home Work and education Financial planning in different sources. Financial planning

Financial planning in different sources. Financial planning

The circulation of GDP is carried out in material and cost form. During the turnover of GDP in value form, financial relations arise regarding the creation, distribution, redistribution and consumption financial resources.

Management of the processes of creation, distribution, redistribution and consumption of financial resources is carried out with the help of financial planning.

The object of financial planning are funds Money.

At the national and territorial levels, financial planning is provided by a system of financial plans that are linked to material and labor balances in value terms. Each financial plan solves the problems of organizing and managing finances at a particular level of management.

The financial plans include:

1. promising financial plans;
2. consolidated financial balances compiled at the national and territorial levels of government.

Advanced financial planning carried out at all levels of government in order to:

- ensuring coordination of economic and social development and financial policy;
- forecasting the volume of financial resources required to ensure the planned activities;
- forecasting the financial consequences of reforms, programs;
- determining the possibility of implementing various measures in the field of finance.

A long-term financial plan, developed on the basis of indicators for the forecast of the economic and social development of the state, contains data on the possibilities of the budget for mobilizing revenues and financing budget expenditure items. This plan is drawn up for three years according to consolidated budget indicators and is annually adjusted to the indicators of the updated forecast of the social economic development states.

Consolidated financial balance of the state- this is the balance of financial resources created and used in the state or in a certain territory. It covers the funds of all budgets, extra-budgetary trust funds and enterprises located in the respective territory. Drawing up a consolidated financial balance- a preparatory stage for the development of a targeted financial plan, i.e. budget. This balance is developed on the basis of macroeconomic indicators.

The main task of the territorial consolidated financial balance is to determine the volume of financial resources created, received and used in the region (both centralized, accumulated and redistributed by territorial budgets, and decentralized, i.e. resources of enterprises, organizations and extra-budgetary funds).

Drawing up a territorial consolidated financial balance allows you to:

- to achieve unity in the economic and social development of the territory;
- more precisely determine the volume of financial resources available in the region and necessary for the implementation of activities provided for by the territorial program;
- to concentrate financial resources on the most important directions of economic and social development of the territory in each specific period;
- find within the regional reserves to finance the activities outlined by the territorial programs;
- exercise effective control over the mobilization and use of financial resources, etc.

Planning- the process of developing and adopting targets in quantitative and qualitative terms, as well as determining ways to most effectively achieve them.

financial planning - is integral part intra-company planning, and the financial plan is an integral part of the business plan of the enterprise.

Main goals financial planning at the enterprise:

- Ensuring the solvency of the enterprise;
- identification of internal reserves of the enterprise to replenish its own sources of financial resources;
- search and selection effective ways attraction of financial resources from external sources;
- effective placement of free cash temporarily not participating in the turnover;
- determination of volumes, structure and directions of use of monetary income necessary to meet the needs of the enterprise.

Target financial planning - providing the reproduction process with appropriate financial resources both in terms of volume and structure.

Stages financial planning process:

1. analysis of financial indicators for the previous period (balance sheet, income statement, cash flow statement);
2. drawing up the main forecast documents (accounting balance sheet, income statement, cash flow statement);
3. clarification and concretization of forecast indicators financial documents by drawing up current financial plans;
4. operational financial planning.

The process of financial planning ends with the practical implementation of plans and control over their implementation.

The result of planning in the enterprise is a system of plans, their kinds:

1. Strategic plan:
- - long-term (long-term) 5-10 years;
- - medium term plan 2-5 years.
2. Current plan (current financial year with details by quarters and months (in the form of budgets)). (Profit plan, cash flow plan, planned balance sheet).
3. Operational plan - is aimed at solving specific issues of the enterprise's activities in short term(month, week, days, shifts). (Payment calendar, cash plan, tax calendar).
4. Investment project– a long-term plan for the creation of new production facilities.
5. Business plan of the enterprise - a plan for creating a new enterprise, entering the market and ensuring profitability economic activity.

financial forecasting is the basis for financial planning in the enterprise, i.e. to draw up strategic, current and operational plans and to financial budgeting, i.e. preparation of the general, financial and operational budget.

Main stages financial forecasting:

1. compiling a sales forecast using statistical and other available methods;
2. forecasting variable costs;
3. making a forecast of investments in fixed and current assets necessary to achieve a given sales volume;
4. calculation of the need for external financing and search for appropriate sources, taking into account the principle of forming a rational structure of sources of funds.

The first stage is performed by the company's marketers, they must determine the sales forecast and justify it to the company's management. The second, third and fourth stages are performed by the financial services of the enterprise.

The process of drawing up the financial plan of the enterprise is to calculate its indicators. The following calculation methods are used:

- settlement - analytical (economic analysis);
- normative;
- balance;
- economic - mathematical modeling;
- method cash flows(budgeting).

Rice. 13. Methods for planning financial indicators

Financial planning methods (see Fig. 6):

1) normative method - to determine the need for financial resources on the basis of established norms and standards;
2) balance method - the essence of building a balance of available funds and the need for their use. The balance then looks like:

Balance at the beginning + Receipt of funds in the planning period = Expenses in the planning period + Balance at the end of the planning period.

3) method economic analysis- allows you to assess the financial condition of the enterprise, determine the dynamics of financial indicators, trends in their change and internal reserves for increasing financial indicators;
4) Economic and mathematical modeling - allows you to quantify the relationship between financial performance and the main factors determining them (EMM is used in forecasting financial indicators for a period of at least five years), etc.

Consider in more detail the methods of financial planning .

This method is used in the presence of established norms and standards, for example, depreciation rates, tax rates, tariffs for payments to state extra-budgetary funds, norms for the need for working capital.

