To ensure the uninterrupted production and sale of products, as well as for the effective use of working capital at enterprises, their rationing is carried out. Rationing is the establishment of norms for the consumption of resources for a product. With its help, the total need of the enterprise for working capital is determined.

Consumption rates are considered to be the maximum allowable absolute values ​​of the consumption of raw materials and materials, fuel and electrical energy for the production of a unit of output.

Rationing the consumption of certain types of material resources provides for the observance of certain scientific principles. The main ones should be: progressiveness, technological and economic feasibility, dynamism and ensuring the reduction of standards.

When planning the need for working capital, the following rationing methods are used:

1. Method of direct counting– scientifically based calculation of standards for each element of normalized working capital, taking into account changes in the level of organizational and technical development of the enterprise, transportation of goods and materials, and the practice of settlements with counterparties. This method is considered the main one in the industry.

2. Analytical- the OBS standard is established in the amount of their average actual balances for a certain period, taking into account the adjustment for surpluses and unnecessary stocks, as well as changes in the conditions of production and supply. This method is used in those enterprises where the funds invested in material assets and costs have a larger share in the total amount of working capital.

3. Ratio- consists in adjusting the working capital standards in force in the previous period in accordance with changes in the volume of production and the acceleration of the turnover of the OBS. At the same time, inventories are divided into those that depend directly on changes in production volumes (raw materials, materials, costs of work in progress, finished products in stock) and those that do not depend on it (spare parts, future expenses, low-value items).

For the first group, the need for working capital is determined based on their size in the base year and the growth rate of production in the next year. For the second group, the demand is planned at the level of their average actual balances over a number of years.

4. Experimental laboratory– is based on measurements of OBS consumption and volumes of manufactured products in laboratory and pilot production conditions. Consumption rates are set by selecting the most reliable results and calculating the average value using the methods of mathematical statistics. This method is used in chemical production, construction, extractive industries and ancillary production.

5. Reporting and statistical- based on the analysis of data from statistical (accounting or operational) reporting on the actual consumption of materials per unit of output for the past (base) period. It is used to develop norms for the consumption of material and raw materials and fuel and energy resources.

Rationing begins with determining the average daily consumption of raw materials, basic materials and semi-finished products (Rsut) in the planning period:

where P is the volume of material consumption for the period, rub.;

T is the period of time.

Working capital ratio (N a.obs) - the value corresponding to the minimum, economically justified volume of reserves. It is usually set in days.

OBS standard (N obs) - the minimum required amount of funds to ensure the continuity of the enterprise. Determined by the formula:

Nobs =Rsut * Na.obs.

The OS stock rate (Na.os) for each type or homogeneous group of materials takes into account the time spent in the current (3 tech), insurance (3 lines), transport (3 countries), technological (3 tech) stocks, as well as the time required for unloading, delivery, acceptance and storage of materials, i.e. preparatory stock (P r):

Na.os \u003d Ztek + Zstr + Ztran + Ztechn + Pr.

current stock is designed to provide production with material resources between two successive deliveries. This is the main type of stock, the most significant value in the OBS norm. The current stock in days is determined by the formula:

where Сп is the cost of delivery;

And - the interval between deliveries.

The current stock ratio is calculated by the formula:

Ztek \u003d Rsut * And,

Safety stock arises as a result of a violation of the delivery time. In days, it is determined by the formula:

Safety stock standard:

Zstr \u003d Rsut * (If - Ipl) * 0.5 or Zstr \u003d Rsut * Zstr.days * 0.5,

where (If - Ipl ) - a gap in the supply interval.

Transport stock is created at enterprises for those deliveries for which there is a gap between the timing of receipt of payment documents and materials. It is defined as the excess of the terms of cargo turnover (the time of delivery of goods from the supplier to the buyer) over the terms of the document flow.

The standard of the transport stock is calculated by the formula:

Ztr \u003d Rsut * (If - Ipl) * 0.5 or Zstr \u003d Rsut * Ztr.dn * 0.5,

where Ztr.dn - the norm of the transport stock, days.

Technological reserve - the time required to prepare materials for production. The technology reserve standard is determined by the formula:

Ztech = (Ztec + Zstr + Ztr) * Ktech,

where Кteh - coefficient of technological reserve, %. It is established by a commission of representatives of the supplier and the consumer.

Preparatory Stock is established on the basis of technological calculations or by means of timing.

Working capital ratio in inventories is defined as the sum of the OBS standards in the current, technological and preparatory reserves.

OBS standard in work in progress (Nnp) is determined by the formula:

Hnp \u003d VPav.d. * Tts * Knar.z,

where VPsr.d is the average daily output of products at the production cost;

Tts - the duration of the production cycle;

Knar.z - the coefficient of increase in costs, which, with a uniform increase in costs, is determined by the formula:

where З e - one-time costs (produced at the beginning of the production process);

C n - incremental costs (subsequent until the end of the production of finished products);

C is the cost.

With an uneven increase in costs

Knar.z = Сnz / Ref ,

where Сз is the average cost of a product in work in progress;

Sp - the production cost of the product.

Working capital ratio in deferred expenses (Nbp) is determined by the formula:

Nb.p. = RBPnach + RBPpred - RBPs,

where RBPnach - the carry-over amount of deferred expenses at the beginning of the planned year;

RBPpred - deferred expenses in the coming year, provided for by estimates;

RBPs - deferred expenses to be written off to the cost of production of the coming year.

The standard of working capital in the balance of finished products defined:

Ngp \u003d Vdn * Nz.skl.,

where Vdn is the cost of one-day production of finished products;

Nz.skl - the rate of their stock in the warehouse (in days).

The total working capital ratio is the sum of the working capital ratios calculated for individual elements.

In order for a business to operate, it must have optimal and required amount of working capital. Their role is not exaggerated at all, because they participate in the main stages of production: supply, production and sales.

First stage represents the purchase of a certain amount of inventories for the company's cash, second- the entry of these stocks into the production cycle and their transformation into finished products, and, finally, final stage is the receipt by the company of profit, which partially returns the cost of working capital. All this suggests that working capital is money invested in the means of production.

Since the production process can be carried out only if the necessary amount of working capital is available, an important component of the production planning of activities should be rationing their stock. This will avoid the suspension of the enterprise and will make it possible to rationally use funds for the acquisition of current assets.

The process aimed at determining the norms of the stock by groups of working capital is called rationing. There are more stable elements, the rationing of which is acceptable and appropriate, and there are those that change very often and significantly and do not have a direct impact on the production process.

For the latter, standards are not developed at all (for example, funds in settlements, shipped unpaid goods, etc.).

Some elements of working capital provide direct impact on the production process. For them, it is necessary to establish a norm that is necessary for the enterprise (for example, inventories, etc.).

Some companies use an integrated approach when rationing, while others ration only those elements of current assets that are more involved in the production process. But only that leadership is mistaken, which does not establish any standards at all when planning production activities.

Today, each enterprise, when planning its activities, develops standards, and also chooses a more suitable method of regulation, each of which should be considered in more detail.

For a planned economy, the most applicable normative method planning, which implies the existence of certain standards, calculated taking into account predetermined amounts of expenditure of material, financial and time resources. The latter, in turn, are determined on the basis of last year's data or on the basis of technical standards. In simple terms, the essence of this method is to establish standards that will subsequently serve to form a system of planned indicators.

Direct Count Method implies the definition of the norm for all elements of working capital. Each standard is determined taking into account the fact that in the process of functioning of production, its organizational and technical level changes.

It is because of the consideration of these changes that this method is considered basic in the industry. With its help, you can most accurately determine the amount of working capital that the company must have to carry out a continuous production process.

Sometimes, when calculating the standards, it is assumed that no changes will occur in the operating conditions of the enterprise during the planned period. This method is called analytical. Its main feature is that the calculation of standards is carried out on the basis of an analysis of the effectiveness of the use of funds in the previous period.

When setting the standards, the ratio of the growth rates of production volumes and the size of normalized working capital in the previous period is taken into account. This method is most in demand for enterprises whose specific share of inventories is quite large in relation to the working capital that the company has.

If, when calculating the standard, the indicator of the previous period is taken as the basis and changes in the conditions of the production process are taken into account, then this method is usually called coefficient.

The management of each enterprise independently decides which method is best to use. The selection takes into account many factors: the period of existence of the company, the scope of activities, its size and capabilities. However, in practice, as a rule, the first two methods are used by enterprises operating for more than a year, which have already managed to develop a production program and establish a production process.

These companies calculate indicators using these methods due to the fact that the state does not have the necessary number of qualified economists who are able to conduct a more detailed analysis.

As you can see, there are ways to set standards a large number of, but in order to better understand the rationing process, you need to understand how individual indicators and the general working capital ratio are calculated.

Suppose there is an enterprise OJSC "Best", which, when planning its activities, calculates standard indicators. Using the example of this organization, we will consider how it would be right to do this.

The first indicator is called standard of production stocks and characterizes the duration of the period during which the product will be in the preparatory, current and insurance stocks. This indicator is calculated by multiplying the average use of materials during the day and the sum of the norms of preparatory, current and insurance stocks.

Refinery = Qday. * (Np.z. * Nt.z. * Nstr.)

Let's assume that there are 20 suppliers interacting with the company in question, while the delivery cycle is 4000 days. The safety stock rate is a tenth of the current stock rate, while the average daily volume of the required material is 30 kg, each of which costs 20 rubles. The technological cycle is 5 days

We determine the standard of inventories by performing following calculations:

1. Material consumption in one day = 30 kg * 20 rubles = 600 rubles.
2. Current stock rate = 4000 / 20 / 2 = 100 days.
3. Safety stock rate = 100 * 10% = 10 days.
4. Technology stock rate = 5 days.
5. Total inventory rate = 100 + 10 + 5 = 115 days.

Thus, the desired indicator is 115 * 600 = 69,000 rubles.

The next particular indicator is called standard of work in progress, that is, products that are at various stages of processing. This indicator is calculated as follows:

Nn.p. = Vday. * Tts. * Kn.z., where

Vday- the number of products that are planned to be produced per day, Tts.- the number of days in the production cycle, Kn.z.- the coefficient of increasing costs.

In the example, the costs at Best OJSC are distributed unevenly and the following resources are required for production:

Cost escalation factor (with uneven distribution) = 1000 / 1200 = 0.83.

Work in progress standard = 11,000 * 5 * 0.83 = 45,650 rubles.

Necessary for further calculations is the standard of working capital for finished products, that is, the standard of products placed in a warehouse for the purpose of their sale in the future.

