Cash flows of the enterprise. Cash Flow is Cash Flows and their formation

Efficiently organized cash flows of a company are the most important symptom of its "financial health", a prerequisite for ensuring sustainable growth and achieving high final results. economic activity generally. Knowledge and practical use of modern principles, mechanisms and methods for organizing and effectively managing cash flows make it possible to ensure the company's transition to a new quality economic development in market conditions.

Cash flows are a combination of receipts and payments Money in the process of operating, investment and financial activities of the company. Cash flows from core activities are associated with current operations for the receipt of sales proceeds, payment of supplier invoices, obtaining short-term loans and borrowings, payment of wages, settlements with the budget. Cash flows (outflows) in the process of investment activity, as a rule, are directed to the acquisition of fixed assets, intangible assets.

Cash flows from financial activities are receipts and payments of cash associated with raising additional equity or share capital, obtaining long-term and short-term loans and borrowings, paying dividends and interest on deposits of owners in cash, and some other cash flows associated with the implementation of external financing of economic activity of the organization.

Information about the cash flows associated with financing activities makes it possible to predict the future amount of cash to which the providers of capital of the enterprise will be entitled.

The directions of the outflow and inflow of funds from financial activities are presented in Table. one.

Table 1. Main directions of cash inflow and outflow from financial activities

Managing the company's cash flow is an important integral part a common system for managing its financial activities. Effective cash flow management requires the formation of a special cash flow policy as part of the overall financial strategy of the company. The implementation process of this policy is developed in accordance with the following main stages:

• analysis of the company's cash flows in the previous period;
• study of factors influencing the formation of the company's cash flows;
• substantiation of the type of cash flow management policy of the company;
• the choice of directions and methods for optimizing the company's cash flows, ensuring the implementation of the chosen management policy;
• planning the company's cash flows in the context of their individual types;
• ensuring effective control over the implementation of the chosen cash flow management policy of the company.

The main purpose of cash flow analysis is to determine the causes of the shortage (excess) of funds, sources of their receipt and directions of spending to control the current solvency of the company.

In practice, direct and indirect methods are used to determine cash flows. The difference between them lies in the different sequence of procedures by which the amount of cash flow is determined.

Analysis of funds by the direct method makes it possible to assess the liquidity of the enterprise, since it reveals in detail the movement of funds in the accounts and allows you to draw prompt conclusions regarding the sufficiency of funds for payments on current liabilities, for investment activities and additional costs.

The direct method is based on the calculation of the inflow (revenue from the sale of products, works and services, advances received, etc.) and outflow (payment of supplier invoices, return of short-term loans and borrowings, etc.) of funds, that is, the initial element is revenue.

The indirect method is based on the analysis of the balance sheet items and the income statement. financial results, accounting for transactions related to the movement of funds, and consistent adjustment of net profit, that is, the initial element is profit. This method is preferable from an analytical point of view, as it allows you to determine the relationship between the profit received and the change in cash. The indirect method is based on studying the form of the Profit and Loss Statement from the bottom up, which is why it is sometimes called the "bottom". The direct method is called the "upper" method, since the "Profit and Loss Statement" is analyzed from top to bottom.

Net cash flows from financing activities are calculated using the direct method only.

The direct method has a simpler calculation procedure that is understandable to domestic accountants and economists. It is directly related to registers accounting(General ledger, order journals, analytical accounting data, etc.), it is convenient for calculating indicators for controlling the receipt and expenditure of funds. At the same time, the excess of receipts over payments both for the company as a whole and for types of activity means an inflow of funds, and the excess of payments over receipts means their outflow.

Cash flow analysis allows us to explain with a certain degree of accuracy the discrepancy between the amount of cash flow that took place at the enterprise in the reporting period and the profit received during this period.

The source of information for the analysis is form No. 1 "Balance sheet of the enterprise" and form No. 4 "Cash flow statement", the content of which can be summarized in the following model:

d 0 + Δ +d - Δ -d \u003d d 1, (1)

where d 0 , d 1 - cash balances of the enterprise at the beginning and end of the reporting period;

Δ +d - receipt of funds for the period;

Δ -d - disposal (expenditure) of funds for the period.

Cash flow can be associated with various aspects of the enterprise, therefore, in the form No. 4, cash receipts and expenditures are presented in the context of current, investment and financial activities.

We reflect this structure of cash flows in the relevant models:

Δ +d = Δ +d current + Δ +d inv + Δ +d fin, (2)

Δ -d = Δ -d current + Δ -d inv + Δ -d fin, (3)

where Δ +d current, Δ -d current - receipt and expenditure of funds from current activities;

Δ +d inv, Δ -d inv - receipt and expenditure of funds from investment activities;

Δ +d fin, Δ -d fin - receipt and expenditure of funds from financial activities.

For a more in-depth analysis of the cash flow from the financial activities of the company, changes are required that are advisable to be introduced into Form No. 4 “Cash Flow Statement”. This report can be prepared monthly or quarterly. An example of such a form is presented in Table. 2.

Table 2. Analytical report on cash flows from the financial activities of the company

	Indicator	Sources and directions of use of funds	Cash inflow	Cash outflow
	External use of funds, including:	Settlement: line 2 + line 3
	Reducing the amount of borrowed capital
	Decrease value equity
	Dividends paid by company owners
	Surplus (deficit) of funds	Settlement
	External financing of the company, including:	Settlement
	Equity Growth
	Debt growth
	Gross cash flow from ordinary financial activities	Settlement
	Net cash flow from ordinary financing activities	Settlement: VP - VO
	Net cash flow from extraordinary financial activities
	Non-cash adjusting items for financial activities: a) currency revaluation; b) other
Total net cash flow from financing activities		Settlement

Notes.

+, (-) - the digital value of the positive and negative cash flow, respectively;
NPV, CHODS - net inflow (outflow) of funds;
VP, VO - gross inflow (outflow).

Optimization of cash flows from the financial activities of the company is the process of choosing the best forms of their organization, taking into account the conditions and characteristics of the implementation of economic activities.

An important component of the cash flow statement is information on the involvement in economic turnover and withdrawal from it of funds supplied by owners and third parties.

In table. 3 provides a description of the main items of receipt and expenditure of funds in the context of accounting accounts of financial and economic activities attributable to the external economic environment, that is, borrowings and their repayment.

Table 3. Cash flows from financial activities

Admission			Sent
Proceeds from additional issue of own shares			Redemption of own shares
Proceeds from the issue of own bonds			Redemption of own bonds
Getting a bank loan			Bank loan repayment
Additional cash contributions of the participant, owner and repayment of debt on contributions to the authorized capital			Dividend payments
Advances received			Advances paid
Financial help			Financial assistance provided
Targeted funding receipts
Funds received free of charge

To calculate the optimal cash balance on the current account, models are used that allow estimating the total amount of cash and cash equivalents, the share that should be kept on the current account, the share that should be held in the form of marketable securities, as well as assessing the moments of cash transformation and marketable assets.

If an organization has a large cash reserve that exceeds the amount of forecast payments, then it suffers certain losses, since it does not use them to purchase government securities that generate income in the form of interest. Government securities are discless, so an alternative to free cash in bank accounts is to invest excess funds in liquid securities, that is, assets that are close to absolutely liquid.

Thus, the company's typical cash policy is as follows: the company must maintain an optimal level of free cash, which is supplemented by some amount of cash invested in liquid securities or term deposits.

To determine the optimal level of funds in Western practice, the Baumol and Miller-Orr models are used.

Baumol's model assumes that an enterprise starts operating with the maximum and appropriate level of funds for it, and then gradually spends them over a certain period. As soon as the cash reserve is depleted, that is, it becomes equal to zero or reaches the level of safety, the enterprise sells its short-term securities and replenishes the cash reserve to the original amount. This model is only suitable for companies whose cash income is stable and predictable.

where Q is the replenishment amount;

V is the projected need for funds in the period (month, quarter, year);

C is the cost of converting cash into securities;

r - acceptable income for the enterprise on short-term financial investments.

The logic of the Miller-Orr model is as follows: the cash balance on the current account changes randomly until it reaches a certain upper limit. As soon as this happens, the company begins to buy securities in order to return the stock of funds to some normal state, called the point of return.

If the stock of cash reaches the bottom limit, then in this case the company sells its securities and receives cash, bringing their stock to the normal limit.

So, if for a month you need 1 million rubles. provided that the money is in a bank deposit account at 6% per annum, or 0.5% per month, and the costs of withdrawing money from the account and converting it are 100 rubles, then the optimal amount of replenishment funds will be 630 thousand rubles. ((2 × 1,000,000 × 100) / 0.005).

The average amount of funds on the current account is 20 thousand rubles. The total number of transactions for the transformation of securities into cash will be 1.59 (1,000,000 / 630,000).

Thus, the company's cash management policy is as follows: if the funds in the current account are depleted, the company must sell some of its liquid securities in the amount of approximately 630 thousand rubles. The maximum amount of funds on the current account will be 630 thousand rubles, the average reserve of funds is about 300 thousand rubles. (Q/2).

A simplified calculation method can be applied in Russian practice as follows. For example, for reporting period the average daily cash balances on the current account and on hand are calculated. Then the average daily payments and receipts are calculated. The difference between balances and payments, or receipts and payments, constitutes excess cash that can be deposited in a deposit account or invested in marketable securities.

Thus, existing methods definitions of cash flow complement each other and give a real picture of the cash flow in the company for the billing period.

