In new economic conditions, when an enterprise independently forms its assets and the sources of their formation, the most important task of the analysis is not only to assess the composition and structure total assets, but also their effective use. Even the most optimal structure of an enterprise's assets will not be profitable if its use is ineffective.

Working capital by participating in current activities, make a circuit.

Creation of inventories Work in progress Finished products Sold products

During the turnover period, funds completely transfer their value to the creation and sale of products and change their form several times - from monetary to material and vice versa. At the moment of transformation of cash into material form, the financial resources of the enterprise are withdrawn from circulation. The sooner they turn back into cash, the more efficiently they are used. The end point of turnover is implementation. Consequently, the sooner products are created and sold, the more optimally the working capital of the enterprise is used.

It must be borne in mind that the process of creating and selling products, works, services has objective reasons - the specifics of the products being manufactured, the features of the technological process, the scale of production, etc. Based on this, the effective use of their working capital is individual for each enterprise. But the general criteria for the effective use of working capital of an enterprise are the indicators of the number of turnovers for the analyzed period and the days of one turnover. Moreover, these indicators are inversely related. The greater the number of revolutions, the fewer days in one revolution.

The number of revolutions in a period is characterized by the turnover ratio:

Cob. = Qрп/О СС, where

QRP - volume of products sold in the analyzed period,

About SR - the average cost of working capital.

The average value of working capital can be calculated using the following formulas:

Average value of current assets = Obn + Obk/ 2, where

Obn - working capital at the beginning of the period,

Obk - working capital at the end of the period.

A more accurate calculation of the average value of an enterprise’s working capital is calculated using the chronological average:

Х1/2+Х2+Х3+Х4+…Хп/2 /п-1, where

X - working capital at the beginning of the period,

n is the number of months in the period.

To calculate the days of one turnover, the turnover in days is calculated.

Ob(days) = D/Kob, where

D - number of calendar days in the analyzed period (year - 360 days, quarter - 90, month - 30),

Cob - turnover ratio.

If you compare the duration of one turnover in the reporting period with the duration of one turnover in the previous period, you can identify the amount of either released or involved working capital.

A slowdown in turnover means an increase in days of turnover and leads to additional attraction of funds to continue financial economic activity enterprises.

Accelerating turnover means reducing turnover days and leads to additional release of funds to continue the financial and economic activities of the enterprise.

Attraction (release) of funds into circulation is calculated using the following formula:

Release (involvement) – Δvol (days)* QRP1/D, where

Δrev(days) – changes (+-) in the duration of turnover for the reporting and previous periods,

QRP1 - one-day sales turnover in the reporting period.

Acceleration of turnover of working capital - most important factor improving the financial condition of the enterprise. It allows the enterprise either to free up part of the working capital at the same production volume, or to increase the production volume at the same cost of working capital.

If there is a slowdown in turnover, then it is necessary to identify the causes of this slowdown and develop measures to eliminate them. The relationship between changes in sales volume and changes in the cost of working capital can be determined by the following formulas:

J Q рп > J about ср - acceleration, which leads to release,

J Q rp< J об ср - замедление, которое ведет к вовлечению

Thus, the factors that influence the change in turnover are;

1. Sales volume in the analyzed period.

2. Average cost of working capital of the enterprise. The influence of these factors is calculated using the elimination method.

In addition to the listed indicators characterizing the effective use of working capital, the consolidation coefficient is calculated. This coefficient characterizes the level of working capital per 1 ruble of products, works, and services sold.

Fastened = About av/Qrp

About av - average cost of working capital;

Q рп - volume of products sold.

To characterize the effective use of individual assets included in the property, the following indicators are calculated:

Inventory turnover = Enterprise costs / Average inventory

Wed. Inventory value = Inventory balances at the beginning. years + Res. stocks at stake g. / 2

Inventory shelf life = 360 / Inventory turnover

If the analysis shows an increase in the shelf life of inventories in the reporting year in comparison with the previous one, this means the accumulation of inventories.

To check the turnover of all funds of the enterprise, the sales volume indicator is calculated per 1 ruble of the average annual value of property. This indicator determines how many times during the reporting period the full cycle of production and circulation was completed, in other words, how much per 1 ruble of economic assets is sold.

Rollability CA = Q рп / Esov. assets

To characterize the effective use of assets, it is advisable to calculate the following table.

Concept and economic entity working capital………………..…5
Composition and structure of working capital……………………………………..7
Rationing of working capital………………………………………..9
Indicators for assessing the use of working capital…………......10
The value of accelerating turnover of working capital……………11

Introduction

My theme course work is an analysis of the efficiency of using the company's working capital. Every year this issue is gaining relevance, since the rational and efficient use of working capital is the main indicator of the financial and economic condition, which is important both for the enterprise itself and for investors.

Each enterprise, starting its activities, must have a certain amount of money. Working capital of enterprises is designed to ensure their continuous movement at all stages of the circulation in order to satisfy production needs for monetary and material resources, ensure timeliness and completeness of payments, and increase the efficiency of using working capital.

The problem of effective management of enterprises includes the best use of their funds, and first of all, working capital. The presence of sufficient working capital at the enterprise is a necessary prerequisite for its normal functioning in the conditions market economy.

The main place in working capital is occupied by funds advanced into inventory assets. These include goods, inventories and other inventory items. Inventory includes raw materials, basic materials and purchased semi-finished products, low-value and high-wear items.

Other inventory items include the cost of containers, fuel, materials for household needs, and packaging materials.

Some part of the working capital of trading enterprises may be in settlements. This is the debt of buyers for goods sold to them and services provided; debt of the population for goods and services sold to them on credit; claims amounts; various accounts receivable (customers for unpaid settlement documents, settlements for compensation of material damage, etc.). As a rule, accounts receivable arise due to non-compliance with financial and payment discipline and poor performance on the safety of property, which requires close attention from employees of the financial department.

Working capital is one of the components of the enterprise's property. The condition and efficiency of their use is one of the main conditions for the successful operation of an enterprise. The development of market relations determines new conditions for their organization. High inflation, non-payments and other crisis phenomena force enterprises to change their policy in relation to working capital, look for new sources of replenishment, and study the problem of the efficiency of their use.

CHAPTER I. Analysis of the composition, structure, dynamics of working capital and assessment of their turnover

The concept and economic essence of working capital

1.2 Composition and structure of working capital

Objects of labor (raw materials, basic materials and purchased semi-finished products, auxiliary materials, fuel, containers, spare parts, etc.);
Equipment with a service life of no more than one year or a cost of no more than 100 times (for budgetary organizations– 50 times) the established minimum wage per month (low-value consumable items and tools);
Work in progress and self-made semi-finished products (labor items that have entered the production process: materials, parts, units and products that are in the process of processing or assembly, as well as semi-finished products self-made not completely finished production in some workshops of the enterprise and subject to further processing in other workshops of the same enterprise);
Future expenses (intangible elements of working capital, including costs of preparation and development new products which are produced in a given period, but relate to the products of a future period; for example, costs for the design and development of technology for new types of products, for rearranging equipment).

Enterprise funds invested in finished product inventories, goods shipped but not paid for;
Funds in settlements;
Cash in hand and in accounts.

Products are produced at lower working capital costs;
Material resources are released;
The receipt of profit deductions into the budget is accelerating;
Improves financial position enterprises, because the financial resources released as a result of the above-plan acceleration of the turnover of funds remain at the disposal of the enterprise until the end of the year and can be successfully used (profitably invested).

CHAPTER 2. Analysis of the composition, structure, dynamics of working capital and assessment of their turnover at OJSC Tatgazstroy
2.1 Technical and economic characteristics of OJSC Tatgazstroy
OJSC "Tatgazstroy" was created in the process of privatization of state property of the rental specialized mobile mechanized column No. 3 of the trust "Kamspetsmontazh - 3" in Nizhnekamsk of the Zakamsk concern for fuel and gasification by the founding conference.
The founders of the Company are the Zakamsky Committee for State Property Management with a share of ownership of 98.7% and members of the rental collective of the enterprise, transformed into an OJSC with a share of ownership of 1.3%.
In the effective and profitable work of OJSC Tatgazstroy, an important place is occupied by rational organization and a properly formed production and personnel management system. Ensuring the proportionality of all elements of the production process and clear coordination of all management levels is the most important condition for obtaining a positive effect from the operation of the enterprise as a whole.
The structure of the enterprise includes:
- management personnel (director, Chief Engineer, deputy directors, chief mechanical engineer, managers structural divisions, foreman, masters);
- specialists of departments, laboratories;
- workers of construction and installation sites No. 1, 2 of the auxiliary production site, mechanization site;
- personnel service.
The structure of OJSC Tatgazstroy is described in detail in staffing table. The distribution of functions and responsibilities is provided for by job responsibilities and qualified requirements.
OJSC Tatgazstroy carries out the following activities:

construction of gas supply systems;
design of gas supply systems;
manufacturing of gas supply system products (assemblies and parts);
operation and technically related to operation, storage and transportation of radiation devices;
shooting of underground and above-ground structures;
intercity cargo transportation by car;
operation of cranes;
transportation of dangerous goods (oxygen, sulfuric acid, etc.) by road;
accreditation for types of non-destructive testing and other tests.

Table 2.3
Summary indicators of production and economic activities of OJSC Tatgazstroy for 2008

2.2 Composition and structure of working capital of OJSC Tatgazstroy

Changes in inventories and costs:

Change in cash:

2.3 Analysis of accounts receivable

Index	Unit Change	2008	year 2009
Revenue	Million rub.	6762,3	8568,2
Accounts receivable	Million rub.	419,3	281,4
Percentage of overdue accounts receivable	%	16	13
Accounts receivable turnover	K-nt	16,1	30,4
Receivables repayment period	days	22	12

2.4 Analysis of the efficiency of using working capital

current ratio;
turnover ratio;
duration of one revolution, in days;
working capital load factor;
profitability of working capital.

R obor. cap. =Net profit / Average working capital
R rev.cap. 2007 = 389.4 / 1917.7 = 0.2;
R rev.cap. 2008 = 121.6/ 1367.1 = 0.1;
R rev.cap. 2009 = 389.4/ 1552.2 = 0.3.
Thus, in 2008, the enterprise received 0.2 rubles of profit per ruble of working capital; this figure in 2009 was 0.1 rubles. In 2010, the enterprise received 0.3 rubles of net profit per ruble of working capital, which is the best result for the period under study.

