home Ideas Financial plan of the organization. Financial planning methods Cost of goods sold

Financial plan of the organization. Financial planning methods Cost of goods sold

To draw up a financial plan, the following primary documents are used - sources of information:

Management accounting tables with aggregated financial data;

Contracts (terms of contracts, terms of payment);

Macroeconomic indicators of inflation and lending rates;

Tax legislation (tax rates and mechanisms);

Information on possible volumes of attracting external financing;

Marketing research data on product sales volumes and prices, strategic marketing plan data;

Data from suppliers on prices for raw materials, materials, equipment;

Data from equipment manufacturers on performance specifications;

Labor market data on wages by specialty. It is possible to draw up an operational plan as a source of information. The operating plan reflects the results of the interaction between the company and its target markets for each product and market for a certain period. At the company, this document is developed by the marketing service. The set of indicators of the operational plan shows what market share is occupied by the company for each product and what share is expected to be won in the future. Indicators are determined for each type of product, which allows them to be compared.

Basic documents of the financial plan consist of a ligament balance sheets – financial results – cash flow. The elements of this bundle correspond to three main types of financial plans (reports) and three main accounting forms: A) balance sheet plan (form No. 1); b) plan report on financial results (form No. 2); V) cash flow plan report (form No. 4).

Report plans reflect the essence of the information contained in them, and accounting forms are a form of displaying such information, approved by the Ministry of Finance for the reporting of enterprises of the Russian Federation.

In fact three main report plans reflect: a) assets in terms of structure and sources of formation of assets; b) income, expenses and financial results; c) cash receipts and payments, balance and cash deficit/surplus. From the contents of these three main elements of the financial plan, many financial and economic indicators can be calculated. Accounting reporting forms approved by the Ministry of Finance can be used to connect data from the main documents of the financial plan and accounting (reporting), but you cannot rely on them when making calculations, since their structure does not always meet the needs of the enterprise in terms of presenting financial information for making management decisions .

Traditionally, the preparation of basic financial plans begins with the preparation of a cash flow plan and ends with the preparation of a forecast balance sheet. The calculation methodology follows from the item-by-item content of the tables.

Financial planning- this is the development of financial plans for certain aspects of financial activities that ensure the implementation of the financial strategy of the enterprise in the coming period. Initial prerequisites for financial planning at an enterprise:

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 of financial analysis for the previous period and assessment of the financial condition of the enterprise at the beginning of the planning period.

Financial planning methods

The following methods are used in financial planning practice:

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

2. Normative method. The essence of the normative method is 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 sheet calculations to determine the future need for financial resources based on the forecast of receipts of funds and costs for balance sheet items at a certain date and in the future. Much attention is paid to the choice of date to correspond to the period of normal operation of the enterprise.

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

5. Method of multivariate calculations consists in developing alternative options for planned calculations to select the optimal one. In this case, the selection criteria are set differently. For example, one option involves a continuing decline in production, inflation and weakness of the national currency; in the other case, there is an increase in interest rates, a slowdown in economic growth, and a decrease in product prices.

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

Financial planning system

Financial planning at an enterprise includes three subsystems:

1. Long-term financial planning- development of a financial strategy for an enterprise and forecasting of financial activities. The development of a financial strategy is an area of financial planning; it is part of the economic development strategy 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 of the overall strategy for the economic development of the enterprise. This happens due to the fact that changes in the situation on the financial market entail adjustments to the financial, and then, as a rule, to the overall development strategy of the enterprise. Financial strategy is the determination of long-term goals for the financial activities of an enterprise and the selection of effective methods and ways 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. This is the creation of specific current financial plans that:

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

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

cash flow plan;
profit and loss 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 prepared for a period of one year, broken down by quarter, as such periodization complies with legal reporting requirements.

3. In order to control the receipt of revenue to the current account and the expenditure of available financial resources, the enterprise needs operational planning, which complements the current one. This is due to the fact that planned activities are financed from the funds earned by the enterprise, which requires control over the formation and use of financial resources. Operational planning of financial activities consists of developing a set of short-term planning targets for financial support of the economic activities 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 connection of cash receipts and upcoming expenses of the enterprise;
formation of an 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) and organization of specific measures to overcome them;
calculation of the need for a short-term loan in cases of temporary “inconsistency” between cash receipts and liabilities and prompt acquisition of borrowed funds;
calculation (by amounts and terms) of temporarily available funds of the enterprise;
analysis of the financial market from the position of the most reliable and profitable placement of temporarily free funds of the enterprise.

To implement the payment calendar, compilers monitor the progress of production and sales, the state of inventories, and accounts receivable.

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 found about financial planning

you and I saw that in Russia the bulk of the population is financially uneducated: it does not constitute personal financial plan and family budget, does not engage in financial planning and believes that home accounting is unnecessary! And at the same time, the majority of citizens want to improve their financial situation; they dream of new apartments, cars, etc.

What do you need to do and where to start to really improve your financial situation? Let's figure it out!

