home Work and education The main elements that determine the short-term financial policy. Short-term financial policy of the organization

The main elements that determine the short-term financial policy. Short-term financial policy of the organization

1. Essence, goals and objectives to short-term financial policy
organizations
An enterprise can choose between two forms of financial management - this is a reactive form of financial management and financial management based on the development of financial policy. The reactive form means that management decisions are accepted as a reaction to current problems, i.e. according to the principle of "patching holes". It is quite natural that miscalculations, losses, and increased risks are inevitable with such a course of action. Financial management based on a carefully thought-out financial policy allows in to a large extent to avoid hasty decisions, to achieve a more rational use of financial resources.
financial policy - this is the general financial ideology of the organization, subordinate to the achievement of the main goal of its activities, which is to make a profit (for commercial organizations). Within the framework of the general financial ideology of the organization, its financial strategy and tactics are also distinguished. Financial strategy is the art of conducting financial policy, and tactics is an integral part of this art, it is a set of specific techniques and methods of action in a specific situation.
Purpose of financial policy - construction effective system financial management aimed at achieving the strategic and tactical goals of its activities.
Strategic tasks financial policy of the enterprise:
profit maximization;
optimization of the capital structure of the enterprise and ensuring its financial stability;
achieving transparency of the financial and economic state of the enterprise for owners (participants, founders), investors, creditors;

creation effective method enterprise financial management;

use by the enterprise of market mechanisms for attracting financial resources.

Long-term financial policy covers the entire life cycle enterprise or investment project, which is divided into many short-term periods equal in duration to one financial (calendar) period. Based on the results of the financial year, the final determination of the financial result of the enterprise, the distribution of profits, tax calculations, and the preparation of financial statements are made. The success of an enterprise in the short term depends to a large extent on the quality of its developed short-term financial policy, the period of which is understood as a system of measures aimed at ensuring the uninterrupted financing of its current activities. There are significant differences between long-term and short-term financial policies, which are presented in Table. 1.1.
Table 1.1
Comparative characteristics of short-term and long-term financial policy

Characteristics		Long-term financial policy
1	2	3
Application area	Current activities Short-term financial investments	Investment activities: capital investments (construction, reconstruction, modernization, acquisition of fixed assets); long-term financial investments
Time frame	One financial year or a period equal to one turnover of working capital if it exceeds one year	Enterprise life cycle More than one year, until the full payback of the investment project or the end of its life cycle
Relationship with market strategy	Maneuvering the supply of goods (works, services) within the year	Changing the position of the company in the market due to a significant change in the quantity, quality and range of goods (works, services)
The main object of management (financial management)	Working capital	Fixed capital combined with working capital
Goals	ensuring production within the limits of available production capacities and fixed assets; ensuring the flexibility of current funding; generation of own sources of capital investment financing	Ensuring the growth of production capacities and fixed assets in accordance with the long-term market strategy
Efficiency criterion	Maximizing current profit	Maximizing the return on the enterprise (investment project)