2.5 Cash flow analysis

Table 2.8
Structure of cash inflow of OJSC Tatgazstroy for 2008-2009

Working capital is the most important resource in ensuring the current functioning of the enterprise, i.e., production and sales of products. In the process of production and economic activity, an enterprise needs the funds necessary to manufacture products, purchase raw materials and materials, pay wages, and then the funds required for its implementation. Thus, working capital is money advanced into circulating production assets and factors of circulation.

Working production assets ensure the continuity of the production process, and circulation funds ensure the sale of manufactured products on the market and the receipt of funds that guarantee the well-being of the enterprise. This economic role of working capital determines their essence, which lies in the need to ensure the uninterrupted functioning of the production process and the circulation process. While functioning, working capital makes a continuous circuit, which can be divided into three phases: in the first phase, working capital is transformed into goods; in the second, working capital, participating in the production process, takes the form of work in progress, semi-finished products and finished products, in the third phase, working capital in the form of finished products in the process of their sale again turns into money.

Working capital spent during the manufacture of products and their sale is completely consumed and transfers its value to the product within one year or operating cycle. The operating cycle includes the following activities for the production of products:

Purchase of raw materials and materials for cash and non-cash payment of supplier bills;

Production processing of raw materials and materials, payment of wages;

Transition of products into the process of their production from the category “work in progress” to the category “finished products”;

Sales of finished products and invoicing to customers;

Receipt of cash from customers.

Working capital in business practice includes the cost of inventories, accounts receivable (invoices presented for payment), deferred expenses, cash (cash, bank accounts, other accounts).

Rational management of working capital requires adherence to the following principles:

Ensuring an optimal balance between the required volume of working capital and their production needs.

Economical and rational disposal of inventory items; minimizing the cost of creating inventories; ensuring the minimum presence of working capital in production inventories while maintaining the continuity of the production process; maximum possible self-financing of working capital needs.

When following these principles, management with working capital ultimately falsely aims at creating optimal production and commercial conditions and current financing of enterprises. This is achieved, on the one hand, by implementing an effective technical policy for the better use of material and material working production assets, and on the other hand, by implementing such financial - commercial activities, which would ensure maximum economic results with a minimum of spent working capital.

Financial and commercial work should be aimed at reducing the need for working capital while ensuring maximum production volumes and maintaining its continuity. This is done by accelerating the turnover of working capital, determining the optimal amount of working capital when creating inventories, purchasing raw materials and materials High Quality, but at cheaper prices.

In particular, issues of saving raw materials and supplies and organizing their purchase require special consideration. This is due to the fact that the production of many enterprises is not only material-intensive, but also unproductive.

The efficiency of using working capital ultimately finds its expression in reducing the amount of their need, which implies a reduction in the time during which working capital is diverted. Accelerating the turnover of funds reduces the additional need for them.

The turnover of working capital is calculated by the duration of one revolution in days or the number of revolutions during the reporting period (turnover ratio).

Since capital turnover is closely related to its profitability and serves as one of the most important indicators characterizing the intensity of use of an enterprise’s funds and its business activity, in the process of analysis it is necessary to study capital turnover indicators in more detail and establish at what stages of the circulation the slowdown or acceleration of the movement of funds occurred.

It is necessary to distinguish between the turnover of the entire total capital of the enterprise, including fixed and working capital. The capital turnover rate is characterized by the following indicators:

Turnover ratio (K rev);

The duration of one revolution (P rev).

The capital turnover ratio is calculated using the formula:

K rev = Net sales revenue

Average annual cost of capital

The inverse indicator of the capital turnover ratio is called capital intensity (K e):

K e = Average annual cost of capital

Net sales revenue

Duration of capital turnover:

P ob = D, or P ob = Average annual cost x D

K about Net sales revenue

where D is the number of calendar days in the analyzed period (year - 360 days, quarter - 90, month - 30 days).

Average balances of total capital and its components are calculated according to the average chronological: ? amounts at the beginning of the period plus balances at the beginning of each next month plus? balance at the end of the period and the result is divided by the number of months in the reporting period. Necessary information for calculating turnover indicators is available in the balance sheet and income statement financial results.

When determining the turnover of total capital, the amount of turnover must include total revenue from all types of sales. If the turnover indicators of only functioning capital are calculated, then only revenue from sales of products is taken into account. Turnovers and average balances on capital investment accounts, long-term and short-term financial investments are not taken into account in this case.

capital turnover, on the one hand, depends on the speed of turnover of fixed and working capital, and on the other hand, on its organic structure; the larger the share of fixed capital, which turns over slowly, the lower the turnover ratio and the longer the duration of turnover of the entire aggregate material:

K ob.s.k = UD t.a xK ob.t.a.

P obs.k =P obt.a /UD t.a

where K obs.k is the total capital turnover ratio;

UD t.a - the share of current assets (working capital) in the total amount of assets;

P obs.k - duration of turnover of total capital;

P obt.a - duration of turnover of current assets.

The main ways to accelerate capital turnover: reducing the duration of the production cycle through intensifying production (using latest technologies, mechanization and automation of production processes, increasing the level of labor productivity, more complete use production capacity enterprises, labor and material resources and etc.); improving the organization of logistics in order to ensure uninterrupted supply of production with the necessary material resources and reducing the time that capital remains in reserves; speeding up the process of shipping products and processing settlement documents; reducing the time spent in accounts receivable; level up marketing research aimed at accelerating the promotion of goods from the manufacturer to the consumer (including market research, improvement of the product and forms of its promotion to the consumer, formation of the correct pricing policy, organizing effective advertising.

At the stage of work in progress, acceleration of the turnover of working capital in the company is achieved mainly by reducing the duration of the production cycle based on the achievement of scientific and technological progress. It includes measures aimed at reducing the labor intensity of manufacturing products at all stages of raw material processing; reduction of time for technical operations and interoperational follow-up; improving the organization of production and operational regulation (expanding in-line production methods, etc.), ensuring uniform and rhythmic work. Increasing the speed of movement of funds in the sphere of circulation is achieved by reducing stocks of finished products in warehouses and speeding up the time of settlements with consumers. As a result of the acceleration of turnover, a certain amount of working capital is released. Release can be absolute or relative.

The absolute release of working capital occurs when the actual need for them is less than planned during a reduction or increase in sales volume for this period. Working capital can be used to further expand production, develop new types of products, improve the supply and sales system, as well as other improvement measures entrepreneurial activity.

Relatively released working capital occurs in cases where the acceleration of working capital turnover occurs simultaneously with an increase in production volume. The funds released in this case cannot be withdrawn from circulation, since they are in inventories that ensure production growth.

Accelerating turnover and the resulting release of working capital in any form allows the enterprise to direct them to the development of business activities without attracting additional financial resources.

Working capital occupies a large share in the total amount of funds available to the enterprise. In the process of analysis, the structure of working capital, its placement in the sphere of production and in the sphere of circulation, and the efficiency of use are studied. Separate groups of working capital, its placement in the sphere of production and in the sphere of circulation, and efficiency of use are also studied. Individual groups of working capital that have the most significant impact on the solvency and financial stability of the enterprise are also studied.

The main objectives of the analysis and the efficiency of using working capital are:

Assessment of the implementation of the enterprise supply plan in terms of volume, range, quality of supplied raw materials, basic and auxiliary materials;

Monitoring compliance with consumption standards and reserves of material resources, identifying the reasons for deviations from the standards;

Development of measures to ensure savings in material resources in production and reduction warehouse stocks through the realization of excessive and unnecessary values.

The main sources of data for analyzing the use of working capital are:

Logistics plan, applications, contracts for the supply of raw materials, materials, forms statistical reporting on the availability of use of material resources, on production costs, operational data from the logistics department, analytical data accounting on receipt, consumption and balances of material resources.

First of all, a general assessment of changes in the availability of funds in the structure of their most important groups is given, the data of which is given in Table 8.

Table 8 Availability, composition and structure of working capital

The data in Table 8 indicates changes in working capital. So, if in the previous year the cost of working capital amounted to 726,600.9 thousand tenge, then in the reporting year there was an increase in working capital by 1,385,779.5 thousand tenge. In the structure of funds, the largest weight is occupied by inventories: if in 2006 they amounted to 33.8%, then in 2007 - 16.2%: finished products in the reporting year - 23.3%; accounts receivable - 11.1% and advances issued - 28.4%. Noteworthy is the trend towards a decrease in the share of these components, except for advances issued, compared to the previous year. The composition of working capital has also undergone changes in a number of its parameters.

Since working capital is one of the most important components of working capital, it is necessary to analyze the efficiency of their use for the analyzed period, to consider such indicators as material intensity and material productivity. Material yield is determined by the volume ratio commercial products to the cost of working capital. Material intensity is the inverse of material productivity.

Table 9 Efficiency of using working capital

The data in Table 9 shows that the cost of working capital has increased, i.e. if in 2006 it was 247,044 thousand tenge, then in 2007 it was 329,815.5 thousand tenge, the deviation in this case is 82,711.5 thousand tenge or 133.5 %.

Prepaid expenses and other working capital composition are insignificant.

The material productivity indicator in the reporting year decreased by 0.8 times, or by -0.6 tenge/1 tenge of costs, respectively, the share of material costs in the cost of marketable products in the reporting year decreased by 24.8%. This happened due to a decrease in the share of material costs in the cost of commercial products by 0.9 times.

The efficiency of using working capital is characterized by the system economic indicators, primarily the turnover of working capital.

Working capital turnover is the activity of one complete circulation of funds. The circulation is completed by crediting the proceeds to the company's current account. Let's consider asset turnover according to the following table.

Table 10 Turnover of working capital

From the data in Table 10 it is clear that the working capital turnover ratio decreased from 1.49 to 0.90, although the cost of working capital at the enterprise increased 1.9 times. As a result, in the reporting year the duration of one revolution increased by 119 days.

Table 11 Assessment of inventory turnover status

From the data in Table 11 it can be seen that in the reporting year there was an increase in the inventory turnover ratio from 3.5 to 4.2, i.e. by 14.8% (114.8-100). Inventory shelf life decreased from 102.8 to 89.5 days. All this suggests that in the reporting year, inventories were not stored in warehouses.

An increase or decrease in accounts receivable has a great influence on the turnover of capital invested in current assets, and consequently on the financial condition of the enterprise.

A sharp increase in accounts receivable and its share in current assets may indicate an imprudent credit policy of the enterprise in relation to customers, or an increase in sales volume, or the insolvency and bankruptcy of some customers. On the other hand, the company can reduce the shipment of products, then accounts receivable will decrease. Consequently, the growth of accounts receivable is not always assessed negatively. It is necessary to distinguish between normal and overdue debt. The presence of the latter creates financial difficulties, since the company will feel a lack of financial resources to purchase inventory and pay wages. In addition, freezing funds in accounts receivable leads to a slowdown in capital turnover.

