The most important indicators for evaluating the effectiveness of the use working capital enterprises are the turnover ratio of working capital and the duration of one turnover.

The turnover ratio of working capital, which characterizes the rate of their turnover for the period under review, is determined by the formula:

Kob \u003d Qr / Phos,

where: Qр - the volume of products sold for the period under review in wholesale prices, rub.;

Fos - the average balance of all working capital for the period under review, rub.

The turnover ratio shows the number of turnovers made by working capital per year.

The average balance of working capital is determined by the formula of the average chronological.

The duration of one turnover in days, showing how long it takes for the enterprise to return its working capital in the form of proceeds from the sale of products, is determined by the formula:

Tob \u003d Dk / Kob or Tob \u003d Phos * Dk / Qr.

The coefficient of fixing working capital in circulation shows the amount of working capital attributable to one ruble products sold:

Kzos \u003d Phos / Qr.

Turnover indicators are determined by the volume of products sold, because it is the sale that completes the circulation of working capital.

The acceleration of the turnover of working capital leads to the release of working capital of the enterprise from circulation. On the contrary, a slowdown in turnover leads to an increase in the company's need for working capital.

The most important prerequisite for accelerating the turnover of working capital is to take measures to improve the use of working capital at all stages of their circulation.

Relative release (involvement) of working capital occurs in case of acceleration (deceleration) of turnover and can be determined by the formula:

F high \u003d Qr * (Tob1 - Tob2) / Dk,

where: Qp - the volume of sales in the compared period in wholesale prices, rubles;

Tob1, Tob2 - the duration of one turnover in days in the base and compared periods, days.

Accelerating the turnover of working capital can be achieved through the use of the following factors:

optimization of production stocks; advancing growth rate of sales compared to the growth rate of working capital; increase in the volume of production and sales of products with a constant level of working capital; improvement of the supply and marketing system; reduction of material consumption and energy intensity of products; improving the quality of products and their competitiveness; reduction in the duration of the production cycle, etc.

The efficiency of working capital management of an enterprise has a great influence on the results of its financial and economic activities.

On the one hand, it is necessary to more rationally use the available working capital (optimization of inventories, reduction of work in progress, improvement of forms of calculation).

On the other hand, at present, enterprises have the opportunity to choose different options for writing off costs to cost.

For example, depending on the conjuncture of demand and forecasting sales volumes, enterprises may be interested in intensive write-off of costs or in their more even distribution over a period. To do this, it is important to choose from the list of options, the one that will meet your goals. It is necessary to trace the impact of the decisions made on the cost, profit and taxes. A significant part of these alternative opportunities relates to the field of working capital management of the enterprise.

Inventories are reflected in accordance with the rule of the lowest of two estimates - at cost and at market price.

In foreign practice are used following methods reserves estimates:

The valuation method based on the determination of the cost of each unit of purchased stocks is the accounting for their movement at the actual cost; Method of estimating stocks at average cost; The method of estimating inventories at the cost of first-time purchases FIFO; Method of estimating inventories at the cost of the latest LIFO purchases.

Although the LIFO method reduces tax payments, many firms refuse to use it, since the low financial result of the enterprise's activities has a negative impact on the company's position in the financial market, since one of the main indicators affecting the quotation of the company's securities is the net profit per 1 share in circulation.

The efficiency of the use of working capital is characterized by a system economic indicators. Working capital turnover rate is an the most important indicator the intensity of the use of working capital and, in turn, is determined using the following interrelated indicators:

• turnover ratio;
• duration of one revolution in days;
• working capital utilization factor.

Turnover ratio (K 0b) shows the number of turnovers made by working capital for the year (half year, quarter), and is determined by the formula

where P is the cost of goods sold (sales proceeds) for a certain period;

O - the average balance of working capital for the same period.

The higher the turnover ratio, the better the use of working capital. If sales revenue, for example, is taken per year, then the average balance of working capital is also taken per year. In this case, the average annual balance of working capital for the year is calculated as the average chronological value of the balances by months.

So, if the sales revenue for the year amounted to 200 million rubles, and the average annual balance of working capital is 40 million rubles, then the turnover ratio of working capital will be:

This means that for the year each ruble invested in working capital made 5 revolutions.

From here it is easy to determine duration indicator one turn in days. The peculiarity of this indicator in comparison with the turnover ratio is that it does not depend on the duration of the period for which it was calculated. For example, two turnovers of funds in each quarter of the year will correspond to eight turnovers per year with the same duration of one turnover in days.

In the practice of financial calculations, when calculating turnover rates, for some simplification, it is customary to consider the duration of any month equal to 30 days, any quarter - 90 days and a year - 360 days. The duration of one revolution in days is determined by the formula

where AG about - turnover ratio;

T- the duration of the period for which the indicator is determined ( T= thirty; 90; 360 days).

With a turnover ratio of 5, the duration of one turnover will be;

Reducing the duration of one turnover indicates an improvement in the use of working capital.

Working capital utilization factor (To 3) - an indicator that is inverse to the turnover ratio.

Its economic meaning lies in the fact that it characterizes the amount of the balance of working capital per 1 ruble. sales proceeds.

In the considered example . This value can be interpreted as follows: for 1 rub. proceeds from the sale of products on average for the period under review accounted for 20 kopecks. the value of working capital. The lower the value of the load factor of working capital, the more efficient use of working capital.

Acceleration or deceleration of the turnover of working capital is revealed by comparing the actual figures with the planned or previous period.

With the acceleration of the turnover of working capital, material resources and sources of their formation are released from circulation, with a slowdown, additional funds are involved in the turnover.

The release of working capital due to the acceleration of turnover can be absolute or relative.

Absolute Release takes place if the actual balances of working capital are less than the standard or the balances of the previous period while maintaining or exceeding the volume of sales for the period under review.

Relative release working capital occurs when the acceleration of their turnover occurs simultaneously with the growth in output, and the growth rate of production and sales outpaces the growth rate of working capital balances.

Working capital after fixed assets occupy the second place in terms of the total amount of resources that determine the economy of the enterprise. From the standpoint of the requirements of the effective management of the enterprise's economy, the volume of working capital should be sufficient to produce products in the range and quality requested by the market, and at the same time minimal, not leading to an increase in production costs due to the formation of excess stocks.

