The most important component financial resources enterprises are its working capital. They include reserves cash, short-term financial investments, accounts receivable. They, together with fixed assets, participate in the creation of the product of labor. Thanks to the current assets of the enterprise, an uninterrupted production process is ensured.

working capital enterprises are called upon to ensure their continuous movement at all stages of the circuit in order to meet the needs of production in monetary and material resources, to ensure the timeliness and completeness of settlements. The lack of working capital paralyzes production activities, interrupts the production cycle and ultimately leads the company to the inability to pay its obligations and to bankruptcy.

The presence of an enterprise with sufficient working capital of an optimal structure, as well as the high efficiency of their use, are the necessary prerequisites for its successful operation in modern conditions. The development of market relations determines the new conditions for organizing the working capital of an enterprise. Inflation, non-payments and other crisis phenomena are forcing business executives to change their policy in relation to working capital, look for new sources of replenishment, and increase the efficiency of their use.

An enterprise in the case of effective management of working capital can achieve a rational economic position, balanced in terms of liquidity and profitability.

That is why the research topic seems to be very relevant.

One of the conditions for the continuity of production is the constant renewal of its material basis - the means of production. In turn, this predetermines the continuity of the movement of the means of production themselves, which occurs in the form of their circulation. The circulation of the funds of enterprises can only take place if there is a definite value to be advanced in the form of money. Entering the circuit, it no longer leaves it, consistently changing its functional forms. The stated monetary value is working capital of the enterprise.

Current assets act primarily as a cost category. In the literal sense, they are not material values, since they cannot be used to produce finished products. Being value in monetary form, working capital already in the process of circulation takes the form of inventories, work in progress, finished products. Working capital is not spent, not expended, not consumed, but advanced, returning after the end of one circuit and entering the next.

In the economic literature, the following definition of the considered economic category. working capital- this is money advanced in working capital and circulation funds. The concept of working capital is determined by their economic essence, the need to ensure the reproduction process, which includes both the production process and the circulation process.

TO working capital industrial enterprises include part of the means of production (production assets), the material elements of which in the labor process, in contrast to the main production assets, are spent in each production cycle, and their value is transferred to the product of labor entirely and immediately. The material elements of circulating assets in the process of labor undergo changes in their natural form and physical and chemical means. They lose their use value as they are consumed in production. New use-value arises in the form of products produced from them. negotiable production assets companies are made up of three parts:

Productive reserves;

Work in progress and semi-finished products of own production;

Future spending.

Productive reserves- these are objects of labor prepared for launching into the production process; they consist of raw materials, basic and auxiliary materials, fuel, fuel, purchased semi-finished products and components, containers and packaging materials, spare parts for the current repair of fixed assets.

Work in progress and semi-finished products of own production- these are objects of labor that have entered the production process: materials, parts, assemblies and products that are in the process of processing or assembly, as well as semi-finished products of their own manufacture, not fully completed by production in some workshops of the enterprise and subject to further processing in other workshops of the same enterprise.

Future spending- these are intangible elements of working capital, including the costs of preparing and developing new products that are produced in a given period (quarter, year), but are attributed to products of a future period (for example, costs for the design and development of technology for new types of products, for rearranging equipment and etc.).

Circulating production assets in their movement are also associated with circulation funds serving the sphere of circulation. They include:

- finished products in warehouses,

- goods shipped and on the way,

- cash (in settlements with consumers of products and on the current bank account),

- accounts receivable.

Current assets of the enterprise perform two functions: production and settlement. Performing a production function, circulating assets, being advanced in circulating production funds, maintain the continuity of the production process and transfer their value to the manufactured product. Upon completion of production, working capital enters the sphere of circulation in the form of circulation funds, where they perform a settlement function, consisting in the completion of the circulation and the transformation of working capital from a commodity form into a monetary one.

According to some researchers (Molyakov D.S., Bogacheva V.D.), the definition of working capital as advanced funds directed to the creation of stocks of working capital and circulation funds does not reveal the full economic content of this category, since it does not take into account that along with the advance payment of a certain sum of money outlays, there is an objective process of advancing the value of the surplus product into these same stocks, created by labor during the production process. Therefore, in profitable enterprises, as a rule, at the end of the circulation of funds, the total amount of advanced working capital increases by the share of profit remaining at the disposal of the enterprise.

Thus, emphasizing the most characteristic features of working capital, we can give the following definition: working capital is the value advanced in the form of own, borrowed and borrowed funds for the formation of working capital and circulation funds in order to ensure continuity of circulation in the process of expanded reproduction.

The definition of working capital emphasizes that they are the same, regardless of the sources of formation. Sources of working capital formation are indistinguishable in the process of capital circulation. So, in the course of production, information about the means by which the consumed raw materials and materials were purchased is not used in any way. However, the system of formation of working capital has a significant impact on the speed of turnover and the efficiency of their use. An excess of working capital shows that part of the company's capital is idle and does not generate income. At the same time, the lack of working capital will slow down the course of the production process, slowing down the rate of economic turnover of funds.

The question of the sources of formation of working capital is also important because the market situation is constantly changing and the needs of the enterprise for working capital are unstable. It is practically impossible to cover these needs only at the expense of own sources. Experience shows that in most cases the effectiveness of using borrowed money turns out to be higher than the use of their own.

Sources of formation of working capital are own, borrowed and additionally attracted funds. Information on the size of own sources of funds is presented mainly in section III balance sheet "Capital and reserves". Information on borrowed and attracted sources of funds is presented in section V of the balance sheet liabilities, as well as in the section "Accounts receivable and accounts payable" of form No. 5 of the Appendix to the annual balance sheet.

Own funds play a major role in organizing the circulation of funds, since enterprises operating on the basis of commercial calculation must have a certain property and operational independence in order to conduct business profitably and be responsible for the decisions made.

The formation of own working capital occurs at the time of the organization of the enterprise, when its authorized capital is created. The source of formation in this case is the investment funds of the founders of the enterprise. In the future, the minimum need of the enterprise for its own working capital is covered by its own sources: profits, reserve capital, accumulation fund. However, due to a number of objective reasons (inflation, growth in production volumes, delays in paying customer bills), the company has temporary additional needs for working capital. In these cases, the financial support of economic activity is accompanied by the attraction of borrowed sources: bank and commercial loans, loans, the investment contribution of employees of the enterprise, bonded loans, as well as sources equivalent to own funds, the so-called sustainable liabilities. These are funds that do not belong to the enterprise, but are constantly in its circulation. These include the minimum monthly wage arrears to employees of the enterprise, reserves to cover future expenses, the minimum carry-over debt to the budget and off-budget funds, funds of creditors received as an advance payment for products (works, services), funds of buyers on pledges for returnable packaging, transient balances of the consumption fund, etc.

To reduce the total need of the economy in working capital, as well as to stimulate their effective use, it is advisable to attract borrowed funds. Borrowed funds are mainly bank loans. Bank loans are provided in the form of investment (long-term) loans or short-term loans. The purpose of bank loans is to finance expenses associated with the acquisition of fixed and current assets, as well as financing the seasonal needs of the enterprise, temporary growth in inventories, temporary growth in receivables, tax payments, and other unforeseen expenses. Short-term loans may be provided by: government agencies, financial companies, commercial banks, factoring companies.

Along with bank loans, sources of financing of working capital are also commercial loans of other organizations, issued in the form of loans, bills of exchange, commodity credit and advance payment. Deferred tax liabilities (investment tax credit) are provided to the enterprise by public authorities. They represent a temporary deferment of the company's tax payments. The investment contribution (contribution) of employees is a monetary contribution of an employee to the development of an economic entity at a certain percentage.

The optimal ratio of own and borrowed sources of financing of working capital can be determined using a special indicator. Indicator financial leverage is calculated as the ratio of borrowed funds to own and establishes the feasibility of using a bank loan. In domestic practice, the optimal value of the financial leverage indicator is not exceeding 1. In this case, it is necessary to take into account the ratio of the interest rate of a bank loan and the profitability of own working capital. Attracting an appropriate loan amount is advisable in the case when the interest rate of the loan is less than the profitability of own working capital.