Overdue receivables also mean an increased risk of non-payment of debts and reduced profits. Therefore, every enterprise is interested in reducing the repayment period of payments due to it. You can speed up payments by improving calculations, timely execution of settlement documents, prepayment, and using the bill of exchange form of payment.

In the process of analysis, it is necessary to study the dynamics, composition, reasons and prescription of the formation of receivables, to determine whether it contains amounts that are unrealistic for collection, or those for which the statute of limitations expires. If there are any, then it is necessary to urgently take measures to collect them (drawing out bills of exchange, applying to the judicial authorities. To analyze receivables, in addition to the balance sheet, materials from primary and analytical accounting are used.

The problem of non-payments becomes especially urgent in conditions of inflation, when money depreciates. IN Lately The receivables of enterprises in the CIS countries have reached an astronomical amount, a significant part of which is lost during inflation. With inflation of 30% per year, at the end of the year you can buy only 70% of what you could buy at the beginning. Therefore, it is unprofitable to keep money in cash, and it is unprofitable to sell goods on credit. However, it is advantageous to have loan obligations payable in cash, since payments various types Accounts payable are made with money, the purchasing power of which decreases at the time of payment. To calculate the enterprise's losses from timely payment of bills by debtors, it is necessary to subtract from overdue receivables its amount adjusted by the inflation index for this period (minus the penalty received), or multiply the amount of overdue receivables by the bank refinancing interest rate for this period and from the result obtained subtract the amount received in singing.

The art of managing current assets is to keep a minimum the required amount funds needed for current operational activities. The amount of cash that a well-managed business needs is essentially a safety stock intended to cover short-term cash flow imbalances. The amount must be such that it is sufficient to make all priority payments. Since cash in cash or in bank accounts does not generate income, it must be kept at a safe minimum level. Having large balances of cash over a long period of time can be a result of improper use of working capital. In order for money to work for an enterprise, it must be put into circulation in order to make a profit:

Expand your production by turning them around in the working capital cycle;

Invest in profitable projects of business entities in order to receive profitable interest;

Reduce the amount of accounts payable in order to reduce debt servicing costs;

Renew fixed assets, acquire new technologies.

An increase or decrease in cash balances in bank accounts is determined by the level of cash flow imbalance, i.e., the inflow and outflow of money. The excess of inflows over outflows increases the balance of free cash and, conversely, the excess of outflows over inflows leads to a shortage of cash.

Efficiency of using working capital at an enterprise and ways to improve it

Introduction

An indispensable condition for an enterprise to carry out economic activities is the availability of working capital (working capital).

The successful implementation of the enterprise’s production cycle depends on the state of working capital, since their lack negatively affects production activities, interrupts the production cycle and ultimately leads to the lack of ability to pay for its obligations and to bankruptcy. Therefore, at present, the problem of the most effective and efficient use of these funds is becoming increasingly important for enterprises. In this regard, the chosen topic of the course work is very relevant.

The purpose of the course work is to assess the efficiency of using working capital at the enterprise and suggest ways to improve it.

In accordance with the chosen goal, the following research objectives were identified:

study the theoretical foundations of analyzing the use of working capital in an enterprise;

give a brief organizational and economic description of LEADER LLC for 2008-2009;

analyze the efficiency of using working capital at the enterprise and suggest ways to improve it

The object of the study is Leader LLC.

The subject of the study is the efficiency of using working capital at the enterprise and ways to increase it.

The theoretical basis of the study was the legislative and regulatory acts of the Russian Federation, as well as the works of domestic and foreign scientists and practitioners on the problem under study.

The information base for the study is the accounting and financial statements of LEADER LLC for 2008-2009.

The following research methods were used in the work: historical, monographic, economic-statistical, etc.

1.
Theoretical basis working capital of the enterprise

.1 The essence of an enterprise’s working capital: concept, classification

Working capital refers to the mobile assets of a business that are cash or can be converted into cash during the production process. They are necessary for creating inventories in warehouses and in production, for settlements with suppliers, the budget, for paying wages, etc. According to economic content (areas of turnover), mobile funds are divided into circulating production funds and circulation funds.

The concepts of working capital and working capital are not identical. Some authors, such as Likhacheva O.N., Bocharov V.V., Zaitsev L.N., use the term working capital to mean an obligatory element of the production process, the main part of the cost of production. The lower the consumption of raw materials, materials, fuel and energy per unit of production, the more economically the labor spent on their extraction and production is spent, the cheaper the product. The presence of sufficient working capital at the enterprise is a necessary prerequisite for its normal functioning in a market economy.

Other authors, Kuznetsov B.T., Radionov A.R., use the term working capital of an enterprise, which represents an economic category in which many theoretical and practical aspects are intertwined.

Working capital- this is a value advanced in monetary form, which in the process of a systematic circulation of funds takes the form of working capital and circulation funds, necessary to maintain the continuity of the circuit and returning to its original form after its completion.

Working capital assets include items of labor that are entirely consumed during one production cycle and fully transfer their value to the cost of the finished product. These are industrial stocks of raw materials, materials, semi-finished products, fuel, energy, packaging, spare parts, work in progress and deferred expenses.

Depending on the role that production inventories play, in the production process they are divided into the following groups: raw materials and basic materials, auxiliary materials, purchased semi-finished products, waste (returnable), fuel, containers and packaging materials, spare parts, low-value and wearable items.

Raw materials and basic materials- these are the objects of labor from which the product is made (they form the material basis of the product). In this case, raw materials are the products of agriculture and the mining industry (grain, cotton, milk, etc.), and materials are products of the manufacturing industry (sugar, fabrics, etc.).

Auxiliary are materials that are used to influence raw materials and materials to give the product certain consumer properties or to care for tools and facilitate the production process (onions, peppers and other spices in sausage production, lubricants, etc.).

All these provisions make it possible to more deeply study the composition and structure of working capital and determine ways to optimize them.

Cash intended for the formation of inventories of finished products, as well as checks and bills receivable, debt of shareholders, miscellaneous accounts receivable, funds in current accounts in banks and cash desks (temporarily available funds) represent circulating funds.

The main factors determining the amount of working capital employed in production (working production assets) are the duration of the production cycle for manufacturing products, the level of labor organization and technology development, and the perfection of technology. In turn, the amount of circulating media depends mainly on the conditions for the sale of the product, the level of organization of the supply and marketing system.

The totality of funds advanced to mobile (in constant movement) funds forms the working capital of the enterprise.

Classification of working capital

Targeted management of an enterprise's current assets determines the need for their preliminary classification. From the perspective financial management This classification of working capital is based on the following main features (Fig. 1.)

Figure 1 - Classification of current assets of an enterprise according to the main characteristics

According to the nature of the financial sources of formation, gross, net and own current assets are distinguished:

1) gross current assets (or current assets in general) characterize their total volume, formed at the expense of both equity and borrowed capital. As part of the enterprise's balance sheet, they are reflected at the amount of the second section of its assets;

2) net current assets (or net working capital) characterizes that part of their volume that is formed at the expense of own and long-term borrowed capital.

2. By type of current assets there are:

1) stocks of raw materials, materials and semi-finished products. This type of current assets characterizes the volume of incoming material flows in the form of inventories that support the production activities of the enterprise;

) finished goods inventories. This type of current assets characterizes the current volume of outgoing material flows in the form of inventories of manufactured products intended for sale.

3) accounts receivable. It characterizes the amount of debt in favor of the enterprise, represented by financial obligations of legal and individuals for payments for goods, works, services, advances issued, etc.

4) monetary assets. These include not only cash balances in national and foreign currencies (in all their forms), but also the amount of short-term financial investments, which are considered as a form of investment use of the temporarily free balance of monetary assets.

) other types of current assets. These include current assets that are not included in the types discussed above, if they are reflected in their total amount (deferred expenses, etc.).

3. The nature of participation in the operational process. In accordance with this criterion, current assets are divided as follows:

1) current assets serving the production cycle of the enterprise (inventories of raw materials, materials and semi-finished products; volume of work in progress, inventories of finished products);

) current assets serving the financial (cash) cycle of the enterprise (accounts receivable, etc.).

4. Period of operation of current assets. Based on this feature, the following types are distinguished:

1) constant part of current assets. It represents a constant part of their size, which does not depend on seasonal and other fluctuations operational activities enterprise and is not associated with the formation of inventories of inventory items for seasonal storage, early delivery and designated purposes.

) variable part of current assets. It represents a varying part of them, which is associated with a seasonal increase in the volume of production and sales of products, the need to form, in certain periods of the enterprise’s economic activity, inventories of inventory items for seasonal storage, early delivery and designated purposes. As part of this type of current assets, their maximum and average parts are usually distinguished.

.2 Methodology for analyzing the efficiency of using working capital at an enterprise

The financial position of an enterprise is directly dependent on the state of working capital, so they must pay special attention to their analysis.

The purpose of analyzing current assets is to increase the efficiency of their use.

The main objectives of the analysis are:

1. identifying the degree of provision of the enterprise with working capital;

2. study of the composition and structure of current assets;

Studying the efficiency of using working capital at the enterprise;

Developing ways to improve the efficiency of using working capital.

Analysis of the use of working capital includes the following steps.

First stage- Analysis of the enterprise's provision with current assets.

It begins with a study of the composition and structure of working capital. At this stage, it is revealed which groups are part of them and what share they occupy in the total volume of working capital at the enterprise.

Second stage - Analysis of the efficiency of using working capital.

At this stage, the following indicators are calculated:

) working capital turnover ratio in turnover (Kob), characterizes the number of turnovers made by the working capital of an enterprise for a certain period (year, quarter), or shows the volume of products sold per 1 ruble. working capital. From the formula it is clear that an increase in the number of revolutions leads either to an increase in output by 1 ruble. working capital, or to the fact that a smaller amount of working capital needs to be spent on the same volume of production

where Vyr is sales revenue.

The average value of working capital for the period, which is calculated by the formula:

, (2)

where ObSn.p. - working capital at the beginning of the period;

ObSc.p. - working capital at the end of the period.

Thus, the turnover ratio characterizes the level of production consumption of working capital. Increasing the speed of revolutions made working capital means that the enterprise uses them rationally and effectively. A decrease in turnover indicates a deterioration in the financial condition of the enterprise.

) the loading (consolidation) factor of working capital, the value of which is the inverse of the turnover ratio. It characterizes the amount of working capital spent per 1 ruble. products sold:

(3)

3) duration (time) of one turnover of working capital:

where is the number of days in the period under consideration.

