Financial resources include state funds. The concept of financial resources of the enterprise, their essence and composition. Principles of organization of finances of the enterprise. Cash flow in the enterprise

Financial resources act as material carriers of financial relations, which are always associated with the formation of cash income and savings, which take the form of financial resources. This feature is common to finance organizations of any social formations.

FINANCIAL RESOURCES- funds at the disposal of the state, its enterprises, institutions, organizations and the population, used for the purpose of expanded reproduction. social needs. Financial incentives, satisfaction of other social needs.

FINANCIAL RESOURCES - funds of funds at the disposal of the state, the population, formed in the process of distribution and redistribution of part of the value of GDP, mainly net income in cash, and intended to ensure expanded reproduction and national needs.

Financial resources are defined as earmarked funds of cash. M / d finance and financial resources, there are significant differences:

1) Finance - monetary relations, which are an abstract category, they cannot be physically felt

2) Financial resources - cash. Which can be physically felt, can be transported to another place, to any distance

3) Cash can be stored or hidden in various places.

Fin. Resources are divided into centralized (budget, budgetary and non-budgetary funds) and decentralized (financial resources of enterprises). The source of formation is the national income, which is distributed and redistributed. Based on this, appropriate sources of financial resources are formed.

GDP \u003d C (costs) + V (s / n) + m (surplus product)

C - sources: depreciation deductions, other deductions (emergency tax, land tax, deductions of the tax on the use of natural resources)

V - sources: taxes, contributions to the Social Security Fund

m - sources: profit, net income. Income from foreign economic activity.

In addition to the mentioned sources, Fin. resources are formed at the expense of proceeds from the sale of property, the growth of sources of liabilities.

Characteristics of sources:

1. Profit - systematically growing. An indicator of the amount of profit is the income tax that goes to the budget. In recent years, the source of about 15-20% of budget revenues is.

2. VAT and excises, customs duties. Their share is about 30-50% of the budget revenue

3. Depreciation charges (growth in the cost of fixed assets, revaluation of fixed assets). The share of about 18% in the total amount of fin. resources.

4. Bank loans (difficult to measure, as they do not go to the budget). About 35% of budget revenues.

5. Monetary savings of the population stored in banking institutions

6. Non-tax revenues (revenues from sanctions, profits of the NBRB). State fees are charged. organizations.

All sources of formation of fin. resources can be divided

1) At the micro level (enterprises): own and equivalent funds (profit from core activities, profit from other types of activities, profit from financial organizations, proceeds from the sale of retired property, depreciation, mobilization of internal sources); mobilization in the financial market (sale of own shares, bonds, etc., the Central Bank); receipts in the order of redistribution (insurance compensation for the risks that have occurred, budget subsidies, finance from higher organizations, dividends and% on the Central Bank).

2) At the macro level: tax payments of legal entities, individual entrepreneurs, non-tax payments (profit of banks, profit from the sale of securities, internal and external loans).

Fin. res-sy created in any country, distributed by m / du state-vom and economic entities. This distribution is carried out on the basis of specific conditions for the development of the country, society.

During the years of the existence of the USSR, when the administrative-command system of management was in operation. households, a very tough system functioned. distribution fin. res-in in the cut-those cat-th decisive part of the fin. res-in concentrating in the budget and higher org-yah. Share of Fin. res-in, left in the household. prepr-yah was negligible. part (30-35%). The following were confiscated from the pr-th:

So I'm part of the profit

Excessive depreciation deductions

Part of the surplus working capital.

All these resources were sent to low-profit households, unprofitable pr-pits.

In the conditions of the existence of the republic as a self-sufficiency. state-va, there has been a certain trend, I have taken away the share of Finns. res-in, left. at the avenue. This was facilitated by:

1) The program for the exit of the Republic of Belarus from the crisis (1994). It was planned: to reduce the centralization of the fin. res-in from 30% to 22% in the first half of 1995. However, this task has not been fully achieved.

