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Introduction

1. Financial logistics

1.2 Key Features financial logistics

2. Financial flow as the basis of financial logistics

2.1 Main characteristics of the financial flow

2.2 Financial flow in transport logistics

Conclusion

Bibliography

Introduction

Currently Russian enterprises operate in conditions of significant instability of the economic environment, which makes it necessary to search highly effective methods and ways to manage activities industrial enterprises. One of these methods is logistics, which allows reaching a qualitatively new level of management of material, financial and information flows of an enterprise in order to improve the final results of its production and economic activities and ensure a stable position in the market.

In the context of the transition to market economy increasing the efficiency of production and sales of products determines the need to identify and study the logistics financial flows corresponding to the movement of inventory and inventory items, which, in the process of moving from one economic entity to another, can be considered as a corresponding commodity flow. At the same time, its movement is due to the implementation of a number of logistics operations.

The transition to market relations, the expansion of the scale of economic activity, the increased need to strengthen all types of relationships in the processes of managing financial flows generated by marketing commodity flows, determined the main requirements for new forms and methods of improving the efficiency of managing enterprises, increasing the effectiveness of their activities, improving the financial condition . The formation of financial flows of logistics at enterprises, the use of logistics principles and methods, will allow approaching the solution of traditional problems on a new basis, increasing the efficiency of their production and economic activities.

1. Financial logistics

1.1 The concept and essence of financial logistics

Financial logistics is the least explored area. This happens mainly for two reasons: for objective reasons, the transition to a market ideology lasted too long in Russia, when, as the market develops, scientists and practitioners gradually come to understand the crucial role of finance in the logistics system; and subjective, since the management of financial flows requires high professionalism and is associated with significant risks for each enterprise or company.

However, it cannot be said that Western "marketers", who are often habitually guided by domestic economists, have gone far ahead, although much earlier they began to study the main interdependencies between logistics and the financial goals of firms, as well as considering the share of supply chain management in the total cost of production. firms' costs. And this is not surprising, since they have long been faced with the need for relevant information to manage the investment process.

Speaking about the contribution of logistics to the profit of an enterprise, D.M. Lambert notes the need to analyze all logistics solutions both in terms of their cost effectiveness and the benefits received.

key factor is customer service (logistics service) and its impact on profit margins. But one should, he rightly warns, avoid extremes, such as providing a very high level of service without the assurance that the client will appreciate the cost of such super service and be willing to pay for it.

The other extreme is understanding logistics as the only source of costs and striving to reduce them in any way. According to the American economist M. Christopher, "reducing costs in any business area is a cost factor, but it is advisable only when it leads to increased profits."

Financial logistics, he admits, also contribute to efficient use capital. Logistic variables essentially form the individual components of the balance sheet, namely:

Cash on hand and debt. Thanks to the effective logistics management shorter order fulfillment cycles are achieved: the shorter the cycle, the faster the cash flow from the sale; the degree of implementation of the order is also important;

Stocks. The level of stocks in the form of raw materials, components, finished products is the result of the enterprise's strategy in the field of logistics services and the effectiveness of the monitoring and inventory management system;

Real estate, fixed assets and equipment. Optimization of the distribution network, achieved due to the found correspondence between the location and parameters of distribution nodes to the structure of demand, can lead to the release of capital;

current payments. They can be increased by limiting the volume and frequency of orders, which can be the result of implementing systems such as material requirements planning or distribution requirements.

Foreign specialists are initially focused on the fact that the main goal of the enterprise should be the maximization of its value, therefore, the strategy of the enterprise should be aimed at achieving this goal. And this, in turn, is impossible without the introduction of new methods of management - management through value. To use this management method, it is necessary to determine which processes and to what extent form the value of this cost and what role logistics plays in this.

In determining the value of a firm, free cash flows play a major role, providing the basis for paying dividends to shareholders, rising share prices, and sources of financing for firm growth. Importance also has an interest rate, the value of which reflects the cost of capital.

The analysis of domestic scientific publications, educational literature, training courses of various universities suggests that, unlike the West, in the practice of our management, the fetishization of the material flow continues and the reduction of logistics only to transport, storage, production, supply, marketing, stocks.

In most of the existing definitions of logistics, there is no clear definition of financial logistics. It is no coincidence that the financial movement is considered by many only as accompanying the material flow. Although, it is quite obvious that the movement of finances is a serious limiter to the benefits of the enterprise and an active "lever" of material flow management.

Perhaps that is why indicators for evaluating the effectiveness of financial flows have not yet been developed. Attempts by a number of economists to reduce them to classical indicators of financial management are completely unfounded. So, this does not reveal the relationship, or rather the interdependence of financial management and financial logistics. As is known, financial management is the art of managing the finances of an enterprise. As for financial logistics (logistics of financial flows), this concept is narrower and is a set of methods, tools, tools aimed at improving the efficiency of financial flows.

The financial aspects of the functioning of logistics systems are poorly represented in the economic literature as key to ensuring the adoption of optimal decisions. From this it can be concluded that there is an acute shortage teaching materials on financial flows. Among them: the basics of the theory of financial flow management in the logistics system; regulation of financial resource flows; organization of structuring, formation and management of financial flows in meso-, state and socially-oriented logistics systems; financial flows in banking, exchange, Internet trading systems.

Studying the issues of financial logistics requires staying on the principles of science, involving the strengthening of the settlement principle at all stages of financial flow management - from planning to analysis. This approach can be observed subject to specificity, which implies a clear definition of the specific result of the goal of moving the financial flow in accordance with the technical, economic and other requirements of the business entity, as well as the principle of constructiveness, which consists in continuous monitoring of the movement of the financial flow and prompt adjustment of its movement.

And finally, all financial logistic functions and the process of movement of financial flows should be carried out with the maximum degree of automation, which is possible only if it is computerized.

It is important to keep in mind that, from the point of view of the logistics of finance, the progressiveness of economic systems is achieved not so much by building up their material and technical base, but by improving its provision with financial resources.