There is also an organic connection between short-term and long-term financial policy: short-term financial policy is “embedded” in the long-term one - funds for expanding production, increasing the amount of fixed capital used are generated precisely in the process of current activities, which creates both a source of simple reproduction of fixed assets (depreciation), and and the source of their expanded reproduction (profit). At the same time, it is the cash flows from current activities that form the overall result, the return on the enterprise (investment project) for the entire period of its life cycle.
In the activities of an enterprise that, along with current activities, carries out an investment project, cash flows from current and investment activities are intertwined. When implementing an investment project at the expense of borrowed funds, for example, two loan repayment schemes are possible, one of which is based on the use of cash flows from current and investment activities simultaneously, and the other involves a strict delimitation of these cash flows. So, for example, in investment bank lending, a long-term loan and interest on it are repaid from flows generated both by current activities and by the investment project itself. With project financing (a type of long-term bank loan), the repayment of the loan and interest is provided only at the expense of cash flows generated by the investment project. Thus, various combinations of financing schemes for current and investment activities are possible, between which there is no insurmountable boundary. In essence, both streams can mutually "feed" each other, the decision on their separate or joint use depends on specific circumstances. It must be remembered that current and investment activities are relatively, and not absolutely, isolated from each other. At the same time, the distinction between current and investment activities is necessary to ensure effective control over the use of financial resources and prevent immobilization(diversion) of working capital into capital expenditures, which can undermine the current financing of the enterprise.
The existing procedure for accounting for funds on settlement accounts in banks does not provide for the allocation of a separate account for accounting for the movement of funds on capital investments. Accounting for the own funds of enterprises and organizations intended to finance capital investments is kept on their settlement accounts; separate accounts for such purposes are not opened. In order to facilitate the accounting of capital investments and prevent the immobilization of working capital, banks are allowed to maintain separate personal accounts for clients to record operations on the use of funds for capital investments. The opening of these accounts and the performance of operations on them are carried out on contractual terms on the same balance sheet account where operations on current accounts are recorded. At the same time, the sequence of payments established by law should not be violated. Funds must be transferred to these accounts from the current account of the enterprise.
The preliminary stage in the development of the financial policy of the enterprise is the analysis of its financial and economic condition, which will identify the strengths and weaknesses of the enterprise's finances, i.e. "to diagnose". The analysis should be based on the indicators of the quarterly and annual financial statements of the enterprise. At the same time, it should be remembered that reporting is historical in nature, i.e. fixes the results of events that occurred in the past, in addition, cost indicators are distorted under the influence of inflation. When analyzing reports, methods such as horizontal and vertical analysis, trend analysis, calculation financial ratios. In the process of analyzing the financial statements, the composition of the enterprise's property, its financial investments, sources of equity capital formation, the amount and sources of borrowed funds are determined, the amount of sales proceeds and the amount of profit are estimated. Financial analysis, i.e. analysis of cash flows, processes of formation, distribution and use of funds Money, will be more reasonable if financial analyst clearly imagines the system of financial accounting, the movement of funds on specific accounts, the mechanism for generating financial results.
The quality of short-term financial policy directly depends on the company's accounting policy. accounting policy, which is a set of methods adopted by the organization for conducting accounting, can significantly affect the process of forming the financial result and the assessment of the financial and economic activities of the organization (Table 1.2).
Table 1.2
Elements of accounting policy that have the greatest impact on the formation of the financial result of the enterprise

Elements of accounting policy	Alternatives
Method of depreciation of fixed assets	linear way; method of writing off the cost by the sum of the numbers of years of the useful life;
Method of amortization of intangible assets	linear way; reducing balance method; method of writing off the cost in proportion to the volume of products (works)
The method of valuation of inventories upon release into production and upon other disposal (except for goods accounted for at sale value)	at the cost of each unit; at an average cost; at the cost of the first acquisition of inventories (FIFO method); at the cost of the most recent acquisition of inventories (LIFO method)
The procedure for accounting for production costs and calculating the cost of products (works, services)	the choice of methods for accounting for general production, general business expenses, the cost of repairing fixed assets, work in progress is carried out within the framework of the current industry instructions (instructions), taking into account the requirements of national financial reporting standards (PBU)
Method for evaluating financial investments upon their disposal	at the original cost of each unit at average cost at the initial cost of the first stocks by the time of acquisition of financial investments (FIFO method)
The procedure for evaluating financial investments by which the current market value can be determined	quarterly cost adjustment monthly cost adjustment

The accounting policy of the organization fixes the methods of depreciation of fixed assets, intangible assets, methods for assessing inventories, goods, work in progress and finished products, ways to write off inventories to production costs, options for the formation of insurance funds. FIFO and LIFO methods can be applied depending on the level of inflation. The LIFO method allows you to save working capital in case of high inflation, because Inventories are written off to costs at the cost of the last batches acquired.
Therefore, changes in accounting policies can have a significant impact on financial position, cash flow or financial results organizations. It is advisable to calculate options for certain provisions of the accounting policy, since the structure of the balance sheet and the values of a number of key financial and economic indicators directly depend on the decisions made in this area.
Short-term financial policy should be coordinated and with tax policy enterprises. Tax policy involves the management of taxes in order to optimize taxation within the framework of compliance with the current tax legislation - the prevention of excessive tax payments, the exclusion of double taxation. It is also necessary to use a variety of tax incentives provided by law. Russian Federation for various reasons:
by product range (essential goods, for children, etc.);
in the direction of spending funds (certain types of capital investments, charity);
according to the composition of employees (benefits for enterprises employing disabled people);
by the number of employees (small enterprises);
according to the affiliation of the enterprise (consumer cooperation enterprises located in the regions of the Far North, prosthetic and orthopedic, etc.).