The standards used in financial planning are established:

- authorities and administrations at the federal, regional, local levels: rates of depreciation, taxes, contributions to off-budget funds;
- departments: norms of marginal levels of profitability, marginal deductions to reserve funds;
- by enterprises: the norms of the need for working capital, accounts payable, deductions to reserve funds.

Used in financial planning whole system norms and regulations. Varieties of norms and standards are shown in the figure.

Fig.14. Types of norms and standards

Federal regulations are mandatory for enterprises located in the territory Russian Federation. These include:

- federal tax rates;
- depreciation rates for individual groups of fixed assets;
- the minimum wage;
- tariff rates for state pension provision and social insurance;
- norms for deductions from net profit to reserve funds joint-stock companies and other standards.

Regional and local regulations are valid in individual subjects of the Russian Federation and are approved by representative and executive bodies authorities. These include the rates of regional taxes and fees.

Industry standards are applied within individual industries or by groups of organizational and legal forms of enterprises.

Enterprise standards are developed by business entities themselves and use them to control the efficiency of resource use and regulate internal business processes. These include:

- norms of the planned need for current assets;
- norms of stocks of materials, backlogs of work in progress, stocks finished products in stock;
- norms for the distribution of net profit for consumption, accumulation and reserve funds and a number of others.

The normative method of financial planning is one of the most used, therefore, the actual problem of each enterprise is the development of economically sound norms and standards for the formation and use of financial resources and the organization of control over their observance by all departments of the enterprise.

The use of the balance sheet method to determine the future need for funds is based on the forecast of receipts and expenditures for the main items of the balance sheet at a certain date in the future.

Financial resources must be balanced among themselves on the most rational basis, i.e., by choosing effective methods for the formation of funds of funds, distribution and use of the income received. For financial planning, it is important in what ways the balance of plans was achieved and what sources of financial resources were used.

The balance method is to build a balance of available financial resources and the need for their use.

The balance sheet for financial resources has the form:

O n + P \u003d P + O k,

where O n - the balance of funds at the beginning of the planning period;

P - receipts of funds in the planning period;

P - expenses in the planning period;

About to - the balance of funds at the end of the planning period.

The balance method is used in planning receipts and payments from the enterprise's cash funds, distribution of received financial resources; when drawing up a plan of income and expenses, a planned balance sheet, a payment calendar.

The calculation and analytical method is one of the methods most used in a market economy for planning financial indicators. This method allows you to determine the main patterns, trends in the movement of natural and cost indicators, internal reserves of the enterprise.

Financial indicators are calculated on the basis of an analysis of the achieved values of indicators for the past period, their development indices and expert assessments of this development in the planning period. The relationship of financial indicators with production, commercial and other indicators is being studied.

The essence of this method lies in the fact that, based on the analysis of the achieved value of the financial indicator, taken as a base, and the indices of its change in planning period calculate the planned value of this indicator. This method is used in cases where there are no technical and economic standards, and the relationship between indicators can be established indirectly, based on the analysis of their dynamics and relationships. This method is based on expert review. One of the most common methods of this group is the percentage of sales method, which is based on linking the income statement and balance sheet with the planned volume. products sold.

In the course of using this method, the financier of the enterprise:

- determines the items that in past periods have changed in direct proportion to the change in the volume of products sold;
- determines the planned volume of sales;
- evaluates these items in accordance with the expected change in the volume of sales.

The calculation-analytical method is used mainly in the calculation of planned indicators of the volume of revenue, income, profit, consumption and savings funds of an enterprise.

The result of using the percentage of sales method is the calculation of the balance of the necessary additional sources of external financing, due to the planned increase in sales.

Methods of economic and mathematical modeling are used in forecasting financial indicators for a period of at least five years. These methods make it possible to quantify the relationships between financial indicators and their determinants; build an economic-mathematical model based on functional and correlation relationships. This dependence is expressed through an economic-mathematical model, which is an accurate mathematical description of economic processes using mathematical symbols and techniques - equations, inequalities, graphs, tables. Only the main factors are included in the model.

The process of developing planned indicators using economic and mathematical models of financial indicators consists of the following main stages:

analysis and evaluation of reporting data for the preplanning period, study of the dynamics of financial indicators for a certain period of time and identification of factors influencing the direction of this dynamics;

construction of an economic and mathematical model of planned indicators;

forecasting indicators based on the economic and mathematical model and development of options for the planned indicator;

analysis and expert assessment of the prospects for changing the planned indicators;

making a planned decision.

The use of economic and mathematical models makes it possible to calculate several options for indicators and choose the best one.

One of the principles of organizing the finances of an enterprise - the principle of planning implies the need for financial planning. This principle is implemented through the budgeting system.

The method of cash flows (budgeting) is universal in the preparation of financial plans and serves as a tool for predicting the size and timing of the receipt of the necessary financial resources. The theory of cash flow forecasting is based on the expected receipt of funds on a certain date and the budgeting of all costs and expenses. This method provides more information than the balance sheet method.

The cash flow plan, or forecast cash flow statement, consists of three parts: cash flows from the operating (current) activities of the enterprise, from investment activities and related to financial activities.

The first part reflects cash receipts from the sale of goods, works and services, advances from buyers and customers. Payments for raw materials, supplies, communal payments, payments wages, paid taxes and fees and other payments.

The second part shows the cash flows associated with the acquisition and sale of non-current property, i.e. fixed assets and intangible assets.

Financial activities involve inflows and outflows of cash on credits, loans, securities issues.

Net cash flow is the sum of cash flows from operating, investing and financial activities. It is the difference between the sum of all cash receipts and the sum of all payments for the same period. It is the net cash flows of different periods that are discounted when evaluating the effectiveness of the project.

Methods for constructing cash flow: direct and indirect.

When using the direct cash flow plan, the estimated revenue is summed up and all planned cash costs are subtracted.

The disadvantage of the direct method of calculating the cash flow is that it does not disclose the relationship between the financial result obtained and the change in cash in the accounts of the enterprise. This relationship allows you to establish an indirect method.