The implementation of these principles leads to a reduction in the cost of storage and movement of material resources and finished products, improve balance in management economic activity transport systems, the rhythm of the functioning of structures and divisions included in the financial logistics system. In addition, the principles of financial logistics allow us to improve the methodology and improve the quality of organizational design, to ensure systems approach to the design of regional transport systems.

The basic principles of financial logistics should be supplemented by the principles of marketing, management and other scientific and applied disciplines that are synthesized by the theory and practice of logistics.

A study of the available materials and literature also gives grounds to conclude that the cost is interpreted management personnel and top managers of a number of enterprises solely as part of the taxation process. Therefore, the cost factor is not used as an objective criterion for increasing the activity and competitiveness of the main production.

Flow management can be considered effective if it allows you to automatically solve the main production and economic tasks of the enterprise. These include: coordination of production and financial plans, establishing the required level of reserves, volumes and terms of the required resources. Through the impact on flows, it is possible to provide the logistics system with financial and material resources, to attract and return Money, their distribution by directions of use. The functions of flow management should also include monitoring the compliance of the parameters of financial and material flows, their impact on the efficiency of logistics activities, checking the optimality of resource flow patterns.

When managing the movement of financial and material flows, one should strive both to save resources spent on the impact, and to maximize end result. If possible, it is necessary to ensure that one control action changes the parameters as much as possible. more streams. In this case, the solution of problems will be carried out as quickly as possible and at the lowest cost.

consumer segment. Structure life cycle The product model serves as a convenient framework for analyzing such dynamics when planning the level of customer service. 2.3 The Role of Logistics in Customer Satisfaction, Business Success and Strengthening Competitiveness by the Example of Bergen Brunswig The Emergence of Strategies Based on Competence in Logistics as a Means to Achieve Competitive...

In stock. Figure 13.Total materials counted 3.5 Distribution and transportation. When the product reaches the end point in the intralogistics chain, i.e. is suitable for physical distribution in the distribution network and final consumption, from now on the product will pass through the so-called centers...

Logistics is a process that covers the enterprise's own supply of resources, the volume of finished products, the movement of acquired material resources across departments in the enterprise and between them. The importance of purchasing logistics in the industry is especially high. This is a material intensive industry. To ensure the purchase of material resources at the lowest prices and with the highest quality is not an easy task ...

Process representation of the supply chain and practically implement the decomposition: "supply chain - a key business process - a logistics process - a logistics function / operation." MANAGEMENT IN LOGISTICS 1. Fundamentals of logistics management In a market economy, "management" has two meanings: firstly, a set of means and forms of management of the main areas of business within ...

Financial flows are diverse in composition, directions of movement, purpose and other features. In order to optimize their movement in logistics systems, flows must be classified. The classification of financial flows is given in Table. fourteen.

Of greatest importance is the division of flows in the direction of movement. Positive and negative flows are interconnected. The insufficiency of the volumes of one type of flow in a specific period of time causes a reduction in the volumes of another type. Therefore, in the enterprise cash flow management system, they should be considered as a single (complex) management object.

Net cash flow is the most important result financial activities enterprises, which largely determines its financial stability.

Classification of financial flows.
Classification sign
Direction of travel
1. Positive (cash inflow, cash inflow)
2. Negative (cash outflows, cash outflows)
Calculus method
1. Gross - the totality of receipts and expenditures of funds
2. Net cash flow - the difference between positive and negative cash flows (between the receipt and expenditure of funds)
By appointment
1. Purchasing - serving the process of purchasing goods
2. Production - service production process
3. Marketing - serving the process of marketing finished products
Frequency of occurrence
1. Regular - regularly occurs in economic activities (wages, tax payments, etc.)
2. Discrete - occurs when performing one-time, single transactions (for example, buying real estate)
Sufficiency level
1. Excessive - cash receipts significantly exceed the real need of the enterprise to spend them
2. Deficient - receipts are significantly lower than the real needs of the enterprise in spending them
Scale
1. For the enterprise as a whole - accumulates all types of funds of the enterprise
2. For certain types of activities of the enterprise
3. By individual structural divisions (responsibility centers) of the enterprise
4. For individual business transactions
Type of economic activity
1. Accompanying the movement of products (payments to suppliers, employees, tax authorities, receipts from buyers of products, etc.)
2. Accompanying investment activity (sale and purchase of fixed assets, real estate, intangible assets)
3. Accompanying financial activities (obtaining and paying loans, raising additional equity capital, paying dividends)

