Necessity and methods of normalization of working capital. Abstract: Rationing of working capital at an industrial enterprise
In the context of enterprises operating on the principles of commercial calculation, the need to determine the needs of enterprises for their own working capital ah, which play a major role in the normal functioning of enterprises.
Determining the needs of the enterprise in its own working capital is carried out in the process of rationing, i.e. determination of the standard of working capital.
The purpose of rationing is to determine the rational amount of working capital diverted to certain period into the sphere of production and circulation.
The need for working capital for each enterprise is determined when compiling financial plan. Thus, the value of the standard is not a constant value. The amount of working capital depends on the volume of production, conditions of supply and marketing, the range of products, the forms of payment used.
When calculating the needs of the enterprise in its own working capital, the following should be taken into account. Own working capital should cover the needs of not only the main production for the implementation of the production program, but also the needs of auxiliary and auxiliary industries, housing and communal services and other facilities that are not related to the main activity of the enterprise and are not on an independent balance sheet, overhaul carried out on its own.
Rationing of working capital is carried out in monetary terms. The basis for determining the need is the cost estimate for the production of products (works, services) for the planned period.
In the process of rationing, private and aggregate standards are established. The normalization process consists of several successive stages.
At the first stage, stock standards are developed for each element of normalized working capital. The norm is a relative value corresponding to the volume of stock of each element of working capital. The norm is set in days of stock and means the duration of the period for providing this type of material assets. The stock rate can be set as a percentage, in monetary terms to a certain base. Based on the norms of the stock and consumption of inventory items, the amount of working capital necessary to create normalized stocks for each type of working capital is determined.
Then, by adding the private standards, the total standard is calculated. The working capital ratio is a monetary expression of the planned stock of inventory items, the minimum required for normal economic activity enterprises.
Apply following methods normalization of working capital:
Direct account;
Analytical;
Coefficient.
The method of direct counting consists in the fact that first the amount of advanced working capital in each element is determined, then by their summation the total amount of standards is determined, which is quite laborious, but allows you to make the most accurate calculations of private and total standards.
Analytical method is applied when in the planning period there are no significant changes in the working conditions of the enterprise compared to the previous one. The calculation of the standard is carried out on an enlarged basis, taking into account the ratio between the growth rate of production volume and the size of normalized working capital in the previous period.
With the coefficient method, the new standard is determined on the basis of the old one by making changes to it, taking into account the production, supply, sale of products, goods (works, services).
For example, the norm of working capital advanced in raw materials, basic materials, and purchased semi-finished products is determined by:
H \u003d P x D (9)
H - the standard of working capital in stocks of raw materials, basic materials and purchased semi-finished products;
P - average daily consumption of raw materials, materials, purchased semi-finished products;
D - stock rate in days.
A generalizing indicator of the effectiveness of the use of working capital is the indicator of its profitability (Rock), calculated as the ratio of profit from the sale of products (Prp) or other financial result to the amount of working capital (Rock):
Rock \u003d Prp / C ok (10)
This indicator characterizes the amount of profit received for each ruble of working capital, and reflects the financial efficiency of the enterprise, since it is the working capital that ensures the turnover of all resources in the enterprise.
In Russian economic practice, the evaluation of the efficiency of the use of working capital is carried out through indicators of its turnover. Since the criterion for evaluating the effectiveness of working capital management is the time factor, indicators are used that reflect, firstly, the total turnover time, or the duration of one turnover in days, and, secondly, the turnover rate.
The duration of one turnover is the sum of the time spent by working capital in the sphere of production and the sphere of circulation, starting from the moment of acquisition of inventories and ending with the receipt of proceeds from the sale of products manufactured by the enterprise. In other words, the duration of one turnover in days covers the duration of the production cycle and the amount of time spent on the sale of finished products, and represents the period during which current assets go through all stages of the circulation at this enterprise.
The duration of one turnover (turnover of working capital) in days (Obok) is determined by dividing working capital (Juice) by one-day turnover, defined as the ratio of sales volume (RP) to the duration of the period in days (D) or as the ratio of the duration of the period to the number of revolutions (Cob):
OBok \u003d Juice: RP / D \u003d Juice x D / RP \u003d D / Kob. (eleven)
The shorter the period of circulation or turnover of one working capital, the less working capital is required by the enterprise. The faster working capital makes a circuit, the better and more efficiently they are used. Thus, the turnaround time of capital affects the need for total working capital. Reducing this time is the most important direction financial management, leading to an increase in the efficiency of the use of working capital and an increase in their return.
The turnover rate of working capital characterizes the direct turnover ratio (number of turnovers) for a certain period of time - a year, a quarter. This indicator reflects the number of circuits made by the working capital of the enterprise, for example, per year. It is calculated as the quotient of dividing the volume of sold (or marketable) products by working capital, which is taken as the average amount of working capital:
Kob \u003d RP * Juice (12)
The direct turnover ratio shows the value of sold (or marketable) products per 1 ruble of working capital. An increase in this coefficient means an increase in the number of revolutions and leads to the fact that:
Grows output or sales volume for each invested ruble of working capital;
For the same volume of production, a smaller amount of working capital is required.
Thus, the turnover ratio characterizes the level of production consumption of working capital. The growth of the direct turnover ratio, i.e. an increase in the speed of turnover made by working capital means that the company uses working capital rationally and efficiently. A decrease in the number of turnovers indicates a deterioration in the financial condition of the enterprise.
The reverse turnover ratio or the coefficient of loading (fixing) of working capital shows the amount of working capital spent on each ruble of sold (commercial) products, and is calculated as follows:
Kz \u003d Juice / RP \u003d 1 / Kob (13)
where: Kz - load factor.
Comparison of turnover and load ratios in dynamics allows you to identify trends in changes in these indicators and determine how efficiently and effectively the company's working capital is used.
Turnover indicators can be calculated for all working capital and for their individual elements, such as inventories, work in progress, finished and sold products, funds in settlements and accounts receivable:
Inventory turnover is calculated as the ratio of production costs to the average inventory;
Turnover of work in progress - as the ratio of goods received at the warehouse to the average annual volume of work in progress;
Turnover of finished products - as the ratio of shipped or sold products to the average value of finished products;
The turnover of funds in the calculations is the ratio of sales proceeds to the average receivables.
These indicators make it possible to conduct an in-depth analysis of the use of own working capital (they are called private turnover indicators).
The turnover of working capital can accelerate or slow down. When the turnover slows down, additional funds are involved in the turnover. The effect of accelerated turnover is expressed in a reduction in the need for working capital in connection with the improvement of their use, their savings, which affects the increase in production volumes, and as a result, financial results. The acceleration of turnover leads to the release of part of working capital ( material resources, cash), which are used either for the needs of production or for accumulation in a current account. Ultimately, solvency improves and financial condition enterprises.
The procedure for normalizing working capital
The amount of working capital should be minimally sufficient. The need for working capital depends on the prices of raw materials and supplies, the conditions of their supply, the general market situation, the production program of the enterprise, etc. Therefore, the amount of working capital should be periodically adjusted to reflect changes in these factors. Determining the need for own working capital is achieved by rationing individual elements of working capital (inventory, work in progress, deferred expenses, finished products in stock) and working capital for the enterprise as a whole. Rationing of working capital includes:
- - determination of the norm of stock of inventory items;
- - calculation of one-day consumption (daily requirement) of each type of material values;
- - calculation of the norm of working capital for individual elements of material assets and working capital in general (total norm).
stock rate characterizes the minimum size of inventories. This value determines the amount of stock for each type of inventory items. As a rule, the norms are set in days of stock and mean the duration of the period for which the stock of a particular type of inventory items is calculated. The stock rate can also be set as a percentage or in monetary terms to a certain base (for example, for containers - in rubles per 1000 rubles of marketable products). The stock rate reflects only the time (duration) of the withdrawal of working capital (cash): the number of days during which the funds are in inventories, work in progress, deferred expenses and finished products. The amount of these funds is set using standards, representing the minimum estimated amount of funds for the formation of stocks of inventory items necessary for the implementation of continuous economic activity.