When using the indirect method, the financial result obtained from the data accounting(profit or loss) must be converted, using a series of adjustment procedures, to the change in cash for the period.

In international standards financial reporting it is recommended to use the direct method for planning. The indirect method is used when there are no forecast values of revenue and all cash costs, but there is a fairly accurate forecast of the financial result. The cash flow is forecast based on inputs provided by the enterprise's specialists or external consultants.

Consider the types of financial planning in more detail. .

Depending on the period of their validity, financial planning in organizations includes three main subsystems:

a) long-term (strategic) financial planning;
b) current financial planning;
c) operational financial planning.

For each type of planning, certain forms of financial plans are developed and there are deadlines for their implementation (Table 9).

Table 9

Subsystems of financial planning and forms of developed plans

Financial planning subsystem	Forms of developed plans	Planning period

Long-term (strategic) planning	Profit and Loss Forecast. Cash flow forecast. Balance sheet forecast
Current planning	Plan of income and expenses for operating activities. Plan of income and expenses for investment activities. Plan for receipt and expenditure of funds. balance plan.

operational planning	Payment schedule. tax calendar. Cash plan. Calculation of the need for short-term credit resources (credit plan)	decade, month, quarter

All subsystems of financial planning in the enterprise are interconnected and carried out in a certain sequence. The initial stage of planning is strategic financial planning and forecasting of the main directions of the organization's financial activities. At the stage of current financial planning, a base is formed for the development of operational financial plans.

FINANCIAL PLANNING

Introduction

The finances of enterprises occupy a leading place in the reproduction process and the formation of their own funds. AT last years there have been major changes in the Russian economy. As a result of the reforms, a developed non-state sector of the economy, new forms of ownership, a banking system, markets for goods, services, and capital appeared. Conditions have changed state regulation introduced a taxation system. All this led to an increase in the role of distribution relations.

Effective financial management of an enterprise is possible only when planning all the financial flows of an economic entity. Careful assessment and control of all processes and relations of the enterprise are necessary.

If earlier under the command-administrative system financial service the role of the performer was assigned, now in more complex market conditions the enterprise itself is responsible for all the negative consequences and miscalculations of plans by the deterioration of its financial situation, and often bankruptcy.

Thus, it is important to note not only the need for careful planning, but also the professional approach of the enterprise to this planning. This means that the role of education and experience in the field of financial planning has increased.

However, we must not forget about a number of factors that limit its use in enterprises. First of all, it is the instability domestic market. Political instability leads to a precarious situation in the Russian economy, as there is no effective regulatory framework for domestic business, a very difficult tax system, and it also makes it difficult to get a loan from foreign investors who are afraid of losing their money.

The share of enterprises that have the financial resources to carry out serious financial developments is extremely small. Only large companies have the ability to carry out effective financial planning and attract highly qualified specialists, although small firms are more likely to need borrowed funds to support their business activities, which means that the need for planning is greater. External environment more influence on small businesses and less amenable to analysis.

Planning is connected, on the one hand, with the prevention of erroneous actions in the field of finance, on the other hand, the enterprise reduces the number of unused opportunities through analysis. This is possible due to the implementation of the developed strategic goals into specific financial indicators. Financial planning allows you to determine the viability of the project in a competitive environment.

ESSENCE OF FINANCIAL PLANNING,

ITS GOALS AND OBJECTIVES

The purpose of financial planning is to provide the enterprise with the necessary financial resources for production, investment and financial activities. In this regard, it is necessary to determine the ways of effective investment of capital, assess the degree of its rational use, identify intra-economic reserves for increasing profits through the economical use of funds and establishing rational financial relations with the budget, banks and counterparties. It is also important to look after the interests of shareholders and other investors. And as a result of everything, financial planning performs a control function for studying financial condition enterprise, its solvency and creditworthiness.

The financial plan has a great impact on the economy of the enterprise. This is due to a number of circumstances. Firstly, in the financial plans there is a comparison of the initial costs for the implementation of activities with real opportunities, and as a result of the adjustment, a material and financial balance is achieved.

Secondly, the articles of the financial plan are associated with all economic indicators the work of the enterprise and are linked to the main sections of the entrepreneurial plan: the production of products and services, scientific and technological development, improving production and management, improving production efficiency, capital construction, economic incentives and so on. Thus, financial planning can influence all aspects of the activity of an economic entity.

An important factor is also control over the observance of the interests of shareholders and investors.

FINANCIAL PLANNING METHODS

In the practice of financial planning, following methods Keywords: economic analysis, normative, balance calculations, cash flows, multivariance method, economic and mathematical modeling.

Method of economic analysis allows you to determine the main patterns, trends in the movement of natural and cost indicators, internal reserves of the enterprise. Based on the available reporting and accounting information, the financial position of the enterprise, its internal and external relations are assessed. This allows you to characterize its solvency, efficiency and profitability of activities and other indicators, and then, based on the results, make informed decisions.

Essence normative method in that, on the basis of pre-established norms and technical and economic standards, the need of an economic entity for financial resources and their sources is calculated. Such standards are the rates of taxes and fees, depreciation rates and others. There are also standards of an economic entity - these are standards developed directly at the enterprise and used by it to regulate production and economic activities, control the use of financial resources, and other goals for the effective investment of capital.

Usage balance sheet method to determine the future need for funds, it is based on the forecast of receipts and expenses for the main balance sheet items at a certain date in the future. At the same time, great influence should be given to the choice of date: it should correspond to the period of normal operation of the enterprise.

Cash flow method is universal in the preparation of financial plans and serves as a tool for predicting the size and timing of the receipt of the necessary financial resources. The theory of cash flow forecasting is based on the expected receipt of funds on a certain date and the budgeting of all costs and expenses. This method will give more voluminous information than the balance estimate.