In the process of studying the factors influencing the formation of cash flows, they should be divided into external and internal factors. So, for example, to external factors include: the stock market situation, the availability of a financial loan, the possibility of attracting funds from gratuitous targeted financing, etc.

In system internal factors the main role is played by the life cycle of the company, the duration of the operating cycle, the seasonality of production and sales of products (services), the urgency of investment programs, the depreciation policy of the company, the financial mentality of owners and managers.

The most important and difficult stage of managing the company's cash flows is their optimization. Optimization of cash flows from the financial activities of the company is the process of choosing the best forms of their organization, taking into account the conditions and characteristics of the implementation of economic activities.

The most important task solved in the process of this cash flow management is the identification of reserves that can reduce the company's dependence on external sources of attracting cash resources. External sources of financing include an increase in the amount of equity capital (primarily authorized) and borrowed capital (primarily the total amount of loans and borrowings).

Methods for optimizing the scarce cash flow involve the following activities:

• in short term it is necessary to accelerate the attraction of funds and slow down their payments;
• in the long run - an increase in the volume of positive cash flow and a decrease in the volume of negative cash flow.

Methods for balancing the deficit cash flow from financial activities are aimed at ensuring the growth of positive cash flow and reducing the volume of negative cash flow. The growth of positive cash flow can be achieved through the following activities:

• attraction of strategic investors in order to increase the volume of own capital;
• additional issue of shares;
• attracting long-term financial loans;
• sale of a part (or the entire volume) of financial investment instruments.

Reducing the amount of negative cash flow can be achieved by refusing financial investment.

Ways to optimize excess cash flow are mainly associated with the intensification of the investment activity of the enterprise, aimed at early repayment of long-term bank loans, active portfolio formation financial investment.

Synchronization of cash flows should be aimed at eliminating seasonal and cyclical differences in the formation of both positive and negative cash flows, as well as at optimizing average cash balances.

The results of cash flow optimization should be reflected in the preparation of the financial plan of the enterprise for the year, broken down by quarters and months.

The main purpose of developing a plan and the receipt and expenditure of funds is to forecast the company's cash flows in the context of certain types economic activity and ensuring constant solvency at all stages of the planning period. Such a planning document is a payment calendar.

In the system of operational management of cash flows for the financial activities of the company, the following types of payment calendar can be developed:

1. Calendar (budget) of the issue of shares. This type of payment calendar has two varieties: if it was developed before the sale of shares on the primary securities market, then it includes only one section - “Schedule of payments to ensure the preparation of the issue of shares”; if it is developed for the period of the ongoing sale of shares, then it contains indicators of two sections - “Schedule of receipt of funds from the issue of shares” and “Schedule of payments to ensure the sale of shares”.

2. Calendar (budget) of bond issue. The development of such a planning document is of a periodic nature. The principles of its development are similar to those used for the payment calendar for the issue of shares.

3. Calendar of amortization of debt on financial loans. This type of payment calendar contains only one section - "Principal Debt Amortization Schedule". The indicators of this operational financial plan are differentiated in the context of each loan to be repaid. The amount of payments and the timing of their implementation are set in the payment calendar in accordance with the terms of loan agreements concluded with commercial banks and other financial institutions.

The decision to attract a loan is made subject to the greater economic feasibility of this method of external financing compared to other available methods of covering the cash gap (increase in advance payments from buyers, change in the terms of a commercial loan, increase in sustainable liabilities). Currently, banks offer various loan products: overdraft, term loans, credit lines, bank guarantees, letters of credit, etc. To eliminate short-term cash gaps, it is preferable to use an overdraft, but with the constant use of borrowed capital, the choice of types of loan products should be based on taking into account the effect of financial and operating levers.

Thus, the effective management of cash flows from the financial activities of the company requires the formation of a special policy for this management as part of the overall financial strategy of the company.

The significance of this topic lies in the fact that we defined the finances of enterprises from the very beginning as cash funds and cash flows. Flows ensure the functioning of monetary funds. Without the cash flows that each cash fund has - authorized capital, accumulation and consumption fund, etc. - these funds would not be capable: they were not formed and were not used. Therefore, an important component of enterprise financial management is cash flow management. The success of managing the finances of an enterprise depends on the ability to distribute, use and replenish funds.

The importance of cash flow management also stems from the fact that they serve business processes. Therefore, cash flow management accelerates the turnover of capital, allows you to increase profits, thereby giving the enterprise financial stability and the rhythm of its functioning, and also allows you to reduce the need for borrowed capital and act on the principles of self-financing.

If the borrowed capital is involved in the conditions of a well-functioning cash flow management system, then it is used in the general direction of flow management with the greatest return and is returned to the creditor without complications for the enterprise. In a word, the state of cash flows as a kind of money circulation system reflects the financial "health" of the enterprise.

Cash flow management includes cash flow accounting, forecasting, cash flow analysis and regulation.

Cash flow - This is the continuous movement of funds representing their receipt (inflow) and expenditure (outflow). Such movement is distributed in time and volumes. Serving economic activity, it is generated by this activity.

The purpose of cash flow management is to ensure a balance (equilibrium) of receipts and expenditures of funds and maintaining their optimal balance.

Managing cash flows means solving the following tasks:

1. Establish sources of income and directions for spending money;

2. Investigate factors affecting cash flows (internal, external, direct, indirect, etc.);

3. Analyze the reasons for the lack or excess of funds and take measures to bring them into line;

4. Improve the mechanism of regulation and control of cash flows.

Synchronization of receipts and payments in terms of size and time allows you to reduce the reserve balance of funds, optimizing its size, and invest free cash, turning it into an additional source of profit.

Cash flows can be classified:

1. P about scale maintenance of business processes and, accordingly, subdivided into general cash flow, accumulating all types of cash flows of the enterprise as a whole, for certain types economic activity, by individual structural divisions(responsibility centers) of the enterprise, for individual business transactions;

2. P about typeseconomic activity allocate such types of cash flows:

- operating activities(current) - somehow, payments to suppliers of raw materials and materials, wages, tax payments and others, and receipts from buyers of products, tax refunds, etc.;

- for investment activities- investments in long-term assets (land plots, buildings, equipment, etc.), investments in the authorized capital of other organizations and subsidiaries and, accordingly, proceeds from the sale of long-term assets and income from investment investments;

- for financial activities- receipts related to the attraction of additional equity and share capital through the placement of new shares and bonds, the use of credit, etc., and the payment of dividends and interest, the redemption of own shares, the redemption of bonds and own bills, the return of loans and the payment of interest on them, etc.

Cash flow diagrams for these types of activities are presented in Appendix No. 1.

3. Pabout directions cash flows are positive cash flow (inflow, receipts) and negative cash flow (outflow, payments).

4. Pabout method of calculation allocate gross cash flow as a set of receipts or expenditures of funds in a certain period and clean cash flow is the difference between cash in and out.

Net cash flow reflects their ratio and is calculated by the formula:

- in short supply cash flow - income below the actual need for spending money. Even with positive value amounts of net cash flow, it can be characterized as scarce if the amount received does not provide the minimum need of the enterprise for cash.

The negative value of the amount of net cash flow automatically makes it scarce. In financial analysis, it is advisable to determine the degree of sufficiency not only for each type of activity separately, but also as a combination of all types of activity. In this case, the shortfall in cash flows from one type of activity is offset by a positive inflow from others.

6. By time estimation method allocate present (current) and future (discounted) cash flows reflecting the value of money over time. It is different due to the natural depreciation of money. For example, at the beginning of the 20th century, an expensive suit made of natural fabric cost $50 in the United States. And today such a suit costs about 3000. Therefore, the purpose of the discount is to reflect the decline in the purchasing power of money in the future.

7. By continuity of formation consider: regular, i.e. carried out constantly, including with a uniform and uneven time interval (in most cases, the cash flows of an enterprise are regular, and the time interval may be violated with a change in the economic situation) and discrete - as a one-time receipt or expenditure of funds (gratuitous assistance, acquisition of another enterprise, etc.).

8. AT depending on prices distinguish cash flows at current prices;cash flows at forecast prices and cash flows at deflated prices(reduced to the price level of a fixed moment).

9. By form of implementation are divided into cash and non-cash cash flows.

10. By sphere of circulation share to external and internal(between business units).

11. By predictability - on planned and arising spontaneously (due to some extraordinary events).

The continuity of cash flow generates the repeatability of cash flows, which means their cyclicality. During the cycle, the funds invested in assets are returned in the form of a result obtained during the operation of these assets (for example, proceeds from the sale of goods and services or interest on invested capital). The cash flow serving each type of activity of the enterprise has its own cycle - for current activities, for investment activities, for financial activities.

The current activity cycle (production-commercial cycle) will be the time period from the moment of investing funds in pre-production stocks (purchase of raw materials, materials, etc.) until they are received from the recipients of products and services (debtors). The investment activity cycle will be measured by the time parameters of investing funds in non-current assets until a return is received from them. Etc. To more accurately determine the cycles of cash flows, it is necessary to link them with the circulation of economic assets as the material basis of cash flows.

Then the turnover of capital elements will come into view: for current activities- stocks of raw materials and materials - from the moment they are received from the supplier to transfer to production, including the time spent in the warehouse of the enterprise; finished products - from the moment of completion of its creation to the moment of sale, including the time of its stay in the warehouse; receivables turnover time - from the moment of its sale to the receipt of funds for these products.

That is, the time of the financial cycle is calculated by the formula:

FC \u003d WHO + AIR - VOKZ,

where WHO is the time of inventory circulation;

AIR - the time of circulation of receivables;

VOKZ - the time of circulation of accounts payable.

