Marafet

Literature on the topic of analysis of the turnover of enterprise assets. Asset turnover: calculation formula. Efficiency. Factors affecting the acceleration of turnover of working capital

Moscow State University of Service

Course work

Subject:

" Economic analysis "

Subject:

"Analysis of turnover of current assets".

Done: student

FVK groups 3.1.- T

Chernenko A.A.

Teacher:

Filimonova N.N.

Moscow, 2002

Introduction. 2

1. 1. Classification of working capital. 4

2. Analysis of the composition of current assets. 6

2.1. Cash flow analysis. 9

2.2. Analysis of receivables. 10

2.3. Analysis of inventories. 13

3. Analysis of the turnover of working capital. 21

3.1. General assessment of the turnover of the company's assets. 21

3.2. Calculation of the standard of working capital. 25

3.3. Analysis of the effectiveness of the use of working capital. 27

4. Analysis of the turnover of working capital at Intek Service LLC. 29

Conclusion 35

Introduction.

To improve the economic and financial activities of an enterprise, systematic economic analysis is essential.

The main task of the analysis is to identify and use the reserves of production. The formation of a market economy determines the development of analysis at the micro level, that is, at the level of an individual enterprise or its division. Since these grassroots links under any form of ownership form the basis of a market economy.

What does analysis study? - economic processes taking place in the country and at the enterprise, economic efficiency, costs, final results of the enterprise.

The economic activity of the enterprise consists of the following processes:

supplies,

production,

implementation and marketing.

At the first stage, the enterprise acquires the necessary fixed assets, production stocks.

On the second - part of the funds in the form of stocks goes into production, and part is used:

to pay employees,

paying taxes,

social security payments

other expenses.

This stage ends with the release of finished products.

At the third stage, the products are sold and the company receives funds, and, as a rule, more than the initial amount by the amount of profit received from the business.

The object of economic analysis are: all aspects of economic processes that are considered not in isolation from each other, but in interaction with each other. At the same time, causal relationships between individual aspects of economic processes are revealed and the factors that determine the results of these processes are revealed.

The essence of economic analysis is that it is a special type of management activity, an integral element of any management function, since the management process includes three stages:

Selection and processing of the necessary information.

Analysis of this information.

Making a managerial decision.

Thus, analysis is an intermediate link between collecting information and making a decision.

The main objective of this coursework is to determine the classification of working capital, determine the composition of working capital, give an overall assessment of the turnover of working capital, calculate the norms of working capital, analyze the effectiveness of the use of working capital, using the example of Intek Service LLC.

1. Classification of working capital.

The main working capital of the organization is entirely consumed in each production process, fully transfers its value to the finished product and changes its natural form.

Classification of working capital assets:

1. Working capital in inventories:

a) raw materials, basic materials;

b) purchased semi-finished products;

c) auxiliary materials;

d) fuel;

e) containers and packaging materials;

f) spare parts for current repairs;

g) low-value and quickly wearing out household equipment and tools.

2. Working capital in the production process:

a) work in progress;

b) the cost of developing new products;

c) semi-finished products of own production.

Raw materials- this is the object of labor, for the extraction or production of which labor was expended. Raw materials are, for example: ore, cotton.

materials- these are objects of labor that have already undergone industrial processing, for example, rolled metal. Products are made from basic materials, they form its main material content.

Semi-finished products- products of labor that have passed one or more stages of production, but require further processing or assembly.

Containers and packaging materials- represent all types of packaging and materials necessary for their manufacture.

Unfinished production- these are objects of labor that are being processed or awaiting further processing and have not yet become part of the finished product.

The composition, structure and value of the working capital of various associations (enterprises) are different, since they depend on the nature and volume of output, the duration of the production cycle, the degree of mechanization and automation of production.

The association (enterprise) not only produces products, but also sells them, therefore, in addition to circulating production assets, it also has circulation funds. TO circulation funds include finished products in the warehouse of the enterprise, cash on hand and on the current account with the State Bank, as well as in pending payments for shipped products.

The sum of circulating production assets and circulation funds in monetary terms is current assets of the association (enterprise).

All property of the enterprise can be divided into:

1. Immobilized assets (1 section of the balance sheet)

2. Mobile assets (balance sheet section 2), which include stocks, cash, receivables, etc.

The stability of the financial position of an enterprise largely depends on the appropriateness and correctness of investing financial resources in assets. The structure of economic assets largely depends on the type of activity of the enterprise.

Analysis of the composition of current assets.

Section 2 of the balance sheet "Current assets" combines various items that include current assets (current assets).

Current assets include:

Stocks (including raw materials, materials, IBE, finished products, goods shipped, etc.).

VAT on purchased assets.

Accounts receivable short-term and long-term debt.

Short-term financial investments.

Cash (including cash, current account, foreign currency account, etc.)

Other current assets.

For the purposes of in-depth analysis, it is advisable to group all current assets into risk categories. For example, it is more likely that receivables will be easier to sell (convert to cash) than work in progress or deferred expenses. In this case, the scope of a particular type of working capital should be taken into account. Assets that can only be used for a specific purpose are more risky (less likely to be realised) than multi-purpose assets. The more funds invested in assets that fall into the high claim category, the lower the company's liquidity.

Degree of risk	Group of current assets
Minimum	Cash money affinities, easily marketable short-term securities
	Accounts receivable of enterprises with a normal financial position + stocks (excluding stale ones) + finished products of mass consumption in demand
	Industrial and technical products, work in progress, deferred expenses
	Accounts receivable of enterprises in a difficult financial situation, stocks of finished products that are out of use, stale stocks, illiquid assets

In the development of the above analysis, it is advisable to assess the trend in the ratio of hard-to-sell assets and the total value of assets, as well as hard-to-sell and easy-to-sell assets.

The upward trend in these ratios indicates a decrease in liquidity.

When conducting such an analysis, it should be remembered that the classification of working capital into hard-to-sell and easy-to-sell cannot be constant, but changes with changes in specific economic conditions.

For example, in conditions of supply instability and the ongoing depreciation of the ruble, enterprises may be interested in investing in inventories and other types of inventory, the market prices of which are steadily growing, which gives reason to classify the assets of this group as easy to sell.

There are also more serious negative consequences of such a significant amount of hard-to-sell assets on the company's balance sheet. This so-called dead capital slows down the turnover of funds in the enterprise and, consequently, reduces the efficiency of its activities. Often, at our enterprises, the drop in the values of profitability indicators is largely determined by the presence and growth of the share of hard-to-sell assets.

Finally, hard-to-sell assets reflected as separate elements of working capital distort the true picture of the enterprise's liquidity, misleading its management and business partners.

The situation is aggravated by the fact that at many of our enterprises control over the safety of inventory items has been significantly weakened.

