Figurative flow can be represented as a system of "financial blood circulation" of the enterprise's economic body. Effectively organized cash flows of the enterprise are the most important symptom of its "financial health", the prerequisite for the achievement of high end results of it economic activity generally.

Cash control is not just a survival management, but a dynamic capital management, taking into account the change in time. In the process of circuit coverages Inevitably change its functional form and as a result of the sale of finished products turn into funds. Cash is mainly stored on the estimated (current) account of the enterprise in the bank, since a significant part of the calculations between business entities is carried out in non-cash. In small amounts, cash is at the enterprise's cash desk. In addition, customer funds can be in letters of credit and other forms of settlements until their end.

Thus, the amount of money taken into account in current assets includes: cash desk, accounting account, currency account, other funds, as well as short-term financial investments.

Cash - These are the most liquid assets that in a certain amount should be constantly present in the composition of working capital, otherwise the enterprise will be recognized as insolvent.

Cash management is carried out using cash flow forecasting, i.e. Receipts (tributaries) and use (outflow) of cash. The definition of cash tributaries and outflows in conditions of instability and inflation can be quite difficult and not enough, especially for the fiscal year.

The magnitude of the alleged cash receipts from the sale of products is calculated taking into account the average payment of bills and sales on credit. The change is also taken into account accounts receivable Over the elected period, which can increase or reduce the flow of money. In addition, the influence of non-union operations and other revenues is determined.

In parallel, the outflow of money is predicted, i.e. Estimated bills of accounts for received goods (services), mainly repayment of accounts payable. Payments to the budget, tax authorities, dividend payments, interest, wages of employees of enterprises, possible investments and other expenses are envisaged.

As a result, the difference between the inflow and the outflow of funds is determined - a net cash flow with a plus or minus. If the amount of outflow is greater, then the magnitude of short-term financing in the form of a bank loan or other revenues is calculated to ensure the predicted cash flow.

The forecast of the expected receipts and payments is made in the form of analytical tables with a breakdown by months or quarters. Based on the magnitude of net cash flows, necessary measures are taken to optimize cash management.

Analysis and cash flow management make it possible to determine its optimal level, the ability of the company to pay current obligations and carry out investment activities. From the effectiveness of cash management depend financial condition Companies and the ability to quickly adapt in cases of unforeseen changes in the financial market.

Cash flow management is part of financial management and is carried out within the framework of the financial policy of the enterprise, understood as the overall financial ideology, which the company adheres to to achieve the general economic goal of its activities. The task of financial policies is to build an effective financial management system that ensures the achievement of the strategic and tactical goals of the enterprise.

In the activities of any enterprise, the three most important financial indicators are:

1) revenue from sales;

2) profit;

3) cash flow.

The combination of the values \u200b\u200bof these indicators and trends of their change characterizes the efficiency of the enterprise and its main problems.

Consider what the difference between cash flow from profit.

Revenue - Account income from the sale of products or services for this period, reflecting both monetary and non-monetary forms of income.

Profit - The difference between accommodation received from sales and expenses accrued on the products implemented.

Cash flow - The difference between all the received and paid by the company in cash for a certain period.

Cash flow The enterprises are a combination of money distributed in the time and cash payments generated by its economic activities.

The difference between the amount of profit and cash values \u200b\u200bis as follows:

- Profit reflects cash and non-cash income, taken into account for a certain period, which does not coincide with the real flow of funds;

- Profit is recognized after the sale, and not after the receipt of funds;

- when calculating profit, the costs of the production of products are recognized after its implementation, and not at the time of their payment;

- The cash flow reflects the cash flow, which are not taken into account when calculating profits: depreciation, capital expenditures, taxes, fines, debt payments and a net amount of debt, borrowed and advanced funds.

Cash is the most liquid part of working capital. This is what is used to pay for all obligations. Cash flow control is closely associated with a strategy for an increase in the company's market value, since the company's market value or asset depends on how much an investor is ready to pay for them, which, in turn, depends on which cash flow and risks will bring an asset or company to the investor in future.

Thus, the market value of the asset or company is determined by:

- cash flow generated by asset or company in the future;

- distribution in the time of this cash flow;

- Risks associated with the generated cash flow.

Financial resources related to the distribution area are an important element of reproduction and constitute the basis of the management system of material and cash flows of the enterprise. The financial resources of the enterprise are in constant motion, which is managed and carried out within the framework of financial management. In turn, cash flows of the enterprise are a movement (tributarflows and outflows) of funds on the calculated, currency and other accounts and at the enterprise's office in the process of its economic activity, in the aggregate to constitute its money turnover. In this regard, the pace strategic development And the financial stability of the enterprise is largely determined by how functions and outflows of funds are synchronized between themselves in time and in terms of volumes, since a high level of such synchronization contributes to the accelerated implementation of the selected goals.

Indeed, the rational formation of cash flows ensures the rhythm of the operating cycle of the enterprise and the growth of production and sales volumes. At the same time, any violation of the payment discipline adversely affects the formation of production reserves of raw materials and materials, the level of labor productivity, the sale of finished products, the position of the enterprise in the market, etc. Even with enterprises that successfully operate in the market and generating a sufficient amount of profit, insolvency can occur as a consequence of the unbalanced times of personal types of cash flows in time.

An important factor in accelerating the turnover of capital enterprises is cash flow management. This is due to the reduction in the duration of the operational cycle, more economical use of its own and reduce the need for currency sources. Consequently, the efficiency of the enterprise is completely dependent on the organization of the cash flow management system. This system is created to ensure the implementation of short-term and strategic plans of the enterprise, conservation of solvency and financial Sustainability, more rational use of its assets and sources of financing, as well as minimizing costs of financing economic activities.

The concept of "cash flow of the enterprise" includes numerous types of these streams, and to ensure effective management They need a classification.

On the scale of maintenance of the economic process

- cash flow on the enterprise as a whole - the most aggregated type of cash flow, which accumulates all types of cash flows serving the economic process of the enterprise as a whole;

- cash flow on certain types of business activities of the enterprise - the result of the differentiation of the aggregate cash flow of the enterprise in the context of certain types of its economic activity;

- cash flow on individual structural units (centers of responsibility) - determines the enterprise as an independent object of management in the system of organizational and economic construction of the enterprise;

- The cash flow on individual economic operations is considered as the primary object of self-control.

By type of economic activity In accordance with international accounting standards, the following types of cash flows are distinguished:

- cash flow on operating activities - is characterized by cash payments to suppliers of raw materials and materials; third-party performers of certain types of services providing operational activities; wages personnel employed in the operating process, as well as managing this process; tax payments of the enterprise in budgets of all levels and extrabudgetary funds; Other payments associated with the implementation of the operational process. At the same time, this type of cash flow reflects cash receipts from product buyers; from tax authorities in the order of recalculation of unnecessarily paid amounts and some other payments provided for by international accounting standards;

- cash flow on investment activities - characterizes payments and receipts of funds related to the implementation of real and financial investments, selling out the departure of fixed assets and intangible assets, the rotation of long-term financial instruments of the investment portfolio and other similar streams of funds serving the investment activity of the enterprise;

- cash flow on financial activities - characterizes the receipt and payment of funds related to the involvement of additional joint-stock and share capital, obtaining long-term and short-term loans and loans, payment of dividends and interest on the deposits of owners and some other cash flows associated with the implementation External financing of economic activities of the enterprise.