Distinguish between the aggregate standard (the total amount of working capital) and private standards (the amount of funds by elements). Private standards are determined by individual elements of working capital: inventories, work in progress, deferred expenses, finished products in stock, and the total standard is formed as the sum of the standards for these elements.
Methods for calculating the working capital ratio
1. Direct Count Method consists in the fact that working capital is calculated for each specific type inventory items. Then they are added up and as a result, the standards for each element of working capital are determined. The general standard is the sum of the standards for all elements.
The amount of working capital (AND.) for each type of inventory items are calculated on the basis of the stock rate (in days) multiplied by the one-day consumption (in rubles) of these types of values,
where N. is the stock rate of the r "th resource, days; r is the type of resource; R. / T - one-day turnover of the i-th resource, rub/day; is calculated by dividing the cost of the resource (taken from the estimate of production costs) by the number of calendar days of the planning period; P1 - the cost of the spent i "-th resource for a certain planning period, rub.; T - number of calendar days of the planned period, days.
The standard for each element of working capital is formed as the sum of the standards for certain types inventories.
2. Analytical normalization method implies the presence of a basic level of the standard, which is indexed in accordance with the change in planned indicators compared to the base ones, on which the consumption of resources that form the standard depends,
Where Z .and Z,. - planned and basic level of the standard of the _/-th resource.
Index /. calculated on the change in the volume of products, the use of material resources, changes in the number of personnel.
Index of change in the volume of output
where B|1h and Vf are the planned and actual output of products.
Index of change in the volume of use of a material resource
where Mn1 and Mf are the planned and actual consumption of material resources.
Headcount change index
where NP|11 and NPf are the planned and actual headcount.
COURSE WORK
in the discipline "Economics and organization of production"
Theme "Rationing of working capital for industrial enterprise»
Annex 1……………………………………………………………………….38
Introduction
Working capital is one of constituent parts property of the enterprise, on which the rhythm, coherence and high performance of work depend. The development of market relations determines new conditions for managing working capital as well, forcing enterprises to change their policy in relation to working capital, look for new sources of replenishment, and find ways to accelerate the turnover of working capital. And since working capital includes both material and monetary resources, not only the process depends on their organization and efficiency of use. material production but also the financial stability of the enterprise.
The presence of an enterprise with sufficient working capital of an optimal structure is a necessary prerequisite for its normal functioning in modern conditions. Therefore, the enterprise should carry out the rationing of working capital, whose task is to create conditions that ensure the continuity of the production and economic activities of the company. This determines the relevance of this course work.
The problem of normalization of working capital and their optimization in an industrial enterprise was chosen as the subject of study of this course work.
The object of the study was the analysis of the working capital of the enterprise on the example of LLC "Plant of reinforced concrete products".
The purpose of this course work is to study the theoretical aspects of the regulation of working capital in an enterprise, to analyze working capital in an existing enterprise and to identify trends in the development of an enterprise based on data on the analysis of working capital in this enterprise.
In this regard, the following tasks were set:
· Consider the essence of the concept of working capital of the enterprise;
· Consider the theoretical aspects of the regulation of working capital of an industrial enterprise;
· Carry out an analysis of the working capital of LLC Zavod ZHBI;
· Make an analytical conclusion.
1. Theoretical aspects normalization of working capital of the enterprise
1.1 General characteristics of working capital
An indispensable condition for the implementation of economic activity by the enterprise is the availability of working capital. Working capital is cash, advanced into working capital and circulation funds to ensure a continuous process of production and sales of products.
The essence of working capital is determined by their economic role, the need to ensure the reproduction process, which includes both the production process and the circulation process. Unlike fixed assets, which repeatedly participate in the production process, working capital operates in only one production cycle and, regardless of the method of production consumption, fully transfers its value to the finished product.
William Collins defines the essence of working capital as "... the short-term current assets of a firm that quickly turn over during production period» .
A similar definition of working capital is given by Doctor of Economics, Professor Blank I.A.: these are assets that characterize "... the totality of property values of an enterprise that serve the current production and commercial (operational) activities and are fully consumed during one production and commercial cycle" .
G. Schmalen more accurately describes the process that working capital provides, in his opinion, “... working capital serves to create funds that are not designed for a specific period, but they directly provide for the process of processing and processing, sales of products, as well as the formation of monetary resources and their spending.
The composition and classification of working capital are given in Table 1 and Table 2, respectively.
Table 1. The composition of the working capital of an industrial enterprise
Industrial stocks are objects of labor that have not yet entered into production. manufacturing process and are in the company in the form of warehouse stocks. These include: raw materials, basic and auxiliary materials, purchased semi-finished products, spare parts for the repair of fixed assets, fuel, low-value and wearing items, inventory, tools, as well as special tools and devices, regardless of their cost, intended for the production of a limited batch of products or separate order. The need for inventories is due to the fact that the production process takes place continuously, and the receipt of raw materials, materials, components periodically.
Work in progress (WIP) (unfinished products) are objects of labor that have already entered the production process, but their processing has not been completed. In practice, as part of WIP, it is customary to consider semi-finished products own production intended for further processing in other shops of the same enterprise. Items of work in progress are at different stages of processing, workplaces, but are not yet ready for sale.
Deferred expenses (DBC) are the costs associated with the development of new types of products (payment to designers for the design of a new product, tools and fixtures, technologists - for the development of technological processes for manufacturing a new product, tools, fixtures). They are produced in the planned period, accumulate, and are subject to repayment in the future, when new products are sold, with the exception of those costs that are financed from profit, budget funds, or special funds.
Finished goods (FP) in the warehouses of the enterprise are products manufactured at the enterprise and subject to shipment to consumers.
Products shipped (PO), on the way, but not paid for by the buyer, that is, the company's current account has not yet received money from the buyer.
Free cash on the current account of the enterprise, at the cash desk, necessary for the purchase of materials, components, travel allowances, and so on.
Cash invested in shares, securities are shares acquired by an enterprise, securities of other enterprises, short-term banks (up to 1 year).
Table 2. Classification of working capital according to the balance sheet of the enterprise
| Working capital group | Balance asset items | accounting account |
| 1 | 2 | 3 |
| 1. Stocks | Productive reserves | 10,15 |
| Animals for growing and fattening | 11 | |
| Unfinished production | 20,221,23,29,44 | |
| Future spending | 97 | |
| Finished products | 43 | |
| Products | 41 | |
| Continuation of table 2. | ||
| Goods shipped | 45 | |
| 2. Value added tax on acquired valuables | 19 | |
| 3. Accounts receivable | ||
| Settlements with debtors for goods and services | 62,76 | |
| Settlements with debtors on bills received | 62 | |
| Indebtedness of the founders on contributions to the authorized capital | 75 | |
| Advances issued to suppliers and contractors | 60 | |
| Settlements with subsidiaries | 76 | |
| 4. Short-term financial investments | 58 | |
| 5. Cash | ||
| At the register | 50 | |
| On current account | 51 | |
| On a currency account | 52 | |
| Other cash | 55,57 | |
It is necessary to distinguish between the concepts of the composition of working capital and the structure of working capital. The composition of working capital - elements of working capital assets and circulation funds. Structure - the ratio between individual groups, elements of working capital and their total volumes, expressed in shares or percentages.
