprise directly depends on how quickly funds invested in assets turn into real money. The speed of circulation of funds, in turn, is influenced by the following factors:

– scope of activity and scale of the enterprise,

– industry affiliation,

– economic situation in the country,

– pricing policy of the enterprise,

– asset structure,

– methodology for assessing the deadbolt.

Let's consider what factors can influence the change in the value of directly the own working capital of OJSC "BMSK". To do this, let's analyze table 2.2.2.

Table 2.2.2 Factors influencing changes in the value of own working capital

Analyzing the data in Table 2.2.2, we draw the following conclusions.

It can be seen that OJSC “BMSK” has a lack of its own working capital, even by 2006 there is a tendency for their value to decrease by almost 8 times. This is happening mainly due to a sharp decrease in the authorized capital in terms of the formation of working capital by 3,603 thousand rubles. or by 136.6%, that is, almost 2.5 times.

The unfavorable fact is that there is an increase in the amount of loss by 6.4% or 437 thousand rubles. This explains the negative value of the cost of own working capital. Only the amount of additional and reserve capital in OJSC “BMSK” remains unchanged in the amount of 7976 thousand rubles. and 285 thousand rubles. respectively. So, OJSC “BMSK” has a rather significant shortage of its own working capital, primarily associated with the lack of main sources for their formation at the enterprise.

2.3 Analysis of the efficiency of using working capital at OJSC "BMSK"

Improving the use of current assets with the development of entrepreneurship is becoming increasingly important, since the material and monetary resources released in this case are an additional internal source of further investment. Rational and efficient use of working capital helps to increase the financial stability of the enterprise and its solvency. Under these conditions, the company fulfills its settlement and payment obligations in a timely manner, which allows it to successfully carry out commercial activities.

The efficiency of using working capital is characterized by a system of economic indicators, one of which is the ratio of their placement in the sphere of production and the sphere of circulation. The more working capital serves the production sector, and within the latter - the production cycle, the more rationally they are used.

All indicators of the efficiency of using working capital will be calculated according to Form No. 1 “Balance Sheet” and Form No. 2 “Profit and Loss Statement” of OJSC “BMSK” for the period 2004–2006.

The calculation of the main indicators of the use of working capital is presented in table 2.3.1.

Table 2.3.1 Efficiency of use of working capital at OJSC "BMSK"

The table data confirms that the turnover of working capital of OJSC "BMSK" slowed down by 29 days - from 80.75 to 109.9 days. This, first of all, leads to a decrease in the funds turnover ratio by 1.19 turns - from 4.46 to 3.27 turns, and an increase in the consolidation ratio by 0.08. The change in the rate of turnover of working capital was achieved as a result of the interaction of two factors: an increase in revenue by 29 thousand rubles. and an increase in the average balance of working capital by 2643 thousand rubles. A slowdown in the turnover of working capital is a negative factor for the activity of an enterprise, for example, a decrease in profit and a decrease in solvency. Therefore, when the turnover of working capital slows down, in order to maintain the achieved indicators, the enterprise needs to attract additional funds. Using the example of OJSC "BMSK", the amount of additional funds raised after analysis for 2006 should amount to 2623.3 thousand rubles.

In this situation, you can also analyze the reasons that influenced the slowdown in working capital turnover. This could be, as already mentioned, a change in the average annual balances of current assets and sales revenue. To do this, we will use the method of chain substitutions in the following sequence:

∆ K ob = K ob.o -K ob.p,

where K ob.o, K ob.p – the value of the turnover ratio of the reporting and previous year.

∆ K rev = 3.27 – 4.45 = -1.18.

Let's make a substitution:

K` about. = B about 2.3.27284 = 4.46.

Calculation of changes in the turnover rate due to the influence of factors:

1) volume of products sold

∆ K rev 1 = K ` rev. -K ob..p

∆ K rev 1 = 4.46–4.45 = 0.01;

2) the average value of working capital balances:

∆ K rev 2 = K rev – K `

∆ K rev 2 = 3.27 – 4.46 = – 1.19.

So, according to the factor analysis data, it is clear that due to a slight increase in revenue from product sales by 29 thousand rubles. or 0.08%, the turnover of working capital increased by only 0.01 turnover. And due to the increase in working capital balances compared to 2004 by 2643 thousand rubles. or 36.6% there was a significant reduction of 1.19 turns.

Checking the results of the influence of factors:

∆ K rev 1 + ∆ K rev 2 = ∆ K rev

0,01 – 1,19 = – 1,18.

The main task of the analysis is not to assess the value of indicators, but to determine the financial consequences of their changes. At OJSC "BMSC", due to the slowdown in turnover of working capital, the decrease in revenue amounted to:

∆B = ∆ K ob * O s.s o.

∆B = -1.18*9927 = – 11713 thousand rubles.

In addition, the change in working capital turnover influenced the change in profit, an increase of 36.86 thousand rubles, which can be determined by the formula:

∆P = – P p.

where P p. = 139 thousand rubles. – profit from sales of products in the previous year.

∆P = – 139 = 102.14 – 139 = 36.86 thousand rubles.

The most complete analysis of the efficiency of using working capital of OJSC "BMSK" is impossible without assessing the individual, most important components of current assets, which include inventories and the amount of accounts receivable, which occupy the largest share in the value of current assets. Particular attention should be paid to the analysis of precisely these components of the working capital of the enterprise under study. To analyze inventory turnover and accounts receivable, consider Table 2.3.2.