This standard is usually calculated by multiplying the average daily output of the product at cost and the stock rate.

Ng.p. = Bday * Nz.g.p.

Considering the company produces three types of products, individual indicators for which are presented in the table:

The last particular indicator is called standard for deferred expenses, it characterizes the maximum allowable amount of working capital that can be used to finance future expenses.

This standard is calculated using following formula:

Nrbp \u003d P0 + Rpl - Rsp

For the company in question, the calculation of this indicator will be carried out in accordance with the following table:

After performing the above calculations, it is calculated general working capital ratio, that is, an indicator that characterizes the planned stock of inventory items necessary for the successful and uninterrupted operation of the enterprise and is the sum of all private standards that were presented above.

This ratio is calculated using the following formulas:

Ntot = Np.z. + Nn.p. + Ng.p. + Nb.r.

Now, to determine this indicator for the company "Best", you need to sum up all the private standards that were found earlier:

H (total) \u003d 69000 + 45650 + 218 + 7200 \u003d 122068 thousand rubles.

Thus, we can conclude that for the successful and uninterrupted operation of production, the company must have working capital totaling 122,068 thousand rubles.

Rationing of working capital is a very important and time-consuming process. Thanks to the establishment of standards, the company can rationally plan production process and not overpay for the storage of working capital.

The essence and composition are presented in this video.

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MINISTRY OF EDUCATION AND SCIENCE RUSSIAN FEDERATION

STATE EDUCATIONAL INSTITUTION HIGHER PROFESSIONAL EDUCATION ALL-RUSSIAN CORRESPONDENCE FINANCIAL AND ECONOMIC INSTITUTE

Department of Financial Management

COURSE WORK

in the discipline "FINANCE OF ORGANIZATIONS"

on the topic "METHODS FOR REGULATION OF THE WORKING ASSETS OF THE ENTERPRISE"

INTRODUCTION

4. CALCULATION PART

CONCLUSION

BIBLIOGRAPHY

INTRODUCTION

Working capital (working capital) is the assets of an enterprise that are renewed with a certain regularity to ensure current activities, investments in which are at least once turned around during a year or one production cycle.

For the normal operation of the enterprise, it is necessary to calculate the amount of working capital sufficient to obtain the planned volume of production and sales of products and at the same time ensure the minimum diversion of funds from circulation.

Since the need for working capital depends decisively on such changeable phenomena as prices for raw materials and materials, the nature of their supplies, the general market situation, the production program of the enterprise itself, there is no once and for all a certain amount of necessary working capital. This value must be adjusted periodically.

The calculation of the need for working capital is carried out in the process of financial planning - the required minimum amount of working capital is constantly established to ensure the stable financial position of the enterprise.

As you can see, the process of normalizing the working capital of an enterprise plays an important role in the economic activity of any company.

The purpose of this course work was to explore the essence of the rationing of the working capital of the enterprise, for the solution of which the following tasks were set:

· to study the economic meaning and importance of working capital of the enterprise;

Consider the classification and composition of working capital in order to identify elements subject to rationing;

· to explore the essence of the regulation process, its basic principles;

· consider normalization methods, such as the direct counting method, the analytical method and the method of coefficients;

· to study the rationing of individual elements of working capital with their combination into three large groups - standards for inventories, standards for work in progress and deferred expenses and standards for stocks of finished products.

In the practical part of the course work, the following calculations were carried out to form the financial plan of an industrial enterprise:

Calculation of cost estimates for production;

Calculation of depreciation, taxes and capital investments;

Calculation of the need for working capital;

Decisions will be made on the distribution of profits for the planned period, etc.

As a result, on the basis of the planned indicators, the organization's balance sheet was drawn up, while the problem of distributing income items among the corresponding expense items was solved, which is important for the correct calculation of profit.

1. WORKING ASSETS OF THE ENTERPRISE

1.1 The economic essence and importance of the working capital of the enterprise

Working capital is the funds of an enterprise advanced for the systematic formation and use of working capital and circulation funds.

Current assets are presented in the second section of the balance sheet.

The policy of managing these assets is important, first of all, to ensure the continuity and efficiency of the current activities of the enterprise, which implies the need for investments in working capital. Unlike fixed assets, which are repeatedly involved in the production process, working capital operates in only one production cycle and fully transfers its value to the newly manufactured product.

The essence of working capital is determined by their economic role, the need to ensure the reproduction process, which includes both the production process and the circulation process.

The circulation of working capital, which ensures the continuity of the process of production and circulation, is an organic unity of its three phases. Passing them, circulating assets change their natural-material form. At the same time, they move from the sphere of circulation to the sphere of production and vice versa, consistently taking the form of circulating production assets (in the form of inventories, work in progress and deferred costs) and circulation funds (in the form of finished products in stock and on the way, cash in settlements, on hand, on bank accounts, as well as funds invested in short-term financial assets).

For the normal operation of the enterprise, working capital must be at all stages of the production cycle (the time of storage of inventories, the duration of the production process, the period of storage of finished products in a warehouse) and in all forms (monetary, productive and commodity). The absence of any element of current assets at one of the stages leads to a stop in production.

It is necessary to distinguish between the concepts of "working capital" and "own working capital".

Own working capital (SOS) characterizes that part of the company's own capital, which is the source of coverage of its current assets. The value of SOS is a calculated indicator that depends both on the structure of assets and on the structure of sources of funds. Ceteris paribus, the growth of this indicator in dynamics is regarded as a positive trend. The main and constant source of increasing own working capital is profit.

The algorithm for calculating the SOS indicator has changed over the years. In the period of a centrally planned economy, it looked like this:

SOS \u003d SK + UP - VA,

where SK -- equity;

UE - stable liabilities;

VA - non-current assets.

Own capital was a source of own funds and was numerically equal to the total of the first section of the liabilities side of the balance sheet. Sustainable liabilities -- an accounting and analytical category that characterizes temporarily borrowed funds that are constantly (i.e., steadily) in circulation. As the name implies, these are sources of funds that arise due to the specifics of settlements with counterparties. For example, the balance sheet constantly reflects debts to employees of the enterprise for wages, social insurance, advances from buyers and customers, etc. Part of these liabilities, within the limits stipulated by the financial plan, was equated to sources of own funds.

In the context of the transition to a market economy and, in particular, in connection with changes in the principles of financial planning, targeted lending to production activities and the growing development of commercial lending, restrictions on the use of both own and borrowed funds, which were of a directive nature, have been practically eliminated.

Where and in what proportion to direct the available financial resources, the management of the commercial organization decides. These changes had a serious impact on the interpretation of the concepts of liquidity and solvency. In particular, the concept of "sustainable liabilities" was excluded from the methodological foundations of accounting, the concept of normalized working capital disappeared (in this case, normalization is understood as a centrally regulated procedure), the structure of the balance sheet has changed, which has also affected some algorithms traditional for domestic analytical practice.

So, the formula of the SOS calculation algorithm was transformed as follows:

SOS = SK - VA.

In connection with the strengthening in the 90s. influence of the Anglo-American school of accounting on the development of accounting, auditing and financial analysis in Russia in domestic analytical practice, another algorithm for calculating the amount of own working capital or net working capital (Net Working Capital) has been recognized:

SOS \u003d (SK - R) + DO - VA,

where P - uncovered losses and other regulations;

TO - long-term liabilities.

The presence of own working capital is a necessary condition for ensuring the financial stability of the enterprise. The minimum value of this indicator is recommended to be set at 10% of the total volume of current assets. The higher this indicator, the more stable the financial condition of the enterprise, the more opportunities it has to conduct an independent financial policy.

The presence and dynamics of own working capital depend on a number of factors:

- industry affiliation of a commercial organization;

- terms of bank lending;

- the existing system of settlements with counterparties;

- profitability of a commercial organization;

- level of organization of commercial work;

- informal aspects in relations with contractors, etc.

1.2 Composition and structure of working capital

In planning practice, accounting analysis of working capital is grouped depending on the following factors:

· functional role in the production process as circulating production assets and circulation funds;

· practices of control, planning and management on the basis of the principles of organization and regulation of production and circulation - standardized and non-standardized working capital;

· liquidity (rate of conversion into cash) - absolutely liquid, quickly realizable and slowly realizable working capital;

· degree of investment risk -- working capital with minimal, medium, high investment risk;

· standards of accounting and reflection in the balance sheet of the enterprise - working capital in inventories, accounts receivable, cash, short-term financial investments, settlements and other assets, etc.;

· material and material content - objects of labor (raw materials, materials, work in progress), finished products and goods, cash and funds in the calculations.

Within the framework of this course work, to understand the essence and significance of working capital, the first criterion is of most interest, and for the study of rationing, the second.

The placement of circulating assets in the reproduction process determines their division into circulating production assets and circulation funds. Circulating production assets function in the process of production, and circulation funds - in the process of circulation, i.e. sale of finished products and acquisition of inventory items. The optimal ratio of these funds is determined by the largest share of circulating production assets involved in value creation. The value of circulation funds should be sufficient to ensure a clear and rhythmic process of circulation.

Based on the principles of organization and regulation of production and circulation, working capital is divided into standardized and non-standardized. Normalized working capital-is stocks and costs calculated according to economically sound standards. All elements of circulating production assets and one element of circulation funds are normalized - finished products in stock.

Non-standardized funds include elements of circulation funds: products sent to consumers, but not yet paid for, and all types of cash and settlements.

The absence of norms does not mean that the size of these elements of working capital can change arbitrarily and indefinitely and that there is no control over them. The current procedure for settlements between enterprises provides for a system of economic sanctions for violation of contractual terms.

Normalized working capital is reflected in the financial plans (business plan) of the enterprise, while non-normalized working capital is practically not an object of planning.

The composition and structure of the working capital of the enterprise depend on many factors:

forms of ownership;

type of business (nature of the enterprise);

Features of the organization of a particular production;

· conditions and practice of lending to business activities of enterprises;

the financial condition of the enterprise.

volumes of production and sales;

the scale of the activity;

the capital structure of the enterprise;

accounting policy of the enterprise and settlement system;

level of material and technical supply;

types and structure of consumed raw materials;

· Growth rates of production and sales of the company's products;

· skills of managers and accountants and other factors.

Working capital management is closely related to their composition and structure. The composition of working capital is understood as a set of elements (items) that form working capital. The structure of working capital is the ratio between items.

Different enterprises have different composition and structure of working capital. Working capital must ensure the continuity of the process of production and circulation. Therefore, the composition and size of the enterprise's need for working capital are determined by the needs of not only production, but also circulation.