In its turn:

WHO \u003d ZAP sr × 360 / Sp

AIR \u003d DZ sr × 360 / V

VOKZ \u003d KZ sr × 360 / Sp,

where ZAP cf - the average value of reserves;

DZ av and KZ av - average values ​​of receivables and payables;

Cn is the total cost of products sold;

B - proceeds from the sale of products or services.

Operating cycles allows you to ensure the balancing of cash flows in time, to find reserves for generating cash flows at all stages of the circulation of economic assets of the enterprise.

Cash flow cycles depend on a number of conditions, including:

Industry specifics of the enterprise (technological cycle);

Features of the market in which the enterprise sells its products and purchases what it needs for industrial consumption;

Economic conditions in the country (tax policy, inflation, interest rates, etc.);

The level of general manageability of the enterprise and the ongoing financial policy.

However, the immediate objective of cash flow management is to shorten the financial cycle. Naturally, it will be based on a reduction in the production cycle (from the moment of purchasing working capital and reducing the time production process until the shipment of finished products), reducing the time of turnover of receivables (from the moment the goods are shipped to the recipient until the funds are credited to the settlement account of the manufacturer).

In practice, cash flows and their provision are much more complex than in a schematic representation. For example, inventories and fixed assets can act as a means of payment and take the form of money bypassing the production process.

A special element in the presented scheme is accounts payable. It does not apply to business assets. But varying it allows you to regulate the cycle of cash flows and serves as a short-term source of increasing the available cash from the enterprise.

The focus of regulation and management of cash flows is the ratio of receivables and payables. First of all, we must strive to reduce accounts receivable, provide debtors with credit for an acceptable period and prevent its delay. But at the same time, remember that the use of deferred payment and installment plans, which inevitably give rise to receivables, can increase sales volumes.

And this is a positive moment in the "build-up" of receivables. It is necessary to seek credit from creditors for a period exceeding the maturity of receivables, and use the funds received with maximum efficiency. Otherwise, the company faces penalties for non-payment of accounts payable and the loss of counterparties, and even technical bankruptcy.

Ensuring the financial balance of the enterprise by balancing the volume of receipts and expenditures of funds and their synchronization in time is carried out through:

Regular construction of schemes of emerging cycles of cash flows;

Analysis of each component of individual cash flow cycles and its optimization;

Control and, if necessary, restructuring cash flow cycles.

The calculation of the feasibility of organizing cash flows and their effectiveness can be carried out by two methods - direct and indirect.

Direct method - provides data on gross and net cash flow in the reporting period. It reflects the entire volume of receipts and expenditures of funds for certain types of economic activity (current, investment, financial) and for the enterprise as a whole.

That is, the essence of the direct method is to characterize the inflow and outflow of funds for a certain period through the state of the cash balance at the beginning and end of this period, taking into account the amount of cash turnover. For this, accounting and reporting data are used that characterize all types of receipts and expenditures of funds.

This method has its advantages and disadvantages. The advantages are:

Providing operational information and the possibility of assessing the sufficiency of funds for payments on current obligations;

Ability to identify the main sources of positive flows and the direction of negative flows;

Opportunities to identify items with the highest positive and negative cash flow results;

Possibilities of monitoring and regulating the state of cash flows as a generalizing indicator of accounting registers (General Ledger, order journals and other documents);

Possibilities of forecasting the state of cash flows and solvency of the enterprise.

The disadvantage is the complexity in the absence of electronic information processing and errors in the reliability of the effectiveness of the organization of cash flows, since some lines in the financial statements are not broken down according to the classification of the types of activities of the enterprise (wage payments, social payments).

Therefore, from the point of view of identifying the reasons for the discrepancy between financial results and free cash balances, as well as the state of profitability of the enterprise from various types of activities, the indirect method is more preferable.

indirect method- provides calculation of net cash flow based on the use of net profit as a basic element received in the reporting period, then converted into an indicator of net cash flow. Such a calculation is carried out by type of economic activity and the enterprise as a whole. The indirect method allows you to determine the main financial source increase in net cash flow according to the types of activities and identify the dynamics of all factors influencing its formation.

The inflow of funds consists of net profit, depreciation charges, the magnitude of the decrease in individual items of the balance sheet asset and the increase in accounts payable.

The formula for calculating net cash flow from operating activities is as follows:

where CFop - the amount of net cash flow of the enterprise on operating activities in the period under review;

state of emergency - the amount of net profit of the enterprise;

aos - the amount of depreciation of fixed assets;

Ana - the amount of depreciation of intangible assets;

DZ - decrease (increase) in the amount of accounts receivable;

W tm - decrease (increase) in the amount of stocks of inventory items that are part of current assets;

KZ - increase (decrease) in the amount of accounts payable;

R - increase (decrease) in the amount of the reserve and other insurance funds.

Theoretically cash flow for ordinary activities in normally functioning enterprises should exceed their outflow. This is due to the process of increasing the cost of capital in the course of production activities, since the value received will be greater than the initial entrepreneurial advance.

But in fact, there is a whole set of factors that determine the possible excess of outflow over inflow, including the timeliness of debtor settlements, price changes for finished products sold and purchased pre-production stocks (there may be so-called “scissors” not in favor of the enterprise), timeliness of bank settlements , servicing the transfers of debtors, change in exchange rate differences used in the calculations of currencies for enterprises that carry out foreign economic activity and etc.

With the normal development of business, accounts payable and accounts receivable are approximately the same in size, financiers say. (see V.V. Kovalev Management of cash flows, profit and profitability. M., 2008, p. 20).

For investment activities the amount of net cash flow is determined as the difference between the amount of sale of certain types of non-current assets and the amount of their acquisition in the reporting period. The formula by which this indicator of investment activity is calculated is as follows:

where CFin - the amount of net cash flow of the enterprise for investment activities in the period under review;

Ros - the amount of disposal of retired fixed assets;

Rna - the amount of disposal of retired intangible assets;

Rdfi - the amount of the sale of long-term financial instruments of the enterprise's investment portfolio;

Rsa - the amount of re-sale of previously redeemed own shares of the enterprise;

Dp - the amount of dividends (interest) received by the enterprise on long-term financial instruments of the investment portfolio;

pos - the amount of acquired fixed assets;

D NKS - the amount of growth in unfinished capital construction;

Mon - the amount of acquisition of intangible assets;

PDF - the amount of acquisition of long-term financial instruments of the enterprise's investment portfolio;

Vsa - the amount of redeemed own shares of the enterprise.

For financial activities the amount of net cash flow is defined as the difference between the amount financial resources attracted from external sources, and the amount of the principal debt, as well as dividends (interest) paid to the owners of the enterprise. The formula for calculating this indicator for financial activity is as follows:

where CF f - the amount of net cash flow of the enterprise on financial activities in the period under review;

Psk - the amount of equity or share capital additionally attracted from external sources;

MPC - the amount of additional attracted long-term credits and loans;

pkk - the amount of additionally attracted short-term credits and loans;

BCF - the amount of funds received in the form of gratuitous targeted financing of the enterprise.

Vdk - the amount of payment (repayment) of the principal debt on long-term credits and loans;

Wcc - the amount of payment (repayment) of the principal debt on short-term credits and loans;

Doo - the amount of dividends (interest) paid to the owners of the enterprise (shareholders) on invested capital (shares, shares, etc.).

The amount of net cash flow for these types of activities represents its total size for the enterprise in the reporting period for all types of activities.

The advantage of the indirect method when used in operational management is that it allows you to establish a correspondence between the financial result and the use of own working capital. In the long term, the indirect method allows you to identify the most problematic areas of managing cash flows and business activities of the enterprise, i.e. the formation of immobilized (unused) funds.

But, perhaps, the most important advantage of this method is that cash flow management when using own, borrowed and borrowed funds is aimed at the final result of the enterprise - earning net income.

But this method is not without drawbacks. For there is no absolute unity of factors affecting both the state of cash flows and the state of profit. Thus, early disposal of non-current assets, including fixed assets, leads to a decrease in profit by the amount of their residual value. But this transaction does not cause cash flow. In addition, it is necessary to take into account the existing discrepancy in the time of expenditure and receipt of income and their reflection in the financial statements, and the actual cash flow for these operations.

For example, according to accounting data, an enterprise can be profitable, but at the same time experience certain difficulties in paying for urgent obligations. The point here is in the specifics of the reflection of information in the reporting, which is ahead of the real cash flow, because it depends on the method of calculation used. Information about the cash flow is formed on a cash basis and reflects the fact of their movement. The resulting profit is, firstly, a calculated indicator, and secondly, it can be determined before the receivables are repaid.

The cash flow liquidity ratio is also used, in which the main guideline is the dynamics of the balances of the enterprise's cash assets, the size of which ensures absolute solvency.

It is calculated by the formula:

where PDS - cash receipts;

DO - cash balance;

RDS - spending money.

If the size of the net cash flow is correlated with the amount of money spent, then we get an indicator - the cash flow efficiency ratio.

The efficiency of a positive cash flow can also be expressed in terms of the ratio of profit to the size of this flow. This profitability ratio is calculated from the positive cash flows of various activities.

The state of cash flows of the enterprise is significantly influenced by the types and forms of cash payments used. They affect the rate of cash flow. Thus, the use of cash settlement ensures the receipt of funds at the time of the transaction. Cashless payment involves the movement of payment documents through banks serving counterparties, which requires more time.