Accounts payable refers to unscheduled attracted sources of working capital formation. Its presence means the participation in the turnover of the enterprise of the funds of other enterprises and organizations.

The needs of the enterprise in working capital can also be covered by issuing debt securities or bonds. It should also highlight other sources of working capital formation, which include enterprise funds that are temporarily not used for their intended purpose (funds, reserves). The correct ratio of own, borrowed and borrowed sources of working capital formation plays an important role in strengthening the financial condition of the enterprise.

1.3 Efficiency in the use of working capital

In the system of measures aimed at improving the efficiency of the enterprise and strengthening its financial condition, an important place is occupied by the issues of rational use of working capital. The problem of improving the use of working capital has become even more urgent in the conditions of the formation of market relations. The interests of enterprises require full responsibility for the results of its production economic activity. Since the financial position of enterprises is directly dependent on the state of working capital and involves comparing costs with the results of economic activity and reimbursement of costs with their own funds, enterprises are interested in the rational organization of working capital - organizing their movement with the minimum possible amount to obtain the greatest economic effect.

The degree of efficiency in the use of working capital can be assessed using the following indicators:

· Turnover rate in days and turnover ratio;

· Output of gross or marketable output for each ruble of invested working capital (load factor);

· Profitability.

The turnover of working capital is understood as the duration of one complete circulation of funds from the moment of converting working capital in cash into production inventories and until the release of finished products and its sale. The circulation of funds ends with the transfer of proceeds to the account of the enterprise.

The turnover of working capital is characterized by a number of interrelated indicators: the duration of one turnover in days, the number of turnovers for a certain period - a year, half a year, a quarter (turnover ratio), the amount of working capital per unit of output (load factor).

The duration of one turnover is the sum of the time spent by working capital in the sphere of production and the sphere of circulation, starting from the moment of acquisition of inventories and ending with the receipt of proceeds from the sale of products.

The duration of one turnover of working capital in days (O) is calculated by the formula:

Where C- balances of working capital (average or on a specific date);

T-volume of marketable products;

D is the number of days in the period under review.

The shorter the duration of the circulation period or one turnover of working capital, the ceteris paribus, the company needs less working capital. The faster working capital makes a circuit, the better and more efficiently they are used. Thus, the turnaround time of capital affects the need for total working capital. Reducing this time is the most important direction of financial management, leading to an increase in the efficiency of the use of working capital and an increase in their return.

The number of turnovers for a certain period, or the turnover ratio of working capital (K o), is calculated by the formula:

This coefficient shows the value of sales per 1 rub. working capital. An increase in this coefficient means an increase in the number of revolutions and leads to the fact that:

· Grows output or sales volume for each ruble of working capital;

· For the same volume of production, a smaller amount of working capital is required.

The load factor of working capital in circulation (K z), the reciprocal of the turnover ratio, is determined by the formula:

This ratio shows the amount of working capital, which falls on each ruble of sold products.

In addition to these indicators, the indicator of return on working capital can also be used, which is determined by the ratio of profit from the sale of the company's products to the balance of working capital.

Indicators of the turnover of working capital can be calculated for all working capital involved in the turnover, and for individual elements.

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

A general indicator of the effectiveness of the use of financial resources is profitability. The concept of profitability in the broad sense of the word means profitability, profitability. An enterprise is considered profitable if the income from the sale of products covers production costs, provided that a profit is generated that is sufficient for the normal functioning of the enterprise.

To analyze the effectiveness of the use of working capital, the indicator of profitability of working capital is calculated, which is equal to the ratio of profit remaining at the disposal of the enterprise to average working capital.. This indicator characterizes the amount of profit received for each ruble of working capital, and reflects the financial efficiency of the enterprise, since it is working capital ensures the turnover of all resources in the enterprise.

2. Analysis of the state and efficiency of the use of working capital of JSC "Vladikavkaz-Gazoapparat"

OAO Vladikavkaz-Gazoapparat- Open Joint Stock Company - is subsidiary OAO Gazmash, which is part of OAO Gazprom.

The main share in the total sales volume is the sale of household gas and electric stoves of various modifications.

In the first quarter of 2007, the share of household gas cookers in the total sales amounted to 84.6%, household electric cookers - 15.4%.

Sales markets for these products of the enterprise: the Russian national market and the CIS market. OJSC Vladikavkaz-Gazoapparat has an advantageous location - within the city with access roads: road and rail, with convenient platforms for loading finished products directly into rail cars.
The plant also has a developed infrastructure, incl. own boiler room, substation, treatment facilities.

Let's analyze the structure of the company's assets in their dynamics for 2005-2007 (Table 2). Structural analysis is preceded by overall score the dynamics of the company's assets, obtained by comparing the growth rate of assets with the growth rate of financial results. We will draw up a comparison of growth rates in the form of table 1.

Table 1. Comparison of the dynamics of assets and financial results for 2005-2007

(in thousand rubles)

As can be seen from the table, in the period from 2005 to 2006, the profit growth rate (78.5%) was higher than the asset growth rate (27.6%), while the revenue growth rate was lower (16.7%). This indicates that the increase in the efficiency of the use of assets occurred only due to an increase in product prices.

In 2006-2007, the profit growth rate is equal (5.5%), and the revenue growth rate (1.8%) is less than the asset growth rate. In addition, there is a gradual decrease in the growth rate of all indicators. This indicates a decrease in the efficiency of the enterprise for the analyzed period.

Most overall structure assets characterizes coefficient ratio of current and non-current assets, which is calculated as the ratio of mobile and immobilized means. During the analyzed period, this indicator has changed significantly, from 2005 to 2006. it increased by 0.5 points and amounted to 1.8. This indicates an increase in the share of mobile assets in the total value of the company's property. In 2007, the value of the indicator decreased to 1.7, which also exceeds the value of the corresponding coefficient in 2005.

Table 2. Analysis of the structure and dynamics of the property of the enterprise for 2005-2007

(in thousand rubles)

As can be seen from Table 2, the total value of the company's property for the reporting period increased to 73,965 thousand rubles. in 2007, while in 2005 amounted to 58596 thousand rubles. This happened due to the growth of working capital. The cost of mobile assets in 2006 amounted to 48288 thousand rubles, which is 16972 thousand rubles. (or 46.4%) more than in 2005. In 2007, the cost of working capital decreased to 46263 thousand rubles, however, it exceeded the value of the corresponding indicator in 2005. for 13287 thousand rubles.

Working capital occupies the largest specific gravity in the total assets of the enterprise, and from 2005 to 2006 their share increased by 7.6% (from 56.3 to 63.9%). declining in 2007. by 1.4%, they exceeded the corresponding share in 2005 by 6.2%.

The growth of mobile funds for 2005-2007 amounted to 90.2% and 126.3% in the total amount of changes, which indicates that the newly attracted financial resources were invested mainly in the most liquid assets, which increases the financial stability of the enterprise.

Non-current assets increased in absolute value over the analyzed period, but their share in the total value of property decreased (from 43.7% in 2005 to 36.1% in 2006). In 2007, their share increased to 37.5%, which, however, is less than at the beginning of the analyzed period.

The management of the enterprise must have a clear idea of ​​what sources of resources it will use to carry out its activities and in which areas of activity it will invest its capital. Taking care of providing production with the necessary financial resources is a key moment in the activity of any enterprise. To analyze the sources of formation of working capital of OJSC Vladikavkaz-Gazoapparat, we will use the data in Table 3.

The amount of own funds for 2005-2006 decreased by 25656 thousand rubles. (48.3%) to 25288 thousand rubles. (33.4%). In 2007 their value increased by 118 thousand rubles. (1.1%), but was less than at the beginning of the reporting period.