I recommend starting by drawing up a financial plan and filling out data on income and expenses, assets and liabilities and other important data to determine your current situation. Questions that may arise here:

How to make a financial plan?
What is a financial plan?
What does he give us?
What are the sections of a financial plan?
Should a financial plan be drawn up for a year, or for a longer period?

And many other questions...

A financial plan is a document that reflects your current financial situation as well as future financial plans that reflect your goals. A plan is like looking out of an airplane, allowing you to see a wider view of the area as you take off. You also need to see your personal finances. And the further into the future we plan our finances, the clearer our future is for us. There is no need to be afraid and disappointed if we planned to earn $1,000,0000 and did not earn that amount, but at the same time we need to set realistic goals in the plan. It must be remembered that the plan is not making a wish for Jin and not fantasizing on the topic “If I were a sultan, I would have...” And a plan is not an attempt to predict our future, but an attempt to make our actions today more rational and more straightforward in achieving our goals. For example, if your monthly income is 50,000 rubles, it makes no sense to set goals to earn $1,000,000 in a year. You can plan that your actions will lead to an increase in income by 10-20% by the end of the year - this is realistic. Planning allows you to build a certain model of your future. We wrote down what our income is now and what our income prospects are in the future. If our monthly income is 50,000 rubles, and our goal is to buy a house for 10,000,000 rubles, how long will it take us to reach this goal with today’s income? If the duration of the journey does not suit us, then we change our plan to another one, which allows us to more quickly reach our goal. And we make sure to change our actions in the present in order to bring our goals closer in the future in accordance with the changed plan.

If we take the statistics again: American sociologists asked college graduates: “Are you doing money planning?” Only 3% of graduates answered that they are engaged. After about 15 years, sociologists returned to these respondents again, and it turned out that few were able to strictly follow their plan, but most importantly, the level of well-being among those who made the plan was about 10 times higher than those who did not. who didn't make a plan?

A plan is a kind of model of your future. The plan also allows us to create some kind of system for monitoring and controlling our actions in relation to our goals. A plan allows us to evaluate the situation at each moment and see whether we are moving towards our goals or standing still. If we stand still, we can adjust our actions. For example, when driving a car, we clearly follow the route in our heads or in the navigator, but if we see that there is road repair on the way, we go around this section and still follow our route. So in life with a plan, we can, due to various economic disasters or temporary loss of one of the sources of income, slightly adjust our plan, but still move towards our goals! It’s better to draw up your financial plan, not only specifying goals and sources of income, but also taking into account in the plan how we can protect our money and assets. So that we can easily cope with job loss and business failures. People who don’t make a plan most often live in categories: do I have money in my pocket or not. If not, then we feel squeezed and insecure, and when they appear, we spend them left and right, and very quickly again we end up in the “no money” category. When there is a plan, this doesn't happen. And even when there is no money in our pocket, we know when it will appear, and moreover, we know where it will go (and, among other things, to increase our financial well-being in the future). The plan allows us to avoid, most often, thoughtless emotional expenses that lead to the state of “no money.” Again, the statistics are inexorable: surveys were conducted among Russians, and it turned out that 40% of the population constantly experiences a situation where money unexpectedly runs out! This plan definitely avoids this!

Okay, I hope I've explained that a plan is very important! Let's move on to how to write a plan?

Firstly, you need to find out how much income you have and where does your money go? You need to draw up your current cash flow. It is necessary to write income and expenses not just in one pile, but to break them down into different categories. An example of categories is in the table below. Accounting for income and expenses is our starting point in drawing up a plan. Accounting can be done in a regular Excel spreadsheet on a computer, taking into account your daily income and expenses. Or is it better to do this in the cloud service “google drive” or “dropbox”, which allows you to keep records not only from your home or work computer, but from any computer connected to the Internet. “Cloud service” allows you to instantly and automatically synchronize with a service on the Internet, especially since access to the Internet is now available from almost anywhere on the planet. Or you can use various applications that can be installed on a modern smartphone. This is even better, because it allows you to keep more efficient records, recording income and expenses, as they say, “without leaving the cash register,” rather than collecting fiscal receipts from stores and looking for a computer to enter everything there. You can use family budget planning programs such as"Family budget" or "coinkeeper" The latter is very convenient in terms of recording expenses and income on a mobile device. Choose the program that is more convenient for you. This is convenient for me, firstly, because there are applications for Android phones, and secondly, because there is a cloud service on the Internet, although it is not very convenient for me (I’ll tell you why later).

If it’s not convenient for you to keep track of daily transactions on your phone, below I offer an Excel spreadsheet option:

This table shows your entire cash flow. That is, the money that passes through your hands. You can come up with another option yourself if this one does not seem convenient to you. Make a record of income and expenses that you like, so that it is pleasant to fill it out.