Often carried out formally, the inventory does not allow the head of the enterprise and his accounting department to draw up an objective picture of the presence and safety of material assets.

If hard-to-sell assets make up a significant part of working capital, then the management of the enterprise and its chief accountant should take urgent measures to stabilize the financial position of the enterprise.

These measures should be:

inventory of the state of property in order to identify assets of "low" quality (worn-out equipment, stale stocks of materials;

receivables, unrealistic to collect) and clarification of the real value of the property of the enterprise;

improving the organization of settlements with buyers (in conditions of inflation, as usual, it is more profitable to sell products faster and cheaper than to expect more favorable conditions for its sale);

reduction of excessive stocks of inventory and, as a result, a decrease in cash outflow.

Of particular importance for the stable operation of the enterprise is the speed of cash flow. One of the main conditions for the financial well-being of an enterprise is the inflow of funds to cover its current obligations.

The lack of such a minimum required cash reserve is indicative of his serious financial difficulties.

Excessive amounts of cash indicate that the company actually suffers losses associated, firstly, with inflation and the depreciation of money, and, secondly, with the missed opportunity for their profitable placement and additional income.

In this regard, there is a need to assess the rationality of cash management in the enterprise.

There are various ways to do this analysis.

In particular, a kind of barometer of the occurrence of financial difficulties is the tendency to reduce the share of cash in the composition of the current assets of the enterprise with an increasing volume of its current liabilities. Therefore, a monthly analysis of the ratio of cash and the most urgent obligations (which expire in the current month) can give a fairly eloquent picture of the excess (lack) of cash in the enterprise.

Another way to assess the adequacy of cash is to determine the cash turnover ratio.

For this purpose, the formula is used:

Internal accounting data are used to calculate average cash balances.

In order to reveal the real cash flow at the enterprise, to assess the synchronism of the receipt and expenditure of funds, and also to link the value of the obtained financial result with the state of funds at the enterprise, it is necessary to identify and analyze all directions of receipt (inflow) of funds, as well as their disposal (outflow).

A significant proportion of receivables in the composition of current assets determines their special place in the assessment of the turnover of working capital. In the most general form, changes in the volume of receivables for the year can be characterized by balance sheet data.

For the purposes of internal analysis, analytical accounting information should be involved: data from order journals or records of settlements replacing them with buyers and customers, with suppliers on advances issued, accountable persons, with other debtors.

To summarize the results of the analysis, a summary table is compiled in which receivables are classified according to the terms of formation.

The analysis of short-term debt is carried out on the basis of the data of analytical accounting of settlements with suppliers, received bank loans, settlements with other creditors

(magazines-orders No. 4, 6, 8, 10, statements, etc.).

In the course of the analysis, a selection of obligations is made, the terms, the repayments of which occur in the reporting period, as well as deferred and overdue obligations.

To assess the turnover of accounts receivable, the following group of indicators is used.

Accounts receivable turnover.

It should be borne in mind that the longer the period of delay in debt, the higher the risk of non-payment.

The share of receivables in the total volume of current assets.

allowing you to manage accounts receivable:

Monitor the status of settlements with buyers on deferred (overdue) debts;

Target as many buyers as possible to reduce the risk of non-payment by one or more large buyers;

Monitor the ratio of accounts receivable and payable: a significant excess of accounts receivable poses a threat to the financial stability of the enterprise and makes it necessary to attract additional (usually expensive) sources of financing;

Use the method of providing discounts for early payment.

Inventory valuation is carried out for each of their types (inventory, finished products, goods, etc.).

The turnover of inventories characterizes the speed of movement of material assets and their replenishment. The faster the turnover of capital placed in stocks, the less capital is required for a given volume of business transactions.

Inventory turnover varies greatly across industries. In industries with a long production cycle, maintaining inventory requires more capital.

The timing of the turnover of inventories of enterprises in the same industry, as a rule, characterizes how successfully they use capital. As it was found out earlier, the accumulation of stocks is associated with a very significant additional cash outflow, which makes it necessary to assess the possibility and feasibility of reducing the storage period of material assets. The fall in the purchasing power of money forces enterprises to invest temporarily free funds in stocks of materials. In addition, the accumulation of stocks is often a forced measure to reduce the risk of non-delivery (undersupply) of raw materials and materials necessary for the production process of the enterprise.

We note in this regard that an enterprise that focuses on one main supplier is in a more vulnerable position than enterprises that build their activities on contracts with several suppliers.

At the same time, it should be borne in mind that the policy of accumulation of stocks of inventory items inevitably leads to an additional outflow of funds due to:

increase in costs arising in connection with the possession of stocks (rent of storage facilities and their maintenance, expenses for the movement of stocks, property insurance, etc.);

increase in costs associated with the risk of losses due to obsolescence and damage, as well as theft and uncontrolled use of inventory items; it is well known: the greater the volume and period of storage of property, the weaker (more difficult) control over its safety;

increase in taxes paid.

Under conditions of inflation, the actual cost of spent inventories (the amount of their write-off to cost) is significantly lower than their current market value.

As a result, the amount of profit turns out to be "inflated", but it is from it that the tax due will be calculated.

The picture is similar with the value added tax.

The fact that the value of the property tax increases with the increase in the volume of reserves, probably does not require explanation; diversion of funds from circulation, their "death".

Excessive reserves stop the movement of capital, violate the financial stability of the activity, forcing the management of the enterprise to urgently seek the funds necessary for current activities (usually expensive). Therefore, not without reason, excessive inventories are called the "graveyard of business."

These and other negative effects of a stockpiling policy often completely offset the positive effects of savings from earlier purchases.

A significant outflow of funds associated with the costs of the formation and storage of stocks makes it necessary to find ways to reduce them.

At the same time, of course, we are not talking about reducing the amount of costs for the creation and maintenance of stocks of inventory items to a minimum.

Such a solution would most likely turn out to be ineffective and would lead to an increase in losses of a different kind (for example, from damage and uncontrolled use of inventory items).

The challenge is to find a "golden mean" between excessively large stocks, which can cause financial difficulties (lack of funds), and excessively small stocks, dangerous for the stability of production.

Such a task cannot be solved in the conditions of spontaneous formation of reserves; an established system of control and analysis of the state of reserves is necessary.

In the theory and practice of inventory management, the following main signs of an unsatisfactory resource control system are distinguished:

a trend towards a constant increase in the duration of storage of stocks;

continuous growth of stocks, noticeably outpacing the dynamics of the increase in the volume of products sold;

frequent downtime of equipment due to lack of materials;

lack of storage space;

periodic refusal of urgent orders due to lack (absence) of inventories;

large amounts of write-offs due to the presence of obsolete (stale), slow-moving stocks;

Significant amounts of inventory write-offs due to their deterioration and theft.