Calculation multivariance method consists in the development of alternative options for planned calculations in order to choose the optimal one from them, while the selection criteria can be set differently.

So, for example, in one scenario, a continuing decline in production, inflation and weakness of the national currency can be taken into account, and in another, an increase in interest rates and, as a result, a slowdown in global economic growth and a decrease in product prices.

This method is interesting in that it makes it possible to analyze the activities of an enterprise in various economic situations, as well as to work out development paths in all options.

Methods of economic and mathematical modeling allow to quantify the tightness of the relationship between financial indicators and the main factors that determine them.

And only a combination of these methods will allow us to draw versatile conclusions.

STAGES OF FINANCIAL PLANNING

The financial planning process includes several stages.

At the first stage, financial indicators for the previous period are analyzed. To do this, use the main financial documents of enterprises - the balance sheet, profit and loss statements, cash flow statement. They are important for financial planning, as they contain data for the analysis and calculation of the financial performance of the enterprise, and also serve as the basis for making a forecast of these documents. Moreover, complex analytical work at this stage is somewhat facilitated by the fact that the form of financial statements and the planned financial tables are the same in content.

The balance of the enterprise is included in the financial planning documents, and the accounting balance sheet is the initial base at the first stage of planning. At the same time, Western companies use for analysis, as a rule, an internal balance sheet, which includes the most reliable information for internal use. The external balance, usually compiled for publication, for a number of reasons (taxation, the creation of reserve capital, and others) shows a reduced amount of profit.

The second stage involves the preparation of basic forecast documents, such as a balance sheet forecast, income statement, cash flow (cash flow), which are related to long-term financial plans and are included in the structure of a science-based business plan of the enterprise.

At the third stage, indicators of forecast financial documents are specified and concretized by drawing up current financial plans.

At the fourth stage operational financial planning is carried out.

The completion of the financial planning process is the practical implementation of plans and control over their implementation.

Such planning should be of a long-term nature and, if possible, take into account the trends in the development of economic processes in the country, and also be divided into plans for certain periods of time to detail the activities of the enterprise.

Thus, financial planning can be classified into long-term, current (annual) and operational.

financial planning- this is the development of financial plans for certain aspects of financial activity, ensuring the implementation of the financial strategy of the enterprise in the coming period. Initial prerequisites for financial planning at the enterprise:

the financial strategy of the enterprise and the system of target financial standards established for the coming period;
financial policy on certain aspects of the financial activity of the enterprise;
planned volumes of operating and investment activities of the enterprise;
indicators characterizing the development of the financial market in the context of its individual segments;
results financial analysis for the previous period and an assessment of the financial condition of the enterprise at the beginning of the planning period.

Financial planning methods

In the practice of financial planning, the following methods are used:

1. Method of economic analysis- determines the patterns and trends in the movement of natural and cost indicators, as well as the internal reserves of the enterprise.

2. Normative method. The essence of the normative method lies in the fact that on the basis of pre-established norms and technical and economic standards, the need of an economic entity for financial resources and their sources is calculated. These standards are:

rates of taxes and fees,
depreciation rates.

3. Balance calculation method. Using the method of balance calculations to determine the future need for financial resources on the forecast of receipt of funds and costs for balance sheet items on a certain date and in the future. Much attention is paid to the choice of date, to match the period of normal operation of the enterprise.

4. Cash flow method is universal in the preparation of financial plans and serves as a tool for predicting the size and timing of the receipt of the necessary financial resources. The theory of cash flow forecasting is based on the expected receipt of funds at a certain date and budgeting of costs and expenses. This method is more informative than the balance sheet method.

5. Calculation multivariance method consists in the development of alternative options for planned calculations to select the optimal one. In this case, the selection criteria are different. For example, one option takes into account the continued decline in production, inflation and the weakness of the national currency; in the other case, an increase in interest rates, a slowdown in the rate of economic growth, and a decrease in product prices are assumed.

6. Economic and mathematical modeling quantitatively expresses the relationship between financial performance and the main factors that determine them.

Financial planning system

Financial planning at the enterprise includes three subsystems:

1. Advanced financial planning- development of the financial strategy of the enterprise and forecasting of financial activity. The development of a financial strategy is an area of financial planning, it is part of the strategy for the economic development of an enterprise. The financial strategy is coordinated with the goals and directions formulated by the overall strategy.

At the same time, the financial strategy itself influences the formation overall strategy economic development of the enterprise. This happens due to the fact that a change in the situation in the financial market entails an adjustment in the financial, and then, as a rule, in the general strategy of the enterprise's development. The financial strategy is the definition of long-term goals of the financial activity of the enterprise and the choice of effective ways and means to achieve them.

2. Current planning system the financial activity of the enterprise is based on the developed financial strategy and financial policy for certain aspects of financial activity. It is the creation of specific ongoing financial plans that:

determine the sources of financing for the development of the enterprise for the coming period,
form the structure of income and costs,
provide permanent solvency,
determine the structure of assets and capital of the enterprise at the end of the planning period.

The result of the current financial planning is the development of three documents:

cash flow plan;
income statement plan;
balance sheet plan.

The purpose of constructing these documents is to assess the financial position of the enterprise at the end of the planning period. The current financial plan is drawn up for a period equal to one year, broken down by quarters, since such periodization corresponds to legal requirements to reporting.

3. In order to control the receipt of revenue to the current account and the expenditure of cash financial resources, the enterprise needs to operational planning, which complements the current one. This is due to the fact that planned activities are financed at the expense of the funds earned by the enterprise, which requires control over the formation and use of financial resources. operational planning financial activities is to develop a set of short-term targets for financial security economic activity of the enterprise.

Operational financial planning includes the preparation and execution of a payment calendar, cash plan and calculation of the need for a short-term loan.