Even the implementation of non-cash payments in various forms (payment orders and claims, advances, checks, on the terms of acceptance and without it, letters of credit with all their varieties) has a significant impact on the speed of movement of money due to various labor costs in processing the data of payment documents and various transfer procedures. Money.

To manage current cash flows, a cash flow plan, a profit and loss plan, a budgeting system, a payment calendar, and a cash plan are used.

The implementation of all types of financial and business operations of the organization is accompanied by the movement of funds - their receipt or expenditure. This continuous process is defined by the concept of cash flow.

The organization's cash flow is a set of time-distributed receipts and payments of cash generated by its economic activities.

The organization's cash flows in all forms and types, and, accordingly, the total cash flow are the most important independent object of financial management. This is determined by the role that cash flow management plays in the development of the organization and the formation of the final results of its financial activities.

Cash flows that ensure the normal economic activity of the organization in almost all of its areas can be represented as a system of "financial blood circulation" (Fig. 22.1). Efficiently organized cash flows are the most important symptom of "financial health", a prerequisite for achieving high final results of an economic entity, and contribute to an increase in the rhythm of economic and investment activities.

Effective cash flow management:

• ensures the financial balance of the organization in the process of its development. The pace of this development and financial sustainability are largely determined by the extent to which different types cash flows are synchronized in volume and time. The high level of such synchronization provides a significant acceleration in the implementation of the company's strategic development goals;
• reduces the organization's need for borrowed capital. By actively managing cash flows, you can ensure a more rational and economical use of your own financial resources, reduce the organization's dependence on attracted loans;
• reduces the risk of insolvency.

Even for successfully operating organizations, insolvency can arise as a result of the imbalance of various types of cash flows over time. Synchronization of receipts and disbursements of funds is an important part crisis management organization in danger of bankruptcy.

Active forms of cash flow management allow the organization to receive additional profit generated directly by its monetary assets. First of all, we are talking about the effective use of temporarily free cash balances as part of current assets, as well as accumulated investment resources in the implementation of financial investments.

A high level of synchronization of receipts and payments of funds in terms of volume and time makes it possible to reduce the actual need of the organization for the current and insurance balances of funds serving the operational process, as well as the reserve of investment resources formed in the process of real investment.

Thus, the effective management of the organization's cash flows contributes to the formation of additional investment resources for the implementation of financial investments, which are a source of profit.

« Organization cash flow» is an aggregated concept that includes numerous types of flows serving economic activities. Cash flows can be classified according to the following criteria.

1. By the scale of servicing the business process

• on the organization as a whole. This is the most aggregated type of cash flow, accumulating all types of cash flows serving the business process of the organization as a whole;
• for certain types of business activities of the organization - operating, investment and financial;
• for individual structural divisions (responsibility centers) of the organization;
• for individual business transactions. AT economic process organizations, this type of cash flow is considered as the primary object of independent management.

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

• on operating activities. This cash flow is characterized by cash payments: to suppliers of raw materials and supplies; third-party performers of certain types of services that provide operational activities; wages - to the personnel involved in the operational process, as well as managing this process; tax payments of the organization to the budgets of all levels and extra-budgetary funds; other payments related to the implementation of the operational process. At the same time, this type of cash flow reflects the receipt of funds from buyers of products; tax authorities in order to recalculate overpaid amounts and some other payments provided for by international accounting standards;
• for investment activities. It characterizes the payments and receipts of funds associated with the implementation of real and financial investment, the sale of retiring fixed assets and intangible assets, the rotation of long-term instruments of the investment portfolio and other similar cash flows serving the investment activities of the organization;
• on financial activities. Such a flow characterizes the receipts and payments of cash associated with attracting additional equity and share capital, obtaining long-term and short-term loans and borrowings, paying cash dividends and interest on deposits of owners and some other cash flows associated with external financing of the economic activity of the organization.

3. By direction of movement There are two types of cash flows:

• positive cash flow characterizing the totality of cash inflows to the organization from all types of business transactions (cash inflow);
• negative cash flow, reflecting the totality of cash payments by the organization in the process of carrying out all types of business transactions (cash outflow).

These types of cash flows are interrelated: the insufficiency of volumes in time of one of them causes a subsequent reduction in the volumes of the other. Therefore, in the organization's cash flow management system, they represent a single object of financial management.

4. By the method of calculating the volume distinguish the following types of cash flows:

• gross cash flow characterizing the totality of receipts or expenditures of funds in the period under review in the context of its individual intervals;
• net cash flow representing the difference between positive and negative cash flows (between the receipt and expenditure of funds) in the period under review for its individual intervals. Net cash flow largely determines the financial balance and growth rate of the market value of the organization. Calculation of net cash flow for the organization as a whole, for individual structural units (responsibility centers), various types economic activity or individual business transactions is carried out according to the formula

NDP \u003d MDP ODP,

where NPV - the amount of net cash flow in the period under review;
RAP - the amount of positive cash flow (cash receipts) in the period under review;
ODP - the amount of negative cash flow (expenditure of funds) in the period under review.

Depending on the ratio of the volumes of positive and negative flows, the amount of net cash flow can be characterized by both positive and negative values, which ultimately affect the formation of the balance of monetary assets.

5. According to the level of sufficiency volume, the following types of cash flows can be represented:

• excess cash flow, in which cash receipts significantly exceed the organization's real need for purposeful spending. Evidence of excess cash flow is a high positive net cash flow that has not been used in the course of the organization's business activities for a long time;
• scarce cash flow, when cash receipts are significantly lower than the actual needs of the organization in their purposeful spending. Even with a positive value of the amount of net cash flow, it can be characterized as scarce if this amount does not provide the minimum need (checksum) for cash in all areas of the organization's business activities.

6. According to the method of evaluation in time distinguish the following types of cash flows:

• real cash flow, which characterizes the cash flow of the organization as a value reduced by value to the current point in time;
• future cash flow, which characterizes the cash flow of the organization as a value reduced to a specific future point in time.

Both types of cash flows reflect the value of money over time.

7. By continuity of formation in the period under review, there are:

• regular cash flow, i.e. the flow of receipt or expenditure of funds for individual business transactions, which in the period under review is carried out constantly at separate intervals of this period. Most types of cash flows generated by the operating activities of the organization are regular in nature (flows associated with servicing a financial loan in all its forms, cash flows that ensure the implementation of long-term real investment projects and
• discrete cash flows. They characterize the receipt or expenditure of funds associated with the implementation of individual business operations of the organization in the period under review, for example, a one-time expenditure of funds associated with the acquisition of property, the purchase of a franchise license, the receipt of funds in the form of gratuitous assistance, etc.

These types of cash flows of the organization differ only within a specific time interval. With a minimum time interval, all cash flows of the organization can be considered as discrete. Conversely, within life cycle organization, the majority of its cash flows are regular.

8. By stability of time intervals formation of regular cash flows are:

• flows with uniform time intervals within the considered period.
• flows with non-uniform time intervals within the considered period. An example of such a cash flow can be lease payments when the parties agree on uneven payment intervals throughout the term of the lease agreement.

Thus, the system of key indicators characterizing the cash flow includes:

• volume of cash receipts;
• the amount of money spent;
• the amount of net cash flow;
• the amount of cash balances at the beginning and end of the period under review;
• checksum of funds;
• distribution of the total amount of cash flows of certain types for certain intervals of the period under review. The number and duration of such intervals are determined by the specific tasks of analyzing or planning cash flows;
• assessment of factors of an internal and external nature that affect the formation of the organization's cash flows.

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1. Theoretical foundations of organization cash flow management

1.1 Cash flow analysis methodology

Cash is the most liquid assets and does not stay long at this stage of the cycle. However, in a certain amount, they must always be present in the composition of working capital, otherwise the company will be declared insolvent.

The main purpose of the analysis of cash flows is to identify the causes of the deficit (excess) of cash flows and determine the sources of their receipt and directions of spending to control the current liquidity and solvency of the enterprise. Its solvency and liquidity very often depend on the real cash flow in the form of a cash flow of payments reflected in the accounts of accounting 7, p. 124.

The main objectives of cash flow analysis are:

operational, daily control over the safety of cash flows and securities at the cash desk of the enterprise;

control over the use of cash flows strictly for the intended purpose;

control over correct and timely settlements with the budget, banks, personnel;

control over compliance with the forms of payment established in contracts with buyers and suppliers;

timely reconciliation of settlements with debtors and creditors to exclude overdue debts;

diagnostics of the state of absolute liquidity of the enterprise;

forecasting the ability of the enterprise to repay the obligations that have arisen in a timely manner;

contributing to the competent management of the company's cash flows.

The main source of information for analyzing the relationship between profit, working capital and cash flows is the balance sheet (form No. 1), the appendix to the balance sheet (form No. 5), the statement of financial results and their use (form No. 2). A feature of the formation of information in these reports is the accrual method, and not the cash method. This means that the income received or the costs incurred may not correspond to the actual "inflow" or "outflow" of cash flows in the enterprise.

The report may show a sufficient amount of profit and then the estimate of profitability will be high, although at the same time the enterprise may experience an acute shortage of cash flows for its functioning. Conversely, the profit may be insignificant, and the financial condition of the enterprise is quite satisfactory. The data on the formation and use of profits shown in the company's statements do not give a complete picture of the real process of cash flow.