Authorized capital and additional capital for 2005-2007 do not change, while retained earnings decreased. In 2006 it amounted to 20 thousand rubles. compared to 448 thousand rubles. in 2005 In 2007 it increased by 98 thousand rubles, but its value was much less than at the beginning of the analyzed period.

Accounts payable predominate in short-term liabilities constituting 100% of borrowed funds. It makes up almost half of all sources of funds of the enterprise and there is a significant increase in it (from 28163 thousand rubles in 2005 to 37538 thousand rubles in 2006 and in 2007

Table 3. Dynamics of the composition and structure of the sources of formation of the property of the enterprise for 2005-2007

amounted to 35755). In the structure of accounts payable, the largest share is owed to suppliers and contractors. Their share in the total amount of sources in 2005-2006. increased by 6.4%, they amounted to 26835 thousand rubles. After a 5% decrease in 2007, their value amounted to 22,525 thousand rubles, which exceeds their value in 2005 (17,065 thousand rubles) by 5,460 thousand rubles. (or 1.3%).

The indicator of the availability of own working capital characterizes the share equity aimed at financing working capital. The presence of own working capital is one of the most important indicators financial stability enterprises. The absence of own working capital indicates that all the working capital of the organization and, possibly, part of non-current assets (with a negative value of own working capital) are formed from borrowed sources.

As can be seen from the table, for the analyzed period, the indicator of the presence of own working capital has a steady downward trend and

in 2006, 2007 has a negative value, which is assessed negatively. This indicates the financing of working capital at the expense of borrowed capital.

The ratio of borrowed and own funds is high and there is an increase (1.3; 2 and 1.9 in 2005, 2006 and 2007, respectively), which indicates a downward trend in the financial stability of the enterprise.

The main directions of the use of working capital of the enterprise will be analyzed using table 4.

The table shows that a significant increase in current assets occurred due to the growth of short-term accounts receivable by 3.2% in 2007 compared to 2006 and by 4.8% in 2006 compared to 2005. This is assessed negatively, since a significant part of the funds frozen in accounts receivable.

Cash from 2005 to 2006 increased by more than 2 times and amounted to 605 thousand rubles, which, with a significant growth rate of financial results (see Table 1), is assessed positively. In 2007, their value decreased to 469 thousand rubles, but, nevertheless, exceeded the value of cash in 2005. (291 thousand rubles). The growth rate of revenue and profit for this period also decreased markedly. We will evaluate such a change negatively.

Table 4. Structure and dynamics of working capital for 2005-2007

(thousand roubles.)

Stocks had a special impact on working capital in the analyzed period. Stocks and costs occupy the largest share in the structure of current assets (68.3%; 61.8% and 58.3% in 2005, 2006 and 2007, respectively). The growth rate of reserves for 2005-2006 (32.5%) is higher than the growth rate of revenue (16.7%), which means that the increase in profit (78.5%) was not due to an increase in business activity, there is an increase in the turnover period funds. We will evaluate such a change negatively.

For 2006-2007, the growth rate of current assets is negative (-9.6%), which, with a decrease in the growth rate of financial results, indicates a decrease in the efficiency of the enterprise.

Thus, with a high share of inventories and costs in the total value of current assets and a low share of cash, we can talk about a non-optimal structure of working capital.

2.3 Analysis of the effectiveness of the use of working capital of OJSC Vladikavkaz-Gazoapparat

To analyze the effectiveness of the use of working capital of the enterprise under study, we will use the generalized table 5.

Table 5. Dynamics of turnover of working capital of OJSC

"Vladikavkaz-Gazoapparat" for 2005-2007

Turnover ratio is determined by dividing the volume of sales of products in wholesale prices by the average balance of working capital at the enterprise:

Ko \u003d 5 (revolutions), (137612 / 27445.5),

Ko \u003d 3.9 (turns), (160599 / 40632),

Ko \u003d 2.2 (turns), (163464 / 74766.5).

Working capital turnover ratio for 2005-2007 decreased from 5 to 2.2 turnovers per year. If this trend continues in the future, the financial condition of the organization may deteriorate.

We will assess this trend negatively. The company needs to take measures to accelerate the turnover of working capital.

One of the measures to accelerate the turnover of working capital at the enterprise can serve as a reduction in receivables.

Load factor working capital - an indicator that is inverse to the turnover ratio. It characterizes the amount of working capital spent on 1 rub. products sold:

Kz \u003d 0.2, (27445.5 / 137612),

Kz \u003d 0.3, (40632 / 160599).

Kz \u003d 0.5, (74766.5 / 163464).

During the reporting period, the load factor increased from 0.2 to 0.5. Thus, the dynamics of this indicator indicates that the amount of working capital spent on 1 rub. sales increased, which can be assessed negatively.

Duration of one turn in days is found by dividing the number of days in a period by the turnover ratio.

T = 72 (days), (360/5),

T = 92.3 (days), (360 / 3.9),

T = 163.6 (days), (360 / 2.2).

The duration of the turnover of working capital in 2005-2007. Increased from 72 to 163.6 days. We will assess such a significant increase in the indicator negatively, as this indicates a decrease in the efficiency of the use of working capital.

One of the most important indicators reflecting the final financial results of the enterprise is profitability. To calculate the profitability of working capital, we will use the data in Table 6.

Table 6. Profitability of working capital

JSC "Vladikavkaz-Gazoapparat" for 2005-2007

As can be seen from the table, in 2006 the enterprise had a loss of 456 thousand rubles, that is, production was unprofitable. In 2007, the profitability of working capital amounted to 1.5%, this was due to the receipt by the enterprise of a profit of 1141 thousand rubles. The appearance of profit and profitability in 2007 can be assessed positively, but compared to 2005, profitability is very low (13% in 2005). This is due to the fact that the profit in 2005 exceeds the profit in 2007 by more than 3 times, and the average balance of working capital increased by 47,321 thousand rubles. This fact can be assessed extremely negatively. The company needs to take emergency measures to overcome the crisis, because such a situation can lead to a complete halt in production.

3. Optimization of the use of working capital

In modern conditions, the rational and efficient use of working capital largely determines the financial condition of the enterprise and the stability of its position in the financial market.

Efficient use of working capital plays big role in ensuring the normalization of the enterprise, increasing the level of profitability of production and depends on many factors. In today's environment, huge Negative influence the efficiency of the use of working capital and the slowdown in their turnover are affected by the factors of the crisis state of the economy:

· Decrease in production volumes and consumer demand;

· High rates of inflation;

Breaking economic ties;

Violation of contractual and payment discipline;

· High level of tax burden;

Decreased access to credit due to high bank interest.

All of the above factors affect the use of working capital, regardless of the interests of the enterprise. These are external factors, they determine the framework in which the enterprise can manipulate internal factors rational movement of working capital.

The crisis in the sale of manufactured products and non-payments lead to a slowdown in the turnover of working capital. Therefore, it is necessary to produce those products that can be sold quickly and easily, stopping or significantly reducing the production of products that are not in current demand. In this case, in addition to the acceleration of turnover, the growth of receivables in the assets of the enterprise is prevented.

At the current rate of inflation, it is advisable to direct the profit received by the enterprise primarily to replenish working capital. The rate of inflationary depreciation of working capital leads to an underestimation of the cost and their flow into profit, where there is a dispersion of working capital into taxes and non-production costs.

Significant reserves for increasing the efficiency of the use of working capital lie directly in the enterprise itself. In manufacturing, this applies primarily to inventories. Being one of the components of working capital, they play an important role in ensuring the continuity of production. At the same time, inventories represent that part of the means of production that is temporarily not involved in the production process.

Rational organization of inventories is an important condition for improving the efficiency of working capital. The main ways to reduce inventories are:

Their rational use

liquidation of excess stocks of materials,

Improvement of regulation

· improving the organization of supply, including by establishing clear contractual terms of supply and ensuring their implementation, the optimal choice of suppliers, and the streamlined operation of transport.