The volume and structure of working capital of enterprises is significantly influenced in modern conditions by many factors, for example:
Features of manufacturing products - labor-intensive, material-intensive;
the type of production;
duration of the production cycle;
the period of development of new products;
location of suppliers of material resources and consumers of products, conditions of supply and marketing;
· quality of let out production;
solvency of the enterprise and buyers.
At enterprises, due to a decrease in the share of inventories and free cash, there is a change in the structure of working capital. In the structure of working capital - in stocks of inventory items, the largest share falls on inventories and work in progress, and in them on raw materials, basic materials and purchased semi-finished products.
The structure of working capital of enterprises in various industries will be different. The analysis shows that the largest share, for example, of receivables is typical for enterprises of the electric power industry, mechanical engineering, and the smallest - for light and Food Industry, that is, enterprises working directly for the consumer.
Working capital is always in motion and goes through several stages of circulation, changing its shape.
With the funds (D) available on the current account (or accounts), as well as at the cash desk, the enterprise acquires the material resources it needs for production. After the acquisition, the materials are not consumed immediately, some of them first settle in the form of inventories (PZ) in the warehouse, and the part that is put into production - in the form of backlogs of work in progress, finished but not yet sold products (GP). Having sold the finished product, the company returns to itself the money (D "), part of which was previously spent on the acquisition of material resources (D) necessary for production, while receiving a certain share of the profit (∆D). Due to part of the proceeds received from sales of finished products, when purchasing new batches of material resources, the consumed means of production and objects of labor in the form of raw materials, materials, fuel, energy, depreciation, as well as the costs of wages and other costs. This completes the circulation of working capital in the enterprise.
D" \u003d D + ∆D
Movement at the enterprise of working capital and circulation funds:
PZ - NP - GP - T,
where PZ - production stocks of material resources;
NP - backlog of work in progress (materials that are in the workshops of the enterprise in a state of processing (blanks, semi-finished parts subjected to turning, milling and other technological operations on the corresponding machines and lying in containers near these machines in anticipation of performing the next technological operation with them);
GP - marketing stocks of finished products;
T - goods - products manufactured by the enterprise (is the property of the enterprise until they are sold).
In order for the production process not to be interrupted, the enterprise needs to carry out planning of working capital by groups and control over maintaining their required level at each stage of the circulation. Working capital planning should include indicators of the initial and final levels of needs, as well as indicators of each significant change (growth, decrease) of this need within the planning period. For example, an enterprise will have to spend working capital not to pay for medium, identical deliveries, but to pay for a variety of deliveries - small and large, frequent and rare delivered by air, road, etc. Knowing with a certain probability the dynamics of future deliveries, the enterprise can more reasonably manage production and finance.
The basis for planning working capital of an enterprise is rationing.
1.2 Basic methods of normalization of working capital
Rationing of working capital solves two main problems. The first is to constantly maintain a correspondence between the size of the enterprise's working capital and the need for funds to ensure the minimum necessary stocks of material assets. This task links the dependence of the volume of working capital on the level of stocks. At the same time, it is understood that for each enterprise it is necessary to establish such a standard so that during normal economic activity it does not experience financial difficulties to ensure the production and sale process. Another task is more complex: with the help of rationing, it is necessary to manage the size of stocks. Rationing is intended to stimulate the improvement of economic activity, the search for additional reserves, the formation of a reasonable combination of forms of supply, etc.
According to the principles of organization, working capital is divided into standardized and non-standardized.
Non-standardized working capital includes products shipped, on the way, but not paid for; cash on the current account, in cash. The level of these groups of working capital is more influenced by external factors than the production and economic activities of the enterprise. The legislative framework, as the basis of a contractual supply chain, should help reduce the amount of unpaid deliveries.
Normalized working capital includes all groups of working capital - these are production stocks, work in progress, deferred expenses; from the sphere of circulation - finished products in stock.
The value of normalized working capital must always meet the real needs of production. The enterprise determines the minimum but sufficient need for each of these groups of working capital and controls their level at each stage of movement, since large stocks of material assets require the diversion of funds from other purposes, warehouses, security, and accounting are necessary. If the standard is underestimated, the enterprise will not be able to provide production with the necessary reserves, pay off suppliers, workers, employees, etc. in a timely manner. If the standard is overstated, significant excess stocks arise, funds are frozen, which leads to losses. An overestimated standard contributes to a reduction in the level of profitability, an increase in the amount of payment for an increase in the value of the enterprise's property.
Rationing of working capital - the process of establishing norms and standards for a normalized group of working capital.
In the process of normalization of working capital, the norm and standard of working capital are determined.
The norm of working capital is a relative value corresponding to the minimum, economically justified stock of inventory items, set in days.
The working capital ratio is the minimum required amount of funds to ensure the economic activity of the enterprise.
In the practice of normalization of working capital, several methods are used:
direct account;
· analytical;
experimental laboratory;
reporting and statistical;
coefficient.
The analytical method for estimating the standard of working capital is established by the actual value of working capital for a certain period, taking into account the adjustment for surpluses and unnecessary stocks, as well as for changes in the conditions of production and supply. This method provides for the division of working capital into two groups:
dependent on changes in the volume of production;
independent of production volume.
The experimental laboratory method is based on measuring their consumption and volumes of products (works) produced in laboratory and pilot production conditions. Consumption rates are set by selecting the most reliable results and calculating the average value using the methods of mathematical statistics. The most appropriate scope of these norms: auxiliary production, chemical, technological processes, extractive industries and construction.
Reporting and statistical - based on the analysis of data from statistical (accounting or operational) reporting on the actual consumption of materials per unit of output (work) for the past (base) period. It is recommended for the development of both individual and group norms for the consumption of material and raw materials and fuel and energy resources.
With the coefficient method, the standard of working capital for the planned period is established using the standard of the previous period and taking into account adjustments for changes in the volume of production and for accelerating the turnover of working capital. The use of differentiated coefficients for individual elements of working capital is permissible if the standard is periodically updated by direct calculation.
The main method of normalization of working capital is the direct account method. When using the direct calculation method, the standard is calculated on the basis of the production program, production cost estimates, production process organization standards, logistics plan, portfolio of contracts and orders, production efficiency improvement plan.
The direct calculation method allows you to most accurately calculate the need for working capital and is used in the current financial planning when determining the standard for the main elements of working capital.
Other rationing methods are used in industry as auxiliary ones. The general standards of own working capital are determined in the amount of their minimum requirement for the formation of the stocks necessary for the fulfillment of plans for production and sale of products, as well as for the implementation of all types of calculations on time.
1.3 Working capital rationing process
The process of normalization of working capital includes:
1) the establishment of an economical order size for each type of consumed material resource;
2) calculation of one-day consumption (daily requirement) of each type of material resource;
3) calculation of the stock rate;
4) calculation of the norm of working capital by elements and working capital in general.
The Economic Order Quantity ensures a minimum annual cost of placing and fulfilling an order and holding stock. The costs of placing and fulfilling an order include the costs of finding a supplier, entering into a contract, monitoring the fulfillment of the order, the cost of its processing and delivery (if paid in excess of the purchase price). Inventory holding costs include all warehousing costs ( labor force, maintenance of warehouse equipment, repair of the warehouse, electricity, etc.) and a fee for renting the warehouse (if it is rented).
In the theory of inventory management, a mathematical calculation of the economic size of the order (maximum stock) of a material resource is given. The corresponding formula is as follows:
where G is the economic order quantity; C is the average cost of placing one supply lot; S is the annual volume of production needs for a given raw material or material; I - the cost of storing a unit of goods in the analyzed period.