The characteristic of the main cash flows on certain types of business activities of the enterprise as part of its total cash flow is presented in Table. 2.1.

In the direction of cash flow Severe two main types of cash flows:

1) Positive - characterizing the combination of cash receipts on the enterprise from all types of economic operations (as analogue of this term is used by the term "cash flow");

2) Negative - determines the set of cash payments by an enterprise in the process of carrying out all types of its economic operations (as analogue of this term, the term "cash outflow" is used).

The insufficiency of volumes in time of one of these streams determine the subsequent reduction in the volume of other types of these streams. In the system of cash flow control system, both of these types of cash flows are a single (integrated) object of financial management.

Table 2.1.Money flow components

According to the calculus method

- gross - characterizes the entire set of receipts or spending of funds in the period under consideration in the context of its individual intervals;

- Clean - determines the difference between positive and negative cash flows (between the receipt and spending of money) in the period under consideration in the context of its individual intervals. Net cash flow is the most important result of the financial activity of the enterprise, largely determining the financial equilibrium and the rates of increasing its market value. The calculation of net cash flow on the enterprise as a whole, by the individual structural divisions (centers of responsibility), various types of economic activity or individual economic operations is carried out according to the following formula:

CDP \u003d PDP - OPE,

where CHDP is the amount of pure cash flow in the period under consideration; PDP - the sum of the positive cash flow (cash receipts) in the period under consideration; ADP - the sum of the negative cash flow (cash spending) in the period under consideration.

Depending on the ratio of the volumes of positive and negative streams, the sum of the net cash flow can be characterized by both positive and negative values \u200b\u200bdetermining the final result of the relevant economic activity of the enterprise and influence the end of the formation of the residue of its cash assets.

In terms of sufficiency of volume Allocate the following types of cash flows of the enterprise:

- Excessive - characterizes such a cash flow, in which money receipts significantly exceed the real need of an enterprise in targeted spending. Evidence of excessive cash flow is a high positive amount of pure cash flow undertaken in the process of implementing the economic activity of the enterprise;

- Deficient - determines such a cash flow at which cash flow is significantly lower than the real needs of the enterprise in targeted spending. Even with a positive value of the amount of pure cash flow, it can be characterized as a deficient if this amount does not provide a planned need for cash expenditure in all the areas of economic activity of the enterprise. The negative value of the amount of pure cash flow automatically makes this stream of deficit.

According to the method of assessment in time Allocate the following types of cash flows:

- real - characterizes the cash flow of the enterprise as a single comparable amount of its value given in value to current moment time;

- Future - determines the cash flow of the enterprise as a single comparable amount of its value, summarized to a specific time of time. The concept of "future cash flow" can be used as a nominal value in the upcoming time (or in the context of the upcoming intervals of the future period), which is used for discounting in order to bring to this cost.

On the continuity of the formation in the period under consideration distinguish the following types of cash flows of the enterprise:

- Regular - characterizes the flow of receipt or spending of funds for individual economic operations (monetary streams of one species), which in the period under consideration is carried out constantly at certain intervals of this period. This species have most cash flows generated by the operating activities of the enterprise: streams related to the service of financial credit in all its forms; cash flows that ensure the implementation of long-term real investment projects, etc.;

- Discrete - determines the receipt or spending of funds related to the implementation of single economic operations of the enterprise in the period under consideration. The nature of the discrete cash flow carries one-time spending of funds related to the acquisition by the enterprise of a holistic property complex, the purchase of a franchise license, the receipt of financial resources in order of gratuitous assistance, etc.

With a certain minimum time interval, all cash flows of the enterprise can be considered as discrete, and, on the contrary, within the framework of the enterprise's life cycle, a regular part of its cash flows is regular.

In the stability of time intervals Forming Regular cash flows are characterized by the following types:

- regular cash flow with uniform temporal intervals within the framework of the period under consideration - is the nature of the annuity;

- Regular cash flow with uneven temporal intervals under the period under consideration - a schedule of leasing payments for leased property with agreed parties with uneven intervals of their implementation during the term of leasing asset.

On liquidity or change of the net credit position of the enterprise for a certain period Allocate the following types of cash flows:

- Liquid - is one of the indicators, with the help of which the change in the financial situation of the enterprise in time and characterize the change in the net credit position of the enterprise during the period. At the same time a net credit position - This is a positive difference between the amount of loans received by the enterprise and the amount of funds;

- Nonyliquid - characterized by a negative change in the net credit position of the enterprise during the period. At the same time, under a net credit position, they understand the negative difference between the amount of loans received by the enterprise, and the amount of funds.

When solving the question of the possibility of issuing short-term loans, the Bank is interested in the liquidity of the company's assets and its ability to generate funds necessary for loan payments.

Liquid cash flow is closely related to the financial lever indicator, which characterizes the limit to which the activities of the enterprise can be improved by bank loans. Liquid cash flow calculated by the formula

LDP \u003d - [(DKK + KKK - DSC) - (DKN + KKN - DSN)],

where LDP is liquid cash flow; DKK, DKN - long-term loans, respectively, at the end and beginning of the period; KKK, KKN - short-term loans, respectively, at the end and beginning of the period; DSC, DSN - cash, respectively, at the end and beginning of the period.

According to the features of alternation of tributaries and outflows in time Cash streams can be:

- Relevant - in them the flow with a minus sign is changing to flow with a "plus" sign once. Relevant cash flows are characteristic of standard, typical and easiest investment projects in which the initial investment stage of capital, i.e. Cash outlet, follow long arrivals, i.e. cash flow;

- irrelevant - for them it is characteristic of the situation when the outflow and inflow of capital alternate.

By the nature of balancedness

- on gently balanced - Based on the balance of the deficient flow in the long term, when the deficitment of investment activity is overcome outside of one fiscal year, flows on operating and financial activities are being subordinate to this. This type of balance is associated with the investment focus of the company;

- rigidly balanced - Based on the balance of the deficient flow in the short term on the system of "acceleration of drawing money - deceleration of cash payments", when within one fiscal year, a stream deficiency on operating activities as the main activity is overcome and short-term financial and investment activities are subject to this. This type of balance is associated with maintaining current financial stability, solvency and liquidity, focused on short investments of speculative nature.

By the degree of riskiness Cash flows are:

- Highly adjusted - There are a stream of innovative projects, especially in the initial stage of their life cycle, which is associated with risky investments in innovation. At the same time, the highest riskiness of cash flows is observed in financial and investment activities before passing a payback point or return of investment of the project, and less riskiness - at the operating room;

- Low-classified - There are traditional activities of the company, especially during the peak period of the life cycle, which is associated with the stable generation of high income in the period of "removal of cream on the market". At the same time, the low riskiness of cash flows is observed in operating activities.

By forecasteability Allocate the following types of cash flows:

- Forecast - When the company's activities are carried out in a relatively stable financial and economic and political environment, many external negative factors are neutralized, and internal factors are predicted on the history of sustainable development in the framework of representative statistical samples, i.e. systematic risks are neutralized by government policies, and technical internal risks are predicted with a high degree of probability;

- unpredictable - When the activities of the company are carried out in an unstable financial and economic and political environment, many external negative factors show themselves as uncertainties, and internal factors are projected due to non-presentative statistical samples by expert methods, i.e. Systematic risks have a high level of uncertainty and are almost not projected due to the crisis of government stabilization policy, and technical internal risks are predicted with a low degree of probability.

