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Presentation on the topic of the financial condition of the enterprise. Analysis of the financial condition

Local goals of financial analysis: - determination of the financial condition of the enterprise; - identification of changes in the financial condition in the spatio-temporal context; - Establishment of the main factors causing changes in the financial condition; - forecast of the main trends in the financial condition.

The objectives of the study are achieved as a result of solving a number of analytical tasks: - a preliminary review of financial statements; - characteristics of the property of the enterprise: non-current and current assets; - assessment of financial stability; - characteristics of sources of funds: own and borrowed; - analysis of profit and profitability; - development of measures to improve the financial and economic activities of the enterprise.

With the help of financial analysis, decisions are made on: 1) short-term financing of the enterprise (replenishment of current assets); 2) long-term financing (capital investment in effective investment projects and issuance securities); 3) payment of dividends to shareholders; 4) mobilization of reserves for economic growth (growth in sales and profits).

Analysis of the financial condition of the enterprise 1. Analysis of profitability (profitability). 2. Analysis of financial stability. 3. Analysis of creditworthiness. 4. Analysis of the use of capital. 5. Analysis of the level of self-financing, 6- Analysis of currency self-sufficiency and self-financing.

Profitability is the profitability (profitability) of the production and trade process. The level of profitability of trade enterprises, public catering is established by the ratio of profit from the sale of goods (public catering products) to the turnover.

A financially stable business entity is one that, at its own expense, covers the funds invested in assets (fixed assets, intangible assets, working capital), does not allow unjustified receivables and payables, and pays its obligations on time.

The autonomy coefficient characterizes the independence of the financial condition of an economic entity from borrowed sources of funds. It shows the share of own funds in the total amount of sources: where Ka is the coefficient of autonomy; M own funds, rub.; S And the total amount of sources of funds, rub.

Under the creditworthiness of an economic entity, it is understood that it has the prerequisites for obtaining a loan and repaying it on time. The creditworthiness of the borrower is characterized by its accuracy in the calculations of previously received loans, the current financial condition and the ability, if necessary, to mobilize funds from various sources.

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The key goal of financial analysis is to obtain a certain number of basic (most representative) parameters that give an objective and reasonable description of the financial condition of the enterprise.

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Local goals of financial analysis: - determination of the financial condition of the enterprise; - identification of changes in the financial condition in the spatio-temporal context; - establishment of the main factors causing changes in the financial condition; - forecast of the main trends in the financial condition.

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The objectives of the study are achieved as a result of solving a number of analytical tasks: - a preliminary review of financial statements; - characterization of the enterprise's property: non-current and current assets; - assessment of financial stability; - characteristics of sources of funds: own and borrowed; - analysis of profit and profitability; - development of measures to improvement of the financial and economic activity of the enterprise.

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With the help of financial analysis, decisions are made on: 1) short-term financing of an enterprise (replenishment of current assets); 2) long-term financing (investment in effective investment projects and equity securities); 3) payment of dividends to shareholders; 4) mobilization of economic growth reserves ( growth in sales and profits).

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Analysis of the financial condition of the enterprise 1. Analysis of profitability (profitability) .2. Analysis of financial stability.3. Creditworthiness analysis.4. Analysis of the use of capital.5. Analysis of the level of self-financing,6- Analysis of currency self-sufficiency and self-financing.

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where R is the level of profitability,%; P - profit from the sale of goods (public catering products), rub., T - turnover, rub.

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Financially stable is such an economic entity that, at its own expense, covers the funds invested in assets (fixed assets, intangible assets, working capital), does not allow unjustified receivables and payables, and pays its obligations on time.

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The autonomy coefficient characterizes the independence of the financial condition of an economic entity from borrowed sources of funds. It shows the share of own funds in the total amount of sources: where Ka is the coefficient of autonomy; M is own funds, rubles; S I is the total amount of sources of funds, rubles.

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The financial stability ratio is the ratio of own and borrowed funds: where Ku is the coefficient of financial stability; K - accounts payable and other liabilities, rub.; 3 - borrowed funds, rub.

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8.1. The content and importance of financial analysis in the activities of the enterprise The purpose and objectives of financial analysis In modern conditions, the independence of enterprises in making and implementing management decisions, their economic and legal responsibility for the results of economic activity is increasing. Objectively, the importance of the financial stability of economic entities is increasing. All this increases the role of financial analysis in assessing their production and commercial activities and, above all, in the availability, placement and use of capital and income. The results of such an analysis are needed primarily by owners (shareholders), creditors, investors, suppliers, tax authorities, managers and heads of enterprises. In modern conditions, the independence of enterprises in making and implementing management decisions, their economic and legal responsibility for the results of economic activity is increasing. Objectively, the importance of the financial stability of economic entities is increasing. All this increases the role of financial analysis in assessing their production and commercial activities and, above all, in the availability, placement and use of capital and income. The results of such an analysis are needed primarily by owners (shareholders), creditors, investors, suppliers, tax authorities, managers and heads of enterprises.