Table 2.3.2 Assessment of inventory turnover and accounts receivable at OJSC "BMSK"

Analyzing the data in Table 2.3.2, we draw the following conclusions. First of all, the increase in the share of accounts receivable in the total volume of current assets by 2006 by 69.7% confirms the significant role of this indicator in relation to the turnover of the company’s own assets. In addition, the amount of accounts receivable increased in 2006 compared to 2004 by 3147 thousand rubles, and the amount of inventories decreased by 308.5 thousand rubles. or by 3.8%, in connection with this there is a decrease in inventory turnover by 0.6 turns. The accounts receivable turnover ratio in our case, due to a fairly significant increase in accounts receivable, decreased in 2006 compared to 2004 by 7.6 turns. This indicates, first of all, untimely payments from buyers and the “freezing” of the amount of the principal debt to the plant for shipped products. A sharp decrease in the accounts receivable turnover ratio at OJSC "BMSC" indicates that the enterprise, despite the failure to repay the principal amount of the debt, continues to sell finished dairy products on credit.

At the end of the analysis of the efficiency of the use of working capital in OJSC "BMSK", it would be appropriate to calculate the final indicator - the magnitude of the economic effect obtained from accelerating the turnover of working capital. It can be determined using the load factor.

If the load factor at JSC "BMSC" increased by 23.2 rubles, then the total amount of working capital savings will be:

E ef = ∆K z * In report 2.3.81000 = 753.8 rubles.

Summarizing the conclusions from the calculations made, we can say that at the enterprise under study it is necessary to pay attention to improving the management system in terms of the use of current assets. This will help not only stabilize the rhythm of the production process, but also eliminate excess working capital, which leads to a slowdown in the turnover of working capital, and also reduce the duration of the operating cycle.

3. Ways to optimize the use of current assets at OJSC Beloretsk Butter and Cheese Plant

The current asset management policy is part of the overall asset management strategy of the enterprise. It consists in forming the required volume and composition of assets, optimizing the process of their circulation.

The main disadvantage of almost every enterprise is an insufficiently developed policy for managing current assets, where, first of all, it should be taken into account that the acceleration of their turnover has a significant impact on the profit margin of the enterprise. Reducing the turnover period of current assets leads to a decrease in the need for them. And a decrease in the use of current assets causes a decrease in costs, which, other things being equal, leads to an increase in profit margins.

The insufficiency of its own working capital necessitates an increase in borrowed sources of financing: loans and borrowings. In cases where, for one reason or another, the use of loans and borrowings seems inappropriate, in the absence of additional capital investments by the owners, a slowdown in the timing of repayment of accounts payable inevitably occurs, which, in turn, leads to an increase in its balances on the balance sheet.

As a result, the appearance of a decrease in the need for own working capital is created, which in most cases is not true, since the indicated increase in accounts payable is accompanied by an increase in overdue liabilities, indicating problems with solvency.

A forced or intentional increase in the volume of accounts payable as part of the passive part of the balance sheet of Russian organizations makes the issue of determining the cost of this source of financing current assets especially relevant.

OJSC Beloretsk Butter and Cheese Plant is a striking example of an enterprise for which the question of improving management policies remains open at the moment.

If there is a lack of current assets, as in our case, there is a risk of disruption to production processes, possible failure to fulfill obligations, and, as a result, a decrease in profits.

To overcome such situations, the company urgently needs to attract additional financial resources. This urgency is reflected in their rising prices. As calculations showed in 2006, additional attraction of working capital in the amount of 2632.3 thousand rubles was required.

Management of individual groups of current assets constitutes the second section of the general policy for their management. Improving the management of each component of the total number of current assets can solve many problems in an enterprise.

Since inventories and receivables occupy a significant share in the structure of current assets of OJSC BMSK, we will consider how to optimize the management of these particular items of current assets.

Inventory management is a complex set of activities that consist of ensuring an uninterrupted production and sales process while minimizing current costs for the formation and maintenance of inventories. In relation to the enterprise under study, I would suggest optimizing the delivery time of raw materials, choosing to choose disciplined, reliable and regular suppliers. In the worst case, a shortage of inventories can lead to a stop in production and a decrease in sales volumes.

One of the measures to carry out effective inventory management is to establish strict control over the use of inventories, their replenishment and turnover. To implement this program, it is necessary to implement the ABC system - a system for monitoring the movement of inventories. This method involves dividing inventories into three categories - A, B and C, depending on the valuation of the total annual requirement for this type of inventory. Management of category A should be carried out frequently, daily; at the enterprise under study, this may be raw milk that is daily involved in the production process; Category B reserves must be closely monitored; for category C, safety stocks are created, which must be periodically monitored.

This system allows you to obtain the total need for financial resources advanced for the formation of reserves, i.e. determine the size of current assets serving a specific stage of the production and commercial cycle, excluding the situation in which production inventories stagnate and remain unused in the production process

The main task in the process of inventory management is to optimize their size and turnover. For this purpose, it is also proposed to introduce an economically feasible order model at the enterprise. First, an analysis of the current costs of placing an order, delivery of goods, acceptance and storage in a warehouse is carried out, and the amount of each type of cost is determined. Minimizing all these types of costs is the key point in determining the most economical size of inventories.

Another solution to many problems in terms of inventory management is to involve excess inventories of goods and materials into economic circulation. This will reduce storage costs, possible losses due to aging and spoilage of inventory, and also free up some financial resources.

For the period from 2004 to 2006, OJSC "BMSC" observed a sharp increase in accounts receivable by 129.5%. This typically results in increased bad debts and collection costs. In conditions of inflation, the aging of accounts receivable leads to the depreciation of funds invested in it, and as a consequence, to the formation of a lack of financial resources.

As part of debt management, including receivables, it is necessary to assess the solvency of clients and monitor the timeliness of payments.

Also, to optimize the efficiency of management over the use of current assets in terms of accounts receivable at OJSC "BMSK", it is necessary to implement the following measures:

– development of the enterprise’s marketing policy,

– improve the payment system,

– studying the degree of market saturation with products and its capacity, etc.