When creating a payment calendar, the following tasks are solved:

organization of accounting for the temporary docking of cash receipts and future expenses of the enterprise;
formation information base on the movement of cash flows and outflows;
daily accounting of changes in the information base;
analysis of non-payments (by amounts and sources of occurrence) and organization of specific measures to overcome them;
calculation of the need for a short-term loan in cases of temporary "inconsistency" of cash receipts and liabilities and prompt acquisition of borrowed funds;
calculation (by amounts and terms) of temporarily free cash assets of the enterprise;
analysis of the financial market from the standpoint of the most reliable and profitable placement of temporarily free funds of the enterprise.

To fulfill the payment calendar, compilers monitor the progress of production and sales, the state of stocks, receivables.

Each of these subsystems has its own forms of developed financial plans and clear boundaries of the period for which these plans are developed.

Synonyms

Tax planning

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More about financial planning

financial planning- this is the planning of all income and directions of spending money to ensure the development of the organization. The main goals of this process are to establish a correspondence between the availability of financial resources of the organization and the need for them, the choice of effective sources for the formation of financial resources and profitable options for their use.

In the process of financial planning, the optimal proportion between financial and material resources is established. Financial planning in organizations is interconnected with business planning and is based on indicators production plan(volume of production, sales, cost estimates for production, capital investment plan, etc.). In the process of drawing up a draft financial plan, a critical approach to the indicators of the production plan is carried out, intra-economic reserves unaccounted for in them and ways to more efficiently use the production capacity of the enterprise, more rational spending are identified and used. material resources, improving product quality, expanding the range, etc. At the same time, financial planning is designed to determine the optimal proportions in the field of financial relations, that is, to ensure a rational ratio between the volume, production growth rates and financial resources of the enterprise, between budgetary, own and credit resources, directed to the expansion of production.

Financial planning is carried out by drawing up financial plans of different content and purpose, depending on the tasks and objects of planning. Based on this, financial plans should be divided into long-term, current and operational.

In the long-term financial plan, the key financial parameters for the development of the organization are determined, and strategic changes in the movement of its financial flows are developed. In the current financial plan, all sections of the organization's development plan are linked to financial indicators, the impact of financial flows on production and sales, and the competitiveness of the organization in the current period are determined. An operational financial plan includes short-term tactical actions - drawing up and executing a payment and tax calendar, a cash plan for a month, a decade, a week.

Tasks of financial planning:

identification of reserves for increasing the organization's income and ways to mobilize them;

efficient use of financial resources, determination of the most rational directions for the development of the organization, providing the greatest profit in the planned period;

linking financial resources with indicators of the organization's production plan;

ensuring optimal financial relationships with the budget, banks and other financial institutions.

The objects of financial planning are:

Movement of financial resources;

Financial relations arising from the formation, distribution and use

financial resources;

Cost proportions formed as a result of the distribution of financial resources.

Prioritization. Financial planning is connected with the real complexity of the planned objects and processes. In financial planning, it is important to highlight the most significant links and dependencies, combine them into modules that take into account the areas of the financial activity of the organization and are structural elements of a single plan. This approach allows you to break the financial planning process into separate planned calculations and simplify the process of developing and implementing the plan, as well as monitoring its implementation.

Forecasting the state of both external and internal, economic, financial environment of the organization is carried out through a systematic analysis of the main factors. The quality of the forecast also determines the quality of the financial plan.

Ensuring financial security. Financial planning should take into account the financial risks associated with making financial decisions, as well as the possibility of eliminating or reducing risks.

Optimization. In accordance with this principle, financial planning should ensure the choice of acceptable and best alternatives for the use of financial resources in terms of limitations.

Coordination and integration. Financial planning should take into account the integration of various areas of the organization.

ordering. With the help of financial planning, a single procedure for the actions of all employees of the organization is created.

Control. Financial planning allows you to effective system control over production and economic activities, analysis of the work of all departments of the organization.

Documentation. Financial planning provides a documented representation of the process of financial and economic activities of the organization.

In the practice of financial planning, three methods of planning should be distinguished. In the first method of planning, it is carried out from the bottom up, from the lowest levels of the hierarchy to the highest. Inferior structural units they themselves draw up a detailed financial plan for their work and are subsequently integrated at the upper levels, eventually forming the financial plan of the organization.

In the second method, financial planning is carried out from top to bottom. In this case, the financial planning process is carried out on the basis of the organization's plan by detailing its indicators from top to bottom in the hierarchy. At the same time, structural divisions must convert the financial plans of higher levels incoming to them into the plans of their divisions.

The third method is counter planning, which is a synthesis of the first and second methods of financial planning. This method involves the development of a financial plan in two stages. At the first stage (from top to bottom), current financial planning is carried out according to the main goals. At the second stage (from bottom to top) the final financial plan is drawn up according to the system of detailed indicators. At the same time, the most successful solutions are included in the final financial plans, upon agreement of various levels.

Essence of financial planning processes

Goals of financial planning:

providing the reproduction process with appropriate financial resources both in terms of volume and structure;

definition of the object of planning;

development of systems of financial plans with the allocation of operational, administrative and strategic plans;

calculation of necessary financial resources;

calculation of the volume and structure of internal and external financing, identification of reserves and determination of the volume of additional financing;

forecast of income and expenses of the enterprise.

Financial planning is closely related and based on the marketing, production and other plans of the enterprise, subject to the mission and overall strategy of the enterprise.

Planning is necessary for:

to understand where, when and for whom the company is going to produce and sell products;

to know what resources and when the company will need to achieve its goals;

to achieve efficient use of attracted resources;

to anticipate adverse situations, analyze possible risks and provide specific measures to reduce them.

Tasks of financial planning

An important task in the field of financial management of an enterprise is the task of budgeting, or the formation of a comprehensive financial plan.