Working capital turnover indicators are important for assessing financial condition. In addition, an increase in the rate of turnover, other things being equal, increases the attractiveness of enterprises in terms of investment activity.

In accordance with the stages of the circulation of working capital, there are three directions for accelerating their turnover.

• 1. At the stage of production stocks:
  • the establishment of progressive norms for the consumption of raw materials, materials, fuel, energy;
  • systematic check of the state of warehouse stocks;
  • proper accounting and planning of resources;
  • replacement of expensive types material resources cheap without sacrificing quality.
• 2. At the production stage:
  • application the latest technologies production of culinary products;
  • mechanization and automation of production processes;
  • improving the quality of products;
  • reduction of production losses;
  • integrated use of raw materials and the use of production waste;
  • reducing the duration of the production cycle and increasing its continuity.
• 3. At the stage of the sphere of circulation:
  • constant study of market conditions, seasonal characteristics of consumer demand for certain types of culinary products and goods;
  • formation of a reasonable and flexible pricing policy aimed at increasing competitiveness;
  • activation various forms and methods of advertising, especially a new range of culinary products (grill, pizza, fast food, etc.);
  • quality improvement after-sales service clients (corporate parties, children's parties, broadcasting of matches, etc.);
  • establishing the mode of operation of individual enterprises in accordance with the flow of needs;
  • use of modern computer technology and the latest cash registers to account for the movement of a wide range of dishes, other types of culinary products and purchased goods, settlements with consumers;
  • reduction of receivables and payables.

Control questions and tasks

• 1. Describe the composition of working capital.
• 2. What is the difference between working capital and circulation funds?
• 3. Name the types of stocks.
• 4. What elements of working capital include standardized working capital?
• 5. What is the difference between the turnover ratio and the fixing ratio?
• 6. List the indicators characterizing the use of working capital.
• 7. What groups are working capital divided by sources of formation and replenishment?
• 8. What are the directions of accelerating the turnover of working capital.
• 9. What is the economic meaning of the individual stages of the circulation of working capital of an enterprise?
• 10. What factors influence the composition and structure of working capital of an enterprise?

The most important indicators of the efficiency of the use of working capital is the turnover ratio, the duration of the turnover of working capital and the utilization factor of working capital.

Working capital turnover ratio in characterizes the number of turnovers of working capital during a certain period.

(4.11)

where B is the proceeds from sales (volume of products sold), r.;

ObS - the average annual cost of working capital, r.

The average annual balance of working capital is calculated by the formula

where ObS 1 - the amount of working capital at the beginning of the period, p.

ObS n - the amount of working capital on the n-th date, p.

n is the number of considered dates.

The indicator, the reciprocal of the turnover ratio, is the coefficient of fixing working capital.

Fixing factor (To fixed) shows the amount of working capital attributable to one ruble of sold products.

(4.13)

Turnover duration - the period of time for which working capital makes one complete cycle.

The duration of the turnover is calculated by the formula:

(4.14)

where F is the duration of the calendar period, days;

K about - the turnover ratio for the period F.

The duration of the calendar period is taken rounded - 360 days in a year, 90 - in a quarter, 30 in a month.

With a reduction in the duration of the cycle, working capital is released from circulation, and vice versa - the enthusiasm for the duration of the turnover causes the need for additional funds.

Absolute Release calculated by the formula

where obs pl – planned value of working capital, r.;

ObS b - the base value of working capital, p.

Accelerating the turnover of working capital always leads to a relative release of working capital.

The relative release of working capital is calculated by the formulas:

where I v is the index of growth in the volume of sales in the planned year compared to the base year;

D b, D pl - respectively, the duration of the turnover in the base and planning years;

In pl - the volume of products sold in the planned year.

Solution of typical tasks

Example 4.1

The power of the tractor produced last year was 110 hp. with., and its weight is 3.56 tons. This year, the production of tractors with a capacity of 150 liters has begun. with., weight compared with the base model increased by 10%. Determine the relative metal content of the old and new tractor models.

Decision:

Horsepower is the main performance characteristic of a tractor. In accordance with this, we determine the relative metal consumption by formula (4.3) and for the old tractor model it will be:

About m = 3.56 t / 110 hp = 0.032 t/hp

The weight of the tractor after the increase will be:

3.56 + 3.56×10%/100% = 3.56×1.1 = 3.916 t

Then, the relative metal consumption of the new tractor model will be:

About m = 3.916 t / 150 hp = 0.026 t/hp

Thus, the relative metal consumption decreased.

Example 4.2

The net weight of the machine is 350 kg, the amount of actual waste during the processing of the workpiece is 92 kg. As a result of improving the technology of manufacturing machine parts, waste is planned to be reduced by 10%. Determine the metal utilization rate and the percentage of waste before and after the technology change.

Decision:

The metal utilization factor is determined by the formula (4.4)

According to the condition of this problem, we will calculate per unit of the machine, then:

K i.m. = 350 / (350+92) = 0.7919

Thus, the metal is used by 79.19%

The amount of waste before the improvement of technology is 92 kg, then the production of the machine takes 350 + 92 kg = 442 kg of metal.

= 20,81%

Waste after the improvement of technology will decrease by 10% and will amount to:

92 - 92 x 10% / 100% = 92 x (1 - 0.1) = 92 x 0.9 = 82.8 kg

After the technology is improved, 350 + 82.8 kg = 432.8 kg of metal will be used to produce the machine.

Then the level of waste will be:

= 19,13%

Thus, the level of waste has decreased.

Example 4.3

The following data are available for the machine-building plant. The volume of gross output in wholesale prices is 234,000 million rubles. Material costs for the production of gross output 140,000 million rubles.

Determine material consumption and material return.

Decision:

Substituting the initial data into formulas (4.1) and (4.2), we obtain:

M otd \u003d 234000 / 140000 \u003d 1.671 p.

M e \u003d 140,000 / 234,000 \u003d 0.598 p. for 1 ruble of products

Thus, there are 0.598 rubles of material costs per ruble of sold products.

Example 4.4.

The company manufactures 120 units of products per year. The cost of producing one product is 100 thousand rubles. per piece, of which 40% are the cost of basic materials. Determine the standard of working capital for basic materials. The time for materials to be in transit is 2 days, the time for acceptance, storage and preparation of materials for production is 1 day. The interval between deliveries is 10 days. The safety stock is 25% of the current stock.