2) The program of social eq. development of the Republic of Belarus for 1996-2000. It was planned to reduce the tax burden. Also not done.

3) The program of social eq. development of the Republic of Belarus for 2001-2005. It was envisaged to reduce the level of centralization of resources from 47.8% to 45%. (also failed).

It should be distinguished, for example, isp-I fin. res-in on:

MICRO LEVEL:

Making payments to the budget

Paying fear. fear contributions. organizations

Making payments to the SSF

Repayment of debts to banks on previously taken short-term loans. and long term loans and interest on them

Cap. investments, i.e. on the form-e main. production funds, including: reconstruction, modernization, expansion of production.

Construction of objects for non-industrial purposes (construction of housing, pioneer camps, sanatoriums, baths ....)

Carrying out environmental protection measures

Financing investment. res-in in securities purchased on the RZB (shares, bonds, etc.)

Ek funds formation. stimuli-i

Sponsorship Goals

Carrying out of the actions having interstate. character (international exhibitions etc.)

MACRO LEVEL:

The development of people. household and otd. its branches

Development of external connections

Development of science and technology

Environmental activities

Wed target budget funds eg. for those purposes, cat. provided for by the relevant provisions. (e.g.: SFZN - for the payment of pensions, benefits)

Feature in eg. use fin. res-in at the macro level: it means. part of these resources (> 10% of the budgets) for the purpose of eliminating the consequences of the Chernobyl nuclear power plant.

The financial resources of the enterprise are cash, securities, assets, credit funds and other income. Finance performs distribution and control functions, and the analysis of indicators allows you to characterize the main aspects of the activity and develop plans.
The financial resources of the enterprise are the funds at the disposal of the enterprise, securities, funds available on the asset, credit funds and other income and receipts.

Finance in the enterprise perform two important functions - distributive and control. The distributive function is to provide each business entity with the necessary financial resources. The subjects of financing can be independent enterprises of various forms of ownership, territorial governments, individuals.

The distributive process carried out with the help of finance is connected with the tax system, civil legislation and legislation on banks and securities and other regulatory documents approved at the federal, territorial and local levels of government. The control function of finance is to signal the emerging proportions in the distribution of funds. The financial information contained in the accounting, statistical and operational reporting of industrial enterprises helps to implement the control function.

An analysis of financial indicators makes it possible to characterize all the main aspects of the enterprise's activities, evaluate the results achieved and, if necessary, develop a set of measures aimed at eliminating negative factors.

The main sources of funds used to finance the economic activity of the enterprise are:

own funds of the enterprise (profit, depreciation, etc.);
credit resources of investment banks;
budget allocations;
financial resources of various types of commercial structures (investment companies, commercial banks, insurance companies, etc.);
foreign investment;
private savings of individuals;
other investments.

The fundamental production financial and economic task is to ensure the financial balance of the enterprise, i.e. the balance of income should be equal to the balance of expenses in order to ensure reproduction processes.

Basic financial documents

Financial documents show the financial condition of the enterprise on a certain date, as well as the results of its activities for a certain period. According to these documents, one can judge the financial capabilities of the enterprise, the profitability (unprofitability) of economic activity, and development prospects.

The main financial documents are: balance sheet; income statement; cash flow statement. The balance sheet is sometimes referred to as the statement of financial position of the enterprise. It presents the capital structure of the enterprise. The balance sheet is divided into two parts: an asset and a liability. The first part reflects the composition and placement of financial resources or the direction of their use; in liabilities - sources of education and financing.

The total asset of the balance sheet is equal to the total of its liability. Assets are classified according to the duration of their use into current and non-current assets. Current assets (or current) - short-term assets, including current assets: cash, receivables, inventories, the period of use of which is one reporting period.

Non-current assets are long-term assets with a useful life of more than one year, including tangible and intangible assets. Tangible assets include fixed assets. Intangible assets include: patents, licenses, copyrights, know-how, R&D costs, business reputation of the enterprise (goodwill), as well as organizational expenses, etc. Long-term investments are financial investments in securities of other companies in order to receive income in the form of interest on loans and long-term credits or for the purpose of spreading the influence of the investor on the activities of the enterprise whose shares he buys.