The condition, composition and structure of inventories, work in progress and finished products is an important indicator of the commercial activity of the enterprise. The study of the structure and identification of trends in changes in the elements of working capital serves as the basis for predicting future changes in the composition of working capital.

2. RATE OF WORKING ASSETS OF THE ENTERPRISE

2.1 The essence and basic principles of rationing the working capital of the enterprise

The most important element of working capital organizations is their regulation.

By means of rationing, the need of enterprises for working capital is determined. The correct calculation of this need is important, since a constantly necessary minimum amount of funds is established to ensure the stability of the financial condition of the enterprise.

In the process of normalization of working capital, norms and standards are developed.

The norm of working capital (N) - the value corresponding to the minimum, economically justified volume of stocks of inventory items. It is usually set in days. Working capital rates depend on:

the norms of consumption of materials in production;

standards of wear resistance of spare parts and tools;

the duration of the production cycle;

conditions of supply and sale;

time to give some materials certain properties necessary for industrial consumption;

other factors.

Being a relatively stable indicator, the norm is valid for several years.

The need to clarify it is due to significant changes in technology and organization of production, delivery conditions, product range, changes in prices, tariffs and other indicators.

Working capital ratio (W) -- the minimum required amount of working capital to ensure the business activities of the enterprise.

If the norms of working capital can be set for a relatively long period, then the norms are calculated for a specific period (year, quarter, month).

There are the following main indicators that determine the standard of working capital of each enterprise:

the volume of production and sales of products;

costs of production, storage and sale of products;

· Norms of working capital for certain types of inventory items, expressed in days.

Distinguish between the aggregate standard (the total amount of working capital) and private standards (the amount of funds for the corresponding types of working capital). The formula for calculating the private standard for a separate element of working capital can be expressed as follows:

,

where Wi is the standard of the i-th element of working capital, thousand rubles;

About - turnover on this element of working capital for the period (consumption of inventory items according to the estimate of production costs, the cost of gross output, the volume of marketable output at production costs);

T -- the duration of the period in days (therefore, the O / T ratio represents the one-day expense of this element of working capital);

Ni -- the rate of the i-th element of working capital in days.

One-day consumption (or output) at enterprises with a uniformly increasing volume of production throughout the year is calculated according to the cost estimate of the fourth quarter of the coming year. This is explained by the fact that the received standard of working capital is valid at the end of the planning period (year, quarter) and should meet the needs of production at the beginning of the next period.

In the conditions of seasonal production, one-day consumption is calculated according to the cost estimate of the quarter with the minimum volume of production: the need for working capital in excess of the minimum is covered by borrowed funds.

Thus, the whole normalization process includes:

· development of stock standards for certain types of inventory items of all elements of normalized working capital;

determination of frequent standards for each element of working capital;

Calculation of the total standard of working capital.

The basic principles of normalization of working capital are determined depending on the conditions of management, the development of market relations, corporatization.

In accordance with the principle of regularity, the rationing of working capital is carried out according to cost estimates for production and non-production needs; according to the norms of consumption and stocks of material assets; according to plans of organizational and technical measures aimed at improving production; according to plans for the sale of finished products and payment terms.

The principle of consistency reflects the organic relationship of financial norms with the system of applied technological norms and standards. Financial norms are based on technological norms and standards (one-day consumption of material resources, the duration of the operations of the production cycle, etc.). In turn, financial norms, through the system of established standards, have a stimulating effect on the improvement of technology and production technology, the accelerated introduction of the achievements of scientific and technological progress. Increasing the consistency in reserve rationing is an important condition for strengthening the balance of plans and contributes to a better use of resources.

The principle of scientific validity assumes that the process of normalization of working capital is based on the achievements of scientific and technological progress, the use of progressive methods of normalization. At the same time, the creation of a scientifically based system of norms and standards for working capital is a means of mobilizing internal reserves. The regulatory framework must be progressive. To do this, the rationing of stocks is preceded by an analysis of production and financial activities, proposals are being developed to improve the organization of production, measures are outlined aimed at improving the efficiency of resource use and accelerating the turnover of inventory items.

Also, the norms and standards of working capital are clarified annually in order to bring them into line with the changing conditions of production and sale of products. Long-term norms are adjusted for those types of material assets where the indicators underlying the rationing have changed significantly. These include the standards:

· for raw materials and materials - the conditions for the supply of these values, the method of transportation, the structure and prices of the consumed raw materials, materials;

· for work in progress - technology and organization of production, the range of products, the commissioning of new shops, industries;

· for finished products - a change in the ratio between products shipped to nonresident and local consumers, as well as a change in the level of specialization of production, product range, forms of payment, mechanization of loading and unloading and other warehouse operations.

At enterprises where in-house standards have been introduced, the standards of the corresponding workshop (for work in progress), the sales department (for stocks of finished products), and the supply department (for stocks of raw materials, basic and auxiliary materials) are specified.

To obtain an economically justified amount of working capital, the standard is adjusted taking into account the actual level of inflation.

Rationing of working capital is ultimately aimed at obtaining the optimal value of their elements, which ensures a close relationship between production and financial performance of the enterprise.

With the development of market relations and the strengthening of settlement and payment discipline, the importance of rationing of working capital is increasing. The presence of sufficient working capital provides enterprises with expanded reproduction, modernization and restructuring. In this regard, there is a need to improve the quality of calculations, the establishment of progressive, economically sound norms and standards for working capital. Electronic computers should be widely used in this process.

2.2 Methods of normalization of working capital

When normalizing working capital, three main methods are used: direct calculation, statistical and analytical, and the method of coefficients.

The essence of the direct account method is that the need for working capital of the organization is determined for each of their elements, and then by summing them up, the need for working capital as a whole is calculated. At the same time, if an enterprise has a stable structure of the production program, a stable system for purchasing raw materials, fuel, energy, and sales of finished products, then it can use the standard method for determining the need for working capital, “embedding” it in a certain way in the direct account method.

Rationing is carried out at each enterprise in accordance with the cost estimates for production, a business plan that reflects all aspects of financial and economic activity. This ensures the relationship between production and financial indicators, which is necessary for successful entrepreneurship.

The meaning of normalization by the direct account method is that the enterprise develops for itself the norms of stocks for each type of inventory in days and determines the total need for working capital (the norm of working capital) by multiplying these norms by the average daily expenses for these goods provided for by the production program. -material values ​​(normalized working capital).

The total standard of working capital for the whole enterprise is determined by summing private standards for individual elements (in terms of production inventories (Wpz), work in progress (Wnsp), deferred expenses (Wrbp) and stocks of finished products (Wgp)):

Woc \u003d Wpz + Wnzp + Wrbp + Wgp.

In cases where its value exceeds the standard for working capital of the reporting year, the difference is an increase in the standard, which is provided for by the financial plan and must be provided by appropriate sources of financing.

The direct calculation method allows you to most accurately calculate the need for working capital and is used in current financial planning when determining the standard for the main elements of working capital. At the same time, this method is very laborious. Therefore, in the practice of planning, it is supplemented by other methods, in particular, statistical-analytical, coefficient.

The statistical-analytical method involves determining the standard of working capital in the amount of average actual balances, taking into account various factors influencing the formation of working capital. This method is used when there are no significant changes in the work of the organization in the planning period and the funds invested in material assets and stocks occupy a large proportion. The need for working capital is calculated on an aggregated basis, taking into account the ratio between the growth rate of production and the size of normalized working capital in the previous period, i.e., based on the average actual balances. The calculation algorithm is as follows:

1. Determine the coefficient of working capital in the base year (Cosb):

Kob \u003d OSb / VPb,

where OSb -- the average annual cost of working capital in the base year;

VPb -- the volume of sales in the base year.

2. Based on the assessment of the reserves for reducing the duration of the turnover of working capital, we determine the planned coefficient of working capital (Cosp).

3. We calculate the total need for working capital in the planned year (OSpl):

OSpl \u003d VPb Irp Kosp,

where Irp -- index of growth in the volume of sales in the planning period.

The method is applicable mainly for prospective and predictive calculations of the need for financial resources.

The disadvantages of this method are that when using it, the specific operating conditions of the enterprise in the planned year are not fully taken into account, which does not always ensure the accuracy and validity of the calculations.

In long-term planning of the need for working capital, the method of coefficients can also be used.

Its essence lies in the calculation of the standard of working capital for the whole enterprise. The calculation of the standard of working capital by the method of coefficients is carried out on the basis of the ratio between the growth rates of production volume and sales of products and the size of normalized working capital in the base period. In this case, all working capital is divided into two groups.

The first group includes those elements of working capital that directly depend on changes in production volumes. It:

· raw materials;

materials;

· finished products;

work in progress, etc.

The working capital ratio for them is determined by adjusting the reporting year standard for the rate of change in production volumes, prices for the corresponding inventory items, taking into account the planned acceleration in the turnover of working capital.

The elements included in the second group do not have a proportional dependence on the growth of production volume, their value either does not change at all, or changes, but slightly:

· spare parts;

spec. tooling;

Other current assets invested in household inventory;

deferred expenses, etc.

The working capital ratio for this group is taken either at the level actually established for the reporting period, or taking into account the prevailing proportions between the working capital ratio of the first and second groups.

3. RATE OF INDIVIDUAL ELEMENTS OF THE WORKING CAPITS OF THE ENTERPRISE

3.1 Calculation of standards for production stocks

The most important component of working capital is production stocks - a complex group of working capital, including raw materials, basic materials and purchased semi-finished products, fuel, containers, spare parts, special tools and devices, etc. Due to the different nature of their functioning in the production process, the methods of normalizing individual elements of inventories are not the same.

The working capital ratio for stocks of raw materials, basic materials and purchased semi-finished products is calculated on the basis of their one-day consumption (Rdn) and the average stock rate in days. The average rate of working capital, in turn, is defined as the weighted average of the norms of working capital for certain types or groups of raw materials, basic materials and purchased semi-finished products and their one-day consumption. The working capital rate for each type or homogeneous group of materials takes into account the time spent in the current (Nt), insurance (Ns), transport (Nm), technological (On), and also preparatory stocks (Np). Thus, the standard of working capital for production stocks of raw materials, basic materials and purchased semi-finished products is determined by the formula:

Wpz \u003d Rdn (Nt + Hc + Nm + Na + Np).

The current stock is the main type of stock, therefore the rate of working capital in the current stock is the determining value of the entire stock rate in days. The size of the current stock is affected by the frequency of supplies of materials under contracts (supply cycle) and the volume of their consumption in production.