The key goal of financial analysis is: to determine the number of basic (most representative) parameters that give an objective and reasonable description of the financial condition of the enterprise. This applies primarily to changes in the structure of assets and liabilities, in settlements with debtors and creditors, and in profit and loss. determination of the number of basic (most representative) parameters that give an objective and reasonable description of the financial condition of the enterprise. This applies primarily to changes in the structure of assets and liabilities, in settlements with debtors and creditors, and in profit and loss.

Local goals of financial analysis: - determination of the financial condition of the enterprise; - determination of the financial condition of the enterprise; - identification of changes in the financial condition in the spatio-temporal context; - identification of changes in the financial condition in the spatio-temporal context; - Establishment of the main factors causing changes in the financial condition; - Establishment of the main factors causing changes in the financial condition; - forecast of the main trends in the financial condition. - forecast of the main trends in the financial condition.

The alternativeness of the goals of financial analysis: not only determine its time limits, it also depends on the goals set by users of financial information. determine not only its time limits, it also depends on the goals that users of financial information set for themselves.

The objectives of the study are achieved as a result of solving a number of analytical tasks: - a preliminary review of financial statements; - preliminary review of financial statements; - characteristics of the property of the enterprise: non-current and current assets; - characteristics of the property of the enterprise: non-current and current assets; - assessment of financial stability; - assessment of financial stability; - characteristics of sources of funds: own and borrowed; - characteristics of sources of funds: own and borrowed; - analysis of profit and profitability; - analysis of profit and profitability; - development of measures to improve the financial and economic activities of the enterprise. - development of measures to improve the financial and economic activities of the enterprise. These tasks express the specific goals of the analysis, taking into account the organizational, technical and methodological possibilities of its implementation. Ultimately, the main factors are the volume and quality of analytical information. These tasks express the specific goals of the analysis, taking into account the organizational, technical and methodological possibilities of its implementation. Ultimately, the main factors are the volume and quality of analytical information. To make decisions in the field of production, marketing, finance, investment and innovation, the management of the enterprise needs systematic business awareness on issues that are the result of the selection, analysis and generalization of initial information. To make decisions in the field of production, marketing, finance, investment and innovation, the management of the enterprise needs systematic business awareness on issues that are the result of the selection, analysis and generalization of initial information.

The role of financial analysis in making managerial decisions Financial analysis is an important component of financial management. Financial management is the art of managing the finances of enterprises, i.e., monetary relations associated with the formation and use of their capital and income. This art of management is manifested in the development of a rational financial strategy and tactics by diagnosing the internal and external economic environment. Financial analysis - is an important component of financial management. Financial management is the art of managing the finances of enterprises, i.e., monetary relations associated with the formation and use of their capital and income. This art of management is manifested in the development of a rational financial strategy and tactics by diagnosing the internal and external economic environment.

The analysis of the external environment is carried out according to the following parameters: the study of the dynamics of prices for goods and services; studying the dynamics of prices for goods and services; - tax rates and interest rates on bank loans and deposits, the rate of issuance securities; - tax rates and interest rates on bank loans and deposits, the rate of issuance securities; - activities of competitors in the commodity and financial markets, etc. - activities of competitors in the commodity and financial markets, etc.

The subjects of analysis are: enterprises, as well as external users of information interested in its activities. Each subject of analysis studies information based on their interests. enterprises, as well as external users of information interested in its activities. Each subject of analysis studies information based on their interests.

For example: it is important for owners to establish the effectiveness of the use of assets, equity and borrowed capital of the enterprise, their ability to generate the maximum amount of income (profit). The staff is interested in information about the profitability and stability of the enterprise as an employer in order to have a guaranteed pay for their work and a job. it is important for owners to establish the efficiency of the use of assets, equity and borrowed capital of the enterprise, their ability to generate the maximum amount of income (profit). The staff is interested in information about the profitability and stability of the enterprise as an employer in order to have a guaranteed pay for their work and a job.

Creditor banks are interested: Creditor banks are interested in: information that allows to determine the feasibility of granting loans, the conditions for their issue, to assess the risk of repayment of loans and payment of interest. Lenders providing long-term loans to customers are interested in the liquidity of the enterprise not only for short-term obligations, but also its solvency from the standpoint of its preservation in the future.

Investors (including potential owners) are interested in: assessing the profitability and risk of ongoing and projected investments, the ability of the enterprise to generate profit and pay dividends. assessment of the profitability and risk of ongoing and projected investments, the ability of the enterprise to generate profits and pay dividends.

Suppliers and contractors are interested in: that the enterprise pays off its obligations for the goods supplied, services rendered and work performed for it, i.e. financial stability as a partner stability factor. in that the enterprise pays off its obligations for the goods supplied, services rendered and work performed for it on time, i.e. financial stability as a factor in the stability of the partner.

Buyers and customers are interested in information that confirms the reliability of established business relationships and determines the prospects for their further development. in information confirming the reliability of existing business ties and determining the prospects for their further development.

Tax authorities use: accounting data to exercise their right, provided for by the Federal Law on Insolvency (Bankruptcy) to apply to an arbitration court for declaring a debtor bankrupt due to non-fulfillment of monetary obligations to budgets of all levels. The criterion for determining the unsatisfactory structure of the balance sheet of insolvent enterprises is the financial stability and liquidity of the enterprise. accounting data in order to exercise its right, provided for by the Federal Law on Insolvency (Bankruptcy) to apply to an arbitration court with an application for declaring a debtor bankrupt due to non-fulfillment of monetary obligations to budgets of all levels. The criterion for determining the unsatisfactory structure of the balance sheet of insolvent enterprises is the financial stability and liquidity of the enterprise.