The accounts receivable management policy is aimed at expanding the volume of product sales and optimizing cash flows.

Conclusion

Thus, the most important element of production, ensuring the continuity of production and normal operation, are current assets.

The effective use of working capital plays a significant role in ensuring the normalization of the work of any enterprise, increasing the level of profitability of production and depends on many factors. External factors, as a rule, include the general economic situation: tax legislation, conditions for obtaining loans and interest rates on them, the possibility of targeted financing, etc. These factors determine the framework within which any economic entity can take advantage of reserves for the rational movement of working capital.

At present, elements of the crisis state of the economy have a negative impact on changes in the efficiency of using the working capital of an enterprise and on the slowdown in their turnover: the decline in production volumes and consumer demand, the severance of economic ties; violation of contractual and payment discipline, etc.

At the same time, significant reserves for increasing the efficiency of using current assets lie directly in the business entity itself. In the production sector, this applies primarily to inventories. Being one of the components of working capital, they play an important role in ensuring the continuity of the production process.

Rational organization of industrial reserves is an important condition for increasing the efficiency of their use.

In this course work, the theoretical aspects of the importance of conducting an economic analysis of current assets were considered using the example of OJSC "BMSC" in Beloretsk, the state of the financial and economic activities of OJSC "BMSC" was studied, and an economic and financial analysis of the activities of this enterprise was carried out.

The main problems in the use of working capital were also identified.

So, for example, by 2006 there was a significant slowdown in the turnover of working capital, which is a negative factor for the activities of the enterprise, which led to a decrease in profit and a decrease in the solvency of the plant. In addition, it was revealed that there was a very sharp reduction in accounts receivable turnover. This indicates, first of all, untimely payments from buyers and the “freezing” of the amount of the principal debt to the plant for shipped products. In this regard, it was proposed that the enterprise under study, as part of debt management, including receivables, thoroughly assess the solvency of clients, monitor the timeliness of payments, the procedure and timing of concluding contracts, etc.

With regard to increasing the efficiency of using inventories at JSC "BMSC" during the analysis in order to involve their full volume in the production process, it was proposed to introduce an ABC system - analysis, which would allow the enterprise to establish a system of strict control over the use of inventories, their replenishment and turnover.

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Introduction

1. Theoretical foundations of the analysis of working capital of an enterprise

1.1 Concept, types, classification of current assets

1.2 Management of current assets of enterprises

1.3 Methodology for economic analysis of working capital

2.Analysis of working capital of OJSC "NARZ"

2.1 Brief economic characteristics

2.2Assessment of the dynamics and structure of current assets

2.3Analysis of tangible current assets

2.4 Valuation of receivables in current assets

2.5Analysis of the main indicators of current assets

2.6 Proposals for improving the efficiency of use of current assets

Conclusion

Bibliography

Introduction

The relevance of the topic under study is that the operational efficiency and financial stability of enterprises largely depend on the provision of current assets, their structure and level of use. Therefore, the current assets management system, along with planning, standardization and accounting, includes regular analysis of their composition, dynamics, compliance with the needs of current production and economic activities, as a result of which possible improvements in the use of current assets are identified, the duration of the financial cycle is reduced, ensuring the continuity of the production process and selling products with less financial resources. The analysis of current assets should be systematic, focused and effective, objective assessments, and validity of conclusions and proposals.

The financial condition of the organization directly depends on how quickly funds invested in current assets turn into real money. Thus, an increase in non-payments complicates the rhythm of the organization’s activities and leads to an increase in accounts receivable; excessive diversion of funds into inventories, work in progress, and finished products leads to ineffective use of working capital.

The main task of managing current assets is to form the required volume, optimize the composition and ensure the effective use of the enterprise's current assets.

The above emphasizes the relevance of the chosen topic.

The purpose of the course work is to analyze the state of the current assets of the enterprise and develop proposals for improving the management of working capital of the enterprise under study.

To achieve this goal, the following tasks are consistently solved:

The theoretical foundations of the analysis of current assets of an enterprise are considered;

The analysis of the efficiency of using working capital is studied;

A methodology for analyzing current current assets is selected;

The dynamics and structure of current assets are assessed;

The composition of working capital and their turnover are analyzed;

Measures are being developed to improve the use of the enterprise's current assets.

The object of research in this work is the Open Joint Stock Company Novomoskovsk Automobile Repair Plant (hereinafter referred to as OJSC NARZ).

The subject of the study is the analysis of current assets at JSC NARZ.

In the process of work, regulatory and legal acts of the Russian Federation, management and accounting reports of JSC NARZ, economic and educational literature were used.

The course work consists of an introduction, two sections: theoretical and practical-analytical, a conclusion, a list of references and applications.

The work contains 7 tables, 11 formulas are given and used, 3 diagrams are drawn up, 18 sources and 2 research methods are used (monographic, calculation-analytical).

The work was completed on 35 sheets of typewritten text.

1. Theoretical foundations of the analysis of working capital of an enterprise

1.1 Concept, types, classification of current assets

Current assets are the current assets of enterprises, displayed in the assets of their balance sheet.

Working capital of an enterprise represents the mobile assets of an enterprise, which are cash or can be converted into it within a year or one production cycle.

These funds constantly circulate in the process of economic activity, changing their form from monetary to commodity and vice versa. Thus, they form the bulk of production costs. On the other hand, they are a guarantor of the enterprise’s liquidity, that is, its ability to pay its obligations.

The predominant part of current assets consists of objects of labor - raw materials, basic and auxiliary materials, purchased semi-finished products, fuel and fuel, containers and packaging materials. In addition, working production assets also include some tools - tools, special devices, replacement equipment, inventory, spare parts for routine repairs, special clothing and shoes. These tools last less than a year or have cost restrictions. Limits on the value of funds in circulation change periodically due to ongoing revaluations.