The main objectives of control and analysis of the state of stocks:

Achieving the set goals involves the implementation of the following accounting and analytical work.

An assessment of the rationality of the structure of reserves, which makes it possible to identify resources, the volume of which is clearly excessive, and resources, the acquisition of which needs to be accelerated.

This will avoid unnecessary investment of capital in materials, the need for which is reduced or cannot be determined. It is equally important in assessing the rationality of the structure of stocks to establish the volume and composition of spoiled and slow-moving materials. This ensures that inventories are maintained in the most liquid state and that funds immobilized in inventories are reduced.

Determining the timing and volume of purchases of material assets. This is one of the most important and difficult tasks for the current conditions of the functioning of Russian enterprises in the analysis of the state of stocks.

Despite the ambiguity of the decisions made for each specific enterprise, the general approach to determining the volume of purchases, which allows taking into account:

the average volume of consumption of materials during the production and commercial cycle (usually determined on the basis of the results of the analysis of the consumption of material resources in the past periods and the volume of production under the conditions of the intended sale);

additional quantity (safety stock) of resources to compensate for unforeseen expenses of materials (for example, in the case of an urgent order) or to increase the period required to form the necessary stocks.

Selective regulation of stocks of material assets, suggesting that attention should be focused on expensive materials or materials that have a high consumer value. attraction.

In foreign practice, the so-called ABC method has become widespread, the methods of which can also be applied at Russian enterprises.

The main idea of the ABC method is to evaluate each type of material in terms of its value. This refers to the degree of use of the material for a specific period; the time required to replenish stocks of this material, and the costs (losses) associated with its absence in the warehouse; the possibility of replacement, as well as losses from replacement.

A small share of these material resources in the total volume of material assets stored in the warehouse determines the main amount of cash outflow during the formation of stocks.

Such materials are considered as group A resources.

Group B materials are secondary; they are less expensive than materials of group A, but surpass them in the number of items.

Group C materials are considered relatively unimportant - these are the least expensive and most numerous material values.

Their acquisition and maintenance are accompanied by an insignificant (in comparison with the total amount) cash outflow.

Typically, the cost of holding such stocks is less than the cost of maintaining tight control over the ordered batches, insurance (reserve) stocks and stock balances.

Material resources are divided into the listed groups depending on the specific conditions of production.

The key point here is that group A materials are most carefully controlled.

Particular attention is paid to:

calculation of the need for them;

scheduling the formation of stocks and their use;

substantiation of the value of insurance stocks, inventory.

Calculation of indicators of turnover of the main groups of stocks and their comparison with similar indicators of past periods in order to establish the compliance of the availability of stocks with the current needs of the enterprise.

To do this, calculate the turnover of materials accounted for on various sub-accounts ("Raw materials", "Purchased semi-finished products and components, structures and parts", "Fuel", "Containers and packaging materials", "Spare parts", etc.), and then the total material turnover by determining the weighted average.

Since inventories are accounted for at the cost of their procurement (acquisition), then to calculate the inventory turnover ratio, not sales proceeds are used, but the cost of goods sold.

To estimate the inventory turnover rate, the following formula is used:

Analysis of the turnover of working capital.

The financial position of the enterprise is directly dependent on how quickly the funds invested in assets are converted into real money.

The following are related to the turnover rate:

The minimum required amount of advanced (involved) capital and related cash payments (interest on bank loans, dividends on shares, etc.);

The need for additional sources of funding (and fees for them);

The amount of costs associated with the possession of inventory and their storage;

The amount of taxes paid, etc.

Separate types of assets of the enterprise have different turnover rates.

The duration of funds in circulation is determined by the combined influence of a number of multidirectional external and internal factors. The first should include the scope of the enterprise (production, supply and marketing, intermediary, etc.), industry (there is no doubt that the turnover of working capital at a machine-tool plant and a confectionery factory will be objectively different), the scale of the enterprise (in most cases, the turnover of funds at small enterprises is much higher than at large ones - this is one of the main advantages of small businesses) and a number of others.

No less impact on the turnover of assets is exerted by the economic situation in the country and the associated business conditions of enterprises.

Thus, inflationary processes, the absence of well-established economic relations with suppliers and buyers in most enterprises lead to a forced accumulation of stocks, which significantly slows down the process of turnover of funds.

However, it should be emphasized that the period of funds in circulation is largely determined by the internal conditions of the enterprise, and primarily by the effectiveness of its asset management strategy (or lack of it). Indeed, depending on the pricing policy applied, the structure of assets, the methodology for assessing inventories, the enterprise has more or less freedom to influence the duration of the turnover of its funds.

It should be borne in mind that the value of the turnover ratio of current assets is directly affected by the methodology adopted at the enterprise for their assessment, and based on the tasks and the chosen asset management strategy, the enterprise has a certain ability to regulate the value of the turnover ratio of its assets.

In the general case, the turnover of funds invested in property can be assessed by the following main indicators: turnover rate (the number of revolutions that the capital of the enterprise or its components make during the analyzed period) and the turnover period - the average period for which return to the economy invested in production commercial transactions cash.

The rate of turnover of an enterprise's assets is usually calculated using the formula:

The average value of assets according to the balance sheet is determined by the formula:

where the turnover of assets is numerically equal to the turnover ratio of current assets.

Each industrial association (enterprise) must improve the use of working capital.

To assess the use of working capital, two indicators are used:

duration of one revolution in days

H \u003d T 1 + T 2 + T 3,

T 1 - procurement cycle (acquisition and delivery of materials, fuel, etc.);

T 2 - production cycle;

T 3- product sales cycle;

2) the number of turnovers during the planned period or the turnover ratio, which characterizes the output of products for 1 rub. working capital:

K about. = T / H

T - duration of the planning period, days.

The shorter the duration of one revolution, the more revolutions the working capital will make.

With the acceleration of the turnover of working capital, the need for them decreases, a reserve is created to increase output.

To accelerate the turnover of working capital, it is necessary to reduce the time of their stay both in the sphere of production and in the sphere of circulation.

For this you need:

reduce the time of processing and assembly of products by mechanization and automation of the production process;

improve the use of new technology;

accelerate the control and transportation of products during their processing;

reduce stocks of materials, fuel, packaging, work in progress to the established standard;

ensure the rhythmic work of all production sites and workshops of the enterprise, timely delivery of materials to the enterprise and workplaces;

accelerate the shipment of finished products; promptly and quickly make settlements with consumers;

improve product quality, prevent the return of finished products from the consumer, etc.

The calculation of the standard of working capital is carried out, as a rule, by the method of direct counting based on the indicators of the production program for the planned period, the volume of production and sales, the range, the frequency of deliveries. duration of the production cycle.