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

The stay of working capital in the sphere of circulation does not contribute to the creation of a new product. Excessive diversion of them into the sphere of circulation is a negative phenomenon. The most important prerequisites for reducing the investment of working capital in this area are:

§ rational organization sales of finished products,

§ application of progressive forms of payment,

§ timely execution of documentation and acceleration of its movement,

§ observance of contractual and payment discipline,

§ operational control status of receivables.

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

Quite a few importance In optimizing the use of working capital, there is a saving in working capital, which is expressed as follows:

o Reducing the specific consumption of raw materials, materials, fuel provides production with great economic benefits. First of all, it makes it possible to produce more finished products from a given amount of material resources and therefore acts as one of the serious prerequisites for increasing the scale of production.

o The desire to save material resources encourages the introduction new technology and improvement of technological processes.

o Savings in the consumption of material resources contribute to the improvement of the use of production capacities and the increase in social labor productivity.

o Saving material resources greatly contributes to reducing the cost of industrial products.

o Significantly affecting the reduction of production costs, saving material resources has a positive impact on the financial condition of the enterprise.

Depending on the nature of the measures, the main directions for the implementation of reserves for saving resources in industry and production are divided into production-technical and organizational-economic.

The production and technical areas include measures related to the qualitative preparation of raw materials for their production consumption, improvement of the design of machines, equipment and products, the use of more economical types of raw materials, fuel, the introduction of new equipment and advanced technology, ensuring the maximum possible reduction of technological waste and loss of material resources in the process of manufacturing products with the maximum possible use of secondary material resources.

The main organizational and economic directions for saving material resources include: a set of measures related to raising the scientific level of regulation and planning of material consumption of industrial products, the development and implementation of technically sound norms and standards for the consumption of material resources; a set of measures related to the establishment of progressive proportions, consisting in the accelerated development of the production of new, more effective types raw materials and supplies.

The main direction of saving material resources at each particular enterprise is to increase the output end products from the same amount of raw materials and materials at the workplace - depends on the technical equipment of production, the level of skill of workers, the level of organization of logistics, the number of consumption rates and stocks of material resources, the validity of their level.

Of considerable importance is the reduction of losses in the production process, due to which 15-20% of the total savings in material resources can be achieved.

Conclusion

For normal functioning, each enterprise needs working capital, which is the value advanced in monetary form for the formation of working capital and circulation funds.

For the formation of working capital, enterprises use their own, borrowed and borrowed funds. With the transition to market system management of the economy increased the role of credit as a source of working capital. In conditions of inflation, market instability, lack of own funds, modern enterprises use credit resources to avoid the need to reduce or suspend production, as well as to ensure the financial stability of the enterprise. In addition, experience shows that in most cases the efficiency of using borrowed funds is higher than using own funds.

In the conditions of the formation of market relations, the importance of the problem of the effective use of working capital increases. The efficiency of the use of working capital can be assessed using a number of indicators, the most important of which are the turnover ratio and the duration of turnover in days, the load factor, and the return on working capital.

The effectiveness of the use of working capital is affected by a large number of factors that are divided into external (general economic situation, tax legislation, conditions for obtaining loans and interest rates on them) and internal. The latter include

internal reserves improving the efficiency of the use of working capital, which the company can actively influence. Among them:

· Rational organization of inventories (resource saving, optimal rationing, use of direct long-term relationships);

Reducing the stay of working capital in work in progress (overcoming the negative trend towards a decrease in capital productivity, introducing the latest technologies, especially non-waste, renewal of the production apparatus, the use of modern cheaper structural materials);

· Efficient organization of circulation (improvement of the settlement system, rational organization of sales, bringing consumers of products closer to their manufacturers, systematic monitoring of the turnover of funds in settlements, fulfillment of orders through direct communications).

The analysis of the state and efficiency of the use of working capital of JSC "Vladikavkaz-Gazoapparat" allows us to draw the following conclusion: the structure of working capital of the enterprise is not optimal, profitability is low. Consequently, there is an objective need for the development and implementation of measures to accelerate the turnover of working capital of OAO Vladikavkaz-Gazoapparat.

To do this, the company needs to use working capital more efficiently, it is recommended to reduce stocks of materials to an optimal level, increase the liquidity of current assets (by reducing the share of materials and increasing cash) and prevent growth and large fluctuations in receivables and finished products in the warehouse, that is, to revise the marketing product marketing policy.

List of used literature:

1) Dontsova L.V. Analysis of financial statements. - M .: Publishing house "Delo and Service", 2008.

2) Kolchina N.V., Polyak G.B., Pavlova L.P. – M.: UNITI-Dana, 2001.

3) Molyakov D.S. Finances of enterprises of branches of the national economy. - M.: Finance and statistics, 2002.

4) Savitskaya G.V. Analysis of the economic activity of the enterprise. – M.: INFRA-M, 2003.

5) Financial and credit encyclopedic dictionary. Under the general editorship of Gryaznova A.G. - M.: Finance and statistics, 2002.

Minnibaeva K.A., Ostapenko V.V. "Security of the enterprise with its own working capital: factors of change". // Financial management. – 2005.- №4. From 40.

Composition and structure of working capital, their classification

Working capital ensures an uninterrupted process of production and sale of products, works, services.

Working capital has a peculiarity - with their proper organization and stable operation of the enterprise, they are not spent, but only change their form. Making a continuous circuit, they pass from the sphere of circulation to the sphere of production and vice versa, taking the form of funds of circulation and circulating production funds. The function of working capital consists in payment and settlement services for the circulation of inventory items at the stage of acquisition, production and sale.

working capital is a collection of money , advanced into working capital and circulation funds.

Revolving production assets- objects of labor that are completely consumed during one production (economic) cycle, lose their natural form and completely transfer their value to the cost of finished products.

Unlike fixed assets that repeatedly participate in the production process, working capital operates in only one production cycle and fully transfers its value to the finished product. They are the material basis of production, provide the process of production, the formation of its value.

Other component working capital - circulation funds- not directly involved in the production process. Their purpose is to ensure the circulation process, to serve the circulation of the organization's funds. Circulation funds include finished products in the organization's warehouse, goods shipped but not paid for (accounts receivable), funds in pending settlements and cash in banks and the organization's cash desk.

Working capital (working capital) ensures the continuity of the reproduction process, the constant renewal of its material basis - objects of labor and low-value and rapidly wearing out means of labor.

Under composition working capital should be understood as a list of elements (items) that form working capital.

To study the composition and structure, working capital is grouped according to the following criteria:

1. By areas of turnover:

a) circulating production assets, i.e. sphere of production;

b) circulation funds, i.e. scope of circulation;

2. By elements:

a) inventories (raw materials, basic and auxiliary materials, purchased semi-finished products, fuel, packaging, spare parts, MBP);

b) work in progress and semi-finished products own production;

c) deferred expenses;

d) circulating production assets;

G) finished products in warehouses;

e) products shipped but not yet paid for;

f) funds in settlements (accounts receivable);

g) cash in the cash desk of the enterprise and in bank accounts, circulation funds.

Productive reserves- these are objects of labor that have not yet entered the production process, but are in the organization in a certain size, ensuring the continuity of the production process.

Unfinished production(unfinished products) - these are objects of labor that have already entered the production process, but are still at the processing stage.

Future spending- these are intangible elements of working capital, including the costs of preparing and developing new products.

3.By scope of normalization

a) for normalized working capital (working capital in inventories);

b) non-standardized working capital (accounts receivable, funds in settlements, cash in the cash desk of the organization and on accounts);

4. By funding source working capital is divided into:

a) on own working capital - funds permanently at the disposal of the organization and formed at the expense of its own resources: profit, statutory fund; sources of own working capital is a stable accounts payable of the organization (debt on wages, insurance payments and other stable liabilities);

b) borrowed funds, which are represented by bank loans, accounts payable and other liabilities;

c) attracted funds - funds received from other organizations, enterprises for a certain period.