In addition, in enterprises these tools often number in the thousands, which makes it technically difficult to record their wear and tear. Therefore, in practice, they are classified not as fixed assets, but as working capital.

The listed items and tools of labor constitute a group of circulating production assets - production inventories. In addition to them, working capital includes work in progress and deferred expenses.

The main purpose of funds advanced as working resources is to ensure a continuous and rhythmic production process.

In addition to circulating production assets, enterprises form circulation funds, which are also part of the enterprise's current assets. These include: finished products in warehouse; goods shipped; cash in the cash register of the enterprise and in bank accounts; accounts receivable. The main purpose of circulation funds is to provide resources for the circulation process.

Since current assets include both material and monetary resources, not only the process of material production, but also the financial stability of the enterprise depends on their organization and efficient use.

To organize and ensure cash settlements, current assets can be located sequentially in several states.

At the first stage, materials for production are purchased and inventories are created.

At the second stage, inventories are transferred to production, and the costs of labor, energy, etc. are added to them. and the next element of current assets is formed - work in progress. Since enterprises do not always use only their own funds to finance and supply production, there is an intermediate stage between the first and second - creditors.

At the third stage, in addition to completing the production cycle, work in progress is transformed into finished products, which are sold to the consumer. At the 4th stage, finished products are converted into cash. Between 3 and 4 there is also an intermediate stage - debtors due to the sale of products on credit. Then raw materials are purchased again and a new production cycle begins.

In practice, there is a separate turnover of all elements of current assets, the turnover periods of which do not coincide. The following cycles of working capital turnover are distinguished by elements:

Fig.1. Working capital cycle diagram

Financial cycle - the period of time during which the company’s own working capital participates in the operating cycle

The operating cycle characterizes the period of turnover of the total amount of working capital of the enterprise.

The structure of working capital is determined by the ratio of their individual elements and reflects the specifics of the operating cycle, as well as what part of current assets is financed from own funds and long-term loans, and what part is financed from short-term loans.

The turnover of working capital is their movement in the process of reproduction, their sequential transition from one form to another. It is characterized by the time during which the funds advanced to circulating funds and the means of circulation make a full turnover, or the speed, which is expressed by the number of full turns in a specified time (year, quarter, month).

Working capital turnover refers to the duration of one complete circulation of funds from the moment working capital is converted in cash into inventory until the release of finished products and their sale. The circulation of funds is completed by crediting the proceeds to the enterprise account.

1.2 Management of current assets of enterprises

In modern economic conditions, enterprises are given broad rights to dispose of working capital. Working capital is at the disposal of the enterprise and cannot be withdrawn. Enterprises can sell them and transfer them to other enterprises, organizations, institutions, citizens, rent them out, provide them for temporary use (except for those that are not owned or used by enterprises).

In the course of analyzing and diagnosing the property status of an enterprise, the following interpretations of the ratio and changes in indicators are possible:

An increase or decrease in the enterprise’s property (non-current and current assets) indicates an increase or decrease in the production potential of the enterprise and its activities.

Violations of the proportional share of non-current and current assets, as well as own and borrowed sources of their formation in the absolute change in property can lead to structural changes in its composition, which in turn is a consequence of imbalances in the implementation of different types of activities and, as a result, will change the state of financial stability enterprises.

Asset management is the activity of a commercial organization for the profitable (with minimal risk) placement of its own and borrowed funds.

The main goal of an asset management system is to achieve the highest end results through the rational use of all types of assets.

Main tasks and principles of current assets management:

Current assets are used as working capital. Funds used as working capital go through a certain cycle. Liquid assets are used to purchase raw materials that are converted into finished products; products are sold on credit, creating accounts receivable; debtor accounts are paid and collected, turning into liquid assets.

Effective use of current assets. Any resources not used for the needs of current assets can be used to pay liabilities.

One of the ways to save current assets is to improve the management of material and technical resources (inventories) through:

Planning the purchase of necessary materials;

Introduction of rigid production systems;

Use of modern warehouses;

Improving demand forecasting;

Fast delivery.

The second way to reduce the need for working capital is to reduce accounts receivable by tightening contractual and implementation policies, to evaluate illiquid assets that could be used for other purposes, and to evaluate invoices presented for payment.

Establishing the optimal ratio of working capital in production and circulation is important for providing funds for the implementation of the production program, and is also one of the main factors in the efficiency of using current assets.

The economic conditions in which enterprises operate have a significant impact on the state of current assets. An increase in prices for purchased inventory leads to the formation of enterprises with a large shortage of their own working capital. One of the sources of its replenishment is a bank loan, which in conditions of inflation is provided at high interest rates.

The essence of the policy for managing current assets is to determine a sufficient level and rational structure of current assets and to determine the size and structure of sources of their financing.

There are three main models for managing current assets from the point of view of immobilizing funds: aggressive, conservative and moderate.

Aggressive model for managing current assets.

The enterprise does not place restrictions on increasing current assets, has significant cash, reserves of raw materials and finished products, significant accounts receivable - in this case, the proportion of current assets in the composition of all assets is high, and the turnover period of working capital is long.

Such a policy for managing current assets cannot ensure increased economic profitability of assets, but practically eliminates the issue of increasing the risk of technical insolvency.

Conservative model for managing current assets.

The enterprise restrains the growth of current assets - and then the share of current assets in the total amount of assets is low, and the turnover period of working capital is short. Such a policy is pursued by enterprises either in conditions of sufficient certainty of the situation, when the volume of sales, the timing of receipts and payments, the required volume of inventories and the exact time of their consumption, etc. known in advance, or if strict economy is necessary. Such a policy for managing current assets ensures high economic profitability of assets, but carries an increased risk of technical insolvency in the event of unforeseen situations during the sale of products or in the event of an error in calculations.