Secondly, after you have filled out the first calendar month of current income and expenses, you need to analyze the data in it and draw up a financial plan. This must be done monthly, quarterly, or annually. You need to develop some reporting periods for yourself for analysis. And ask questions like: “Where am I?” and “What can I do to improve the situation?” The following tool will help you with this, for example, in this form:

On the left we see active and passive income, on the right - expenses. Please note that expenses are divided into “Major Expenses” and “Important Expenses”. I consider loan repayment an important expense, but not the main one. Because if suddenly the situation becomes extremely difficult, and there is a catastrophic shortage of funds, first of all you need to take care of yourself. “Feed and put to bed,” as they say. I mean that our resource working state is very important. If you are hungry or do not get enough sleep, your performance will be very low, and it is unlikely that you will be able to repay the loan at all. I'm not saying you shouldn't pay off your loans. They must be paid; it is important to use a financial instrument such as a loan wisely. More details on the topic I'll go into that in another article. At the top of the table there are lines such as “planned balance” and “current balance”. The planned balance is the planned difference between income and expenses. The current balance is the current difference between income and expenses. It must be a positive number or equal to zero. If it is negative, it means it is necessary to reduce expenses or increase income. If your current balance turns out to be positive, that is, your income was more than your expenses, you managed to save money or have additional income, you can thank yourself for this and spend it on yourself and your family, or better yet, distribute this money between the last three expense items ( Savings, Investments, Charity, I will talk about them below), and also leave money to thank yourself.

I fill out this table on the Internet in the Google Drive cloud service. I do not offer my version of maintaining tables as the only correct one for everyone. You can later or immediately develop your own option, more convenient and suitable for you. The main thing is that the plan must include such categories as: division of income into active income and passive income. There remained such expense items as savings, investments, and charity. A similar table can be generated in the “family budget” service; it is available as a report. But in this service it is not very convenient for me (I talked about this above), so I keep accounting and planning in my spreadsheet. By the way, a category such as “other” or “don’t remember where” should not account for more than 1% of your expenses. You need to record all your expenses very carefully. I would also like to draw your attention to such important expense items in the monthly plan as: investments, savings, charity. These three categories in your overall spending plan should be at least 10% of your total monthly income and divided in the following proportion:

Reserve fund (savings) - 40%
Investments - 40%
Charity - 20%

Let's look at what these expense categories are.

Reserve fund or savings.
Necessary to maintain the normal level of living to which you are accustomed, in the temporary absence of monthly income. For example, with various reductions, layoffs, or temporary disability due to illness, and so on. That is, the task of the reserve fund is to support you or your family in current expenses until you resolve the issue of income. Typically, I recommend having an amount equal to 6-12 months of family income in your emergency fund. By the way, in a situation where permanent income is lost and subsequently all your actions do not bring results to restore the income side, it is necessary to greatly reduce the expenditure side, and the reserve fund can then be extended for a longer period than 6-12 months.

Important: Until the reserve fund is prepared, especially when the main part of the family’s income is brought by one of the spouses, for example, the head of the family, it is very important to insure his life and health, since for the family this is the most important asset in ensuring the income, financial part. If the breadwinner is unable to work, his family should receive an insurance payment, the amount of which will ensure a normal standard of living for several years. The reserve fund is targeted money and cannot be spent on current needs. If a situation occurs related to the loss of basic income, only then do we have the right to put our hand into these savings. And as soon as we have restored our main source of income, we again form our own financial safety net.

Investments

This article is intended to generate additional financial income. This article is very important. And with special attention to it, you can choose very profitable financial instruments, which in the long run can provide a very decent existence for your family and carefree golden years. We will discuss it in more detail in another article or in my individual consultations.

Charity

Charity is also a very important part of your financial plan. Of course, you don’t need to be a philanthropist and give your last shirt to those in need, but you definitely need to give back to society, to people. Bill Gates was once asked: “How did you manage to earn such capital?” To which he answered without hesitation: “I donate more than 50% of my income to charity. I give to this world, therefore it is given to me.” Charity comes in different forms, and it should not be confused with indulging people who are not willing to work a little for their existence. It is much more useful, I believe, to help needy orphans or disabled children. Remember, the most important thing is that your impulse for charity is “from the bottom of your heart,” and not a PR stunt to maintain your status. Abroad, especially in the USA, anonymous donations are very common; this is an indicator of the purity of intentions of the people making such donations. Okay, let's move on...

Third, a special role in financial planning is played by accounting for one’s assets and liabilities

It is also important here that the balance of assets and liabilities is positive or equal to zero (in the worst case scenario). Otherwise, in a very bad financial situation, for example, during a crisis or other serious financial shock, when the reserve fund has run out and income has not been restored, selling assets can save your bad situation. Please note that a car purchased on credit or an apartment are both an asset and a liability.

As you can see, keeping records and doing financial planning is quite easy. The most important thing in keeping this record and planning it is to force yourself to do it constantly. That is, Discipline is very important! As they say, a habit takes 21 days to form, but a good habit takes more than a month. Motivate yourself to develop the habit of completing your cash flow and financial plan. For example, spend the money that you managed to save during the month, that is, there was a positive gap between the planned balance and the current balance (from the second part), on yourself, arrange holidays for yourself and your family at the end of the month!

Below you can download a form to fill out a personal financial plan:

Financial planning is the process of developing a system of financial plans and indicators to ensure the development of an enterprise with the necessary financial resources and increase the efficiency of its activities in the coming period.