By manageability Cash streams can be:

- manageable - represent the dominance of those cash tributaries and outflows that can be managed by a firm, carrying out more active operational and passive financial and investment activity in such a way as to develop on the basis of self-sufficiency and self-financing, i.e. financially independent and independent development of the company at the expense of their internal reserves;

- uncontrollable - represent the dominance of those cash tributaries and outlines that cannot be managed by the company carrying out active financial and investment activities in mainly in order to develop on the basis of large-scale external borrowing for meager eigenvalues \u200b\u200band internal reserves, i.e. Financially dependent development of the company at the expense of other people - with big debts and small equity.

By controllability Cash flows divide:

- on controlled - The flow, tributaries and outflows of which are predicting and control, whose balance is formed with the most insignificant deviation from the planned level, i.e. "Plan - Fact - Deviation" Minimum on Interim and Final Financial Results;

- uncontrollable - The flow, tributaries and outflows of which are not amenable to forecasting and control, the flow balance is formed with a significant deviation from the planned level, i.e. "Plan is a fact - deviation" as in the intermediate and final financial results.

If possible synchronization Cash flows are:

- synchronized - The flow in which the inflows are consistent with the time of outflows at a time period, taking into account seasonal and cyclic differences in the receipt and spending of money in such a way that the correlation level is ensured between positive and negative cash flows in the desire to "+1" value;

- incombustible - A stream in which the inflows are not consistent with the time of outflows at the time period due to significant seasonal and cyclic differences in the receipts and spending of money in such a way that it turns out a significant reduction in the level of correlation between positive and negative cash flows, the correlation is negligible, which can mean Her absence.

If possible, optimization Distinguish cash flows:

- Optimizable - The flow, tributaries and outflows of which are leaable and synchronization over time, smoothing the volume of inflows and outflows in the context of certain time period intervals with the elimination of the significant effect of seasonal and cyclic changes in the formation of flows, when the average cash balances meet the averaged financial needs of the company;

- Non-optimized - the flow, the tributaries and the outflows of which are not amenable to alignment and synchronization over time, the volume of inflows and outflows are not smoothed in the context of certain intervals of the time period due to the significant effect of seasonal and cyclic changes in the formation of flows, when the average balances of cash do not correspond to a large extent averaged Financial needs of the company.

In efficiency in relation to profitability indicators Cash flows divide:

- on effective - the stream, the soft balance of which simultaneously contributes to the growth of profitability, especially the profitability of equity in such a way that the company's steady increase is ensured, and financial stability and profitability indicators are improved simultaneously;

- ineffective but balanced - The stream, the rigid balance of which occurs due to a decrease or loss of profitability, especially profitability of equity in such a way that there is a chronic unprofitability after covering current liabilities, and an indicator of strengthening current financial sustainability, solvency, liquidity improves costs of profitability.

The considered classification allows you to more purposefully carry out accounting, analysis and planning of cash flows of various types in the enterprise.

The main task of analyzing cash flows is to identify the reasons for the lack (excess) of funds, determining the sources of their income and use directions.

According to the results of the analysis of cash flows, it is possible to conclude on the following issues:

1) in which volume and from which sources a cash and what are the main directions of their spending;

2) whether an enterprise is capable of carrying out current activities to ensure the excess of cash receipts on payments and how stable such an excess;

3) whether the company is able to pay on its current obligations;

4) is it sufficiently received by the company's profit to meet its current need for money;

5) Is the enterprise's own funds enough for investment activities;

6) What is explained by the difference between the amount of profit gained and the amount of money.

An analysis of the types of cash flows of the enterprise involves their identification on certain types and the definition of the total amount of cash flows of specific species in the period under consideration.

Analysis of cash flows includes a system of basic indicators characterizing the amount of considerable cash flows of the enterprise:

- the volume of cash receipt;

- the amount of cash spending;

- the volume of cash balances at the beginning and end of the period under consideration;

- volume of pure cash flow;

- Distribution of the total amount of cash flows of specific species in certain intervals of the period under consideration. The number and duration of such intervals is determined by the specific tasks of analysis or cash flow planning;

- Evaluation of the factors of internal and external nature affecting the formation of cash flows of the enterprise.

The most important indicator is the value of the cash flow from the main activity. It is necessary that the amounts of funds are enough for at least to cover all expenses related to the production and sale of products.

The main purpose of analyzing the cash flow of an enterprise in the previous period is to identify the level of sufficiency of funds for money, the effectiveness of their use, as well as the balance of the positive and negative cash flow of the enterprise in terms of volume and in time. Analysis of cash flows is carried out on the enterprise as a whole, in the context of the main types of its economic activities, according to individual structural divisions (responsibility centers).

There are direct and indirect methods for calculating pure flow.

Analysis of the cash flow report (ODD) makes it possible to deepen significantly and adjust the conclusions regarding the liquidity and solvency of the organization, its future financial potential obtained by pre-based on static indicators during the traditional financial analysis.

The main objective of ODDS is to provide information on changes in the amount of funds and their equivalents to characterize the ability of the organization to generate money.

Monetary flows of the organization are classified in the context of current, investment and financial activities. ODD shows the movement of the amount of funds, taking into account changes in the structure of cash tributaries and outflows, taking into account balance of residues at the beginning and end of the period, which allows to determine the ability of the organization to maintain and generate a net cash flow, i.e. Exceeding the amount of cash tributaries over the amount of cash outlines, taking into account balance of residues. The balance balance allows you to manage liquidity, solvency and financial stability of the organization. Direct method of calculationbased on the analysis of cash flow in the enterprise's accounts:

- allows to show the main sources of inflow and directions of cash outflow;

- makes it possible to make operational conclusions regarding the adequacy of funds for payments for current obligations;

- establishes the relationship between the implementation and cash revenue for the reporting period.

The direct method is aimed at obtaining data characterizing both gross and net cash flow of the enterprise in the reporting period. It is intended to reflect the entire volume of receipt and spending of funds in the context of certain types of economic activities and on the enterprise as a whole. The differences in the results of the calculation of cash flows obtained by the direct and indirect method are only related to the operating activities of the enterprise. Using direct method Calculation of cash flows are used direct data. accountingcharacterizing all types of cash flow and spending.

The fundamental formula for which the amount of pure cash flow on the operating activities of the enterprise (CDPO) by the direct method is as follows:

CDPO \u003d RP + PPO - ZTM - ZPO.P - ZPA - NBB - NPV.F - Air Defense,

where RP is the amount of funds derived from the sale of products; PPO - the amount of other cash receipts in the process of operating activities; ZTM - the amount of funds paid for the acquisition of commodity and material values \u200b\u200b- raw materials, materials and semi-finished products from suppliers; ZPO.P - the amount of wages paid to the operational personnel; ZPAU - the amount of wages paid to the administrative and management personnel; NPB - the amount of tax payments listed in the budget; NPV.F - the amount of tax payments listed in extrabudgetary funds; Air Defense - the amount of other cash payments in the process of operating activities.