Moderate model for managing current assets.

The enterprise occupies an intermediate, “centrist” position - while current assets make up approximately half of all assets of the enterprise, the turnover period of working capital has an average duration. In this case, both the economic return on assets and the risk of technical insolvency are at an average level.

A moderate policy for managing current assets is a compromise between an aggressive and a conservative model.

The choice of appropriate sources of financing current assets ultimately determines the relationship between the level of efficiency in the use of capital and the level of risk of the financial stability and solvency of the enterprise. Taking these factors into account, a policy for managing the financing of current assets is developed.

If, with a constant volume of short-term financial liabilities, the share of current assets financed from own sources and long-term borrowed capital increases, then in this case the financial stability of the enterprise will increase, but the effect of financial leverage will decrease and the weighted average cost of capital will increase as a whole (since The interest rate on long-term loans, due to their greater risk, is higher than on short-term loans).

Accordingly, if, with the constant participation of equity capital and long-term loans in the formation of current assets, the amount of short-term financial liabilities increases, then in this case the overall weighted average cost of capital can be reduced, a more efficient use of equity capital can be achieved (due to the increase in the effect of financial leverage), but at the same time, the financial stability and solvency of the enterprise will decrease (due to an increase in the volume of current liabilities and an increase in the frequency of debt payments).

1.3 Methodology for economic analysis of working capital

The objectives of a comprehensive economic analysis of the state and use of the organization’s working capital are:

1. Determination of the volume of working capital necessary to ensure the continuity of the organization’s economic activities;

2. Checking the compliance of inventories of material assets with established standards and identifying excess and unnecessary materials in the production inventories of the organization;

3. Ensuring the safety of working capital, i.e. identifying and minimizing losses of working capital;

4. Ensuring the use of working capital for its intended purpose;

5. Determining the influence of the organization of material and technical supply and the complete use of material resources on the most important indicators of the organization’s performance (volume of output, cost, labor productivity, etc.);

6. Justification of the effectiveness of the use of working capital by accelerating their turnover and conditional release from circulation;

7. Justification of the optimal need for material resources;

8. Identification of reserves for increasing the efficiency of using working capital.

Rice. 2. System of comprehensive economic analysis and assessment of the state of efficient use of working capital

The totality of the conditions and efficiency of use of working capital studied in the process of analysis provides a comprehensive description of the condition and efficiency of their use.

The most important indicators of the use of working capital in an enterprise are the working capital turnover ratio and the duration of one turnover.

The working capital turnover ratio (Kvol) shows how many turnovers the working capital made during the analyzed period (quarter, half-year, year). It is determined by the formula

K rev =, (1.1)

where V r is the volume of product sales for the reporting period;

About avg - the average balance of working capital for the reporting period.

It is determined by the formula

D=, or D=, (1.2)

where T is the number of days in the reporting period.

The utilization rate of funds in circulation is determined by the following formula

K z = x 100, (1.3)

where Kz is the load factor of funds in circulation, kopecks;

100 – conversion of rubles to kopecks.

Due to the fact that working capital consists of working capital and circulating funds, the turnover ratios for them can be determined as follows:

K of =, (1.4)

where K of is the turnover ratio of working capital;

About sr of - working capital for the reporting period;

where K fo is the turnover ratio of circulation funds;

O avg - the average balance of circulation funds for the reporting period.

Working capital consists of inventories, work in progress, accounts receivable and deferred expenses. Therefore, for a more detailed analysis, you can determine the turnover ratio for each element of working capital.

This methodological approach is also valid for elements of circulation funds. For example, the turnover ratio of inventories and accounts receivable can be determined from the expression

where K pz is the inventory turnover ratio;

O sr pz - the average balance of inventories for the reporting period;

where K dz is the accounts receivable turnover ratio;

Average balance of accounts receivable for the reporting period.

The accounts receivable turnover ratio, which characterizes the ratio of sales revenue to the average amount of accounts receivable, shows the expansion or reduction of commercial credit provided by the enterprise.

Accounts receivable turnover period (repayment):

The longer the receivables turnover period, the higher the risk of non-payment.

The debt collection period (Tink.) is calculated based on the expected revenue from sales with deferred payment for the analyzed period:

Calculation of the cash turnover period and short-term financial investments is as follows:

The basic rule of analysis is to maintain proportion: the ratio of the shares of current assets and non-current assets must be greater than the ratio of the shares of borrowed and equity funds.

The basis for accelerating the turnover of working capital is the volume of production and the speed of its sale. There is a direct and inverse relationship between sales volume and working capital turnover.

2. Analysis of working capital of OJSC "NARZ"

2.1 Brief economic characteristics

The Novomoskovsk automobile repair plant was built in 1951. The main activity of the plant, as a state enterprise, was the maintenance and repair of vehicles. In March 1993, according to the privatization plan, the plant staff bought the property and transformed into a Limited Liability Partnership, dividing the authorized capital into 19,369 shares.

In 1997, NARZ LLP was transformed into NARZ OJSC and ordinary registered shares were issued in uncertificated form, placed by exchanging shares of participants in NARZ LLP for shares.

The main activity of the open joint-stock company "Novomoskovsk Automobile Repair Plant" is production activity - maintenance and repair of vehicles, which accounts for 89.7% of the total services provided.

The costs of auxiliary production, general production and general business expenses are distributed between types of activities in proportion to the share of income from each type in the total income of the organization.

In the reporting year, OJSC NARZ provided services for organizations located in different regions of Russia: Tula, Moscow, Oryol, Ryazan, Kaluga, Chelyabinsk, etc.

