Analysis of turnover of current assets. Thesis: Analysis of the turnover of current assets and identification of reserves for the efficiency of their use Analysis of the organization's asset turnover indicators

Current assets- one of the resources without which the commercial activities of an enterprise are impossible. Calculation and analysis of indicators turnover current assets characterizing the effectiveness of managing this resource will be discussed in this article.

Current assets, their composition and indicators for analysis

Systematic analysis commercial activities enterprises as an element of effective management is based on calculating a number of indicators and normalizing their values. A comparison of actual and standard indicators allows us to identify various patterns in business processes, eliminate risks, and make management decisions in a timely and correct manner.

The main source of information for calculating analytical ratios is financial statements.

A significant part of the calculations is based on information about movement and balances current assets.

TO current assets The following types of enterprise assets include:

• inventories, including raw materials, supplies, goods for resale and goods shipped, finished products, deferred expenses;
• VAT on purchased assets;
• accounts receivable;
• financial investments;
• cash.

In accordance with PBU 4/99 “Accounting statements of an organization”, data on current assets enterprises are contained in section II of the balance sheet. Often in the literature you can find the terms “working capital” or “funds in circulation.”

Magnitude current assets used when calculating the following indicators:

• profitability;

• liquidity;

• financial stability.

Let's look in more detail at analysis turnover of current assets, which is one of the aspects characterizing the business activity of an enterprise.

Why do we need analysis of turnover of current assets?

Dynamics of indicators characterizing turnover working capital, is necessarily disclosed in the information accompanying the financial statements (clauses 31, 39 of PBU 4/99), as part of a group of coefficients that allow interested users of the financial statements to assess the financial stability, liquidity and business activity of the enterprise. Current assets and their fair valuation are subject to careful verification during the audit of financial statements.

Proper management of funds in circulation allows you to effectively attract credit sources to finance current activities. To assess the creditworthiness of an enterprise, banks use well-known indicators for assessing financial and economic activity. Based on the ranking of these indicators, the company is assigned a certain rating, which determines the terms of the loan, including the loan rate, the amount of collateral and the loan term. Current assets can also be used as collateral for loan obligations.

The presence of a system of analytical coefficients greatly facilitates the dialogue with tax authorities if it is necessary to explain the reasons for seasonal losses. Current assets may cause VAT deductions to exceed the amount of VAT accrued.

Let's consider the procedure for calculating turnover indicators.

Current assets turnover ratio

The turnover ratio shows how many times in the period under review current assets transformed into cash and back. The coefficient is calculated using the formula:

Cob = B / CCOA,

where: Kob is the turnover ratio of current assets ;

B - revenue for the year or other analyzed period;

SSOA - average cost current assets for the period of analysis.

You should pay attention to the calculation of the average cost current assets. In order to obtain the most correct value of the turnover ratio, it makes sense to divide the analyzed period into equal intervals and calculate the average cost using the following formula:

SSOA = (SOA0 / 2 + SOA1 + SOAn / 2) / (n - 1),

where: ССОА - average cost current assets for the period of analysis;

SOA0 is the balance of funds in circulation at the beginning of the analyzed period;

SOA1, SOАn - balance of funds in circulation at the end of each equal interval of the analyzed period;

n is the number of equal time periods in the analyzed period.

This method of calculating the average cost of funds in circulation will allow us to take into account seasonal fluctuations in balances, as well as the influence of external and internal factors.

However, the value of the calculated turnover ratio gives only general information about the state of business activity of the enterprise and is of no value for management without analyzing its dynamics and comparison with standard indicators.

Turnover of current assets: formula in days

The most informative indicator from the point of view of managing the commercial activities of an enterprise is the turnover of current assets in days or other units of time (weeks, months). This indicator can be calculated using the formula:

Ob = K_dn / Kob,

where: About - turnover in days;

K_dn — number of days in the analysis period;

Kob is the turnover ratio of current assets.

Standard values ​​of turnover in days and turnover ratio are established by the enterprise independently based on an analysis of a combination of factors, such as contract terms, industry characteristics, region of activity, etc.