The object of financial planning is the financial resources of the enterprise.

Financial planning is the most important part of the financial mechanism used by enterprises.

The main tasks of financial planning of the organization’s activities:

– providing the necessary financial resources for operational, investment and financial activities;

– determination of ways to effectively invest capital, the degree of its rational use;

– identification of intra-economic reserves for increasing profits through the economical use of funds;

– establishing rational financial relations with the budget, banks and counterparties;

– respect for the interests of shareholders and other investors;

– control over the financial condition, solvency and creditworthiness of the organization.

Planning is associated, on the one hand, with the prevention of erroneous actions in the field of finance, and on the other, with reducing the number of unused opportunities. Business practice in a market economy has developed certain approaches to planning the development of an individual enterprise in the interests of its owners and taking into account the real situation on the market.

The importance of financial planning for a business entity is that it:

– embodies the developed strategic goals in the form of specific financial indicators;

– provides financial resources for the economic proportions of development laid down in the production plan;

– provides opportunities to determine the viability of an enterprise project in a competitive environment;

– serves as a tool for obtaining financial support from external investors.

Financial planning is closely related to and relies on the marketing, production and other plans of the enterprise, and is subordinate to the mission and overall strategy of the enterprise. It should be noted that no financial forecasts will gain practical value until production and marketing decisions have been worked out. Moreover, financial plans will be unrealistic if the set marketing goals are unattainable, if the conditions for achieving target financial indicators are unfavorable for the enterprise in the long term.

Principles of financial planning:

– the principle of compliance is that financing of current assets should be planned primarily from short-term sources. At the same time, long-term sources of financing should be attracted to carry out the modernization of fixed assets;

– the principle of the constant need for own working capital comes down to the fact that in the planned balance sheet of the enterprise, the amount of working capital should exceed the amount of short-term debts, i.e. you cannot plan a “weakly liquid” balance sheet;

– the principle of excess funds assumes in the planning process to have a certain reserve of funds to ensure reliable payment discipline in the event that any of the payers is late in their payment compared to the plan;

– the principle of return on investment. It is profitable to attract borrowed capital if it increases the return on equity. In this case, the positive effect of financial leverage is ensured;

– the principle of balancing risks - it is advisable to finance especially risky long-term investments from one’s own funds;

– the principle of adaptation to market needs - it is important for an enterprise to take into account market conditions and its dependence on the provision of loans;

– the principle of marginal profitability - it is advisable to choose those investments that provide maximum (marginal) profitability.

Financial planning (depending on content, purpose and objectives) can be classified into:

– long-term financial planning in modern conditions covers a period of time from one year to three years. However, such a time interval is conditional, since it depends on economic stability and the ability to predict the volume of financial resources and the directions of their use. Long-term planning includes developing a financial strategy for an enterprise and forecasting financial activities;

– current financial planning (budgeting) is considered as an integral part of the long-term plan and represents a specification of its indicators. The current financial plan is drawn up for a year;

– operational planning - development and communication to budget executors of payment calendars and other forms of operational planning tasks on all major issues of financial activity (month, quarter, up to a year).

All financial planning subsystems at an enterprise are interconnected and carried out in a certain sequence. The initial stage of planning is long-term financial planning and forecasting of the main directions of the organization's financial activities.

Having only one financial plan in most cases has a negative impact on the effectiveness of financial planning as a whole. The experience of well-known foreign companies indicates that the most reasonable thing is to use the entire system of financial plans, differing in their terms and objectives.

Long-term financial planning determines the most important indicators, proportions and rates of expanded reproduction, and is the main form of achieving the organization’s goals. In the process of long-term planning, the objectives made in strategic planning receive their economic justification and clarification.

Long-term planning includes developing a financial strategy for an enterprise and forecasting financial activities. The development of a financial strategy is a special area of financial planning, since, being an integral part of the overall economic development strategy, it must be consistent with the goals and directions formulated by the overall strategy. In turn, financial strategy influences the overall strategy of the enterprise.

In other words, within the framework of strategic planning, long-term development guidelines and goals of the enterprise, a long-term course of action to achieve the goal and allocate resources are determined. Financial strategy involves determining long-term goals for financial activities and choosing the most effective ways to achieve them.

The goals of the financial strategy must be subordinated to the overall development strategy and aimed at maximizing the market value of the enterprise.

The development of the company's strategy is carried out on the basis of forecasts for the development of markets for its products, an assessment of potential risks, an analysis of the financial and economic condition and management efficiency.

The result of long-term planning is the development of three main financial forecast documents:

1) planned profit and loss statement;

2) planned cash flow statement;

3) balance forecast.

The main purpose of constructing these documents is to assess the financial condition of an economic entity for the future. Thus, the long-term plan can be largely predictive, and calculations can become approximate and reflect the general dynamics of processes. Moreover, the longer the planning period, the more the financial plan is indicative.