Since in current practice most enterprises do not have enough working capital, it is necessary to calculate the economic effect at the end of the analyzed period - the release or overexpenditure of working capital as a result of acceleration or deceleration of their turnover:

, (5)

“+” - overexpenditure of working capital;

“-” - saving working capital.

) profitability of using working capital:

. (6)

5) profitability of one turnover of working capital:

. (7)

The main indicator of the efficiency of using working capital is the turnover ratio. Its level depends on sales revenue and the average amount of working capital for the analyzed period. Using factor analysis, we will consider the change in the turnover ratio due to:

sales proceeds

, (8)

where is the average amount of working capital in the base period of time;

average amount of working capital

, (9)

where is the average amount of working capital in the reporting period;

revenue1 - revenue from sales in the reporting period.

Also a lot important indicator The efficiency of using working capital is the profit from one turnover. The level, which depends on the profit from sales and the turnover ratio. Using factor analysis, we will consider the change in the amount of profit from one turnover due to:

profit from sales

(10)

turnover ratio

(11)

Using factor analysis, positive and negative factors will be identified that affect the turnover ratio and profit from one turnover. As a result, the management of the enterprise will take ways to increase the efficiency of using working capital.

Thus, an analysis of working capital will be able to provide clear information about their composition and structure and how effectively these funds are used in the enterprise.

1.3 Ways to improve the efficiency of working capital

The efficiency of using working capital depends on many factors. Among them, we can distinguish external factors that influence regardless of the interests and activities of the enterprise, and internal ones, which the enterprise can and should actively influence.

External factors include: the general economic situation, features of tax legislation, conditions for obtaining loans and interest rates on them, the possibility of targeted financing, participation in programs financed from the budget. Taking these and other factors into account, an enterprise can use internal reserves to rationalize the movement of working capital.

Increasing the efficiency of using working capital is ensured by accelerating their turnover at all stages of the circulation.

Significant reserves for increasing the efficiency of using working capital are built directly into the enterprise itself. In the production sector, this applies primarily to inventories. Inventories play an important role in ensuring the continuity of the production process, but at the same time they are involved in the production process. Effective organization of inventory is an important condition for increasing the efficiency of using working capital. The main ways to reduce inventories come down to their rational use; liquidation of excess stocks of materials; improving standardization; improving the organization of supply, including by establishing clear contractual terms of supply and ensuring their implementation, optimal choice suppliers, well-established transport. An important role belongs to improving the organization of warehouse management.

Reducing the time spent by working capital in work in progress is achieved by improving the organization of production, improving the equipment and technologies used, improving the use of working capital, especially their active part, and saving at all stages of the movement of working capital.

In the sphere of circulation, working capital does not participate in the creation of a new product, but only ensures its delivery to the consumer. Excessive diversion of funds into circulation is a negative phenomenon. The most important prerequisites for reducing investments in working capital in the circulation sector are the rational organization of sales of finished products, the use of progressive forms of payment, timely execution of documentation and acceleration of its movement, compliance with contractual and payment discipline.

Accelerating the turnover of working capital allows you to free up significant amounts and thus increase production volume without additional financial resources, and use the released funds in accordance with the needs of the enterprise.

In enterprises, a reasonable assessment of inventories is of great importance, which is studied in connection with the movement of products and the determination of their value. In practice, the cost of inventories is most often determined by three methods - FIFO, LIFO and weighted average cost.

According to the FIFO method, when the price level increases, inventory is accounted for at the price of the first batch received at the warehouse, which causes an increase in profit in the income statement compared to what would have been indicated if inventory had been accounted for in composition of costs at their current price.

The LIFO method involves valuing ending inventory at the prices of the last purchases. The main goal of this method is to bring the cost of goods sold as close as possible to the final costs of their acquisition.

From the above provisions, it is obvious that at a stable price level, the assessment of inventory using both methods will be the same. The weighted average cost method eliminates cost fluctuations in inventory valuation and cost of goods sold calculations.

The advantages and disadvantages of each method should be assessed by the heads (managers) of the enterprise and give preference to one of them. Using different methods simultaneously when calculating indicators or other tasks is not allowed.

For specific types of working capital, the one that most fully characterizes their consumption is selected as the basic assessment indicator. Thus, for auxiliary materials this indicator is their average daily consumption, for containers - the annual (quarter) volume of marketable products, for tools general purpose and special clothing - the average annual number of employees.

Thus, in modern conditions, when enterprises are completely self-financing, the efficient use of working capital is of particular importance.

Chapter 2. Brief organizational and economic characteristics of LEADER LLC for 2008-2009

.1 General information

Limited Liability Company "LIDER" is a forest industry enterprise. It was founded in 2002.

LEADER LLC is located at the address: 613440 Kirov region, Nolinsk, Zagorodny lane, building 22.

The following companies compete with it:

IP Loginov A.A.;

IP Alibekov Sh.V.;

LLC "Nema-les" (Nemsky district);

PE Galvas I.P. (Nolinsky district).

LEADER LLC produces products for the needs of the population, budgetary organizations, private enterprises of Nolinsky and nearby areas.

The organizational structure of the enterprise is shown in Figure 2.

Figure 2 - Scheme organizational structure LEADER LLC

The management structure of LEADER LLC is shown in Figure 3.

Figure 3 - Diagram of the management structure of LEADER LLC

LEADER LLC specializes in the production of joinery and carpentry products from solid wood and offers for sale:

· Elements of stairs (balusters, pillars, handrails, steps, bowstrings);

· Log houses made of rounded logs (houses, bathhouses, gazebos, etc.);

· Moldings (plinths, bars, corners, glazing beads).

The composition and structure of sales revenue is presented in Table 1.

Table 1 - Composition and structure of sales revenue from LEADER LLC

The table shows that in 2008. and 2009 the largest share in the revenue structure is occupied by the production of such types of products as: - balusters (20.7% and 24.1%, respectively);

at home (13.7% and 20.9%)

baths (23.0% and 20.7%)

The company's revenue for the analyzed period increased by 45.6%.

.2 Analysis of main economic indicators

WITH By analyzing the main economic indicators of an enterprise, one can judge how it functions.

Personnel is a collection of labor resources<#"582188.files/image017.gif">rub.

Turnover ratio (for 2009) = rub.

From the calculations it is clear that the turnover ratio at the LEADER LLC enterprise is growing. This means that the company uses working capital rationally and efficiently.

) an important indicator of the effective use of working capital is the utilization rate of funds in circulation. It characterizes the amount of working capital advanced for 1 ruble. revenue from product sales, i.e. it represents the working capital intensity, i.e. costs of working capital (in kopecks) to receive 1 rub. sold products (works, services) (3):

Load factor (for 2008) = rub.

Load factor (for 2009) = rub.

The load factor of funds in circulation is the reciprocal of the fund turnover ratio. The lower the utilization rate of funds, the more efficiently the working capital is used at the enterprise, and its financial position improves. We can conclude that at this enterprise the load factor decreased by 0.15.

) duration of one turnover of working capital (4):

Duration of one revolution (for 2008) = days

Duration of one revolution (for 2009) = day

From the calculations it is clear that in 2008 the duration of one turnover of working capital is 120 days, and in 2009 - 51 days. Consequently, during the analyzed period, the time for one turnover decreased by 69 days, which had a positive effect on the use of working capital.

4) economic effect - release or overexpenditure of working capital as a result of acceleration or slowdown of their turnover (5):

Saving working capital = -= rub.

As a result of the acceleration of turnover of working capital, there was a saving of RUB 964,804.43.

Profitability ratio (for 2009) = rub.

) profit from one turnover of working capital shows how many rubles fall on one turnover (7):

Profit from one turnover (for 2008) = rub.

Profit from one turnover (for 2009) = rub.

Table 11 - Indicators of efficiency of use of working capital

The table shows that the turnover ratio increased by 133.3%, the load factor decreased by 50%, and the duration of one turnover decreased by 69 days. The negative point is that profit per turnover decreased by 23.1%.

Thus, we can conclude that the working capital of this enterprise is used effectively, as evidenced by the growth of key performance indicators.

One of the main indicators of the efficiency of using working capital is the turnover ratio.

Using factor analysis, you can identify changes in the turnover ratio due to:

sales revenue (8)

average amount of working capital (9)

Table 12 presents the indicators obtained as a result of factor analysis.

Table 12 - Factor analysis of the working capital turnover ratio.

The data shows that a positive impact on the increase in the working capital turnover ratio was equally exerted by an increase in sales revenue by 45.6% and a decrease in the average cost of working capital by 28.4%.

It is also necessary to analyze the change in profit from sales due to:

profit from sales (10)

Turnover ratio (11)

Table 13 presents the data obtained from factor analysis.

Table 13 - Factor analysis of profit from one turnover.

According to the table, it can be seen that the reduction in profit from one turnover was significantly influenced by an increase in the turnover ratio by 133.3% with a low increase in profit from sales (45.6%).

3.2 Ways to improve the efficiency of using working capital

Accelerating the turnover of working capital is a top priority for enterprises.

The efficiency of using current assets depends on many factors, which can be divided into external ones, which have an impact regardless of the interests of the enterprise, and internal ones, which it can and should actively influence. External factors include such as the general economic situation, tax law, conditions for obtaining loans and interest rates on them, the possibility of targeted financing, participation in programs financed from the budget. These and other conditions determine the framework within which an enterprise can manipulate the internal factors of the rational movement of working capital.

On modern stage economic development, the main external factors affecting the state and use of working capital include such as the crisis of non-payments, high taxes, and high bank loan rates.

The crisis in the sales of manufactured products and non-payments lead to a slowdown in the turnover of working capital. Consequently, it is necessary to produce products that can be sold quickly and profitably, stopping or significantly reducing the production of products that are not in current demand. In this case, in addition to accelerating turnover, the growth of accounts receivable in the assets of the enterprise is prevented.

At the current rate of inflation, it is advisable to direct the profit received by the enterprise, first of all, to supplement working capital. The rate of inflationary depreciation of working capital leads to an underestimation of costs and their transfer to profit, where working capital is divided into taxes and non-productive expenses.

There are significant reserves for increasing the efficiency of using working capital within the enterprise itself.

At the stage of creating inventories, these may be:

Introduction of economically feasible stock standards;

Bringing suppliers of raw materials, semi-finished products, components, etc. closer to consumers;

Widespread use of direct long-term connections;

Expansion of the warehouse logistics system, as well as wholesale trade materials and equipment;

Integrated mechanization and automation of loading and unloading operations in warehouses.