Financial analysis is: the prerogative of the top management of an enterprise, capable of making decisions on the formation and use of capital and income, as well as influencing the movement of cash flows. the prerogative of the top management of the enterprise, capable of making decisions on the formation and use of capital and income, as well as influencing the movement of cash flows.

With the help of financial analysis, decisions are made on: 1) short-term financing of the enterprise (replenishment of current assets); 1) short-term financing of the enterprise (replenishment of current assets); 2) long-term financing (capital investment in effective investment projects and issuance securities); 2) long-term financing (capital investment in effective investment projects and issuance securities); 3) payment of dividends to shareholders; 3) payment of dividends to shareholders; 4) mobilization of reserves for economic growth (growth in sales and profits). 4) mobilization of reserves for economic growth (growth in sales and profits).

8.2. Analysis of the financial condition of the enterprise Analysis of financial stability. A financially stable business entity is one that, at its own expense, covers the funds invested in assets (fixed assets, intangible assets, working capital), does not allow unjustified receivables and payables, and pays its obligations on time. A financially stable business entity is one that, at its own expense, covers the funds invested in assets (fixed assets, intangible assets, working capital), does not allow unjustified receivables and payables, and pays its obligations on time.

In the analysis of financial stability, an important place is given to real assets. Real assets are actually existing own property and financial investments at their actual value. Real assets are actually existing own property and financial investments at their actual value. Real assets are not intangible assets, depreciation of fixed assets and materials, use of profits, borrowed funds. Real assets are not intangible assets, depreciation of fixed assets and materials, use of profits, borrowed funds.

To assess the financial stability of an economic entity, the coefficient of autonomy and the coefficient of financial stability are used. The autonomy coefficient characterizes the independence of the financial condition of an economic entity from borrowed sources of funds. It shows the share of own funds in the total amount of sources: The autonomy coefficient characterizes the independence of the financial condition of an economic entity from borrowed sources of funds. It shows the share of own funds in the total amount of sources:, where Ka is the coefficient of autonomy; where Ka is the coefficient of autonomy; M own funds, rub.; M own funds, rub.; S And the total amount of sources of funds, rub. S And the total amount of sources of funds, rub.

Analysis of creditworthiness Under the creditworthiness of an economic entity is understood that it has the prerequisites for obtaining a loan and repaying it on time. The creditworthiness of the borrower is characterized by its accuracy in the calculations of previously received loans, the current financial condition and the ability, if necessary, to mobilize funds from various sources. The bank, before granting a loan, determines the degree of risk that it is willing to take on, and the amount of credit that can be provided. One of the important indicators of creditworthiness is liquidity. Under the creditworthiness of an economic entity, it is understood that it has the prerequisites for obtaining a loan and repaying it on time. The creditworthiness of the borrower is characterized by its accuracy in the calculations of previously received loans, the current financial condition and the ability, if necessary, to mobilize funds from various sources. The bank, before granting a loan, determines the degree of risk that it is willing to take on, and the amount of credit that can be provided. One of the important indicators of creditworthiness is liquidity.

The liquidity of an economic entity: this is the ability of it to quickly repay its debt. In essence, the liquidity of an economic entity means the liquidity of its balance sheet. Liquidity means the unconditional solvency of an economic entity and implies a constant equality between assets and liabilities both in terms of the total amount and the maturity. Analysis of the liquidity of the balance sheet consists in comparing the assets of the asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with the liabilities of the liability, combined by maturity and repayment, and in ascending order, this is its ability to quickly repay its debt. In essence, the liquidity of an economic entity means the liquidity of its balance sheet. Liquidity means the unconditional solvency of an economic entity and implies a constant equality between assets and liabilities both in terms of the total amount and the maturity. Analysis of the liquidity of the balance sheet consists in comparing the assets of the asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with the liabilities of the liability, combined by maturity and repayment and in ascending order of maturity

Analysis of the liquidity of the balance sheet consists in comparing the funds of the asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with the obligations of the liability, combined by maturity and repayment, and in ascending order of maturity. in comparison of the funds of the asset, grouped by their degree of liquidity and arranged in descending order of liquidity, with the liabilities of the liability, grouped by maturity and repayment and in ascending order of maturity.

Turnover of working capital: calculated by the duration of one turnover in days (turnover of working capital in days) or the number of revolutions for the reporting period (turnover ratio) is calculated by the duration of one turnover in days (turnover of working capital in days) or the number of revolutions for the reporting period (turnover ratio)

The duration of one turnover (turnover of working capital in days) is the ratio of the average balance of working capital to the amount of one-day revenue for the analyzed period: turnover of working capital in days) is the ratio of the average balance of working capital to the amount of one-day revenue for the analyzed period: Where: Where: Z turnover of working capital in days; Z turnover of working capital in days; About the average balance of working capital, rub.; About the average balance of working capital, rub.; t is the number of days of the analyzed period (90, 360); t is the number of days of the analyzed period (90, 360); In sales revenue for the analyzed period, rub. In sales revenue for the analyzed period, rub.