The stock rate (NC) is the minimum required amount of stock of a material resource in a warehouse, ensuring the continuity of production. For material assets that are part of inventories, work in progress, deferred expenses, it is set in days. If the stock rate at the enterprise is defined as seven days, then this means that the enterprise must have a 7-day supply of materials.
The algorithm for calculating the stock rate of materials is represented by the formula:
The stock rate is made up of the current (, insurance (, transport ( and preparatory stocks (.
The current stock ensures uninterrupted operation of the enterprise between the next deliveries of the resource; it changes from the maximum on the day of delivery to the minimum before the next delivery. The current stock is set based on the calculation:
where is the average supply cycle (interval between deliveries).
With uniform supply of materials according to the schedule and uniform consumption throughout the year, the average supply cycle is equal to:
where 360 is the number of days in a year; N is the number of deliveries per year;
where Q is the annual need of the enterprise for a material resource; G is the economic order quantity.
The calculated average intervals between deliveries are taken to calculate the norms of working capital for the formation of the current stock. The current stock rate fluctuates from the maximum level to zero. Schematically movement of stocks is presented on fig. 1.2.
Rice. 1.2 Scheme of movement of stocks
The maximum level of the current stock corresponds to the maximum size of the schedule, and the minimum can be conditionally taken equal to zero. At the moment when the stock reaches zero, the next batch of materials should go into production.
Safety stock is created in cases of violation of planned delivery dates. It is calculated from the average deviations of the actual delivery times from the planned ones or is taken at the level of 50% of the current stock rate at short intervals. A safety stock is created in case of unforeseen deviations in supply:
The transport stock is created for the time that material assets are in transit from paying the bill to their arrival. Its value is determined by the difference between the number of days the goods run from the supplier to the consumer and the number of days of workflow, taking into account the payment of the invoice.
The preparatory stock is determined on the basis of the timing associated with determining the time for unloading, warehousing and preparation for production. It provides for the time for acceptance, unloading, sorting, storage of material assets, execution of warehouse documents and preparation for production.
The working capital ratio is the minimum normal operation enterprises need for working capital, which ensures the creation of the necessary stocks of material resources in monetary terms. The sum of the norms of working capital for all types of material resources gives the general norm of working capital. It consists of the sum of private standards:
where - the standard of working capital in inventories; - standard of working capital in work in progress; - the standard of working capital in the expenses of future periods; - standard of working capital in finished products.
1) Rationing of working capital in inventories begins with the determination of the average daily consumption of raw materials, basic materials and purchased semi-finished products in the planned year. The average daily consumption is calculated by groups, and in each group their most important types are distinguished, which make up approximately 80% of the total value of the material assets of this group. Unrecorded types of raw materials, basic materials and purchased products and semi-finished products are classified as expenses for other needs.
The standard of working capital in inventories is calculated by the formula:
,
where is the average daily consumption for each type of material.
The average daily consumption of material resources is the quotient of dividing the sum of all planned annual expenditures of raw materials by the number of working days in a year:
where P is the amount of material consumed in the reporting period; T - the duration of the reporting time period.
2) Work in progress includes products that are at various stages of processing - from the launch of raw materials, materials and components into production to the acceptance by the technical control department of finished products. Work in progress is determined by the amount of advanced cash invested in the cost of raw materials, basic and auxiliary materials, fuel, electricity, depreciation and other expenses. All these costs for each product increase as you move along the process chain.
The standard of working capital in work in progress is calculated by the formula:
where - the average daily volume of products at the production cost; - the duration of the production cycle for the manufacture of products; - the coefficient of increase in costs, reflecting the degree of readiness of products.
The average daily volume of output at production cost is calculated by the formula:
where Q is the output for the specified reporting period; - unit cost of production; T - reporting period of time.
The duration of the production cycle for manufacturing a unit of production is calculated by the formula:
The cost escalation factor is assumed to be:
,
where a - costs incurred at a time at the beginning of the production process; b - subsequent costs until the end of the production of finished products (costs not included in the composition).
3) Deferred expenses include expenses incurred in this year, but repaid, that is, included in the cost of production in subsequent years. They are uneven.
The standard of working capital in deferred expenses is calculated by the formula:
,
where P is the carry-over amount of deferred expenses at the beginning of the planning year; P - deferred expenses in the planned year; C - deferred expenses to be written off to the cost of production of the planned year.
4) The next element of the working capital ratio is the working capital ratio for finished products, which includes products for which the production cycle has ended, they are accepted by the technical control department and handed over to the finished product warehouse. The working capital rate for finished products is determined by the time from the moment the products are accepted to the warehouse until the customer pays for them and depends on a number of factors:
the order of shipment and the time required for acceptance finished products from workshops;
the time required for completing and selecting products up to the size of the shipped batch and in the assortment according to orders, orders, contracts;
time required for packaging, labeling products;
· the time required for the delivery of packaged products from the warehouse of the enterprise to the railway station, pier, etc.;
time of product loading vehicles;
time of storage of products in the warehouse.
The working capital ratio for financing finished products in stock is determined by the formula:
,
where NZ - the norm of the stock of working capital in finished products; q - daily volume of shipped finished products in physical terms; - unit cost of shipped products.
Calculations of the norms of working capital - time-consuming work. With the unchanged range of products and stability of prices for raw materials, materials, components, enterprises adjust the standard of the previous year for changes in the volume of production.
An economically justified standard of working capital allows you to organize working capital in such a way that in the process of their use, each ruble invested in turnover ensures maximum return. This standard makes it possible to analyze the state and level of use of working capital, to provide a system for monitoring them and the normal economic activity of an industrial enterprise, subject to constant sources of working capital coverage.
2. Analysis of the normalization of working capital of JSC "Plant of reinforced concrete products"
2.1 Brief description of the enterprise
Society with Limited Liability"Reinforced Concrete Products Plant" was established on January 11, 1993.
Legal address: Russian Federation, Udmurt Republic. Izhevsk, st. Novosmirnovskaya, 22
Today it is a diversified enterprise, with its own established infrastructure, which has its own fleet of vehicles, loading equipment, access railways and carries out the entire complex of manufacturing and delivery of products to its customers.
ZhBI Plant LLC manufactures products with a product range of over 200 items. Directions:
· products for civil and industrial construction;
· production for arrangement of oil and gas fields.
The production of concrete weighting agents for oil and gas pipelines is one of the main activities of the plant.
The plant produces up to 50 types of concrete weights for main pipelines - these are: prefabricated ring weights of the UTK type, female type, UBO brands, as well as weights of the UBKM, UBK and UBP brands used when balancing pipes when crossing rivers and water barriers, as well as on swampy areas. All weights meet quality standards.
It is the only Russian manufacturer of reinforced concrete for the construction of main oil and gas pipelines with a diameter of 325 to 1420 mm.
Thanks to this, the plant participated in deliveries to all major construction of oil and gas pipelines in Russia from St. Petersburg to Sakhalin, including the regions of the Far North and South of the country.
The main customers of these products of the plant are the largest oil and gas companies in Russia, such as Gazprom, Lukoil, Tatneft, Transneft, Surgutneftegaz and Podvodtruboprovodstroy.
The success of the company, achieved over the past 12 years, is due to a strict approach to the quality of manufactured products, as well as to the competent management of the plant, which clearly knows that success requires quality and knowledge of the market situation. The plant successfully operates its own laboratory for product quality control, constantly expanding the range and market for manufactured products. The volume of production of reinforced concrete products is growing, as is the geography of their supplies.
The plant is continuously increasing its production capacity, while introducing new technologies, mastering new products for civil and industrial construction, as well as the energy complex, which indicates the stability of the plant in the housing construction market.