The calculation can also be made by the analytical method, based on the relationship between the growth rate of production volume and the size of normalized working capital in the previous period.

standard- this is the minimum planned amount of working capital that is constantly needed by the association (enterprise) for normal operation. Standard (need) of working capital for materials in monetary terms H is determined by the formula

H = RD,

R - one-day consumption of materials according to the estimate of production costs, rubles;

D - the rate of working capital in days of stock.

Calculation of the standard of working capital in work in progress H o.s is determined by the formula

N o.s \u003d SPK n.s / D + Z r,

WITH - the production cost of marketable products according to the cost estimate for the planned period;

P - the duration of the production cycle, calculated according to the production schedule;

K n.z - coefficient of increase in costs (the ratio of the cost of work in progress to the planned cost of the product);

D - the number of days in the planning period;

Z r - the value of the reserve stock of work in progress.

Particular attention should be paid to the efficiency of the use of working capital, since the rational use of working capital affects the main indicators of the economic activity of an industrial enterprise: the growth of production volume, the reduction in production costs, and the increase in the profitability of the enterprise. An analysis of the effectiveness of the use of working capital should help identify additional reserves and help improve the main economic indicators of the enterprise.

The main synthetic indicator of the use of working capital is:

Profitability ratio of assets (property).

The acceleration of the turnover of working capital depends on the time they spend at various stages of the cycle, reducing its duration. It is achieved by an increase in output and sales of products, a more complete and rational use of material resources, and a reduction in the time of the technological cycle. The turnover is affected by the use of the latest achievements of scientific and technological progress.

Analysis of the turnover of working capital at Intek Service LLC.

Let's analyze the turnover ratio of current assets at the enterprise LLC "Intek-Service" for 2001.

The table shows that the increase in the turnover ratio was affected by the decrease in the duration of working capital.

During the analyzed period, the duration of working capital decreased by 1 day. And accordingly, the turnover ratio increased by 0.13.

The duration of the turnover of assets may change due to the amount of revenue and average balances. To calculate the influence of factors, the chain substitution method is used:

P about. = 6000*90 / 20000= 27 days.

P vol. \u003d 13000 * 90 / 20000 \u003d 58.5 days.

P about. \u003d 13000 * 90 / 45000 \u003d 26 days.

Hence the change in the duration of the turnover of working capital due to:

Amounts of turnover of working capital

P about. = 26- 58.5 = - 32.5 days

Average balances of working capital

P about. Balances = 58.5 - 27 = + 31.5 days

The economic effect as a result of the acceleration of capital turnover is expressed in the relative release of funds from circulation, as well as in an increase in the amount of revenue and the amount of profit.

The amount of funds released from circulation due to acceleration

(-E) or additionally attracted funds into circulation (+ E) with a slowdown in the turnover of capital is determined by multiplying the one-day turnover for the sale by the change in the duration of the turnover:

E \u003d Sum of revolutions \ days * P rev. \u003d 45000 \ 90 * (26-27) \u003d - 500 million rubles.

In our example, due to the acceleration of the turnover of working capital for 1 day, there was a relative release of funds from turnover in the amount of 500 million rubles.

If the capital turned over in the reporting quarter not in 26 days, but in 27, then to ensure actual revenue in the amount of 45,000 million rubles. it would be necessary to have in circulation not 13,000 million rubles. working capital, and 13,500 million rubles, i.e. for 500 million rubles. more.

The same result can be obtained in another way, using the capital turnover ratio. To do this, from the average amount of working capital of the reporting period, it is necessary to subtract its estimated value, which would be required to ensure the amount of turnover at the capital turnover ratio of the previous year.

E \u003d 13000-45000 / 3.33 \u003d - 500 million rubles.

To establish the impact of the turnover ratio on the change in the amount of revenue, you can use a factor model:

Vk.rev. \u003d 13000 * (3.46 - 3.333) \u003d 1647 million rubles.

In k1 \u003d (13000-6000) * 3.3333 \u003d 23333 million rubles.

In total = 45,000 -20,000 = 25,000 million rubles.

P \u003d K vol. * P + K1 \u003d (3.46 - 3.3333) * 0.66 * 13000 \u003d 1087 million rubles.

After analyzing our company, we saw that due to the acceleration of the turnover of working capital in the reporting period, the company additionally received profit in the amount of 1087 million rubles.

Let us determine the change in the turnover of working capital and the amount of release (involvement) at the enterprise Intek-service LLC.

Let's draw the appropriate conclusions.

Remaining working capital for:

Average quarterly balances of working capital for 1 sq. =

(240/2 + 242 + 238 + 240/2) / 4-1 = 240 million rubles.

Average quarterly working capital balances for Q2 =

(236/2 + 242 + 244 + 242/2) / 4-1 = 240 million rubles.

Turnover of working capital for 1 sq. = 240 * 90 / 473, 7 =

Working capital turnover for 2 sq. = 240 * 90 / 509, 4 =

release amount = 509.4 / 90 * (-3.2) = - 18.1 million rubles.

Let's conclude:

The table shows that in the second quarter, the proceeds from the sale of products amounted to 509.4 million rubles. compared to the 1st quarter, in which the sales proceeds amounted to 473.7 million rubles.

As a result, the deviation amounted to + 35.7 million rubles, we can conclude that the company's profit increased due to an increase in sales proceeds, as well as due to a decrease in the turnover of working capital (in days).

In the second quarter, the turnover ratio of working capital decreased and amounted to 42.4 days, compared with the 1st quarter, the indicator was 45.6 days, the deviation was 3.2 days.

It can be concluded that the lower the turnover of working capital, that is, the less time spent on the process of turnover of funds, the higher the proceeds from the sale of products, and hence the greater the profit of the enterprise.

Thus, it is possible to advise the enterprise to continue working in this direction and continue to use its resources efficiently.

At the end of the analysis, the enterprise should develop measures to accelerate the turnover of working capital:

Reducing the duration of the production cycle due to the intensification of production:

use of the latest technologies,

mechanization and automation of production processes,

increasing the level of labor productivity,

fuller use of the production capacity of the enterprise,

labor and material resources, etc.

Improving the organization of material and technical supply in order to ensure the uninterrupted supply of production with the necessary material resources and reduce the time spent by capital in stocks.

Acceleration of the process of shipment of products and registration of settlement documents.

Reducing the time spent on receivables.

Increasing the level of marketing research aimed at accelerating the promotion of goods from the manufacturer to the consumer

(including market research, improvement of the product and the forms of its promotion to the consumer, the formation of the correct pricing policy, the organization of effective advertising, etc.).

Conclusion

The purpose of this course work was to study the analysis of the turnover of working capital in a form that is universal for all enterprises, regardless of their type of activity.

Analysis of the use of working capital helps to identify additional reserves to improve the economic performance of the enterprise.

Using the example of Intek Service LLC, we considered how, by accelerating the turnover of capital, an enterprise can receive additional profit.