To draw up forecast financial documents, it is important to correctly determine the volume of future sales (volume of products sold), the need for investment resources, and methods of financing these investments. As a rule, sales volume forecasts are compiled for three years, broken down by year, with further specification by quarter and month. Forecasting sales volumes begins with an analysis of current trends over a number of years and the reasons for certain changes. The next step in forecasting is to assess the prospects for further development of the enterprise’s business activity from the standpoint of the formed portfolio of orders, the structure of products and its changes, the sales market, the competitiveness and financial capabilities of the enterprise. On this basis, a forecast of sales volumes is built, the accuracy of which is crucial, since an unrealistic estimate of sales can lead to distortion of other financial calculations.

Based on the sales forecast data, the required amount of material and labor resources is calculated, and other component production costs are also determined.

Based on the data obtained, a forecast profit and loss report is developed, which provides the following opportunities: determine the volume of production and sales of products in order to ensure their break-even; set the amount of desired profit.

Next, a cash flow forecast plan is developed. The need for its preparation is determined by the fact that many of the costs shown when deciphering the profit and loss forecast are not reflected in the procedure for making payments. The cash flow forecast takes into account cash inflows (receipts and payments), cash outflows (costs and expenses), and net cash flow (excess or deficit). In fact, it reflects the movement of cash flows from current, investing and financing activities. Separating the areas of activity when developing a forecast allows you to increase the effectiveness of cash flow management.

The balance sheet forecast at the end of the planning period reflects all changes in assets and liabilities as a result of planned activities and shows the state of the organization's property and sources of financing. The purpose of developing a balance sheet forecast is to determine the necessary growth of certain types of assets while ensuring their internal balance, as well as the formation of an optimal capital structure.

Current planning of an organization's financial activities is based on the developed financial strategy and financial policies for individual aspects of financial activities. This type of financial planning consists in developing specific types of current financial plans (budgets), which enable the organization to determine for the coming period all sources of financing its development, form the structure of its income and costs, ensure its constant solvency, and also determine the structure of assets and capital for end of the planning period.

The current financial plan is drawn up for the year, broken down by quarter. Current planning is considered as an integral part of the long-term plan and represents a specification of its indicators. At the same time, the process of current planning is carried out in close connection with the process of planning its operational activities.

Recently, organizations are increasingly using a system of budgeting for the activities of structural units and the organization as a whole.

According to experts, due to the fact that companies do not create annual budgets, they lose up to 20% of their income per year. To avoid these losses, it is necessary to constantly compare the budget with actual data, analyze deviations, enhance favorable and reduce unfavorable trends, and improve budgeting procedures.

General purpose of budgeting:

– set a coordinate system for business development;

– identify the comparative attractiveness of various business areas, adjust the balance of areas and projects;

– increase the financial validity of management decisions;

– promote increased efficiency in the use of resources and responsibility of managers.

With the help of operational financial plans, the enterprise determines the volume of financial resources to ensure current production and financial activities, establishes the sequence and timing of individual financial transactions, taking into account the most effective maneuvering of its own and borrowed funds, and exercises operational control over the implementation of plans and obligations regarding the volume of production and sales of products , profits, payments to the budget, deductions to provision bodies, settlements with the establishment of a bank.

Operational financial planning includes drawing up:

– payment calendar;

– cash plan;

– calculating the need for a short-term loan.

The payment calendar is the basis for organizing operational financial work at the enterprise. This document reflects in detail the operational cash flow through settlement, current, currency, loan and other accounts of the enterprise. The receipt and expenditure of funds is planned in a specific sequence according to deadlines, which allows timely calculations to be made and payments to be transferred to the budget and extra-budgetary funds.

The payment calendar is compiled for the next month with a more detailed breakdown of the information contained in it into short periods of time (usually 15, 10, 5 days). The timing of compiling the payment calendar is determined based on the frequency of the company’s main payments. It is most advisable to draw up monthly plans with a ten-day breakdown. The payment calendar covers all expenses and receipts of funds of the enterprise, both in cash and non-cash form, including relationships with the budget system and banks.

A cash plan is a cash turnover plan for an enterprise, which is necessary to control its receipt and expenditure. It is developed to plan cash circulation for the quarter and is submitted to the bank institution with which the company has an agreement on cash settlement services. The cash plan ensures timely receipt of cash from the bank and control over its use. At the same time, a standard for the balance of cash in the cash register (limits) is introduced, which can be revised if necessary. Cash in excess of established limits must be handed over to the banks servicing the enterprise.

To plan financial indicators and draw up financial plans, the following methods are used: regulatory; calculation and analytical; balance; optimization of planning decisions; economic and mathematical modeling.

The normative method is the simplest method for calculating planned financial indicators. Knowing the standard and volume indicator, you can easily calculate the planned indicator. In financial planning, national, local (regional), industry standards and enterprise standards are used.

The calculation and analytical method is used when there are no standards. In this case, the value of a specific financial indicator achieved in the base period is analyzed, the index of its changes in the planning period is determined and its planned value is calculated. The calculation and analytical method is based on an expert assessment of behavioral trends, dynamics and relationships between financial indicators in the planning period.