Calculations of the amount of net cash flow of an enterprise on investment and financial activities, as well as on the enterprise as a whole are carried out according to the same algorithms as with an indirect method.

The results of the calculations are reflected in Table. 2.2.

In accordance with the principles of international accounting, the method of calculating cash flows, the company chooses independently, but the direct method looks preferable to obtain a more complete picture of their volume and composition.

Clean cash flows from investment and financial activities are calculated only by the direct method.

Indirect method of calculation Pure cash flow based on the analysis of the balance sheets and the report on financial results, allows to show the relationship between different types of enterprise activities; Sets the relationship between net profit and changes in the assets of the enterprise during the reporting period.

The calculation of the net cash flow of the enterprise with an indirect method is carried out by type of economic activity and the enterprise as a whole.

According to the operating activities, the basic element of calculating the net cash flow of the enterprise in the indirect method is its net profit obtained in the reporting period. By making appropriate adjustments, net profit is then transformed into an indicator of pure money flow. The fundamental formula for which the amount of pure cash flow of an enterprise on operating activities in the period under consideration is as follows:

CDPO \u003d PP + AOC + an ± dz ± ztmts ± kz ± r,

where PE is the amount of the net profit of the enterprise; AOC - the amount of depreciation of fixed assets; Ana - the amount of depreciation of intangible assets; DZ - increase (decline) amount of receivables; ZTMTs - an increase (decline) of the amount of stocks of inventory-material values \u200b\u200bthat are part of current assets; KZ - an increase (decline) of the amount of payables; P - increase (decline) amount of reserve and other insurance funds.

The results of the calculations are reflected in the following tabular form (Table 2.3).

Table 2.2. Report on the cash flow of the enterprise developed by the Direct method

Table 2.3. Report on the cash flow of the enterprise developed by the indirect method

In turn, the use of an indirect method for calculating the CDPT - pure cash flow of the current (or operating) activity allows you to show, due to some non-monetary articles, the amount of net profit (loss) declared by the organization in the income statement is different from the value of the CDPT.

The basis for optimizing cash flows of the enterprise is to ensure the balance of the volumes of positive and negative species. The results of economic activity of the enterprise, negative impacts have both scarce and redundant cash flows.

Negative consequences scarce cash flow manifest themselves in reducing liquidity and level of solvency of the enterprise, the growth of overdue payables of the suppliers of raw materials and materials, increasing the share of overdue debt on obtained financial loans, delays in the payment of wages (with a corresponding decline in personnel productivity), growth of the financial cycle, and ultimately - reducing the profitability of the use of equity and assets of the enterprise.

Negative consequences excessive cash flow They manifest themselves in the loss of the real value of temporarily unused cash as a result of inflation, loss of potential income from an unused part of monetary assets in the field of short-term investment them, which ultimately also negatively affects the level of profitability of assets and equity enterprises.

The slowdown in cash payments in the short term can be achieved:

- through the use of flute to slow down the collection of its own payment documents;

- increase in coordination with the provisions of the provision of a commodity (commercial) credit;

- replacing the acquisition of long-term assets requiring updates to lease them (leasing);

- restructuring portfolio of financial loans obtained by transferring short-term species into long-term.

The acceleration system (deceleration) of the payment turnover, solving the problem of the balance of the scarce cash flow in the short term (and, accordingly, increasing the level of absolute solvency of the enterprise), creates certain problems of deficiency of this flow in subsequent periods. In this regard, in parallel using the mechanism of this system, measures should be developed to ensure the balance of the scarce cash flow in the long term.

Growth volume positive cash flow In the long term can be achieved:

- by attracting strategic investors in order to increase the volume of equity;

- additional share emissions;

- attracting long-term financial loans;

- sales of parts (or total) financial investment instruments;

- Sales (or rental) of unused types of fixed assets.

Reduced volume negative cash flow In the long term can be achieved at the expense of the following events:

- reducing the volume and composition of real investment programs;

- refusal to financial investment;

- Reduced amount permanent costs Enterprises.

Methods for optimizing excessive cash flow enterprises are associated with ensuring the growth of its investment activity. In the system of these methods can be used:

- an increase in the volume of expanded reproduction of operational non-current assets;

- acceleration of the period of developing real investment projects and the beginning of their implementation;

- implementation of the regional diversification of the operating activities of the enterprise;

- active formation of a portfolio of financial investments;

- early repayment of long-term financial loans.

In the system of optimization of cash flows of the enterprise, an important place belongs to their balance in time. This is due to the fact that the imbalance of positive and negative cash flows in time creates a number of financial problems for an enterprise. Experience shows that the result of such an imbalance even with a high level of formation of a net cash flow is the low liquidity of this flow (respectively, the low level of absolute solvency of the enterprise) in certain periods of time. With a sufficiently high duration of such periods for the enterprise there is a serious threat of bankruptcy.

In the process of optimizing cash flows of the enterprise in time, they are pre-classified according to the following features.

In terms of "neutralizability" (term meaning cash flow certain view Change in time) cash flows are divided into amenable to changeable. An example of the cash flow of the first type is leasing payments, the period of which can be established in coordination of the parties, an example of a second-type cash flow - tax payments whose period of payment cannot be broken.

By level of predictability Cash flows are divided into fully and insufficiently predictable (absolutely unpredictable cash flows in the system of optimization are not considered).

The object of optimization is predictable cash flows that can be changed over time. In the process of optimizing cash flows in time, two basic methods are used - alignment and synchronization.

Alignment of cash flows It is aimed at smoothing their volumes in the context of certain intervals of the time period under consideration. This optimization method allows to determine the seasonal and cyclic differences in the formation of cash flows (both positive and negative), in parallel optimizing the average cash balances and increasing liquidity levels. The results of this method of optimization of cash flows in time are estimated by the standard deviation or variation coefficient, which in the optimization process should decrease.

Synchronization of cash flow Based on covariance of positive and negative species. In the synchronization process, an increase in the level of correlation between the two types of cash flows should be ensured. The results of this method of optimization of cash flows in time are estimated by the correlation coefficient, which in the process of optimization should strive for the value "+1".

The correlation coefficient of positive and negative cash flows in time of the CCDP is calculated according to the following formula:

where Rp.O - the projected probabilities of rejecting cash flows from their average value in the planned period; PDP i. - options for sums of positive cash flow in certain range of planning period; PDP is the average amount of the positive cash flow in the same range of the planning period; ODP i. - options for the sums of negative cash flow in certain range of planned period; ODE is the average sum of the negative cash flow in one planning range interval; ? PDP,? ODP is the rms (standard) deviation of the sums of positive and negative cash flows, respectively.

The final stage of optimization is to ensure the conditions for maximizing the clean cash flow of the enterprise. Rising net cash flow ensures raising the pace economic Development enterprises on the principles of self-financing reduces the dependence of this development from external sources Forming financial resources, ensures the increase in the market value of the enterprise.

The plan for receipt and spending of funds, developed for the coming year, disaggregated by months, provides only the general basis for cash flow management of the enterprise. At the same time, the high dynamism of these streams, their dependence on a plurality of short-term factors determine the need to develop a planned financial document that ensures daily management of the receipt and spending of the cash of the enterprise. Such a planned document is payment schedule.