Based on the foregoing, we can conclude that the analysis of the financial and economic activities of the enterprise, subject to its correct implementation, will bring

company additional profit
Bibliography.

"Methodology of financial analysis" Sheremet A.D. Moscow: INFRA-M, 2000.

"Financial analysis" Efimova O.V. Moscow Accounting, 1999

"Theory of economic analysis" M.I. Bakanov, A.D. Sheremet, Moscow: Finance and Statistics, 2001

"Analysis of the economic activity of the enterprise" Savitskaya G.V., 2nd edition, revised and supplemented, Moscow, Minsk: IP Ecoperspektiva, 2001.

(Table 12 of Annex 1 )

The purpose of the asset turnover analysis is to characterize the principles of managing the working capital of an enterprise and the established general principles of financing the production process.

The rate of asset turnover is directly related to the return on equity.

Turnover analysis includes a study of the turnover of assets (non-current and current), short-term liabilities and analysis of the "clean cycle". The main indicator characterizing the turnover of assets is the turnover period - the duration of one turnover of an asset (liability) in days.

Table 15

turnover

Names of indicators

TURNOVER IN RELATION TO REVENUE

TURNOVER RATIO (in annual terms)
Asset turnover
Turnover period of all assets
Turnover of fixed assets
Turnover period of fixed assets
Permanent asset depreciation rate
Turnover of current (current) assets
Period of turnover of current (current) assets

CALCULATION OF "PURE CYCLE"
Turnover of stocks of materials




"Cost Cycle"




"Credit Cycle"

"Clean Cycle"

TURNOVER IN RELATION TO INDIVIDUAL BASES
Turnover of stocks of materials
Turnover of work in progress
Turnover of finished products and goods
Turnover of receivables
Turnover of other current assets

Accounts payable turnover
Turnover of settlements with the budget and personnel
Turnover of other short-term liabilities

The analysis of the turnover of all assets of the enterprise showed an increase in the efficiency of using the property of the enterprise as a whole. The increase in the efficiency of the use of property occurred due to an increase in the efficiency of the use of non-current assets (an increase in the turnover of non-current assets). In particular, the period of turnover of non-current assets gradually decreased from 8926 days as of 01.10.04 to 1572 days as of 01.10.06. The turnover of non-current assets, respectively, increased from 0.04 to 0.23. This fact confirms that the commissioning of fixed assets in the period under review was “justified” by an increase in sales volumes.

A similar situation occurred with current assets: the period of turnover of current assets decreased from 23563 days (04/01/2004) to 5580 days (01/01/2007). Accordingly, the turnover of current assets increased from 0.02 to 0.06.

The value of the cost cycle decreased from 21987.3 days to 5523.2 days as of October 1, 2006, which indicates a lower need for the enterprise to finance the production process.

Note that the longer the "cost cycle", the more funds the company needs to finance the current production activities of the enterprise. The reduction in the cost cycle indicates an improvement in the conditions for financing current production activities.

During the entire analyzed year, the period of turnover of other current assets and the turnover of finished products have the largest share in the "cost cycle" - 43% and 24%, respectively, during the analyzed year. In other words, in the chain "stocks - work in progress - finished products in stock - accounts receivable" other current assets and finished products account for the maximum period of binding funds.

The receivables turnover period is defined as the ratio of receivables to average daily sales revenue and reflects the average period for paying bills by customers. For OAO Lesosibirsky LDK No. 1, the period of delay in payments by buyers is on average 2305.5 days or 6.3 years. Starting from January 1, 2007, all buyers from LLDK No. 1 paid off.

The period of inventory turnover is defined as the ratio of the average value of stocks to the value of consumed stocks. The volume of consumed stocks in monetary terms is determined on the basis of data on the cost of goods sold for the period (Profit Statement, table 2) minus depreciation and accrued wages for the period.

Throughout the analyzed year, the inventory turnover period remained almost unchanged at 6 years, as far as sawn timber and fibreboard are concerned. Thus, in the warehouse of the LLDK No. 1 enterprise, the volume of stocks is constantly concentrated, covering the six-year need for materials with the planned production volume. However, this indicator decreased by 1861.1 and amounted to 1262.7 days (3.5 years) as of October 1, 2006.

The period of turnover of work in progress gives an idea of the duration of the production cycle.

The value of the indicator is defined as the ratio of the average value of work in progress to the cost of goods sold.

During the analyzed period, the turnover of work in progress decreased significantly and amounted to 720.5 days compared to 1764.7.

The period of turnover of finished products characterizes the average period of the finished product in the warehouse (frequency of shipment) with the current volumes of production and sales. The value of the indicator is defined as the ratio of the average value of finished products to the sum of the cost of sales, commercial and administrative expenses.

During the study period, this indicator also decreased from 5381.7 to 724.2 days. This fact indicates a reduction in the shelf life of finished products in a warehouse, or a decrease in the average frequency of shipment of finished products to customers, which is associated with an increase in demand for manufactured goods or a decrease in the stock of goods.

The analysis of the turnover of short-term liabilities allows us to estimate the average duration of the deferred payments provided to the enterprise by its creditors. Accounts payable and stable liabilities (current debt to the budget and personnel) are considered as part of short-term liabilities.

The period of turnover of accounts payable characterizes the period of payment of invoices to suppliers by OAO Lesosibirsky LDK No. 1 - the duration of the grace period provided by suppliers. The value of the indicator is defined as the ratio of the average amount of accounts payable to the cost of sales of the period minus depreciation and accrued wages.

During the analyzed period, the turnover of accounts payable decreased significantly from 471.5 days (01.10.04) to 228.4 (01.10.06), which characterizes the activity of the enterprise positively.

In addition, the period of turnover of sustainable liabilities has decreased:

Before the budget and staff from 492.4 to 123.1 (which is about 4.1 months);

The turnover of other short-term liabilities also decreased to 227.8 days compared to 2004 (943.8).

The sum of the periods of turnover of the components of current liabilities is called the "credit cycle". The greater the value of the "credit cycle", the more effectively the company uses the opportunity to obtain financial resources from the participants in the production process - suppliers and buyers (provided that the company has no overdue debts to creditors, budget, personnel). The longer the "credit cycle", the lower the cost of sources of financing for current production activities.

During the study period, the "credit cycle" of OJSC "Lesosibirsky LDK No. 1" decreased from 1907.7 days to 579.2, the enterprise uses the possibility of obtaining financial resources from the participants in the production process less efficiently.

Thus, the company has less stable terms of settlements with suppliers (7.6 months) and less stable prepayment from buyers (4.1 months).

The difference between the "cost" and "credit" cycles is called the "net cycle". This indicator characterizes the organization of financing the production process.