The turnover ratio of working capital characterizes the amount of proceeds from sales per one ruble of working capital: where K is the turnover ratio, turnover. where K is the turnover ratio, turnover. About the average balance of working capital, rub.; About the average balance of working capital, rub.; In sales revenue for the analyzed period, rub. In sales revenue for the analyzed period, rub.

Return on assets of intangible assets: determined by the ratio of revenue to the average annual value of intangible assets. The growth of capital productivity indicates an increase in the efficiency of the use of fixed assets and intangible assets. is determined by the ratio of revenue to the average annual value of intangible assets. The growth of capital productivity indicates an increase in the efficiency of the use of fixed assets and intangible assets.

Self-financing ratio: where: P profit directed to the accumulation fund, rub., A depreciation deductions, rub.; To borrowed funds, rub.; 3 accounts payable and other borrowed funds, rub. This coefficient shows the ratio of sources of financial resources, i.e., how many times own sources of financial resources exceed borrowed and borrowed funds, and also characterizes a certain margin of financial strength of an economic entity.

Introduction.

1. Essence, task, information base of financial analysis.

1.1 The essence of financial analysis in a market economy.

1.2 Purposes and types of financial analysis.

2. Methods of financial analysis.

2.1 Horizontal analysis.

2.2 Vertical analysis.

2.3 Trend analysis.

2.4 Factor analysis.

3. The main problems of the development of financial analysis in Russia.

Conclusion.

Bibliography.

Introduction

An analysis of economic activity is a scientifically developed system of methods and techniques by which the economy of an enterprise is studied, production reserves are identified on the basis of accounting and reporting data, and ways of their most effective use are developed.

The analysis of the financial condition has its sources, its purpose and its methodology. The sources of information are the forms of quarterly and annual reports, including annexes to them, as well as information drawn from the accounting itself, when such an analysis is carried out within the enterprise itself.

The purpose of the analysis of the financial condition is to give the management of the enterprise a picture of its actual state, and to persons who do not directly work at this enterprise, but are interested in its financial condition, - the information necessary for an impartial judgment, for example, on the rationality of using additional investments invested in enterprises and similar.

An assessment of the financial position of an enterprise is a set of methods that make it possible to determine the state of affairs of an enterprise as a result of an analysis of its activities over a finite time interval.

As a final result, the analysis of the financial position of the enterprise should give the management of the enterprise a picture of its actual state, and for persons not directly working at this enterprise, but interested in its financial condition - the information necessary for an impartial judgment, for example, on the rationality of using additional investments invested in the enterprise etc.

1.1 The essence of financial analysis in a market economy

Financial analysis is an essential element of financial management and audit. Almost all users of financial statements of enterprises use the methods of financial analysis to make decisions on optimizing their interests. Thus, the owners analyze financial reports to increase the return on capital, ensure the stability of the company's position, and creditors and investors analyze financial reports in order to minimize their risks on loans and deposits.

Financial analysis is a method of assessing and forecasting the financial condition of an enterprise based on its financial statements.

In the traditional sense, financial analysis is a method of assessing and forecasting the financial condition of an enterprise based on its financial statements. This kind of analysis can be performed both by the management personnel of the enterprise and by any external analyst, since it is mainly based on publicly available information. However, it is customary to distinguish two types of financial analysis: internal and external.

Internal analysis is carried out by employees of the enterprise. The information base of such an analysis is much wider and includes any information circulating within the enterprise and useful for making managerial decisions. Accordingly, the possibilities of analysis are expanded. External financial analysis is carried out by analysts who are outsiders for the enterprise and therefore do not have access to the internal information base of the enterprise. External analysis is less detailed and more formalized.

To ensure the survival of the enterprise in modern conditions, management personnel must, first of all, be able to realistically assess the financial condition of both their enterprise and its real and potential counterparties. To do this, you must: a) own the methodology for assessing the financial condition of the enterprise; b) have appropriate information support; c) have qualified personnel capable of implementing this technique in practice.

The assessment of the financial condition can be performed with varying degrees of detail, depending on the purpose of the analysis, available information, software, technical and staffing.

The basis of information support for the analysis of the financial condition, as noted above, should be financial statements. Of course, additional information, mainly of an operational nature, can be used in the analysis, but it is only of an auxiliary nature.

1.2. Purposes and types of financial analysis

To ensure effective operation in modern conditions, management needs to be able to realistically assess the financial and economic condition of its enterprise, as well as the state of business activity of partners and competitors. For this you need:

The financial and economic condition is the most important criterion for the business activity and reliability of an enterprise, which determines its competitiveness and potential in the effective implementation of the economic interests of all participants in economic activity. It is characterized by the placement and use of funds (assets) and sources of their formation (equity and liabilities, i.e. liabilities). The main purpose of the analysis is to identify the most complex problems of managing an enterprise in general and its financial resources in particular.

The main objectives of the analysis of the financial and economic state of the enterprise are the correct assessment of the initial financial position and the dynamics of its further development, which consists of the following stages:

Analysis of the financial and economic state of the enterprise is an essential element of financial analysis, as well as financial management and audit.