Table 1.2

Ranking of objects and tasks of financial management in the framework of the implementation of short-term financial policy

Level of financial management	Object of financial management	Tasks to be solved
1	2	3
Short-term financial policy	Development of a common line of conduct in relation to the formation of sources of financing for the current activities of the organization	Choosing a working capital management model
Short-term financial policy		Determination of the amount of debt capital participation in the permissible degree of dependence on creditors
Current Funding Strategy	Creation of conditions for flexible current financing	Definition of the circle of strategic creditors
		Determining the forms of borrowing, taking into account the peculiarities of the production and financial cycle of the enterprise, the price of borrowed funds and the tax aspect of borrowing
		Preparation of conditions for the prompt placement of temporarily free funds, establishing contacts with financial intermediaries
		Creation of internal estimated reserves (reserves for future expenses and payments, reserves for doubtful debts, reserve for depreciation of securities)
	Maintaining an optimal level of liquidity and the degree of risk of the borrower	Rational distribution of the debt burden of the organization in accordance with the characteristics of its production and financial cycle
Tactical tasks	Promptly ensure the flexibility of current funding	Increase or decrease in borrowings in accordance with the changing needs of the enterprise
		Switching to alternative sources of borrowing as the need arises
		Control over the timely repayment of receivables and payables, credits, loans, interest payments on them
		Current maintenance of a balance between claims and liabilities in terms of amounts and terms (liquidity)
		The choice of specific forms of short-term financial investments according to the criterion of the ratio of profitability and risk, diversification of investments

Tax policy is related to accounting policy, because the choice of methods for attributing costs to prime cost may affect the amount of the taxable base for income tax.
Within the framework of a short-term financial policy, it is advisable to single out the levels of financial management according to the degree of specification of its objects and the nature of the tasks to be solved (Table 1.3)
Thus, the main task of the short-term financial policy - ensuring uninterrupted financing of the current activities of the organization - provides for the formulation of many diverse private tasks, the solutions to which are discussed in this tutorial.

2. Working capital as the main object of financial management in short term
One of the fundamental principles of organizing financial and economic activities is the division of capital into non-current (including fixed) and working capital. The criteria for this division are the natural-material form of assets, the service life and the method of transferring value to finished products (in parts, and in the form of depreciation over several years or a full one-time write-off of the value of assets to the expenses of the organization). Since in the short term the size of the applied fixed capital is a fixed value, the main tasks of financial management are working capital management, creating conditions for uninterrupted and flexible financing of the organization's current activities.
Various foreign and domestic authors give a variety of definitions of working capital, differing in details. Thus, Macmillan's Dictionary of Modern Economic Theory 1 defines floating capital as money invested in work in progress, paid wages, or invested in non-fixed capital. This money is considered as an investment, since it forms part of the used production capacity. The same Macmillan dictionary defines current assets - current assets - including stocks, short-term receivables, cash and short-term investments 2 .
We find a similar simplest definition of the main components of working capital, for example, in the domestic literature: "working capital - funds advanced in inventories, finished products, work in progress, low-value and wearing out items" 3 .
The definition of working capital (working capital), given in the English-Russian reference dictionary by E.J. Dolan and B.I. Domnenko 4 focuses more on the place of investment in working capital in the total circulation of capital: working capital is defined as cash funds used to pay wages and payment of raw materials and materials in the period between the start of production and the shipment of paid finished products. A similar aspect is put in first place, for example, in the definition given in the popular domestic textbook on finance 5: “Working capital is a set of funds advanced for the creation and use of working capital and circulation funds in order to ensure a continuous process of production and sale of products ". Here the focus is on the main function of working capital - ensuring the continuity of the enterprise.
However, the above definitions leave aside an important characteristic of working capital, without which the essential differences between working capital and fixed capital are lost. The most correct, theoretically significant and practically significant are, in our opinion, the definitions of working capital, emphasizing the features of its circulation. This, for example, is the definition of V.V. Kovaleva 6: "The term "working capital" (its synonym in domestic accounting is working capital) refers to the mobile assets of an enterprise, which are cash or can be turned into them within a year or one production cycle." Similarly, the working capital of J.K. Van Horn 7: “Current assets (current assets), by definition from accounting theory, are assets that can be converted into cash within one year”, as well as Bykova 8: “Current assets (current assets, short-term assets, working assets) - for cash, as well as those types of assets that can be converted into money, sold or consumed no later than a year later (easily marketable securities, accounts receivable), inventories, prepaid expenses).
According to accounting theory, working capital (current assets) are assets that can be converted into cash within one year. In accordance with Accounting Compendium I “Accounting Statements of an Organization” PBU 4/99, adopted by the Ministry of Finance on July 6, 1999, working capital includes:
raw materials, materials and other similar values;
costs in work in progress (distribution costs);
finished products;
goods for resale and shipped goods; future spending;
debts of buyers and customers;
bills receivable;
debt of subsidiaries and dependent companies;
debt of participants (founders) on contributions to the authorized capital;
advances issued;

other debtors;

loans granted to organizations for a period of less than 12 months; own shares purchased from shareholders;

other financial investments;
settlement, currency accounts; other funds.
As statistics show (Table 2.1), current assets average from 58 to 75% of all assets of enterprises of all forms of ownership in Western Europe.
Table 2.1
Structure of assets of enterprises in Western Europe (shares, national averages) 9