From an economic point of view, the “clean cycle” is the part of the “cost cycle” that is not financed by the direct participants in the production process. The higher the value of the indicator, the higher the need for the enterprise to finance current production activities from external sources (loans, increase in equity). This situation is unfavorable for the financial condition of the enterprise.

A negative net cycle value would mean that supplier and buyer loans fully cover the company's need for working capital financing.

For the period 01.10.04 - 01.10.06 the value of the "clean cycle" significantly decreased from 20079.6 to 4944.0 days. It should be noted that the value of the "clean cycle" is in the order of 91% of the "cost cycle", that is, only 9% of the need for financing current assets is financed by short-term liabilities - from sources that arise during the implementation of the production process. Available sources of financing (in the form of accounts payable, current debt to the budget, off-budget funds, personnel) are sufficient to cover only 9% of the need.

Possible directions for reducing the “clean cycle” are a reduction in the “cost cycle” (which happened in this case), or (also) an increase in the “credit cycle” (however, in this case, only a decline was observed). It is necessary to increase the credit cycle of the enterprise due to the increase in accounts payable (the average period of payment by the enterprise of supplier invoices).

Thus, the reduction of the "clean cycle" should be built along the path of reducing the periods of turnover of elements of current assets. The analysis showed that the reserve for reducing turnover periods is observed for the entire cost cycle (inventory - 1861.1, work in progress - 1044.2, finished products and goods - 4657.5, receivables - 1550.2, other current assets - 7351, 2).

Let's analyze index asset turnover. The ratio refers to the group of financial indicators "Turnover (business activity)". The remaining three groups of financial indicators are "Liquidity", "Profitability", "Financial stability". The coefficients of liquidity and financial stability show the solvency of the enterprise, and the profitability of its effectiveness. Turnover ratios show the intensity (rate of turnover) of the use of assets or liabilities. They determine how the enterprise actively conducts its activities.

. economic sense

First, we define the economic meaning of the coefficient. The asset turnover ratio reflects how the company uses (how intensively) its existing assets. The coefficient determines the effectiveness of the use of own funds (both own and borrowed) in the production and sale of products.

This ratio should be read as follows. For example, the asset turnover ratio is 4 (the analyzed period is a year). Based on this, we can conclude that the company received revenue for the year (in total), which is 4 times more than the value of assets. They say that the company's assets turn around 4 times a year.

The higher the value of this indicator, the more efficiently the enterprise works. The asset turnover ratio is directly proportional to the volume of sales (in the formula, it has “Revenue” in the numerator). An increase in this ratio indicates that sales have also increased. The lower the turnover, the greater the dependence of the enterprise in financing its production process. The table below shows the reasons for changing the indicator.

Asset turnover rate. Synonyms

Often in various economic literature, this coefficient is called differently. To avoid confusion in its interpretation, here are the most commonly used synonyms for asset turnover:

resource productivity,
The rate of return on assets,
assets turnover ratio,
total assets turnover,
turnover ratio,
asset management ratio.

Asset turnover rate. Calculation formula

The formula for calculating asset turnover is as follows:

According to the forms of the balance sheet, the indicator is calculated by the formula:

Asset turnover ratio = line 2110 / (line 1600ng. + line 1600kg. / 2)

Ng. – string value 1600 at the beginning of the year.
Kg. – line value 1600 at the end of the year.

Do not forget to divide by 2 to find the average value of assets for the year. The reporting period may not be a year, but a month.

Asset turnover period

The asset turnover ratio is easy to transform into an indicator asset turnover period. This indicator better reflects the efficiency of the use of assets and represents the number of days required for the transformation of assets into the money supply. The formula for calculating the period of asset turnover (one turnover):

Asset turnover period = 360 / Asset turnover ratio

Video lesson: “Calculation of key turnover ratios for OAO Gazprom”

Asset turnover ratio. Calculation on the example of Megafon OJSC

Calculation of asset turnover for OAO Megafon. Balance

Calculation of asset turnover for OAO Megafon. Gains and losses report

To calculate the indicator, it is necessary to take the balance sheet data from the official website of Megafon OJSC.

Asset turnover ratio 2014-1 = 68316/(449985+466559)/2 = 0.14
Asset turnover ratio 2014-2 = 139153/(466559+458365)/2 = 0.30
Asset turnover ratio 2014-3 = 213539/(458365+413815)/2 = 0.48

Do not forget that you need to take the average value of assets for the period. Therefore, we divided by 2 in the denominator the amount of assets at the beginning of the period and at the end. OJSC "Megafon" value of the asset turnover ratio increased. It can be concluded that the company increased its sales, since it is sales that directly affect this coefficient.

Asset turnover rate. standard

There is no specific standard value for the coefficient. It is worth analyzing it, like all turnover indicators: in dynamics. Therefore, if there is a downward trend - inefficient use of assets, and similarly vice versa with increasing growth - an increase in the quality of asset management.

In reality, when evaluating enterprises in high-tech and capital-intensive industries, this coefficient has small values. This is due to the fact that companies in such industries have large assets. And the turnover ratio in trade enterprises will have large values, since the intensity of cash turnover is higher for such ones.

Comparison of asset turnover indicators (AT) and return on assets (ROA)

Let's define the difference between asset turnover and return on assets (ROA). The ROA formula is given below:

Return on assets ratio = Net profit / Assets = line 2400 / line 1600

Differences	Descriptions
1 difference.	average asset value.
2 difference.	The Asset Turnover Ratio is used Sales revenue(p. 2110), while in the Return on Assets Net profit (2400).
3 difference.	The asset turnover ratio is always positive value.
4 difference.	The asset turnover ratio does not give an idea of profitability, like the return on assets (ROA), but shows efficiency through the rate of asset turnover. Only indirectly reflects the potential profitability of the enterprise.

In addition to the considered financial ratios, an indicator characterizing the degree of provision with own working capital is determined.

There are two ways to calculate it:

Another indicator that ensures the solvency and liquidity of the enterprise is its own working capital, which is defined as the difference between current assets and short-term liabilities. The company has its own working capital as long as current assets exceed short-term liabilities. In the practice of financial analysis, this indicator is also called net current assets, working capital, working capital.

The financial position of the enterprise, its liquidity and solvency directly depend on how quickly the funds invested in assets are converted into real money. This effect is explained by the fact that the speed of turnover of funds is associated with:

the maximum required amount of the advanced (involved) capital and related cash payments (interest on bank loans, dividends on shares, etc.);
the need for additional sources of funding and fees for them;
the amount of costs associated with the possession of inventory and their storage;
the amount of taxes paid, etc.

Different types of assets have different turnover rates.

The duration of funds in circulation is determined by the combined influence of a number of multidirectional external and internal factors. The first should include the scope of the enterprise (production, supply and marketing, intermediary, etc.), industry affiliation, scale of the enterprise (in small enterprises, the turnover rate is much higher - this is their main advantage). The economic situation in the country and the associated business conditions of enterprises have a significant impact on the turnover of assets. Thus, inflationary processes, the absence of well-established economic relations with suppliers and buyers in most enterprises lead to a forced accumulation of stocks, which significantly slows down the process of turnover of funds.