The financial plan provides a clear understanding and the ability to analyze various options for achieving the goals, with the subsequent selection of the optimal ones according to the specified criteria: profit, cash receipts, balance sheet structure, etc. Determines the indicators that will be used in evaluating activities. Discusses possible changes in plans related to the new situation. Corrects plans, taking into account the proposed amendments.

Depending on the tasks set, the following types of budgets are distinguished, which are classified by terms into: short-term (year, quarter); long-term, associated with capital investments (compiled for a longer period).

Stages of financial planning

The main stages of the financial planning process:

Analysis of the financial position of the company.

Drawing up forecast estimates and budgets.

Determination of the company's overall need for financial resources.

Forecasting the structure of funding sources.

Development of an effective control and management system.

Development of a procedure for adjusting the plans drawn up

Methods and types of planning

Planning- this is the development and establishment by the management of the enterprise of a system of quantitative and qualitative indicators of its development, which determine the pace, proportions and trends in the development of this enterprise both in the current period and in the future.

Planning is the central link in the economic mechanism for managing and regulating production. Planning, administrative management and control over the activities of an enterprise in foreign practice are defined by one concept of "management". The relationship between planning and management can be represented as a diagram (Fig. 1).

There are several planning methods: balance sheet, settlement-analytical, economic-mathematical, graph-analytical and program-targeted (Fig. 2). balance method planning ensures the establishment of links between resource requirements and sources of their coverage, as well as between sections of the plan. For example, the balance method links the production program with the production capacity of the enterprise, the labor intensity of the production program - with the number of employees. The enterprise draws up balances of production capacity, working time, material, energy, financial, etc.

Calculation and analytical method is used to calculate the indicators of the plan, analyze their dynamics and factors that provide the required quantitative level. Within the framework of this method, the basic level of the main indicators of the plan and their changes in the planning period are determined due to the quantitative influence of the main factors, indices of changes in planned indicators are calculated compared to the baseline.

Economic and mathematical methods allow you to develop economic models of the dependence of indicators on the basis of identifying changes in their quantitative parameters compared to the main factors, prepare several options for the plan and choose the best one.

Rice. 1. The relationship between planning and managing the production activities of an enterprise

Rice. 2. Planning methods

Graph-analytical method makes it possible to present the results of economic analysis by graphic means. With the help of graphs, a quantitative relationship is revealed between related indicators, for example, between the rate of change in capital productivity, capital-labor ratio and labor productivity. network method is a kind of graphical analysis. By using network charts the parallel execution of work in space and time on complex objects is simulated (for example, the reconstruction of a workshop, the development and development new technology and etc.).

Program-target methods allow you to draw up a plan in the form of a program, that is, a set of tasks and activities united by one goal and timed to specific dates. A characteristic feature of the program is its focus on achieving final results. The core of the program is the general goal specified in a number of sub-goals and tasks. The goals are achieved by specific executors who are endowed with the necessary resources. Based on the ranking of goals (general goal - strategic and tactical goals - work programs), a graph of the "tree of goals" type is compiled - the initial base for the formation of a system of indicators for the program and the organizational structure for managing it.

In terms of timing, the following types of planning are distinguished: long-term, current and operational-production (Fig. 3). Forward planning is based on forecasting. With its help, the prospective need for new types of products, the commodity and marketing strategy of the enterprise in various markets, etc. are predicted. Long-term planning is traditionally divided into long-term (10-15 years) and medium-term (3-5 years) planning.

Long term plan has a program-target character. It formulates the economic strategy of the enterprise for a long period, taking into account the expansion of boundaries operating markets marketing and development of new ones. The number of indicators in the plan is limited. The goals and objectives of the perspective long-term plan are specified in medium term. The objects of medium-term planning are the organizational structure, production capacities, capital investments, financial requirements, research and development, market share, etc. for 5 years, medium-term - for 2-3 years.

Rice. 3. Types of planning at the enterprise (firm)

Current (annual) planning developed in the context of the medium-term plan and refines its indicators. The structure and indicators of annual planning vary depending on the facility and are divided into factory, workshop and brigade. The main sections and indicators of the annual plan are presented in Table. one.

Table 1 Main sections and indicators of the annual plan

Operational and production planning clarifies the tasks of the current annual plan for shorter periods of time (month, decade, shift, hour) and for individual production units (workshop, site, team, workplace). Such a plan serves as a means of ensuring the rhythmic output of products and the uniform operation of the enterprise and brings the planned targets to the direct executors (workers). Operational production planning is divided into intershop, intrashop and dispatching. The final stage of the factory operational and production planning is shift-daily planning.

In general, long-term, current and operational production planning are interconnected and form a single system. A simplified procedure for developing a comprehensive firm plan includes the following main elements (Fig. 4).

Rice. 4. The procedure for developing a comprehensive plan for an enterprise (firm)

There are various signs of classification of planning by types, terms, forms and other features. From the point of view of the obligation to accept and fulfill plan targets, it is divided into directive and indicative planning. Directive planning is characterized by the obligatory acceptance and fulfillment of plan targets established by a higher organization for enterprises subordinate to it. Directive planning permeated all levels of the socialist central planning system (enterprises, industries, regions, the economy as a whole), and fettered the initiative of enterprises. In a market economy, directive planning is used at the level of enterprises in the development of their current plans.

Indicative planning is a form of state regulation of production through the regulation of prices and tariffs, tax rates, bank interest rates for loans, minimum wages and other indicators. The tasks of the indicative plan are called indicators. Indicators are parameters that characterize the state and directions of development of the economy, developed by government bodies. As part of the indicative plan, there may also be mandatory tasks, but their number is very limited. Therefore, in general, the plan is guiding, recommendatory in nature. In relation to enterprises (organizations), indicative planning is more often used in the development of long-term plans.