	Fixed assets	current assets
	Fixed assets	Total	Stocks	Debtors	Other
Germany	0,42	0,58	0,20	0,30	0,08
France	0,25	0,75	0,21	0,54	0,00
United Kingdom	0,35	0,65	0,19	0,46	0,00
Italy	0,29	0,71	0,21	0,49	0,01
Belgium	0,28	0,72	0,19	0,52	0,01
Netherlands	0,38	0,62	0,19	0,41	0,02
Spain	0,32	0,68	0,19	0,49	0,00

Country differences in the structure of assets reflect the sectoral structure of its economy. For example, in Germany, production is more capital-intensive, hence the highest share of non-current assets in Europe. In some industries, the size of the required working capital (working capital) of an enterprise can many times exceed the costs for the formation of fixed capital - for the construction and acquisition of fixed assets. This situation is typical, for example, for trade.
Inventories account for the largest share of current assets in most sectors of the economy. According to PBU 5/01, the following assets are accepted as inventories:
used as raw materials, materials, etc. in the production of products intended for sale (performance of work, provision of services);
intended for sale (goods, finished products);
used for the management needs of the organization.
Depending on the nature of inventories, the procedure for their acquisition and use, accounting units of inventories can be an item number, batch, homogeneous group, etc.
The need for working capital is calculated on the basis of the cost estimate for the production and sale of products, which includes the needs of the enterprise in material factors of production. To determine the need for working capital to finance, for example, stocks of raw materials, you need to divide the quarterly need for raw materials according to the cost estimate by (10 days (duration of the quarter) and multiply by the stock rate in days.
The stock rate in days is a key indicator that depends to the greatest extent on the quality of the organization of the production and supply and marketing activities of the enterprise. The company uses current, seasonal and insurance inventories in its activities. The value of the current stock of raw materials and materials depends on the delivery interval (in days) and the average daily consumption of material (in trade, respectively, the current stock of goods for sale and their average daily sale).
The need for current stocks and, accordingly, for working capital is significantly reduced with a clear organization of interaction with suppliers, for example, in the just in time mode. It is important to timely identify, according to inventory records, excess and unnecessary inventories and sell them. Usually, this category of stocks includes tangible assets for which there was no consumption for a year or more.
The composition and structure of working capital also reflect industry specifics. Statistical data for the Russian Federation (Table 2.2) indicate that the largest specific gravity stocks of all types in the composition of working capital is observed in agriculture, industry is in second place, the share of stocks in working capital of trading enterprises is much lower.
It should be noted that in recent years there has been a fairly clear trend towards a decrease in the share of stocks in the current assets of enterprises and organizations in the country as a whole (Fig. 2.1) 10 . So, if in 1993 the share of reserves in the current assets of enterprises in the Russian Federation

Table 2.2
Structure of current assets of enterprises and organizations of the Russian Federation by main sectors of the economy in 2001 11

	Total in the economy	Industry	Agriculture	Construction	Transport	Connection	Trade and catering	Wholesale of industrial and technical products
Current company assets - total	100	100	100	100	100	100	100	100
including
Stocks	26,4	33,0	72,0	30,9	18,1	26,4	12,5	11,5
Of them:
residual value of inventories	13,0	17,3	54,2	13, 7	15,0	5,9	1,1	1,8
costs in work in progress (distribution costs)	6,1	6,9	10,4	14,5	0,4	14,5	1,3	0,4
future spending	1,0	1,3	0,9	0,8	0,9	0,5	0,3	0,2
finished goods and goods for resale	5,4	6,5	6,3	1, 3	1, 6	1, 5	8,0	8,6
goods shipped	0,9	1, 0	0,2	0,7	0,2	4,0	1,8	0,5
Short-term financial investments	9,5	10,8	1,1	4,6	3,1	6,7	12,2	6,3
Cash (settlement, currency and other accounts)	6,0	4,6	1,6	5,2	4,3	15,4	9,3	4,8
Relationships in settlements and other current assets	58,1	51,6	25,3	59,3	74,5	51,5	66,0	77,4