Current assets have different structures depending on the type of activity. For example, if a company provides services and does not have inventories, the emphasis in the analysis of current asset turnover will be on accounts receivable. Effective management This type of funds in circulation will give the company the opportunity to release funds frozen in accounts receivable and thereby improve financial situation enterprises.

How to set a standard for accounts receivable turnover? It is necessary to compare the turnover of accounts receivable with the turnover of accounts payable. Economic effect from accounts receivable management will be higher, the greater the excess in days of accounts payable turnover over accounts receivable turnover.

Analysis of the dynamics of receivables turnover indicators will make it possible to identify negative trends in the event that debts that are impossible to collect appear in the receivables.

Results

Current assets Enterprises are a rapidly changing resource that reacts most acutely to changes in the external and internal business environment. Turnover indicators current assets are an important indicator of the effectiveness of the commercial activities of an enterprise.

(Table 12 of Appendix 1 )

The purpose of asset turnover analysis is to characterize the principles of working capital management of an enterprise and the existing general principles financing the production process.

The rate of asset turnover is directly related to return on equity indicators.

Turnover analysis includes a study of asset turnover (non-current and current), short-term liabilities and “pure cycle” analysis. The main indicator characterizing asset turnover is the turnover period - the duration of one turnover of an asset (liability) in days.

Table 15

Turnover

An analysis of the turnover of all assets of the enterprise showed an increase in the efficiency of using the property of the enterprise as a whole. The increase in the efficiency of use of property occurred due to an increase in the efficiency of use of non-current assets (increased turnover of non-current assets). In particular, the turnover period of non-current assets gradually decreased from 8926 days as of 10/01/04 to 1572 days as of 10/01/06. The turnover of non-current assets, accordingly, increased from 0.04 to 0.23. This fact confirms that the introduction of fixed assets in the period under review was “justified” by the increase in product sales volumes.

A similar situation occurred with current assets: the turnover period of current assets decreased from 23,563 days (04/01/2004) to 5580 days (01/01/2007). Accordingly, the turnover of current assets increased from 0.02 to 0.06.

The value of the cost cycle decreased from 21987.3 days to 5523.2 days as of October 1, 2006, which indicates a lower need for the enterprise to finance the production process.

Note that the larger the “cost cycle”, the more funds the enterprise requires to finance the current production activities of the enterprise. The reduction in the cost cycle indicates an improvement in the conditions for financing current production activities.

During the entire analyzed year, the turnover period of other current assets and the turnover of finished products have the largest share in the “cost cycle” - 43% and 24%, respectively, during the analyzed year. In other words, in the chain “inventories - work in progress - finished products in the warehouse - accounts receivable”, other current assets and finished products account for the maximum period for tying up funds.

The receivables turnover period is defined as the ratio of receivables to average daily sales revenue and reflects middle period payment of bills by customers. For OJSC Lesosibirsk LDK No. 1, the period of delay in payments from buyers is on average 2305.5 days or 6.3 years. Starting from January 1, 2007, all buyers from LLDK No. 1 paid.

The inventory turnover period is defined as the ratio of the average amount of inventory to the amount of consumed inventory. Volume of consumed reserves in in monetary terms is determined based on data on the cost of products sold for the period (Profit Statement, Table 2) minus depreciation charges and accrued wages for the period.

Throughout the year under review, the inventory turnover period remained virtually unchanged at 6 years for lumber and fibreboard. Thus, the warehouse of the LLDK No. 1 enterprise constantly contains a volume of reserves that covers the six-year need for materials with the planned production volume. However, this indicator decreased by 1861.1 and amounted to 1262.7 days (3.5 years) as of October 1, 2006.

The work in progress turnover period gives an idea of ​​the duration of the product production cycle.

The value of the indicator is defined as the ratio of the average value of work in progress to the cost of goods sold.

During the analyzed period, the turnover of work in progress decreased significantly and amounted to 720.5 days compared to 1764.7.

The turnover period of finished products characterizes the average period of time that finished products are in stock (shipment frequency) at current production and sales volumes. The value of the indicator is defined as the ratio of the average value of finished products to the sum of the cost of goods sold, commercial and administrative expenses.