The balance method is especially widely used. At the same time, by constructing balances, the need for financial resources and the sources of their formation are linked. Most financial plans are prepared in various forms of balance sheets.

The method for optimizing planning decisions consists of identifying several possible options for planning calculations and selecting the optimal option based on a certain criterion. This method is most often used when choosing investment options and planning capital investments.

The method of economic and mathematical modeling consists in determining the quantitative expression of the relationship between financial indicators and the factors influencing it. An economic-mathematical model is a mathematical description of the pattern of changes in a specific economic indicator when the main factors change.

Internal current plans are called budgets. In general, an enterprise budget is an estimate of income and expenses of all departments and services of the company. They draw up the enterprise's budget based on calculations of planned income from all areas of the enterprise's activities, as well as cost estimates for the current year. Based on monthly calculations of sales revenue, cost of products sold, other operating income and expenses, a plan of income and expenses of the enterprise for operating activities is drawn up. Then they draw up a plan of financial results from the ordinary activities of the enterprise, which shows the planned total profit (loss) of the enterprise, taking into account the profit (loss) from the sale of fixed assets and other non-current assets of financial investments, as well as other income and expenses not related to operating activities. The profit remaining at the disposal of the enterprise is distributed according to the decision of the owners. To do this, they use the planned estimate for the distribution of the enterprise’s profit, which, upon the proposal of managers, the owners approve at the beginning of the year.

When drawing up a plan for cash receipts and expenses, enterprises use data from the enterprise’s income and expense plan for operating activities, a capital investment plan, calculation of the planned amount of financial investments, as well as other plans and estimates that provide for the movement of real money. All cash receipts and expenses are included adjusted for a time lag, that is, the period in which funds are actually received and spent is reflected. The plan of cash receipts and expenses of an enterprise does not include items that do not require cash expenses, in particular depreciation charges. Financial managers under this plan must ensure that funds are available to pay all bills and expenses on time.

An important element of financial planning is tax planning, which involves minimizing tax liabilities in accordance with current legislation. Tax planning is based on the right of every taxpayer to use methods, techniques and measures not prohibited by law to reduce taxes paid.

2. Sources of financing for the reproduction of fixed assets

Financing of the process of formation of fixed assets can be carried out from the following main sources:

– funds of the founders, transferred at the time of creation of the company or already in the process of its functioning;

– the enterprise’s own resources created in the process of its statutory activities;

– funds received by the enterprise on a borrowed basis in the form of targeted bank loans;

– appropriations from budgets of various levels and extra-budgetary funds.

In addition to those indicated in modern conditions, such a method of forming a company's fixed assets as rent (used mainly to obtain production and other space) and its variety - leasing (satisfying the needs, primarily for technological equipment and expensive vehicles) is widely used.

Sources of financing for the reproduction of fixed assets are divided into own and attracted.

The company's own sources of fixed assets:

– depreciation;

– depreciation of intangible assets;

– profit remaining at the disposal of the company.

Attracted sources of fixed assets:

– bank loans;

– borrowed funds from other enterprises and organizations; funds received from the issue of securities;

– funds received through redistribution from centralized investment funds of concerns and other associations;

– allocations from budgets of various levels, provided on a repayable and non-refundable basis;

– funds from foreign investors.

The sufficiency of sources of funds for the reproduction of fixed assets is crucial for the financial condition of the company.

Problem 1

Data on the amount and cost of capital formed by the joint-stock company "ХХХ" are given in the table:

Sources	Amount of capital, thousand rubles.
Common shares	100000	17,0
Preferred shares	60000	14,0
Profit	10000	16,0
Bank loans	80000	20,0
Leasing	50000	22,0

Determine the level of costs for acquiring all capital.

Solution

We carry out the calculation in the table.

Sources	Amount of capital, thousand rubles.	Cost as a percentage of capital	The cost of acquiring capital
Common shares	100000	17,0	17000
Preferred shares	60000	14,0	8400
Profit	10000	16,0	1600
Bank loans	80000	20,0	16000
Leasing	50000	22,0	11000
Total	300000		54000

Thus, the total amount of capital is 300,000 thousand rubles, the total cost of acquiring capital is 54,000 thousand rubles.

The level of costs for the acquisition of capital will be in relation to the total amount of capital:

Y = 54: 300 × 100% = 18%.

The level of costs for the acquisition of capital is equal to 18% of the total capital.

Problem 2

Data on the investment project are given in the following table (thousand rubles):

Time periods	Project costs	Income from the project
	1000
	1000
	2000	1000
	3000	2000
	4000	7000
Total:	11000	10000

The discount rate is 15%.

Determine present costs and present income and assess the feasibility of accepting the project.

Solution

Let us determine the amount of discounted income and discounted costs:

Time periods	Project costs	Presented costs	Discount factor r=0.15	Income from the project	Presented income
	1000	1000
	1000	869,6	0,8696

1. General principles of financial planning

In the conditions of transition from an administrative to a market economy, the process of planning an enterprise's activities has undergone fundamental changes. Planning methods adopted in a centralized economy did not justify themselves, and this was recognized as one of the main reasons leading to the difficult economic situation. The old planning system also did not correspond to the new post-privatization conditions. As it turned out, not a single enterprise is able to work without planning. Thus, the need arose to develop a new system that meets the goals and objectives of the enterprise in a market economy, helping to carry out effective management activities. Of course, this system should be based on the approaches and technologies used in Western enterprises with many years of planning experience.