The main objectives of the activities of OJSC "NARZ" are:

Formation of conditions for the most complete satisfaction of the demand of product buyers within the middle segment of the consumer market;

Ensuring high quality of manufactured products;

Ensuring the cost-effectiveness of the production-technological and trade-economic process;

Maximizing the amount of profit remaining at the disposal of the plant and ensuring its efficient use.

The structure of JSC NARZ is presented in Figure 3.

Fig.3. Organizational structure of OJSC "NARZ"

The financial service is represented by an accounting department consisting of 13 people: production accounting, sales accounting, chief accountant, whose responsibilities include tracking cash flows, analytical summary reporting and preparation of financial statements.

The responsibilities of the First Deputy General Director include preparing and maintaining all documentation, monitoring and preparing contracts, resolving current legal issues, obtaining and issuing the necessary permits and licenses, and monitoring product certification.

The main customers and buyers of finished products, Tekhnogazavto Firm LLC and Autobody Plant LLC, entered into agreements on the partial use of customer-supplied raw materials for repairs, which allows reducing the material costs of NARZ OJSC.

In addition, the company has mastered a new type of service - the production of vans for the Gazelle car. The work was carried out under agency agreements concluded with Autobody Plant LLC, which supplied customer-supplied materials.

To assess the main economic indicators, data from the financial statements of the enterprise are considered, which are compiled into an aggregated balance sheet.

Table 1. Aggregated balance sheet of OJSC "NARZ"

The structure and dynamics of the current state of an enterprise's current assets can be studied using a comparative analytical balance sheet.

2.2 Assessment of the dynamics and structure of current assets

The dynamics and structure of current assets were studied using the analytical balance presented in Table 2.

Table21. Analytical balance sheet of OJSC "NARZ"

Current assets include inventories, accounts receivable, cash and short-term financial liabilities. There are no other current assets on the balance sheet.

The company's reserves increased from 119,176 thousand rubles. to 130,309 thousand rubles, by 11,133 thousand rubles, which amounted to 9.3%. Accounts receivable increased from 61,352 thousand rubles. up to 63,174 thousand rubles, or by 1,822 thousand rubles, which amounted to 3%. Cash and capital gains decreased from RUB 9,881 thousand. up to 7859 thousand rubles, by 2022 thousand rubles, which amounted to 20.5%.

The structure of current assets has changed somewhat. The share of inventories amounted to 37.4% of balance sheet assets at the beginning of the period and increased over the year by 2.0% to 39.4%. The share of accounts receivable decreased by 0.2% - from 19.3% of assets to 19.1%. The share of cash and capital assets decreased slightly more - by 0.7%, from 3.1% to 2.4% of balance sheet assets. The total change in current assets amounted to 1.1% of balance sheet assets.

The increase in the balance sheet currency was influenced by an increase in current assets by 89.7%, including: an increase in inventories - by 91.3%, an increase in accounts receivable - by 14.9%. The decrease in cash and cash flows reduced the total by 16.6%.

2.3 Analysis of tangible current assets

To detail the overall picture of changes in financial condition, a table similar to a comparative analytical balance sheet can be built for each section of the asset.

Thus, to study the structure and dynamics of the state of inventories and costs, Table 3 is used, built on the basis of data from Section II of the balance sheet asset.

From the data in Table 3 it is clear that the maximum share in inventories and costs is occupied by finished products and goods for resale, whose share at the beginning of the year was 81% in the structure of inventories and increases to 85% at the end of the year. In absolute terms, at the beginning of the year it was 92,803 thousand rubles, at the end of the year - 109,623 thousand rubles, the increase was 16,820 thousand rubles.

The next most important share is the share of raw materials and materials - 15% at the beginning of the year, 9% at the end of the year. The cost of raw materials and supplies decreased from 17,576 thousand rubles. at the beginning of the year to 11,676 thousand rubles. at the end, or 5900 thousand rubles.

An insignificant share - less than 5% - is occupied by other inventories and costs and work in progress.

Table 3. Analysis of the state of inventories

The total increase in inventories and costs for the period from 115,134 thousand rubles. up to 129,520 thousand rubles, or by 14,386 thousand rubles, which is 12%.

The growth of inventories and costs was affected by a 117% increase in finished goods and goods for resale, a 17% increase in other inventories and costs, a 6% increase in work in progress, and a 1% increase in deferred expenses. The decrease in inventory and costs by 41% was due to a decrease in raw materials.

2.4 Valuation of receivables in current assets

The state of receivables and payables, their size and their quality have a strong impact on the financial condition of the organization.

To improve the financial position of NARZ OJSC, it is necessary to monitor the ratio of receivables and payables.

When analyzing receivables and payables, the following negative factors were identified.

The analysis of receivables and payables of the enterprise and their ratio is carried out in table 5.

Short-term accounts receivable include overdue debt, which increased during the year from 18,602 thousand rubles. up to 20,405 thousand rubles, or by 10%. Of this, those lasting more than 3 months at the beginning of the year amounted to 15,775 thousand rubles, at the end of 2008 18,972 thousand rubles, there is a tendency towards an increase in overdue receivables.

Comparing the one-day repayment amounts of receivables, you can see that the minimum repayment amount is 30.0 thousand rubles. accounts specifically for overdue debt for a period of more than 3 months. The repayment ratio for this type of debt is 0.7. It is equal to the increase coefficient - that is, there is almost the same growth and repayment of overdue debt for a period of more than 30 days.

Table 4. Analysis of receivables and payables

Receivables that are less than 30 days past due have an increase ratio of 4.9 less than a collection ratio of 5.3. This suggests that this type of debt is gradually being repaid.