accounted for 40.7%, then in 2001 it amounted to only 26.4% of their total volume. Such changes indicate an increase in the efficiency of market relations, an acceleration in the sale of products and the "resorption" of excess inventories at enterprises.
Thus, investments in current assets make up a large share of capital investments in almost most areas of activity. Current assets serve the current activities of the enterprise, the continuity of the production and commercial cycle depends on their condition and turnover, and therefore the study of changes in the structure of current assets, their industry specifics is necessary to solve practical problems of financial management.
Each enterprise enters into financial relationships with its suppliers, contractors, buyers, customers, financial intermediaries, which result in a close interweaving of individual working capital in the economy and the formation total working capital. This circumstance should be taken into account by the financial manager, who is obliged to find ways to attract funds from the company's counterparties, banks, and also to find ways to profitably allocate funds temporarily released from circulation.
Therefore, the current assets of the enterprise must
etc.................

General concept of financial policy and its structure

Politics is a system of relationships between individual citizens, enterprises, organizations, government bodies, states, aimed at achieving any specific goals (economic, political, social, etc.).

Remark 1

In a narrow sense, the word "politics" can be used in the sense of "the art of government". Human Being and Existence human civilization based on production activities. It is in the process of production that goods are created that are intended to satisfy human needs. Therefore, economic policy serves as the basis for the development of each socio-economic formation.

Economic policy is a system of relationships between individuals and legal entities in order to resolve economic issues and achieve certain economic indicators.

During economic activity society is involved in the production process of various resources. One type of resource is financial resources. Therefore, in science and economy, financial policy is singled out separately. But sometimes this concept is invested with a different understanding.

Financial policy is a part of economic policy. which is aimed at the creation and accumulation of financial resources and their use as material base to achieve the set economic goals.

Definition 1

Financial policy is a system of methodological principles and requirements, forms and methods of accumulation, distribution and use of finance.

The following elements are distinguished in the structure of financial policy:

accounting policy;
credit and financial policy;
cash management and cash flows;
cost management policy;
dividend management policy.

If we take the time factor as a basis, then in the financial policy there are long-term and short-term sections.

Features of long-term financial policy

Definition 2

Long-term financial policy is a financial policy that covers the entire development cycle of an enterprise or national economy and is designed for a time period of more than a year.

In the process of forming a long-term financial policy, the definition and setting of strategic goals and objectives economic development. The long-term period is divided into several short-term periods. There is a forecasting and distribution of profits.

Long-term financial policy contains the following components:

capital and dividend management policy;
policy of attracting loans and investments;
politics financial recovery business entity (enterprise, industry, region, country's economy);
preparation of financial forecasts, plans and budgets.

Long-term financial policy is characterized by generalization of directions and methods. It outlines only general goals and objectives. The changing market situation requires regular adjustment of these goals, objectives and methods for achieving them.

Features of short-term financial policy

Definition 3

Short-term financial policy is a financial policy pursued over a time period of up to one year.

It is based on a long-term (strategic) policy. The long-term stage is divided into several short-term stages. For each stage, specific tasks and goals are determined, based on overall strategy and taking into account the final goals.

The success of the functioning of an enterprise, industry or the economy of the state as a whole depends on the effectiveness of short-term financial policy. In the process of short-term policy, measures and methods are selected to achieve specific results and solve certain specific tasks. Thanks to this, uninterrupted financing of all types of economic activity occurs.

Unlike long-term, short-term financial policy is more flexible. It responds faster to changing economic conditions. Therefore, it is she who is called upon to solve current issues.

Significance and relationship of long-term and short-term financial policy

Long-term and short-term financial policy are closely related. In fact, the short-term policy is a component of the long-term one (as if "built into" it). On the other hand, the short-term policy is the basis for the development of a long-term financial strategy.

Short-term financial policy determines the current financial activity. In the course of current processes, there is an increase in fixed capital, and funds are accumulated for expanding production. It is thanks to current activities that a profit is created and a source of reproduction of fixed assets (depreciation). Cash flows that have arisen in the course of current activities take part in the formation of the overall result of the enterprise or the entire economy, provide economic returns investment projects for the entire long term.

In the process of production functioning, cash flows are intertwined from current activities and from investments. If the project is carried out at the expense of borrowed funds, then two loan repayment schemes can be applied. One is based on the simultaneous use of cash flows from both current activities and investment. The second scheme is based on a clear delimitation of flows. In principle, each of these streams can be fed from the other. Therefore, you can plan to use them separately or simultaneously, depending on the circumstances.

Short-term policy (as well as short-term activity) is isolated from long-term only relatively. Their differentiation is necessary only to ensure efficient and effective control over the distribution and use of financial resources. Also, such a separation helps to avoid the diversion of working capital into capital expenditures. This phenomenon can adversely affect the financing of the enterprise.