During the study period, this indicator also decreased from 5381.7 to 724.2 days. This fact indicates a reduction in the shelf life of finished products in the warehouse, or a decrease in the average frequency of shipment of finished products to customers, which is associated with an increase in demand for manufactured goods or a decrease in the stock of goods.

Analysis of the turnover of short-term liabilities allows us to estimate the average duration of deferred payments that are provided to the company by its creditors. Short-term liabilities include accounts payable and stable liabilities (current debt to the budget and personnel).

The period of turnover of accounts payable characterizes the period of payment of invoices to suppliers by OJSC Lesosibirsk LDK No. 1 - the duration of the deferment period provided by suppliers. The value of the indicator is defined as the ratio of the average amount of accounts payable to the costs of sold products of the period minus depreciation and accrued wages.

During the analyzed period, the turnover of accounts payable decreased significantly from 471.5 days (01.10.04) to 228.4 (01.10.06), which characterizes the activity of the enterprise positively.

In addition, the turnover period of stable liabilities decreased:

Before budget and personnel from 492.4 to 123.1 (which is about 4.1 months);

The turnover of other short-term liabilities also decreased to 227.8 days compared to 2004 (943.8).

The sum of the turnover periods of the components of current liabilities is called the “credit cycle”. The greater the value of the “credit cycle”, the more effectively the enterprise uses the opportunity to obtain financial resources from participants in the production process - suppliers and buyers (provided that the company has no overdue debts to creditors, the budget, or personnel). The longer the “credit cycle”, the lower the cost of sources of financing current production activities.

During the study period, the “credit cycle” of OJSC “Lesosibirsk LDK No. 1” decreased from 1907.7 days to 579.2, the enterprise less effectively uses the opportunity to obtain financial resources from participants in the production process.

Thus, the enterprise has less stable terms of payments with suppliers (7.6 months) and less stable prepayments from buyers (4.1 months).

The difference between the cost and credit cycles is called the clean cycle. This indicator characterizes the organization of financing the production process.

From an economic point of view, the “clean cycle” is a part of the “cost cycle” that is not financed by direct participants in the production process. The higher the value of the indicator, the higher the enterprise’s need to finance current production activities from outside external sources(loans, increase in equity capital). This situation is unfavorable for financial condition enterprises.

A negative “net cycle” value would mean that loans from suppliers and buyers fully cover the enterprise’s need for working capital financing.

Over the period 01.10.04 - 01.10.06, the value of the “clean cycle” decreased significantly from 20079.6 to 4944.0 days. It should be noted that the value of the “pure cycle” is about 91% of the “cost cycle”, that is, only 9% of the need for financing current assets is financed through short-term liabilities - from sources arising during the production process. Available sources of financing (in the form of accounts payable, current debt to the budget, extra-budgetary funds, personnel) are sufficient to cover only 9% of the need.

Possible directions for reducing the “pure cycle” are a reduction in the “cost cycle” (which happened in this case), or (also) an increase in the “credit cycle” (however, in this case there was only a decline). The enterprise's credit cycle should be increased by increasing accounts payable (the average period for payment of supplier bills by the enterprise).

Thus, the reduction of the “clean cycle” should be built along the path of reducing the periods of turnover of elements current assets. The analysis showed that the reserve for reducing turnover periods is observed for the entire cost cycle ( inventories– 1861.1, work in progress – 1044.2, finished products and goods – 4657.5, accounts receivable – 1550.2, other current assets – 7351.2).

Turnover analysis is one of the leading areas of analytical study financial activities organizations. Based on the results of the analysis, assessments of business activity and the effectiveness of asset and/or capital funds management are made.

Today, the analysis of working capital turnover raises many disputes between practical economists and theoretical economists. This is the most vulnerable point in the entire technique. financial analysis activities of the organization.

What characterizes turnover analysis

The main purpose for which it is carried out is to assess whether the enterprise is able to make a profit by completing the “money-product-money” turnover. After the necessary calculations, the conditions for material supply, settlements with suppliers and customers, sales of manufactured products, etc. become clear.

So what is turnover?

This is an economic quantity that characterizes a certain time period during which complete circulation takes place. cash and the product, or the number of these requests for the allocated time period.

