What does the lack of working capital mean? Lack of own working capital. Shortage of working capital and consequences for the enterprise

Yulia Khachaturyan, CEO NIKA, RISK PLAN

Economist's Handbook No. 10 2016

A situation where a company lacks working capital may occur for various reasons. At one time, for example, I had to work for a company that was a general contractor in construction. Subcontractors had to pay money for the work in a timely manner, but the customer with payment for the work to the general contractor (the one that had already been completed) was often late. The lack of working capital in one company of the holding structure does not mean that the situation is the same in another company that is part of the holding (or an individual entrepreneur). However, in any case, “withdraw-bring” money from the one who has it to the one who does not have it - as a rule, a certain scheme is needed. The word "scheme" in this case has neither a positive nor a negative meaning. By a scheme, we mean some kind of legal solution that allows you to transfer financial investments from one entity to another. Moreover, sometimes as a result of such actions, the taxpayer pays excessive taxes. Let me give you a specific example from my practice.

Example 1

Once, for examination, they brought me a loan agreement between two companies that are part of a holding structure. The borrower was the general contractor, the loan was given by an individual entrepreneur who had a store retail on ENVD. Many things were embarrassing in the agreement, and that among the types of activities of the IP there was no issuance of loans, and the fact that the agreement no longer resembled a loan agreement, but a loan agreement, because it was built according to the overdraft scheme, which could lead to administrative liability of the IP for illegal banking activities, and much more. As a result, I did not endorse this contract. After some time, another draft agreement was brought to me for examination: according to it, the general contractor subleased the land (which he rented from the city administration) to an individual entrepreneur, for which he transferred the actual amount of the missing working capital. There were no legal risks in this case, however, as well as tax ones. But this system of work led to large tax losses within the holding, because at first the individual entrepreneur paid tax on the funds received, then, a second time, on the amount rent paid taxes by the general contractor. A better alternative would be to combine all (or part) of the activities into activities within one company so as not to incur tax losses. But beforehand in such cases it is always necessary to carry out the corresponding calculations beforehand. What was the alternative in this case? For example, it was possible to receive free funds from individual entrepreneur, transfer them to the head of an individual limited liability company-general contractor, so that he enters them into the Criminal Code of his company or use other methods of tax-free transfer of cash to a legal entity.

As a rule, when looking for a way to transfer cash without paying income tax, they turn to the norms of Art. 251 of the Tax Code of the Russian Federation (it lists income exempt from taxation for the purpose of calculating income tax) and look for the conditions under which such a transfer is possible (in addition to a contribution to the authorized capital, this can be a loan, replenishment of net assets, transfer of money within a simple partnership, etc.). e.) Of course, there are certain legal nuances in the application of each of the above methods.

There are many ways to transfer non-cash funds without paying taxes (or with a small tax) using foreign companies. However, it should be remembered that any method of transferring funds to a legal entity has its drawbacks and risks.

Take, for example, an increase in authorized capital. Firstly, it entails the need to amend the statutory documents; secondly, if at the end of the second and subsequent years net assets will become less than the authorized capital - it will have to be reduced back, etc. Activities to replenish net assets should not look like a fiction, otherwise companies may charge additional income tax. Such cases judicial practice known. (Review dated 06/30/2015 of judicial acts issued by the Supreme Court of the Russian Federation on taxation issues in 2015 (letter of the Federal Tax Service of the Russian Federation dated 07/17/2015 No. SA-4-7/12693@).)

In addition, in some cases, in order to replenish net assets without paying income tax, it is enough for the founder to have only 1% in authorized capital companies (for example, if we are talking about a Limited Liability Company); in some other cases, the founder must be the owner of more than 50% of the company's property in order to contribute money without paying income tax.

There are some nuances in filling the deficit of working capital with the help of loans. Firstly, the company's lawyer must make sure that de jure a loan agreement is actually drawn up, and not a credit one. That is, the contract must be real, not consensual, it is better if there is a one-time loan, etc. If the money is transferred individual in debt to the company, then if interest is subsequently paid under this agreement for the use of funds, the funds may suspect the presence of a scheme in such actions. After all, no interest is paid on the loan insurance premiums. If the lender is a legal entity, then in the case of interest payments, it is necessary to remember the rules of the Tax Code of the Russian Federation for their accounting as expenses (for example, the rules for calculating the maximum amount of interest taken into account for the purpose of calculating income tax on controlled debt). Therefore, sometimes a company in which there is a shortage of working capital is better not to give them away than to figure out how to compensate for their shortage later. However, all situations are strictly individual. For example, in the activities of the general contractor, build contractual and other legal relations with the customer so that he pays for the work in a timely manner. To withhold turnover VAT (and in fact, this is also free cash), the method of replacing relations is used: in particular, two contracts for the sale of property are replaced by an agency contract. In this case, the agent participating in the settlements must pay VAT not on the entire amount received for the goods, but only on the amount of the agency fee (which is the difference between the sale price and the purchase price of the goods). However, in this case, it is also not always possible to avoid the claims of the tax authorities that the taxpayer's actions are aimed at obtaining unreasonable tax benefits. It is clear that the total amount of VAT is not saved here, however, by using the scheme, it is possible to save the amount of VAT in a certain quarter. Sometimes the solution difficult situation to eliminate the shortage of working capital can be more than simple.