Liabilities of the balance sheet gives a valuation of the enterprise's funds on a certain date according to the sources of their formation, purpose and maturity.

Borrowed capital is reflected in the liabilities side of the balance sheet as debt on short-term liabilities (short-term bank loans and credits, bills payable, advances from buyers, salary arrears, dividends, taxes, etc.) and long-term liabilities (long-term loans and credits, debt bonds, real estate loans, pension obligations, tax deferred payments and other long-term debt).

Own capital includes balance sheet liabilities items, reflecting the funds that the company itself manages. Own capital is divided into invested capital and accumulated profit. The invested capital includes share capital, additional paid-in capital received from the sale of newly issued shares and reserve capital created to protect the enterprise from possible losses.

The next main financial document is the Income Statement or Profit and Loss Statement. It reflects the results of the economic activity of the enterprise for the reporting period; a comparison of the company's income and costs is given; reveals the end result of the activity - profit or loss.

There are two forms of income statement preparation: single-stage and multi-stage. The one-step form of the report suggests summing up income, and then summing up expenses and determining profit (loss) by subtracting the amount of expenses from the amount of income. The multi-stage form of the report involves the sequential subtraction of income items from expense items and summing up intermediate results. The cash flow statement reflects all the receipts and expenditures of cash that occur as a result of the current economic activity of the enterprise.

The section “Cash flow as a result of production and marketing activities” reflects changes in cash in connection with the release of products, their delivery to the consumer and the provision of services, the receipt of net profit, its adjustment, depreciation, changes in the following items: “Accounts receivable”, “Deferred expenses”, “Inventory”, etc.

The section “Cash flow as a result of investment activities” covers all types of transactions related to the acquisition and sale of fixed capital, long-term investments in securities. The “Funding Cash Flows” section lists transactions related to the receipt and payment of funds provided by creditors and investors. Calculations made in the preparation of the Statement of Cash Flows are based on the data of the Balance Sheet and the Profit and Loss Statement.

Securities

Securities are understood as a document that defines property relations between an investor and an issuer. An issuer is a legal entity that issues securities to attract investment. And an investor is a legal or natural person who buys securities to generate income. Securities are divided into primary and secondary. Primary - securities that can exist on the securities market on their own. Secondary can only be carried out together with primary.

There are the following types of securities:

stock;
bond;
bill;
certificate.

Stock

Shares are securities that testify to the contribution of funds for the development of a joint-stock company and give its owner the right to receive part of the company's profits in the form of dividends. A share, like a security, has no expiration date and is not subject to return to the issuer. Shares may be registered with the name of the holder (shareholder) and bearer, without indicating the name of the owner. Shareholders are entered in a special register. A registered share can be transferred to another person by notarial registration, or through brokerage houses.

Shares can be ordinary and preferred. The holders of common shares have the right to manage the enterprise by participating in the shareholders' meeting, the holders of preferred shares may waive the rights to manage the joint-stock enterprise in exchange for a fixed dividend.

Preferred shares can be exchanged for common shares. Russian legislation provides for a “golden share”, which gives its owner the right to “veto” up to three years when the meeting of shareholders decides on the following issues: making changes and additions to the company's charter; reorganization and liquidation of the enterprise; pledging or renting, etc. The “golden share” arose during the period of privatization of enterprises and belonged to the state. The transfer and alienation of the "golden share" is not allowed.

Bonds

A bond is issued for a fixed period and can be registered and bearer. The issuer of bonds can be a state that issues bonds of internal and external loans, local authorities and legal entities. The most important government bonds are short-term government bonds and treasury bills.

bill of exchange

A bill of exchange is a security certifying the obligation of the drawer to pay a certain amount of money to the owner of the bill (the holder of the bill) upon maturity. Distinguish between a promissory note and a bill of exchange. A simple (solo bill) is issued by the borrower (drawer) and contains an obligation to pay the creditor (bill holder). A bill of exchange (draft) is issued by the creditor (drawer) and is an order to the debtor (drawee) to pay the specified amount to a third party (payer) or bearer. When transferring a bill of exchange from one owner to another, a transfer signature is made on it - an endorsement.