ZhBI Plant LLC consists of two autonomous production facilities, each of which has its own mortar-concrete unit, a warehouse for finished products, workshops for the production of prefabricated reinforced concrete, wall panels, and so on, for the manufacture of reinforcing cages, masonry mesh, metal mold repair sites. The plant has its own railway access roads, which make it possible to ship up to 650 tons of products and receive up to 350 tons of cement per day.
The company has its own vehicles to ensure the production of inert materials and transportation of products. Shipment of products can be carried out simultaneously from five points.
The experimental group operating at the plant is engaged in the introduction of new machines and equipment, allowing to increase the quantity and improve the quality of products.
The factory operates:
· the production and technical department, which deals with the planning of production, providing production with working drawings for the manufacture and shipment of products, control of the standard consumption of materials during production;
Department of the chief technologist, introducing new technologies in the manufacturing process.
Analysis financial results economic activities of LLC "Plant of reinforced concrete products" for 2007-2009. presented in table 2.1.
Table 2.1. Analysis of the financial results of ZhBI Plant LLC
| Indicator | 2007 | 2008 | 2009 | Deviation in absolute values 2007 by 2006 | Deviation in absolute values 2008 by 2007 |
Income and expenses from ordinary activities Revenue (net) from the sale of goods, products, works, services (net of VAT, excises and similar obligatory payments) |
|||||
| Production cost | 38227 | 42536 | 58782 | +4309 | +16246 |
| Gross profit | 4169 | 5649 | 6933 | +1480 | +1284 |
| Selling expenses | 102 | 110 | 170 | +8 | +60 |
| Management expenses | - | - | - | - | - |
| Profit (loss) from sales | 4067 | 5539 | 6763 | +1472 | +1234 |
Other income and expenses Interest receivable |
|||||
| Percentage to be paid | - | - | - | - | - |
| Other income | 100 | 745 | 625 | +645 | -120 |
| other expenses | 1279 | 2390 | 2985 | +1111 | +595 |
| Profit (loss) before tax | 2990 | 4004 | 4573 | +1014 | +569 |
| Deferred tax assets | - | - | - | - | - |
| Deferred tax liabilities | - | - | - | - | - |
| Current income tax | 717 | 960 | 1098 | +243 | +138 |
Net income (loss) reporting period |
2273 | 3044 | 3475 | +771 | +431 |
| Permanent tax liability | - | - | - | - | - |
Profit from sales increased in 2009 compared to 2007 by 2,764 thousand rubles, the increase was due to an increase in the cost of production by 4,309 thousand rubles. and an increase of 5797 thousand rubles. sales proceeds.
In the same period, commercial expenses increased by 8 thousand rubles.
Compared to 2008 profit from sales increased by 1284 thousand rubles. In 2008 in relation to 2007 there was an increase in profit in the amount of 1480 thousand rubles.
2.2 Analysis of working capital LLC "Plant of reinforced concrete products"
The structure of working capital of LLC Zavod ZHBI for 2007-2009 presented in Appendix 1.
From the presented structure, it can be concluded that there is a trend towards an increase in the volume of working capital. In 2008 working capital of JSC "Plant of reinforced concrete products" in comparison with 2007. increased by 2774 thousand rubles. And in 2009 the volume of working capital increased by 4391 thousand rubles. compared to 2008
In the overall structure of working capital, the largest share is occupied by inventories. In the period from 2007-2009. there is a decrease specific gravity stocks in the structure of working capital.
The growth of accounts receivable negatively affects the financial condition of the enterprise. Increases the risk of growth in the percentage of non-return, LLC "Plant of reinforced concrete products" needs to take measures to reduce receivables.
One of the main conditions for the financial well-being of the enterprise is the inflow of funds to cover its obligations. The absence of his minimum required cash reserve is indicative of his serious financial difficulties. Excessive amounts of cash indicate that the company actually suffers losses associated, firstly, with inflation and the provision of money, and, secondly, with the lost opportunity to place and receive additional income.
Also, working capital differs in the degree of liquidity.
The liquidity of assets is the reciprocal of the time required to turn them into money, that is, the less time it takes to turn assets into money, the more liquid they are. Allocate:
· The most liquid assets (cash, short-term financial investments);
Quickly realizable assets (accounts receivable, goods shipped, other current assets);
· Slowly sold assets (reserves).
In table. 3.3. presents an analysis of the composition and structure of working capital LLC "Reinforced Concrete Products Plant" in terms of liquidity for 2007-2009.
| Working capital group | The composition of the included items of the balance sheet asset | 2007 | 2008 | 2009 | Absolute deviation |
|
| 2008 by 2007 | 2009 by 2008 | |||||
1.Most liquid assets (thousand roubles.) |
1.1.Cash |
|||||
2.Fast realizable assets (thousand roubles.) |
2.1. Accounts receivable 2.2. Goods shipped 2.3.Other current assets |
|||||
3. Slowly realizable assets (thousand roubles.) |
3.1.Stocks | 2415 | 3223 | 4122 | +808 | +899 |
| Total: | 3882 | 5572 | 9121 | +1690 | +3549 | |
From the analysis of the composition and structure of the company's working capital, it can be seen that in 2008. compared to 2007 the value of the most liquid assets increased by 625 thousand rubles, and in 2009 compared to 2008 increased by 2418 thousand rubles.
Considering fast-moving assets, it can be seen that accounts receivable in 2009. decreased compared to the previous year, and other current assets in 2009. increased by 289 thousand rubles. compared to 2008
The liquidity ratio of working capital characterizes the state of working capital, it is equal to the ratio of the amount of short-term financial investments and cash to the result of the second section of the balance sheet "Current assets".
This ratio shows how cash in the composition of working capital tends to decrease or increase. This coefficient should tend to increase, any decrease in it leads to the current solvency and bankruptcy of the enterprise.
At LLC Plant of Reinforced Concrete Products as of January 1, 2009. the liquidity ratio of working capital was 0.17, and at the end of the year 0.37. Since there is an increase in the coefficient, the company restores solvency.
The coefficient of provision of reserves and costs with own sources of formation is considered as the ratio of the difference in the results of the third section of the balance sheet "Capital and reserves" and the first section "Non-current assets" to the amount of reserves.
The normative value of the coefficient is greater than or equal to the period from 0.6 to 0.8. It characterizes the ability of the enterprise to finance its own economic activity. At high values of the coefficient, a positive trend in financial and economic activity is revealed, that is, reserves and costs are fully covered by own funds. At the beginning of the reporting year, it is equal to 0.95, and at the end of 0.87, that is, the enterprise independently finances its economic activities.
The coefficient of autonomy of sources of formation of reserves and costs is calculated as the ratio of the difference between the third section "Capital and reserves" and the first section "Non-current assets" and the difference between the third section and the first section plus the result of the fourth section "Long-term liabilities" and line 610 "Loans and credits". It reflects the share of working capital in the total amount of the main sources of inventory and costs. If the coefficient of autonomy of the sources of formation of reserves and costs is more than 0.5, then the enterprise has financial stability. At LLC "Plant of reinforced concrete products" at the beginning of 2009. the coefficient of autonomy of sources of formation of reserves and costs is 1.0, and at the end of the year it was 0.99. This shows that the main source of inventory and costs are own working capital, the company is financially stable.
Analysis of the composition and structure of working capital by investment risk is shown in Table 2.3.
|
From the analysis of working capital with minimal investment risk, it can be seen that the funds in 2008. increased by 625 thousand rubles. compared to 2007 And in 2009 the increase amounted to 2418 thousand rubles. This is due to the fact that a large amount of money is in the current account of the enterprise. Considering working capital with low investment risk in 2008. Compared to 2007, you can see:
· increase in accounts receivable by 276 thousand rubles. due to advance payment for gas and the gap between payment and receipt of funds to the current account;
· increase in inventories by 940 thousand rubles. due to a sharp change in prices for raw materials;
· reduction of finished product balances by 57 thousand rubles. due to more effective work sales.