At the work in progress stage:

Acceleration of scientific and technological progress (introduction of advanced equipment and technology, especially waste-free and low-waste, robotic complexes, rotary lines, chemicalization of production);

Development of standardization, unification, typification;

Educational institution “Gomel State Technical University named after P.O. Sukhoi"

Department of Economics

COURSE WORK

“Analysis of the availability, structure and efficiency of use of working capital of the enterprise”

(Using the example of OJSC Gomelgazstroy)

Completed by a student from group ZU-41s

Serdyukova V.P.

Checked: Art. teacher

GOMEL, 2010

Introduction

1.1 Concept and economic essence of working capital

1.2 Composition and structure of working capital

CHAPTER 2. Analysis of the composition, structure, dynamics of working capital and assessment of their turnover at OJSC Gomelgazstroy

CHAPTER 3. Proposals to improve the efficiency of using working capital at OJSC Gomelgazstroy

Conclusion

Bibliography

Introduction

Each enterprise, starting its activities, must have a certain amount of money. Working capital of enterprises is designed to ensure their continuous movement at all stages of the circulation in order to satisfy production needs for monetary and material resources, ensure timeliness and completeness of payments, and increase the efficiency of using working capital.

The problem of effective management of enterprises includes the best use of their funds, and first of all, working capital. The presence of sufficient working capital at the enterprise is a necessary prerequisite for its normal functioning in a market economy.

The main place in working capital is occupied by funds advanced into inventory assets. These include goods, inventories and other inventory items. Inventory includes raw materials, basic materials and purchased semi-finished products, low-value and high-wear items.

Other inventory items include the cost of containers, fuel, materials for household needs, and packaging materials.

Some part of working capital trading enterprises may be in the calculations. This is the debt of buyers for goods sold to them and services provided; debt of the population for goods and services sold to them on credit; claims amounts; various accounts receivable (customers for unpaid settlement documents, settlements for compensation of material damage, etc.). As a rule, accounts receivable arise as a result of non-compliance with financial and payment discipline and poor efforts to preserve property, which requires close attention from employees of the financial department.

Working capital is one of the components of the enterprise's property. The condition and efficiency of their use is one of the main conditions for the successful operation of an enterprise. The development of market relations determines new conditions for their organization. High inflation, non-payments and other crisis phenomena force enterprises to change their policy in relation to working capital, look for new sources of replenishment, and study the problem of the efficiency of their use.

CHAPTER 1. Analysis of the composition, structure, dynamics of working capital and assessment of their turnover

1.1 Concept and economic essence of working capital

Along with fixed assets, the availability of an optimal amount of working capital is of great importance for the operation of an enterprise.

Working capital is a collection of funds advanced to create circulating production assets and circulation funds, ensuring their continuous circulation.

Working capital ensures the continuity of production and sales of the enterprise's products. Working capital assets enter production in their natural form and are completely consumed during the manufacturing process, transferring their value to the product being created. Circulation funds are associated with servicing the process of circulation of goods. They do not participate in the formation of value, but are its carriers.

After the end of the production cycle, production of finished products and their sale, the cost of working capital is reimbursed as part of the proceeds from the sale of products (works, services). This creates the possibility of systematically resuming the production process, which is carried out through the continuous circulation of enterprise funds.

In their movement, working capital passes through three successive stages: monetary, productive and commodity.

The first stage of the circulation of funds is preparatory. It occurs in the sphere of circulation. This is where cash is converted into the form of inventory.

The productive stage is the direct production process. At this stage, the cost of the created products continues to be advanced, but not in full, but in the amount of the cost of the used production inventories; the costs of wages and related expenses, as well as the transferred cost of fixed assets, are additionally advanced. The productive stage of the circulation ends with the release of finished products, after which the stage of its implementation begins.

At the third stage of the circuit, the product of labor (finished products) continues to be advanced in the same amount as at the second stage. Only after the commodity form of the value of the produced products turns into money, the advanced funds are restored at the expense of part of the proceeds received from the sale of products. The rest of its amount is cash savings, which are used in accordance with their distribution plan. Part of the savings (profit), intended for the expansion of working capital, is added to them and completes subsequent turnover cycles with them.

The monetary form that current assets take at the third stage of their circulation is at the same time the initial stage of the turnover of funds.

The circulation of working capital occurs according to the following scheme:

D – T … P … T` - D`,

D – funds advanced by the business entity;

T – means of production;

P – production;

T` - finished products;

D` - cash received from the sale of products and including realized profit.

Dots (...) mean that the circulation of funds is interrupted, but the process of their circulation continues in the sphere of production.

Working capital during movement is at all stages and in all forms. This ensures a continuous production process and uninterrupted operation of the enterprise.

1.2 Composition and structure of working capital

The composition and structure of working capital are distinguished.

The composition of working capital is understood as the totality of elements that form working capital. The division of working capital into circulating production assets and circulation funds is determined by the peculiarities of their use and distribution in the areas of production and sales.

Working production assets include:

· Objects of labor (raw materials, basic materials and purchased semi-finished products, auxiliary materials, fuel, containers, spare parts, etc.);

· Labor instruments with a service life of no more than one year or a cost of no more than 100 times (for budgetary organizations - 50 times) the established minimum wage per month (low-value wearable items and tools);

· Work in progress and self-made semi-finished products (labor items that have entered the production process: materials, parts, units and products that are in the process of processing or assembly, as well as self-made semi-finished products that have not been fully completed by production in some workshops of the enterprise and are subject to further processing in others workshops of the same enterprise);

· Future expenses (intangible elements of working capital, including costs for the preparation and development of new products that are produced in a given period, but are allocated to products of a future period; for example, costs for the design and development of technology for new types of products, for the rearrangement of equipment).

Circulation funds include:

· Enterprise funds invested in finished product inventories, goods shipped but not paid for;

· Funds in settlements;

· Cash in hand and in accounts.

The amount of working capital employed in production is determined mainly by the duration of production cycles for the manufacture of products, the level of technology development, the perfection of technology and labor organization.

The amount of circulating media depends mainly on the conditions for the sale of products and the level of organization of the supply and marketing system.

The relationship between the individual elements of working capital, expressed as a percentage, is called the structure of working capital. The difference in the structures of working capital of industrial sectors is determined by many factors, in particular, the peculiarities of the organization of the production process, the conditions of supply and sales, the location of suppliers and consumers, and the structure of production costs.

According to the sources of formation, working capital is divided into own and borrowed.

Own working capital is funds that are constantly at the disposal of the enterprise and are formed from its own resources (profit, etc.). In the process of movement, own working capital can be replaced by funds that are essentially part of one’s own, advanced for wages, but temporarily free (due to the lump sum payment of wages). These funds are called equivalent to own, or stable liabilities.

Borrowed working capital – bank loans, accounts payable and other liabilities.

Effective operation of an enterprise is the achievement of maximum results at minimum costs. Minimizing costs is, first of all, optimizing the structure of sources for the formation of working capital of an enterprise, i.e. reasonable combination of own and credit resources.

1.3 Rationing of working capital

Working capital management consists of ensuring the continuity of the production process and sales of products with the smallest amount of working capital. This means that the working capital of enterprises must be distributed across all stages of the circulation in the appropriate form and in a minimum but sufficient volume.

In modern conditions, when enterprises are completely self-financing, correctly determining the need for working capital is of particular importance.

The process of developing economically justified amounts of working capital necessary for organizing the normal operation of an enterprise is called rationing of working capital. Thus, the rationing of working capital consists in determining the amounts of working capital necessary for the formation of constant minimum and at the same time sufficient reserves of material assets, minimum balances of work in progress and other working capital. Rationing of working capital helps to identify internal reserves, reduce the duration of the production cycle, and more quickly sell finished products.

They normalize working capital located in inventories, work in progress, and balances of finished products in the warehouses of the enterprise. These are standardized working capital. The remaining elements of working capital are called non-standardized.

In the process of rationing working capital, the norm and standard of working capital are determined.

Working capital norms characterize the minimum inventories of inventory items at an enterprise; they are calculated in days of supply, parts inventory norms, rubles per unit of account, etc.

The working capital norm is the product of the working capital norm by the indicator whose norm is determined. Calculated in rubles.

The working capital standard establishes the minimum estimated amount that is constantly necessary for the enterprise to operate. Actual inventories of raw materials, cash, etc. may be higher or lower than the standard or meet it. This is one of the most volatile indicators of current financial activity. Failure to fill the working capital standard may lead to a reduction in production and failure to fulfill the production program due to interruptions in production and sales of products.

Excessive reserves divert funds from circulation, indicate shortcomings in material and technical support, and irregular production processes and sales of products. All this leads to the death of resources and their ineffective use.

1.4 Working capital turnover

The criterion for the effectiveness of working capital management is the time factor. The longer working capital remains in the same form (cash or commodity), the equal conditions the efficiency of their use is lower, and vice versa. The turnover of working capital characterizes the intensity of their use.

The role of the turnover indicator is especially great for industries in the sphere of circulation, including trade, Catering, consumer services, intermediary activities, banking business, etc.

The efficiency of using working capital of industrial enterprises is characterized by three main indicators:

· Turnover ratio;

· Working capital utilization rate;

· Duration of one revolution.

The turnover ratio is determined by dividing the volume of product sales at wholesale prices by the average balance of working capital at the enterprise:

Ko = Rp / CO

Ko – working capital turnover ratio, turnover;

Рп – volume of products sold, rub.;

SO – average balance of working capital, rub.

The turnover ratio characterizes the number of turnovers made by the enterprise's working capital for a certain period (year, quarter), or shows the volume of products sold per 1 ruble. working capital.

Comparison of turnover ratios over the years allows us to identify trends in the efficiency of using working capital. If the number of turnovers made by working capital increases or remains stable, then the enterprise operates rhythmically and uses monetary resources rationally. A decrease in the number of turnovers made in the period under review indicates a drop in the rate of development of the enterprise and an unfavorable financial condition.

1.5 The value of accelerating turnover of working capital

The effect of accelerating the turnover of working capital is expressed in the release and reduction of the need for them due to the improvement of their use. A distinction is made between absolute and relative release of working capital.

Absolute release reflects a direct reduction in the need for working capital.

Relative release reflects both the change in the amount of working capital and the change in the volume of products sold. To determine it, you need to calculate the need for working capital for the reporting year based on the actual turnover of product sales for this period and turnover in days for the previous period. The difference gives the amount of funds released.

The release of working capital has a number of positive effects:

· Production of products occurs at lower costs of working capital;

· Material resources are released;

· Receipt of profit deductions into the budget is accelerated;

· The financial position of the enterprise improves, because the financial resources released as a result of the above-plan acceleration of the turnover of funds remain at the disposal of the enterprise until the end of the year and can be successfully used (profitably invested).