Why is planning vital for a business entity? Planning is necessary in order to

to understand where, when and for whom the enterprise 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;
finally, to anticipate unfavorable situations, analyze possible risks and provide specific measures to reduce them.

With the development of the global economy, activity planning has become the basis for enterprises. A typical example of this is a business plan. Without it, very rare investors will decide to invest money in the development or expansion of their business. The successes and failures of entrepreneurial activity depend on the correctness and accuracy of forecasts.

After abandoning the old planning system, many domestic enterprises tried to independently develop a new effective system, but the lack of qualified specialists in this area made the task impossible. It was unwise to blindly adopt Western experience. Ideally, modern planning should combine the positive experience of the previous management system and the new that is dictated by changed conditions and positive foreign experience.

Even now, when Ukraine is connected to the global information flow of exchange of experience and knowledge, and the number of qualified specialists has increased, activity planning systems at Ukrainian enterprises are not without shortcomings:

the forms of most economic planning documents are inconvenient for financial analysis;
the planning process traditionally begins with production, and not with studying the market need for a specific product;
when planning, the cost-based pricing method prevails, without taking into account the demand for products;
no sales break-even analysis is performed;
economic planning does not extend to financial planning and therefore does not make it possible to determine the need for financing the activities of the enterprise;
With the existing planning system, it is impossible to determine the margin of financial strength, reliably carry out scenario analysis and analysis of the financial stability of the enterprise in changing operating conditions.

Almost all of these shortcomings are associated with the slowness of the transition from the old economic system to the new.

Financial planning is the management of the processes of creation, distribution, redistribution and use of financial resources in an enterprise, implemented in detailed financial plans. Financial planning is an integral part of the overall planning process and, therefore, the management process carried out by enterprise management. Its main stages are the following:

analysis of investment opportunities and financing opportunities available to the company;
predicting the consequences of current decisions to avoid surprises and understand the relationship between current and future decisions;
justification for the chosen option from a number of possible solutions (this option will be presented in the final version of the plan);
assessing the results achieved by the company in comparison with the goals set in the financial plan.

Financial planning is closely related to and relies on the marketing, production and other plans of the enterprise, and is subject to the mission and overall strategy of the enterprise: no financial forecasts will gain practical value until production and marketing decisions have been worked out. Financial plans will be unrealistic if the set marketing goals are unattainable; financial plans may be unacceptable if the conditions for achieving target financial indicators are unfavorable for the enterprise in the long term. The general ideology of financial planning is presented in Fig. 1.

Rice. 1. The complex nature of enterprise planning

From a general point of view, the following levels of financial planning can be distinguished: long-term and short-term planning. Long-term planning is associated with the acquisition of fixed assets that are planned to be used for a long time. The division is made according to the following criteria:

a group of assets and liabilities that are related to financial planning issues (long-term liabilities);
Long-term financial planning decisions are not easy to suspend and affect the company's activities for a long time;
planning period (as a rule, for short-term planning - up to 12 months, for long-term planning - more than one year, usually more than three years).

For example, compare a $10 million loan from a bank for 60 days to a $10 million bond issue for 10 years. Obtaining a bank loan certainly falls into the category of short-term solutions. The company may pay it off two months later and find itself back at the beginning of making short-term decisions. A company could issue a 10-year bond in January and pay it off in March, but this would be extremely unwise and very costly. In reality, such a bond issue falls into the category of long-term decisions, not only because the bonds are issued for 10 years, but also due to the fact that decisions to issue bonds cannot be quickly suspended and changed. Long-term planning is associated with attracting long-term sources of financing and is usually formalized in the form of an investment project.

A financial manager responsible for short-term financial decisions should not look too far ahead. His decision on a 60-day bank loan may be based on just a 2-month cash flow forecast. But the decision to issue bonds usually requires cash flow forecasts for 5, 10 or more years.

Managers engaged in short-term financial planning can avoid many fundamental issues. In other words, short-term financial decisions are easier than long-term decisions, but that doesn't mean they're any less important. A company can identify highly promising investment opportunities, determine the optimal debt-to-equity ratio, develop the perfect dividend policy, and yet fail because no one bothered to have enough cash to pay its current bills.

However, there are two limitations in this classification: 1) it is very difficult to attribute a period to one or another urgency in various sectors of the national economy, for example, the long-term period of a shipbuilding company is not equivalent to the long-term period of a supermarket; 2) in some cases, short-term problems may acquire strategic importance. For example, sudden difficulties with current payments often acquire fundamental significance, since they can unexpectedly raise the question of the survival of the enterprise.

Long-term planning is associated with attracting long-term sources of financing and is usually formalized in the form of an investment project.

Developers of long-term financial plans tend to deal with aggregate investment indicators and do not dive into various details. Numerous small investment projects are brought together and considered as one large project.