The main goal of optimizing the movement of financial flows in logistics is to ensure the movement of material flows (service flows) with financial resources in the required volumes, at the right time using the most effective sources of financing, i.e. in accordance with the logistical rule of "seven N". This is achieved in two main ways: timely receipt of funds to the enterprise in the amount necessary to finance its further activities; ensuring efficient spending of funds, profitable and consistent with the mission of the enterprise.
Financial logistics in the book business is a section of logistics that studies the optimization of financial flows directed to the acquisition of resources and received by book business enterprises from buyers of book products and partners in the movement of book products in the logistics chain.
Consider what stages the cycle of cash flow in the book business consists of.
Example
The publisher spends money to acquire copyright for an already finished work or finances the creation of a book manuscript. As a result, he receives the manuscript and the right to publish it. Previously, it is advisable for the publisher to spend certain funds on marketing research, which will give him information for making decisions about the acquisition of the manuscript, the form of its publication, circulation, and promotion channels.
The publisher spends money on preparing the manuscript for publication (editing and publishing costs). As a result, he receives the original layout of the publication.
The publisher purchases paper and other printing materials, pays printing costs. As a result, he receives a print run of the book.
The publisher spends money on advertising and promotion of the book, its placement on the book market with the help of supply chains that are most effective for selling this book.
In a number of cases, the publisher finances bookselling enterprises by providing them with trade credits.
In the book business, there are the following forms of financial relationships between publishers and booksellers:
Paying the publisher only for books sold by the bookseller. In this case, unsold books are returned after a certain period of time to the publisher.
Purchase with deferred payment (with or without the right to return unsold books). In this case, the due date is set.
Purchase with simultaneous payment and without the right to return unsold books.
Purchase with prepayment.
Financing of publishing projects: the bookseller or some other firm pays the publisher for the publication of the book and becomes the owner of the circulation.
The bookseller (or some other firm) finances part of the costs (paper, printing, shipping) and participates in an agreed share of the profits from the sale of circulation.
Only after these cost streams (investment of funds) does the publisher begin to receive money from booksellers for the book goods they bought (or sold).
As we can see, the expenditure and receipt of funds by enterprises is characterized by significant unevenness (Fig. 43). Therefore, if business leaders do not pay due attention to financial logistics, they may periodically find that at the right time there is not enough money in the accounts of the enterprise. You have to take out a loan, and since this needs to be done urgently, there is no time left to search and select the optimal conditions for borrowing money, amounts and terms of the loan. The development of this negative situation further leads to a violation of the schedule of payments on loans, and, consequently, to penalties.
Another situation is also possible - the uncontrolled flow of money to the company's accounts makes it difficult to optimize tax payments and leads to the formation of temporarily free funds. Free funds lose their value over time due to inflation and other reasons. Therefore, the optimization of cash flows should provide for their balance in terms of types, volumes, terms and other characteristics, as well as the growth of the net cash flow of the enterprise. At the same time, cash flows should be subordinated to the fulfillment of the mission of the enterprise, the goals of its activities in the book market.
The need to optimize the cash flow of the enterprise is determined by the following main provisions.
Cash flows are the “financial circulation” of an enterprise; they serve almost all aspects of business activity. Correctly organized cash flows are the most important condition for obtaining effective results of the enterprise.
The financial stability of an enterprise is largely determined by how different types of cash flows are synchronized with each other in time, in the direction of movement, etc. Insolvency can occur even for enterprises that receive a sufficient amount of profit, due to the imbalance of receipts and payments over time.
Rational formation of cash flows helps to increase the rhythm of all logistics processes of the enterprise. Any failure in the implementation of payments adversely affects the formation of stocks of raw materials, labor productivity, the sale of finished products, etc. Efficiently organized financial flows create conditions for optimizing the movement of all other types of flows (material, information, personnel, service).
By actively managing cash flows, you can ensure a more rational and economical use of your own financial resources, reduce the need for borrowed capital.

Cash flow management ensures the acceleration of the turnover of the enterprise's capital by reducing the production and financial cycles, reducing the need for capital serving the economic activity of the enterprise.
Synchronization of receipts and payments of money allows to reduce the real need of the enterprise for free cash balances, which contributes to the formation of additional resources that can be directed to investments that are a source of profit.

There are the following stages of financial flow management:
Accounting for their movement. Like the management of all other types of logistics flows, cash flow management must be provided with the necessary information. This information is provided by accounting.
It should be noted that external consumers should also have financial information about the activities of the company. Owners (current and potential), government organizations, creditors (for example, suppliers of goods that sell them on credit), consumers (clients) are interested in obtaining information about the financial condition of the company. Each of the interest groups uses financial information for their own purposes. Potential owners - to resolve the issue of acquiring shares, suppliers - to determine the terms of supply, government agencies - to control the correct payment of taxes, etc.
Analysis of cash flows based on accounting data.
It is determined whether the enterprise has enough funds, whether they were used effectively, whether a balance was achieved in the flow of receipts and payments of funds, etc.
The analysis should be carried out both for the enterprise as a whole and for individual areas of its activity, as well as for individual structural divisions. As a result of the analysis, the possibilities are revealed:
- reducing the dependence of the enterprise on external sources of raising funds;
- balance of receipts and payments in terms of time and volume;
- the relationship of cash flows by types of economic activity of the enterprise;
- increasing the amount of net cash flow(arrived).
Cash flow planning is carried out both for the enterprise as a whole and in the context various kinds his activities. Since the development of the financial situation in the future is a process characterized by significant uncertainty, it is advisable to plan in the form of developing several options corresponding to different scenarios for the development of events (optimistic, realistic, pessimistic).
Cash flow control: fulfillment of planned indicators, uniformity of cash flow formation over time, efficiency of cash flow use, solvency of the enterprise, net cash flow.
As already noted, the main goal of optimizing the cash flow of an enterprise is to ensure its financial stability and competitiveness in the book market. The most important prerequisite for optimization is the study of factors affecting financial flows. Distinguish between external and internal factors, or factors of the external and internal environment of the enterprise.
The main external factors include:
book market conditions. The conjuncture to a decisive extent affects the receipt of funds from the sale of products. The higher the demand for book products, the better they sell and the greater the sales revenue stream. A decline in demand, on the contrary, reduces the flow of proceeds from the sale of goods, which can lead to a shortage of funds for the enterprise, the accumulation of significant stocks of products that cannot be sold.
The industry practice of lending to suppliers and buyers of products. This practice determines the established procedure for purchasing products - on the terms of prepayment, cash payment, deferred payment (commercial credit). As we have already mentioned, the main form of relationship between publishers and booksellers is the supply of products on a deferred payment basis.
Taxation system. Its changes affect the volume and nature of the company's tax payments. In recent years, value added tax has been of great importance in the book business. The fact that book products were not subject to this tax allowed the industry to direct significant funds to the development of the book business.
Conjuncture of the financial and credit markets. The state of the financial market affects the price of the company's shares. In addition, the financial market conditions determine the possibility of effective use of the company's free cash by purchasing shares, and also affects the cash flow from the cash it already has. valuable papers(dividends, interest).
Depending on the conditions of the credit market, the volume of supply by banks of “expensive” or “cheap” (interest rate), “short” or “long” (loan terms) money increases or decreases, which affects the possibility of generating enterprise cash flows from this source.
The main internal factors affecting the company's cash flows are:
The duration of the logistics cycle. The shorter the duration of the logistics cycle, the faster the purchased materials turn into finished products and are sold to customers, and the more turnovers the funds make, bringing profit as a result of the completion of each cycle. At the same time, the acceleration of the movement of financial flows not only does not lead to an increase in the need for working capital ah, but even reduces the size of this need.
Seasonality of demand and sales of products. Significantly affects the formation of cash flows over time, causing the formation of both temporarily free funds and an increase in costs. An example of seasonal fluctuations in the book business is the need to produce and purchase educational and methodological publications by the beginning of the school year, an increase in sales for the New Year holidays and their decline in the summer season.
The financial mentality of the owners and the qualifications of the company's managers. Affect the choice and implementation of the financial policy of the enterprise. The owners distribute the income of the enterprise, decide whether they will actively invest in its development or be directed to other needs. Managers implement the financial policy developed by the owners, so the level of their qualification, which determines the effectiveness of their decisions, is of great importance here.
Enterprise life cycle. Different stages of the life cycle of an enterprise are characterized by different volumes and structure of cash flows. The following stages of the life cycle of the company are distinguished:
1) Entering the market. At this stage, the company has a small profit, and sometimes losses, since sales volumes are small, and the costs of organizing production and marketing are very significant.
2) Enterprise growth. This stage is characterized by high rates of increase in the output of products (services) and its sales. This leads to a noticeable increase in profits. There is an active investment of profits in new areas of activity, in the development of new markets, goods, etc.
3) Maturity. On the this stage the enterprise may slow down the pace of economic growth, review the goals of activities and strategies. At the same time, the best enterprises are constantly looking for new competitive advantages, continuously improving their products. This position allows you to increase the duration of the stages of growth and maturity for an unlimited period.
4) Decline in activity. The growth of the enterprise stops, sales volumes, profits decrease, competitiveness and financial stability decrease. All this can lead to the exit of the enterprise from the market. The decline stage can be caused both by objective external factors (for example, a decrease in demand for these goods), and by mistakes made by the company's management, unused opportunities, etc.