It is necessary to distinguish between long-term planning, forecasting, strategic planning, tactical planning and business planning, which are interconnected, form a single system and at the same time perform different functions and can be used independently. As noted above, forward planning is based on forecasting. Forecasting is the basis, the foundation of long-term planning and, unlike it, is based on foresight, built on an economic-mathematical, probabilistic and at the same time scientifically based analysis of the prospects for the development of an enterprise in the foreseeable future.

Strategic planning sets long-term goals and develops the means to achieve them, determines the main directions of development of the enterprise (organization) and, most importantly, forms the mission of the enterprise aimed at realizing its common goal. The mission details the status of the enterprise (organization) and provides directions and benchmarks for setting goals and strategies at various levels of development. Tactical planning, in contrast to long-term and strategic planning, covers the short and medium term and is aimed at implementing the implementation of these plans, which are specified in the comprehensive plans for the socio-economic development of the enterprise.

Mining mining is a kind of technical and economic planning, however, in a market economy, its functions have expanded significantly and it has become an independent type of planning. There are other classifications of forms and types of planning. So, according to the classification of R.L. Akoff, widely used in foreign science and practice, planning can be:

reactive - based on the analysis and extrapolation of past experience from the bottom up;

inactive - focuses on the current situation of the enterprise for the survival and stabilization of the business;

preactive (proactive) - based on forecasts, taking into account future changes and carried out at enterprises from top to bottom by optimizing decisions;

interactive - is to design the future, taking into account the interaction of the past, present and future, aimed at improving the efficiency of the development of the enterprise and the quality of life of people.

Note that planning in an enterprise (firm) is essential element market system, its basis and regulator.

Long-term, current and operational planning

According to the timing, the following types of planning are distinguished: long-term, current and operational-production.

Forward planning is based on forecasting, otherwise it is called strategic planning. With its help, the prospective need for new types of products, the commodity and marketing strategy of the enterprise for various sales markets, etc. are predicted. Long-term planning is traditionally divided into long-term (10-15 years) and medium-term (5 years), or five-year planning.

Rice. 6. Relationship between medium-term and current planning

The long-term plan, for 10-15 years, has a problem-target character. It formulates the economic strategy of the enterprise for a long period, taking into account the expansion of the boundaries of existing sales markets and the development of new ones. The number of indicators in the plan is limited. The goals and objectives of the long-term plan are specified in the medium-term (five-year) plan. The objects of medium-term planning are the organizational structure, production capacities, capital investments, financial requirements, research and development, market share, etc.

Currently, the deadlines for the implementation (development) of plans are not binding and a number of enterprises are developing long-term plans for a period of 5 years, medium-term plans for 2-3 years.

Current (annual) planning is developed in the context of a five-year plan and refines its indicators. The structure and indicators of annual planning vary depending on the object and are divided into factory, shop, brigade.

The relationship between medium-term and current planning is shown in fig. 6.

Operational production planning refines the tasks of the current annual plan for shorter periods of time (month, decade, shift, hour) and for individual production units: shop-site-team-workplace. Such a plan serves as a means of ensuring the rhythmic output of products and the uniform operation of the enterprise and brings the planned target to the direct executors - the workers. Operational production planning is divided into intershop, intrashop and dispatching. The final stage of the factory operational and production planning is shift-daily planning.

In general, long-term, current and operational production planning are interconnected and form a single system.

financial planning— is the planning of all income and directions of spending money to ensure the development of the organization. The main goals of this process are to establish a correspondence between the availability of financial resources of the organization and the need for them, the choice of effective sources for the formation of financial resources and profitable options for their use.

In the process of financial planning, the optimal proportion between financial and material resources is established. Financial planning in organizations is interconnected with the planning of economic activity and is built on the basis of production plan indicators (production volume, sales, production cost estimates, capital investment plan, etc.). In the process of drawing up a draft financial plan, a critical approach is taken to the indicators of the production plan, intra-farm reserves unaccounted for in them and ways to more efficiently use the production capacity of the enterprise, more rational use of material resources, improve product quality, expand the range, etc. are identified and used. planning is designed to determine the optimal proportions in the sphere of financial relations, i.e., to ensure a rational ratio between the volume, growth rates of production and the financial resources of the enterprise, between budgetary, own and credit resources directed to the expansion of production.

Tasks of financial planning:

identification of reserves for increasing the organization's income and ways to mobilize them;
efficient use of financial resources, determination of the most rational directions for the development of the organization, providing the greatest profit in the planned period;
linking financial resources with indicators of the organization's production plan;
ensuring optimal financial relationships with the budget, banks and other financial institutions.

Objects financial planning are:

movement of financial resources;
financial relations arising from the formation, distribution and use of financial resources;
cost proportions formed as a result of the distribution of financial resources.

Organizational financial planning principles

Prioritization. Financial planning is connected with the real complexity of the planned objects and processes. In financial planning, it is important to highlight the most significant links and dependencies, combine them into modules that take into account the areas of the financial activity of the organization and are structural elements of a single plan. This approach allows you to break the financial planning process into separate planning calculations and simplify the process of developing and implementing the plan, as well as monitoring its implementation.

Ensuring financial security. Financial planning should take into account the financial risks associated with making financial decisions, as well as the possibility of eliminating or reducing risks.

Optimization. In accordance with this principle, financial planning should ensure the choice of acceptable and best alternatives for the use of financial resources in terms of limitations.

Coordination and integration. Financial planning should take into account the integration of various areas of the organization.

ordering. With the help of financial planning, a single procedure for the actions of all employees of the organization is created.

Control. Financial planning allows you to establish an effective system of control over production and economic activities, analysis of the work of all departments of the organization.

Documentation. Financial planning provides a documented representation of the process of financial and economic activities of the organization.