Table 5. Analysis of the ratio of receivables and payables

Due to overdue accounts receivable for a period of more than 30 days, the largest diversion of funds from economic turnover occurs - since the debt in days of its repayment is 526 days at the beginning of the year and increases to 632 days at the end of 2008, the amount of diverted funds is quite large and equal to 3197 thousand roubles.

The fundraising amounted to 20,549 thousand rubles, however, due to overdue debt, the amount turns out to be higher and amounts to 26,242 thousand rubles. The repayment rate of 4.8 is almost 2 times higher than the increase rate of 8.2. This suggests that the repayment of accounts payable at the enterprise is proceeding at a faster pace than its growth, which can lead to problems with a shortage of financial resources after some time.

A significant excess of accounts receivable over accounts payable poses a threat to the financial stability of the organization and makes it necessary to attract additional sources of financing.

2.5 Analysis of the main indicators of current assets

Economic analysis of an enterprise's current assets includes calculations of the following indicators.

The duration of one turnover in days (D) shows how long it takes for the company to return its working capital in the form of revenue from sales of products.

An important indicator of the effective use of working capital is also the utilization rate of funds in circulation. It characterizes the amount of working capital advanced for 1 ruble. revenue from product sales. In other words, it represents the working capital intensity, i.e. costs of working capital (in kopecks) to receive 1 rub. sold products (works, services).

The coefficient of loading of funds in circulation (K z) is the inverse value of the coefficient of turnover of funds (K vol). The lower the utilization rate of funds, the more efficiently the working capital is used at the enterprise, and its financial position improves.

The analysis of turnover of current assets is carried out on the basis of the data presented in Table 6.

Table 6. Analysis of inventory turnover

Thus, due to the slowdown in turnover, 0.4 thousand rubles, or, in days, 6.8 days, were diverted from economic turnover.

The working capital turnover ratio (Kvol) shows how many turnovers the working capital made during the analyzed period.

The working capital turnover ratio decreased slightly in the period under study – from 0.56 to 0.55.

The duration of one turnover in days (D) shows how long it takes for the company to return its working capital in the form of revenue from sales of products.

As you can see, in 2007 the duration of one revolution in days was 652 days, and in 2008 it increased to 664 days.

An important indicator of the effective use of working capital is also the utilization rate of funds in circulation. It characterizes the amount of working capital advanced for 1 ruble. revenue from product sales. In other words, it represents the working capital intensity, i.e. costs of working capital (in kopecks) to receive 1 rub. sold products (works, services).

The coefficient of loading of funds in circulation (K z) is the inverse value of the coefficient of turnover of funds (K vol). The lower the utilization rate of funds, the more efficiently the working capital is used at the enterprise, and its financial position improves.

The load factor of funds in circulation increased in the study period from 1.78 to 1.82. This indicates a decrease in the efficiency of using the company's working capital.

Accelerating the turnover of working capital is important, first of all, to improve the financial condition of the enterprise, and ultimately to achieve maximum profit.

The basic rule for managing current assets is to maintain proportion: the ratio of the shares of current assets and non-current assets must be greater than the ratio of the shares of borrowed and equity funds.

2.6 Proposals for improving the efficiency of use of current assets

Analysis of turnover by groups of funds makes it possible to determine through which elements of working capital OJSC NARZ can increase the efficiency of their use.

Table 7. Analysis of the use of all working capital

As can be seen from Table 7, the slowdown in funds turnover was influenced by a slowdown in inventory turnover by 17.3 days. This negative impact was partially offset by an increase in accounts receivable turnover of 10.5 days.

An increase in the share of current assets in the composition of property causes an acceleration of the turnover of the enterprise’s assets and vice versa; An increase in inventories and costs in the composition of current assets leads to a slowdown in the turnover of current assets, and an increase in the share of cash and short-term financial investments leads to its acceleration.

The working capital turnover ratio decreased slightly in the period under study – from 0.56 to 0.55. The duration of one revolution increased from 652 to 664 days. The load factor of funds in circulation increased in the study period from 1.78 to 1.82. This indicates a decrease in the efficiency of using the company's working capital.

An increase in the share of accounts receivable with a decrease in the share of material working capital indicates the actual immobilization of material working capital from the production process and a drop in its volume.

Accelerating the turnover of working capital is important, first of all, to improve the financial condition of the enterprise, and ultimately to achieve maximum profit.

Thus, the enterprise JSC NARZ can be recommended to increase the turnover of inventory.

Conclusion

Based on the results of the study, the following conclusions can be drawn.

Management of current assets is associated with a large number of elements of their internal material and financial composition, requiring individualization of management; high dynamics of transformation of their species; a priority role in ensuring solvency, profitability and other target results of the enterprise’s operating activities.

If we consider the features of managing certain types of current assets of an enterprise, then inventory management is necessary to ensure the uninterrupted implementation of the production process and sales of products. Effective management of current accounts receivable is associated with optimizing the amount of customer debt. Management of monetary assets is necessary to ensure the constant solvency of the enterprise and the effective use of temporarily available funds. Managing the financing of an enterprise's current assets is also important.

In the course work, an analysis of the current assets of OJSC "NARZ" was carried out. This is a manufacturing enterprise specializing in providing repair, maintenance and conversion services for railway locomotives, motor cars and rolling stock.

The results of the analysis showed that the total balance sheet currency (enterprise property) during the reporting year increased by 3.8% compared to the initial value. On the balance sheet, current assets increased by 5.7%. The influx of new funds was mainly through short-term liabilities; these resources were invested mainly in current assets. The resulting resources were used mainly for reserves.

The company's current assets exceed non-current assets by approximately 1.5 times; the company invests more resources in current assets than in fixed assets. Most of the enterprise's liquid funds are accounts receivable, which are difficult to collect in a timely manner, thus, the ability to satisfy short-term financial obligations using liquid assets will depend on the timely repayment of accounts receivable.