Optimization of financial flows
Selling goods or services, the company receives revenue that goes to cover costs, pay taxes. The remaining part forms the profit (or loss, if the proceeds were not enough for the specified payments) of the enterprise. The profit of the enterprise is used for various purposes. At certain moments in the life of an enterprise, it becomes necessary to attract to ensure its activities borrowed money.
Optimization of financial flows consists of managing the stages of the logistics financial cycle: procurement, production, distribution activities.
In the first stage, money must be optimally invested in materials, goods, information, labor, and other inputs of production.
At the production stage, the invested money is transferred to finished products, while it is necessary to ensure the competitiveness of the goods (services) produced. The costs incurred must create a use value that ensures their coverage and the receipt of the planned profit.
At the stage of sale, goods are converted into cash as they are sold, cash flows begin, and a net cash flow is formed. However, it should be remembered that this process determines not only the direct receipt of cash flows, but also the position of the enterprise in the market, its image, reliability as a business partner, which are also important for performance.
With the proceeds, the logistics cycle is repeated again. The duration of the full turnover of working capital (from their advance to resources to the receipt of money for the goods sold) is characterized by turnover. The rate of turnover of financial flows depends financial position enterprise, its solvency, the need for additional sources of financing, etc. Thus, the optimization of cash flow should be aimed at the implementation of the circulation of financial resources, their uninterrupted and prompt flow from the monetary form into raw materials, finished products, goods and again into the monetary form.
In addition to accelerating the financial cycle, optimizing financial flows involves maximizing the inflow of funds and minimizing the outflow (by reducing the volume or slowing down the outflow rate).
There are three main ways to maximize cash flows received at the end of the logistics cycle of their movement, i.e. as a result of the sale of produced goods and services:
Increasing the difference between the proceeds from the sale of goods (services) and costs. This can be achieved by reducing costs and/or increasing the price of goods. It is necessary to apply this method with caution, since cost reduction can lead to a decrease in the quality of goods (services) to an uncompetitive level, and price increases - to a reduction in the mass of goods sold and a decrease in the speed of cash flow.
Acceleration of cash flow. The faster finished products are produced from purchased raw materials, and the latter are converted into cash receipts as a result of sales, i.e. the faster the logistics cycle is completed, the faster the turnover of funds. The acceleration of cash flow, in turn, leads to the fact that more cash can be obtained from the same initial resources in the same time.
For example, in order to sell books worth 100 thousand rubles. per month, the bookstore can choose one of the following options. Purchase all goods at the same time, ensuring the planned sales volume. To do this, he must immediately spend 70 thousand rubles.
But this option is also possible: the store first buys goods in the same assortment, but in a smaller number of copies, for example, for 35 thousand rubles, and then repeats this purchase again. As a result, the same result (a sale of 100 thousand rubles) can be achieved by using half the amount of money.
The acceleration of cash flow also occurs due to the acceleration of the sale of goods, so in some cases it is advisable to increase costs (for example, for faster delivery of goods) or reduce prices in order to reduce the duration of the logistics cycle and ultimately make a faster profit.
Elimination of unnecessary expenses, losses and damage to goods. Improving the logistics process of the enterprise, it is necessary to constantly monitor that there are no unnecessary operations, links, structures that lead to unjustified costs. In addition, due consideration should be given to safeguarding materials, goods and other property. When solving these problems, as well as those mentioned above, it is necessary to apply the concepts of trade-offs, total costs, and others. For example, the free access of buyers to goods can lead to an increase in the loss of goods due to theft and an increase in defects, but, on the other hand, it contributes to an increase in sales and an increase in turnover.
In general, it should be noted that the costs of money and other resources do not exist by themselves. They always appear when you need to get some kind of result. Based on this, it is advisable first of all to evaluate not the level of costs, but the ratio between them and the results obtained. Effective cost control requires the use of the principle of common costs, otherwise costs can be reduced at a separate stage by simply moving them to another stage of the logistics cycle. For example, the purchase of cheaper raw materials leads to longer and more expensive processing, savings on transportation costs - to big expenses to increase inventory, etc.
All costs for the production and sale of goods should be considered integrally - as the amount that the consumer must ultimately pay in order to receive goods and benefit from them. The buyer is not at all interested in how the costs are distributed among the participants in the logistics chain (publishers, printers, booksellers); he will buy a book if its price will correspond to his financial capabilities, and also correspond to his assessment - whether the book he buys deserves this product the benefit of the required financial outlays.
etc.................