5.Depending on the reflection in the balance sheets of organizations:

a) working capital in stocks;

b) accounts receivable;

c) short-term financial investments;

d) cash;

e) other current assets.

6. By degree of liquidity (speed of conversion into cash):

a) absolutely liquid;

b) quickly realizable current assets;

c) slow-moving current assets.

The classification of working capital according to the degree of their liquidity characterizes the quality of the organization's funds in circulation.

TO the most liquid assets include:

Cash on hand and in bank accounts;

Short-term financial investments.

Fast Selling Assets are considered:

Receivables;

Other current assets.

Slowly realizable assets are:

Inventories and costs less deferred expenses;

VAT on purchased goods.

Working capital structure- the ratio of their individual elements in their entirety, which is measured as the proportion of a certain group of working capital in total amount working capital.

For the formation of working capital, the organization uses its own and equivalent funds, as well as borrowed and borrowed resources.

Sources of formation of working capital can be:

Profit;

Loans (bank and commercial, i.e. deferred payment);

Share (authorized) capital;

share contributions;

Budget resources;

Reallocated resources (insurance), accounts payable;

Attracted funds from other organizations, etc.

Own funds should cover the organization's minimum need for working capital. They serve as a source of formation of normalized working capital.

The initial formation of working capital occurs at the time of the creation of the organization at the expense of the contributions of the founders. This is reflected in authorized capital, which includes fixed and working capital invested in production.

At operating enterprises, own working capital is replenished at the expense of:

1) undistributed net profit;

2) accumulation funds;

3) target financing;

4) reserve capital;

5) additional issue of shares.

To reduce the total need of the enterprise for its own working capital, as well as to stimulate their effective use, it is advisable to attract borrowed funds. Borrowed funds they are mainly short-term bank loans, with the help of which temporary additional needs for working capital are satisfied, for example, for seasonal excess stocks of inventory, for shipped products, temporary replenishment of the lack of own working capital; making calculations, etc.

Attracted are called funds temporarily used in circulation. These are funds that do not belong to the enterprise, but are constantly in its circulation.

If the availability of own working capital is less than the standard value of stocks and costs, then the difference shows the lack of own working capital.

Sources of financing the lack of own working capital:

Net profit;

Periodic re-evaluation of inventory items according to the decisions of the government of the republic;

Issuance of debt securities;

Bank loans;

Budgetary loans and loans;

An investment tax credit representing a temporary deferral of payments.

The correct ratio between own, borrowed and borrowed sources of working capital is important in ensuring the financial stability of the enterprise.

Working capital is in constant motion and during one production cycle they make a circuit, which consists of three stages.

First stage of the cycle working capital of organizations begins with advancing the cost in cash (D) for the purchase of raw materials, materials, fuel and other means of production (T): D - T ...

As a result, cash takes the form of inventories, expressing the transition from the sphere of circulation to the sphere of production. In this case, the value is not spent, but is advanced, since after the completion of the circuit it is returned.

Second stage of the cycle takes place in the production process (P), where work force carries out productive consumption of the means of production, creating New Product(Тн), which carries in itself the transferred and newly created value. The advanced value again changes its form - from the productive one it passes into the commodity one: C - P - Tn ...

The third stage of the circuit consists in the sale of manufactured finished products (works, services) and the receipt of funds. At this stage, working capital again moves from the sphere of production to the sphere of circulation. The interrupted circulation of commodities resumes, and the value from the commodity form passes into the monetary form (Dn): Tn - Dn.

The difference between the amount of money spent on the manufacture and sale of products (works, services) and received from the sale of manufactured products (works, services) is the cash savings of the organization.

The formula for the circulation of working capital shows the successive passage of working capital through its stages, the change in the natural-material form of working capital:

D - T - P - Tn - Dn.

Making a full cycle, working capital operates at all stages simultaneously, which ensures the continuity of the processes of production and circulation. Having completed one circuit, working capital enters a new one, thereby carrying out their continuous circulation.

The circulation of capital, considered not as a separate act, but as a continuous process, is capital turnover.

Capital turnover time- this is the time for which the entrepreneur advances capital, after which the latter returns in its original size and form.

The turnover time of capital includes the time of production and the time of circulation.

Production time- the working period, the time of natural processes, a break in the labor process, the time of stocks, etc.

Turnaround time- the time of purchase of factors of production and the time of sale of goods. It is associated with the acquisition of a consignment of goods, transportation, the time of the conclusion of the transaction, etc. Entrepreneurial firms strive to reduce the time of production and the time of circulation of capital to the limit, rationalizing the movement of capital in every possible way.

During the turnover of fixed capital, the working capital makes several turns. Let's single out the total and real turnover.

Total turnover is the return of capital by value. That is, the total turnover is the average turnover of its various components.

Real turnover– return of the advanced capital not only in terms of value, but also in kind, which involves the replacement of worn-out equipment.

In the production process, not only buildings and equipment, production licenses and other types of fixed assets and intangible assets are needed. The production process also requires raw materials and materials, spare parts and semi-finished products, as well as other resources that are included in working capital. Working capital along with non-current assets are the most important production factor

working capital- these are funds invested in raw materials, fuel, work in progress, finished but not yet sold products, as well as funds necessary to service the circulation process

A characteristic feature of working capital is the high speed of their turnover. The functional role of working capital in the production process is fundamentally different from fixed capital. Working capital ensures the continuity of the production process.

The material content of current assets are objects of labor, as well as instruments of labor with a service life of not more than 12 months.

Material elements of working capital (objects of labor) are consumed in each production cycle. They completely lose their natural form, therefore they are fully included in the cost of manufactured products (work performed, services rendered).

Composition, structure and classification of working capital

Under composition of working capital it is necessary to understand the elements included in their composition (Fig. 1):

Production stocks (raw materials and basic materials, purchased semi-finished products, auxiliary materials, fuel, spare parts…);

Unfinished production;

Future spending;

Finished products in warehouses;

Products shipped;

Receivables;

Cash in the cash desk of the enterprise and in bank accounts.

Raw material is a product of the extractive industries.

materials are products that have already undergone certain processing. Materials are divided into basic and auxiliary.

Main- these are materials that are directly included in the composition of the manufactured product (metal, fabrics).

Auxiliary are the materials necessary to ensure a normal production process. They themselves are not included in the composition of the finished product (lubricant, reagents).

Semi-finished products- products completed by processing at one stage and transferred for processing to another stage. Semi-finished products can be own and purchased. If semi-finished products are not produced on

own enterprise, but are bought from another enterprise, they are considered purchased and are part of the inventory.

Figure 1 - Elemental composition of working capital

Unfinished production - these are products (works) that have not passed all the stages (phases, redistributions) provided for by the technological process, as well as incomplete products that have not passed tests and technical acceptance.

Future spending- these are the expenses of this period, subject to repayment at the expense of the cost of subsequent periods.

Finished products represents fully finished finished products or semi-finished products received at the warehouse of the enterprise.

Receivables- money that individuals or legal entities owe for the supply of goods, services or raw materials.

Cash- this is the cash held in the cash desk of the enterprise, on the settlement accounts of banks and in settlements.

Based on the elemental composition of working capital, you can calculate them structure, which represents the share of the cost of individual elements of working capital in their total cost.

According to the sources of education, working capital is divided into own and attracted (borrowed). Own current assets are formed at the expense of the enterprise's own capital (authorized capital, reserve capital, accumulated profit, etc.). The composition of borrowed working capital includes bank loans, as well as accounts payable. They are provided to the enterprise for temporary use. One part is paid (credits and loans), the other is free (accounts payable).

In different countries, different ratios (standards) are used between own and borrowed capital. In Russia, the ratio is 50/50, in the USA - 60/40, and in Japan - 30/70.

According to the degree of control, working capital is divided into standardized and non-standardized. The normalized ones include those working capital that ensure the continuity of production and contribute to the efficient use of resources. These are inventories, deferred expenses, work in progress, finished goods in stock. Cash, shipped products, accounts receivable are classified as non-standardized working capital. The absence of norms does not mean that the amount of these funds can be changed arbitrarily. The current procedure for settlements between enterprises provides for a system of sanctions against the growth of non-payments.