The payment calendar, developed at the enterprise in a variety of options, is the most efficient and reliable tool for operational management of its cash flows. It allows you to solve the following main tasks:

- to reduce the forecast options for the plan for the receipt and spending of cash ("optimistic", "realistic", "pessimistic") to one real task to form cash flows before acceptance within one month;

- to the maximum possible degree to synchronize positive and negative cash flows, thereby increasing the effectiveness of the company's monetary turnover;

- to ensure the priority of the company's payments by the criterion of their influence on the final results of its financial activities;

- to maximize the extent to ensure the necessary absolute liquidity of the cash flow of the enterprise, i.e. His solvency within short-term period;

- Include cash flow management into the operational control system (respectively, the current monitoring) of the financial activity of the enterprise.

The main purpose of the development of a payment calendar (in all its versions) is to establish specific deadlines for the receipt of money and payments of the enterprise and bring them to specific performers in the form of planned tasks. Taking into account this purpose, the payment calendar sometimes determine as a "payment plan by exact date."

The most common form of the payment calendar used in the process of operational planning of cash flows of the enterprise is the allocation of two sections in it:

1) graphics of upcoming payments;

2) the graphics of the upcoming receipts of money.

However, if the planned view of the cash flow carries one-sided nature (only positive or only negative), the payment calendar is developed in the form of one corresponding partition.

Temporary payment schedule is underway in the payment calendar usually daily, although separate species This scheduled document can also have other frequency - weekly or monthly (if such frequency does not have a significant impact on the implementation of the cash turnover of the enterprise or caused by the uncertainty of payments time).

The payment calendar within the company is conducted on certain types of economic activity, as well as on various types of responsibility centers (structural units and units).

Consider the main types of payment calendar in the system of operational management of cash flows on the operating activities of the enterprise.

Tax payment calendar It is developed on the enterprise as a whole and usually contains only one section - "tax payment schedule" (Return payments for tax recalculation of funds are usually included in the calendar of the collection of receivables). This payment calendar reflects the amounts of all types of taxes, fees and other tax payments listed by the enterprise to the budgets of all levels and extrabudgetary funds. The calendar date of payment is elected, as a rule, the last day established period Enumeration of tax payments of each species.

Calendar Collection Accounts It is usually developed by the enterprise as a whole (although in the presence of a specialized division - a credit department - it can cover a group of payments of only this center of responsibility). According to current receivables, payments are included in the calendar in sums and terms provided for by the relevant contracts (contracts) with counterparties. For overdue receivables, these payments are included in this scheduled document based on pre-harmonization of the parties. Calendar Collection of receivables contains only one section - "Cash receipt schedule". In order to reflect the real monetary turnover of the enterprise, the date of receipt of funds is considered the day of their enrollment to the current account of the enterprise (this makes it possible to exclude the flute period in calculations with debtors).

In accordance with the current international practice of reporting and predicting cash flows, the maintenance of financial loans is reflected in the operating (and not financial) activity of the enterprise. This is due to the fact that interest for credit, leasing payments and other expenses of the company for servicing the financial loan are included in the cost of production and, accordingly, affect the size of the formed operating profit. Financial Credit Calendar It is developed as a whole on the enterprise and contains only one section - "a schedule of payments related to the service of financial credit." The amounts and dates of payments are included in the payable calendar in accordance with the terms of credit (leasing) contracts.

Payroll calendar It is usually developed at enterprises applying a multi-stage schedule of payments of wages to employees of various structural units (branches, shops, etc.). Dates of such payments are established on the basis of collective labor contract or individual labor contracts, and amounts of payments - based on staff schedule and developed appropriate cost estimates. The specified payment calendar usually contains one section - "Schedule payroll".

Calendar (budget) of production reserves It is usually developed for relevant cost centers (structural units that carry out logistical maintenance). The payments reflected in this calendar usually include the cost of purchased raw materials, materials, semi-finished products, component products, as well as costs for transportation and insurance during transportation. If the generated production reserves require special storage modes (cooling, gas environment, etc.), this type of payment calendar may reflect the costs of their storage. The specified calendar contains only one section - "a schedule of payments related to the formation of production reserves." The amounts and dates of these payments are established in accordance with contracts with counterparties or the procurement plans of commodity-material values. Usually, these payments are also reflected and repayment of the payables of the enterprise for settlements with suppliers.

As part calendar (budget) management costs reflected payments for the purchase of stationery, computer programs and facilities of office equipment that are not part of non-current assets; Travel expenses; Post-telegraph expenses and other costs associated with the management of the enterprise (except for the cost of remuneration of administrative and management personnel, reflected in the payroll calendar). This type of payment calendar contains only one section - "Schedule of Payments for Communication Management". The amount of payments of this calendar is determined by the appropriate estimate, and the date of their implementation - in coordination with the relevant management services.

Calendar (budget) Product sales It is usually developed for income centers or enterprise profits. The specified payment calendar contains two sections - "schedule of receipt of payments for realized products" and "Schedule of expenses that ensure product sales". The first section reflects the receipts of funds in cash calculations for products (if this center of responsibility controls the collection of receivables on settlements with buyers, then this type of cash flow is reflected in the first section). In the second section, marketing costs are formed, the content of the sales network, advertising, etc.

Consider the main types of payment calendar in the system of operational management of cash flows on the investment activity of the enterprise.

Calendar (budget) formation of a portfolio of long-term financial investment It consists of two sections - "The schedule of the cost of acquiring various long-term investment financial instruments" (shares, long-term bonds, etc.) and "The schedule of dividends and interest on long-term financial instruments of the investment portfolio". The indicators of the first section within the framework of the total cost estimates are established in agreement with the relevant investment managers, and the indicators of the second section - in accordance with the terms of the emission of individual financial instruments of the portfolio.

Calendar (overhaul) implementation of the real investment program Compiled on the enterprise as a whole, if large-scale investments are not carried out on separately developed investment projects. In this form of the operational financial plan, the indicators of two sections are "Capital Capital Schedule" (the cost of acquiring fixed assets and intangible assets) and the "schedule of investment resources" (in the context of their separate sources).

Calendar (capital budget) implementation of individual investment projects Compiled, as a rule, for the relevant centers of the enterprise (investment centers). Its structure is similar to the preceding view of the calendar with the limitation of cash flows by the framework of only one investment project.

In the system of operational management of cash flows on the financial activity of the enterprise, the following types of payment calendar may be developed.

Calendar (budget) Emissions of shares It has two varieties - if it is developed before the sale of shares on the primary stock market, it includes only one section: "The schedule of payments that ensure the preparation of the issuance of shares"; If it is developed for the period of the sale of shares, it consists of two sections: "The schedule of cash flow from the issue of shares" and "a schedule of payments for selling shares" (commission remuneration of investment brokers, costs for information, etc.) .

Calendar (budget) of bond emissions Developed periodically. The principles of its formation are the same as the previous version of the operational financial plan.

Calendar Depreciation of the principal debt on financial loans It contains only one section - the "depreciation schedule of the main debt." Indicators of this operational financial plan are differentiated in the context of each loan to be repayable. The amounts of payments and the timing of their implementation are established in the payment calendar in accordance with the terms of the loan agreements concluded with commercial banks and other financial institutions.