The core of the financial activity associated with the logistics process is the movement of funds in the flow of receipts and payments. At the same time, four functional areas can be traced (Fig. 10.1):

raising capital, i.e. financing;

capital investment, or investment;

return of capital, receipt of certain financial results in the form of profit or loss;

definancing, i.e. distribution and use of financial resources.

Rice. 10.1.

Financing as the first stage of the movement of the financial flow means attracting capital in the form of money, material values ​​in order to ensure the circulation of capital, simple and expanded reproduction.

Financial resources are formed by enterprises at the expense of various types of income and receipts, and are spent on production, scientific and technical and social development, the formation of reserves, payments to the state budget system and for other purposes.

Depending on the source of funds, a distinction is made between internal and external financing.

Domestic financing is the use own funds, primarily net profit, and depreciation. In the case of active self-financing, gross profit should be sufficient to pay taxes to the budget system and interest on loans, expand fixed assets and intangible assets, replenish working capital, and implement social programs.

External financing is the use of funds from the state, financial and credit organizations, non-financial companies and citizens. Financing through borrowed capital involves the provision of funds on the terms of repayment and payment. Borrowed capital comes in two forms: long-term and short-term financial obligations of participants in the logistics process.

Long-term financial liabilities are all types of borrowed funds with a maturity of more than one year. Among them are: long-term bank loans, long-term borrowings in the form of debt on the provided tax credit; financial assistance rendered on a returnable basis; overdue debts on received long-term credits and loans.

Short-term financial liabilities include all forms of borrowed capital with a maturity of less than one year: short-term bank loans, short-term credits and loans not repaid on time; accounts payable for goods, works, promissory notes issued, advances received; budgeting and off-budget funds. The provision of a loan involves additional costs for its repayment and payment of interest, as well as a decrease in taxable income due to the inclusion in the costs of production and circulation of the amount of interest on the loan.

The financial structure of capital is the ratio of equity and debt capital used by the links of the logistics system in the process of economic activity. Its nature significantly affects the level of profitability equity, financial stability, solvency, the amount of financial risks.

The advantages of own funds include a high rate of return on invested capital (in this case, no interest is required for the loan), financial stability and a reduction in the risk of bankruptcy of the company. The disadvantages of using equity capital are restrictions on the volume of raising funds and expanding business activities.

Borrowed funds are distinguished by wider opportunities for attracting capital, they create the prerequisites for increasing the financial potential of the enterprise when it becomes necessary to increase the volume of economic activity. The negative features of borrowed funds are manifested in the difficulty of attracting the latter, since obtaining a loan requires the consent of other participants in the logistics process, guarantees or collateral. In addition, the costs of financing increase in the form of interest on loans, commission payments, and dividends.

For the policy of forming the structure of the financial resources of the organization, the following factors are important:

stability of product sales: the higher its degree, the safer the use of borrowed capital;

the level of development of the logistics system: a growing company with competitive products can attract a large share of borrowed funds for financing;

taxation conditions: in companies with a high level of income taxation, the use of borrowed funds is more efficient, since the payment of interest on a loan reduces the amount of balance sheet profit;

financial market conditions: the cost of borrowed capital and, accordingly, the effectiveness of its attraction depends on its condition.

10.1 The concept and essence of financial logistics

10.1.1. Definition of financial logistics

10.1.2. Financial logistics as a factor in determining the effectiveness of an enterprise

10.2 Main characteristics of financial logistics

10.3. Tasks and principles of financial logistics

10.4. Financial flow as the basis of financial logistics

10.4.1 Main characteristics of the financial flow

10.4.1.1. Stages of financial flow management

10.4.1.2. Support information technology management of financial logistics relations

10.4.1.3. Estimation of the financial flow

10.5. Financial flows in transport logistics

10.5.1. Classification of financial flows in transport logistics

10.5.2. Management of financial flows in transport logistics

10.6. Financial flow rate

Models and tools of financial logistics

Topic 10. Financial logistics

The concept and essence of financial logistics

Definition of financial logistics

At present, Russian enterprises operate in conditions of significant instability of the economic environment, which makes it necessary to search for highly effective methods and methods for managing the activities of industrial enterprises. One of these methods is logistics, which allows reaching a qualitatively new level of management of material, financial and information flows of an enterprise in order to improve the final results of its production and economic activities and ensure a stable position in the market.

In the context of the transition to a market economy, increasing the efficiency of production and sales of products determines the need to identify and study logistics financial flows, corresponding to the movement of both inventory and inventory items, which, in the process of moving from one economic entity to another, can be considered as the corresponding commodity flow. At the same time, its movement is due to the implementation of a number of logistics operations.

The transition to market relations, the expansion of the scale of economic activity, the increased need to strengthen all types of relationships in the processes of managing financial flows generated by marketing commodity flows, determined the main requirements for new forms and methods of improving the efficiency of managing enterprises, increasing the effectiveness of their activities, improving the financial condition . The formation of financial flows of logistics at enterprises, the use of logistics principles and methods, will allow approaching the solution of traditional problems on a new basis, increasing the efficiency of their production and economic activities.

Financial logistics is a system for managing, planning and controlling financial flows based on information and data on the organization of material flows .

Financial logistics is a less explored area of ​​logistics. This happens mainly for two reasons: for objective reasons - the transition to a market ideology took a long time in Russia, when, as the market develops, scientists and practitioners gradually come to understand the crucial role of finance in the logistics system; and subjectively - the management of financial flows requires high professionalism and is associated with significant risks for each enterprise or company.

The success of the functioning of the enterprise depends on the quality of technologies for managing production and economic activities, and in particular - commodity and material flows. The technologies for managing material resource flows developed in the field of logistics consider financial flows as ensuring the functioning of already existing systems, although it is with their help that the management of production activities takes place. A promising approach that allows focusing on the financial aspect of the enterprise's activities during the logistics process is the impact on material flows through cash flow management in logistics systems.

Western “marketers”, who are often habitually guided by domestic economists, have gone far ahead, although they have much earlier engaged in the study of the main interdependencies between logistics and the financial goals of firms, as well as the consideration of the share of supply chain management in the total cost of production costs of firms. And this is not surprising, since they have long been faced with the need for relevant information to manage the investment process.