Analysis of the financial and economic condition is an integral part of financial analysis. Financial analysis is based on the analysis of financial statements. This leads to the use of methods and working methods of financial analysis in assessing the financial and economic condition. The essence of financial management lies in such an organization of financial management that allows you to attract additional financial resources on the most favorable terms, invest with the greatest effect, and carry out profitable operations in the financial market. Finding financial sources for the development of an enterprise, as well as determining the directions for the most effective investment of financial resources, financial resources and other similar issues of financial management become key in a market economy. Success in the field of financial management largely depends on the comprehensiveness, regularity, and thoroughness of the study of financial statements. In this case, the leading position is occupied by the analysis of the financial and economic state of the enterprise.

The wide development of economic relations between enterprises, including at the international level, banking and insurance business implies a significant increase in the requirements for objectivity and validity of assessing the financial and economic condition of both the economic entity itself and its counterparties. One of the prerequisites for solving this problem is the functioning of the audit institution.

An audit is a verification of the accuracy, completeness, compliance with the current legislation of accounting and financial statements of an enterprise, carried out on a contractual basis by an independent auditor or an audit organization. The main functions of the audit are:

As a result of the audit and analysis of the financial condition of the enterprise, auditors in an official form submit a reasonable opinion on the results of the activities of controlled economic entities for a certain period.

The subjects of the analysis of the financial and economic state of the enterprise are both directly and indirectly interested in the activities of the enterprise users of information.

The financial and economic condition is the most important characteristic of the reliability, competitiveness, and stability of an enterprise in the market. Therefore, each subject of the first group of users of the analysis studies financial information from their positions, based on their interests. Owners of enterprise funds are primarily interested in increasing or decreasing the share of equity capital, the efficiency of resource use by the enterprise administration. Lenders and investors pay attention to the expediency of extending the loan, lending conditions, money back guarantees, and the profitability of investing their capital. Suppliers and customers are interested in the solvency of the enterprise, the availability of liquid funds, etc.

The second group of users includes the subjects of analysis who are not directly interested in the activities of the enterprise, but must, under the contract, protect the interests of the first group.

Each enterprise, planning its economic behavior (development of a flexible strategy and tactics) in a changing market environment, seeks to strengthen its competitive position. Therefore, a certain part of the financial information goes into the area of trade secrets, which becomes the prerogative of internal economic management analysis. An analysis of the financial and economic state, based on financial statements, acquires the character of an external analysis, i.e. analysis carried out without involving and disclosing data from internal management accounting (costing, cost estimates, direct and indirect costs, etc.), and therefore the reporting data contain rather limited information about the activities of the enterprise.

The foregoing determines the specifics of the analysis of the financial and economic condition of the enterprise, while limiting the use of all methods of financial analysis.

It is difficult to overestimate the importance of the analysis of the financial and economic state of the enterprise, since it is the basis on which the development of the financial policy of the enterprise is built.

- maximizing the profit of the enterprise;

- optimization of the capital structure and ensuring its financial stability;

- ensuring the investment attractiveness of the enterprise;

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

- creation of an effective enterprise management mechanism;

- use by the enterprise of market mechanisms for raising funds, etc.

Based on the results of the analysis, the choice of directions of financial policy is carried out.

Of great importance for the enterprise are the results of the analysis of management decisions in the investment, supply and household, price areas, i.e. in the strategic development of the enterprise.

The main goal of the development strategy is a stable position in the market based on the efficient distribution and use of all resources (material, financial, labor, land, intellectual, etc.). At the same time, the method of analytical evaluation and forecasting of the results of economic activity becomes the leading method of resource management.

In order to make effective and efficient decisions in the field of technology, finance, marketing, investment and production renewal, management personnel need constant and continuous monitoring of the current state of the enterprise. An analysis of the financial and economic state is one of the effective ways to assess the current situation, which reflects the instantaneous state of the economic situation and allows you to highlight the most difficult problems of managing available resources and thus minimize efforts to align the goals and resources of the organization with the needs and opportunities of the current market. This requires ongoing business awareness on relevant issues, which is the result of the selection, evaluation, analysis and interpretation of financial statements.

The main objectives of the analysis of the financial and economic condition of the enterprise include:

Financial analysis, most often in the applied aspect, is understood as the process of studying the financial condition and the main results of the financial activity of an enterprise in order to identify reserves for further increasing its market value. Financial analysis is divided into separate types depending on the following features:

1. According to the organizational forms of conducting, internal and external financial analyzes of the enterprise are distinguished.

Internal financial analysis is carried out by the financial managers of the enterprise or the owners of its property using the entire set of available informative indicators. The results of such an analysis may represent a commercial secret of the enterprise.

External financial analysis is carried out by tax administrations, audit firms, banks, insurance companies in order to study the correctness of reflecting the financial results of the enterprise, its financial stability and creditworthiness.

2. According to the scope of the study, full and thematic financial analyzes of the enterprise are distinguished.

A complete financial analysis of the enterprise is carried out in order to study all aspects of the financial activity of the enterprise in the complex.