Insurance (guarantee) stock is the second largest type of stock, which determines the general norm. It is necessary at every enterprise to guarantee the continuity of the production process in cases of violations of the conditions and terms of supply of materials by contractors, transport or shipment of incomplete lots.

The value of the transport stock is calculated by direct and analytical methods. The direct counting method is used with a small range of consumable material resources coming from a limited number of suppliers. With a large number of suppliers and a significant range of consumed resources, the norm of the transport stock is determined by the analytical method.

A technological reserve is created for the period of preparation of materials for production, including analysis and laboratory tests. This inventory is taken into account if it is not part of the production process. For example, when preparing for the production of certain types of raw materials and materials, time is required for drying, heating, grinding, settling, bringing to certain concentrations, etc.

The preparatory stock required for the period of unloading, delivery, acceptance and storage of materials is also taken into account in the calculation of the stock rate for raw materials, basic materials and purchased semi-finished products. The time for preparing materials for production is predetermined by the list of relevant operations and the conditions for their implementation based on technological calculations or by timing.

When normalizing working capital for stocks of auxiliary materials, due to their large range, two groups are distinguished. For the first of them, which includes the main types of these materials (at least 50% of the total amount of the annual expense), the working capital rates are determined by the direct account method, i.e. as well as for raw materials, basic materials and purchased semi-finished products. The working capital ratio for the second group is determined by the analytical method based on the average actual balances of these materials for the previous period. Previously, excess, seasonal and unnecessary production stocks are excluded from the sum of actual balances. The general norm of working capital for a group of auxiliary materials is determined as the product of their one-day consumption in production by the general stock rate in days.

The standard for fuel reserves is set similarly to the standard for raw materials, basic materials and purchased semi-finished products: based on the stock rate in days and one-day consumption for production and non-production needs. The standard is calculated for all types of fuel (technological, energy and non-industrial), with the exception of gas.

Rationing of working capital for stocks of containers is carried out depending on the sources of income and the method of using containers. There is a difference between purchased and own-made containers, returnable and non-returnable.

The stock rate for purchased containers is calculated in the same way as for raw materials, basic materials and purchased semi-finished products. For containers of own production, the cost of which is included in the wholesale price of finished products, the working capital rate is determined by the time it is in the warehouse from the moment of manufacture to the packaging of finished products into it. For containers that come with material assets and are subject to return to suppliers, the working capital rate is equal to the duration of one turnover of the container. For containers of own production, the cost of which is not included in the wholesale price of finished products, the standard for working capital is not provided, since it is part of the standard for finished products in stock.

When normalizing working capital for spare parts before repairs, the machines, equipment and vehicles used at the enterprise are divided into the following groups:

Machinery, equipment and vehicles, for which standard norms of working capital for spare parts have been developed;

large unique equipment, machines, vehicles for which standard standards for spare parts have not been developed;

Other (small, single) equipment, machines and vehicles.

The working capital ratio for spare parts for the first group of equipment is determined as the product of standard norms and the quantity of this equipment, taking into account reduction factors that specify the need for working capital in the presence of the same type of equipment and interchangeable parts.

The need for working capital for spare parts for the second group of equipment is determined by the method of direct calculation. For this purpose, a list of the most wear-prone parts and assemblies that must be kept in stock is compiled, indicating the number of machines and equipment used at the enterprise and in need of repair, as well as the coefficients for reducing the service life and the price of each part.

The standard for spare parts for the repair of the third group of equipment is set by the aggregate calculation method: based on the ratio of the average actual stock of spare parts for the reporting year and the average annual cost of operating equipment and vehicles.

The elements of the working capital standard for general-purpose tools and fixtures are: the cost of tools at workplaces, in the tool-distributing pantry, in sharpening and repair.

Using the direct calculation method, the cost of a tool at workplaces is determined taking into account the price of the tool, the number of machines where it is used, shift work, and the rate of provision of each workplace with it. The value of the tool stock in the tool-distributing pantry is calculated taking into account the daily requirement and the period through which replenishment and the costly tool are made. The cost of a tool in sharpening and repair is determined by multiplying the cost of a batch of tools sent for sharpening and repair by the duration of its stay there.

The calculation of the standard of working capital for household inventory and industrial packaging occurs by excluding excess and unclaimed household inventory from the cost of actual stocks at the end of the planning period.

The calculation of the standard of working capital for special clothing and footwear is carried out in the same way as for raw materials, materials and purchased semi-finished products. The need for working capital to finance the balances that are in operation is calculated on the basis of the norms for issuing overalls, the number of relevant categories of employees, the cost of a unit of overalls, the timing of its wear, the current procedure for writing off costs to the cost of production.

The calculation of the standard of working capital for special tools and fixtures is performed for each new product. This takes into account: the balance of costs for this element at the beginning of the planning period, the amount of costs for its manufacture in the planned year, etc.

The calculation of the standard of working capital for replaceable equipment depends on the nomenclature list of replaceable equipment, its cost, service life, source of receipt. If replacement equipment comes from outside and its list is relatively limited, the calculation of the stock rate is carried out in the same way as for raw materials, basic materials and purchased semi-finished products, and the standard is determined by multiplying one-day consumption by the corresponding stock rate in days. If the replacement equipment is manufactured independently by the enterprise, the working capital rate for replacement equipment is calculated as the product of the duration of the production cycle and the cost escalation factor, and the standard is calculated by multiplying the resulting rate by one-day consumption. The general standard is equal to the sum of the received private standards for individual items of replacement equipment.

3.2 Calculation of standards for work in progress and deferred expenses

Work in progress refers to unfinished products at all stages of the production cycle.

The duration of the production cycle is calculated from the beginning of the first technological operation to the acceptance of the finished product. In some cases, this includes the time for packaging the finished product, if this is provided for by the relevant regulatory documents.

The method of normalization of working capital in work in progress differs depending on the types of engineering production: serial, mass, single and small-scale.

In serial production, the rate of working capital for work in progress is determined by the formula

Nd \u003d Tc Knz.

where Nd -- the rate of working capital;

TC -- the duration of the production cycle in calendar days;

Knz - the coefficient of increase in costs (or material consumption).

The use of the cost escalation factor is explained by the fact that material costs enter production at the beginning of the production cycle, and all other costs (wages and overheads) are uniform throughout the entire production cycle. Naturally, the later the costs enter into production, the less they are there and, consequently, the less the volume of work in progress. The cost escalation factor is always less than one, and, consequently, the rate of working capital in work in progress is always less than the duration of the production cycle. revolving fund rationing stock

The cost escalation factor is determined by the formula

,

where M -- planned costs for basic materials;

Rp -- other cost elements;

C - the planned cost of a part or product.

Only half of the other cost elements are taken into account, as they increase gradually and relatively evenly throughout the entire production cycle. With a large range of parts, the norms of working capital are calculated for representative parts, representative products. In general, the workshop norm of working capital is determined as a weighted average.

For example, the planned cost of a device manufactured by an enterprise is 8000 rubles, including material costs in the assembly shop - 6400 rubles, the duration of the production cycle in this shop is 9 days, the production of such devices in the fourth quarter of the planned year is 1800 thousand rubles . Of these conditions, Knz \u003d 0.9 (6400 + 0.5 1600): 8000. The working capital rate is 8 days (9 0.9), one-day output is 20 thousand rubles. (1800:90). Consequently, the standard of working capital for the work in progress of the device in the assembly shop will be equal to 160 thousand rubles. (20 thousand rubles 8). This means that the enterprise in the production of this device must have its work in progress in the amount of 160 thousand rubles.

In mass production, the standard of working capital in work in progress is calculated as the sum of the backlogs of parts and assemblies calculated in quantitative and monetary terms at all stages of the production cycle. The size of the backlog in each workshop in physical terms is set by the production department of the enterprise. The need for working capital for work in progress in the shops is determined by multiplying the planned cost of parts, assemblies and products by the amount of their backlog in physical terms.

For example, the planned cost of a product is 120 rubles, the amount of backlog is 300 pieces. Consequently, the need for working capital for this product is 36 thousand rubles. (120 300).

In case of single and small-scale production, the need for working capital is calculated by multiplying the one-day output at the production cost by the rate of work in progress in days. The rate of working capital is determined in the same way as in mass production, i.e. by multiplying the duration of the production cycle of the product by the cost increase factor. In this case, the calculation is carried out by products, and not by parts. With a large range of products, the calculation is carried out on representative products.

Deferred expenses include the costs of the enterprise in this reporting period, but written off to the cost of production in subsequent periods. These include the costs:

· on development of new kinds of production and new technological processes;

for mining and preparatory work;

for land reclamation in agriculture;

· for uneven repairs of fixed assets during the year in the absence of an appropriate reserve or fund;

related to the payment of rent for subsequent periods;

associated with subscriptions to periodicals;

related to prepaid communication services;

in the form of taxes and fees paid in advance, etc.

The norm of working capital for expenses of future periods is not established. The standard in monetary terms is calculated by the direct account method based on estimates and calculations developed by the enterprise. The calculation of the working capital ratio for deferred costs (Wrbp) is made according to the formula:

Wrbp \u003d Rpr + Rpl - Rs,

where Ppr is the carry-over amount of deferred costs at the beginning of the coming year;

Rpl - deferred costs in the coming year, provided for by the relevant estimates;

Rs -- deferred costs to be written off to the cost of production of the coming year in accordance with the cost estimate for production.

3.3 Calculation of standards for stocks of finished products

Finished products are products completed by production and accepted by the technical control department. The formation of stocks of finished products is necessary to ensure its systematic implementation in accordance with the concluded agreements.

The norm of working capital for finished products is calculated as the product of one-day output at the production cost and the norm of working capital in days. The working capital rate includes the time required to prepare finished products for sale and is determined by the number of days from the moment the products are accepted to the warehouse until the payment documents are submitted to the bank or until payment is made. The time of preparation of finished products for sale depends on a number of factors, the main of which are:

· complete set of products according to orders;

Weighing and packaging of finished products;

accumulation of finished products in the volume of the transit norm (capacity of one railway car or container);

Acceptance by the client's representative;

time for non-delivery of railway cars;

loading of finished products;

Issuance of payment documents and their delivery to the bank.

The working capital rate can be defined as the sum of all of the above factors or as the average time the finished product is in the warehouse between two shipments.

With a large range of manufactured products, the calculation should cover at least 70-80% of the planned output of finished products. The resulting weighted average rate of working capital applies to all finished products.