Unfortunately, the own financial resources that enterprises currently have cannot fully ensure the process of not only expanded, but also simple reproduction.

CHAPTER 2. Analysis of the composition, structure, dynamics of working capital and assessment of their turnover at JSC Gomelgazstroy

2.1 Technical and economic characteristics of OJSC “Gomelgazstroy”

OJSC "Gomelgazstroy" was created in the process of privatization of state property of the rental specialized mobile mechanized column No. 3 of the trust "Belspetsmontazh - 3" of the city of Gomel of the Belarusian concern for fuel and gasification "Beltopgaz" by the founding conference.

The founders of the Company are the Gomel Regional Committee for State Property Management with an ownership share of 98.7% and members of the rental team of the enterprise, transformed into an OJSC with an ownership share of 1.3%.

In the effective and profitable work of OJSC Gomelgazstroy, an important place is occupied by a rational organization and a properly formed production and personnel management system. Ensuring the proportionality of all elements of the production process and clear coordination of all management levels is the most important condition for obtaining a positive effect from the operation of the enterprise as a whole.

The structure of the enterprise includes:

Management personnel (director, chief engineer, deputy directors, chief mechanic, heads of structural divisions, foreman, foremen);

Department specialists, laboratories;

Workers at construction and installation sites No. 1, 2 auxiliary production sites, mechanization site;

Staff service.

The structure of OJSC Gomelgazstroy is set out in detail in the staffing table. Distribution of functions and responsibilities is provided job responsibilities, qualified requirements.

OJSC Gomelgazstroy carries out the following activities:

· construction of gas supply systems;

· design of gas supply systems;

· manufacturing of gas supply system products (assemblies and parts);

· operation and technically related to operation, storage and transportation of radiation devices;

· shooting of underground and above-ground structures;

· intercity transportation of goods by road;

· operation of cranes;

· transportation of dangerous goods (oxygen, sulfuric acid, etc.) by road;

· accreditation for types of non-destructive testing and other tests.

A five-day working week with two days off has been established; for workers at construction and installation sites there is a summarized recording of working time with a reporting period of 0.5 years. Work is carried out in one shift.

OJSC Gomelgazstroy has five sections: construction and installation sections No. 1 and No. 2, auxiliary production section, mechanization section, welding and insulation quality control section.

Construction and major repairs of gas supply facilities in Gomel and the Gomel region are carried out in areas and settlements susceptible to contamination by radioactive emissions from the Chernobyl nuclear power plant, in accordance with the republican program and are of great social importance. The main financing of construction comes from the budget and the innovation fund of the Beltopgaz concern.

During its activity, the company’s team built and put into operation 1,876 km of gas networks and gasified 244 cities and towns of the Republic of Belarus, of which:

In the Gomel region – 219;

In the Mogilev region – 13;

In the Grodno region – 9;

In the Minsk region – 2;

In the Brest region – 1.

All objects under construction are accepted by the State Commissions within the agreed and planned time frame. During its activity, the enterprise did not have customers or State supervision bodies.

The production capacity of the company with the fullest use of production resources is more than 6000.0 million rubles for construction and installation work.

The existing capacity of technological equipment allows increasing volumes by 30-40%. All objects planned for construction are fully provided with materials and raw materials provided for by the production technology and design conditions. Work is constantly underway to improve technological processes and mechanize construction work.

The main types of work at OJSC Gomelgazstroy are the construction of gas pipelines in cities and towns, gasification of residential buildings, boiler houses, industrial enterprises, agricultural enterprises, design of gas supply systems, production of components and parts by the auxiliary production site.

The technology for constructing gas pipelines consists of a preparatory period, welding and installation, insulation, and excavation work.

OJSC Gomelgazstroy is one of the oldest specialized enterprises in the region for the construction of gas supply systems. During its existence, extensive work experience has been accumulated, highly qualified personnel have been trained and trained, there is a production base that allows for the production of components, parts and other types of work in a factory environment, and there is an own laboratory for quality control of the work performed.

The main customers of OJSC “Gomelgazstroy” are: Republican Unitary Enterprise “Gomeloblgaz”, UKS of the regional executive committee, industrial enterprises, construction organizations of the city of Gomel and the region, owners of departmental housing stock, owners of housing facilities.

RPUE "Gomeloblgaz" uses funds from the innovation fund to construct gas distribution pipelines in cities, repair and replace gas pipelines. UKS of the regional executive committee is the customer for the construction of gas supply systems in agricultural sector at the expense of the Chernobyl nuclear power plant.

Customers are also large construction organizations in the region: MPU "Mozyrmezhraigaz", OJSC "Mozyrpromstroy", SMP - 716 SRUP "Trest Beltransstroy", RPU "Zhlobinraigaz", OJSC "SMT No. 27" and others.

The production potential of OJSC "Gomelgazstroy" allows you to increase the number of customers by performing additional work on the installation of heating and water supply systems, the installation of smoke and ventilation ducts, the provision of cargo transportation and vehicle repair services, design work, surveying of underground and above-ground structures, inspection of welded joints, etc.

Reducing the cost of construction and installation work by reducing their cost allows us to attract additional customers for gasification of the housing stock of the population.

Work has been carried out to reduce emissions of pollutants into the atmosphere through the modernization of supply and exhaust ventilation by the community.

To calculate prices for construction and installation work financed from the budget and other sources, indices for cost elements calculated by the Republican Scientific and Technical Center for Pricing in Construction are used. Costings are prepared for the products of the auxiliary production site.

During the construction of gas pipelines, welding quality is monitored using non-destructive methods (radiography) and mechanical tests in accordance with the requirements of SNiP 3.05.02-88. The quality control of the insulating coating is carried out using the instrumental method (GOST 9.602-89). The welding and insulation quality control area is accredited for types of non-destructive testing and other tests.

The production base of OJSC "Gomelgazstroy" is intended for storage, repair of automotive and construction equipment, as well as for storage, processing of necessary building materials and production of components and parts, welding of pipes with a diameter of up to 500 mm. It has repair areas, warehouses, and household premises.

In the effective and profitable work of OJSC Gomelgazstroy, a special place is occupied by the rational organization of production and a properly formed management system. Ensuring the proportionality of all elements of the production process and clear coordination of all levels of management is the most important condition for making a profit - the most important economic indicator characterizing the final results of the economic activity of any commercial entity.

In the process of intra-company planning, in addition to efficiency criteria, private criteria can be used to establish and select the optimal values ​​of planned indicators: cost, material intensity, labor intensity, profitability, break-even, shareholder income, market price, etc. The choice of certain economic indicators as evaluation criteria efficiency depends on specific production conditions and the specifics of the work.

Table 2.1 - Technical and economic indicators of production and economic activities of OJSC Gomelgazstroy for 2007-2008

Table 2.2 - Completion of volumes of construction and installation work (thousand rubles)

As can be seen from the table, the volume of construction and installation work at current prices increased by 36.8%. At basic prices, this increase was only 9.4%. In particular, the volume of construction and installation work done on our own also increased during the period under study.

Table 2.3 - Summary indicators of production and economic activities of OJSC Gomelgazstroy for 2007

Thus, the plan was exceeded in most respects. The plan remained unfulfilled only in terms of such indicators as profit from sales, profitability of products sold, average monthly wages, and labor productivity.

It is impossible to ignore the exceeding of the plan for the volume of sales of paid services to the population by 839.5%. The growth rate for this indicator is also very high (1022.2%).

Compared to last year, only the profitability of products sold decreased (by 18.4%).

There is an increase in other indicators.

2.2 Composition and structure of working capital of OJSC Gomelgazstroy

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

Working production assets represent part of production assets, the material content of which is the objects of labor functioning in the sphere of production.

Working production assets are divided into a number of groups:

Industrial inventories (raw materials, basic materials, purchased semi-finished products, auxiliary materials, fuel, containers and packaging materials, spare parts for routine repairs, low-value and quickly wearing out household equipment and tools);

Work in progress – unfinished products subject to further processing;

Deferred expenses are the costs of preparation and development of new products, produced in a given period, but subject to repayment in the future.

Raw materials are objects of labor for the extraction or production of which labor was expended. Raw materials are for example: ore, cotton.

Materials are objects of labor that have already been subjected to industrial processing, such as rolled metal. Products are made from basic materials; they form its main material content.

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

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

Work in progress is items of labor that are being processed or awaiting further processing and have not yet been included in the finished product.

Along with working capital, the enterprise has circulation funds that function in the sphere of circulation. These include:

Finished products in warehouses;

Products shipped but not paid for;

Accounts receivable;

Cash in bank accounts, in pending settlements.

The totality of working production assets and circulation funds constitutes working capital.

An analysis of the structure and dynamics of working capital of OJSC Gomelgazstroy is presented in Table 2.4.

Table 2.4 - Structure of the enterprise’s working capital, million rubles

To determine the reasons for changes in the amount of working capital for 2007-2009, we will conduct a factor analysis. First-order factors include: inventories and costs, taxes on acquired assets, accounts receivable, cash.

Change in working capital, total:

∆K about =K about about1 - To about about0 (2.1)

∆K about =1552.2-1367.1=185.1 million rub.

Changes in inventories and costs

∆K ob(dzz) =K coz ob1 - K coz ob (2.2)

∆K rev(dz) =1218.3-818=400.3 million rub.

Change in accounts receivable

∆K about (ddz) =K code about1 - K about about (2.3)

∆D xi ob(ddz) =263.7-281.4=-17.7 million rub.

Change in cash

∆K ob(dds) =K codes ob1 - K codes ob (2.4)

∆K ob(dds) =67.1-216.7=-149.6 million rub.

Working capital for 2008 increased by 585.4 million rubles. The greatest negative impact on the increase in working capital was caused by changes in inventories and costs that occurred due to the growth of work in progress. The growth of accounts receivable does not indicate an ineffective policy for managing accounts receivable at the enterprise.

The structure of working capital is presented in table 2.5

Table 2.5 Changes in the structure of working capital

A rational structure of working capital is when the largest part of it is invested in inventory, and the smallest part in cash and accounts receivable. The table shows that the structure of working capital of a given enterprise fully complies with this rule. It also follows from the table that the components of working capital in percentage during the period under review changed throughout the period under review. So in 2008, reserves increased by 29.8%, and in 2009, reserves increased by 18.7% compared to 2008. The largest part of the reserves consists of raw materials, materials and other material assets, and a small part consists of deferred expenses. Accounts receivable have been declining over the years and in 2009 this figure decreased by 4.9% compared to 2007. The cash item decreased significantly, from 2007 to 2009 by 37.3%.