Decision:

The standard of working capital in inventories for the i-th material is determined by the formula (4.5).

The annual need for the material is = 0.4 × 100 × 120 = 4800 thousand rubles.

The average daily requirement for a material is determined by dividing the cost estimate for the production period by the corresponding number of calendar days in the planning period.

The average daily demand will be

q i \u003d 4800 thousand rubles / 360 days \u003d 13.33 thousand rubles / day

The stock rate in days is made up of:

The time spent by materials on the way after their payment (transport backlog);

Time for acceptance, unloading, sorting, warehousing and preparation for production (preparatory stock);

Time spent in the warehouse in the form of current stock (current stock); The holding time of a material in the form of current stock is defined as half of the weighted average interval between deliveries of the material.

The time spent in the warehouse in the form of safety stock (safety stock). The insurance stock depends on random factors, so it is difficult to calculate its size. The time spent by the material in the safety stock is set within the limits of up to 50% of the current stock rate.

Thus, the stock rate in days is equal to:

H m \u003d 2 + 1 + 10/2 + 0.25 × 10/2 \u003d 9.25 days

The standard of working capital for raw materials will be

Q m \u003d 13.33 × 9.25 \u003d 123.30 thousand rubles

Thus, the minimum required amount of working capital for the formation of inventories is 123.30 thousand rubles. R.

Example 4.5.

The output will amount to 8 million rubles. The average annual cost of fixed production assets is 3 million rubles. The specific consumption rate of the tool is 20 thousand rubles. and technological equipment 12 thousand rubles. for 1 million rubles product release. The consumption rate of materials for repair and maintenance needs is 25 thousand per 1 million rubles. cost of fixed production assets. Tool inventory is 90 days. The stock rate of equipment is 60 days. The norm of the stock of materials for repair and maintenance needs is 90 days. Determine the need of a large joint-stock company in working capital to create the necessary stocks of tools, equipment and materials for repair and maintenance needs.

Decision:

Tool standard == 40 thousand rubles.

Equipment standard = = 16 thousand rubles.

Standard for spare parts = = 18.75 thousand rubles.

Total total need \u003d 40 + 16 + 18.75 \u003d 66.5 thousand rubles.

Thus, the need of a large joint-stock company in working capital to create the necessary stocks of tools, equipment and materials for repair and maintenance needs is 66.5 thousand rubles.

Example 4.6.

The enterprise manufactures 120 units of products per year at a price of 120 thousand rubles. a piece. The cost of producing one product is 100 thousand rubles. per piece of which 40% is the cost of raw materials and materials. The duration of the production cycle is 15 days. Determine the standard of working capital for work in progress.

Decision:

The standard of working capital in work in progress is determined by the formula (4.6).

With a uniform write-off of costs, the cost increase factor is determined by the formula (4.7).

Since, the main materials transfer their cost to the cost of finished products at the beginning of the production cycle, therefore they are included in the cost in full. So

C lane \u003d 100 × 40% / 100% \u003d 40 thousand rubles.

Then the subsequent costs are determined by subtracting the initial costs from the total costs of producing a unit of output.

With the last \u003d 100 - 40 \u003d 60 thousand rubles.

Substituting the obtained data into the formula for the cost increase coefficient, we get:

= 0,7

The average daily costs are

C day \u003d 120 × 100 thousand rubles / 360 days \u003d 33.33 thousand rubles / day

Q WPI = 15 × 0.7 × 33.33 = 349.97 thousand rubles

Thus, the minimum required amount of working capital for the formation of work in progress is 349.97 thousand rubles.

Example 4.7.

Balance of deferred expenses at the beginning of the planned year 473 thousand rubles. In the planned year, new expenses are provided for, charged to the expense of future periods in the amount of 210 thousand rubles. From the expense account of future periods, 410 thousand rubles will be written off to the cost of production.

Decision:

The working capital ratio for deferred expenses is determined by the formula (4.8)

The working capital ratio will be:

Q rbp \u003d 473 + 210 - 410 \u003d 273 thousand rubles.

Thus, the minimum required amount of working capital for the formation of deferred expenses is 273 thousand rubles.

Example 4.8.

Determine the standard of working capital in stocks finished products for the enterprise considered in the previous examples. The annual output of products amounted to 120 products at a production cost of 100 thousand rubles. The time of accumulation of products to the size of the shipped batch is 5 days. The time required for packaging and labeling products is 1 day, the time for transporting products to the destination station is 2 days.

Decision:

The inventory limit for finished goods depends on the following factors:

the order of shipment and the time required for the acceptance of finished products from the shops;

the time required for completing, selecting products to the size of the shipped lot and in the assortment, respectively, according to orders, orders, contracts;

the time of accumulation of products to the size of the shipped batch, the full use of the container, wagon, platform;

the time required for the delivery of packaged products from the warehouse of the enterprise to the railway station, pier, etc.;

product loading time;

waiting time Vehicle for loading and visa of documents; product storage time.

Hgp \u003d 5 + 1 + 2 \u003d 8 days.

From days = 120 pcs. ×100 thousand rubles / 360 days = 33.33 thousand rubles

Q gp \u003d 33.33 thousand rubles ×8 days = 266.64 thousand rubles

Thus, the minimum required amount of working capital for the formation of finished products is 266.64 thousand rubles.

Example 4.9.

The price of the product without VAT is 600 rubles, the VAT rate is 18%. Sales volume 5,000 pcs. per quarter, of which 50% is sold on credit for an average period of 30 days, the time for processing documents in settlements is 2 days.

Decision:

The amount of receivables is determined if the terms of payment by buyers of finished products are known. The calculation of accounts receivable is based on the calculation of the cost of products sold on credit and the maturity of loans according to formula (4.9).

The proceeds from the sale of all products with VAT is equal to

600 × (1 + 0.18) × 5,000 = 3,540 thousand rubles

Provided that only half of the products are sold with a deferred payment, the need for working capital in receivables will be:

Q dz \u003d 3,540 × 0.5 × (30 +2) / 90 \u003d 629.33 thousand rubles.

Thus, the minimum required amount of working capital for the formation of receivables is 629.33 thousand rubles.

Example 4.10.