The period of funds in circulation largely depends on the internal conditions of the enterprise, the strategy and efficiency of its asset management. Depending on the pricing policy applied, the structure of assets, the methodology for estimating inventories, the enterprise has greater or lesser freedom of influence on the duration of the turnover of its funds.

The turnover of funds invested in property is an indicator characterizing the effectiveness of working capital management, and can be assessed by the following main indicators:

turnover rate (the number of turnovers that the capital of the enterprise or its components make during the analyzed period) and the turnover period - the average period for which the funds invested in production and commercial operations are returned to the enterprise. The following formulas are used to calculate turnover ratios:

Information on the amount of proceeds is contained in Form 2 "Profit and Loss Statement".

When analyzing the turnover of funds of a trading enterprise, sales revenue is understood as the selling price of goods sold or turnover.

The average value of assets according to the balance sheet is determined by the arithmetic mean formula:

where O n and O k - the value of assets at the beginning and at the end of the period, respectively.

If the analysis is carried out for a period longer than a quarter (half year, year), this method of calculating the average value can lead to its significant distortion. A more accurate calculation of the average value of assets will be obtained from monthly data on the state of assets. Then the value of assets is determined by the formula

where 0„ is the value of assets in P-th month.

Then the duration of one revolution in days is calculated:

An example of the analysis of the dynamics of indicators of asset turnover for a conditional enterprise is given in Table. 11.2.

Table 11.2. Dynamics of asset turnover indicators compared to the previous year

Let's analyze the turnover rates given in Table. 11.2.

Compared to last year, the duration of the turnover of current assets increased by 12.7 days, which indicates a deterioration in the financial position of the enterprise (funds invested in the analyzed period in current assets go through a full cycle and again take the form of money 12.7 days longer than in the previous year). As a result, additional funds were required to continue production and commercial activities at least at the level of the previous year.

Calculate the amount of additional funds attracted into circulation according to the formula

Thus, the slowdown in turnover by 12.7 days required the attraction of additional funds into circulation in the amount of 43,932.3 thousand rubles. Since the turnover of current assets in the analyzed year amounted to 2.198, therefore, for the whole year additional funds were attracted in the amount of 96,563.1 thousand rubles. (43,932.3 x 2.198). As the analysis of the liabilities side of the balance sheet showed, short-term bank loans became such funds for the enterprise in the first place.

To find out the reasons for the decrease in the total turnover of current assets, it is necessary to analyze changes in the speed and period of turnover of the main types of working capital (inventory, finished products or goods and receivables). To assess the turnover of goods and receivables, formulas 11.3 and 11.7 are used, when calculating the turnover of inventories and finished products, formulas close to them are used, based on the value of the cost of goods sold (instead of sales proceeds):

The average value of reserves is determined by the already considered method:

A more accurate calculation of average inventories is based on monthly inventory data:

It should be borne in mind that formulas 11.3 and 11.7, being the simplest for calculation (based on accounting data), do not accurately characterize the duration of the funds at the stages of the production and commercial cycle. Yes, prof. S. B. Barngolts in the proposed system of classification of working capital calls such indicators general or generalizing.

A more accurate calculation of the period of turnover of funds invested in specific types of property can be made using the formula for the mobility of the account of prof. Sherr, which was further developed in the works of S. B. Barngolts.

Average Remains here they represent the arithmetic average of the balances of property or liabilities recorded in a particular account.

Under turnover the value of the credit turnover of a particular material account for the analyzed period, which is taken from the General Ledger (turnover sheet), is understood. Indeed, if we are interested in how long this or that type of property (it doesn’t matter whether we are talking about material assets or obligations of debtors) is taken into account on the balance sheet of an enterprise (i.e., the period of storage of inventories of goods and materials or the maturity of receivables), then it is necessary to operate with amounts “leaving” the account, i.e., reflected on the loan (since the debit turnover characterizes the accumulation of property or an increase in the obligations of buyers).

Formula 11.12 is universal and can be used to determine the turnover period of not only assets, but also liabilities (liabilities) of an enterprise. In this case, the average balances of the analyzed passive account (“Settlements with suppliers and contractors”, “Short-term bank loans”) are taken, and the turnover is understood as the value of its debit turnover for the period.

So, the period of turnover of a passive account is the average maturity of accounts payable that has developed at the enterprise. Therefore, to calculate it, it is necessary to take a turnover that characterizes the “leaving” of the amounts of obligations from the account, that is, the debit turnover.

The main advantage of formula 11.12 is that it allows you to estimate the duration of individual stages of the circulation of enterprise funds, while ensuring greater accuracy of calculations.

For most industrial enterprises, the following scheme of the production and commercial cycle of the movement of funds is typical: stockpiling; production; storage of finished products; implementation.

To determine the real value of turnovers on accounts (net turnovers), it is necessary to exclude the amounts of internal turnovers associated with the reversal of accounts or the movement of homogeneous accounts (for example, cash accounts).

The value of the turnover ratio of current assets is directly affected by the method of their assessment adopted in the accounting policy of the enterprise. The most common method in our country so far has been the method of estimating the actual cost of procurement. However, when it is used in conditions of long-term storage of stocks, which is typical for many enterprises, firstly, the cost of goods sold is underestimated (and, consequently, profit and the tax paid on it are overestimated), and secondly, the cost of residual materials is significantly underestimated, which means artificially their turnover increases.

Evaluation of stocks of goods and materials at the cost of first purchases (FIFO) leads to the fact that the cost of goods sold is formed based on the lowest (in terms of inflation) prices for materials, and their balances are valued at the maximum (market) value. Therefore, the turnover of current assets in this case will be objectively lower than when using the previously discussed methods of estimating reserves.

For the current production and commercial cycle, you can calculate the need for own working capital. To this end, we give an example with the data in Table. 11.3 about the average balances of current assets.

Table 11.3. Calculation of the need for own working capital

Line number	Indicators	Amount, thousand rubles
	Average amount of advances given to suppliers
	Average inventory
	Average work in progress
	Average balance of finished products
	Average receivables
	Average value of receivables, excluding the profit contained in them (24.4%)
	Total average value of capital invested in current assets (line 1 + line 2 + line 3 + line 4 + line 6)
	Average balances of accounts payable
	Advances received from buyers
	Need for own working capital (working capital) (p. 7 - p. 8 - p. 9)

As follows from the above calculation, for the current volume of activity, equity capital (directed to the formation of working capital) in the amount of 274,616 thousand rubles is required.

In table. 11.4 shows the calculation formulas and recommended trends in turnover rates.