Thus, the turnover ratio, the formula of which is given below, is equal to three (the analyzed period is a year). This means that in a year of operation, an enterprise earns more money than the value of its assets (that is, they turn over three times in a year).

The calculations are simple:

K about = sales revenue / average assets.

It is often necessary to find out the number of days it takes to complete one revolution. To do this, the number of days (365) is divided by the turnover ratio for the analyzed year.

Commonly used turnover ratios

They are necessary to analyze the business activity of an organization. Fund turnover indicators show the intensity of use of liabilities or certain assets (the so-called turnover rate).

So, when analyzing turnover, the following turnover ratios are used:

Own capital of the enterprise,

Working capital assets,

Full assets

Inventories,

Debts to creditors,

Accounts receivable.

The higher the calculated total asset turnover ratio, the more intensively they work and the higher the indicator of business activity of the enterprise. Industry characteristics do not always have a positive effect on turnover. So, in trade organizations, through which large volumes of money pass, turnover will be high, while in capital-intensive enterprises it will be significantly lower.

When comparing the turnover ratios of two similar enterprises belonging to the same industry, you can see a difference, sometimes significant, in the efficiency of asset management.

If the analysis shows a high receivables turnover ratio, then there is reason to talk about significant efficiency in payment collection.

This coefficient characterizes the speed of movement of working capital, starting from the moment of receiving payment for material assets and ending with the return of funds for sold goods (services) to bank accounts. The amount of working capital is the difference between the total amount of working capital and the balance of funds in the bank accounts of the enterprise.

If the turnover rate increases with the same volume of goods (services) sold, the organization uses smaller amounts of working capital. From this we can conclude that material and financial resources will be used more efficiently. Thus, the working capital turnover ratio indicates the entire set of processes of economic activity, such as: a decrease in capital intensity, an increase in the rate of productivity growth, etc.

Factors influencing the acceleration of working capital turnover

These include:

Reducing the total time spent on the technological cycle,

Improvement of technology and production process,

Improving the supply and marketing of goods,

Transparent payment and settlement relations.

Money cycle

Or, as it is also called, working capital is the time period of cash turnover. Its beginning is the moment of acquisition labor force, materials, raw materials, etc. Its end is receiving money for goods sold or services provided. The value of this period shows how effective working capital management is.

Short cash cycle ( positive characteristic activities of the organization) makes it possible to quickly return funds invested in current assets. Many enterprises that have a strong position in the market, after analyzing their turnover, receive a negative working capital ratio. This is explained, for example, by the fact that such organizations have the opportunity to impose their conditions on both suppliers (receiving various payment deferrals) and customers (significantly reducing the payment period for the goods (services) supplied).

Inventory turnover

This is the process of replacement and/or complete (partial) renewal of inventory. It occurs through the transfer of material assets (that is, capital invested in them) from the inventory group to the production and/or sales process. Analysis of inventory turnover makes it clear how many times per billing period the remainder of the stock was used.

Inexperienced managers create excess reserves for reinsurance, without thinking that this excess leads to the “freezing” of funds, excess expenses and a decrease in profits.

Economists advise avoiding such deposits of inventories that have low turnover. And instead, by accelerating the turnover of goods (services), freeing up resources.

Inventory turnover ratio is one of the important criteria for assessing the activity of an enterprise

If the calculation shows a ratio that is too high (compared to averages or the previous period), this may indicate a significant shortage of inventory. If on the contrary, then the stocks of goods are not in demand or are very large.

It is possible to obtain a characteristic of the mobility of funds invested in the creation of inventories only by calculating the inventory turnover ratio. And the higher the business activity of the organization, the faster the funds are returned in the form of proceeds from the sale of goods (services) to the accounts of the enterprise.

There are no generally accepted standards for the cash turnover ratio. They are analyzed within one industry, and the ideal option is in the dynamics of a single enterprise. Even the slightest decrease in this ratio indicates excess inventory accumulation, ineffective warehouse management, or the accumulation of unusable or obsolete materials. On the other hand, a high indicator does not always characterize the business activity of an enterprise well. Sometimes this indicates depletion of reserves, which can cause disruptions in the process.

It affects inventory turnover and the activities of the organization's marketing department, since high profitability of sales entails a low turnover ratio.