In the reporting year, the enterprise sold products for 600 pieces of products at a price of 1 million rubles. with an amount of working capital of 70 million rubles. It is planned to increase sales by 20%, and reduce the average duration of one turnover of working capital by 10 days. Determine: the turnover ratio of working capital, the average time of one turnover in the reporting and planning period, the absolute and relative change in the company's need for working capital.

Decision:

Turnover ratio (turnover rate) shows the number of turnovers that make working capital during the period under consideration:

To ob.otch \u003d 600 pcs. ×1 million rubles/70 million rubles = 8.57 revolutions.

With an increase of 20%, the planned sales volume will be:

In pl \u003d 600 ´ 0.2 + 600 \u003d 720 million rubles

Turnover time or turnaround time in days - shows how many days working capital makes one complete turnover.

The average duration of one period in the reporting and planning period will be:

D otch \u003d 360 days / 8.57 \u003d 42 days.

D pl \u003d 42 days - 10 days \u003d 32 days.

Based on the planned values ​​of the turnover period and the volume of products sold, we determine the planned value of working capital according to the formula

, (4.18)

ObS pl \u003d 720´32 / 360 \u003d 64 million rubles.

The absolute and relative change in the enterprise's need for working capital is determined by the formulas (4.15) - (4.16):

ObSabs \u003d 70 - 64 \u003d +6 million rubles.

ObS rel = 70´1.2 – 64 = +20 million rubles

Thus, as a result of the increase in sales, there was a release of working capital.

LECTURE 2

The duration of capital in circulation depends on the influence of external and internal factors.

To external factors that do not depend on the activities of the enterprise should be attributed: the economic situation in the country and the associated business conditions, industry affiliation and scope of the organization.

To internal include factors determined by the activities of the organization itself: price policy, structure of assets, methodology for estimating reserves, conditions and terms of settlements, system of logistics, credit policy.

Economic efficiency the use of working capital is characterized by their turnover.

Turnover of current assets is determined based on the time during which the funds make a full turnover, starting with the acquisition of inventories, their presence in the production process, to the release and sale of finished products and the receipt of money on the organization's accounts.

Turnover is expressed using a system of coefficients:

The turnover ratio K about;

The load factor of current assets per 1 rub. sold products Kz;

Duration of one revolution D l;

Return on working capital Р ok;

Rate of turnover characterized direct turnover ratio (number of turnovers) for a certain period - year, quarter. This indicator reflects the number of circuits made by the organization's working capital, for example, per year, and characterizes the volume of sales per 1 ruble invested in working capital. It is calculated as the quotient of dividing sales revenue (volume of sold or marketable) products by working capital, which is taken as the average amount of working capital for a certain period (usually a year):

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, less working capital is required.

Thus, the turnover ratio characterizes the level of production consumption of working capital. The growth of the turnover ratio, i.e. an increase in the speed of turnover made by working capital means that working capital is used rationally and efficiently. A decrease in the number of turnovers indicates a deterioration in the financial condition of the organization.

Load factor (capital intensity)- the indicator, the reciprocal of the turnover ratio, is used for planning and shows the amount of working capital spent on each ruble of sold (commercial) products. This indicator is also called the coefficient of capital intensity of working capital. It is calculated as follows:

where K 3 - load factor.

The data obtained show that the organization has seen an increase in the efficiency of the use of working capital. This positive shift was reflected in the acceleration of the turnover of working capital.

Since the criterion for evaluating the effectiveness of working capital management is the time factor, indicators are used that reflect total turnaround time or duration of one revolution, turnover rate (days).

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 produced by the organization. In other words, the duration of one turnover covers the duration of the production cycle and the amount of time spent on the sale of finished products; this is the period during which the working capital of the organization goes through all stages of the cycle.

Duration of one turn(turnover of working capital), days, is determined by dividing working capital C ok by one-day turnover, defined as the ratio of sales volume or sales proceeds (BP) to the period in days (D):

Ceteris paribus, the shorter the circulation period or one turnover of working capital, the organization needs less working capital. The faster working capital makes a circuit, the better and more efficiently they are used. Thus, the time of capital turnover affects the need for total working capital and its reduction becomes the most important direction for increasing the efficiency of working capital use.

When managing working capital, one should consider the duration of the turnover of individual elements of current assets.

Duration of inventory turnover(Dtmz), which shows the time required to convert inventories (raw materials, materials) into finished products and sell them:

where Stmz - the average volume of the value of inventory.

The duration of the turnover of receivables(Ddz) reflects the average time to receive payment from buyers:

where Sdz- average value of accounts receivable.

Duration of accounts payable turnover(Dkz) reflects the average payment term for payments to suppliers for raw materials and materials:

where Skz- the average value of accounts payable.

Duration of cash flow shows the time from the moment the enterprise pays for inventories until the receipt of proceeds from the sale of products, or this is the period between payments for raw materials and labor force and repayment of accounts receivable:

Dds = Dtmz + Ddz - Dkz.

Each business entity sets itself the task of reducing the duration of cash turnover, which will allow it to increase profits and reduce the need for additional financial resources.

Thus, the duration of the turnover of funds can be reduced due to:

Reducing the duration of the turnover of inventory;

Reducing the duration of the turnover of receivables;

Increase the period of circulation of accounts payable.

These indicators provide an opportunity to conduct an in-depth analysis of the use of own working capital; they are called private indicators of turnover.

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 working capital of the organization is used.

The turnover of working capital can accelerate and slow down. When the turnover slows down, it is necessary to involve additional funds. 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 the working capital (material resources, cash), which are used either for the needs of production or for accumulation in the current account. Ultimately, the solvency and financial condition of the organization (enterprise) improves.

The release of working capital as a result of accelerating their turnover can be absolute and relative. Absolute release - this is a direct decrease in the need for working capital to fulfill the planned volume of production. Relative release working capital occurs in those cases when, in the presence of working capital, within the planned needs, an overfulfillment of the production plan is ensured. At the same time, the growth rate of production volume outstrips the growth rate of working capital balances.

A generalizing indicator of the effectiveness of the use of working capital is an indicator of its profitability(P ok), calculated as the ratio of profit from sales of products (P rp) to the average working capital (С 0К):

Working capital management is important in the decision key issue financial condition: achieving the optimal ratio between the growth of profitability of production (maximization of profit on invested capital) and ensuring sustainable solvency, which serves as an external manifestation of the financial stability of the organization. It is also extremely important to ensure the reserves and costs of the organization (enterprise) with sources of their formation and maintaining a rational ratio between its own working capital and borrowed resources directed to replenish working capital.