For example, it is enough to confirm what has been said to compare the amount of balance sheet profit shown in f. No. 2 of the statement of financial results and their use with the amount of change in cash flows in the balance sheet. Profit is only one of the factors (sources) of formation of balance liquidity. Other sources are: credits, loans, issue of securities, contributions of founders, others. Therefore, in some countries, the statement of cash flows is currently preferred as a tool for analyzing the financial condition of the company. For example, in the United States, since 1988, a standard has been introduced according to which enterprises, instead of their previous statement of changes in financial position, must prepare a statement of cash flows. This approach allows a more objective assessment of the company's liquidity in terms of inflation and taking into account the fact that the accrual method is used in the preparation of other reporting forms, that is, it involves the reflection of expenses, regardless of whether the corresponding amounts of money are received or paid.

The cash flow statement is a document financial reporting, which reflects the receipt, expenditure and net changes in cash flows in the course of current business activities, as well as investment and financial activities for a certain period. These changes are reflected in such a way that it is possible to establish the relationship between the balances of cash flows at the beginning and end of the reporting period.

The cash flow statement is a statement of changes in financial position prepared using the cash flow method. It makes it possible to assess future cash flows, analyze the company's ability to repay its short-term debt and pay dividends, and assess the need to attract additional financial resources. This report can be prepared either in the form of a statement of changes in the financial position (with the replacement of the “net current assets” indicator with the “cash” indicator), or in a special form, where the directions of cash flows are grouped into three areas: economic (operating) sphere, investment and financial spheres.

The logic of the analysis is quite obvious - it is necessary to single out, if possible, all transactions affecting the movement of cash flows. This can be done in various ways, in particular by analyzing all turnovers in cash flow accounts (accounts 50, 51, 52, 55, 57). However, in world accounting and analytical practice, as a rule, one of two methods is used, known as direct and indirect methods. The difference between them lies in the different sequence of procedures for determining the amount of cash flow as a result of current activities:

the direct method is based on the calculation of the inflow (revenue from the sale of products, works and services, advances received, etc.) and outflow (payment of supplier invoices, return of short-term loans and borrowings, etc.) of cash flows, i.e. the starting element is revenue;

the indirect method is based on the identification and accounting of operations related to the movement of cash flows, and the consistent adjustment of net profit, i.e. the starting point is profit.

In practice, two methods of calculating cash flows are used - direct and indirect.

The direct method of calculation is based on the reflection of the results of operations (turnovers) on cash flow accounts for the period. In this case, operations are grouped into three types of activities:

current (main) activity - receipt of sales proceeds, advances, payment of supplier accounts, receipt of short-term loans and borrowings, payment of wages, settlements with the budget, paid / received interest on loans and borrowings;

investment activity - the movement of funds associated with the acquisition or sale of fixed assets and intangible assets;

financial activities- receipt of long-term loans and borrowings, long-term and short-term financial investments, repayment of debts on previously received loans, payment of dividends.

The necessary data is taken from the forms of financial statements: “Balance Sheet” and “Statement of Cash Flows.

The calculation of the cash flow by the direct method makes it possible to assess the solvency of the enterprise, as well as to exercise operational control over the receipt and expenditure of cash flows. In Russia, the direct method is the basis for the form of the Statement of Cash Flows. At the same time, the excess of receipts over payments both for the enterprise as a whole and for types of activity means an inflow of funds, and the excess of payments over receipts means their outflow.

In the long term, the direct method of calculating the amount of cash flows makes it possible to assess the level of liquidity of assets. In operational financial management, the direct method can be used to control the process of generating proceeds from the sale of products (goods, services) and draw conclusions regarding the sufficiency of cash flows for payments on financial obligations.

The disadvantage of this method is the inability to take into account the relationship between the obtained financial result (profit) and changes in the absolute amount of the company's cash flows.

The indirect method is preferable from an analytical point of view, as it allows you to determine the relationship between the profit received and the change in the amount of cash flows. The calculation of cash flows by this method is based on the net profit indicator with its necessary adjustments in items that do not reflect the movement real money on the respective accounts.

To eliminate discrepancies in the formation of the net financial result and net cash flow, adjustments are made to net profit or loss, taking into account:

changes in inventories, receivables, short-term financial investments, short-term liabilities, excluding loans and credits, during the period;

non-monetary items: depreciation of non-current assets; exchange differences; profit (loss) of previous years, revealed in the reporting period and others;

other articles that should be reflected in investment and financial activities.

For methodological purposes, a certain sequence of implementation of such adjustments can be distinguished.

At the first stage, the impact on the net financial result of operations of a non-monetary nature is eliminated. For example, the disposal of fixed assets and intangible assets causes an accounting loss in the amount of their residual value. It is quite clear that write-offs from the balance of the residual value of property do not have any impact on the value of cash flows, since the outflow of funds associated with them occurred much earlier - at the time of its acquisition. Therefore, the amount of the loss in the amount of the under-depreciated cost must be added to the net income.

At the second stage, adjustment procedures are carried out taking into account changes in the items of current assets and short-term liabilities. The purpose of the adjustments is to show which items of current assets and short-term liabilities have changed the amount of cash flows at the end of the reporting period compared to its beginning. The increase in items of current assets is characterized by the use of funds and, therefore, is regarded as an outflow of cash flows. The decrease in items of current assets is characterized by the release of funds and is regarded as an inflow of cash flows.

1.2 Organizational cash flow management

Management of cash assets or the balance of cash flows and their equivalents, permanently at the disposal of the enterprise, is an integral part of the functions general management current assets of non-profit enterprises.

The size of the balance of monetary assets operated by the enterprise in the course of economic activity determines the level of its absolute solvency (the readiness of the enterprise to immediately pay off all its urgent financial obligations), affects the amount of capital invested in current assets, and also characterizes to a certain extent its investment opportunities (investment potential of the enterprise's short-term financial investments).

The main goal of financial management in the process of managing monetary assets is to ensure the constant solvency of the enterprise. In this, the function of monetary assets as a means of payment, which ensures the implementation of the goals of forming their operating, insurance and compensatory balances, gets its implementation. The priority of this goal is determined by the fact that neither a large amount of current assets and equity, nor a high level of profitability of economic activity can insure an enterprise against initiating a bankruptcy claim against it, if it cannot pay off its urgent financial obligations.

Therefore, in the practice of financial management, the management of monetary assets is often identified with the management of solvency (or liquidity management).

Cash flow management is also carried out with the help of cash flow forecasting, i.e. receipts (inflow) and use (outflow) of cash flows. The amount of cash inflows and outflows in conditions of instability and inflation can be determined very approximately and only for a short period, for example, a month, a quarter.

Estimated revenue is calculated by taking into account the average time for paying bills and selling on credit. The change in receivables for the selected period is taken into account, which may increase or decrease the inflow of cash flows, the impact of non-operating transactions and other receipts is determined.

In parallel, an outflow of cash flows is forecasted, i.e. the expected payment of invoices for goods received, and mainly the repayment of accounts payable. Payments to the budget, tax authorities and off-budget funds, dividends, interest, remuneration of employees of the enterprise, possible investments and other expenses are envisaged.

As a result, the difference between the inflow and outflow of cash flows is determined - net cash flow with a plus or minus sign. If it exceeds the outflow, then the amount of short-term financing in the form of a bank loan or other receipts is calculated in order to ensure the projected cash flow.

The determination of the minimum required need for cash assets for the implementation of current business activities is aimed at establishing a lower limit on the balance of the required cash assets and is carried out on the basis of a cash flow forecast according to the following formula:

where YES min - the minimum required need for monetary assets for the implementation of current economic activities in the coming period;

PR YES - the expected volume of payment turnover for current business transactions in the coming period;

О DA - the turnover of monetary assets (in times) in the reporting period of the same period (taking into account the planned measures to accelerate the turnover of monetary assets).

Calculation of the minimum required need for monetary assets can be carried out by another method:

where YES K - the balance of monetary assets at the end of the reporting period;

FR DA - the actual volume of payment turnover for current business transactions in the reporting period.

The analysis of cash flow and its management make it possible to determine its optimal level, the ability of the enterprise to pay off its current obligations and carry out investment activities.

The generalized characteristic of the structure of sources of formation is the quality of the net cash flow. Its high quality is characterized by an increase in the share of net profit received due to an increase in output and a decrease in its cost, and its low quality is characterized by an increase in the share of net profit associated with an increase in product prices, non-operating transactions in the total net profit.

At the same time, it is important to determine the adequacy of the net cash flow generated in the course of economic activity to finance emerging needs. For this, the net cash flow sufficiency ratio (KD NPV) is used, which is calculated using the following formula

KD NPD = (3)

where OD is the amount of principal repayments on long- and short-term loans and borrowings of the organization;

Y - index - dividends of the founders;

З ТМ - the sum of the increase in stocks of inventory items as part of the current assets of the organization;

D y - the amount of dividends (interest) paid to the owners of the enterprise (shareholders, shareholders) on the invested capital.

To assess the synchronism of the formation of positive and negative cash flows for certain intervals of the reporting period, the dynamics of the balances of the organization's cash assets is considered, reflecting the level of this synchronism and ensuring absolute solvency, the liquidity ratio of the cash flow (CL DP) of the organization is calculated for certain intervals of the period under review according to the formula

where RAP - the amount of cash receipts;

YES K, YES N - the amount of the organization's cash balance, respectively, at the end and beginning of the period under review;

ODP - the amount of money spent.

Summarizing indicators of the effectiveness of the organization's cash flows are the cash flow efficiency ratio (CEF) and the net cash flow reinvestment ratio (CRchpd), which are calculated using the following formulas:

Kedp = and Krchpd = (5)

where? RI and? FID - the amount of growth, respectively, of real investments and long-term financial investments of the organization.