Example 2

Recently, at one of the seminars, I was asked the following question. The holding includes two legal entities. In one (the main company) there is always a shortage of working capital, in the other there is extra cash. According to the built-in system of work, the auxiliary company pays for services to third parties, and the parent company, in turn, transfers funds (de facto - reimbursable costs plus remuneration) to it. All firms are on the basic system of taxation. Since, in accordance with the contractual relations that developed between the companies, at first the parent company transferred money to the subsidiary, and then it acquired third-party services - a shortage of money in main firm was constant. In order to avoid this problem, it was only necessary to revise the dates of payment for services (in the beginning, the services are paid to third parties by the subsidiary company) and only then (after a certain period of time) the parent company transfers the remuneration to the subsidiary. Thus, in each case, you can find your own individual solution. And then there will be no need to use unnatural-looking, and often dangerous schemes.

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The lack of own working capital arises if the value of the current standard exceeds the amount of own and equivalent funds. The lack of own working capital is, as a rule, the result of a shortfall in the planned profit or its illegal, irrational use and other negative factors that have arisen in the process commercial activities organizations. The lack of own working capital is covered by the funds of the shortage, a part of the net profit remaining at its disposal is sent.
Borrowed funds in the sources of formation of working capital in modern conditions are becoming increasingly important and promising. The main form of borrowed funds are short-term bank loans. They cover the organization's temporary additional need for funds. The attraction of borrowed funds is due to the nature of production, complex settlement and payment relations that arose during the transition to market economy, the need to fill the lack of own working capital and other objective reasons.
Borrowed funds in the form of loans are used more efficiently than own working capital, as they make a faster circulation, have a strictly designated purpose, are issued for a strictly stipulated period, and are accompanied by the collection of bank interest. This encourages the organization to constantly monitor the movement of borrowed funds and the effectiveness of their use. Are attracted borrowed funds not only in the form of a short-term bank loan, but also in the form of accounts payable, as well as other borrowed funds, that is, the balance of funds and reserves of the organization itself, temporarily not used for its intended purpose.
The formation of accounts payable is associated, as a rule, with the unscheduled attraction of funds from other enterprises, organizations or individuals into the economic turnover of the enterprise.

  • Flaw own negotiable funds covered by funds the organization itself, and above all to cover lack


  • Flaw own negotiable funds covered by funds the organization itself, and above all to cover lack part of the net profit remaining at its disposal is directed.


  • Flaw own negotiable funds covered by funds the organization itself, and above all to cover lack part of the net profit remaining at its disposal is directed.


  • Flaw own negotiable funds covered by funds the organization itself, and above all to cover lack part of the net profit remaining at its disposal is directed.


  • Flaw own negotiable funds covered by funds the organization itself, and above all to cover lack part of the net profit remaining at its disposal is directed.


  • Organization principles negotiable funds negotiable funds, func.
    Flaw own negotiable funds


  • Flaw own negotiable funds arises if the value of the current standard.
    negotiable funds


  • Organization principles negotiable funds predetermine the presence of non-normalized negotiable funds, func.
    Flaw own negotiable funds arises if the value of the current standard.


  • Flaw own negotiable funds arises if the value of the current standard.
    The most important indicator of the intensity of use negotiable funds- the speed of their turnover.


  • Organization principles negotiable funds predetermine the presence of non-normalized negotiable funds, func.
    Flaw own negotiable funds arises if the value of the current standard.

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Depending on the sources of formation, working capital of enterprises is divided into own, which are part of the material and technical base of the enterprise, borrowed and attracted.

Own funds should ensure the property and operational independence of the organization necessary to ensure effective production activities. Own working capital testify to the degree financial stability enterprise, its position in the financial market.

Initial formation own funds occurs at the time of the establishment of the enterprise and the formation of its authorized capital. The source of own working capital at this stage is the funds of the founders.

Later, as the development entrepreneurial activity, own working capital is replenished at the expense of the profit received. The profit of the enterprise in the process of its distribution is directed to cover the increase in the standard of working capital. Own current assets are provided for permanent use to enterprises during their creation to ensure the minimum (within the limits) availability of raw materials, materials, other inventories, work in progress, finished products, investments in deferred expenses and others necessary to fulfill production program.