The most important part financial resources enterprises represent its current assets. They include stocks (raw materials, materials, low-value and wearing items, finished products, goods shipped, work in progress, etc.); cash (funds on current and foreign currency accounts, at the cash desk, etc.); short-term financial investments (securities, short-term loans, etc.); accounts receivable (debt of buyers and customers, subsidiaries and affiliates, founders on contributions to authorized capital, bills on behalf, etc.).

The success of the production cycle of the enterprise depends on the state of current assets, since the lack of working capital paralyzes production activities, interrupts the production cycle and ultimately leads the company to the inability to pay for its obligations and to bankruptcy.

Their turnover has a great influence on the state of current assets. It determines not only the size of the minimum working capital required for economic activity, but also the amount of costs associated with the possession and storage of stocks, etc. In turn, this affects the cost of production and, ultimately, the financial results of the enterprise. All this necessitates constant monitoring of current assets and analysis of their turnover.

The following indicators are analyzed:

turnover of current assets of the enterprise;

turnover of receivables;

Inventory turnover.

The main attention is paid to the calculation and analysis of changes in the turnover rate of current assets (the number of turnovers of assets for a certain period of time) and the turnover period (the period of return to the enterprise invested in economic activity funds).

Analysis of turnover of current assets is carried out on the basis of the calculation of the following indicators:

Turnover Revenue from sales

current assets = ------------- .

(turnover speed) Average value

current assets

This indicator characterizes the rate of turnover of current assets of the enterprise. The average value of assets is calculated as the arithmetic average of assets at the beginning and end of the period, i.e.

This indicator characterizes the additional attraction (release) of funds into circulation, caused by a slowdown (acceleration) of asset turnover.

Analysis of accounts receivable turnover. The following indicators are used for this:

This indicator characterizes the multiplicity of the excess of sales proceeds over the average receivables;

The indicator characterizes the term of buyers' settlements that has developed over the period;

The indicator characterizes the structure of current assets;

Inventory turnover analysis is based on the following indicators:

The indicator reflects the speed of inventory turnover;

The indicator characterizes the duration of storage of stocks. The set of indicators given gives a certain opportunity to characterize the state of current assets and their dynamism.

LECTURE №3

METHODS AND MODELS FOR DETERMINING THE NEED FOR WORKING ASSETS

Traditional methods for determining the need for working capital

The performance of an organization depends largely on correct definition working capital needs.

Rational availability of working capital leads to cost minimization, improvement financial results to the rhythm and coherence of the work of the organization.

An overestimation of the need for working capital leads to their excessive diversion into reserves, to freezing and deadening of resources, and slowing down turnover. In addition, it is expensive for the business entity, as there are additional costs for storage and warehousing and property tax increases.

An underestimation can lead to interruptions in the production and sale of products, untimely fulfillment by the organization of its obligations, and ultimately to loss of profit. In both cases, the result is an irrational use of resources, leading to a loss of financial stability.

The specific size of working capital is determined by the current need and depends on the nature and complexity of production, the duration of the production cycle, seasonality of production, production growth rates, changes in the conditions of logistics and sales of products, the procedure for settlements and the organization of settlement and cash services, the financial capabilities of the organization, the frequency and timing of receipt of payments, etc.

The organization's current need for working capital is determined by their rationing - essential element management of the formation and use of current assets.

Rationing is the process of establishing the optimal amount of working capital necessary for the normal economic activity of the organization. Rationing of working capital - the subject of internal financial planning. Through normalization financial services determine the need for own working capital in a minimum but sufficient amount, which ensures the fulfillment of planned tasks and the continuity of the reproduction process.

Rationing is carried out by calculating the norms and standards for each element of working capital.

Norm- This relative indicator, expressing the volume of stocks of material assets necessary to ensure normal operation, and calculated in days of stock, rubles and percentages.

Standard working capital is monetary value a stock of material assets, the minimum necessary for the rhythmic work of an economic entity.

Determining the need for working capital is closely related to the production plan and the planned cost estimate for production. In the production plan, issues are worked out on which the provision of production with all types of resources depends. On the base production plan a cost estimate for the production of products is developed, in which the cost of production is planned. It is the cost estimate that forms the basis for determining the need for working capital.

There are several methods for calculating working capital ratios: analytical, coefficient and direct counting method.

Analytical(experimental-statistical) method an enlarged calculation of working capital is carried out in the amount of their average actual balances. This method is used in cases where significant changes are not expected in the working conditions of the organization and when the funds invested in material assets and stocks have a large proportion.

When calculating the planned need for working capital, the analytical method takes into account, firstly, the planned growth in revenue from sales of products and, secondly, the acceleration of the turnover of working capital.

Based on the planned acceleration of the turnover of working capital (in this case, the reduction in the duration of one turnover in days), the planned value of the working capital ratio (load factor) is determined:

Knowing the planned load factor of working capital and the growth rate of sales volume (sales proceeds), calculate the amount of working capital of the organization in the planning period:

Ratio method is based on the definition of a new standard of working capital on the basis of the existing one, taking into account amendments for the planned change in the volume of production and sales of products, for accelerating the turnover of working capital. When applying this method, all stocks and costs of the organization are divided into:

Dependent on changes in the volume of production - raw materials, materials, costs of work in progress and finished products in stock;

Not dependent on the growth of production volume - spare parts, tools, inventory, deferred expenses.

Depending on the volume of production of elements of working capital, the need is planned based on their size in the base year, the growth rate of production and the possible acceleration of the turnover of working capital.

For the remaining elements of stocks and costs, the planned requirement is determined at the level of their average actual balances.

The calculation of the need for working capital for group I takes into account the growth rate of production volumes in the planned period and the planned acceleration of the turnover of working capital:

The calculation for group II of working capital takes into account only the planned change in the turnover of working capital:

Direct Count Method the most accurate, justified, but at the same time quite laborious. It is based on the definition of scientifically based stock standards for individual elements of working capital and the standard of working capital, i.e. the cost expression of the stock, which is calculated both as a whole and for each element of the normalized working capital. Direct account method - the main method for determining the planned need for working capital.

The normalization process includes:

Development of stock standards for certain types of standardized inventory items;

Determination of private standards for each element of working capital;

Calculation of the aggregate standard for own normalized working capital.