Financial policy is the general financial ideology of the organization, subordinated to the achievement of the main goal of its activities, which is to make a profit (for commercial organizations).

The purpose of the financial policy is to build an effective financial management system aimed at achieving the strategic and tactical goals of its activities.

Strategic objectives of the financial policy of the enterprise:

Profit maximization;

Optimization of the capital structure of the enterprise and ensuring its financial stability;

Achieving transparency of the financial and economic state of the enterprise for owners (participants, founders), investors, creditors;

Creation of an effective mechanism for managing the company's finances;

The use by the enterprise of market mechanisms for attracting financial resources.

The object of financial policy is the economic system and its activities in conjunction with the financial condition and financial results, the cash flow of an economic entity, which is a flow of cash receipts and payments. Certain sources must correspond to each direction of spending money funds: in an enterprise, sources can include equity and liabilities that are invested in production and take the form of assets.

The subject of financial policy is intra-company and inter-company financial processes, relationships and operations, including production processes, which form financial flows and determine financial condition and financial results, settlement ratios, investments, acquisition and issue of securities, etc.

The subject of financial policy is the founders of the organization and management (employers), financial services that develop and implement the strategy and tactics of financial management in order to increase the liquidity and solvency of the enterprise by obtaining and effective use arrived.

Financial policy consists in setting goals and objectives financial management, as well as in the definition and use of methods and means of their implementation, in the constant monitoring, analysis and assessment of the compliance of ongoing processes with the intended goals.

Financial policy is manifested in the system of forms and methods of mobilization and optimal distribution of financial resources, determines the choice and development of financial mechanisms, methods and criteria for assessing the effectiveness and feasibility of the formation, direction and use of financial resources in management.

Long-term financial policy covers the entire life cycle of an enterprise or investment project, which is divided into many short-term periods equal in duration to one financial (calendar) year. Based on the results of the financial year, the final determination of the financial result of the enterprise, the distribution of profits, tax calculations, and the preparation of financial statements are made. The success of an enterprise in the short term depends to a large extent on the quality of its short-term financial policy, which is understood as a system of measures aimed at ensuring uninterrupted financing of its current activities.

There is an organic connection between short-term and long-term financial policy: short-term financial policy is “embedded” in long-term one - funds for expanding production, increasing the amount of fixed capital used are generated precisely in the process of current activities, which creates both a source of simple reproduction of fixed assets (depreciation) and the source of their expanded reproduction (profit). At the same time, it is the cash flows from current activities that form the overall result, the return on the enterprise (investment project) for the entire period of its life cycle.

In the activities of an enterprise that, along with current activities, carries out an investment project, cash flows from current and investment activities are intertwined. When implementing an investment project at the expense of borrowed funds, for example, two loan repayment schemes are possible, one of which is based on the use of cash flows from current and investment activities simultaneously, and the other involves a strict delimitation of these cash flows.

The distinction between current and investment activities is necessary to ensure effective control over the use of financial resources and prevent the immobilization (diversion) of working capital into capital expenditures, which can undermine the current financing of the enterprise.

The existing procedure for accounting for funds on settlement accounts in banks does not provide for the allocation of a separate account for accounting for the movement of funds on capital investments. Accounting for the own funds of enterprises and organizations intended to finance capital investments is kept on their settlement accounts; separate accounts for such purposes are not opened. In order to facilitate the accounting of capital investments and prevent the immobilization of working capital, banks are allowed to maintain separate personal accounts for clients to record operations on the use of funds for capital investments. The opening of these accounts and the performance of operations on them are carried out on contractual terms on the same balance sheet account where operations on current accounts are recorded. At the same time, the sequence of payments established by law should not be violated. Funds must be transferred to these accounts from the current account of the enterprise.

The preliminary stage in the development of the financial policy of the enterprise is the analysis of its financial and economic condition, which will identify strong and weak sides enterprise finance, i.e. "to diagnose". The analysis should be based on the indicators of the quarterly and annual financial statements of the enterprise. At the same time, it should be remembered that reporting is historical in nature, i.e. fixes the results of events that occurred in the past, in addition, cost indicators are distorted under the influence of inflation. When analyzing reports, such methods as horizontal and vertical analysis, trend analysis, calculation of financial ratios are used. In the process of analyzing the financial statements, the composition of the enterprise's property, its financial investments, sources of equity capital formation, the amount and sources of borrowed funds are determined, the amount of sales proceeds and the amount of profit are estimated. Financial analysis, i.e. analysis of cash flows, the processes of formation, distribution and use of funds of funds, will be more reasonable if the financial analyst clearly understands the financial accounting system, the movement of funds on specific accounts, the mechanism for generating financial results.