Speaking about the contribution of logistics to the profit of the enterprise, they note the need to analyze logistics solutions in terms of their cost effectiveness and the benefits received. The key factor here is customer service (logistics service) and its impact on profit margins. But extremes should be avoided, such as providing a very high level of service without the assurance that the client will appreciate the cost of such super service and be willing to pay for it. The other extreme is understanding logistics as the only source of costs and striving to reduce them in any way. According to Christopher, "reducing costs in any business is a cost factor, but it is only worthwhile when it leads to higher profits."

10.1.2. Financial logistics as a factor in determining the effectiveness of an enterprise

To assess the effectiveness of logistics processes, cost criteria are usually used, taking into account the costs incurred and the income received, profitability and profitability indicators are calculated. The values ​​of these indicators will change significantly with different patterns of movement of material and related financial flows. So, depending on the conditions of supply, the parameters of storage systems and the selected channels for distributing products, the cost, volume and time of material flows will change. The latter, in turn, determine the amount and timing of the necessary funding.

Financial logistics efficient use of capital. Logistic variables essentially form the individual components of the balance sheet, namely:

Cash on hand and debt. Thanks to efficient logistics management, shorter order fulfillment cycles are achieved: the shorter the cycle, the faster the cash flow from the sale; the degree of implementation of the order is also important;

Stocks. The level of stocks in the form of raw materials, components, finished products is the result of the enterprise's strategy in the field of logistics services and the effectiveness of the monitoring and inventory management system;

Real estate, fixed assets and equipment. Optimization of the distribution network, achieved due to the found correspondence between the location and parameters of distribution nodes to the structure of demand, can lead to the release of capital;

current payments. They can be increased by limiting the volume and frequency of orders, which can be the result of implementing systems such as material requirements planning or distribution requirements.

Foreign specialists are initially focused on the fact that the main goal of the enterprise should be the maximization of its value, therefore, the strategy of the enterprise should be aimed at achieving this goal. And this, in turn, is impossible without the introduction of new methods of management - management through value. To use this management method, it is necessary to determine which processes and to what extent form the value of this cost and what role logistics plays in this.

In determining the value of a firm, free cash flows play a major role, providing the basis for paying dividends to shareholders, rising share prices, and sources of financing for firm growth. The interest rate is also important, the value of which reflects the cost of capital.

The analysis of domestic scientific publications, educational and methodological literature, training courses of various universities suggests that, unlike the West, in the practice of our management, the fetishization of the material flow continues and the reduction of logistics only to transport, warehouse, production, supply, marketing, stocks .

In most of the existing definitions of logistics, there is no clear definition of financial logistics. It is no coincidence that the financial movement is considered by many only as accompanying the material flow. Although, it is quite obvious that the movement of finances is a serious limiter to the benefits of the enterprise and an active "lever" of material flow management.

Perhaps that is why indicators for evaluating the effectiveness of financial flows have not yet been developed. Attempts by a number of economists to reduce them to classical indicators of financial management are completely unfounded. So, this does not reveal the relationship, or rather the interdependence of financial management and financial logistics. As you know, financial management is the art of managing the finances of an enterprise. As for financial logistics (logistics of financial flows), this concept is narrower and is a set of methods, tools, tools aimed at improving the efficiency of financial flows.

The management of financial flows necessary to ensure the movement of material resources is more efficient if the process is carried out continuously, throughout the entire period of the enterprise's activity. At the same time, it is important to plan the expenditure of financial resources to reimburse logistics costs and expenses, organize the attraction of funds from funding sources, control the receipt of monetary compensation for sold products members of the supply chain. A clear understanding of the structure and composition of financial flows will help managers evaluate and plan costs in the face of increasing complexity of production, transport and distribution systems. To do this, for each specific logistics system, the movement of financial resources is represented with a sufficient degree of detail. Moreover, the more branched schemes of the movement of material flows, the more complex the chains of movement of financial flows corresponding to them will be, and the more time-consuming the management process is. It is also possible to increase the transparency of flow processes in both elementary and complex logistics systems (international logistics systems, warehouse terminals and distribution logistics centers) by studying and describing the financial environment - the environment for the circulation of enterprise finances.

The financial aspects of the functioning of logistics systems are poorly represented in the economic literature as key to ensuring the adoption of optimal decisions. There is an acute shortage of methodological materials on financial flows. Among them: the basics of the theory of financial flow management in the logistics system; regulation of financial resource flows; organization of structuring, formation and management of financial flows in meso-, state and socially-oriented logistics systems; financial flows in banking, exchange, Internet trading systems.

Studying the issues of financial logistics requires staying on the principles of science, involving the strengthening of the settlement principle at all stages of financial flow management - from planning to analysis. This approach can be observed subject to specificity, which implies a clear definition of the specific result of the goal of moving the financial flow in accordance with the technical, economic and other requirements of the business entity, as well as the principle of constructiveness, which consists in continuous monitoring of the movement of the financial flow and prompt adjustment of its movement.

And, finally, all financial logistics functions and the process of financial flows should be performed with the maximum degree of automation, which is possible only if it is computerized.

It is important to keep in mind that, from the point of view of the logistics of finance, the progressiveness of economic systems is achieved not so much by building up their material and technical base, but by improving its provision with financial resources.

The implementation of these principles leads to a reduction in the cost of storage and movement of material resources and finished products, an increase in the balance in the management of the economic activity of transport systems, the rhythm of the functioning of structures and divisions that are part of the financial logistics system. In addition, the principles of financial logistics make it possible to improve the methodology and improve the quality of organizational design, to provide a systematic approach to the design of regional transport systems.

The basic principles of financial logistics should be supplemented by the principles of marketing, management and other scientific and applied disciplines that are synthesized by the theory and practice of logistics.

A study of the available materials and literature also gives grounds to conclude that the cost is interpreted by management personnel and top managers of a number of enterprises solely as part of the taxation process. Therefore, the cost factor is not used as an objective criterion for increasing the activity and competitiveness of the main production.