Thematic financial analysis is limited to the study of certain aspects of the financial activities of the enterprise. The subject of thematic financial analysis may be the efficiency of using the assets of the enterprise, the optimal financing of various assets from individual sources, the state of financial stability and solvency of the enterprise, the optimality of the investment portfolio, the optimal financial structure of the capital and a number of other aspects of the financial activity of the enterprise.

3. According to the object of analysis, the following types of it are distinguished:

analysis of the financial activity of the enterprise as a whole. In the process of such an analysis, the object of study is the financial activity of the enterprise as a whole, without highlighting its individual structural units and divisions;

· Analysis of the financial activities of individual structural units and subdivisions. Such an analysis is based mainly on the results of management accounting of the enterprise;

· Analysis of individual financial transactions. The subject of such an analysis may be individual transactions associated with short-term or long-term financial investments, with the financing of individual real projects, and others.

4. According to the period of conducting, preliminary, current and subsequent financial analyzes are distinguished.

Preliminary financial analysis with a study of the conditions of financial activity in general or the implementation of individual financial transactions of the enterprise (for example, an assessment of its own solvency if it is necessary to obtain a large bank loan).

Current (or operational) financial analysis is carried out in the process of implementing individual financial plans or performing individual financial transactions with the aim of promptly influencing the results of financial activities. As a rule, it is limited to a short period of time.

Subsequent (or retrospective) financial analysis is carried out by the enterprise for the reporting period (month, quarter, year). It allows a deeper and more complete analysis of the financial condition and results of the financial activity of the enterprise in comparison with the preliminary and current analysis, as it is based on the completed reporting materials of statistical and accounting.

1.3 Information base of financial analysis.

In a market economy, the financial statements of economic entities become the main means of communication and the most important element of information support for financial analysis. Any enterprise, to one degree or another, constantly needs additional sources of financing. You can find them on the capital market, attracting potential investors and creditors by objectively informing them about your financial and economic activities, that is, mainly through financial reporting. How attractive the published financial results are, showing the current and prospective financial condition of the enterprise, the probability of obtaining additional sources of financing is also high.

The main requirement for information presented in reporting is that it be useful to users, that is, that this information can be used to make informed business decisions. To be useful, information must meet the following criteria:

Relevance	means that this information is significant and influences the decision made by the user. Information is also considered relevant if it enables prospective and retrospective analysis.
Reliability	information is determined by its veracity, the predominance of economic content over the legal form, the possibility of verification and documentary validity.
Information	is considered true if it does not contain errors and biased assessments, and also does not falsify the events of economic life.
Neutrality	suggests that financial reporting does not focus on meeting the interests of one group of users of general reporting to the detriment of another.
Clarity	means that users can understand the content of the reporting without special professional training.

During the formation of reporting information, certain restrictions on the information included in the reporting must be observed:

In accordance with Article 13, Chapter III of the Federal Law of the Russian Federation "On Accounting" dated November 21, 1996 No. No. 129-FZ, all organizations “... are required to draw up financial statements based on synthetic and analytical accounting data.

The same Law notes that the explanatory note to the annual financial statements must contain significant information about the organization, its financial position, comparability of data for the reporting period and the year preceding it, etc.

2.Methods of financial analysis

To solve specific problems of financial analysis, a number of special methods are used to obtain a quantitative assessment of certain aspects of the enterprise. In financial practice, depending on the methods used, the following systems of financial analysis conducted at the enterprise are distinguished: trend, structural, comparative and ratio analysis.

2.1 Horizontal analysis.

Analysis of the financial condition is a mandatory component of the financial management of any company. The task of such an analysis is to determine what our state is today, which parameters of the company's work are acceptable and must be maintained at the current level, which ones are unsatisfactory and require prompt intervention. In other words, in order to successfully move forward, a company needs to know why its condition has worsened and how to correct the situation (which levers to use most effectively).

In modern conditions, the correct determination of the real financial condition of an enterprise is of great importance not only for the business entities themselves, but also for numerous shareholders, especially future potential investors.

Horizontal analysis allows you to identify trends in individual items of income and expenses and their groups according to accounting documents. This type of analysis is based on the calculation of the basic growth rates of income and costs for balance sheet items or income statement items.

Horizontal analysis of reporting consists in the construction of one or more analytical tables in which absolute indicators are supplemented by relative growth rates. The degree of aggregation of indicators is determined by the analyst. As a rule, basic growth rates are taken over a number of years, which makes it possible to analyze not only the change in individual indicators, but also to predict their values.

In the course of horizontal analysis, absolute and relative changes in the values of various balance sheet items for a certain period are determined, and the purpose of vertical analysis is to calculate the net weight.

2.2 Vertical analysis.

The vertical analysis is based on the presentation of accounting data in the form of relative values characterizing the structure of generalizing final indicators. An obligatory element of the analysis is the construction of time series of the values of these quantities, which allows you to track and predict structural shifts in the composition of economic assets and sources of their coverage.

Vertical analysis shows the structure of enterprise funds and their sources. There are two main features that determine the need and expediency of vertical analysis:

the transition to relative indicators allows for inter-farm comparisons of the economic potential and performance of enterprises that differ in the amount of resources used and other volumetric indicators;

relative indicators, to a certain extent, smooth out the negative impact of inflationary processes, which can significantly distort the absolute indicators of financial statements and thus make it difficult to compare them in dynamics.