The rate of working capital for the stock of finished products in the warehouse is determined for the period of time necessary for completing and accumulating to the size of the required batch, mandatory storage of products in the warehouse until shipment (in a number of industries - for aging finished products), packaging and labeling of products, delivery to the station of departure and loading.

The rate of working capital for shipped products, the settlement documents for which are being processed, is determined based on the time required to issue invoices for payment requests and submit settlement documents to the bank. In cases where an enterprise purchases goods for sale or as rental items, and also when the cost of finished products purchased for assembly is not included in the cost of manufactured products, but is subject to reimbursement by buyers separately, when planning the need for working capital, it is necessary to provide for stocks purchased products. The calculation of the standard for this group of goods is carried out in the manner established for raw materials, materials and components.

The working capital ratio for stocks of finished products (Wgp) is defined as the product of a one-day output of marketable products (at production cost) and the working capital ratio for stocks of finished products in days:

Wgp = Ctp H,

where H is the rate of working capital for stocks of finished products in days;

Stp -- one-day output of marketable products, calculated at the cost of production.

Stp is calculated in non-seasonal industries for the fourth quarter of the planned year, in seasonal industries - for the quarter with the lowest production volume by dividing the volume of marketable output by the number of calendar days in the period.

4. CALCULATION PART

In the calculation part of the course work, you should draw up a balance of income and expenses (financial plan) of an industrial enterprise. The calculation was carried out in the following sequence:

1. In the table. 2 calculated the cost estimate for the production of products. Previously in the table. 4 was calculated the amount of depreciation, based on the data in table. 3. The change in the balance of work in progress is determined after calculating the needs of the enterprise in working capital (Table 13). The estimate indicates that according to the standard for work in progress, there is an increase, which amounted to 308 thousand rubles. in year.

Table 2 Estimated II costs for the production of LLC products, thousand rubles.

The amount of depreciation deductions is calculated by the formula:

A \u003d SSOF * NAO, where

A - the amount of depreciation;

SSOF - the average annual cost of fixed assets;

NAO - depreciation rate.

To calculate the average annual cost, the following were preliminarily calculated:

a) the average annual cost of input fixed assets:

Свв - the cost of the fixed asset put into operation;

Chm - the number of months of operation in the current year, not counting the month of commissioning (because depreciation is charged from the month following the month of commissioning).

b) the average annual cost of disposal of fixed assets:

St - the cost of the retired fixed asset;

Chm - the number of months of non-functioning in the current year.

The average annual cost of fixed assets is calculated as:

SSOF \u003d Sng + Svved - Sv - Spa, where

SNG - value of fixed assets at the beginning of the year;

Svved - the average annual cost of input fixed assets;

St - the average annual cost of disposal of fixed assets;

Spa - the average annual cost of fully depreciated equipment.

22420 + 6517 - 824 - 2780 \u003d 25333 thousand rubles.

Thus, the amount of depreciation deductions amounted to: 2533312.5% ​​= 3167 thousand rubles.

2. In the table. 6 based on the data of table. 5 determines the volume of marketable products sold and profits. The balances of finished products at the end of the year are calculated based on the stock norms in the days indicated in Table. 5 and data on production cost estimates for the 4th quarter:

a) the planned balances of unsold products at the end of the year in current prices are equal to:

Okg (in current prices) = Stp / 90 * Okg (in days of stock)

Stp - the cost of marketable products in selling prices for the 4th quarter;

Okg (in days of stock) - planned stocks of...

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COURSE WORK

in the discipline "Economics and organization of production"

Theme "Rationing of working capital at an industrial enterprise"

Annex 1……………………………………………………………………….38

Introduction

Working capital is one of the components of the enterprise's property, on which the rhythm, coherence and high performance of work depend. The development of market relations determines new conditions for managing working capital as well, forcing enterprises to change their policy in relation to working capital, look for new sources of replenishment, and find ways to accelerate the turnover of working capital. And since working capital includes 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 efficiency of use.

The presence of an enterprise with sufficient working capital of an optimal structure is a necessary prerequisite for its normal functioning in modern conditions. Therefore, the enterprise should carry out the rationing of working capital, whose task is to create conditions that ensure the continuity of the production and economic activities of the company. This determines the relevance of this course work.

The problem of normalization of working capital and their optimization in an industrial enterprise was chosen as the subject of study of this course work.

The object of the study was the analysis of the working capital of the enterprise on the example of LLC "Plant of reinforced concrete products".

The purpose of this course work is to study the theoretical aspects of the regulation of working capital in an enterprise, to analyze working capital in an existing enterprise and to identify trends in the development of an enterprise based on data on the analysis of working capital in this enterprise.

In this regard, the following tasks were set:

· Consider the essence of the concept of working capital of the enterprise;

· Consider the theoretical aspects of the regulation of working capital of an industrial enterprise;

· Carry out an analysis of the working capital of LLC Zavod ZHBI;

· Make an analytical conclusion.

1. Theoretical aspects of the regulation of working capital of the enterprise

1.1 General characteristics of working capital

An indispensable condition for the implementation of economic activity by the enterprise is the availability of working capital. Working capital is money advanced to working capital and circulation funds to ensure a continuous process of production and sale of products.

The essence of working capital is determined by their economic role, the need to ensure the reproduction process, which includes both the production process and the circulation process. Unlike fixed assets, which repeatedly participate in the production process, working capital operates in only one production cycle and, regardless of the method of production consumption, fully transfers its value to the finished product.

William Collins defines the essence of working capital as "... the short-term current assets of a firm that quickly turn over during the production period."

A similar definition of working capital is given by Doctor of Economics, Professor Blank I.A.: these are assets that characterize "... the totality of property values ​​of an enterprise that serve the current production and commercial (operational) activities and are fully consumed during one production and commercial cycle" .

G. Schmalen more accurately describes the process that working capital provides, in his opinion, “... working capital serves to create funds that are not designed for a specific period, but they directly provide for the process of processing and processing, sales of products, as well as the formation of monetary resources and their spending.

The composition and classification of working capital are given in Table 1 and Table 2, respectively.

Table 1. The composition of the working capital of an industrial enterprise

Inventories are objects of labor that have not yet entered the production process and are in the enterprise in the form of warehouse stocks. These include: raw materials, basic and auxiliary materials, purchased semi-finished products, spare parts for the repair of fixed assets, fuel, low-value and wearing items, inventory, tools, as well as special tools and devices, regardless of their cost, intended for the production of a limited batch of products or separate order. The need for inventories is due to the fact that the production process takes place continuously, and the receipt of raw materials, materials, components periodically.

Work in progress (WIP) (unfinished products) are objects of labor that have already entered the production process, but their processing has not been completed. In practice, as part of WIP, it is customary to consider semi-finished products of own manufacture, intended for further processing in other workshops of the same enterprise. Items of work in progress are at different stages of processing, workplaces, but are not yet ready for sale.

Deferred expenses (DFC) are the costs associated with the development of new types of products (payment to designers for the design of a new product, tools and fixtures, technologists - for the development of technological processes for manufacturing a new product, tools, fixtures). They are produced in the planning period, accumulate, and are subject to repayment in the future, when new products are sold, with the exception of those costs that are financed from profit, budget funds, or special funds.

Finished goods (FP) in the warehouses of the enterprise are products manufactured at the enterprise and subject to shipment to consumers.

Products shipped (PO), on the way, but not paid for by the buyer, that is, the company's current account has not yet received money from the buyer.

Free cash on the current account of the enterprise, at the cash desk, necessary for the purchase of materials, components, travel allowances, and so on.

Cash invested in shares, securities are shares acquired by an enterprise, securities of other enterprises, short-term banks (up to 1 year).

Table 2. Classification of working capital according to the balance sheet of the enterprise

It is necessary to distinguish between the concepts of the composition of working capital and the structure of working capital. The composition of working capital - elements of working capital assets and circulation funds. Structure - the ratio between individual groups, elements of working capital and their total volumes, expressed in shares or percentages.

The volume and structure of working capital of enterprises is significantly influenced in modern conditions by many factors, for example:

Features of manufacturing products - labor-intensive, material-intensive;

the type of production;

duration of the production cycle;

the period of development of new products;

location of suppliers of material resources and consumers of products, conditions of supply and marketing;

· quality of let out production;

solvency of the enterprise and buyers.

At enterprises, due to a decrease in the share of inventories and free cash, there is a change in the structure of working capital. In the structure of working capital - in stocks of inventory items, the largest share falls on inventories and work in progress, and in them on raw materials, basic materials and purchased semi-finished products.

The structure of working capital of enterprises in various industries will be different. The analysis shows that the largest share, for example, of receivables is typical for enterprises in the electric power industry, mechanical engineering, and the smallest for light and food industries, that is, enterprises working directly for the consumer.

Working capital is always in motion and goes through several stages of circulation, changing its shape.

With the funds (D) available on the current account (or accounts), as well as at the cash desk, the enterprise acquires the material resources it needs for production. After the acquisition, the materials are not consumed immediately, some of them first settle in the form of inventories (PZ) in the warehouse, and the part that is put into production - in the form of backlogs of work in progress, finished but not yet sold products (GP). Having sold the released finished products, the enterprise returns to itself the money (D "), part of which was previously spent on the acquisition of material resources (D) necessary for production, while receiving a certain share of the profit (∆D). Due to part of the proceeds received from sales of finished products are reimbursed when purchasing new batches of material resources, consumed means of production and objects of labor in the form of raw materials, materials, fuel, energy, depreciation, as well as wages and other costs.This completes the circulation of working capital at the enterprise.

D" \u003d D + ∆D

Movement at the enterprise of working capital and circulation funds:

PZ - NP - GP - T,

where PZ - production stocks of material resources;
NP - backlog of work in progress (materials that are in the workshops of the enterprise in a state of processing (blanks, semi-finished parts subjected to turning, milling and other technological operations on the corresponding machines and lying in containers near these machines in anticipation of performing the next technological operation with them);
GP - marketing stocks of finished products;
T - goods - products manufactured by the enterprise (is the property of the enterprise until they are sold).

In order for the production process not to be interrupted, the enterprise needs to carry out planning of working capital by groups and control over maintaining their required level at each stage of the circulation. Working capital planning should include indicators of the initial and final levels of needs, as well as indicators of each significant change (growth, decrease) of this need within the planning period. For example, an enterprise will have to spend working capital not to pay for medium, identical deliveries, but to pay for a variety of deliveries - small and large, frequent and rare delivered by air, road, etc. Knowing with a certain probability the dynamics of future deliveries, the enterprise can more reasonably manage production and finance.