2.3 Analysis of accounts receivable

From table 2.5 it can be seen that the share of accounts receivable in the composition of working capital decreases in 2008 by 26.7%, in 2009 it decreases by 3.6% compared to the previous year. This is explained by the fact that due to the increasing frequency of non-payments for manufactured and supplied products, the plant’s financial policy is aimed at fulfilling orders and delivering products on an advance payment basis. Orders for the production of mechanical parts and assemblies are carried out with a 50% advance payment. Delivery of finished products is carried out after 100% advance payment. Reliable relationships were established with suppliers and contractors.

To assess accounts receivable turnover, the following group of indicators is used (Table 2.6.).

1. Accounts receivable turnover

where VR is revenue from product sales, million rubles;

SDZ – average accounts receivable, million rubles.

2. Receivables repayment period.

Table 2.6.-Receivables turnover indicators

The table shows that the turnover period of accounts receivable is decreasing. This is a positive result of the enterprise's activities. Reducing the period of debt overdue reduces the risk of non-repayment.

2.4 Analysis of the efficiency of using working capital

The most important indicators of the efficiency of using working capital are:

· current ratio;

· turnover ratio;

Duration of one revolution, in days;

· working capital load factor;

· profitability of working capital.

The working capital turnover ratio shows the number of revolutions that working capital makes during the planning period and is determined by the formula:

To rev. =Proceeds from sales / Average working capital

The average duration of turnover of working capital (turnover in days) is determined by the ratio of the product of the average balance of working capital and the number of days in the period to the amount of product sales for this period:

Duration of turnover =360 / Asset turnover

Loading = Average working capital / Sales revenue

Return on working capital shows how much profit an enterprise receives per ruble of its working capital over an estimated period of time.

Return on working capital. =Net profit / Average working capital

An analysis of the efficiency of using working capital is presented in table. 4.

The most common method for calculating the working capital needs of an enterprise is based on the volume of products sold, determined in the business plan for the coming period and the level of the working capital consolidation ratio for previous periods.

Knowing the need for working capital and the availability at the beginning of the planning period, it is easy to then calculate the additional need for working capital and determine the sources of covering this need (from own or borrowed financial resources).

If we assume that the planned volume of sales of the enterprise’s own products is determined on the basis of marketing research, analysis of the existing structure and consumer requirements recorded in supply contracts already concluded and expected to be signed, then the main problem is the justified determination of the planned level of the working capital consolidation coefficient.

Of course, we can proceed from the actual value of the consolidation coefficient in the reporting period closest to the planned one; however, it is more expedient to first analyze the current level of working capital and identify possible reserves for reducing the need for it.

Table 2.7 – Calculation of working capital requirements in 2008

The total planned need for working capital, based on the target for the volume of products sold for 2007, is 6771 million rubles. will be equal to: 0.28*8568.2 = 2399.1 million rubles. Taking into account the increase in sales volume in 2008 by 26.7.0%, an increase in working capital by 1214 million rubles is required. In 2008 Working capital amounted to 1,367 million rubles, which is 43.7% less than the plan.

The current ratio shows whether the company has enough funds that can be used to pay off short-term obligations. It characterizes the overall provision of the enterprise with funds for conducting business activities. OJSC Gomelgazstroy only in 2008 received this coefficient with a value greater due to the restructuring of accounts payable.

To current liquid 2007 = 1917.7/ 2079.1 = 0.92;

To current liquid 2008=1367.1/1197.9 = 1.1;

To current liquid 2009=1552.2/1720.8 = 0.90

An increase in the turnover ratio and a reduction in the period of one turnover during the period under review indicate the effective use of working capital.

Turnover 2007 = 6762.3/1917.7 = 3.5;

To rev. 2008 =8916.3/1367.1 = 6.5;

To rev. 2009 = 8568.2/1552.2 = 5.5

As a result of the increase in the turnover ratio, the absolute release of working capital was ensured, i.e. fulfillment or overfulfillment of the production plan is ensured with a smaller amount of working capital than provided for by the plan.

Duration of turnover 2007 =360/3.5 = 103 days;

Duration of turnover 2008 = 360/ 6.5 = 55 days;

Duration of turnover 2009 = 360/ 5.5 = 65 days.

Also, to assess the efficiency of using working capital, the working capital load factor is calculated. It characterizes their amount per 1 ruble of products sold.

Load = Average working capital / Sales revenue

To download 2007 = 1917.7 / 6762.3 = 0.28 rubles;

To download 2008 = 1367.1 / 8916.3 = 0.15 rubles;

To download 2009 = 1552.2 / 8568.2 = 0.18 rub.

Analyzing the data obtained, we can say that in 2007, for 1 ruble of sold products there were 0.28 rubles of working capital. This figure in 2008 was 0.15 rubles and in 2009 0.18 rubles, respectively.

R obor. cap. =Net profit / Average working capital

R rev.cap. 2007 = 389.4 / 1917.7 = 0.2;

R rev.cap. 2008 = 121.6/ 1367.1 = 0.1;

R rev.cap. 2009 = 389.4/ 1552.2 = 0.3.

Thus, in 2007, the enterprise received 0.2 rubles of profit per ruble of working capital; this figure in 2008 was 0.1 rubles. In 2009, the enterprise received 0.3 rubles of net profit per ruble of working capital, which is best result for the period under study.

2.5 Cash flow analysis

Cash flow analysis is carried out according to the reporting period. At first glance, such an analysis, like any other section of retrospective analysis, is of relatively low value to a financial manager; however, arguments can be made that to a certain extent justify its implementation.

The important role of cash flow analysis, which creates the basis for the formation of effective policies and adoption management decisions management of the organization, due to a number of reasons: cash flows serve the functioning of the organization in almost all aspects of its activities; optimal cash flows ensure the financial stability and solvency of the organization; rationalization of cash flows contributes to the achievement of rhythm in the production and commercial process of the organization; effective cash flow management reduces the organization's need to attract borrowed capital; optimization of cash flows is a prerequisite for accelerating the capital turnover of the organization as a whole.

The purpose of cash flow analysis is to obtain the required volume of their parameters, giving an objective, accurate and timely description of the directions of receipt and expenditure of funds, volumes, composition, structure, objective and subjective, external and internal factors that have different effects on changes in cash flows.

Table 5 presents data from the cash flow statements of OJSC Gomelgazstroy for 2007 and 2008, which served as the basis for the analysis of cash flows. As a result of its production activities in 2007, the organization significantly increased the volume of money supply in terms of both cash inflows and cash outflows. This situation can be assessed positively, since it is a consequence of an increase in the scale of production and sales of products. A positive point is the excess of cash inflows over their outflows in 2007 and 2008, which ensured the achievement of a positive net cash flow of 4,680 thousand rubles, respectively. and 9722 thousand rubles. The amount of positive cash flow in 2005 increased compared to 2004 by 602,672 thousand rubles, and in 2004 compared to 2003 increased by 1,650,518 thousand rubles. The growth rate in 2005 was 21.1%, and in 2004 - 137.6%. Considering cash flow indicators by type of activity, it should be noted that the largest volume of money supply provides the main current activities of the organization. In 2003 and 2004 The company's funds are presented in the context of current activities. The amount of cash inflow from current activities in 2005 amounted to 3,325,416 thousand rubles, which is 475,417 thousand rubles. more than in the previous year. The share of this indicator in the total volume of all cash receipts was 96.31% in 2003. This is explained by the relative intensification of the investment and financial activities of the enterprise. According to Tables 8 and 9, it is possible to analyze the structure of cash receipts and outflows of OJSC Gomelgazstroy for 2007 - 2008. Indicators characterizing individual elements of positive cash flows are combined into three groups (Table 2.8)

Table 2.8 - Structure of cash inflow of OJSC Gomelgazstroy for 2007-2008

As can be seen from Table 2.8, the largest inflow of funds from OJSC Gomelgazstroy in 2007-2008. was provided by sales proceeds and advances received. The absolute value of the increase in these indicators in 2008 compared to 2007 decreased by 25.7 million rubles. The growth rate in 2008 compared to 2007 was 99.7%.

At the same time, a comparison of the relative indicators of the structure of cash inflows showed a decrease in 2008 compared to 2007 in the share of receipts in the form of revenue and advances by 0.3%. The amount of receipts in the form of loans and credits in 2008 decreased by 568.3 million rubles. The share also decreased by 4.1%. This circumstance indicates an increase in the organization’s own cash resources and increased financial independence from borrowed capital.

In 2008, there was an increase in cash receipts from other types of activities of the organization (dividends, interest, income from the sale of property), the amount of which almost doubled, the share increased by 2.0%. This indicates the effectiveness of decisions made in the organization. According to Table 6, cash outflow in 2007 - 2008. to a greater extent due to business transactions related to remuneration and wage accruals. The outflow of funds for this reason increased in 2004 by 774,086 thousand rubles, and in 2005 - by 179,888 thousand rubles. However, in 2004 and 2005. the share decreased by 2.6% and 3.2%, respectively, and amounted to 48.8% and 45.6% of the total negative cash flow.

Table 2.9 – Structure of cash outflow of OJSC Gomelgazstroy for 2007-2008

In 2008, a decrease in absolute indicators of cash outflows was observed for almost all constituent elements, except for business transactions for wages and other payments compared to 2007. Assessing this situation and comparing the scale of negative and positive cash flows in 2008 as a whole, we can conclude that the decrease in the volume of cash outflow is a consequence of a decrease in the volume of production and economic activities of OJSC Gomelgazstroy, which negatively affected the financial results of the enterprise.

The analysis carried out is the basis for developing measures to effective management working capital, and ultimately to strengthen the financial condition of the enterprise.

CHAPTER 3. Proposals to improve the efficiency of using working capital

In order for an enterprise to avoid a cash shortage caused by an increase in accounts receivable and irrational increase, it is necessary to implement a system of rationing of current assets. To do this, you will need to calculate working capital standards, test the correctness of the results obtained, and automate procedures for adjusting and monitoring established standards. The creation of standards for all current assets is unjustified. As a rule, non-standardized items of current assets include “Deferred expenses”, “VAT”, “Other debtors and creditors”. It is advisable to standardize only those items of current assets in respect of which the following conditions are met:

· business transactions with one or another group of current assets are of a regular nature.

· current assets for which it is planned to develop a standard are significant (the share of which in the total amount of current assets is more than 5-10%) and homogeneous in composition. For example, rationing an item such as “Other accounts receivable,” which is heterogeneous in composition, is quite labor-intensive and can be assessed as economically unjustified.