Borrowed funds

Borrowed sources of working capital are mainly short-term loans and borrowings. The main directions of attracting loans for the formation of working capital: lending to seasonal stocks of raw materials, materials and costs; temporary replenishment of the lack of own working capital; implementation of settlements and mediation of payment turnover.

A bank loan is provided exclusively in cash on terms of repayment, urgency, payment on the basis of loan agreements. The provision of a bank loan can be carried out in one of the following ways: issuing a one-time loan, opening a credit line, lending to the borrower's current account and other methods.

A variety of bank lending operations and at the same time a method of financing current activities enterprise is factoring.

When concluding a financing agreement against the assignment of a monetary claim, transfers or undertakes to transfer funds to the other party (client), while the client, in exchange for these funds, cedes or undertakes to cede to the financial agent the monetary claim he has against a third party (debtor) arising from provision by the client to this person of goods, performance of work or provision of services.

Commercial credit is a form of mutual financing (crediting) of organizations (enterprises). It is a special payment procedure, an obligation from contracts for the sale of goods, the provision of services, the performance of work, etc. An agreement, the execution of which is associated with the transfer of money or other things defined by generic characteristics, to the ownership of the other party, may provide for a loan, in including in the form of an advance payment, prepayment, deferral and installment payment for goods, works, services.

A commercial loan is provided to the enterprise by suppliers in the form of a deferral or installment payment. The buyer provides a commercial loan to the supplier in the form of an advance payment or prepayment.

Involved funds

In addition to profit as its own source of replenishment of working capital, each enterprise has funds equivalent to its own. These are additionally raised funds that do not belong to the enterprise, but are constantly in circulation. Additional attracted and equated to own funds include: accounts payable, reserves of future payments, stable liabilities.

Sustainable liabilities are funds that do not belong to the enterprise, but are constantly in circulation and are used on completely legal grounds. Sustainable liabilities include:
- the minimum carry-over debt for wages, deductions to off-budget funds, which is due to a natural discrepancy between the accrual period and the date of payment of wages, transfer of mandatory payments;
- minimum debt on reserves to cover future expenses and payments;
- debts to customers for advance payments and partial payment (prepayment) for products;
- debt to the budget for certain types of taxes, the accrual of which occurs ahead of time payment.

the difficult financial condition of the enterprise, firm, which consists in the lack of money to acquire the necessary working capital, settlements with suppliers, payment of wages.

  • - the ratio of total liabilities and long-term borrowings of the company to equity capital ...

    Glossary of business terms

  • - the ratio of the profit received by the enterprise for the period to the average level of own funds. In English: Return on net assets Synonyms: Return on equity See also: ...

    Financial vocabulary

  • - the share of funds of the firm itself, the enterprise in fixed and working capital; this share is determined by the share statutory fund in fixed and current assets, the other part of these funds is formed at the expense of borrowed funds ...

    Big Economic Dictionary

  • - the ratio of the company's own working capital to the total amount of own funds ...

    Glossary of business terms

  • - the ratio of the company's own working capital to the total amount of own funds.Sm. See also: Capital structure ratios  ...

    Financial vocabulary

  • - is formed in associations, enterprises, the size of working capital of which exceeds the constant minimum production needs for resources ...

    Big Economic Dictionary

  • - the difficult financial condition of the enterprise, firm, which consists in the lack of money to acquire the necessary working capital, settlements with suppliers, payment of wages ...

    Big Economic Dictionary

  • - withdrawal by a higher organization of surplus of its own working capital from some associations, enterprises for transferring it to other economic organizations of its system in a command economy ...

    Big Economic Dictionary

  • - an increase in normalized working capital compared to the previous period, due, as a rule, to an increase in the production program ...

    Big Economic Dictionary

  • - the ratio of total liabilities and long-term borrowings of the company to equity capital; an increase in debt tends to exacerbate the volatility of a company's earnings per share...

    Big Economic Dictionary

  • - payments from the funds at the disposal of the enterprise ...

    Big accounting dictionary

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    Official terminology

  • - "...8.1...

    Official terminology

  • - the difficult financial condition of the enterprise, which consists in the lack of money for the acquisition of the necessary working capital, settlements with suppliers, payment of wages ...

    Encyclopedic Dictionary of Economics and Law

  • - Obsolete. Personally. - The late father from his own hands would have killed him, a worthless one ... Anna Pavlovna, with such terrible speeches, only furtively baptized herself ...

    Phraseological dictionary of the Russian literary language

  • - adverb, number of synonyms: 1 on foot ...

    Synonym dictionary

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The lack of own working capital arises primarily due to the failure to fulfill the savings plan and, therefore, the absence of the main source of their growth, the presence of excess losses, untimely and incomplete financing by the higher organization of the costs provided for by the plan of association (enterprise) and the presence in connection with this immobilization of working capital associated with covering expenses. Excessive withdrawal of part of the profits by a higher organization in the order of redistribution of savings can also be the reason for this.