The connection of financial and material flows, processes and work in the logistics system is provided by another type of flow - informational. Data on the conditions, terms and nature of the relationship between the participants in the logistics process, information on the movement of material flows is used in the construction of schemes for the movement of financial flows. At the same time, the movement of funds from the enterprise to other participants in the logistics process (consumers and suppliers, between warehouse, port and customs terminals, in logistics docking points traffic flows) are presented in the form of a directed movement of financial resources. Such schemes make it possible to determine the sequence of inclusion of funding sources, the order in which incoming resources are distributed, and to identify bottlenecks in the movement of flows.

Flow management can be considered effective if it allows you to automatically solve the main production and economic tasks of the enterprise. These include: coordination of production and financial plans, establishment of the required level of stocks, volumes and terms of the required resources. Through the impact on flows, it is possible to provide the logistics system with financial and material resources, attract and return funds, and distribute them according to the directions of use. The functions of flow management should also include monitoring the compliance of the parameters of financial and material flows, their impact on the efficiency of logistics activities, checking the optimality of resource flow patterns.

When managing the movement of financial and material flows, one should strive both to save resources spent on impact and to maximize the end result. If possible, it is necessary to ensure that one control action changes the parameters of as many threads as possible. In this case, the solution of problems will be carried out as quickly as possible and at the lowest cost.

By changing the movement of resources in accordance with financial parameters, it is possible not only to obtain full and timely provision production activities resources from the best sources at the lowest price, but also to increase the stability of the enterprise, reduce exposure to external influences. In the processes of procurement, supply, transportation, warehousing and marketing, focus on financial indicators allows you to optimize flow processes, identify ways and methods to reduce costs without compromising product quality.

Financial flows are understood as the directed movement of funds or resources in logistics systems and between them, necessary to ensure material and information flows.

Financial flow is a directed movement of financial resources associated with the movement of material, information and other resource flows both within the logistics system and outside it. Financial flows arise when reimbursing logistics costs and expenses, raising funds from funding sources, reimbursing (in monetary terms) for products sold and services rendered to participants in the logistics chain.

The task of managing financial flows in logistics systems is complete and timely provision of volumes, terms and sources of financing. These funding sources must meet minimum price requirements.

Financial logistics faces the following tasks:

Studying the financial market and forecasting funding sources using marketing techniques;

Determination of the need for financial resources, selection of sources of financing, monitoring of interest rates on bank and interbank loans, as well as interest rates on valuable and government bonds;

Building financial models use of sources of financing and the algorithm for the movement of cash flows from sources of financing;

Establishing the sequence and links of the movement of funds within the business and the project;

Coordination operational management financial and material flows. First of all, the costs are estimated, for example, for the delivery of goods vehicle. The logistics manager builds material flows taking into account costs;

Formation and regulation of free balances on ruble, currency and budget accounts in order to obtain additional profit from operations in the financial market using highly profitable financial instruments;

Creation operating systems processing information about financial flows.

The principles of financial logistics include:

Self-regulation to achieve a balance in the flow of cash resources with the movement of material resources, production and minimization of production costs;

Flexibility associated with the possibility of making changes to the financing schedules for the purchase of materials necessary for the implementation of the project of finished products and when adjusting the terms of the order from consumers or partners;

Minimization of production costs while maximizing short cycles of project implementation;

Integration of financing, supply, production and marketing processes in a single project implementation body;

Modeling the movement of cash flows from funding sources to project executors with a turnover of free cash with maximum efficiency;

Correspondence of the volumes of financing with the volumes necessary costs;

Use of software programs and computer networks for financial management;

Reliability of sources of financing and provision of the project with financial resources;

Profitability (through an assessment of not only costs, but also the "pressure" on these costs);

Profitability when placing funds.

As you know, the key aspect of logistics activities is the management of material flows: the movement of raw materials, materials, semi-finished products and finished products. Each material flow that occurs during the purchase of materials or the sale of products, the transportation or storage of goods, is accompanied by a financial flow: an investment of finance or compensation for the sale of goods.

When preparing and organizing logistics processes, in addition to planning material flows, it is necessary to calculate and think over financial flow patterns. Yes, in international relations the choice of CIF and FOB delivery terms affects the distribution of freight and insurance costs between the buyer and the cargo supplier. During transportation, the costs for damage to the goods are borne either by the carrier or the supplier, depending on the contractual terms, the actual characteristics of the goods, and the data of the documents of title. Changing the parameters of the storage system affects the safety and quality of the goods, and consequently, the cost of services. The sale of goods on their own, with the help of sales agents, commission agents or consignees, requires different costs, provides a different turnover of goods and the duration of the financial cycle.

For each scheme of movement of material resources, several options for organizing financial flows, different in cost and risk, can be provided. Financial institutions, third-party enterprises, consumers, the state, foreign persons are involved as investors and creditors, each of which offers resources on different terms. By calculating the moment of the deficit in finances, it is possible to attract resources in the right amount and at the right time and return them when sufficient income is received.

The choice of suppliers and sources of resources, methods of payment for services to carriers, the order of location of goods in the warehouse is also most rational to carry out according to financial parameters, since they provide comparability of heterogeneous estimates. It is possible to assess the feasibility of re-equipping a warehouse terminal by comparing the expected increase in the flow of goods and revenue per unit of time with the size necessary investment. Comparing losses and incomes, the cost of hedging risks and the possibility of their elimination, it is possible to build such schemes for the movement of financial and material flows in which logistics costs will be optimal.

In order to fulfill production plans, deliver the goods to the destination in right time, to obtain sufficient income from consumers, financing plans must be implemented. The rise in the cost of materials makes it necessary to attract additional sources of financing or change production technologies. Falling quotes of promissory notes accepted as a pledge of payment for supplies may lead to loss of revenue and disruption of relations between suppliers and consumers. Control and correction of deviations in the parameters of financial flows are necessary both for individual participants in logistics activities and for the system as a whole.

The parameters of financial flows also serve as indicators of the well-being and sustainability of enterprises, indicate the effectiveness of logistics activities, and are necessary when planning and organizing relationships with counterparties. So, when drawing up the budget for the current year, they predict the amount of future revenues and necessary investments, calculate the indicators of profitability and profitability, which are used in the preparation financial reporting, substantiation of attracting investments and loans, conclusion of contracts and agreements.