Accounts receivable turnover

This ratio characterizes the speed of repayment of accounts receivable, that is, it shows how quickly the organization receives payment for goods (services) sold.

It is calculated for a single period, most often a year. And it shows how many times the organization received payments for products in the amount of the average debt balance. It also characterizes the policy of selling on credit and the effectiveness of working with customers, that is, how effectively receivables are collected.

The accounts receivable turnover ratio does not have standards and norms, since it depends on the industry and technological features production. But in any case, the higher it is, the faster the receivables are covered. At the same time, the efficiency of an enterprise is not always accompanied by high turnover. For example, sales of products on credit result in a high accounts receivable balance, while its turnover rate is low.

Accounts payable turnover

This ratio shows the relationship between the amount of money that needs to be paid to creditors (suppliers) by the agreed date and the amount spent on purchases or on the purchase of goods (services). Calculation of accounts payable turnover makes it clear how many times its average value was repaid during the analyzed period.

Financial stability and solvency are reduced with a high share of accounts payable. At the same time, it gives you the opportunity to use “free” money for the entire duration of its existence.

The calculation is simple

The benefit is calculated as follows: the difference between the amount of interest on a loan equal to the amount of debt (that is, a hypothetically taken loan) for the time it is on the organization’s balance sheet, and the volume of accounts payable itself.

A positive factor in the activity of an enterprise is considered to be the excess of the accounts receivable ratio over the accounts payable turnover ratio. Lenders prefer a higher turnover ratio, but it is beneficial for the company to keep this ratio at a lower level. After all, unpaid amounts of accounts payable are a free source for financing the current activities of the organization.

Resource efficiency, or asset turnover

Makes it possible to calculate the number of capital turnover for a particular period. This coefficient turnover, the formula exists in two versions, characterizes the use of all assets of the organization, regardless of the sources of their receipt. An important fact is that only by determining the resource efficiency ratio can one see how many rubles of profit accrue for each ruble invested in assets.

The asset turnover ratio is equal to the quotient of revenue divided by the value of assets on average for the year. If you need to calculate turnover in days, then the number of days in a year must be divided by the asset turnover ratio.

The leading indicators for this category of turnover are the period and speed of turnover. The latter is the number of capital turnover of the organization over a certain period of time. This period is understood as the average period during which the return of funds invested in the production of goods or services occurs.

Asset turnover analysis is not based on any norms. But the fact that in capital-intensive industries the turnover ratio is significantly lower than, for example, in the service sector is definitely understandable.

Low turnover may indicate insufficient efficiency in working with assets. Do not forget that sales profitability standards also affect this category of turnover. Thus, high profitability entails a decrease in asset turnover. And vice versa.

Equity turnover

It is calculated to determine the rate of equity capital of an organization for a particular period.

Capital turnover own funds organization is designed to characterize various aspects financial activity enterprises. For example, from an economic point of view, this coefficient characterizes the activity of the monetary turnover of invested capital, from a financial point of view - the speed of one turnover of invested funds, and from a commercial point of view - excess or insufficient sales.

If this indicator shows a significant excess of the level of sales of goods (services) over invested funds, then, as a consequence, an increase in credit resources will begin, which, in turn, makes it possible to reach a limit beyond which the activity of creditors increases. In this case, the ratio of liabilities to equity increases and credit risk increases. And this entails the inability to pay these obligations.

Low capital turnover of own funds indicates their insufficient investment in the production process.

The financial condition of any organization is directly dependent on asset turnover, i.e. on how quickly funds invested in assets turn into money.

Selected species assets of the organization have different speed turnover. Non-current assets (intangible assets, fixed assets, construction in progress, long-term financial investments, etc.) have the longest turnover period. All other assets, called current and intended for sale or consumption, can repeatedly change their form (tangible to monetary, and vice versa) within one year or one operating cycle (if it exceeds one year).

Operating cycle- the average period of time between the moment of procurement of material assets and the moment of payment for sold products (works, services).

The duration of funds being in circulation is influenced by a combination of external and internal factors.