Along with the planning (rationing) of the need for working capital and the calculation of the total standard, forecast calculations are carried out that model both the future financial position of the organization and the state of its own working capital.

Working capital norms - this is the volume of stock for the most important inventory items necessary to ensure the normal, rhythmic work of the organization. Norms are relative values ​​that are set in days of stock or as a percentage of a certain base (commodity products, volume of fixed assets) and show the duration of the period provided by this type of stock of material resources. As a rule, they are established for a certain period of time (quarter, year), but they can also be valid for a longer period. The norms are revised with fundamental changes in the range of products, conditions of production, supply and marketing, changes in prices and other parameters.

The norms are established separately for the following elements of normalized working capital:

production stocks;

Work in progress and semi-finished products of own production;

Stocks of finished products in the warehouse of the organization. Consider the calculation of norms on the example of inventories

and finished products.

Norm in days for production stocks(raw materials, basic materials, purchased semi-finished products) is established for each type or group of materials and includes the time required for:

Unloading, acceptance, storage and laboratory analysis (preparatory stock);

Finding raw materials and materials in the warehouse in the form of stock for the current production process(current stock) and safety or guarantee stock (safety stock);

Preparations for production related to raw material holding, drying, heating, settling and other similar operations (technological reserve);

Finding materials in transit and time of workflow (transport stock).

The main industry is current warehouse stock, those. the time spent by inventories in the warehouse of the organization (enterprise) between two successive deliveries. The volume of the current warehouse stock is directly related to the frequency and uniformity of supplies (supply cycle) and the frequency of launching raw materials and materials into production. The volume of this stock in the industry is set at 50% of the average supply cycle, an average of about 10 days.

Next in importance is insurance stock, necessary in cases where there are failures in the conditions and terms of delivery, incomplete batches are received, the quality of the supplied materials is violated. The amount of safety stock is set within 1/2 of the warehouse stock (5 days). On average, the same duration is transport stock, formed in the event of a discrepancy in the timing of the movement of the document flow and payment for them and the time the materials are in transit.

The general stock rate for raw materials, basic materials, purchased semi-finished products consists of the listed types of stocks.

Norms are also calculated for other types of inventories - auxiliary materials (fuel, packaging, packaging materials, spare parts), for low-value and wearing items. Their definition has its own specifics.

Stock standards for finished products are calculated separately for finished products in the warehouse and for shipped products for which settlement documents have not been submitted to the bank. Inventory rates are determined for each nomenclature group of products, taking into account time:

Selection certain types and brands of products;

Packaging and labeling;

Storage in a warehouse before shipment;

Completion of products to the transport party;

Loading, transportation and delivery from the warehouse to the station of departure;

Preparation of settlement documents and their delivery to the bank.

After establishing the norms of stocks, it is determined private cost standard for each element of normalized working capital. Working capital ratio shows the minimum required amount of funds to ensure the economic activity of the organization. In other words, this is the monetary expression of the planned stock of inventory items.

Basically a private standard for a separate element of own working capital Nel.os is calculated according to the following scheme:

Inventory standard(N pz):

N PZ = N PZ with software,

where N PZ- the norm of industrial stocks (in days of stock);

With PZ- one-day consumption of inventories, calculated by the formula:

Work in progress standard(H NP): H NP = N NP with VP,

where N NP - the rate of working capital for work in progress;

With VP - one-day costs for the production of gross output.

The rate of working capital for work in progress is set based on the duration of the production cycle (P c) and the degree of readiness of products, which is expressed through the cost escalation factor K n. This coefficient characterizes the degree of product readiness and is due to the fact that production costs are not carried out simultaneously, but throughout the entire production cycle, and subsequent costs are added to the initial ones. The cost escalation factor is always greater than 0 and less than 1.

One-day costs for the production of gross output are calculated by the formula

Working capital ratio for finished products(N GP):

N GP = N GP B TP,

where N GP - the rate of working capital for finished products;

B TP - one-day release of marketable products IV quarters:

Calculation standard for deferred expenses(N r.bp) consists of deferred expenses at the beginning of the year (R bp.n.g) and expenses in the planned year (R bp.pl) minus deferred expenses charged off as expenses in the planning period (R bp.sp):

N r.bp = R bp.n.g + R bp.pl - R bp.sp.

The normalization process is completed by setting total working capital ratio(Nose) by adding private standards: for inventories, work in progress, deferred expenses and finished products:

N os \u003d N pz + N np + H r.bp + N gp.

Rationing of inventories, work in progress, balances of finished products in the warehouse is the management of material working capital withdrawn from the organization's turnover during the production (technological) cycle. Organizations are important both for the production of products and for the organization of finances. The financial policy of managing these material resources is to reduce the current costs of their maintenance, to establish the lower limit of the required volume of their stocks, to replenish them in a timely and optimal way, and to control their movement.

Management of non-standard working capital. Non-standardized working capital includes circulation funds with the exception of finished products in the warehouse of the organization. The need of the organization (enterprise) for these working capital is determined by calculation, they are managed with the help of short-term lending.

The organization calculates the need for cash on hand, in working capital for stocks of goods (for organizations using the cash method). The method of their calculations is similar to normalization. For example, the need for working capital for stocks of goods is calculated as the product of the norm of the stock of goods by the one-day turnover of goods in the IV quarter at purchase prices, the need for cash at the checkout is multiplied by the norm of the stock of cash by the one-day turnover of the TV quarter. However, this need, in comparison with the regulation, is not so rigidly established, and as a result of the changes, the uninterrupted production process is not disturbed.

When calculating stock shipped goods the financial services of the organization track, firstly, the shipped goods, the payment deadline for which has not come, and secondly, the goods shipped, but not paid for on time (most often due to lack of funds from the buyer) or held in safe custody by the buyer (due to a high percentage of rejects, deviations from a predetermined assortment, etc.).

For the first group of goods shipped, the proceeds should actually go to the account of organizations. However, there is a pause between the moment of shipment of the goods and the receipt of proceeds to the organization's settlement account, during which the funds fall out of the production process, and therefore, in the current management of working capital, it is important to shorten this interval as much as possible and accelerate the flow of funds.