The results of calculations are used to optimize cash flows, which is the process of choosing the best forms of their organization, taking into account the conditions and characteristics of economic activity.

The financial condition of the company and the ability to quickly adapt in cases of unforeseen changes in the financial market depend on the effectiveness of cash flow management.

In the Western practice of financial management, more complex models of cash flow management are used. These are the Baumol model and the Miller-Orr model. However, the application of these models in Russia in the current market conditions (high inflation, a resurgent stock market, sharp fluctuations in the refinancing rates of the Central Bank of the Russian Federation, etc.) is not possible.

One of the main tasks of cash flow management is to optimize the average balance of the company's cash assets. Such optimization is ensured by calculating the required size of certain types of this balance in the coming period.

The need for the operating (transactional) balance of monetary assets characterizes the minimum necessary amount of them necessary for the implementation of current business activities. The calculation of this amount is based on the planned amount of negative cash flow from operating activities (the relevant section of the plan for receipt and expenditure of cash flows) and the number of turnovers of monetary assets.

where YES o - operating balance of cash flows,

ON od - the planned amount of negative (the amount of spending cash flows) cash flow on the operating activities of the enterprise,

KO yes - the number of turnovers of the average balance of cash flows in the planning period.

The need for an insurance (reserve) balance of monetary assets is determined on the basis of the calculated amount of their operating balance and the coefficient of unevenness (coefficient of variation) of cash flows to the enterprise for certain months of the previous year.

where YES c - insurance (reserve) balance of monetary assets,

YES o - the planned operating balance of cash flows,

KV pds - the coefficient of variation of cash flows in the enterprise.

The need for the compensatory balance of monetary assets is planned in the amount determined by the agreement on banking services. However, since the agreement with the bank providing settlement services to non-profit organizations does not contain such a requirement, this type of balance of cash assets is not planned at the enterprise.

Since this part of monetary assets does not lose its value during storage (when forming an effective portfolio of short-term financial investments), their amount is not limited by an upper limit. The criterion for the formation of this part of monetary assets is the need to ensure a higher rate of return on short-term investments in comparison with the rate of return on operating assets.

The total size of the average balance of monetary assets in the planning period is determined by summing up the calculated need for their individual types:

where YES - the average amount of monetary assets of the enterprise in the planning period,

YES o - the average amount of the operating balance of monetary assets,

YES from - the average amount of the insurance (reserve) balance of monetary assets,

YES to - the average amount of the compensatory balance of monetary assets,

YES and - the average amount of the investment balance of monetary assets.

Considering that the balances of monetary assets of the last three types are to a certain extent fungible, the total need for them with limited financial opportunities non-profit organization can be shortened accordingly.

When managing cash flows, a non-profit organization necessarily solves the problem of ensuring the cost-effective use of the temporarily free balance of cash assets. At this stage of the formation of the monetary asset management policy, a system of measures is developed to minimize the level of losses of alternative income in the process of their storage and anti-inflationary protection.

The main of these activities include:

Coordination with the bank that provides settlement services to the enterprise, the conditions for the current storage of the balance of monetary assets with the payment of deposit interest on the average amount of this balance (for example, by opening a checking account with a bank);

Use of short-term monetary investment instruments (first of all, deposits in banks) for temporary storage of insurance and investment balances of monetary assets;

The use of high-yielding stock instruments for investing the reserve and the free balance of monetary assets (government short-term bonds; short-term bank certificates of deposit, etc.), but subject to sufficient liquidity of these instruments in the financial market.

When managing cash flows in an organization, financial planning is carried out.

The financial planning system at the enterprise includes:

1) a system of budget planning for the activities of structural units;

2) a system of consolidated (comprehensive) budget planning of the enterprise.

In order to organize budget planning of the activities of the structural divisions of the enterprise, an end-to-end system of budgets is being developed that combines the following functional budgets covering the base of financial calculations of the enterprise:

The budget of the wage fund, on the basis of which payments to extra-budgetary funds and some tax deductions are predicted;

The budget of material costs, compiled on the basis of the consumption rates of raw materials, components, materials and volume production program structural divisions;

Depreciation budget, including directions for using it on overhaul, maintenance and renovation;

Budget for other expenses (travel, transport, etc.);

The budget for the repayment of loans and borrowings, developed on the basis of a payment schedule;

The tax budget, which includes all taxes and obligatory payments to the budget, as well as to off-budget funds. This budget is planned for the whole enterprise.

The development of budgets for structural units and services is based on the principle of decomposition, which means that the budget of a lower level is a detailed budget of a higher level. Summary budgets for each structural unit developed, as a rule, on a monthly basis. In order to ensure uniform provision of the enterprise and its divisions with working capital, they indicate daily planned and actual costs, as well as for the whole month.

An integral part of financial planning is the definition of responsibility centers - cost centers and income centers. Units in which the measurement of output is difficult or which work for internal consumers, it is advisable to transform into cost centers (expenses). Units that produce products that go to the final consumer are transformed into profit centers, or income centers.

In the system of current financial planning, it is necessary to determine the actual flow of money to the enterprise. This is possible after conducting a cash flow analysis. To do this, it is necessary to have data on the inflow and outflow of cash flows in three areas: ordinary (current) activities, investment activities and financial activities. An inflow is any increase in liability items or a decrease in active accounts, an outflow is any decrease in liability items or an increase in active balance items.

Financial planning is the final stage of planning in the enterprise.

Thus, in the course of carrying out its activities, any enterprise should analyze the organization system for managing cash flows to identify centers of inflow and outflow of cash flows. The main goal of organizing cash flow management in an enterprise is to identify the causes of a shortage (excess) of cash flows and determine the sources of their receipt and directions of spending to control the current liquidity and solvency of the enterprise. Its solvency and liquidity very often depend on the real cash flow in the form of cash payments.

2. Analysis of the activities of a cash flow management organization on the example of a non-profit organization of the Managing Company "Palace of Culture of Metallurgists"

cash flow non-profit organization

2.1 Characteristics of the features of the activities of the Managing Company "Palace of Culture of Metallurgists"

The cultural institution "Metallurgists' Palace of Culture" is a non-profit organization. The main activity is the activity of libraries, archives, cultural institutions.

The organization was registered by the Registration Chamber of the Administration of Lipetsk on August 31, 1998.

Full name: Institution of culture "Palace of Culture of Metallurgists". Abbreviated name: Cultural Institution "DK Metallurgists"

Location of the organization: 398005, Lipetsk, Mira Avenue, 22.

Table 1 - The main indicators of the financial and economic condition of the cultural institution "DK metallurgists" in 2010-2012

Indicator		Deviations, (+-)	Rates of growth, %
1. Fixed assets, thousand rubles
2. Reserves, thousand rubles
3. Cash, thousand rubles
4. Proceeds from the sale of products, the provision of services, thousand rubles.
5. Cost of goods sold, thousand rubles.
6. Profit from the sale of marketable products, the provision of services, thousand rubles.
7. Net profit, thousand rubles.
8. Average headcount, pers.
9. Labor productivity, thousand rubles/person

According to Table 1, it can be seen that in 2011 the amount of fixed assets increased by 1281 thousand rubles in the cultural institution "DK Metallurgists". or by 36.0%, the amount of reserves - 573 thousand rubles. or by 1910.0%, the organization's funds decreased by 1416 thousand rubles. or by 81.2%, sales proceeds - by 1,742 thousand rubles. or by 78.8%, net profit - by 517 thousand rubles. or by 74.4%, the receivables of the organization increased by 428 thousand rubles. or by 104.1%, accounts payable - by 653 thousand rubles. or 2612%.

In 2012, the amount of fixed assets increased by 1,090 thousand rubles in the cultural institution "DK metallurgists". or by 22.5%, the amount of reserves decreased by 29 thousand rubles. or 4.8%, the organization's cash decreased by 114 thousand rubles. or by 34.7%, sales revenue increased by 2235 thousand rubles. or by 475.5%, net profit - by 321 thousand rubles. or by 180.3%, the organization's accounts receivable decreased by 140 thousand rubles. or by 16.7%, accounts payable - by 34 thousand rubles. or 5.0%.

2.2 Cash flow analysis of the Managing Company "Palace of Culture of Metallurgists"

The main purpose of the analysis of cash flows is to identify the causes of the deficit (excess) of cash flows and determine the sources of their receipt and directions of spending to control the current liquidity and solvency of the enterprise.

Its solvency and liquidity very often depend on the real cash flow in the form of a cash flow flow reflected in the accounts of accounting.

In 2011, the balance of cash flows increased by 217 thousand rubles. or 4.1 times. This change was affected by cash flows from operating activities in the amount of RUB 1,606 thousand. However, there was an outflow of cash flows from investment activities in the amount of 1,389 thousand rubles.

In 2012, the balance of cash flows decreased by 71 thousand rubles. or 1.3 times. This change was influenced by the inflow of cash flows from operating activities in the amount of 978 thousand rubles.

Table 2 - Vertical analysis of the receipt and expenditure of cash flows in the cultural institution "DK metallurgists" in 2010-2012, thousand rubles.

The name of indicators	Absolute value		Absolute value	Share of the sum of all sources of cash flows, %	Absolute value
1. Receipt and sources of cash flows
Revenues from sales
Target receipts
Other supply.
Total incoming cash flows
2. Use of cash flows

From table 2 it follows that the main source of cash flow in the cultural institution "DK metallurgists" in 2010 was targeted funding - 86.2%.