For example, each division of an enterprise has three possible options for its activities:

an aggressive growth plan that involves large capital investments, the development of new products, and the development of new markets;
a normal growth plan, which assumes that the division will grow at the rate of market growth, and not by attacking competitors;
a cost reduction plan that involves minimizing the required capital investment.

The financial manager, in this case, is not involved in detailing projects within each of the activity options. His task is to fundamentally approve one of the options.

The conditions on which the effectiveness of financial planning depends arise from the very goals of this process and the desired final result. In this sense, there are three main conditions for financial planning:

Forecasting.

Choosing the optimal financial plan

Control over the implementation of the financial plan.

The conditions formulated above have a fairly general form. At the same time, it should be realized that a financial plan is, ultimately, a set of financial indicators that must be calculated and predicted using special technologies. The final result of the financial plan is usually the projected balance sheet of the enterprise, income statement and cash flow statement. Let us formulate the basic technological principles of financial planning.

The principle of compliance is that the acquisition of current assets (working capital) should be planned primarily from short-term sources. In other words, if an enterprise plans to purchase a consignment of goods, it should not resort to issuing bonds to finance this transaction. It is necessary to take advantage of a short-term bank loan or a commercial loan from a supplier. At the same time, long-term sources of financing should be attracted to modernize the equipment fleet.

The principle of the constant need for working capital (own working capital) comes down to the fact that in the projected balance sheet of the enterprise, the amount of the enterprise’s working capital must exceed the amount of its short-term debts, i.e. You cannot plan a “weakly liquid” balance sheet of an enterprise. This principle has a pronounced pragmatic meaning - a certain part of the enterprise’s working capital should be financed from long-term sources (long-term debt and equity). In this case, the company has less risk of experiencing a shortage of working capital.

The principle of excess funds assumes in the planning process not to “zero” the cash account, but to have a certain reserve of money to ensure reliable payment discipline in cases where any of the payers is late in their payment compared to the plan. In the event that in actual practice the amount of money of an enterprise becomes excessively large (above a certain threshold value), the enterprise may resort to the purchase of highly liquid securities.

When developing financial plans for the long term, the manager uses mathematical, statistical and other methods to predict the future situation. Of course, the more accurate the forecast, the better the company will perform, but it would be unreasonable to rely only on the results of the forecast. Firstly, long-term forecasts are not very accurate. Secondly, no forecast can predict an unusual turn of events. Thirdly, a forecast based on the most likely events results in a specific financial plan, which loses its value after the first unlikely event, and the company faces the need to develop a new financial plan. It is much wiser to apply a situational analysis “What will happen if ...?” at the stage of preparing a financial plan.

The main provisions of the situation analysis are as follows:

there are an infinite number of external factors independent of the company that affect the financial condition of the company in the planning period;
some of these factors are not or difficult to quantify;
the values of quantitative factors in the planning period at the time “now” are unknown and can only be assessed probabilistically;
the reality of the financial plan increases if we consider not discrete values of factors, but a certain range of values;

The essence of situational analysis is that by changing the initial data on planned sales volumes, prices, etc., we analyze the final results of planning, assess risks and determine the optimal course of action.

Situational analysis is almost impossible to conduct without computer technology. As a rule, a financial plan is a large document with complex arithmetic and statistical calculations inside. Drawing up one version of a financial plan without a computer is a complex process, and situational modeling at some points involves drawing up dozens or more related financial plans.

Most financial models used by corporate managers are modeling techniques aimed at predicting the consequences of alternative financial strategies under different underlying assumptions. These models include both general models, which are practically not very complex, and models containing hundreds of equations and interrelated variables.

Most large companies use one financial model or have access to only one. You will sometimes see multiple models being used: perhaps an extensive model integrating investment planning and operational planning, and a simpler model focused on analyzing the implications of financial strategy, as well as a model specifically designed to analyze proposed mergers.

The reason for the popularity of these models is their simplicity and practicality. They support the efforts of managers developing forecast forms of financial statements, making this procedure easier and significantly cheaper. Models automate much of their work, which is usually the most tedious, labor-intensive and time-consuming part.

Software development for such models can be carried out by teams of highly qualified and talented programmers. Currently, to solve rather complex issues that arise in financial planning, standard programs based on the user's work with spreadsheets, for example, Excel, are used.

Most companies take financial planning seriously and devote significant resources to this purpose. What do they get in exchange for these efforts?

The material product of the entire process is a financial plan that describes the company’s financial strategy and predicts its results using projected financial statements: balance sheet, profit and loss statement, sources and use of funds. The plan formulates financial goals and benchmarks for assessing the company's position. It usually also provides a rationale for the chosen strategy and an explanation of how the goals are to be achieved.

The plan is the end result. However, the process of its development is valuable in itself. First, planning forces the financial manager to consider the cumulative effect of investment decisions along with the results of financial decisions. Second, planning forces the financial manager to study events that may interfere with the company's success and to stock up on strategies that are considered as a fallback response if unexpected circumstances arise.