In 2009 analysis of working capital with low investment risk, compared to 2008, showed:
· reduction of accounts receivable by 57 thousand rubles. due to advance payment for gas only for 1 month in advance;
· increase in inventories by 679 thousand rubles. due to the continued sharp change in commodity prices in the market;
· an increase in the balance of finished products by 181 thousand rubles. due to unbalanced work of production and sales.
For working capital with high and medium investment risk in 2008. there was a decrease by 75 thousand rubles. and 19 thousand rubles. respectively. And in 2009 on the contrary, there is an increase in these indicators by 39 thousand rubles. and 289 thousand rubles. respectively.
Accelerating the turnover of working capital (assets) reduces the need for them, allows enterprises to release part of working capital, either for non-production or long-term production needs of the enterprise, or for additional output.
As a result of the acceleration of turnover, the material elements of working capital are released, less stocks of raw materials, materials, fuel, work in progress are required, and, consequently, the monetary resources previously invested in these stocks and backlogs are also released.
The rate of turnover of funds is a complex indicator of the organizational and technical level of production and economic activities. The increase in the number of revolutions is achieved by reducing the production time and the circulation time. Production time is due technological process and the nature of the technology used. To reduce it, it is necessary to improve its technology, to mechanize and automate labor.
The total turnover of all working capital consists of the private turnover of individual elements of working capital. The speed of both general turnover and private turnover of individual elements of working capital is characterized by indicators:
1. The turnover ratio, or turnover rate, is calculated as the ratio of the cost of goods sold to the average balance of all working capital:
The turnover ratio shows the number of complete turnovers (times) made by working capital for the analyzed period of time. With an increase in the rate, the turnover of working capital accelerates.
2. The duration of one turnover is the duration of a complete circuit, performed from the first phase (acquisition of materials) to the last - the sale of finished products. Measured in days, calculated as the ratio of the average balance of material assets for the period ( to one-day revenue (
Reducing the turnover time leads to the release of funds from circulation, and its increase leads to an additional need for working capital.
Table 3.5 shows an analysis of the state of inventory turnover at Zavod ZHBI LLC.
Table 3.5
| Indicators | 2007 | 2008 | 2009 | Absolute deviation | |
| 2008 by 2007 | 2009 by 2008 | ||||
| 1. Material costs as part of the cost of sales, thousand rubles. | 23571 | 30619 | 42604 | +7048 | +11985 |
| 2. Cost of goods sold, thousand rubles. | 38227 | 42536 | 58782 | +4309 | +16246 |
3. Average balances, thousand rubles. production stocks Inventory of finished goods |
|||||
| 4. Inventory turnover ratio | 18,2 | 17,13 | 17,94 | -1,07 | +0,82 |
5. Period of storage of stocks, days production stocks Inventory of finished goods |
|||||
From table 3.5 we see that material costs increased by 7048 thousand rubles. and 11985 thousand rubles. in 2008 and 2009 respectively with respect to the previous year. This was influenced by rising prices for materials and an increase in output.
In turn, growth material costs led to an increase in the cost of goods sold. In 2008 the cost of goods sold increased by 4309 thousand rubles. compared to 2007 and in 2009 in relation to 2008 for 16246 thousand rubles.
The average balance of inventories increased in 2008. compared to 2007 by 484.5 thousand rubles, and in 2009. by 853.5 thousand rubles. compared to 2008 This indicates the need to increase the safety stock in order to ensure uninterrupted production. necessary raw materials and materials when changing the production and marketing program.
Average balances of stocks of finished goods in 2008 compared to 2007 increased by 7512 thousand rubles. due to the imbalance of production and marketing activities, and in 2009. decreased by 7232.5 thousand rubles. as a result of increased demand and successful sales activities.
Shelf life of stocks of finished products in 2008. compared to 2007 increased by 55.4 days, and in 2009. compared to 2008 decreased by 55.65 days, which indicates effective management sales of finished products, the storage period of inventories in 2009 also decreased. compared to 2008 by 0.94 days, and in 2008. there was a slight increase (1.24 days) compared to 2005, which means that the uninterrupted process of production and sale of products is carried out at LLC Plant of Reinforced Concrete Products.
There was a decrease in inventory turnover in 2008. compared to 2007 1.07 times, and in 2009. an increase of 0.82 times compared to 2008.
In 2009, the activities of LLC "Reinforced Concrete Products Plant" turned out to be profitable. The company is solvent and financially stable. The output increased by almost 12% and the sold products increased by 38%.
Analysis of working capital showed that there is a trend of growth in the volume of working capital. In 2008 working capital of LLC "Reinforced Concrete Products Plant" in comparison with 2007. increased by 2774 thousand rubles. And in 2009 the volume of working capital increased by 4391 thousand rubles. compared to 2008
In the overall structure of working capital, the largest share is occupied by inventories. In the period from 2007-2009. there is a decrease in the share of stocks in the structure of working capital.
From the analysis of the composition and structure of the company's working capital, it can be seen that there is an increase in the most liquid assets, in 2008. their growth amounted to 625 thousand rubles, and in 2009. 2418 thousand rubles
The change in the speed of working capital was achieved as a result of the interaction of two factors: an increase in revenue and an increase in the average balance of working capital.
Conclusion
Rationing of working capital plays an important role in the activities of the enterprise, since working capital is an important part of the property of the enterprise. They are necessary to ensure an uninterrupted production process and the possibility of its continued existence. Rationing of working capital is necessary to ensure the effective functioning and stability of working capital, which testify to a stable, well-established process of production and marketing of products.
The presence of a sufficient amount of working capital at the enterprise is a necessary prerequisite for the normal functioning of the enterprise in a market economy.
Having analyzed in this term paper production and economic activities of the enterprise OJSC "Plant of reinforced concrete products", the author made a conclusion about the current state of the enterprise and its policy regarding the regulation of working capital.
In order to increase the efficiency of the use and rationing of working capital LLC "Plant of reinforced concrete products" is proposed:
1. strengthen internal control for the safety and rational use of materials, fuel, electricity in the manufacture of the company's products;
2. to improve methods for analyzing the effectiveness of working capital, for this purpose, to carry out operational control over the compliance of the balances of inventories in warehouses with their minimum standards, to constantly monitor the state of accounts receivable, preventing an increase in its terms against contracts;
3. to mechanize accounting operations in more labor-intensive areas of accounting: cash, settlement operations, accounting for materials of finished products in the shops and warehouses of the enterprise;
4. invest in the production of new products that are in demand in the local and other markets;
5. form a policy for the use of working capital in general and develop measures for their optimization.
Thus, the choice of an enterprise development strategy and improvement of its performance indicators depends on the situation on the market, the principles of corporate culture adopted at the enterprise, and, above all, on the specifics of the enterprise's activities. In different sectors of the market, and depending on whether the company is developing, is in a phase of relative stability or in a pre-crisis state, different methods of normalizing working capital should be applied.
List of used literature
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2. Bagiev G.L., Asaul A.N. Organization of entrepreneurial activity. Tutorial. - St. Petersburg: SPbGUEF, 2001. 231s.
3. Bakanov M.I. Sheremet A.D. Theory of economic analysis. - M.: Finance and statistics, 2003. - 651 p.
4. Zaitsev N.L. Economics and Organizations: A Textbook for High Schools. 2nd ed., revised and enlarged. M.: Publishing house "Exam", 2005. 624 p.