The presence of shipped goods in the second group indicates violations of contractual, settlement and cash discipline and is extremely unprofitable for the enterprise, since a long-term diversion of funds from circulation requires a regrouping of financial resources, a redistribution of working capital, and attraction of additional financial resources in the form of loans. All this entails the tension of the financial condition of the organization, reducing its solvency.

EOQ (Economic Ordering Quantity) optimal lot size model

The inventory management process is carried out by solving the following tasks:

Determining the optimal lot of the order;

Determination of the moment of placing an order;

Classification and control of stocks;

Optimization of inventory holding costs.

After the product is sold, the company must calculate its cost. Inventories for the production of sold products are presented in the income statement as an expense for the period, and the amount under the item "stocks" in the balance sheet is reduced by this amount. There are four methods that can be used to determine the cost of sales and inventory valuation: 1) individual valuation (specific identification),

2) at the cost of the first purchases (First-In, First-Out, FIFO),

3) by the cost of the latest purchases (Last-In, First-Out, LIFO), 4) average cost.

Individual assessment method Using this method reserves are estimated on the basis of individual cost accounting for each specific unit products. After the sale of this unit of production, the value of inventory decreases in accordance with the costs related to it. The method is used when accounting for expensive items, the sale of which is rather slow, such as in the case of car sales.

FIFO Method The FIFO method assumes that inventories are consumed in the same sequence in which they are purchased by the enterprise. As a result, the cost of goods sold is determined based on the prices of the earliest purchases of raw materials, and inventories are calculated at the prices of later purchases. The assumption of the sequence of replenishment and consumption of stocks is purely speculative; in reality, raw materials can come into production from batches purchased by the enterprise at different times.

LIFO Method The LIFO method is the opposite of the FIFO method. In this case, the cost of goods sold is determined at the prices of the latest purchases, and inventory is estimated at the prices of early purchases.

Average cost method. This method involves determining the weighted average price of a unit of inventory, which is then used to calculate the cost of goods sold. The cost of sales calculated in this way and the value of the balance of inventories occupy an intermediate position between similar indicators calculated using the FIFO and LIFO methods.

Cash receipts, excluding tax payments, do not change depending on the choice of inventory method, while balance sheet indicators, including reported profit, change during inflation. FIFO gives the lowest cost of goods sold and therefore the highest net income. In addition, when using the FIFO method

the value of stocks is the largest compared to those calculated by other methods, which leads to an increase in the company's liquidity indicators, such as working capital and current ratio. On the other hand, the LIPO method gives the highest cost estimate, the lowest profit margin, and the lowest level of liquidity. If we take into account the need to pay taxes, then the possibilities for reducing tax payments are highest with the LIFO method, that is, it assumes the smallest tax burden. As a result, post-tax cash receipts using this method are the highest.

Of course, such results are typical only for a situation of constant increase in costs. If the costs during the period are constant, then the cost of goods sold, the estimate of the remaining inventory, taxes and cash flows will not change depending on the evaluation method. But, since the problem of inflation has not ceased to be relevant over the past 20 years, most firms prefer to use the LIFO method.

The main prerequisites on which the EOQ model is built, namely: - part of the costs increases with the growth of inventory, while the other part decreases;

The optimal order size (and associated average inventory) is the one that minimizes total cost.

First of all, as noted earlier, the average inventory depends on the frequency of ordering and the size of each order: if the inventory is updated daily, the average inventory will be much lower than if the order is placed once a year. On the image

Rice. Determining the optimal order lot

it is shown that inventory costs increase with order volumes: high order volumes mean an increase in average inventory, and hence an increase in storage costs, lost return on investment in inventory, insurance costs and markdown losses. In contrast, order placement and fulfillment costs decrease with increasing lot size, order placement costs, vendor setup costs, and order processing costs decrease as order frequency decreases, resulting in increased inventory.

If we add the schedules of inventory holding and order fulfillment costs shown in Figure 1, their sum will be the Total Inventory Costs (TIC) schedule. The point at which the TIC value reaches its minimum value determines optimal size batches (EOQ) Differentiating by Q(ordered quantity) and equating the result to zero, we get

From the resulting equation we find the value Q

where F- fixed costs for placing and fulfilling one order; S- annual inventory requirement With- annual costs of storage, expressed as a percentage of the cost of average stocks; R- purchase price of a unit of inventory

This model is based on the following assumptions:

1) the annual inventory requirement (annual sales volume) can be accurately predicted,

2) sales volumes are evenly distributed in throughout the year,

3) there are no delays in receiving orders.

Note also that the value of EOQ, and hence the average size of stocks will vary depending on the volume of sales. With an increase in the volume of sales, inventories also increase, but not in the same proportion, i.e., the ratio of inventory to sales volume tends to decrease if the firm's activities expand. The principle of returns to scale also applies to stocks.

Fig..- Dynamics of stocks without taking into account the safety stock

1 - maximum margin; 2 - the rate of decrease in stocks; 3 - average stock, 4 - reorder point

Rice. - Dynamics of stocks, taking into account the safety stock.

1 - maximum margin; 2 - average rate of decrease in stocks; 3 - order point; 4 - safety stock; 5 - maximum speed declining stocks.

Moderate inflation, say 3% per year, may not be taken into account when making stock decisions, but if it is high, then it should be taken into account.

Given the possibility of a delivery delay, the question arises of the risk of a company running out of inventory that will ensure business continuity during the delay. The issue of determining this size of the stock is important in the inventory management system. When creating reserve stocks, storage costs will increase, and the costs associated with the occurrence of a shortage of goods will decrease.

The reorder point is the amount of stock in the warehouse at which it is necessary to place the next order. The reorder point depends on the size of the safety stock, the daily consumption of this type of stock, and the lead time.

For successful functioning enterprises and maximum effective use its resources exist a number of ways to evaluate its performance. Holding such events allows not only to see a favorable trend in economic growth and understand what actions lead to maximum results, but also helps to identify problems and develop an optimal strategy for the development of the organization.

Calculation methods

The method for calculating indicators is based on the data of systematized indicators, analysis of the sources of their changes, search and identification of the relationship between them.