Standardized working capital is planned by the enterprise, while non-standardized working capital is not an object of planning.

For the production of products, only the means of labor (machines, devices, equipment) are not enough. In addition to them and the labor of the employees of the enterprise, the source material, raw materials, blanks are also needed - that from which the finished product is created in the production process - objects of labor. And in order to be able to buy these items of labor from suppliers and pay for the labor of workers, the enterprise needs money. The objects of labor and monetary resources together form current assets of the enterprise. Management, determining the optimal size, writing off working capital for production - all these are important and pressing issues for any enterprise. You will find answers to them and indicators of working capital in this article.

Working capital: concept, composition and role in production

working capital- this is the funds of the enterprise advanced in circulation funds and circulating production assets.

working capital- this is the valuation of circulation funds and circulating production assets.

The main purpose of working capital is ... make a turn! In the course of such a process, working capital changes its material and material form into a monetary one, and vice versa.

The circulation of working capital of an enterprise: money - goods, goods - money.

For example, an enterprise has some cash that it spends on the purchase of raw materials and materials. This is the first transformation: money (not necessarily cash) was transformed into material objects - stocks (parts, blanks, material, etc.).

The inventory is then processed through the manufacturing process, moving into work in progress (WIP) and eventually becoming finished goods. These are the second and third transformations - stocks have not yet turned into cash for the enterprise, but have already changed their form and role.

And finally, the finished product is sold to the outside (sold to consumers or resellers) and the company receives cash, which can be spent again on the purchase of resources to resume the production process. And everything is repeated for the second round. This is the fourth conversion of finished products into cash.

Working capital turnover is the most important indicator. The faster the company's funds are turned over, the smaller the time gap between investments in production and getting a return - revenue (and with it profit).

It is important that the current assets of the enterprise, unlike fixed assets, participate in the production cycle only once and at the same time fully transfer their value to the finished product! This is what is mainly different and working capital.

Working capital includes various groups objects of labor and money. Broadly speaking, they are divided into two large groups: circulating production assets and circulation funds. More about them below.

Composition of working capital:

1. Revolving production assets - include in their composition:

   a) production (warehouse) stocks- objects of labor that are still awaiting entry into production. Include:
   - raw materials;
   - basic materials;
   - purchased semi-finished products;
   - accessories;
   - auxiliary materials;
   - fuel;
   - container;
   - spare parts;
   - fast-wearing and low-value objects.

   b) stocks in production- objects of labor that have entered production, but have not yet reached the stage of finished products. Inventories in production include the following types of working capital:
   - work in progress (WIP) - processed products that have not yet been completed and have not arrived at the warehouse of finished products;
   - deferred expenses (DPC) - the costs that the company incurs at the moment, but they will be written off to cost in the future period (for example, the costs of developing new products, creating prototypes);
   - semi-finished products for own consumption - semi-finished products (for example, spare parts) produced by the enterprise exclusively for internal needs.

2. circulation funds - these are the means of the enterprise associated with the sphere of circulation, that is, with servicing the turnover.

   The circulation funds consist of the following elements:

   a) finished product:
   - finished products in stock;
   - shipped products (goods on the way; products shipped, but not yet paid).

   b) cash and settlements:
   - cash on hand (cash);
   - cash on a current account (or on a deposit);
   - earning assets (funds invested in securities: stocks, bonds, etc.);
   - receivables.

The percentage ratio between individual groups or elements of working capital is working capital structure.

For example, in production area the share of circulating production assets is 80%, and circulation funds - 20%. And in the structure of production reserves in industry, the first place (25%) is occupied by basic materials and raw materials.

The structure of working capital of an enterprise depends on the industry, the specifics of the organization of production (for example, the introduction of the same logistics concepts greatly changes the structure of working capital), supply and marketing conditions, and many other factors.

Sources of formation of working capital of the enterprise

Everything sources of working capital of the enterprise can be divided into three large groups:

1. - their size is set by the company itself. This minimum size stocks and cash, sufficient for the normal functioning of production and sales, timely settlements with counterparties.

   Own sources of working capital formation:
   - authorized capital;
   - Extra capital;
   - Reserve capital;
   - accumulation funds;
   - reserve funds;
   - depreciation deductions;
   - retained earnings;
   - other.

   An important indicator here is own working capital or, in other words, the working capital of the enterprise.

   Own working capital (working capital) is the amount by which the company's current assets exceed its short-term liabilities.

2. Borrowed working capital– cover the temporary additional need for working capital.

   As a rule, the borrowed source of working capital here are short-term bank loans and borrowings.

3. Attracted working capital- they do not belong to the enterprise, they are received from outside, but are temporarily used in circulation.

   Attracted sources of working capital: accounts payable of the enterprise to suppliers, wage arrears to employees, etc.

Determining the needs of the enterprise in its own working capital is carried out by him in the process of rationing.

In doing so, it calculates working capital ratio according to one of the special methods (direct counting method, analytical method, coefficient method).

This is how the rational volume of working capital used in the sphere of production and the sphere of circulation is determined.

Methods for writing off working capital to production

You can write off the working capital of the enterprise in production different ways, each of which has its own advantages and disadvantages. Basic Methods :

1. FIFO Method(from the English “First In First Out” - “first in, first out”) - stocks are written off to production at the price of those stocks that arrived at the warehouse first. At the same time, within the framework of the FIFO method, it does not matter how much the working capital written off to production actually cost.
2. LIFO Method(from the English “Last In First Out” - “last in, first out”) - stocks are written off to production at the price of those stocks that arrived at the warehouse last. With the LIFO method, the cost of the written-off inventory is also not important, since they will be taken into account at the price of the last ones received at the warehouse.
3. At the cost of each unit- that is, each unit of working capital is written off to production at its cost (so to speak, "by the piece").

   An example of inventory write-off using this method: accounting jewelry, precious metals, etc.

4. By average cost- the average cost is calculated for each type of inventory and the inventory is written off to production according to it.

   On the Russian enterprises this is perhaps the most common practice.

The optimal amount of working capital

One of critical issues is the definition the optimal amount of working capital, for example volume warehouse stock. To find the optimal working capital of the enterprise, special methods are used (ABC analysis, Wilson model, etc.). The solution to this problem is the theory of inventory management and logistics (for example, the concept of "Just-in-time" seeks to minimize inventory to almost zero).

The optimal amount of working capital- this is their level at which, on the one hand, an uninterrupted process of production and its implementation is ensured, and on the other hand, additional and unjustified costs do not arise.

At the same time, both large and small working capital of the organization (stocks) have their pros and cons.

Large amount of working capital (pluses and minuses):

• ensuring an uninterrupted production process;
• Availability of safety stock in case of failures in deliveries;
• purchasing stocks in large quantities allows you to get discounts from suppliers and save on transportation costs;
• the opportunity to win when prices rise due to the advance purchase of resources at a lower price;
• large amounts of money allow you to pay suppliers in a timely manner, pay taxes, etc.

• large stocks - a high risk of spoilage;
• the amount of property tax increases;
• the costs of maintaining stocks are growing (additional storage space, personnel);
• immobilization of working capital (in fact, they are “frozen, withdrawn from circulation, do not work).

Small amount of working capital (pluses and minuses):

• minimal risk of damage to stocks;
• inventory costs are reduced (requires less warehouse space, personnel and equipment);
• acceleration of the turnover of working capital.

• the risk of production failures due to untimely deliveries (because then the warehouse simply does not have the required amount of stock);
• an increase in the risks of untimely settlements with suppliers, creditors, and the tax budget.

Turnover ratio and working capital turnover

The efficiency of the use of working capital and their condition can be analyzed using indicators such as the turnover ratio (current assets ratio) and turnover.