In the practice of financial planning, three methods of planning should be distinguished. In the first method of planning, it is carried out from the bottom up, from lower levels hierarchy to the highest. The lower structural units themselves draw up a detailed financial plan for their work and are subsequently integrated at the upper levels, eventually forming the financial plan of the organization.

Essence of financial planning processes

financial planning is the process of determining future actions for the formation and use of [[Financial Resources / Financial Resources]], during which quantitative and qualitative targets related to the financial activities of the enterprise are adopted and ways to most effectively achieve them are determined.

Goals of financial planning:

providing the reproduction process with appropriate financial resources both in terms of volume and structure;
definition of the object of planning;
development of systems with the allocation of operational, administrative and strategic plans;
calculation of necessary financial resources;
calculation of the volume and structure of internal and external financing, identification of reserves and determination of the volume of additional financing;
forecast of income and expenses of the enterprise.

Financial planning is closely connected and based on the marketing, production and other plans of the enterprise, and is subject to the overall strategy of the enterprise.

Planning is necessary for:

to understand where, when and for whom the company is going to produce and sell products;
to know what resources and when the company will need to achieve its goals;
to achieve efficient use of attracted resources;
to anticipate adverse situations, analyze possible risks and provide specific measures to reduce them.

Tasks of financial planning

An important task in the field of financial management of an enterprise is the task of budgeting, or the formation of a comprehensive financial plan.

It gives a clear understanding and the ability to analyze various options for achieving the set goals, with the subsequent selection of the optimal ones according to the specified criteria: profit, cash receipts, balance sheet structure, etc. Determines the indicators that will be used in evaluating activities. Discusses possible changes in plans related to the new situation. Corrects plans, taking into account the proposed amendments.

Stages of financial planning

The main stages of the financial planning process:

Analysis of the financial position of the company.
Drawing up forecast estimates and budgets.
Determination of the company's overall need for financial resources.
Forecasting the structure of funding sources.
Development of an effective control and management system.
Development of a procedure for adjusting the plans drawn up

financial forecasting

Calculation of the need for additional external financing

The basis of financial planning is financial forecasting, i.e. an assessment of the possible financial consequences of the decisions being made and external factors affecting the performance of the company. The starting point of financial forecasting is the forecast of sales and related expenses; the end point and goal is to calculate the need for additional funding.

The main task of financial forecasting consists in identifying additional financing needs that appear as a result of an increase in the volume of sales of goods or the provision of services.

Forecasting Additional Financial Needs

The expansion of the enterprise (an increase in sales volumes) inevitably leads to the need to increase its assets ( and ). According to this increase in assets, additional sources of financing should appear. Some of these sources (for example, and accrued liabilities) increase in accordance with the increase in the volume of sales of the enterprise. The difference between the increase in assets and liabilities is the need for additional financing.

Thus, the need for external financing will be the greater, the greater the existing assets, the rate of revenue growth and the rate of distribution of net profit for dividends, and the less, the greater the short-term liabilities and net profitability of sales.

In the process of making a decision on additional funding, allocate osnew steps in forecasting funding needs:

making a sales forecast based on statistical methods using economic and mathematical models, as well as on the basis of expert assessments;
forecasting variable costs;
preparation of a forecast of financing of fixed and current assets required to achieve the required sales volume;
calculation of needs for external financing and search for appropriate sources.

The calculation of the need for external financing is carried out using the percentage of sales method.

This method is based on the following assumptions:

variable costs, current assets and Current responsibility increase in proportion to the increase in sales volume;
change fixed costs
associated with the maximum value and the actual degree of capacity utilization;
the percentage increase in the value of fixed assets is calculated for a given percentage of increase in turnover in accordance with the technological conditions of the business and taking into account the cash underutilized fixed assets at the beginning of the forecasting period, the degree of material
and obsolescence of available means of production, etc.;
long-term liabilities and share capital are taken into the forecast unchanged;
retained earnings are projected taking into account the rate of distribution of net profit for dividends and the net profitability of sales: the projected net profit is added to the retained earnings of the base period and dividends are subtracted.

If the company does not have the ability or desire to attract additional sources of funds, possible ways The solution to the problem is to reduce the rate of distribution of profits for dividends and increase the rate of net profitability of sales.

After making the necessary adjustments, they calculate how many liabilities are not enough to cover the necessary assets. This will be the required amount of additional external funding.

This methodology corresponds to the following formula for calculating the need for additional financing:

Additional funding\u003d A f α - P f α- R p V f (1 + α) (1 - ∂) ,

And f - variable assets of the reporting balance;
α- predicted sales growth rate;
П f - changeable liabilities of the reporting balance;
R p - pure;
In f - revenue of the reporting period;
∂ is the rate of distribution of net profit for dividends.

The formula shows that the need for external financing is the greater, the greater the current assets and the growth rate of revenue and the rate of distribution of net profit for dividends, and the less, the greater the current liabilities and net profitability of sales.

The formula gives exact data on the required volumes of external financing in the case when the enterprise operates at full capacity and the percentage increase in the value of fixed assets coincides with the percentage increase in production and sales.

This formula can also include future planned values of return on sales and the rate of distribution of profits for dividends.

The purpose of express methods of financial forecasting— calculation of the volume of additional financing (or the amount of funds requiring placement) when performing the planned change in the volume of activities.

After calculating all this, they find out how many liabilities are not enough to cover the necessary assets. This will be the need for additional external funding. This amount can also be calculated using the formula

EFN = (A/S) DS - (L/S) DS - (PM) (PS) (1 - d),

A/S - variable assets of the balance sheet, expressed as a percentage of sales;
DS - revenue growth rate or change in sales volumes;
L/S - variable liabilities of the balance sheet, expressed as a percentage of sales;
PM - actual profitability of sales (actual net profit / actual revenue);
PS - planned sales volume or forecast revenue;
d is the share of dividends paid (actual dividends / actual net profit).