5. Drury K. Management and production accounting. – M.: UNITI, 2003. p.354.
6. Kovalev V.V. The financial analysis: Methods and procedures. - M.: Finance and statistics, 2001. p.298.
7. Krum E.V. Economics of the enterprise: Textbook.-method. allowance for advanced training and retraining of teachers and specialists of the education system. Minsk: RIVSH, 2005. 152 p.
8. Markaryan E.A., Gerasimenko G.P. Economic analysis of economic activity. - Rostov-on-Don: Phoenix, 2005. 560 p.
9. Savitskaya G.V. Analysis of the economic activity of the enterprise, - M .: New knowledge. - 2003. - 560 p.
10. Sheremet A.D. Complex economic analysis activities of the enterprise (questions of methodology), - M .: Infra-M. - 2002. - 473 p.
11. Economics of the enterprise (firm): Textbook / Ed. prof. O.I. Volkova and Assoc. O.V. Devyatkin. 3rd ed., revised and enlarged. M.: INFRA-M, 2002. 601 p. (series "Higher education").
12. Enterprise Economics: Textbook / Ed. A.E. Karlika, M.L. Schuchhalter. M.: INFRA-M, 2004. 432 p. (Higher education).
13. Economics, organization and planning industrial production: Textbook. allowance for students of secondary special. textbook institutions / T.V. Karpey, L.S. Lazuchenkova, V.S. Korzhov, L.A. Selkin; Under total ed. T.V. Karpey. Ed. 3rd fix and supplemented. Mn.: Design PRO. 2003. 272 p.
14. Abalkin N. Qualitative change in the structure of the financial market and the flight of capital from Russia // Questions of Economics. - 2000. - No. 2. – P.11.
15. Agaptsov S.A. Russian industry will revive if it is helped. // Business Volga region. - 1998. - No. 43 - P.3.
16. Radionov R.A. New approaches to the regulation of working capital at the enterprise // Financial management. 2005. No. 3. S.21-33.
The need for working capital is determined by the enterprise when drawing up a financial plan.
The value of the standard is not constant. The amount of working capital depends on the volume of production, conditions of supply and marketing, the range of products, the forms of payment used.
Rationing of working capital carried out in monetary terms. The basis for determining the need for them is the cost estimate for the production of products (works, services) for the planned period. At the same time, for enterprises with a non-seasonal nature of production, it is advisable to take the data of the fourth quarter as the basis for calculations, in which the volume of production, as a rule, is the largest in the annual program. For enterprises with a seasonal nature of production - the data of the quarter with the smallest volume of production, since the seasonal need for additional working capital is provided by short-term bank loans.
In the process of rationing, private and aggregate standards are established. The private ones include the norms of working capital in production stocks: raw materials, basic and auxiliary materials, purchased semi-finished products, components, fuel, containers, low-value and consumable items (IBE); in work in progress and semi-finished products of own production; in deferred expenses; finished products. By adding private standards, the total standard of working capital is determined.
1) When determining the standard of working capital for raw materials, basic materials and purchased semi-finished products, they are first calculated average daily consumption (P SUT ) , which is equal to the ratio of the annual (quarterly) consumption of this element in production to the number of days in the period:
Further developed reserve norms- relative values corresponding to the volume of the stock of each element of working capital. Typically, standards are set in days of supply and mean the duration of the period, provided by this type of material values.
Working capital stock rate for each type or homogeneous group of materials (H W ) takes into account the time spent in the current, insurance, transport, technological and preparatory stocks.
current stock(Z TEK ) - the main type of stock necessary to ensure the smooth operation of the enterprise between two successive deliveries.
Safety stock(Z STR ) formed in case of violation of delivery dates and other unforeseen circumstances.
The transport stock (Z TR) is formed when payment requirements arrive earlier than material values. The transport stock time is equal to the difference between the freight turnover time and the document turnover time.
Technological reserve(Z THOSE ) is created in those cases when the incoming material values do not meet the requirements of the technological process and undergo appropriate processing (drying, cleaning, peeling, heating, grinding, etc.) before being put into production. This inventory is taken into account if it is not part of the production process.
Preparatory stock (W UNDER ) associated with the need for acceptance, unloading, sorting and warehousing of inventories.
Working capital ratio for each type of raw materials and materials provides for the summation of all these types of stocks:
N OS \u003d Z TEK + Z STR + Z TR + Z TECH + Z UNDER.
Wherein, current stock (W TEK ) is defined as the product of the average daily consumption (R SUT) by the interval between two deliveries (I), which is the current stock rate:
W TEC \u003d P DAY I,
Safety stock (W STR ) is defined as the product of half of the average daily consumption of material (P SUT) by the gap in the intervals of planned and actual deliveries (AND FACT - AND PL):
Z STR \u003d P DAY · (AND FACT - AND PL) · 0.5.
With an aggregated assessment, the insurance stock can be taken in the amount of 50% of the current stock. In the case when an industrial enterprise is located far from transport routes or non-standard, unique materials are used, the safety stock rate can be increased to 100%. When supplying materials under direct contracts, the safety stock is reduced to 30%.
Transport stock (W TR ) can be defined in the same way as safety stock.
W TR \u003d P SUT (I FACT - I PL) 0.5.
Technological reserve (W TECHN ) is calculated as the product of the material manufacturability coefficient (K TECH) and the sum of the current, insurance and transport stocks:
Z TECH \u003d (Z TEK + Z STR + Z TR) K TECH.
The material manufacturability coefficient is set by the commission, which includes representatives of suppliers and consumers.
Preparatory stock (W UNDER ) determined on the basis of timing.
2) Working capital ratio for auxiliary materials is calculated in the same way as the standard for basic raw materials and materials. When using a wide range of auxiliary materials, at least 50% of the annual consumption should be calculated. Other support materials are determined based on the past year's consumption and actual balances.
3) Working capital ratio for spare parts is set based on the actual consumption of 1 rub. the cost of all equipment by dividing the working capital ratio by the book value of the equipment. For large unique equipment, the working capital ratio for spare parts is calculated using the direct account method for each part, taking into account its service life and price according to the formula:
,
where B is the number of mechanisms (equipment) of the same name, pcs.;
n is the number of parts of the same name in each mechanism, pieces;
D - stock rate of parts, days;
K - reduction factor;
T is the service life of the part;
C - the price of the part, rub.
4) Inventory value in work in progress is calculated using the following formula:
H NP \u003d Q SUT C ED D PC K NZ, \u003d C SUT D PC K NZ,
where Q SUT - the number of products produced per day, (t., l., pieces, etc.);
C ED - the cost of a unit of production, rub.;
С SUT - average daily production costs, rub.;
D PC - the duration of the production cycle in calendar days;
K NZ - the coefficient of increase in costs, characterizing the level of readiness of products as part of work in progress.
When determining the impact on the value of work in progress of the cost escalation factor (K NC), all costs in the production process are divided into one-time (initial), i.e. costs incurred at the beginning of the production cycle (raw materials, basic materials, etc.), and increasing (depreciation, wages, steam, water, energy, etc.). The increase in costs in the production process is carried out evenly and unevenly. With a uniform increase in costs, the coefficient is calculated as follows:
,
where C PERV - initial costs;
C NAR - other costs;
C FULL - the sum of all costs (C PERV + C NAR);
5) Working capital ratio for deferred expenses is determined by the formula:
N RBP \u003d O NG + R B.PL - R S.PL,
where O NG - the balance of expenses at the beginning of the planned year;
R B.PL - deferred expenses incurred in the planned year;
R S.PL - part of the costs, which in the planned year is written off to the cost.
6)
Finished product standard is calculated as the product of the planned cost of the average daily output of marketable products (C SUT) by the time from the beginning of its receipt at the warehouse to departure from the station, taking into account the time for collection, packaging, storage, loading, execution of transport and settlement documents, etc. ( 
):
N GP \u003d C SUT 
,
where 
- stock rate in days for finished products.