Working capital turnover ratio(K vol.) - a value showing how many full turnovers were made by working capital for the analyzed period of time.

The turnover ratio of working capital is calculated (a tautology is obtained, but what can be done) as the ratio of the volume of products sold to the average value of the company's working capital for the year. That is, this is the value of sales per 1 ruble of working capital:

where: K about. - turnover ratio of working capital;

RP - sold products per year (annual sales proceeds), rub.;

OBS avg. - the average annual balance of working capital (according to the balance sheet), rub.

turnover(T vol.) - the duration of one complete revolution in days.

The turnover of working capital is calculated according to the following formula:

where: T about. - turnover of working capital, days;

T p. - the duration of the analyzed period, days;

K about. - turnover ratio of working capital.

Turnover acceleration allows you to involve additional funds in circulation, increase the return on their use, reduce the period between investment and profit.

Turnover slowdown- a sign of "freezing" of resources, their "stagnation" in stocks, work in progress, finished products. Accompanied by the diversion of funds from circulation.

Let's summarize. Working capital is the most important component of economic activity, without which it is simply not possible to manufacture products and sell goods to consumers. This is a kind of "blood" in the "organism" of the enterprise, feeding its "organs" (workshops, warehouses, services). And the efficiency of working capital, the efficiency of their use, has a huge impact on the economic performance of the company.

Galyautdinov R.R.

© Copying material is allowed only if you specify a direct hyperlink to

Introduction

1. Working capital. Composition and structure of working capital

2. Sources of formation of working capital

3. Determining the needs of the enterprise in working capital. Rationing of working capital

4. Circulation of working capital, turnover indicators

Bibliography

Introduction

One of the conditions for the implementation of economic activity by the enterprise is the availability of working capital. Working capital (working capital) is necessary to ensure the reproduction process, which includes both the production process and the circulation process.

Circulating assets are the assets of the enterprise, which, as a result of its economic activity, completely transfer their value to the finished product, taking a one-time participation in the production process, changing and losing their natural-material form.

The functional role of working capital is to ensure the continuity of the production process.

An enterprise operating on the principles of self-sufficiency is obliged to effectively manage its own working capital to ensure the rational use of the enterprise's resources in its core production activities, to quickly determine the liquidity of the enterprise and timely repayment of debts.

The effectiveness of the use of working capital depends on many factors. Among them, we can single out external factors that influence regardless of the interests and activities of the enterprise, and internal factors that the enterprise can and should actively influence. TO external factors include: general economic situation, features of tax legislation, conditions for obtaining loans and interest rates on them, the possibility of targeted financing, participation in programs financed from the budget. Given these and other factors, the company can use internal reserves to rationalize the movement of working capital.

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

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

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

1. Working capital. Composition and structure of working capital

Working capital is divided into two components: working capital and circulation funds. Revolving production assets serve the sphere of production. They constitute the material basis of production and are necessary to ensure the production process, the formation of value. The second part of working capital includes circulation funds, consisting of finished products and cash assets of the enterprise. Circulation funds do not participate in the formation of value, but are carriers of already created value. Their main purpose is to ensure the rhythm of the circulation process with money. Consolidation of working capital and circulation funds in single system circulating assets follows from the continuity of the advanced value in the three stages of their circulation.

Circulating production assets are divided into the following elements: inventories, work in progress, deferred expenses.

Production stocks are stocks of raw materials and materials, semi-finished products and components, fuel, containers, household equipment, spare parts for repairs, tools. Raw materials and basic materials are the objects of labor that make up the material (material) basis of the manufactured product. The raw material is the product Agriculture(grain, wool, cotton, fruits, vegetables) and extractive industries (oil, ore, gas, etc.). The main materials are considered products of the manufacturing industry (flour, sugar, fabric, metal, leather, etc.). Semi-finished products are objects of labor, the manufacture of which is completely completed in one workshop, but which are subject to further processing in other workshops of the same enterprise or can be sold.

Auxiliary materials, unlike raw materials and purchased semi-finished products, do not form the main content of the manufactured product, but only contribute to the implementation of the technological process and the formation of the product.

Work in progress (WIP) are objects of labor that have entered the production process, but have not passed all the processing operations provided for by the technological process.

The only intangible element of circulating production assets are deferred expenses, including the costs of preparing and mastering new types of products, new technologies, produced in a given period, but payable in the future.

The circulation funds are divided into the following elements: finished products in warehouses, products shipped (goods on the way), receivables (funds in settlements with consumers of products), cash.

Finished products are fully finished finished products or semi-finished products received at the warehouse of the enterprise.

Accounts receivable - money that is physical or legal entities owed for the supply of goods, services or raw materials.

Cash means cash held in the company's cash desk, in bank settlement accounts and in settlements.

2. Sources of formation of working capital

Among the sources used for the formation of working capital, there are own, borrowed and borrowed funds.

The total amount of own working capital is established by the enterprise independently. Usually this amount is determined by the minimum need for funds to form the necessary stocks of inventory items, to ensure the planned volumes of production and sales of products, as well as to make payments on time.

In the process of financial planning, the enterprise takes into account the growth and reduction of the norms of own working capital, defined as the difference between the norms at the end and the beginning of the planning period. The increase in the standard of own working capital is financed primarily at the expense of own resources.

Along with profit, the so-called stable liabilities are used to replenish own working capital, which are equated to own funds. Sustainable are liabilities that are constantly used by the enterprise in circulation, although they do not belong to it (for example, a reserve for future payments of the minimum debt to workers and employees for wages, social insurance contributions, etc.)

Additional need for working capital, due to temporary needs, is provided by short-term bank loans.

In addition to own and borrowed funds, borrowed funds are in the turnover of the enterprise. These are accounts payable of all types, as well as funds for targeted financing before they are used for their intended purpose.

3. Determining the needs of the enterprise in working capital. Rationing of working capital

Determining the needs of the enterprise in its own working capital is carried out in the process of rationing, i.e. determination of the standard of working capital. The purpose of regulation is to determine the rational size of working capital.

The effective use of working capital largely depends on the correct determination of the need for working capital. Understating the value of working capital entails the instability of the financial situation, interruptions in the production process and a decrease in production and profits. Overstating the size of working capital reduces the ability of the enterprise to make capital expenditures to expand production.

The need for working capital depends on many factors: production and sales volumes; the nature of the enterprise; the duration of the production cycle; types and structure of consumed raw materials; production growth rates, etc.

Rationing of working capital is the basis for the rational use of business assets of the enterprise. It consists in the development of reasonable norms and standards for their consumption, necessary to create a constant minimum stock for the smooth operation of the enterprise.

According to the degree of manageability, working capital is divided into standardized and non-standardized. Standardized working capital is planned by the enterprise, while non-standardized working capital is not an object of planning.

The normalized ones include those working capital that ensure the continuity of production and contribute to the efficient use of resources. These are inventories, deferred expenses, work in progress, finished goods in stock. Non-standardized working capital includes cash, shipped products, accounts receivable.

There are three main methods of normalization of working capital: analytical, coefficient and direct account method.

The analytical method uses actual data on the amount of working capital for a certain period. At the same time, surplus and unnecessary stocks are specified, amendments are made for changes in the conditions of production and supply. The specified result of these calculations is considered the standard of working capital for the planned period. This method is used in cases where significant changes in the conditions of the enterprise are not expected and the funds invested in material assets and stocks have a large proportion.

The coefficient method consists in the fact that the standards for the planning period are calculated by amending (using coefficients) the standards of the previous period. The coefficients take into account changes in production volumes, turnover of working capital, assortment shifts and other factors.

The direct account method consists in the fact that the amounts of working capital are calculated for each specific type of inventory, then they are added up, and as a result, the standard is determined for each element of normalized working capital. The general standard is the sum of the standards for all elements. This method is the most accurate, justified, but at the same time quite laborious.

When normalizing working capital, it is necessary to establish stock standards for certain types of normalized materials, determine the standards for each element of working capital and calculate the total standard for normalized working capital.