The mechanism for carrying out activities to study and analyze the state of working capital (OS) consists of next steps:

1. Setting goals and objectives of the procedure.
2. Collection of data on indicators.
3. Drawing up a sequence and plan for the procedure.
4. Approval of periods and deadlines.
5. Deciding how information is collected and processed.
6. Drawing up methods for the analysis of the economic parameters of the enterprise.
7. Drawing up a plan for organizing an analysis of the effectiveness of the use of the OS and appointing those responsible for the execution of the stages of the procedure with the regulation of duties.
8. Establishment of rules for the order in which the results obtained during the analysis are formalized.

main goals activities is to identify the shortcomings and errors made in the management of the OS, as well as the development of ways to eliminate them. Another goal is to identify reserves and increase the level of intensity of their use in the organization's processes.

Important indicators for implementation commercial activities enterprises are state, composition and structure:

1. The resources held by the organization.
2. Unfinished production.
3. Finished manufactured products.

If the structure is stable, this means that the production and marketing process also has solid indicators. Characteristics of the development of the company can be seen in determining the structure of the SBS and changes in their components.

At the second stage of the process, working capital is grouped according to risk categories. Working capital is divided into easily implemented and difficult to implement. If there are a lot of OS on the balance sheet of an organization that are difficult to implement, then this can have a negative impact on the economic situation as a whole.

The negative impact is expressed as follows:

1. Slows down the turnover rate.
2. The company's performance indicators are declining.
3. The picture of liquidity is distorted.

All sources of OBS are divided into two categories:

1. Own- provide a guarantee of the stability of the financial situation and the independence of the enterprise.
2. Borrowed- help to secure the necessary additional funds.

Under the dynamism of revolving funds is meant the degree of their turnover - the duration of the passage of certain stages in production and use. This parameter is measured in the number of revolutions and the duration (in days) of one stage.

One of the important parameters in the process of analyzing the activities of an enterprise is Evaluation of the effectiveness of the use of OS. The indicators with which the analysis is carried out:

1. Duration of one turn- indicates the period for which the OS is returned to the company in money equivalent from proceeds from the sale of products.
2. speaks of the number of revolutions reporting period. Here, close attention is required to study the level of the coefficient according to this enterprise and related companies. We need to follow the dynamics. The higher the turnover rate, the less funds are needed to carry out the operational process in the company.
3. Obs load factor speaks of the amount of funds involved in the production and sale of one ruble of marketed products.
4. calculated: Profit (P) / average annual cost ObS.

With an increase in the parameters of the intensity of the use of working capital, a certain amount of ObS is released. With absolute release, the need to use these resources decreases - the main feature is the impossibility of withdrawing funds from the process without stopping it.

Conditions for the formation of relative release:

1. Reducing the period of passage of one turnover - increases the speed of turnover.
2. The volume of production and sales is increasing.

To determine it, you need to calculate the amount of change in the volume of working capital and goods sold. This is determined by the need for OS for the reporting period - the amount of actual sales of products for the selected period and the number of days of turnover for last year. The result obtained is released funds.

Current assets include:

1. The stocks available to the firm are fuel, materials, inputs for production, semi-finished products, packaging and spare parts.
2. VAT on purchased valuable property.
3. Accounts receivable of a short-term or long-term nature.
4. Investments and others for the short term.
5. Money.
6. Unfinished building.
7. Funds of circulation - costs in the coming periods.
8. Manufactured goods that are placed in the warehouses of the enterprise.
9. Products that have been shipped but have not yet received payment.

Working capital can be classified according to different criteria.

Depending on the economic content:

• production fund;
• circulation fund.

By rationing:

• normalized - used only in accordance with established restrictions;
• non-standardized - applied on the fact of need.

By origin:

• own - those that are constantly used by the enterprise;
• borrowing is the attraction of funds from the outside, through the emergence of credit obligations.

The structure of working capital is a set of its elements interconnected.

Three Stages of ObS Turnover:

1. Procurement of funds necessary for the production process. Cash from the financial state are transferred to the purchased goods - this stage is called supply.
2. The use of working capital in the process of manufacturing goods - production stage.
3. Products are being sold. Finished goods moving from presentation in terms of money marketing stage.

Turnover acceleration methods:

1. Increasing the intensity of the production process - eliminating downtime, interruptions without a good reason, reducing the time of manufacture of goods and natural processes.
2. Savings and reasonable use of OS - purchase of materials at a low price, cost optimization. Competent.
3. Modernization of equipment and technology. Introduction of new products.
4. Improvement of the system of auxiliary and main production.
5. Development of methods for relationships with contractors.
6. Developing a customer relationship strategy.
7. Application of logistics methods to optimize the procurement and production processes.

Influencing factors

Varieties of conditions affecting the performance indicators of the use of OS:

1. According to the degree of controllability and breadth of functions– depend on the extent to which the implementation of funds is applied technical progress in the production process.
2. Factors that affect the number and volume of OS: general economic, organizational-economic type, which lead to a decrease in their level, increase their value.
3. Depends on the scope of the organization: objective type - not related to the type of business, subjective - are in direct connection with the area of ​​work of the company.

Basic indicators

To fully evaluate the effectiveness, there are certain indicators that can give a complete and reliable picture economic development enterprises. One of the most important criteria is turnover rate indicator- the shorter the time, the more efficient the use.

Turnover ratio ObS (Kob)- this is a parameter that contains information about the number of completed turnovers for the reporting period. Calculations are carried out for the year, quarter or month.

Kob \u003d Vp / Osr, where

vp- volume of products sold per year, osr- the average annual value of the balance of OS on the balance sheet of the enterprise for the year.

The value is calculated per 1 ruble ObS. This indicator is used to judge the effectiveness of measures to manage working capital, and the higher the result, the better.

The duration of one cycle (D) is expressed in days. Formula:

D \u003d T / Kob, where

T– the number of days of the analyzed time interval.

If the data is taken for a month, then it is equal to 30 days, for a quarter - 90, and a year - 360.

Load factor (Kz)- shows how much OS is required to spend on 1 ruble of marketed products. The lower it is, the better.

Kz \u003d Osr / Vp

In addition to the main indicators that display the whole picture, it is necessary to calculate the particular values. They take into account the degree of use of OBS at each stage of production, procurement and marketing.
The effectiveness of OSS management lies not only in the speed of the entire cycle, but also in reducing the cost of selling the product and its production.

Me (material consumption of goods)- the relationship of the volume of costs to the number of products produced. Formula:

Me \u003d M3 / V, where

MOH- expenses of a material nature, and V- volume of goods produced.

Material return:

Features of determining efficiency