· the company can manage this type of current asset. Often, part of the accounts receivable is beyond the control of the company’s financial director.

The system for managing current assets at an enterprise must be comprehensive, so each element of current assets is subject to regulation. But you should still start with the most problematic elements of existing current assets.

In order to avoid such problems, it is necessary to perform the following steps sequentially:

1. Construction of an operating cycle model. The operating cycle is the period during which funds are diverted from the turnover of the enterprise. It begins from the moment advances are issued to suppliers and ends on the date of receipt of funds for products sold on deferred payment terms. In order to determine the duration of the operating cycle, you will need to establish the average execution time of the following business processes:

· transportation of goods from the supplier, acceptance, quality control, storage, production, registration of transport documents, transportation of goods to the final buyer - inventory cycle;

· prepayment, deferred payment, collection, banking operations related to the transfer of funds from buyer to seller, settlement cycle.

Working capital standards will depend on the execution time of the listed business processes.

2. Development of internal regulations on standardization. This document represents guidelines on standardization of working capital, which contains standards defined for various current assets of the company, methods for their calculation and the necessary data sources and a list of those responsible for compliance with standards.

3. Testing the developed standardization model. Testing is necessary in order to understand whether the existing management accounting system allows us to obtain the data necessary for standardization and to assess the complexity of the work associated with this process.

4. Correction of the developed methodology. After testing has been carried out, it is necessary to take into account the comments of users of the standardization system and adjust the standardization provisions. Changes may concern developed standards, approaches to calculation, principles for obtaining data, etc.

5. Automation. Using Excel to calculate and control standards is extremely labor-intensive, so it is necessary to automate these processes using specialized software. This can be either a separate software product or an additional module of the ERP system.

In conclusion, it should be noted that typical mistakes, allowed during the implementation of the standardization system, are the incorrect distribution of responsibility for compliance with adopted standards and the absence of a bonus system. The most common scheme for distributing responsibility for compliance with accepted standards can be presented as follows. For fulfilling the standard:

· The head of the sales department is responsible for the inventory of goods in the warehouse;

· The sales manager is responsible for accounts receivable.

Once responsibility has been distributed among company officials, an incentive system is created to ensure compliance with regulations. One option is a mechanism where employees are paid a fixed amount of remuneration if the deviation of the actual value of current assets (for example, goods in a warehouse) from the standard value is within the established percentage.

The greatest difficulties in implementing a rationing system arise with employees who previously used funds uncontrollably. Thus, purchasing managers used to be able to keep a surplus of goods in the warehouse just in case. A similar situation was in the sales departments: in order to fulfill the sales plan, it was possible to “forgive” the client’s delays and not demand immediate repayment of the debt. To prevent such problems, it is necessary to identify those responsible, motivate them to achieve established standards and monitor implementation.

Introducing standards for inventories at the enterprise

The working capital standard in market conditions represents the enterprise's need for working capital necessary to create optimal inventories.

The standard of own working capital for materials is determined as the product of the cost of one-day consumption and the standard of working capital in days. The average working capital norm for materials in days is calculated in general as a weighted average of the working capital stock norms for individual types of materials.

The standard of reserves of material resources Add is determined in days by the sum of the following standards:

Add = Dt + Dp + Dtek + Dstr

where Dt is the travel time of material resources paid for by the enterprise (transport stock), days;

DP - time for unloading, delivery of materials to the enterprise’s warehouses, acceptance and storage, as well as the time for preparing materials for production (preparatory stock), days;

Dtek - time of presence of material resources in the current stock, days;

Dstr - time of presence of material resources in the safety stock, days.

The rate of working capital for the formation of the current stock depends on the frequency and uniformity of supplies of raw materials and basic materials.

The average interval between deliveries is determined based on actual receipts according to warehouse records for the reporting year. Moreover, if two or more receipts of the same type of raw materials from one or more suppliers coincide on one day, they are taken into account in calculating the interval in the total amount as one delivery.

Small random batches are not taken into account in calculating the average interval. These include batches received from supply warehouses and sales organizations, in cases where this type material arrives as a transit supply.

For raw materials and materials (pipes and ferroalloys) arriving periodically at approximately equal intervals and in batches, the average interval is determined by dividing the number of days in the quarter (90) by the actual number of deliveries (Table 7).

Table 3.1 - Calculation of the average interval between deliveries of pipes and ferroalloys to determine working capital for the formation of the current stock.

1. Average interval per quarter (pipe) = 90/ 6.5 = 14 days;

Working capital ratio = 14/2 = 7.

2. Average interval per quarter (ferroalloys) = 90/ 3.5 = 26 days;

Working capital ratio = 26 / 2 = 13.

The rate of working capital for the formation of current stock for each type of raw material, basic materials and purchased materials is taken at the rate of 50% of the average interval between deliveries. This is because the current stock of each material changes from its maximum size when the next delivery is received to its minimum size before the next delivery. In addition, for some types of raw materials and supplies, maximum current reserves may be formed, while for others, minimum ones.

Similarly, we calculated the norm for the current stock for auxiliary materials. It was 30 days. For cast iron (semi-finished products), deliveries occur daily, therefore the current stock norm is equal to one day.

The creation of a safety stock is aimed at ensuring the normal operation of the enterprise in cases of possible supply interruptions caused by deviations in the frequency and quantities of supplies.

The safety stock should not take into account the reserve in case of natural disasters, major accidents, excess consumption of raw materials and materials due to defects in production and increased waste, damage to raw materials and materials due to unsatisfactory storage, as well as a reserve for exceeding the plan.

The rate of working capital for the formation of safety stock is calculated for all types of raw materials for which the current stock was calculated.

Determine the size of the safety stock in days; 50% of the current stock is set.

OJSC Gomelgazstroy carries out some supply of materials from the Belarusian metallurgical plant. The calculation of working capital norms in days for materials is given below

Table 3.2 Calculation of working capital standards for materials and semi-finished products

Since the share of ferroalloys, pipes and auxiliary materials in production is only 13%, we will combine these materials into one group and calculate the weighted average rate of working capital for them as a whole using the formula:

(24 days*4t+17 days*25t+49 days*1t)/(4t+25t+1t)=19 days

Thus, the standard:

for semi-finished products amounted to 4 days * 334.5 thousand. rub. = 1338 thousand rubles;

according to materials amounted to -19 days * 674.8 thousand rubles. = 12,821.2 thousand rubles.

To calculate the standard of own working capital for work in progress, it is necessary to determine the standard of working capital for the production of marketable products. The rate of working capital is determined based on the duration of the production cycle and the rate of increase in costs.

The duration of the production cycle includes:

a) the direct processing process (technological stock);

b) keeping processed products at work places (transport stock);

c) the presence of processed products between individual operations and individual workshops due to differences in the rhythms of equipment operation (working stock);

d) the presence of products during mass production in the form of a reserve in case of interruptions (safety stock).

Table 3.3- Calculation of production cycle duration

The average production cycle time will be:

2*0.069+25*0.276+1*0.008+18*0.123+2*0.078+23*0.445=19.7 days.

To determine the rate of working capital for work in progress, in addition to data on the duration of the production cycle, it is necessary to know the degree of readiness of products. It is reflected by the so-called cost increase coefficient, which is determined by the formula:

K(n) = (+ 0.5)/(+)

where K(n) is the cost increase coefficient;

Costs incurred one-time at the beginning of the production process (materials, process fuel);

Subsequent costs until the end of production of products (wages, social security/insurance).

Costs for the half-year amounted to 601,580.4 thousand rubles, including one-time costs of 332,726.5 thousand rubles, then the cost increase coefficient is equal to:

(332726,5 + 0,5*268853,9)/601580,4 = 0,77

The rate of working capital for work in progress, defined as the product of the average duration of the production cycle in days and the cost increase factor, will be:

n = 19.7 * 0.76 = 15 days.

The working capital standard for work in progress is defined as the product of the cost of one-day expenses according to the cost estimate for the production of marketable products and the working capital standard:

Nnp = 2,705.1 thousand rubles. * 15 days = 40,576.5 thousand rubles.

The working capital standard for finished products is determined as the product of the one-day turnover of marketable products at production cost and the working capital standard. The latter is set depending on the time required for selection individual species and brands of products, for completing batches of shipped products, for packaging and transportation of products from the warehouse of supplier enterprises to the departure station, as well as the time of loading.

Ngp = 1523.2 thousand rubles * 7 days = 10 662.4 thousand rubles.

Conclusion

In the process of completing the course work, we found out that working capital is one of the components of the enterprise’s property. Their effective use is an important condition for the successful operation of an enterprise. Therefore, it is necessary to analyze the current assets of the enterprise, the purpose of which is to improve the efficiency of working capital management. The purpose of management, in turn, is to determine the volume, structure, and sources of covering working capital. The risks caused by insufficient analysis of the structure and volume of working capital are also considered. These risks are:

1. Insufficiency of goods - the risk of additional costs or interruption of the enterprise.

2. Inadequacy of own credit capabilities - risk of loss of liquidity.

3. Insufficient funds. - the risk of interruption of the production process, failure to fulfill obligations, loss of additional profit.

4. Excessive volume of working capital. - the risk of increasing financing costs and reducing income.

Sources of information for analyzing current assets are also identified. Such sources are mainly forms financial statements form No. 1, form No. 2, form No. 5. Data from Form No. 2 are used to calculate some business activity ratios.

Chapter 2 examines the composition of current assets of the enterprise OJSC Gomelgazstroy, which is understood as a set of elements that form current assets. Based on the data obtained in the calculations for the course work, we can say that the current assets of OJSC Gomelgazstroy, compared with the beginning of the reporting period, decreased by 365.5 million rubles for the period from 2007 to 2009. Judging by the data in the table, we conclude that the greatest value belongs to the item “inventories”, which increased by 628.5 million rubles. Accounts receivable, in turn, decreased due to a decrease in short-term debt. The increase in cash during the reporting period was insignificant.

The next step in completing the work was the calculation of the coefficients necessary for the analysis of the current assets of the enterprise. There is an increase in accounts receivable turnover, which reflects an improvement in the payment discipline of customers. The following can be said about the cash turnover ratio: the average cash turnover period has decreased, and the turnover has increased, and this in turn shows that Gomelgazstroy OJSC effectively manages highly liquid assets.

When calculating the impact of changes in turnover ratios, current assets are saved by accelerating turnover.

As a result, we can assume that for the effective operation of an enterprise, it is advisable to normalize items of current assets in respect of which the conditions given in the text of Chapter 3 of this course work are met. It is also necessary to automate all processes and motivate staff to complete assigned tasks.

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