The norms of working capital characterize the minimum stocks of inventory items, calculated in days of stock or as a percentage of a certain base (commodity products, the volume of fixed assets). As a rule, they are established for a certain period of time (quarter, year), but they can also be valid for a longer period.

The general standards of own working capital are determined in the amount of their minimum requirement for the formation of stocks of raw materials, materials, fuel, work in progress, deferred expenses, finished products.

The general standard of working capital consists of the sum of private standards:

Refinery - the standard of production reserves;

Nnp - the standard of work in progress;

Ngp - the standard of finished products;

Nbr - standard for future periods.

The standard of production stocks depends on the average daily consumption of raw materials, fuel materials and the stock rate in days:

Рс - average daily consumption of a given type of raw material or materials (in rubles);

Tdn is the stock rate in days.

The average reserve rate in days is calculated as a whole as a weighted average of the norms of the stock of working capital for certain types.

Stock rate in days to separate species, consists of the following components:

Тtr - transport stock;

Ttec - current warehouse stock;

Tstr - insurance (warranty stock);

Tseason - seasonal supply.

The transport stock is set according to the duration of the cargo run from the supplier to the consumer, taking into account the time of the document flow.

If there are several suppliers, then the transport stock is determined as a weighted average, taking into account the duration of the run and the size of the supply.

The current stock of material assets is a stock that meets the needs of production for the period between two next receipts of their suppliers:

The composition of working capital includes the average current stock, taken in the amount of 50% of the duration of the interval between two adjacent deliveries:

And - the duration in days of the interval between deliveries.

The average interval between deliveries can be calculated using the formula:

P - the number of deliveries for the period.

A guarantee (insurance) stock of material assets is a stock intended to meet the needs of production in case of a delay in the receipt of material assets.

The value of the safety stock is usually set within 50% of the value of the current stock. This limit is increased if the enterprise is located far from suppliers, the materials consumed are unique, the manufactured products require many components or components from different suppliers.

Seasonal stock is calculated at enterprises with a seasonal supply of raw materials.

The amount of working capital for work in progress is determined taking into account the duration of the production cycle and the value of the cost escalation factor:

B - the volume of the average daily output of products at the production cost;

Tts - the duration of the production cycle;

Knz - the coefficient of increase in costs in work in progress.

The production cycle is a series of production processes performed in the manufacture of products.

The duration of the production cycle is the sum of the time spent directly on the processing of raw materials, materials, blanks, and the time required for breaks between operations from the beginning of the first operation to the delivery of finished products to the warehouse.

The cost escalation factor characterizes the degree of product readiness and is determined by the ratio of the cost of work in progress to the cost of finished products.

The increase in costs can be uniform and uneven (slow and accelerated).

With a uniform increase in costs, the cost increase coefficient is found by the formula:

Cn - the cost of raw materials and materials entering the production process;

Sk is the cost of the finished product.

With an uneven increase in costs, the coefficients of increase in costs are first determined at several points in the production process:

Ki – coefficient of increase in costs at the i-th point;

Сi is the cost of work in progress at the i-th point;

Sk - the cost of the finished product.

The overall cost escalation factor for the process is calculated as an average value:

Knz - the overall cost increase factor for the process;

i is the number of points for calculating partial coefficients.

The amount of working capital invested in stocks of finished products in the warehouse depends on the average daily output of products and the duration of storage of products in the warehouse:

B - average daily output at production cost;

Тхр - the average duration of storage of finished products in the warehouse.

The duration of storage of products in a warehouse, in turn, is calculated as the sum of the time for the formation of a batch of products for shipment and execution of documents for this batch:

Tfp - the time required to form a batch for the shipment of finished products to the consumer in days .;

Tod - the time required to complete the documents for sending the goods to the consumer in days.

Calculated in one way or another, the value necessary for normal operation the amount of working capital increases the efficiency of the use of this resource.

4. Circulation of working capital, turnover indicators

Working capital is in constant motion. In each circuit, working capital goes through three stages: cash, production and commodity. At the first stage, the company's funds are used to purchase materials, raw materials, fuel, containers, semi-finished products, components necessary for the implementation of production activities. In the second stage, inventories become work in progress and finished goods. The third stage is the process of selling products. After the sale of the produced product, the working capital from the commodity form again passes into the monetary form. The size of the initial amount of money and proceeds from the sale of products (works, services) do not match in size. Received financial results business (profit or loss) explains the reasons for the discrepancy.

The efficiency of the use of working capital is characterized by a system of economic indicators, primarily the turnover of working capital. Under the turnover of working capital is understood the duration of the full circulation of funds from the moment of acquisition of working capital (purchase of raw materials, materials, etc.) to the release and sale of finished products.

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

The turnover ratio is the number of turnovers that current assets make in a certain period. It is calculated by the formula:

where P is the volume of products sold for the period under review;

ObS - the average amount of working capital for the same period.

The time (duration) of the turnover is usually called the turnover in days. This indicator is determined by the formula:

where D is the number of days in a given period (360, 90, 30);

Cob - turnover ratio.

After substituting the corresponding values ​​into the formula, you can get an expanded expression for the turnover indicator:

At each stage of the circulation of working capital, you can determine the private turnover of each element of working capital:

Partial turnover rates can be calculated from a specific turnover. A special turnover for inventories is their consumption for production, for work in progress - the receipt of goods at the warehouse, for finished products - shipment, for shipped products - its sale.

The average amounts of working capital for the period used in the calculation of turnover indicators are determined using the average chronological formula.

The average annual amount (average annual balances of working capital) is found as the arithmetic mean of four quarterly amounts:

The quarterly average is calculated as the average of three monthly averages:

The expression by which the average monthly amount is calculated is:

The amount of working capital at the disposal of the enterprise must be large enough so that the process of circulation is not interrupted. At the same time, the presence of excess working capital negatively affects the results of its activities.

Indicators of turnover of working capital can be calculated for all working capital involved in the turnover, and for individual elements.

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

With the acceleration of the turnover of working capital, material resources and sources of their formation are released from circulation, with a slowdown, additional funds are involved in the turnover.

The release of working capital due to the acceleration of their turnover can be absolute and relative. Absolute release takes place if the actual balances of working capital are less than the standard or the balances of the previous period while maintaining or exceeding the volume of sales for the period under review. The relative release of working capital takes place in those cases when the acceleration of their turnover occurs simultaneously with the growth in output, and the growth rate of production outpaces the growth rate of working capital balances.

conclusions

1. Current assets of the enterprise - a set of working capital assets and circulation funds. Circulating production assets include: raw materials, basic and auxiliary materials, unfinished products, fuel and other objects of labor that are entirely consumed in each production cycle and the value of which is transferred to the manufactured product immediately in full.

The circulation funds include: finished products in stock, shipped products, cash in settlements.

2. According to the sources of formation, working capital is divided into own (funds permanently at the disposal of the enterprise and formed at the expense of its own resources) and borrowed funds (bank loans, accounts payable and other liabilities).

3. In terms of the scope of rationing, working capital is divided into normalized (according to which stock standards are established: working capital and finished products in stock) and non-standardized. Working capital rationing is the process of developing economically justified values ​​of working capital necessary for organizing the normal operation of the enterprise. It is a necessary prerequisite for the effective use of working capital. Typically, the enterprise determines the norms of working capital for materials, stocks in the process of production, and stocks of finished products.

4. Increasing the efficiency of the use of working capital is achieved by accelerating their turnover.

Bibliography

1. Economist's Handbook, No. 3, 2005

2. Radionov R.A. New approaches to the regulation of working capital at the enterprise//Financial management.2005.

3. Buryakovsky V.V. Enterprise finance - textbook.,

4. Economics and statistics of firms - textbook / Adamov V.E., Ilyenkova S.D., Sirotina T.P. and etc.; ed. Ilyenkova S.D. - 2nd ed.-M: Finance and statistics, 2000.