The basis for planning working capital of an enterprise is rationing.

1.2 Basic methods of normalization of working capital

Rationing of working capital solves two main problems. The first is to constantly maintain a correspondence between the size of the enterprise's working capital and the need for funds to ensure the minimum necessary stocks of material assets. This task links the dependence of the volume of working capital on the level of stocks. At the same time, it is understood that for each enterprise it is necessary to establish such a standard so that during normal economic activity it does not experience financial difficulties to ensure the production and sale process. Another task is more complex: with the help of rationing, it is necessary to manage the size of stocks. Rationing is intended to stimulate the improvement of economic activity, the search for additional reserves, the formation of a reasonable combination of forms of supply, etc.

According to the principles of organization, working capital is divided into standardized and non-standardized.

Non-standardized working capital includes products shipped, on the way, but not paid for; cash on the current account, in cash. The level of these groups of working capital is more influenced by external factors than the production and economic activities of the enterprise. The legal framework, as the basis of the contractual supply system, should help reduce the amount of unpaid deliveries.

Normalized working capital includes all groups of working capital - these are production stocks, work in progress, deferred expenses; from the sphere of circulation - finished products in stock.

The value of normalized working capital must always meet the real needs of production. The enterprise determines the minimum but sufficient need for each of these groups of working capital and controls their level at each stage of movement, since large stocks of material assets require the diversion of funds from other purposes, warehouses, security, and accounting are necessary. If the standard is underestimated, the enterprise will not be able to provide production with the necessary reserves, pay off suppliers, workers, employees, etc. in a timely manner. If the standard is overstated, significant excess stocks arise, funds are frozen, which leads to losses. An overestimated standard contributes to a reduction in the level of profitability, an increase in the amount of payment for an increase in the value of the enterprise's property.

Rationing of working capital - the process of establishing norms and standards for a normalized group of working capital.

In the process of normalization of working capital, the norm and standard of working capital are determined.

The norm of working capital is a relative value corresponding to the minimum, economically justified stock of inventory items, set in days.

The working capital ratio is the minimum required amount of funds to ensure the economic activity of the enterprise.

In the practice of normalization of working capital, several methods are used:

direct account;

· analytical;

experimental laboratory;

reporting and statistical;

coefficient.

The analytical method for estimating the standard of working capital is established by the actual value of working capital for a certain period, taking into account the adjustment for surpluses and unnecessary stocks, as well as for changes in the conditions of production and supply. This method provides for the division of working capital into two groups:

dependent on changes in the volume of production;

independent of production volume.

The experimental laboratory method is based on measuring their consumption and volumes of products (works) produced in laboratory and pilot production conditions. Consumption rates are set by selecting the most reliable results and calculating the average value using the methods of mathematical statistics. The most appropriate scope of these norms: auxiliary production, chemical, technological processes, extractive industries and construction.

Reporting and statistical - based on the analysis of statistical (accounting or operational) reporting data on the actual consumption of materials per unit of output (work) for the past (base) period. It is recommended for the development of both individual and group norms for the consumption of material and raw materials and fuel and energy resources.

With the coefficient method, the standard of working capital for the planned period is established using the standard of the previous period and taking into account adjustments for changes in the volume of production and for accelerating the turnover of working capital. The use of differentiated coefficients for individual elements of working capital is permissible if the standard is periodically updated by direct calculation.

The main method of normalization of working capital is the direct account method. When using the direct calculation method, the standard is calculated on the basis of the production program, production cost estimates, production process organization standards, logistics plan, portfolio of contracts and orders, production efficiency improvement plan.

The direct calculation method allows you to most accurately calculate the need for working capital and is used in current financial planning when determining the standard for the main elements of working capital.

Other rationing methods are used in industry as auxiliary ones. The general standards of own working capital are determined in the amount of their minimum requirement for the formation of the stocks necessary for the implementation of production plans and sales of products, as well as for the implementation of all types of calculations on time.

1.3 Working capital rationing process

The process of normalization of working capital includes:

1) the establishment of an economical order size for each type of consumed material resource;

2) calculation of one-day consumption (daily requirement) of each type of material resource;

3) calculation of the stock rate;

4) calculation of the norm of working capital by elements and working capital in general.

The Economic Order Quantity ensures a minimum annual cost of placing and fulfilling an order and holding stock. The costs of placing and fulfilling an order include the costs of finding a supplier, entering into a contract, monitoring the fulfillment of the order, the cost of its processing and delivery (if paid in excess of the purchase price). Inventory holding costs include all costs of warehouse operations (labor, warehouse equipment, warehouse maintenance, electricity, etc.) and warehouse rental fees (if rented).

In the theory of inventory management, a mathematical calculation of the economic size of the order (maximum stock) of a material resource is given. The corresponding formula is as follows:

where G is the economic order quantity; C is the average cost of placing one supply lot; S is the annual volume of production needs for a given raw material or material; I - the cost of storing a unit of goods in the analyzed period.

The stock rate (NC) is the minimum required amount of stock of a material resource in a warehouse, ensuring the continuity of production. For material assets that are part of inventories, work in progress, deferred expenses, it is set in days. If the stock rate at the enterprise is defined as seven days, then this means that the enterprise must have a 7-day supply of materials.

The algorithm for calculating the stock rate of materials is represented by the formula:

The stock rate is made up of the current (, insurance (, transport ( and preparatory stocks (.

The current stock ensures uninterrupted operation of the enterprise between the next deliveries of the resource; it changes from the maximum on the day of delivery to the minimum before the next delivery. The current stock is set based on the calculation:

where is the average supply cycle (interval between deliveries).

With uniform supply of materials according to the schedule and uniform consumption throughout the year, the average supply cycle is equal to:

where 360 ​​is the number of days in a year; N is the number of deliveries per year;

where Q is the annual need of the enterprise for a material resource; G is the economic order quantity.

The calculated average intervals between deliveries are taken to calculate the norms of working capital for the formation of the current stock. The current stock rate fluctuates from the maximum level to zero. Schematically movement of stocks is presented on fig. 1.2.

Rice. 1.2 Scheme of movement of stocks

The maximum level of the current stock corresponds to the maximum size of the schedule, and the minimum can be conditionally taken equal to zero. At the moment when the stock reaches zero, the next batch of materials should go into production.

Safety stock is created in cases of violation of planned delivery dates. It is calculated from the average deviations of the actual delivery times from the planned ones or is taken at the level of 50% of the current stock rate at short intervals. A safety stock is created in case of unforeseen deviations in supply:

The transport stock is created for the time that material assets are in transit from paying the bill to their arrival. Its value is determined by the difference between the number of days the goods run from the supplier to the consumer and the number of days of workflow, taking into account the payment of the invoice.

The preparatory stock is determined on the basis of the timing associated with determining the time for unloading, warehousing and preparation for production. It provides for the time for acceptance, unloading, sorting, storage of material assets, execution of warehouse documents and preparation for production.

The working capital ratio is the minimum need for working capital for the normal operation of an enterprise, which ensures the creation of the necessary stocks of material resources in monetary terms. The sum of the norms of working capital for all types of material resources gives the general norm of working capital. It consists of the sum of private standards:

where - the standard of working capital in inventories; - standard of working capital in work in progress; - the standard of working capital in the expenses of future periods; - standard of working capital in finished products.

1) Rationing of working capital in inventories begins with the determination of the average daily consumption of raw materials, basic materials and purchased semi-finished products in the planned year. The average daily consumption is calculated by groups, and in each group their most important types are distinguished, which make up approximately 80% of the total value of the material assets of this group. Unrecorded types of raw materials, basic materials and purchased products and semi-finished products are classified as expenses for other needs.

The standard of working capital in inventories is calculated by the formula:

,

where is the average daily consumption for each type of material.

The average daily consumption of material resources is the quotient of dividing the sum of all planned annual expenditures of raw materials by the number of working days in a year:

where P is the amount of material consumed in the reporting period; T - the duration of the reporting time period.

2) Work in progress includes products that are at various stages of processing - from the launch of raw materials, materials and components into production to the acceptance by the technical control department of finished products. Work in progress is determined by the amount of advanced cash invested in the cost of raw materials, basic and auxiliary materials, fuel, electricity, depreciation and other expenses. All these costs for each product increase as you move along the process chain.

The standard of working capital in work in progress is calculated by the formula:

where - the average daily volume of products at the production cost; - the duration of the production cycle for the manufacture of products; - the coefficient of increase in costs, reflecting the degree of readiness of products.

The average daily volume of output at production cost is calculated by the formula:

where Q is the output for the specified reporting period; - unit cost of production; T - reporting period of time.

The duration of the production cycle for manufacturing a unit of production is calculated by the formula:

The cost escalation factor is assumed to be:

,

where a - costs incurred at a time at the beginning of the production process; b - subsequent costs until the end of the production of finished products (costs not included in the composition).

3) Deferred expenses include expenses incurred in a given year, but repaid, that is, included in the cost of production in subsequent years. They are uneven.

The standard of working capital in deferred expenses is calculated by the formula:

,

where P is the carry-over amount of deferred expenses at the beginning of the planning year; P - deferred expenses in the planned year; C - deferred expenses to be written off to the cost of production of the planned year.

4) The next element of the working capital ratio is the working capital ratio for finished products, which includes products for which the production cycle has ended, they are accepted by the technical control department and handed over to the finished product warehouse. The working capital rate for finished products is determined by the time from the moment the products are accepted to the warehouse until the customer pays for them and depends on a number of factors:

the order of shipment and the time required for the acceptance of finished products from the shops;

the time required for completing and selecting products up to the size of the shipped batch and in the assortment according to orders, orders, contracts;

time required for packaging, labeling products;

· the time required for the delivery of packaged products from the warehouse of the enterprise to the railway station, pier, etc.;

time of loading products into vehicles;

time of storage of products in the warehouse.

The working capital ratio for financing finished products in stock is determined by the formula:

,

where NZ - the norm of the stock of working capital in finished products; q - daily volume of shipped finished products in physical terms; - unit cost of shipped products.

Calculations of the norms of working capital - time-consuming work. With the unchanged range of products and stability of prices for raw materials, materials, components, enterprises adjust the standard of the previous year for changes in the volume of production.

An economically justified standard of working capital allows you to organize working capital in such a way that in the process of their use, each ruble invested in turnover ensures maximum return. This standard makes it possible to analyze the state and level of use of working capital, to provide a system for monitoring them and the normal economic activity of an industrial enterprise, subject to constant sources of working capital coverage.