The listed types of payment calendar as the form of an operational planned document can be supplemented with regard to the volume and specifics of the economic activity of the enterprise. A specific list of types of payment calendar The company establishes independently taking into account the requirements of the effectiveness of monetary traffic management.

One of the main conditions of the normal activity of the enterprise is the security of money, to evaluate which the analysis of cash flows.

The main task of analyzing cash flows is to identify the reasons for the lack (excess) of funds, determining the sources of their income and use directions.

The purpose of the analysis is to allocate, if possible, all operations affecting the cash flow.

When analyzing cash flows are considered in three types of activities: the main, investment and financial.

The main activity is the activities of an enterprise that brings him main income, as well as other activities that are not related to investments and finance. Below are the main directions of the influx and cash outflow (Table 1).

Table 1 The main directions of the inflow and cash outflow on the main activity

Since the main activity is the main source of profit, it must be the main source of money.

Investment activities are related to the implementation and acquisition of the property of long-term use.

Information on the flow of cash related to investment activities reflect the cost of acquiring resources that will create in the future the influx of cash and profit (see Table 2).

Table 2 The main directions of the inflow and cash outflow on

investment activity

Investment activity as a whole leads to a temporary cash outflow.

Financial activities are activities that are the result of which are changes in the amount and composition of equity and borrowed funds of the enterprise.

It is believed that the company is implementing financial activities if it receives resources from shareholders (share emissions), returns resources to shareholders (dividend payment), takes loans from lenders and pays amounts received as a loan. Information on the movement of funds related to financial activities allows to predict the future amount of funds to which enterprise capital suppliers will have rights. The directions of outflow and inflow of funds for financial activities are presented in Table 3.

Table 3 The main directions of the inflow and cash outflow on financial

activities

Financial activities are designed to increase money at the disposal of the enterprise for financial support of primary and investment activities.

For each activity, you need to sum up. It is bad when the cash outflow will prevail on current activities. This suggests that the money received is not enough to ensure the current payments of the enterprise. In this case, the lack of funds for current settlements will be covered by borrowed resources. If there is also an outflow of cash on investment activities, the financial independence of the enterprise is reduced.

Short-term liabilities

This coefficient shows which part of the current debt can be repaid at the date of the balance sheet. If the actual value of the coefficient is less than 0.2-0.3, this indicates a deficit of funds in the enterprise. Under these conditions, current solvency will be completely dependent on the reliability of debtors.

If during the analysis it turns out that the amount of funds in current obligations decreases, and current obligations are increasing, this is a negative trend.

At the second stage, cash sufficiency is evaluated. For this, the duration of the period of their turnover by the formula is determined:

one turnover of the turnover of money for the period

money

The average balance of cash is calculated on the average chronological. For calculation, data is taken on the amount of residues at the beginning and end of the cash accounts period. To calculate the average turnover, you should use a loan turnover of 51 for the analyzed period. Include 51 it is necessary to clear the loan turnover from internal revolutions.

The main document for analyzing the flow of cash flows is the "Cash Movement Report".

To determine cash flows, a straight and indirect method is used. The difference between them consists in various sequence of procedures for determining the amount of cash flow.

The direct method is based on the calculus of the inflow (proceeds from the sale of products, works and services, the advances received, etc.) and outflow (payment of supplier accounts, the return of the received short-term loans and loans, etc.) of funds, that is, the source element is revenue. Cash analysis The direct method makes it possible to assess the liquidity of the enterprise, since in detail discloses the cash flow on its accounts and allows you to make operational conclusions regarding the adequacy of funds for payments for current obligations for investment activities and additional costs.

This method is inherent in a serious disadvantage - it does not disclose the relationship between the financial result obtained and the changes in cash in the company's accounts, therefore an indirect analysis method is applied to explain the cause of the discrepancy between profit and money.

The indirect method is based on the analysis of the balance sheet items and the report on financial results, on accounting operations related to the movement of money and consistent correction of net profit, that is, the initial element is profit.

The indirect method allows to show the relationship between different types of enterprise activities, establishes the relationship between net profit and changes in the assets of the enterprise during the reporting period. Its essence is to transform the amount of net profit into the amount of money. It comes from the fact that there are certain types of costs and income, which reduce (increase) profits without affecting the amount of money. In the process of analysis, the amount of these expenses (income) produce a net profit adjustment so that the costs of expenses that are not associated with the outflow of funds and the income articles that are not accompanied by their influx, did not affect the amount of net profit.

Updated 02/19/2019 at 19:02 17 634 views

Under the crisis, the Company's financial situation management and its analysis methods are the most important elements of the business organization. Insufficient attention to this problem can lead to unprofitable activities and even to bankruptcy.

Financial well-being depends, including from the effective management and analysis of the cash flow of the enterprise: monitoring the inflow of funds and rational use in the form of coverage of obligations. The lack of funds of funds may indicate financial difficulties, and excess is that the enterprise is losses, as it misses possible benefits. Unused monetary assets lose their cost over time under the influence of inflation and other factors. Excess funds indirectly indicates an inefficient analysis of cash flows and management of them.

Analysis of cash flows pursues the main goal - this is the identification of the causes of the deficit (surplus) of money to optimize the processes of distribution of funds, ensuring the solvency of the enterprise. Analysis of both planned and actual data can be carried out using various methods for analyzing cash flow.

Analysis and prediction of cash flows at the enterprise

The monetary flow plan can be built, for example, in the form of a budget of cash flow (BDDS). Analysis of cash flow (threads) with it allows you to set:

• the degree of financing the activities of the enterprise at the expense of its own sources;
• dependence on external sources of financing;
• net cash flow;
• real state of solvency;
• make a forecast for the next period.

When analyzed, the "net cash flow" indicator is usually considered the most important. This indicator determines the financial condition of the company, as well as its ability to manage its investment attractiveness and cost. It is calculated as the difference between the positive and negative cash flow for the period.

At the stage of assessing a company or an investment project, net cash flow is used by owners, investors and creditors to assess the effectiveness of investment in an investment project or the company as a whole. If the project is short-term, then when calculating the cost of a project based on cash flows, discounting is not applicable.

For long-term investment projects in the calculations, all future cash flows "lead" to value at the present time (discounted). As a result of discounting, an indicator of net current cost is obtained.

Analysis of the monetary motion of the organization may be based on direct and indirect financial methods. They fix the outflow or inflow of funds.

With an indirect forecast method, the initial basis of calculations is net profit, and the cash flow plan is formed by step-by-step adjustment of net profit, accounting for operations related to the movement of monetary flows of the organization, and other balance sheet items. When analyzing the cash flow by this method, cash flows are divided into three types of activities: current, investment and financial.

The starting point of the calculation is net profit. The amount of cash flow is adjusted on the amount of debt on paying taxes, expenditure of future periods, depreciation, losses from the sale of intangible assets, repayment of a bank loan, reducing the amount of invoices to pay, profits from the sale of securities, a decrease in obligations, an increase in advance payments, an increase in materialism production reserves.

Basis of cash flow analysis from investment activities - investments. The investment activity section takes into account the sales of material non-current assets and securities, the acquisition of material non-current assets and securities.

In the financial activity section of the cash flow plan takes into account the issuance of shares, receiving and repayment of loans, investing in securities and receiving investment income, repayment of bonds and dividend payments.