Thus, financial flows perform a number of important functions for ensuring, accounting and coordinating the movement of resources in logistics processes. Financial parameters largely determine the economic viability of enterprises, stability in the market, and the strength of relationships with suppliers and consumers. It is difficult to overestimate the importance of financial flow management for logistics systems.

Basic requirements for the parameters of financial flows in logistics systems.

For the full and timely provision of logistics activities, the requirement of sufficiency must be met - financial resources must be available in the required amount and at the time of the need for them. To fulfill the requirement of compliance with flow parameters, when developing financial plans, they take into account the time and cost of purchasing and transporting equipment and materials, warehousing and production standards, marketing and distribution technologies.

The next important requirement is the reliability of sources of resources and the efficiency of attracting finance. To comply with it, they monitor the financial market conditions (interest rates on loans and deposits, the corporate and government securities market), select sources of minimum cost and risk, determine the sequence of inclusion of funding sources, identify possible problems attraction of resources.

Cost optimization - a fundamental requirement of any activity - is achieved by rationalizing the attraction and distribution of resources.

Another requirement that is very important for logistics is the consistency of financial, material, information and any other types of resource flows throughout the entire chain of product movement. Its implementation contributes to the rationalization of the use of resources and funds. Control over the consistency of threads allows you to achieve system-wide optimization of resource processes.

Efficiency is a requirement related to the external environment of the logistics system. Flow patterns should change flexibly and quickly when the economic and political situation, legal and market conditions. Due to the fact that the participants in the logistics process belong to different areas of production and circulation, the structure and composition of financial flows must be adaptive for each counterparty.

In order for the flows to meet the above requirements, they must be subject to control and corrective actions. In this case, the condition of interconnectedness of information and financial flows must be fulfilled. This is facilitated by the use of decision support information systems, the use of databases and corporate automation systems for the operational management of flow processes in logistics systems.

The environment for the circulation of financial flows - the financial environment - includes, as part of internal environment enterprises, and part of the external logistics environment. Elements of the financial environment are finances, sources and consumers of resources and financial flows associated with logistics relations.

The study of the financial environment is carried out for a specific logistics system. A number of parameters are determined: the value and significance of finance, the availability and liquidity of financial resources, the orderliness and controllability of the movement of finance, the number and competitiveness of sources and consumers of financial resources. When studying financial flows, it is necessary to choose the degree of their detail, determine the factors of influence of the external and internal environment on flow processes, and the possibilities of control actions.

The larger the logistics system, the more numerous and branched logistics chains in it, the more complex the schemes for the movement of financial flows. AT modern conditions As production, transport and distribution systems become more complex, the process of financial management becomes more complicated, and the task of structuring flows, determining their properties, factors of influence and impact becomes more urgent. To increase the transparency of flow processes in both elementary and complex logistics systems (international logistics systems, warehouse terminals and logistics distribution centers), it is necessary to have a clear understanding of the characteristics of flows.

Table 10.1 - Values ​​​​of indicators for assessing the cash flows of the company

With high capital costs, it is necessary to analyze the future return on these investments (in the form of profit and depreciation).

Liquid cash flow (LCF), or the change in the net credit position, is an indicator of the excess or deficit in the cash balance of an enterprise that occurs if all of its debt obligations are paid in full.

The formula for the calculation is as follows:

LDP \u003d (DK, + KK, - DS,) - (DKo + KK0 - TO),

Where DK - long-term loans at the end and beginning of the billing period, KK - short-term loans at the end and beginning of the billing period; DS0 - funds in cash on settlement, currency and other accounts at the end and beginning of the period.

In the absence of actually borrowed funds, this indicator is not informative.

The difference between the indicator of liquid cash flow and other liquidity meters (absolute, urgent and general) is that the latter reflect the ability of the enterprise to repay its obligations to external creditors. Liquid cash flow characterizes absolute value of funds received from the operational activities of the enterprise, therefore it is a more "internal" indicator expressing the effectiveness of its work. It is also important for potential investors and creditors of the enterprise.

The indicator of liquid cash flow includes the entire amount of borrowed funds and, as a result, shows the impact of loans and borrowings on the efficiency of the enterprise in terms of generating cash flow.

Estimation of the financial flow

The overall cash flow of the enterprise is mainly affected by the dynamics of sales proceeds, the economic profitability of assets and the amount of interest paid on borrowed funds. Change of net working capital mainly depends on the need for current assets and the volume of proceeds from the sale of products.

Cash flow in investment activities is most closely related to the need for fixed capital and long-term financial investments.

Cash flow in financial activities depends on specific gravity borrowed funds in liabilities, coverage of interest on loans and the average period of repayment of loans.

The actual values ​​of these coefficients for assessing the dynamics of cash flows for industrial countries are given in table. 10.2.

Table 10.2 - Values ​​​​of indicators for assessing cash flows

For example, with high capital costs, it is necessary to analyze the future return on these investments (in the form of profit and depreciation).

When studying cash flows, it is advisable to pay attention to the following:

1) by what amount the volume of capital investments differs from the depreciation accrued for the year. If real investments are lower than accruals, then this is a factor in saving and generating funds, but only in a short period of time. The excess of the amount of investments over accruals by 5-10% confirms that the company maintains its fixed assets in working order. In the case of a significant excess of capital investments over the sources of their coverage for a long time, there is a stable outflow of funds, which is also unfavorable for the enterprise;

2) what is the share of net profit left at the disposal of the enterprise in gross profit as a source of its development;

3) the increase in receivables must exceed the amount of new share capital plus retained earnings;

4) the amount of net working capital must cover at least 30% current assets and account for at least 50% of reserves and costs, which ensures the financial stability of the enterprise.

In practice, there are several reasons for the shortage of funds. However, the combination of a high share of borrowed funds in the liabilities side of the balance sheet (more than 60%) and a low return on assets with a negative cash flow balance are the most negative for the enterprise.

In addition to direct and indirect methods of measuring cash flows, there is the so-called liquid cash flow method, which allows you to quickly calculate the cash flow in the enterprise. This method can be used for express diagnostics of financial condition.