2. Analysis of the normalization of working capital of JSC "Plant of reinforced concrete products"

2.1 Brief description of the enterprise

Limited Liability Company "Reinforced Concrete Products Plant" was established on January 11, 1993.

Legal address: Russian Federation, Udmurt Republic. Izhevsk, st. Novosmirnovskaya, 22

Today it is a diversified enterprise, with its own existing infrastructure, with its own fleet of vehicles, loading equipment, access railways and carrying out the entire complex of manufacturing and delivery of products to its customers.

ZhBI Plant LLC manufactures products with a product range of over 200 items. Directions:

· products for civil and industrial construction;

· production for arrangement of oil and gas fields.

The production of concrete weighting agents for oil and gas pipelines is one of the main activities of the plant.

The plant produces up to 50 types of concrete weights for main pipelines - these are: prefabricated ring weights of the UTK type, female type, UBO brands, as well as weights of the UBKM, UBK and UBP brands used when balancing pipes when crossing rivers and water barriers, as well as on swampy areas. All weights meet quality standards.

It is the only Russian manufacturer of reinforced concrete for the construction of main oil and gas pipelines with a diameter of 325 to 1420 mm.

Thanks to this, the plant participated in deliveries to all major construction of oil and gas pipelines in Russia from St. Petersburg to Sakhalin, including the regions of the Far North and South of the country.

The main customers of these products of the plant are the largest oil and gas companies in Russia, such as Gazprom, Lukoil, Tatneft, Transneft, Surgutneftegaz and Podvodtruboprovodstroy.

The success of the company, achieved over the past 12 years, is due to a strict approach to the quality of manufactured products, as well as to the competent management of the plant, which clearly knows that success requires quality and knowledge of the market situation. The plant successfully operates its own laboratory for product quality control, constantly expanding the range and market for manufactured products. The volume of production of reinforced concrete products is growing, as is the geography of their supplies.

The plant is constantly increasing its production capacity, while introducing new technologies, mastering new products for civil and industrial construction, as well as the energy complex, which indicates the stability of the plant in the housing construction market.

ZhBI Plant LLC consists of two autonomous production facilities, each of which has its own mortar-concrete unit, finished product warehouse, workshops for the production of prefabricated reinforced concrete, wall panels, and so on, for the manufacture of reinforcing cages, masonry mesh, metal mold repair sites. The plant has its own railway access roads, which make it possible to ship up to 650 tons of products and receive up to 350 tons of cement per day.

The company has its own vehicles to ensure the production of inert materials and transportation of products. Shipment of products can be carried out simultaneously from five points.

The experimental group operating at the plant is engaged in the introduction of new machines and equipment, allowing to increase the quantity and improve the quality of products.

The factory operates:

· the production and technical department, which is engaged in planning the production of products, providing production with working drawings for the manufacture and shipment of products, controlling the standard consumption of materials during production;

Department of the chief technologist, introducing new technologies in the manufacturing process.

Analysis of the financial results of economic activities of LLC "Reinforced Concrete Products Plant" for 2007-2009. presented in table 2.1.

Table 2.1. Analysis of the financial results of ZhBI Plant LLC

Profit from sales increased in 2009 compared to 2007 by 2,764 thousand rubles, the increase was due to an increase in the cost of production by 4,309 thousand rubles. and an increase of 5797 thousand rubles. sales proceeds.

In the same period, commercial expenses increased by 8 thousand rubles.

Compared to 2008 profit from sales increased by 1284 thousand rubles. In 2008 in relation to 2007 there was an increase in profit in the amount of 1480 thousand rubles.

2.2 Analysis of working capital LLC "Plant of reinforced concrete products"

The structure of working capital of LLC Zavod ZHBI for 2007-2009 presented in Appendix 1.

From the presented structure, it can be concluded that there is a trend towards an increase in the volume of working capital. In 2008 working capital of JSC "Plant of reinforced concrete products" in comparison with 2007. increased by 2774 thousand rubles. And in 2009 the volume of working capital increased by 4391 thousand rubles. compared to 2008

In the overall structure of working capital, the largest share is occupied by inventories. In the period from 2007-2009. there is a decrease in the share of stocks in the structure of working capital.

The growth of accounts receivable negatively affects the financial condition of the enterprise. Increases the risk of growth in the percentage of non-return, LLC "Plant of reinforced concrete products" needs to take measures to reduce receivables.

One of the main conditions for the financial well-being of the enterprise is the inflow of funds to cover its obligations. The absence of his minimum required cash reserve is indicative of his serious financial difficulties. Excessive amounts of cash indicate that the company actually suffers losses associated, firstly, with inflation and the provision of money, and, secondly, with the lost opportunity to place and receive additional income.

Also, working capital differs in the degree of liquidity.

The liquidity of assets is the reciprocal of the time required to turn them into money, that is, the less time it takes to turn assets into money, the more liquid they are. Allocate:

· The most liquid assets (cash, short-term financial investments);

Quickly realizable assets (accounts receivable, goods shipped, other current assets);

· Slowly sold assets (reserves).

In table. 3.3. presents an analysis of the composition and structure of working capital LLC "Reinforced Concrete Products Plant" in terms of liquidity for 2007-2009.

From the analysis of the composition and structure of the company's working capital, it can be seen that in 2008. compared to 2007 the value of the most liquid assets increased by 625 thousand rubles, and in 2009 compared to 2008 increased by 2418 thousand rubles.

Considering fast-moving assets, it can be seen that accounts receivable in 2009. decreased compared to the previous year, and other current assets in 2009. increased by 289 thousand rubles. compared to 2008

The liquidity ratio of working capital characterizes the state of working capital, it is equal to the ratio of the amount of short-term financial investments and cash to the result of the second section of the balance sheet "Current assets".

This ratio shows how cash in the composition of working capital tends to decrease or increase. This coefficient should tend to increase, any decrease in it leads to the current solvency and bankruptcy of the enterprise.

At LLC Plant of Reinforced Concrete Products as of January 1, 2009. the liquidity ratio of working capital was 0.17, and at the end of the year 0.37. Since there is an increase in the coefficient, the company restores solvency.

The coefficient of provision of reserves and costs with own sources of formation is considered as the ratio of the difference in the results of the third section of the balance sheet "Capital and reserves" and the first section "Non-current assets" to the amount of reserves.

The normative value of the coefficient is greater than or equal to the period from 0.6 to 0.8. It characterizes the ability of the enterprise to finance its own economic activity. At high values ​​of the coefficient, a positive trend in financial and economic activity is revealed, that is, reserves and costs are fully covered by own funds. At the beginning of the reporting year, it is equal to 0.95, and at the end of 0.87, that is, the enterprise independently finances its economic activities.

The coefficient of autonomy of sources of formation of reserves and costs is calculated as the ratio of the difference between the third section "Capital and reserves" and the first section "Non-current assets" and the difference between the third section and the first section plus the result of the fourth section "Long-term liabilities" and line 610 "Loans and credits". It reflects the share of working capital in the total amount of the main sources of inventory and costs. If the coefficient of autonomy of the sources of formation of reserves and costs is more than 0.5, then the enterprise has financial stability. At LLC "Plant of reinforced concrete products" at the beginning of 2009. the coefficient of autonomy of sources of formation of reserves and costs is 1.0, and at the end of the year it was 0.99. This shows that the main source of inventory and costs are own working capital, the company is financially stable.

Analysis of the composition and structure of working capital by investment risk is shown in Table 2.3.

From the analysis of working capital with minimal investment risk, it can be seen that the funds in 2008. increased by 625 thousand rubles. compared to 2007 And in 2009 the increase amounted to 2418 thousand rubles. This is due to the fact that a large amount of money is in the current account of the enterprise. Considering working capital with low investment risk in 2008. Compared to 2007, you can see:

· increase in accounts receivable by 276 thousand rubles. due to advance payment for gas and the gap between payment and receipt of funds to the current account;

· increase in inventories by 940 thousand rubles. due to a sharp change in prices for raw materials;

· reduction of finished product balances by 57 thousand rubles. due to more efficient marketing.

In 2009 analysis of working capital with low investment risk, compared to 2008, showed:

· reduction of accounts receivable by 57 thousand rubles. due to advance payment for gas only for 1 month in advance;

· increase in inventories by 679 thousand rubles. due to the continued sharp change in commodity prices in the market;

· an increase in the balance of finished products by 181 thousand rubles. due to unbalanced work of production and sales.

For working capital with high and medium investment risk in 2008. there was a decrease by 75 thousand rubles. and 19 thousand rubles. respectively. And in 2009 on the contrary, there is an increase in these indicators by 39 thousand rubles. and 289 thousand rubles. respectively.

Accelerating the turnover of working capital (assets) reduces the need for them, allows enterprises to release part of working capital, either for non-production or long-term production needs of the enterprise, or for additional output.

As a result of the acceleration of turnover, the material elements of working capital are released, less stocks of raw materials, materials, fuel, work in progress are required, and, consequently, the monetary resources previously invested in these stocks and backlogs are also released.

The rate of turnover of funds is a complex indicator of the organizational and technical level of production and economic activities. The increase in the number of revolutions is achieved by reducing the production time and the circulation time. Production time is determined by the technological process and the nature of the technology used. To reduce it, it is necessary to improve its technology, to mechanize and automate labor.

The total turnover of all working capital consists of the private turnover of individual elements of working capital. The speed of both general turnover and private turnover of individual elements of working capital is characterized by indicators:

1. The turnover ratio, or turnover rate, is calculated as the ratio of the cost of goods sold to the average balance of all working capital:

The turnover ratio shows the number of complete turnovers (times) made by working capital for the analyzed period of time. With an increase in the rate, the turnover of working capital accelerates.

2. The duration of one turnover is the duration of a complete circuit made from the first phase (acquisition of materials) to the last - the sale of finished products. Measured in days, calculated as the ratio of the average balance of material assets for the period ( to one-day revenue (

Reducing the turnover time leads to the release of funds from circulation, and its increase leads to an additional need for working capital.

Table 3.5 shows an analysis of the state of inventory turnover at Zavod ZHBI LLC.

Table 3.5

From table 3.5 we see that material costs increased by 7048 thousand rubles. and 11985 thousand rubles. in 2008 and 2009 respectively with respect to the previous year. This was influenced by rising prices for materials and an increase in output.