At the last stage of the analysis, the cash balance is calculated at the beginning and end of the year, which makes it possible to talk about changes in the financial condition of the company.

The direct method of predicting cash flows is the calculation of the inflow of money from the advances of buyers, the sale of goods and services, etc. And outflow of money when paying interest on loans and loans, according to suppliers accounts, etc. In this case, the initial basis of calculations is revenue. Thus, the direct method involves taking into account the flow of cash flows for a certain period as the difference in income and payments.

Figure below shows a fragment of a cash flow plan (example).

Figure 1. Fragment of the flow of cash flow (table) Consolidated report on cash management on the example software Product "WA: Financier".

Analysis of actual cash flows

After the actual payments and the receipt of money from counterparties, it becomes possible to analyze the actual cash flows for the period, as well as to conduct a plan-fact analysis and identify deviations. At the same time, management can carry out operational analysis and make operational management decisions, including to promptly adjust the flow of cash flow at the enterprise on the basis of the fact of fact from the plan.

Investors and lenders through the analysis of cash flows on the basis of a cash flow report for the period can determine whether the company is able to fulfill its financial liabilities, and the executives of the enterprise - to carry out current financial planning and the implementation of production, financial and investment policies.

According to the results of the analysis of the cash flow of the enterprise, the following conclusions can be made:

• from which sources and in which volume means do;
• directions of cash resources;
• whether the company is able to ensure excess of fees over payments;
• the ability of the organization to fulfill current financial liabilities;
• sufficiency of profit gained to meet the need for money;
• reveal the causes of the difference between profit and free cash;
• the ability of the enterprise to carry out investment activities at the expense of own funds.

Figure 2. Fragment of the report Analysis of the cash flow on the example of the software product "WA: Financier".

With the substantiation of the results of the analysis of funds for the organization, it is necessary to pay attention to the following aspects.

1. When inflow:

• whether there has been an increase in the inflow due to short-term obligations, entail outflow in the future;
• whether the growth of share capital has occurred through an additional share emission;
• whether the sale of property was carried out;
• does not be reduced to the remnant of finished products?

2. At the outflow:

• is there no reducing indicators of profitability and turnover of assets;
• whether the total values \u200b\u200bof stocks and costs are growing;
• whether the turnover of current assets has decreased;
• there was no sharp increase in sales (production), which is accompanied by an increase in permanent and variable costs.

By calculating the flow of cash flow and conducting an analysis of financial flows, it is necessary to take into account that the cumulative cash flow of the enterprise is primarily influenced:

• dynamics of revenue from sales;
• profitability of assets;
• interest payable on borrowed funds.

Thus, the analysis of cash flows of the enterprise makes it possible to make well-founded forecasts for the future, to calculate the flow in the following periods, to make operational management decisions in the current period, adjust the flow of cash flows at the enterprise on the basis of factual deviations from the plan.

Well-organized accounting of cash flows at enterprises using automation tools allows you to effectively analyze the organization's cash flows. The Universal Solution "WA: Financier" is a rational means to improve the quality of accounting processes and analyzes the monetary motion of the organization.

Logistic financial flows are heterogeneous. The need for determining the most effective ways to manage them necessitates their classification, in particular, according to the following features: the relationship to the logistics system; movement direction; appointment; method of transfer of advanced cost; calculation form; The type of economic relations.

In relation to a specific logistics systemdistinguish:

external financial flows that proceed in the external environment, i.e. beyond the borders of the considered logistics system;

domestic financial flows that exist within the logistics system and are modified by performing a number of logistic operations with the corresponding commodity flow.

In turn, external logistics financial flows depending on the direction of movement are divided into incoming, i.e. entering the transmission logistics system from the external environment, and emerging, i.e. Beginner movement from the logistics system under consideration and further existing in the external environment.

By destinationlogistic financial flows can be divided into groups corresponding to those serviced by the processes:

investment;

formation material costs in connection with the organization's production activities;

sales of goods;

procurement of goods.

By the method of transfer of advanced cost for goodslogistics financial flows are divided as follows:

related to the movement of fixed assets of the enterprise (investment and related to the formation of material costs);

conducted by the movement of working capital of the enterprise (all other groups of financial flows allocated in the classification of intended).

Depending on the calculation forms usedtwo distinguish large groups Financial flows:

cash financial flows that characterize cash flow financial funds and divided into flows of cash financial resources on ruble calculations and calculating currency;

information and financial flows caused by the movement of non-cash financial resources and divided into non-cash financial resources on the calculations of payment orders, payment requirements, the Accus of the Council, documentary letters of credit and calculation checks.

By type of economic relationsdistinguish horizontal and vertical financial flows. The first reflect the movement of funds between the equal entities of entrepreneurial activities, the second - between the subsidiaries and parent commercial organizations of the logistics system.

5. Tasks and principles of financial logistics

Financial logistics is a management system, planning and control over financial flows based on information and data on the organization of material flows.

Following financial logistics are the following tasks:

study of the financial market and forecasting sources of financing using marketing techniques;

determining the needs of financial resources, the choice of sources of financing, tracking interest rates on banking and interbank loans, as well as interest rates on valuable and government bonds;

construction of financial models of using sources of financing and algorithm of cash flows from funding sources;

The principles of financial logistics include:

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

flexibility related to the possibility of making changes in the financing schedules for the acquisition of materials necessary for project implementation finished products and when adjusting the condition of the order by consumers or partners;

minimization of production costs when maximizing short project implementation cycles;

integration of financing, supply, production and sales in the Unified Project Implementation Authority;

Financial flows - This is the movement of monetary (financial) funds, which act as a system of financial and economic relations in the process of promoting inventive and intangible values \u200b\u200b(services, working capital, intangible assets, etc.). This is a targeted purposeful distribution of financial resources in the financial system of the organization.

Financial flows are treated as in the internal environment of the organization (divisions of the enterprise, warehouses, workshops, etc.) and in the external environment (counterparties of the company).

Analysis of financial flows of the enterprise Produced in the Fineecanaliz program in blocks:

Financial flow management

Financial managementAs a holistic financial flow management system, includes the following basic elements:

• general principles of corporate finance management,
• financial methods
• financial instruments,
• the organizational structure of the Financial Management System,
• financial indicators of commercial activities of the company.

Financial flow management of the company is based on the following principles:

• economic independence, consisting of independence of solutions in corporate finances, taking into account the existing legislation;
• self-financing meaning the priority of own sources of financing;
• responsibility for the results of economic activities, providing for fines for violation of contractual obligations, settlement discipline, tax legislation;
• interest in commercial activity, expressed in the company's capabilities to extract profits and depends on state economic policy, primarily tax legislation;
• economic efficiency, consisting in achieving sustainable and growing excess of income on the company's expenses;
• creation of financial reserves intended to protect the company from financial risks resulting from oscillations market conjuncture and mistakes in conducting state economic policy;
• financial control, which consists in checking the legality, feasibility and effectiveness of financial flows of the company.

In practice, these principles of financial flow management of the company are used simultaneously and apply to all areas of corporate finance. Principles create a basis for development and use financial methods Management of corporate financial flows. Present specific methods, techniques, models that ensure this control. The main one includes:

• financial Accounting,
• the financial analysis,
• financial planning
• financial control.