The quality of short-term financial policy directly depends on the accounting policy adopted by the enterprise. The accounting policy, which is a set of accounting methods adopted by the organization, can significantly affect the process of forming the financial result and assessing the financial and economic activities of the organization.

Therefore, changes in accounting policies can have a material effect on the financial position, cash flows or financial performance of an entity. It is advisable to calculate options for certain provisions of the accounting policy, since the structure of the balance sheet and the values of a number of key financial and economic indicators directly depend on the decisions made in this area.

Short-term financial policy should be coordinated with the tax policy of the enterprise. Tax policy involves the management of taxes in order to optimize taxation within the framework of compliance with current tax legislation - preventing unnecessary tax payments, avoiding double taxation. It is also necessary to use a variety of tax benefits provided by the legislation of the Russian Federation for various reasons:

According to the product range (essential goods, for children, etc.);

In the direction of spending funds (some types of capital investments, charity);

According to the composition of employees (benefits for enterprises employing disabled people);

By the number of employees (small enterprises);

According to the affiliation of the enterprise (consumer cooperation enterprises located in the regions of the Far North, prosthetic and orthopedic, etc.).

Tax policy is related to accounting policy, because the choice of methods for attributing costs to prime cost may affect the amount of the taxable base for income tax.

Thus, the main task of the short-term financial policy is to ensure uninterrupted financing of the organization's current activities - it provides for the setting of many diverse private tasks.

Financial policy of the enterprise is a form of implementation of the financial ideology and financial strategy of an enterprise in the context of certain aspects of its financial activities. Unlike the financial strategy as a whole, the financial policy of the enterprise is formed in certain areas of the financial activity of the enterprise, requiring effective management to achieve the main strategic goal this activity.

Short-term financial policy

Main tasks financial planning within the short-term financial policy of the enterprise:

control over the financial condition, solvency and creditworthiness of the enterprise;
determination of ways to invest capital, evaluation of the effectiveness of its use;
providing the necessary financial resources for production, investment and financial activities;
identification of on-farm reserves for increasing profits through the economical use of funds.

The process of financial planning within the framework of the short-term financial policy of the enterprise includes several stages, such as:

1. Analysis of the financial situation. Analyzed financial indicators activity of the enterprise for the previous period of time. This is done based on:

balance sheet,
cash flow statement.

These documents contain data for the analysis and calculation of the financial condition of the enterprise, and also serve as the basis for making a forecast of these documents. The main attention is paid to such indicators as the volume of sales, costs, the amount of profit received. A general result is summed up, which makes it possible to evaluate the financial results of the company and identify the problems facing it.

2. Development of the overall financial strategy of the company. At this stage, the main forecast documents are compiled that relate to long-term financial planning:

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

These documents are included in the structure of the science-based business plan of the enterprise.

3. Drawing up current financial plans. The main indicators of forecasting are specified and concretized. financial documents by drawing up current financial plans.

4. Operational financial planning. Here, the indicators of financial plans are docked with production, commercial, investment, construction and other plans and programs developed at the enterprise.

5. Implementation of the financial plan, analysis and control of the implementation of the plan by developing operational financial plans for the firm.

6. Current production, commercial and financial company activity, determining the final financial results in general.

Long-term financial policy

Long-term financial policy implies the development of a financial strategy. The strategy of financial management, or financial policy, is a system of decisions and planned activities, designed for the long term and providing for the achievement of goals and financial objectives to ensure optimal and stable operation of the economic structure based on the current reality and planned results.

The subject of a long-term financial policy is intra-company and inter-company processes, relations, operations, an optimal investment program that determines the economic condition and financial results of a company for a period of more than one year. The main tasks in the development of a long-term financial policy of the enterprise:

optimization of the capital structure and ensuring the financial stability of the enterprise;
profit maximization;
achieving transparency of the financial and economic activities of the enterprise;
ensuring the investment attractiveness of the enterprise;
the use by the enterprise of market mechanisms for attracting financial resources (commercial loans, budget loans on a repayable basis, issuance of securities, etc.).

Development of financial policy

The main areas of development of the financial policy of the organization include:

analysis of the financial and economic condition of the organization;
development of accounting and tax policies;
development of credit policy of the organization;
management of working capital, accounts payable and accounts receivable;
cost management, including the choice of depreciation policy;
choice of dividend policy.

The formation of financial policy on certain aspects of financial activity can be of a multi-level nature. So, for example, within the framework of the policy for the formation of financial resources of an enterprise, a policy for the formation of its own financial resources and a policy for attracting borrowed funds can be developed.