Among the areas of spending the cash flows of the cultural institution "DK metallurgists" the main share is occupied by: payment of invoices of suppliers (70.5%), remuneration of personnel and contributions to extra-budgetary funds (23.4%), settlements with the budget (3.3%) , financing the acquisition of the active part of fixed assets (2.1%), other expenses (0.7%).

The net change in cash flows (the excess of outflow over inflow) is -48 thousand rubles. or 0.3%.

The main source of cash flow in 2011 in the cultural institution "DK metallurgists" was targeted funding - 87.7%.

Among the areas of spending the cash flows of the cultural institution "DK metallurgists" the main share is occupied by: payment of invoices of suppliers (53.5%), remuneration of personnel and contributions to extra-budgetary funds (28.7%), settlements with the budget (4.5%) , for the issuance of accountable amounts (2.8%), financing the acquisition of the active part of fixed assets (9.4%), other expenses (1.3%).

The net change in cash flows (the excess of inflow over outflow) is 1.5%.

The main source of cash flow in 2012 in the cultural institution "DK Metallurgists" was targeted funding - 83.6%.

Among the directions of spending the cash flows of the cultural institution "DK metallurgists" the main share is occupied by: payment of invoices of suppliers (58.8%), remuneration of personnel and contributions to extra-budgetary funds (26.6%), settlements with the budget (5.6%) , for the issuance of accountable amounts (2.7%), financing the acquisition of the active part of fixed assets (5.2%), other expenses (1.1%).

The net change in cash flows (the excess of outflow over inflow) is 0.4%.

The expenditure of cash flows decreased by 2898 thousand rubles, including: for payments to suppliers it decreased by 4596 thousand rubles, for wages it increased by 67 thousand rubles, for settlements with off-budget funds - by 49 thousand rubles, for the issuance of accountable amounts - by 410 thousand rubles, for the acquisition of fixed assets - by 1013 thousand rubles, for settlements with the budget - by 95 thousand rubles, for other payments - by 64 thousand rubles.

In 2012, cash flow receipts increased by 4,941 thousand rubles, including:

Target financing of the organization increased by 3508 thousand rubles,

Revenue from current activities - by 1664 thousand rubles,

Other income decreased by 231 thousand rubles.

The use of cash flows increased by 5229 thousand rubles, including: for payments to suppliers increased by 3903 thousand rubles, for wages increased by 1119 thousand rubles, for settlements with off-budget funds decreased by 37 thousand rubles, for the issuance of accountable amounts increased by 139 thousand rubles, for the acquisition of fixed assets decreased by 340 thousand rubles, for settlements with the budget increased by 446 thousand rubles, for other payments decreased by 1 thousand rubles.

The analysis of cash flows by the indirect method is preferable from an analytical point of view, as it allows you to determine the relationship between the profit received and the change in the amount of cash flows.

According to the results of the analysis of cash flows in the cultural institution "DK metallurgists" for 2011, the following conclusions can be drawn by an indirect method:

1. for the reporting period, the amount of net profit decreased by 517 thousand rubles compared to the previous one;

2. increased inventory balances by 573 thousand rubles. in warehouses;

3. increased accounts receivable by 315 thousand rubles;

4. accounts payable increased by 653 thousand rubles;

6. The total change in cash flows from all types of activities amounted to +473 thousand rubles.

According to the results of the analysis of cash flows for 2012 in the cultural institution "DK Metallurgists" by an indirect method, the following conclusions can be drawn:

1. for the reporting period, the amount of net profit increased by 321 thousand rubles compared to the previous one;

2. inventory balances decreased by 29 thousand rubles;

3. accounts receivable decreased by 140 thousand rubles;

4. accounts payable decreased by 334 thousand rubles;

5. the insufficiency of own funds (net profit and depreciation charges) for the implementation of investment activities was revealed;

6. The total change in cash flows from all types of activities amounted to +982 thousand rubles.

Thus, after analyzing the cash flow in the cultural institution "DK Metallurgists", it was found that the organization is not always able to generate a sufficient amount of cash flows to carry out its activities.

2.3 Analysis of the effectiveness of cash flow management in the Managing Company "Palace of Culture of Metallurgists"

Management of cash assets or the balance of cash flows and their equivalents, permanently at the disposal of the enterprise, is an integral part of the functions of the overall management of current assets of the cultural institution "Palace of Culture of Metallurgists".

The main goal of financial management in the process of managing monetary assets is to ensure the constant solvency of the enterprise.

Along with this main goal, an important task of financial management in the process of managing monetary assets is to ensure effective use temporarily free cash flows, as well as the formed investment balance.

In the process of cash flow management, the following indicators of cash flows in the organization are calculated.

Table 3 shows that the participation rate of monetary assets in total current assets for 2011 decreased by 57%, and for 2012 - by 6%. The period of turnover of monetary assets for 2011 decreased by 27.8 days, and for 2012 - by 4.17 days. The number of turnovers of monetary assets in 2011 increased by 34.98 vol., and in 2012 - by 48.26 vol.

Table 3 - Indicators of the movement and state of cash flows in the cultural institution "Palace of Culture of Metallurgists" in 2010-2012

Indicator				Deviation, +/-
1. The coefficient of participation of monetary assets in total current assets
2. Period of turnover of monetary assets, days
3. The number of turnovers of monetary assets
4. Absolute liquidity ratio
5. Critical liquidity ratio
6. Current liquidity ratio

All liquidity ratios are above their normative values, which is a positive fact.

Let us calculate the planned amount of the operating balance of the monetary assets of the cultural institution "DK Metallurgists" in 2013.

20133: 93.41 = 215 thousand rubles.

We will calculate the planned amount of the insurance balance of the monetary assets of the cultural institution "DK Metallurgists" in 2013.

YES c \u003d 215 x 70% \u003d 151 thousand rubles.

The need for the compensatory balance of monetary assets is planned in the amount determined by the agreement on banking services. However, since the agreement with the bank that provides settlement services to the cultural institution "DK Metallurgists" does not contain such a requirement, this type of balance of cash assets is not planned at the enterprise.

The need for an investment (speculative) balance of monetary assets is planned based on the financial capabilities of the enterprise only after the need for other types of balances of monetary assets is fully met.

The total size of the average balance of monetary assets in the planning period is determined by summing up the calculated need for their individual types: YES = 215 + 151 = 366 thousand rubles.

Given that the balances of the last three types of monetary assets are to a certain extent fungible, the total need for them, given the limited financial capabilities of the cultural institution "DK metallurgists", can be reduced accordingly.

When managing the cash flows of the cultural institution "DK metallurgists", the problem of ensuring the profitable use of the temporarily free balance of monetary assets is necessarily solved. At this stage of the formation of the monetary asset management policy, a system of measures is developed to minimize the level of losses of alternative income in the process of their storage and anti-inflationary protection.

Bibliographic list

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Cash flow management is one of the main activities of the company. Cash flow management includes the calculation of the time of circulation of funds (financial cycle), cash flow analysis, its forecasting, determining the optimal level of cash, budgeting cash, etc.

Cash flow management of any commercial organization is an important part of the overall management system of its financial activities.

Cash flow management allows you to solve various problems of financial management and is subordinate to its main goal.

The main goal of cash flow management is to ensure the financial balance of the enterprise in the process of its development by balancing the volume of receipts and expenditures of funds and their synchronization in time.

Cash flow management involves the analysis of these flows, cash flow accounting, development of a cash flow plan. In world practice, cash flows are referred to as "cash flow".

Enterprise cash flow management process

Cash flow management process The enterprise is based on certain principles, the main of which are:

1. The principle of informative reliability. Like every control system, cash flow management must be provided with the necessary information base. The source of information for the analysis of cash flows, first of all, is the cash flow statement (previously form 4 of the balance sheet), the balance sheet itself, the income statement and appendices to the balance sheet.

2. The principle of ensuring balance. Enterprise cash flow management deals with many types and varieties of enterprise cash flows. Their subordination to the common goals and objectives of management requires balancing the cash flows of the enterprise by types, volumes, time intervals and other essential characteristics. The implementation of this principle is connected with the optimization of the company's cash flows in the process of managing them.

3. The principle of ensuring efficiency. Cash flows are characterized by a significant unevenness in the receipt and expenditure of funds in the context of individual time intervals, which leads to the formation of volumes of temporarily free cash. In essence, these temporarily free cash balances are in the nature of non-productive assets (until they are used in the economic process), which lose their value over time, from inflation and for other reasons. The implementation of the principle of efficiency in the process of managing cash flows is to ensure their effective use by making financial investments of the enterprise.

4. The principle of providing liquidity. The high unevenness of certain types of cash flows generates a temporary shortage of funds, which adversely affects the level of its solvency. Therefore, in the process of managing cash flows, it is necessary to ensure a sufficient level of their liquidity throughout the entire period under review. The implementation of this principle is ensured by appropriate synchronization of positive and negative cash flows in the context of each time interval of the period under consideration.

Taking into account the considered principles, a specific process of managing the cash flows of an enterprise is organized.

Cash flow management system

If the object of management is the cash flows of the enterprise associated with the implementation of various economic and financial transactions, then the subject of management is the financial service, the composition and number of which depends on the size, structure of the enterprise, the number of operations, activities and other factors:

in small businesses Chief Accountant often combines the functions of the head of the financial and planning departments;

in the middle ones, accounting, the department of financial planning and operational management stand out;

in large companies the structure of the financial service is expanding significantly - under the general leadership financial director there are accounting departments, departments of financial planning and operational management, as well as an analytical department, a department of securities and currencies.