In turn, the growth of material costs affected the growth of the cost of goods sold. In 2008 the cost of goods sold increased by 4309 thousand rubles. compared to 2007 and in 2009 in relation to 2008 for 16246 thousand rubles.

The average balance of inventories increased in 2008. compared to 2007 by 484.5 thousand rubles, and in 2009. by 853.5 thousand rubles. compared to 2008 This indicates the need to increase the safety stock in order to ensure uninterrupted supply of production with the necessary raw materials and materials when the production and sales program changes.

Average balances of stocks of finished goods in 2008 compared to 2007 increased by 7512 thousand rubles. due to the imbalance of production and marketing activities, and in 2009. decreased by 7232.5 thousand rubles. as a result of increased demand and successful sales activities.

Shelf life of stocks of finished products in 2008. compared to 2007 increased by 55.4 days, and in 2009. compared to 2008 decreased by 55.65 days, which indicates the effective management of the sale of finished products; compared to 2008 by 0.94 days, and in 2008. there was a slight increase (1.24 days) compared to 2005, which means that LLC Plant of Reinforced Concrete Products carries out an uninterrupted process of production and sale of products.

There was a decrease in inventory turnover in 2008. compared to 2007 1.07 times, and in 2009. an increase of 0.82 times compared to 2008.

In 2009, the activities of LLC "Reinforced Concrete Products Plant" turned out to be profitable. The company is solvent and financially stable. The output increased by almost 12% and the sold products increased by 38%.

Analysis of working capital showed that there is a trend of growth in the volume of working capital. In 2008 working capital of LLC "Reinforced Concrete Products Plant" in comparison with 2007. increased by 2774 thousand rubles. And in 2009 the volume of working capital increased by 4391 thousand rubles. compared to 2008

In the overall structure of working capital, the largest share is occupied by inventories. In the period from 2007-2009. there is a decrease in the share of stocks in the structure of working capital.

From the analysis of the composition and structure of the company's working capital, it can be seen that there is an increase in the most liquid assets, in 2008. their growth amounted to 625 thousand rubles, and in 2009. 2418 thousand rubles

The change in the speed of working capital was achieved as a result of the interaction of two factors: an increase in revenue and an increase in the average balance of working capital.

Conclusion

Rationing of working capital plays an important role in the activities of the enterprise, since working capital is an important part of the property of the enterprise. They are necessary to ensure an uninterrupted production process and the possibility of its continued existence. Rationing of working capital is necessary to ensure the effective functioning and stability of working capital, which testify to a stable, well-established process of production and marketing of products.

The presence of a sufficient amount of working capital at the enterprise is a necessary prerequisite for the normal functioning of the enterprise in a market economy.

After analyzing in this course work the production and economic activities of the enterprise JSC "Plant of reinforced concrete products", the author concluded about the current state of the enterprise and its policy regarding the regulation of working capital.

In order to increase the efficiency of the use and rationing of working capital LLC "Plant of reinforced concrete products" is proposed:

1. strengthen internal control over the safety and rational use of materials, fuel, electricity in the manufacture of enterprise products;

2. to improve methods for analyzing the effectiveness of working capital, for this purpose, to carry out operational monitoring of the compliance of the balances of inventories in warehouses with their minimum standards, to constantly monitor the state of receivables, preventing an increase in its terms against contracts;

3. to mechanize accounting operations in more labor-intensive areas of accounting: cash, settlement operations, accounting for materials of finished products in the shops and warehouses of the enterprise;

4. invest in the production of new products that are in demand in the local and other markets;

5. form a policy for the use of working capital in general and develop measures for their optimization.

Thus, the choice of an enterprise development strategy and improvement of its performance indicators depends on the situation on the market, the principles of corporate culture adopted at the enterprise, and, above all, on the specifics of the enterprise's activities. In different sectors of the market, and depending on whether the company is developing, is in a phase of relative stability or in a pre-crisis state, different methods of normalizing working capital should be applied.

List of used literature

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The need for working capital is determined by the enterprise when drawing up a financial plan.

The value of the standard is not constant. The amount of working capital depends on the volume of production, conditions of supply and marketing, the range of products, the forms of payment used.

Rationing of working capital carried out in monetary terms. The basis for determining the need for them is the cost estimate for the production of products (works, services) for the planned period. At the same time, for enterprises with a non-seasonal nature of production, it is advisable to take the data of the fourth quarter as the basis for calculations, in which the volume of production, as a rule, is the largest in the annual program. For enterprises with a seasonal nature of production - the data of the quarter with the smallest volume of production, since the seasonal need for additional working capital is provided by short-term bank loans.

In the process of rationing, private and aggregate standards are established. The private ones include the norms of working capital in production stocks: raw materials, basic and auxiliary materials, purchased semi-finished products, components, fuel, containers, low-value and consumable items (IBE); in work in progress and semi-finished products of own production; in deferred expenses; finished products. By adding private standards, the total standard of working capital is determined.

1) When determining the standard of working capital for raw materials, basic materials and purchased semi-finished products, they are first calculated average daily consumption (P SUT ) , which is equal to the ratio of the annual (quarterly) consumption of this element in production to the number of days in the period:

Further developed reserve norms- relative values ​​corresponding to the volume of the stock of each element of working capital. Typically, standards are set in days of supply and mean the duration of the period, provided by this type of material values.

Working capital stock rate for each type or homogeneous group of materials (H Z ) takes into account the time spent in the current, insurance, transport, technological and preparatory stocks.

current stock(Z TEK ) - the main type of stock necessary to ensure the smooth operation of the enterprise between two successive deliveries.

Safety stock(Z STR ) formed in case of violation of delivery dates and other unforeseen circumstances.

The transport stock (Z TR) is formed when payment requirements arrive earlier than material values. The transport stock time is equal to the difference between the freight turnover time and the document turnover time.

Technological reserve(Z THOSE ) is created in those cases when the incoming material assets do not meet the requirements of the technological process and undergo appropriate processing (drying, cleaning, peeling, heating, grinding, etc.) before being put into production. This inventory is taken into account if it is not part of the production process.

Preparatory stock (W UNDER ) associated with the need for acceptance, unloading, sorting and warehousing of inventories.

Working capital ratio for each type of raw materials and materials provides for the summation of all these types of stocks:

N OS \u003d Z TEK + Z STR + Z TR + Z TECH + Z UNDER.

Wherein, current stock (Z TEK ) is defined as the product of the average daily consumption (R SUT) by the interval between two deliveries (I), which is the current stock rate:

W TEC \u003d P DAY I,

Safety stock (Z STR ) is defined as the product of half of the average daily consumption of material (P SUT) by the gap in the intervals of planned and actual deliveries (AND FACT - AND PL):

Z STR \u003d P DAY · (AND FACT - AND PL) · 0.5.

With an aggregated assessment, the insurance stock can be taken in the amount of 50% of the current stock. In the case when an industrial enterprise is located far from transport routes or non-standard, unique materials are used, the safety stock rate can be increased to 100%. When supplying materials under direct contracts, the safety stock is reduced to 30%.

Transport stock (Z TR ) can be defined in the same way as safety stock.

W TR \u003d P SUT (I FACT - I PL) 0.5.

Technological reserve (Z TECHN ) is calculated as the product of the material manufacturability coefficient (K TECH) and the sum of the current, insurance and transport stocks:

Z TECH \u003d (Z TEK + Z STR + Z TR) K TECH.

The material manufacturability coefficient is set by the commission, which includes representatives of suppliers and consumers.

Preparatory stock (W UNDER ) determined on the basis of timing.

2) Working capital ratio for auxiliary materials is calculated in the same way as the standard for basic raw materials and materials. When using a wide range of auxiliary materials, at least 50% of the annual consumption should be calculated. Other support materials are determined based on the past year's consumption and actual balances.

3) Working capital ratio for spare parts is set based on the actual consumption of 1 rub. the cost of all equipment by dividing the working capital ratio by the book value of the equipment. For large unique equipment, the working capital ratio for spare parts is calculated using the direct account method for each part, taking into account its service life and price according to the formula:

,

where B is the number of mechanisms (equipment) of the same name, pcs.;

n is the number of parts of the same name in each mechanism, pieces;

D - stock rate of parts, days;

K - reduction factor;

T is the service life of the part;

C - the price of the part, rub.

4) Inventory value in work in progress is calculated using the following formula:

H NP \u003d Q SUT C ED D PC K NZ, \u003d C SUT D PC K NZ,

where Q SUT - the number of products produced per day, (t., l., pieces, etc.);

C ED - the cost of a unit of production, rub.;

С SUT - average daily production costs, rub.;

D PC - the duration of the production cycle in calendar days;

K NZ - the coefficient of increase in costs, characterizing the level of readiness of products as part of work in progress.

When determining the impact on the value of work in progress of the cost escalation factor (K NC), all costs in the production process are divided into one-time (initial), i.e. costs incurred at the beginning of the production cycle (raw materials, basic materials, etc.), and increasing (depreciation, wages, steam, water, energy, etc.). The increase in costs in the production process is carried out evenly and unevenly. With a uniform increase in costs, the coefficient is calculated as follows:

,

where C PERV - initial costs;

C NAR - other costs;

C FULL - the sum of all costs (C PERV + C NAR);

5) Working capital ratio for deferred expenses is determined by the formula:

N RBP \u003d O NG + R B.PL - R S.PL,

where O NG - the balance of expenses at the beginning of the planned year;

R B.PL - deferred expenses incurred in the planned year;

R S.PL - part of the costs, which in the planned year is written off to the cost.

6) Finished product standard is calculated as the product of the planned cost of the average daily output of marketable products (C SUT) by the time from the beginning of its receipt at the warehouse to departure from the station, taking into account the time for collection, packaging, storage, loading, execution of transport and settlement documents, etc. (
):

N GP \u003d C SUT 
,

where
- stock rate in days for finished products.

7)The total standard of working capital at the enterprise(N OS), equal to the sum of the standards for all elements, determines the total need of an economic entity for working capital:

,

N OS i - private standard.

But the composition of working capital (capital) necessary for the enterprise to implement normal business conditions includes, along with standardized working capital, non-standardized ones.

The main elements of non-standardized working capital are: goods shipped; funds in receivables and other settlements arising from the specifics of settlements, forms and speed of movement of goods; cash; short-term financial investments in securities. Non-standardized working capital cannot be taken into account in advance and calculated like normalized working capital. However, enterprises have the opportunity to influence their value, manage these funds using financial management methods (calculations, loans).

The sum of standardized and non-standardized working capital determines the total need of the enterprise for working capital.