For replenishment temporary shortage of working capital the borrower provides short-term loans. The totality of such operations forms an autonomous segment of the loan capital market - the money market. The average repayment term for this type of loan usually does not exceed six months. The most actively used short-term loans in the stock market, trade and services, in the mode of interbank lending. [ 7 ]

For replenishment lack of own working capital of the enterprise can get a bank loan. The loan is returned at the expense of funds received from organizational and technical measures aimed at restoring sources of financing, increasing working capital or through the use of reserve funds.

Sources of formation of working capital and financing of their growth.

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

The authorized capital in the working capital fund is a source of financial resources.

The main source of own funds in the enterprise is profit.

Initially, when an enterprise is created, working capital is formed as part of its authorized capital (capital). They are directed to the purchase of inventories entering production for the manufacture marketable products. Finished products are delivered to the warehouse and shipped to the consumer. Until the moment of its payment, the manufacturer feels the need for cash. The company also uses other sources of working capital - stable liabilities, accounts payable, loans from banks and other creditors.

As the production program grows, the need for working capital increases, which requires appropriate funding for the increase in working capital. In this case, the source of their replenishment is the net profit of the enterprise.

The company uses stable liabilities as working capital. They are equated to their own sources, as they are constantly in the turnover of the enterprise, are used to finance it. economic activity but they don't belong to him. Sustainable liabilities include:

22. minimum carry-over debt under wages and contributions to social insurance, pension fund, health insurance, employment fund;

23. minimum debt on reserves to cover future expenses and payments;

24. Debts to suppliers for unbilled deliveries and accepted settlement documents, the due date for which has not come;

25. debt of the customer for advance payments and partial payment for products;

26. debt to the budget for certain types of taxes.

When calculating the minimum wage arrears, the period in days between the date of accrual and the date of payment of wages is determined. Then the one-day amount of wage arrears is calculated and multiplied by the minimum number of days during which it is listed in the company's turnover.

As part of the reserve to cover future expenses and payments, a reserve is formed for paying vacations for workers and employees and a repair fund (formed and used at the time of payment for the repair of basic production assets)

In addition to own and equivalent funds, the source of formation of working capital can be company's accounts payable(funds that do not belong to the enterprise, but are temporarily in its circulation). If sustainable liabilities can be planned, then accounts payable are not a planned source of working capital formation. Accounts payable are divided into normal, arising in connection with the peculiarities of the settlements, and abnormal, resulting from the violation by buyers of the terms of payment of settlement documents. In the latter case, the buyer, having received inventory items from the supplier and not paying for them on time, uses funds that no longer belong to him in his turnover. Meanwhile, with the current inflation, the speed of making payments between enterprises plays an important role. The delay in payments leads to a slowdown in the turnover of working capital and contributes to the deterioration financial condition supplier.

Currently, the insolvency of enterprises has reached alarming proportions and tends to grow. The applied methods of solving this problem (mutual offset of non-payments, prepayment, bills) do not yet give the desired effect.

The company's need for working capital does not remain constant throughout the year. It can fluctuate depending on various factors: seasonality of production, uneven supply of goods and materials, untimely receipt of money for shipped products, accumulation of unsold finished products in a warehouse, etc. It is not economically feasible to form working capital only at the expense of owners, because this reduces the ability of the enterprise to finance other costs. Bank loans or other creditors are used as borrowing sources.

Ticket number 5

1. How is the rationing of working capital in work in progress and the peculiarity of its calculation.

2. Determination of the total standard of working capital of corporations.

3. Explain the meaning, the procedure for determining the increase in the working capital ratio and its reflection in the financial plan.

How is the rationing of working capital in work in progress and the peculiarity of its calculation.

Determining the needs of the enterprise in its own working capital carried out in the process of normalization, i.e. determination of the standard of working capital.

Rationing of working capital- the process of determining the minimum, but sufficient (for the normal course of production process) the amount of working capital at the enterprise, i.e. This establishment of economically justified (planned) reserve norms and standards for the elements of working capital.

The value of the standard is not constant. The size of own working capital depends on the volume of production; conditions of supply and sale; product range; applicable forms of payment. It should be noted that this is one of the most volatile indicators of current financial activity.

Rationing of working capital is carried out in monetary terms. The basis for determining the need for them is production cost estimate for the planned period. However, for companies with non-seasonal nature of production it is advisable to take the data of the 4th quarter as the basis for calculations, in which the volume of production, as a rule, is the largest in the annual program. For businesses with seasonal nature of production- data of the quarter with the lowest volume of production, since the seasonal need for additional working capital is provided by short-term bank loans.

To determine the standard, it is taken into account average daily consumption of normalized elements in terms of money.