As for elements of the cash flow management system, then they should include financial methods and tools, regulatory, information and software:

• among the financial methods that have a direct impact on the organization, dynamics and structure of the enterprise's cash flows, one can distinguish a system of settlements with debtors and creditors; relationships with founders (shareholders), contractors, government bodies; lending; financing; fund formation; investment; insurance; taxation; factoring, etc.;
• financial instruments combine money, loans, taxes, forms of payment, investments, prices, bills of exchange and other stock market instruments, depreciation rates, dividends, deposits and other instruments, the composition of which is determined by the peculiarities of the organization of finance at the enterprise;
• legal support of the enterprise consists of a system of state laws and regulations, established norms and standards, the charter of an economic entity, internal orders and orders, and a contractual framework.

AT modern conditions a necessary condition for business success is the timely receipt of information and prompt response to it, therefore important element cash flow management of the enterprise is intra-company reporting.

Thus, the cash flow management system at the enterprise is a set of methods, tools and specific techniques of purposeful, continuous impact on the cash flow by the financial service of the enterprise to achieve the goal.

Enterprise cash flow planning

One of the stages of cash flow management is the planning stage. Cash flow planning helps the professional identify the sources of funds and evaluate their use, as well as identify the expected cash flows, and therefore the growth prospects of the organization and its future financial needs.

The main task of drawing up a cash flow plan is to check the reality of the sources of funds and the validity of expenses, the synchronism of their occurrence, to determine the possible need for borrowed funds. The cash flow plan can be drawn up in a direct or indirect way.

TRIBUTIES	OUTFLOWS
Primary activity
Revenue from product sales	Payments to suppliers
Receipt of accounts receivable	Salary payment
Proceeds from the sale of material assets, barter	Payments to the budget and off-budget funds
Buyers advances	Payments % for a loan
	Consumption fund payments
	Repayment of accounts payable
Investment activities
Sale of fixed assets, intangible assets, construction in progress	Capital investments for the development of production
Proceeds from the sale long-term financial investments	Long-term financial investments
Dividends, % of financial investments
Financial activities
Short-term credits and loans	Repayment of short-term loans, loans
Long-term credits and loans	Repayment of long-term loans, loans
Proceeds from the sale and payment of promissory notes	Payment of dividends
Proceeds from the issue of shares	Payment of bills
Special-purpose financing

The need to divide cash flows into three types is explained by the role of each and their relationship. If the main activity is designed to provide the necessary funds for all three types and is the main source of profit, while investment and financial activities are designed to contribute to the development of the main activity and provide it with additional funds.

The cash flow plan is drawn up for various time intervals (year, quarter, month, decade), for the short term it is drawn up in the form of a payment calendar.

Payment schedule- this is a plan of production and financial activities, in which all sources of cash receipts and expenses for a certain period of time are calendar-related. It fully covers the cash flow of the enterprise; makes it possible to link receipts of funds and payments in cash and non-cash form; allows to ensure constant solvency and liquidity.

In the process of compiling a payment calendar, the following tasks are solved:

• organization of accounting for the temporary docking of cash receipts and future expenses of the organization;
• formation of an information base on the movement of cash inflows and outflows;
• daily record of changes in information base;
• analysis of non-payments and organization of measures to eliminate their causes;
• calculation of the need for short-term financing;
• calculation of temporarily free funds of the organization;
• analysis of the financial market from the position of the most reliable and profitable placement of temporarily free funds.

The payment calendar is compiled on the basis of a real information base on cash flows, which includes: contracts with counterparties; acts of reconciliation of settlements with counterparties; invoices for products; invoices; bank documents on receipt of funds to accounts; money orders; product shipment schedules; payroll schedules; status of settlements with debtors and creditors; statutory deadlines for payments on financial obligations to the budget and extra-budgetary funds; internal orders.

To effectively draw up a payment calendar, it is necessary to control information about the balance of funds in bank accounts, funds spent, average balances per day, the state of the organization's marketable securities, planned receipts and payments for the coming period.

Balancing and synchronization of cash flows

The result of developing a cash flow plan can be both a deficit and an excess of cash. Therefore, at the final stage of cash flow management, they are optimized by balancing in volume and time, synchronizing their formation in time, and optimizing the cash balance on the current account.

Both deficit and excess cash flow have a negative impact on the activities of the enterprise. The negative consequences of a deficit cash flow are manifested in a decrease in the liquidity and solvency of an enterprise, an increase in overdue accounts payable to suppliers of raw materials and materials, an increase in the share of overdue debts on financial loans received, delays in paying wages, an increase in the duration of the financial cycle, and, ultimately, in a decrease in profitability of using own capital and assets of the enterprise.

The negative consequences of excess cash flow are manifested in the loss of the real value of temporarily unused funds from inflation, the loss of potential income from the unused part of monetary assets in the field of their short-term investment, which ultimately also negatively affects the level of return on assets and equity of the enterprise.

According to I. N. Yakovleva, the volume of scarce cash flow should be balanced by:

1. attracting additional equity or long-term debt capital;
2. improving work with current assets;
3. getting rid of non-core non-current assets;
4. reduction of the enterprise's investment program;
5. cost reduction.

The amount of excess cash flow should be balanced by:

1. increasing the investment activity of the enterprise;
2. expansion or diversification of activities;
3. early repayment of long-term loans.

In the process of optimizing cash flows over time, two main methods are used - leveling and synchronization. Equalization of cash flows is aimed at smoothing their volumes in the context of individual intervals of the period under consideration. This optimization method eliminates, to a certain extent, seasonal and cyclical differences in the formation of cash flows (both positive and negative), while simultaneously optimizing the average cash balances and increasing the level of liquidity. The results of this method of optimizing cash flows over time are evaluated using the standard deviation or coefficient of variation, which should decrease during the optimization process.

Synchronization of cash flows is based on the covariance of their positive and negative types. In the process of synchronization, an increase in the level of correlation between these two types of cash flows should be ensured. The results of this method of optimizing cash flows over time are evaluated using the correlation coefficient, which should tend to the value "+1" during the optimization process.

The tightness of the correlation increases due to the acceleration or deceleration of the payment turnover.

The payment turnover is accelerated due to the following activities:

1. increasing the amount of discounts to debtors;
2. shortening the period of commodity credit provided to buyers;
3. tightening credit policy on the issue of debt collection;
4. tightening the procedure for assessing the creditworthiness of debtors in order to reduce the percentage of insolvent buyers of the organization;
5. use of modern financial instruments, such as factoring, accounting of bills, forfeiting;
6. use of such types of short-term loans as overdraft and line of credit.

The slowdown in the payment turnover can be carried out due to:

1. increasing the term of trade credit provided by suppliers;
2. acquisition of long-term assets through leasing, as well as outsourcing of strategically less significant areas of the organization's activities;
3. converting short-term loans into long-term ones;
4. reduction of cash settlements with suppliers.

Calculation of the optimal cash balance

Cash as a type of current assets is characterized by some features:

1. routine - cash is used to pay off current financial obligations, so there is always a time gap between incoming and outgoing cash flows. As a result, the company is forced to constantly accumulate free cash on a bank account;
2. precaution - the activity of the enterprise is not strictly regulated, therefore, cash is necessary to cover unforeseen payments. For these purposes, it is advisable to create an insurance cash reserve;
3. speculative - funds are needed for speculative reasons, since there is always a small probability that an opportunity for profitable investment will suddenly appear.

However, cash itself is a non-profitable asset, so the main objective cash flow management policies - maintaining them at the minimum necessary level, sufficient for the effective financial and economic activities of the organization, including:

• timely payment of suppliers' invoices, allowing you to take advantage of the discounts they provide on the price of the goods;
• maintaining a constant creditworthiness;
• payment of unforeseen expenses arising in the course of economic activity of the enterprise.

As noted above, if there is a large amount of money on the current account, the enterprise has the costs of missed opportunities (refusal to participate in any investment project). With a minimum supply of cash, there are costs to replenish this stock, the so-called maintenance costs (sales expenses due to the purchase and sale of securities, or interest and other costs associated with raising a loan to replenish the balance of funds). Therefore, when solving the problem of optimizing the balance of money on the current account, it is advisable to take into account two mutually exclusive circumstances: maintaining current solvency and obtaining additional profit from investing free cash.

There are several basic methods for calculating the optimal cash balance: mathematical models of Baumol-Tobin, Miller-Orr, Stone, etc.

An important step in cash flow management is the analysis of coefficients calculated on the basis of cash flow indicators. Analysts have proposed quite a lot of coefficients that reveal the relationship of cash flows with balance sheet and income statement items and characterize the financial stability, solvency and profitability of companies. Many of these ratios are similar to those calculated using profit or revenue figures.

The efficiency of the enterprise depends entirely 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, maintaining solvency and financial stability, more rational use its assets and sources of financing, as well as minimizing the cost of financing business activities.

Main role in cash flow management is given to ensuring their balance in terms of types, volumes, time intervals and other essential characteristics.

The importance and importance of cash flow management in an enterprise can hardly be overestimated, since not only the stability of an enterprise in a specific period of time depends on its quality and efficiency, but also the ability to further development to achieve long-term financial success.

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2. Bykova E.V. Cash flow measures in valuation financial stability enterprises. // Finance. - №2, 2000.
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