1. Financial accountingas a method of managing financial flow company. It is an accounting procedure, reflecting the condition and movement of property, obligations, income and expenses of the company based on the accomplished facts of economic life. The result of financial accounting is the financial information on the financial flows and financial position of the Company grouped on a specially stipulated rules in the form of reporting forms.

Financial accounting in Russian companies is based on international standards Financial Reporting (IFRS). The requirements of IFRS include fullness, reliability, financial reporting transparency. According to these requirements, the financial statements of Russian companies include three basic forms:

• accounting (Financial) Balance,
• gains and losses report,
• report on the cash flow of the company.

2. Financial analysisBeing the method of managing financial flows of the company is:

• assessing the effectiveness of financial flows,
• evaluating the financial and economic activity of the company over the past period
• definition of ways to improve the company's work in perspective.

Financial analysis is carried out on the basis of financial accounting data and sources characterizing external environment. The main types of financial analysis include:

• express analysis (designed to obtain an emergency total idea of \u200b\u200bfinancial flows and current financial condition of the company),
• comprehensive financial analysis (intended for deep, comprehensive assessment all aspects of the financial activity of the company)
• oriented Financial Analysis (intended to evaluate individual aspects of the Company's financial activities, such as the state of payable debt).

Financial analysis methods:

• horizontal (comparison of cash flows in time),
• vertical (determining the structural influence of individual financial flows on financial results Company activities),
• comparative (comparison of company financial flows with financial flows of similar companies),
• the method of financial coefficients (based on the calculation of the relative indicators of liquidity, business activity, financial sustainability, company profitability).

For the analysis of the company's financial flows, direct and indirect methods are used. The direct method is based on the analysis of cash flow on accounting accounts. An indirect method is based on the analysis of the balance sheets and the report on financial results.

3. Financial planning, acting as a method of managing financial flows of the company, is the process of optimizing these streams in the future. Objectives of this process:

• establishing compliance between the availability of the company's financial resources and the need for them,
• the choice of sources of formation and advantageous options for using financial resources.

Financial planning represents a system of long-term, current and operational plans:

• Long-term financial plan defines key financial parameters Company development, strategic changes in the movement of financial flows are being developed.
• In the current financial plan, all sections of the Company's development plan are linked to financial indicators, the influence of financial flows for production, sale, the company's competitiveness in the current period is determined.
• Operational financial plan Includes short-term tactical actions - drawing up and execution of the payment and tax calendar, cash plan for a month, decade, week.

In corporate financial planning The key role is played by the company's budget. The company's budget is a form of accounting for money intended to achieve the company's goals. The general budget of the company is budget systems, each of which balances certain areas of the company.

The company's budget begins with the budget of sales of products on the market, and ends with budget balance characterizing changes in the property and financial condition of the Company, subject to the implementation of economic and financial transactions planned in previous budgets.

4. Financial controlAs the method of managing financial flows of the company is to identify the deviations of real financial flows from the standards of efficiency or disorders in the planned motion of the company's financial flows. Deviations and disorders are manifested in forms:

• the lack of funds on the company's current account,
• excessive volumes of stocks of raw materials and finished products in stock,
• slowing down the rate of cost reduction,
• violations in the structure of sources of financial support or fulfillment of financial obligations, etc.

Control over financial flows of the company includes state, internal, audit and public control:

• State control is aimed at identifying, prevention and suppression of errors and abuses in financial flows between the company and government agencies, and above all, in tax fluxes.
• Internal control covers specific economic and financial operations of the Company based on credentials. Objects of internal financial control are basic and working capital, cash income and reserves of the company, cost price and profit, monetary documents, etc.
• Audit control is carried out by independent auditors or audit organizations that verify financial statements, payment and settlement documentation, tax declarations and other financial liabilities for compliance with regulatory acts in force in Russian Federation. Certified by independent audit reports on company financial flows - a reliable source of information for external users when making decisions on investment investment in this company, providing loans, buying or selling securities of the company, etc.
• Public control over corporate financial flows are carried out by the company's counterparties, lenders, investors, competitors, media.

Based on financial flow management methods, a variety of financial flows are used. financial instruments. Financial instruments are financial assets or liabilities purchased and sold by the company in the market. The financial instrument is a contract reflecting contractual relations between counterparties. As a result of the contract, one counterparty arises a financial asset, and another is a financial obligation. Financial instruments are subdivided into primary and derivatives from them (derivatives):

• Primary financial instruments are loans, loans, securities (stocks, bonds, checks, bills, etc.), currency, precious metals.
• The main derivative financial instruments include futures, forwards, swaps, etc. Each of them has many varieties.

With the development of the financial market, the scope of use of derivative financial instruments is rapidly expanding. This is explained by the fact that financial derivatives are able to take into account the various economic interests of numerous participants in the financial market. They are actively used for speculative operations, insurance, purchase and sale of real assets.

The implementation of the principles, methods and tools of management of financial flows is carried out organizational structure Companies. It represents a combination of interrelated and interacting structural units. For large companies, it is characterized by the allocation of an independent financial service, headed by the vice-president of the company in finance or financial director.

Financial service, as a rule, includes accounting and financial department. Accounting, under the leadership of the Chief Accountant, continuously conducts financial, managerial and tax accounting, monitors the movement of property and fulfillment of obligations, conducts their inventory. In Western practice, the head of accounting is called the controller. The Financial Department under the guidance of the Chief Financial Manager performs the following main functions:

• financial support of the Company's Development Strategy,
• developing its budget,
• financial and tax planning
• capital Management,
• development of financial policy of the company,
• examination and assessment of financial activities.

In Western practice, these functions perform the treasurer. Financial service is closely related to other structural divisions Companies (department of marketing, department of labor and personnel management, etc.).

The efficiency of financial flow management is determined by financial indicators , among which there are indicators of solvency, financial sustainability and profitability of the company:

• The company's solvency is the company's ability to fulfill completely and in time short-term obligations with its financial resources.
• The financial sustainability of the company is the state of financial resources of the company, which ensures its development based on profit and capital growth while maintaining solvency.
• Company profitability is an indicator that characterizes the efficiency of the use of material, labor and cash, the profitability of the company's financial and economic activity. Provide cost-effective work of the company due to the growth of labor productivity, reduce costs and improving product quality - Task No. 1 of any company.

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    For example, payment of interest is a cash flow from current operations A return of the principal amount of debt - cash flow from financial transactions when repaying a loan. Both specified parts can be paid to the same amount of money.
    They correspond to cash flow from current operations; cash flow from investment operations and cash flow from financial transactions. Current activities are the main activities of the company registered in the Charter in
14. Economic profit of the company
    In the case of measuring the increase in the cost of the enterprise in the reporting period and evaluation on this basis, the quality of the management of the management will not give this method fair result Since it does not take into account the results of irrationally used property in the EVA Economic Profit model, it will be reflected in
15. Financing through leasing mechanism: pros and cons
    Considered how financial flows for leasing are applied to their influence on the formation of a tax base for income tax
16. Using the cash flow model when analyzing the risk of liquidity of leasing companies
    As for operating activities, it is proposed for the convenience of perception. Operational flow is proposed to smash into incoming financial flows. Forming profitable part of the activities and outgoing money related to outflow.