Vertical analysis can be subjected to either the original reporting or modified reporting.

To understand the overall picture of changes in the financial condition, indicators of the structural dynamics of the balance sheet are very important. Comparing the structure of changes in assets and liabilities, we can conclude through which sources the inflow of new funds was mainly and in which assets these new funds were mainly invested.

For a general assessment of the dynamics of the financial condition of the enterprise, it is necessary to group the balance sheet items into separate specific groups on the basis of liquidity (asset items) and the urgency of liabilities (liability items). On the basis of the aggregated balance sheet, an analysis of the structure of the enterprise's property is carried out.

Reading the balance for such systematized groups is carried out using the methods of horizontal and vertical analysis.

2.3 Trend analysis.

Trend analysis (development trend analysis) is a kind of horizontal analysis oriented to the future. Trend analysis involves the study of indicators for the maximum possible period of time, while each reporting position is compared with the values of the analyzed indicators for a number of previous periods and the trend is determined, i.e. the main recurring trend in the development of the indicator, cleared of the influence of random factors and individual characteristics of the periods.

One of the tasks that arise in the analysis of time series is to establish patterns of change in the levels of the indicator under study over time.

In some cases, this regularity, the general trend in the development of an object is quite clearly displayed by the levels of the dynamic series. However, one often encounters such series of dynamics when the levels of the series undergo a variety of changes (sometimes increase, then decrease) and one can only speak of a general trend in the development of a phenomenon, either an upward or downward trend. In these cases, to determine the main trend in the development of a phenomenon that is sufficiently stable over a given period, special methods of processing time series are used.

The levels of a series of dynamics are formed under the combined influence of many long-term and short-term factors, including various kinds of random circumstances. Identification of the main pattern of changes in the levels of the series involves its quantitative expression, to some extent free from random influences: Identification of the main development trend (trend) is also called time series alignment, and methods for identifying the main trend are called alignment methods. Equalization makes it possible to characterize the peculiarity of change in time of a given dynamic series in the most general form as a function of time, assuming that the influence of all the main factors can be expressed through time.

One of the simplest methods for detecting a general trend in the development of a phenomenon is to enlarge the interval of the dynamic series. The meaning of the technique lies in the fact that the initial series of dynamics is transformed and replaced by another one, the indicators of which refer to longer periods of time. For example, a series containing monthly output data can be converted to a quarterly data series. The newly formed series may contain either absolute values for extended periods of time (these values are obtained by simply summing the levels of the original series of absolute values), or average values. When summing levels or when deriving averages over enlarged intervals, deviations in levels due to random causes cancel each other out, smooth out, and the effect of the main factors in changing levels (general trend) is more clearly detected.

Identification of the main trend can also be carried out using the moving average method. To determine the moving average, we form enlarged intervals consisting of the same number of levels. Each subsequent interval is obtained by gradually shifting from the initial level of the dynamic series by one level. Then the first interval will include levels y1, y2…mind; the second one will include levels y1, y2……mind+1, etc. Thus, the smoothing interval, as it were, slides along the dynamic series with a step equal to one. Based on the formed enlarged intervals, we determine the sum of the values of the levels, on the basis of which we calculate the moving averages. The resulting average refers to the middle of the enlarged interval. Therefore, when smoothing a moving average, it is technically more convenient to compose an enlarged interval from an odd number of levels of the series. Finding a moving average over an even number of levels creates the inconvenience caused by the fact that the average can only be referred to the middle between two dates. In this case, an additional procedure for centering the means is necessary.

2.4 Factor analysis.

Factor analysis is a method of complex and systematic study and measurement of the impact of factors on the value of effective indicators, a section of multivariate statistical analysis that combines methods for assessing the dimension of a set of observed variables. In other words, the task of the method is the transition from a real large number of signs or causes that determine the observed variability to a small number of the most important variables (factors) with minimal loss of information (methods that are similar in essence, but not in terms of mathematical apparatus - component analysis, canonical analysis, etc.). ). The method arose and was originally developed in the problems of psychology and anthropology (at the turn of the 19th and 20th centuries), but now the scope of its application is much wider. The estimation procedure consists of two stages: evaluation of the factor structure - the number of factors necessary to explain the correlation between the values, and factor loading, and then evaluation of the factors themselves based on the results of the observation.

In short, factor analysis is understood as a method of complex and systematic study and measurement of the impact of factors on the value of effective indicators.

Factor analysis - determining the influence of factors on the result - is one of the strongest methodological solutions in the analysis of the economic activities of companies for decision making. For managers - an additional argument, an additional "perspective".

As you know, you can analyze everything and ad infinitum. It is advisable at the first stage to implement an analysis of deviations, and where necessary and justified - to apply the factorial method of analysis. In many cases, a simple deviation analysis is enough to understand that the deviation is “critical”, and when it is not at all necessary to know the extent of its influence.

However, factor analysis is rarely used in practice due to several reasons: 1) the implementation of this method requires some effort and a specific tool (software product); 2) companies have other "eternal" priorities. It is even better if the factorial method of analysis is “embedded” in the financial model, and not an abstract application.