Table 11.4. Calculation of turnover ratios

Index
Working capital turnover	Revenue (nepo) from sales: : Average cost of current assets for the period	Acceleration of turnover - a positive trend
Equity turnover	Revenue (nepo) from sales: Average amount of equity capital for the period
Total debt turnover	Proceeds (nepo) from sales: : Average value of attracted and borrowed capital for the period
Loan debt turnover	Proceeds (nepo) from sales: : Average debt on loans for the period

When accounting for sold products on an accrual basis (by shipment), in addition to cost, the composition of accounts receivable also includes profit. Inclusion in the calculation of the amount of invested capital of the amount of potential profit cannot be recognized as legitimate.
The average percentage of profit as part of revenue, obtained from a specific calculation.

The most important component of the financial resources of the enterprise are its current assets.

Unlike fixed assets, circulating assets are entirely consumed in each production process, transfer their value to the finished product and change their natural form.

CLASSIFICATION OF CURRENT ASSETS

1. Stocks: raw materials, basic materials; purchased semi-finished products; auxiliary materials; fuel; container and container materials; spare parts for current repairs; low-value and fast-wearing household inventory and tools, work in progress; costs for the development of new products, semi-finished products of own production.

2. Cash: funds on current and foreign currency accounts, on hand, etc.

3. Short-term financial investments: securities, short-term loans, etc.

4. Accounts receivable: debts of buyers and customers, subsidiaries and affiliates, bills on behalf, etc.

Every industrial enterprise must improve the use of working capital. The successful implementation of the production cycle of the enterprise depends on the state of current assets, because the lack of working capital slows down the activity of the enterprise and leads to the inability to pay their bills and to bankruptcy.

To assess the use of working capital, two indicators are used:

1) the duration of one revolution in days

H \u003d T 1 + T 2 + T 3,

where T 1 - procurement cycle (acquisition and delivery of materials, fuel, etc.); T 2 - manufacturing cycle; T 3 - product sales cycle;

2) the number of turnovers during the planning period. or the turnover ratio, which characterizes the output of 1 rub. working capital:

K about. = T / H

where T is the duration of the planning period, days.

The shorter the duration of one revolution, the more revolutions the working capital will make. With the acceleration of the turnover of working capital, the need for them decreases, a reserve is created to increase output.

To accelerate the turnover of working capital, it is necessary to reduce the time of their stay both in the sphere of production and in the sphere of circulation. For this it is necessary: to reduce the time of processing and assembly of products by mechanizing and automating the production process; improve the use of new technology; accelerate the control and transportation of products during their processing; reduce stocks of materials, fuel, packaging, work in progress to the established standard; ensure the rhythmic work of all production sites and workshops of the enterprise, timely delivery of materials to the enterprise and workplaces; accelerate the shipment of finished products; promptly and quickly make settlements with consumers; improve product quality, prevent the return of finished products from the consumer, etc.

Analysis of the turnover of current assets includes an analysis of:

1. turnover of the company's assets;

2. turnover of receivables;

3. inventory turnover.

1. Analysis of the turnover of the company's assets.

The financial position of the enterprise is directly dependent on how quickly the funds invested in assets are converted into real money.

In the general case, the rate of turnover of an enterprise's assets is usually calculated using the formula:

This indicator characterizes the rate of turnover of current assets of the enterprise.

Accordingly, the turnover of current assets will be determined as:

The average value of assets according to the balance sheet is determined by the formula:

where He, Ok - the value of assets at the beginning and at the end of the period.

Then the duration of one revolution in days is determined:

where the turnover of assets is numerically equal to the turnover ratio of current assets.

If the duration of the turnover of current assets increases, then in order to continue production and commercial activities at least at the same level, it is necessary to attract additional funds into circulation, which is calculated by the formula:

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

One way to assess the adequacy of funds is to determine the duration of the turnover period. For this purpose, the formula is used:

To calculate the average cash balances, internal accounting data are used (ODn - balances at the beginning of the nth month) and the formula:

where n is the number of months in the period.

These directions of cash flow are usually considered separately in the context of current, investment and financial activities.

The inflow of funds within the framework of current activities is associated with the receipt of proceeds from the sale of products, the performance of work and the provision of services, as well as advances from buyers and customers; outflow - with payment on accounts of suppliers and other counterparties, payment of wages to employees, production contributions to social insurance and security funds, settlements with the budget for taxes due. It is customary to include paid (received) interest on loans as current activities.

The cash flow in the context of investment activities is associated with the acquisition (sale) of property that has a long-term use (primarily the receipt (disposal) of fixed assets and intangible assets).

The financial activity of the enterprise is mainly connected with the inflow of funds as a result of receiving long-term and short-term loans and borrowings and their outflow in the form of payment of dividends and repayment of debts on previously received loans.

Cash flow analysis is carried out by direct and indirect methods.

The direct method has a drawback: it does not reveal the relationship between the financial result obtained and the change in the amount of cash in the company's accounts (the company receives a net profit, and its cash is reduced). When analyzing cash flow using the indirect method, the amount of net profit is converted into the amount of cash, i.e. the shortcoming of the direct method of analysis is corrected.

Unlike other approaches to assessing the financial condition, cash flow analysis makes it possible to draw more informed conclusions about how much and from what sources the funds received by the enterprise were received and what are the main directions for their use; whether the company's own funds are sufficient to carry out investment activities; what explains the discrepancies between the amount of profit received and the availability of funds, etc.

2. Analysis of receivables.

To assess the turnover of accounts receivable, the following group of indicators is used.

1. Receivables turnover.

In the event that during the year the amount of proceeds from sales changed significantly by months, then an updated method for calculating the average amount of receivables based on monthly data is used. Then:

where ODZn is the amount of receivables at the end of the n-th month.

2. The period of repayment of receivables.

It should be borne in mind that the longer the period of delay in debt, the higher the risk of non-payment.

3. The share of receivables in the total volume of current assets.

4. The share of doubtful debts in the composition of receivables:

This indicator characterizes the "quality" of receivables. The trend towards its growth indicates a decrease in liquidity.

Monitor the status of settlements with buyers on deferred (overdue) debts;

Target as many buyers as possible to reduce the risk of non-payment by one or more large buyers;

Use the method of providing discounts for early payment.

3. Analysis of inventory turnover.

Estimation of inventory turnover is carried out for each of their types (inventory, finished products, goods, etc.). Since inventories are accounted for at the cost of their procurement (acquisition), then to calculate the inventory turnover ratio, not sales proceeds are used, but the cost of goods sold. To estimate the inventory turnover rate, the following formula is used:

Wherein:

The shelf life of stocks is determined by the formula:

The indicator characterizes the duration of storage of stocks.

Thus, the above indicators make it possible to characterize the state of current assets and their dynamism.