7)The total standard of working capital at the enterprise(N OS), equal to the sum of the standards for all elements, determines the total need of an economic entity for working capital:
,
N OS i - private standard.
But the composition of working capital (capital) necessary for the enterprise to implement normal business conditions includes, along with standardized working capital, non-standardized ones.
The main elements of non-standardized working capital are: goods shipped; funds in receivables and other settlements arising from the specifics of settlements, forms and speed of movement of goods; cash; short-term financial investments in securities. Non-standardized working capital cannot be taken into account in advance and calculated like normalized working capital. However, enterprises have the opportunity to influence their value, manage these funds using financial management methods (calculations, loans).
The sum of standardized and non-standardized working capital determines the total need of the enterprise for working capital.
In order for a business to operate, it must have optimal and required amount of working capital. Their role is not exaggerated at all, because they participate in the main stages of production: supply, production and sales.
First stage represents the purchase of a certain amount of inventories for the company's cash, second- the entry of these stocks into the production cycle and their transformation into finished products, and, finally, final stage is the receipt by the company of profit, which partially returns the cost of working capital. All this suggests that working capital is money invested in the means of production.
Since the production process can be carried out only if the necessary amount of working capital is available, an important component production planning activities should be rationing their stock. This will avoid the suspension of the work of the enterprise and will make it possible rational use funds for the acquisition of current assets.
The process aimed at determining the norms of the stock by groups of working capital is called rationing. There are more stable elements, the rationing of which is acceptable and appropriate, and there are those that change very often and significantly and do not have a direct impact on the production process.
For the latter, standards are not developed at all (for example, funds in settlements, shipped unpaid goods, etc.).
Some elements of working capital provide direct impact on the production process. For them, it is necessary to establish a norm that is necessary for the enterprise (for example, inventories, etc.).
Some companies use A complex approach, others normalize only those elements of current assets that are more involved in the production process. But only that leadership is mistaken, which does not establish any standards at all when planning production activities.
Today, each enterprise, when planning its activities, develops standards, and also chooses a more appropriate method of regulation, each of which should be considered in more detail.
For a planned economy, the most applicable normative method planning, which implies the existence of certain standards, calculated taking into account predetermined amounts of expenditure of material, financial and time resources. The latter, in turn, are determined on the basis of last year's data or on the basis of technical standards. In simple words the essence of this method is to establish standards that will subsequently serve to form a system of planned indicators.
Direct Count Method implies the definition of the norm for all elements of working capital. Each standard is determined taking into account the fact that in the process of functioning of production, its organizational and technical level changes.
It is because of these changes this method in the industry is considered basic. With its help, you can most accurately determine the amount of working capital that the company must have to carry out a continuous production process.
Sometimes, when calculating the standards, it is assumed that no changes will occur in the operating conditions of the enterprise during the planned period. This method is called analytical. Its main feature is that the calculation of standards is carried out on the basis of an analysis of the effectiveness of the use of funds in the previous period.
When setting the standards, the ratio of the growth rates of production volumes and the size of normalized working capital in the previous period is taken into account. This method is most in demand for enterprises whose specific share of inventories is quite large in relation to the working capital that the company has.
If, when calculating the standard, the indicator of the previous period is taken as the basis and changes in the conditions of the production process are taken into account, then this method is usually called coefficient.
The management of each enterprise independently decides which method is best to use. The selection takes into account many factors: the period of existence of the company, the scope of activities, its size and capabilities. However, in practice, as a rule, the first two methods are used by enterprises operating for more than a year, which have already managed to develop production program and improve the production process.
These companies calculate indicators using these methods due to the fact that the state does not have the necessary number of qualified economists who are able to conduct a more detailed analysis.
As you can see, there are ways to set standards a large number of, but in order to better understand the rationing process, you need to understand how individual indicators and the general working capital ratio are calculated.
Suppose there is an enterprise OJSC "Best", which, when planning its activities, calculates standard indicators. Using the example of this organization, we will consider how it would be right to do this.
The first indicator is called standard of production stocks and characterizes the duration of the period during which the product will be in the preparatory, current and insurance stocks. This indicator is calculated by multiplying the average use of materials during the day and the sum of the norms of preparatory, current and insurance stocks.
Refinery = Qday. * (Np.z. * Nt.z. * Nstr.)
Let's assume that there are 20 suppliers interacting with the company in question, while the delivery cycle is 4000 days. The safety stock rate is a tenth of the current stock rate, while the average daily volume of the required material is 30 kg, each of which costs 20 rubles. The technological cycle is 5 days
We determine the standard of inventories by performing following calculations:
- Material consumption in one day = 30 kg * 20 rubles = 600 rubles.
- Current stock rate = 4000 / 20 / 2 = 100 days.
- Safety stock rate = 100 * 10% = 10 days.
- Technology stock rate = 5 days.
- Total inventory rate = 100 + 10 + 5 = 115 days.
Thus, the desired indicator is 115 * 600 = 69,000 rubles.
The next particular indicator is called standard of work in progress, that is, products that are at various stages of processing. This indicator is calculated as follows:
Nn.p. = Vday. * Tts. * Kn.z., where
Vday- the number of products that are planned to be produced per day, Tts.- the number of days in the production cycle, Kn.z.- the coefficient of increasing costs.
In the example, the costs at Best OJSC are distributed unevenly and the following resources are required for production:
Cost escalation factor (with uneven distribution) = 1000 / 1200 = 0.83.
Work in progress standard = 11,000 * 5 * 0.83 = 45,650 rubles.
Necessary for further calculations is the standard of working capital for finished products, that is, the standard of products placed in a warehouse for the purpose of their sale in the future.
This standard is usually calculated by multiplying the average daily output of the product at cost and the stock rate.
Ng.p. = Bday * Nz.g.p.
Considering the company produces three types of products, individual indicators for which are presented in the table:
| Product type | Daily, thousand rubles | Nzgp, days | Ngp, thousand rubles |
|---|---|---|---|
| Total | 218 | ||
| A | 5 | 10 | 50 |
| B | 12 | 8 | 96 |
| C | 6 | 12 | 72 |
The last particular indicator is called standard for deferred expenses, it characterizes the maximum allowable amount of working capital that can be used to finance future expenses.
This standard is calculated using following formula:
Nrbp \u003d P0 + Rpl - Rsp
For the company in question, the calculation this indicator will be conducted according to the following table:
| Type or group of expenses | Р0, thousand rubles | Rpl, thousand rubles | Rsp, thousand rubles | Nrbp, thousand rubles |
|---|---|---|---|---|
| Total | 5000 | 3000 | 800 | 7200 |
| Expenses for the development and implementation of new products | 1000 | 2500 | 700 | 2800 |
| The cost of renting and repairing storage facilities | 4000 | 500 | 100 | 4400 |
After performing the above calculations, it is calculated general working capital ratio, that is, an indicator that characterizes the planned stock of inventory items necessary for the successful and uninterrupted operation of the enterprise and is the sum of all private standards that were presented above.
This ratio is calculated using the following formulas:
Ntot = Np.z. + Nn.p. + Ng.p. + Nb.r.
Now, to determine this indicator for the company "Best", you need to sum up all the private standards that were found earlier:
H (total) \u003d 69000 + 45650 + 218 + 7200 \u003d 122068 thousand rubles.
Thus, we can conclude that for the successful and uninterrupted operation of production, the company must have working capital totaling 122,068 thousand rubles.
Rationing of working capital is a very important and time-consuming process. Thanks to the establishment of standards, the company can rationally plan production process and not overpay for the storage of working capital.
The essence and composition are presented in this video.