In turn, the policy of forming one's own financial resources may include, as independent blocks, a dividend policy, an emission policy, etc.

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More found about the financial policy of the enterprise

Long-term financial policy

Topic 1. BASIS OF THE LONG-TERM FINANCIAL POLICY OF THE ENTERPRISE

1.1. Basic provisions for the development of a long-term financial policy of an enterprise

1.2. Defining the purpose of the enterprise in the formation of long-term

financial policy

1.3.Methods of forming a long-term financial policy of the enterprise

Literature:

1. Financial policy of Russia: tutorial/ ed. R.A. Nabiev, G.A. Taktarova. - M.: Finance and statistics, 2007. - 336 p.: ill.

2. Likhacheva O.N., Shchurov S.A. Long-term and short-term financial policy of the enterprise: Textbook / Ed. I.Ya. Lukasevich. - M.: Vuzovsky textbook, 2007. - 288 p.

3. Kogdenko V.G. Short-term and long-term financial policy: textbook. Handbook for university students. –M.: UNITI-DANA, 2010. -471 p.

Basic provisions for the development of a long-term financial policy of an enterprise

Financial policy of the enterprise is the purposeful use of finance to achieve the objectives defined by the founding documents (charter) of the enterprise.

The financial policy of the enterprise is determined by the founders, owners, conducts financial management, performs financial services, production structures, divisions and individual employees.

The ongoing financial policy is reflected in the balance sheet of the enterprise, the main form that reflects its property and financial condition.

Rice. 1.1. Structure of financial policy

The implementation of financial policy includes strategic and tactical financial decisions, which can be divided into two groups:

1) investment decisions;

2) funding solutions.

Investment decisions are related to the formation and use of the assets (property) of the organization and give an answer to the question: "Where to invest?".

Financing decisions are related to the formation and use of liabilities and provide an answer to the question: "Where to get the funds?".

Two types financial solutions interconnected and intertwined.

1) development of an optimal concept for managing the organization's financial resources, providing a combination of high profitability and protection from entrepreneurial risk;

2) determination of the main directions for the use of financial resources for the current period (month, quarter) and for the future (a year or longer period).

3) implementation of practical actions aimed at achieving the set goals ( the financial analysis and control, the choice of ways to finance the enterprise, the evaluation of real investment projects, etc.).

aim financial policy is to optimize financing and investment decisions.

Main tasks constructive financial policies are:

1) providing sources of financing for production;

2) avoiding losses and increasing the mass of profits;

3) choice of directions and optimization of the structure of production in order to increase its efficiency;

4) minimization of financial risks.

An object financial policy - the economic system and its activities in conjunction with the financial condition and financial results, the cash flow of an economic entity, which is a flow of cash receipts and payments.

Thing financial policy - intra-company and inter-company financial processes, relations and operations, including production processes that form financial flows and determine the financial condition and financial results, settlement relations, investments, issues of acquiring and issuing securities, etc.

Subject financial policy - the founders of the organization and management (employers), financial services that develop and implement the strategy and tactics of financial management in order to increase the liquidity and solvency of the enterprise through the receipt and effective use of profits.

financial policy is in setting goals and objectives of financial management, as well as in determining and using methods and means of their implementation, in constant monitoring, analysis and assessment of the compliance of ongoing processes with the intended goals.

Currently, it is customary to subdivide management decisions made in the financial management system into two parts: short-term and long-term financial policy.

Unlike accounting (financial) accounting, where the differences between the short-term and long-term periods are in the length of the time period, in financial management these differences lie in the area of the providing function of finance.

From the perspective of a financial manager long term begins when there is a need to introduce additional economic resources, which, in turn, will require additional financial resources. As long as the activity of the enterprise does not require the introduction of new resources, the period can be considered short term.

Another important conclusion follows from this. If in long term the main purpose of the functioning of the enterprise is considered to be the increase in the value of the business on the basis of high-quality management, including financial, then in the short term, the main indicator for evaluating performance will be profit.

In the framework of short-term and long-term policy, the main directions of financial decisions can be defined in the most general terms as follows.

Short term financial policy:

Control market activity organizations; formation of a market strategy;

Management of income, expenses and profit of the organization;

Management of current assets and working capital;

Organization cash flow management;

Management of short-term financing.
Long term financial policy:

Management of non-current assets;

Management of long-term financing; formation of an optimal capital structure;

Development of dividend policy;

Development of financial strategy;

Management of risks;

Business valuation.

The study of risk management and business valuation issues is separated into separate academic disciplines.