The selection of factors for the analysis of a particular indicator is carried out on the basis of theoretical and practical knowledge in a particular industry. In this case, they usually proceed from the principle: the larger the complex of factors studied, the more accurate the results of the analysis will be. At the same time, it must be borne in mind that if this complex of factors is considered as a mechanical sum, without taking into account their interaction, without highlighting the main determining ones, then the conclusions may be erroneous. In the analysis of economic activity (AHA), an interconnected study of the influence of factors on the value of effective indicators is achieved through their systematization, which is one of the main methodological issues of this science.

An important methodological issue in factor analysis is to determine the form of the relationship between factors and performance indicators: functional or stochastic, direct or inverse, rectilinear or curvilinear. It uses theoretical and practical experience, as well as methods for comparing parallel and dynamic series, analytical groupings of initial information, graphical, etc.

Modeling economic indicators is also a complex problem in factor analysis, the solution of which requires special knowledge and skills.

The calculation of the influence of factors is the main methodological aspect in AHD. To determine the influence of factors on the final indicators, many methods are used, which will be discussed in more detail below.

The last stage of factor analysis is the practical use of the factor model for calculating the reserves for the growth of the effective indicator, for planning and predicting its value when the situation changes.

4. The main problems of financial analysis in Russia.

Since the process of reforming the economic system is currently underway in Russia, each coefficient calculated in the course of economic analysis must be approached critically, clearly defining the possibilities for obtaining reasonable and meaningful results on their basis.

It should be noted terminological fuzziness observed in the specialized literature, mainly due to the fact that the methodology of financial analysis in a market economy came to us from abroad. Often in the domestic literature there are several versions of the translation into Russian of the same term. For example, along with the term quick ratio (quick ratio), there are such names as the critical assessment ratio or the immediate assessment ratio, the intermediate liquidity ratio, etc. There is no methodological unity in the Russian literature in the calculations of various financial ratios, and there is no unity even in the regulatory documents. And, finally, understanding the essence of the coefficients calculated in the process of analyzing financial and economic activity makes it possible to clearly understand their possible limitations. This is especially important for the conditions of the Russian economy. The fact is that the coefficients and their recommended numerical values were all originally developed for the conditions of a developed and stable market economy with all its inherent institutions, in which various market instruments normally operate.

First, in many cases, in practice, financial analysis is reduced to calculations of structural ratios, rates of change in indicators, and values of financial ratios. The depth of the study is limited, at best, to a statement of the trend of "improvement" or "deterioration". Drawing conclusions and, even more so, recommendations based on the initial information array is an insoluble problem for specialists of companies equipped with special software, but not having sufficient qualifications, professional experience, and a creative attitude to routine calculation operations.

Secondly, often the results of financial analysis are based on unreliable information, while it can be distorted both for subjective and objective reasons. On the one hand, the rule of a “skillful” Russian manager is considered to be an underestimation or concealment by any tricks of the income (profit), therefore, in order to assess the reliability of the initial information and, as a result, to obtain real results of financial analysis, an independent audit is required prior to detecting intentional and unintentional errors. On the other hand, according to Russian accounting rules, monetary and non-monetary forms of settlements are not separated in the reporting (the only exception is Form No. 4 “Cash Flow Statement”, but it is annual).

Thirdly, the desire for detailed financial analysis led to the development, calculation and superficial use of a clearly excessive number of financial ratios, especially since most of them are functionally dependent on each other. The developers of new financial analysis software are especially proud of the assertion that the created tool makes it possible to calculate 100 or more financial ratios. In our opinion, it is usually sufficient to use no more than 2-3 indicators for each aspect of financial activity.

Fourthly, a comparative financial analysis of Russian companies is practically impossible due to the lack of an adequate regulatory framework and available industry averages.

Fifth, Western integral indicators, which are used by many domestic analysts to assess the probability of bankruptcy of companies, have a rather distant form from Russian practice.

Finally, the initial reporting of the analyzed companies is distorted due to inflationary processes in the Russian economy, which mainly affect not the vertical (the main proportions remain unchanged), but the horizontal analysis. In this regard, a prerequisite for assessing trends in the financial condition of a company is the calculation of comparable prices based on the use of official deflator indicators (price index of industrial producers, price index for the acquisition of material and technical resources by industrial enterprises, price index in capital construction, consumer price index) .

Conclusion

Economic analysis - a deep study of economic phenomena in the enterprise, that is, identifying the causes of deviations from the plan and shortcomings in work, opening reserves, studying them, promoting the integrated implementation of economic work and production management, actively influencing the course of production, increasing its efficiency and improving the quality of work .

An analysis of the financial condition shows in what specific areas this work should be carried out, makes it possible to identify the most important aspects and the weakest positions in the financial condition of this particular enterprise. In accordance with this, the results of the analysis provide an answer to the question of what are the most important ways to improve the financial condition of a particular enterprise in a particular period of its activity.

The analysis of the financial activity of the enterprise is carried out in various directions. These include identifying the financial stability of an enterprise, determining indicators of solvency and investment attractiveness, etc. In the course of financial analysis, it is determined how efficiently the enterprise's funds are used.

The basis for the analysis are accounting documents, including the balance sheet.

Obviously, financial analysis is one of the main methods that determine the work of an enterprise, so its development is especially relevant.

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