TO external factors include:

- scope of activity of the organization (for example, a trading organization has a higher turnover rate than an organization engaged in production activities);

- industry affiliation (organizations engaged in different industries, have different operating cycle lengths. In particular, confectionery factory will objectively have a higher asset turnover compared to a machine-building enterprise);

- scale (as a rule, in small enterprises the turnover of funds is higher than in large enterprises, since the former are mainly engaged in the trade or service sector);

- socio-economic factors (economic, demographic situation in the country, level of development of foreign economic relations). In the context of inflation, leading to rising prices for consumed goods, many enterprises make excessive purchases of raw materials and materials, trying to protect themselves from more expensive purchases in the future, but ultimately the consequences of such a policy turn out to be extremely negative (accumulation of inventories, increased storage costs, growth losses due to damage, uncontrolled use and slowdown in asset turnover in general).

Internal factors characterized by the effectiveness of asset management policies, including the choice of asset valuation methods, planning of inventory balances, accounts receivable; cash, system internal control for their condition and use, etc.

The analysis begins with the calculation and assessment of the dynamics of turnover of all capital ( total assets) and current assets. For this purpose, data is used not only from the Balance Sheet, but also from the Statement of Financial Results.

To assess asset turnover, the following are used: indicators:

1) capital turnover ratio (total assets) or capital productivity in turnover (L CA):

where, N – revenue from sales of goods, products, works, services;

Average annual value of total assets (capital);

n.g. – beginning of the year;

k.g. - end of the year.

2) the turnover ratio of current assets in turnover (L OA);

where, is the average annual cost of current assets;

3) Average period of capital turnover (total assets) in days (P SA);

4) Average turnover period of current assets in days (P OA);

Average annual value assets can be calculated using the arithmetic mean formula (this is the simplest method):

where O n.g. , About k.g. - balances of current assets at the beginning and end of the year, respectively.

The next stage of the analysis is to study inventory turnover. It is advisable to carry out such an analysis not only in general for the entire set of inventories, but also in the context of their individual types (inventory inventories, work in progress, finished products, etc.). Since inventories are reflected in the Balance Sheet at the cost of their procurement (purchase) or at cost, and not at sales prices, to calculate inventory turnover indicators, not sales revenue is used, but the cost of goods, products, works, services sold (S n). In this case, the following indicators are calculated:

1) inventory turnover in revolutions (L h):

where, is the average annual inventory balance.

2) average shelf life of inventories in days (P Z);

At the next stage of analysis, it is important to determine how the current dynamics of inventory balances and their structure affected the turnover of these organizational assets. The inventory turnover indicators listed above are analyzed over time (for the previous and reporting year), and the factors that caused their changes are identified.

Generally factor analysis allows you to identify ways to accelerate the turnover of assets (capital) of the organization. These include:

1. optimization of pricing policy, as a result of which the organization can increase sales revenue and the flow of money from customers;

2. improving the asset structure;

3. selection and use of optimal methods for assessing inventories and calculating depreciation on non-current assets;

4. improving the quality of products and searching for new markets for their sales;

5. tightening control over the condition of inventories, accounts receivable and other assets;

6. planning of inventory balances, cash receivables, etc.

The balance sheet is an important source of complete and reliable information about the financial and economic activities of an organization. However, in order to draw a conclusion about the dynamics of its financial and economic activities, it is necessary to analyze the efficiency of using assets and identify the state of profitability of the organization, since these indicators indicate a change in the efficiency of the organization.

Factors influencing asset turnover. The financial position of an organization is directly dependent on how quickly funds invested in assets turn into real money.

The duration of funds in circulation is determined by the cumulative influence of a number of multidirectional external and internal factors. To the number external factors The scope of the enterprise’s activity (production, supply and sales, intermediary, etc.), industry affiliation, and size of the enterprise should be included. The economic situation in the country has a decisive influence on the turnover of an organization’s assets. The severance of economic ties and inflationary processes lead to the accumulation of reserves, which significantly slows down the process of turnover of funds.

Internal factors are pricing policy organization, formation of the asset structure, choice of methodology for assessing inventories.

Asset turnover. IN general view turnover rate of the organization's assets determined using the formula

K ob.f = Revenue from sales / Average value assets.