The maximum share in inventories and costs is occupied by finished goods and goods for resale. Either there is an overstocking of finished products, or the enterprise gradually switches to trading activities and is engaged in the resale of industrial goods.

The slowdown in the turnover of funds was affected by a slowdown in the turnover of industrial inventories by 17.3 days. This negative impact was partially offset by an increase in accounts receivable turnover of 10.5 days. Thus, the company needs to increase inventory turnover.

This also confirms the conclusion about overstocking of finished products.

A significant excess of accounts receivable over accounts payable creates a threat to the financial stability of the organization and makes it necessary to attract additional sources of financing and monitor the status of settlements on overdue debts.

The analysis showed that the company should first of all remove negative trends in the dynamics of financial stability. Economic reasons for this state of affairs:

Increase in accounts receivable, especially overdue ones;

Decrease in the growth rate of asset turnover;

Decrease in real assets (power);

Lack of free liquid reserves;

Investment of capital in inventories exceeds the enterprise's own capabilities, financial stability is at a minimum level;

Overstocking of finished products and inventory.

The growth of reserves contradicts the objectives of achieving financial balance, since it freezes (ties up) capital, delays the timing of its release (receipt of income), limits free liquid reserves and thus reduces the liquidity of the enterprise. Therefore, it is necessary first of all to reduce the overstocking of finished products.

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In the new economic conditions, when an enterprise independently forms its assets and the sources of their formation, the most important task of analysis is not only to assess the composition and structure of total assets, but also their effective use. Even the most optimal structure of an enterprise's assets will not be profitable if its use is ineffective.

Working capital, participating in current activities, circulates.

Creation of inventories Work in progress Finished products Sold products

During the turnover period, funds completely transfer their value to the creation and sale of products and change their form several times - from monetary to material and vice versa. At the moment of transformation of cash into material form, the financial resources of the enterprise are withdrawn from circulation. The sooner they turn back into cash, the more efficiently they are used. The end point of turnover is implementation. Consequently, the sooner products are created and sold, the more optimally the working capital of the enterprise is used.

It must be borne in mind that the process of creating and selling products, works, services has objective reasons - the specifics of the products being manufactured, the features of the technological process, the scale of production, etc. Based on this, the effective use of their working capital is individual for each enterprise. But the general criteria for the effective use of working capital of an enterprise are the indicators of the number of turnovers for the analyzed period and the days of one turnover. Moreover, these indicators are inversely related. The greater the number of revolutions, the fewer days in one revolution.

The number of revolutions in a period is characterized by the turnover ratio:

Cob. = Qрп/О СС, where

QRP - volume of products sold in the analyzed period,

About SR - the average cost of working capital.

The average value of working capital can be calculated using the following formulas:

Average value of current assets = Obn + Obk/ 2, where

Obn - working capital at the beginning of the period,

Obk - working capital at the end of the period.

A more accurate calculation of the average value of an enterprise’s working capital is calculated using the chronological average:

Х1/2+Х2+Х3+Х4+…Хп/2 /п-1, where

X - working capital at the beginning of the period,

n is the number of months in the period.

To calculate the days of one turnover, the turnover in days is calculated.

Ob(days) = D/Kob, where

D - number of calendar days in the analyzed period (year - 360 days, quarter - 90, month - 30),

Cob - turnover ratio.

If you compare the duration of one turnover in the reporting period with the duration of one turnover in the previous period, you can identify the amount of either released or involved working capital.

A slowdown in turnover means an increase in days of turnover and leads to additional attraction of funds to continue the financial and economic activities of the enterprise.

Accelerating turnover means reducing turnover days and leads to additional release of funds to continue the financial and economic activities of the enterprise.

Attraction (release) of funds into circulation is calculated using the following formula:

Release (involvement) – Δvol (days)* QRP1/D, where

Δrev(days) – changes (+-) in the duration of turnover for the reporting and previous periods,

QRP1 - one-day sales turnover in the reporting period.

Accelerating the turnover of working capital is the most important factor in improving the financial condition of an enterprise. It allows the enterprise either to free up part of the working capital at the same production volume, or to increase the production volume at the same cost of working capital.

If there is a slowdown in turnover, then it is necessary to identify the causes of this slowdown and develop measures to eliminate them. The relationship between changes in sales volume and changes in the cost of working capital can be determined by the following formulas:

J Q рп > J about ср - acceleration, which leads to release,

J Q rp< J об ср - замедление, которое ведет к вовлечению

Thus, the factors that influence the change in turnover are;

1. Sales volume in the analyzed period.

2. Average cost of working capital of the enterprise. The influence of these factors is calculated using the elimination method.

In addition to the listed indicators characterizing the effective use of working capital, the consolidation coefficient is calculated. This coefficient characterizes the level of working capital per 1 ruble of products, works, and services sold.

Fastened = About av/Qrp

About av - average cost of working capital;

Q рп - volume of products sold.

To characterize the effective use of individual assets included in the property, the following indicators are calculated:

Inventory turnover = Enterprise costs / Average inventory

Wed. Inventory value = Inventory balances at the beginning. years + Res. stocks at stake g. / 2

Inventory shelf life = 360 / Inventory turnover

If the analysis shows an increase in the shelf life of inventories in the reporting year in comparison with the previous one, this means the accumulation of inventories.

To check the turnover of all funds of the enterprise, the sales volume indicator is calculated per 1 ruble of the average annual value of property. This indicator determines how many times during the reporting period the full cycle of production and circulation was completed, in other words, how much per 1 ruble of economic assets is sold.

Rollability CA = Q рп / Esov. assets

To characterize the effective use of assets, it is advisable to calculate the following table.