The turnover of current assets is determined by the formula:

To ob.ob.a = Sales revenue / Average value of current assets

The source of information on the amount of revenue is the Profit and Loss Statement (form No. 2).

The average value of assets according to the balance sheet is determined by the formula

(He + Ok) / 2

where He and Ok are the value of assets at the beginning and end of the period, respectively.

After this, the duration of one revolution is determined in

days: 360 / Cob.ob.a

Let us present the calculation of asset turnover in the analyzed organization (Table 2).

The higher the sales volume, the more efficiently the assets are used, the faster they turn over. We can say that all assets “turned around” during the sale 0.65 times, and current assets - 1.798 times.

The duration of turnover of all assets was 554 days, and of current assets - 200 days.

Table 2.

Asset turnover, (thousand rubles)

Accounts receivable turnover. Accounts receivable and inventories are used in the calculations of solvency, liquidity, and net working capital indicators. Depending on how quickly they turn into cash, the financial position of the organization and its solvency are determined.

Since significant specific gravity receivables are part of current assets, then an analysis of its condition is required. High growth rates of accounts receivable for payments for goods, works and services, for bills of exchange received (absent in the example under consideration) may indicate that the organization is actively using the strategy of commodity loans for consumers of its products. By lending to them, she actually shares part of her income with them. At the same time, when an organization’s payments are delayed, it is forced to take out loans to support its business activities, increasing its own accounts payable.

To assess the status of accounts receivable, the following indicators are used:

Turnover

• 1. accounts receivable = Sales revenue / Average accounts receivable, where Average where accounts receivable = (Debit, debt at the beginning of the transfer + Debit, debt at the end of the transfer) / 2
• 2. Receivables repayment period = 360 / Receivables turnover
• 3. The share of accounts receivable in current assets = Accounts receivable / Current assets x 100.
• 4. Share of doubtful accounts receivable = Doubtful accounts receivable / Accounts receivable x 100.

The last indicator characterizes the “quality” of receivables. Its upward trend indicates a decrease in liquidity.

Let's calculate these indicators for our example (Table 3).

Table 2.

Quality of accounts receivable, (thousand rubles)

The share of receivables in current assets has increased, which is typical for Russian organizations currently. The receivables turnover was 6.95 times, or 52 days. The higher this indicator, the faster receivables turn into cash. When analyzing it, it is advisable to consider it in dynamics.

For a more in-depth analysis of the organization’s receivables, it is necessary to additionally request its decoding indicating information about each debtor, the amount of receivables and the timing of their repayment. At the same time, the main task of the subsequent analysis of receivables is to assess its liquidity, i.e. assessment of the organization's debt repayment.

• * control over the status of settlements with customers for deferred (overdue) debts;
• * expanding the circle of buyers in order to reduce losses from non-payment by one or more large buyers;
• * control over the ratio of receivables and payables (with a significant excess of receivables, a threat to the financial stability of the organization arises);
• * providing discounts to customers for early payment, which partially compensates for losses from inflation.

Inventory turnover. Replenishment of the organization's cash depends on the turnover of inventories. Inventory turnover is assessed for each type of inventory (inventory, finished goods, goods, etc.). Since production inventories are accounted for at the cost of their procurement (purchase), to calculate the inventory turnover ratio, not sales proceeds are used, but the cost of products sold. To estimate the rate of inventory turnover, the formula is used

Inventory turnover ratio = Cost of goods sold / Average inventory, where

Average inventory = 9 Inventory balances at the beginning. lane + Remaining stocks at the con. lane) / 2

The shelf life of inventories is determined by the formula

Inventory shelf life = 360 / Turnover commodity-material stocks.

In the example under consideration, inventories at the beginning of the year amounted to 32,380 thousand rubles, and at the end - 45,840 thousand rubles. Cost of products sold -- 94,640 thousand rubles. (82,360 thousand rubles + 12,280 thousand rubles - form No. 2) Consequently, the inventory turnover was 2.42 times, and the shelf life of inventories was about 149 days. Such an analysis must be carried out over time.

For normal production and sales of products, inventories must be optimal. Having smaller but more mobile inventories means that less of the organization's cash is in inventory. The accumulation of inventories is evidence of a decline in the organization’s activity in the production and sale of products.