According to the terms of payment, bills are urgent and bearer. The term of payment is indicated on the urgent bill. A bearer bill can be presented for payment at any time. Bills of exchange can be issued: by the state (treasury bills); banks (bank bills); legal entities (commercial bills). Promissory note income can be paid in the form of interest or discount. A bill of exchange can be both a security and a means of payment.

Certificate

A certificate is a security issued by a bank and certifying the right of the depositor or his receiver to receive, after a certain time, the deposited amount and the interest accrued on it. The certificate can be deposit (for legal entities) and savings (for individuals). Secondary securities enter the securities market along with primary ones. These included: warrant, futures, option.

A warrant is a certificate certifying the holder's right to purchase additional shares of a given enterprise at a fixed (subscription) price for a long period (from one to several years). It is issued together with a bond, but after a while it can be torn off from it and used as an independent tool in the securities market.

Futures is a contract concluded in the market and presenting an obligation to purchase and sell securities at a fixed price at the time of conclusion with the execution of the operation after a certain period of time (by a certain date). Option - the right to buy (call option) or sell (pool option) a certain number of shares of the enterprise at a fixed price at the time of the conclusion of the contract, which is called the execution price. This right is exercised either on a certain date (European option) or within a certain period (American option).

Holders of securities, first of all, are interested in their profitability and reliability. Abroad, expert-auditing agencies constantly classify securities according to the degree of risk of their purchase.

Analysis of the financial activity of the enterprise

The purpose of the analysis of the financial activity of the enterprise is to evaluate the results of its activities for the reporting year, compare the actual results of the enterprise's activities with planned indicators; as well as an assessment of the prospects for the economic development of the company. The analysis of financial activity is carried out on the basis of financial documentation: Balance sheet, Profit and loss statement, Cash flow statement, etc.

The analysis of financial activity is carried out by the financial departments of the enterprise to identify and eliminate problems in its current activities, to develop and make optimal decisions on improving the efficiency of production and marketing operations, rational use of available resources, increasing solvency and strengthening the stability of the financial position of the enterprise, ensuring the implementation of planned financial indicators and obligations of the enterprise to creditors and investors.

To analyze the financial activity of an enterprise, criteria such as financial stability, solvency or liquidity of the balance sheet, creditworthiness, profitability, etc. are used.

The financial stability of an enterprise is the ability of an enterprise to work stably, produce and sell competitive products for a long period of time, make a profit, and increase capital while maintaining its solvency and creditworthiness in conditions of acceptable risk.

Financial stability is an important, complex criterion characterizing the financial condition of an enterprise. The indicators of the stability of the financial position of the enterprise include the coefficients of financial dependence:

This coefficient characterizes the dependence of the enterprise on external sources of financing. It should not exceed 1. The higher this indicator. The higher the company's dependence on creditors. A high ratio indicates the potential for bankruptcy or cash. which indicates a deterioration in the stability of the financial situation. In order to improve their financial position, enterprises are forced to use additional borrowed sources of financing or increase the efficiency of their production and marketing activities.
This ratio is called the self-financing ratio and characterizes the flow of investments in fixed capital (tangible assets) at the expense of current cash receipts.
The solvency of an enterprise is the ability of an enterprise to fulfill its external obligations (short-term and long-term) at the expense of its own assets. If the solvency ratio is greater than 0.5, then the financial risk is low and the company is considered solvent, that is, its total assets exceed external liabilities. This indicator is calculated using the following formula:

Ownership ratio - characterizes the ratio between equity and long-term liabilities. The higher the level of this indicator, the better the financial position of this enterprise, and, accordingly, sufficient solvency.
The borrowed capital ratio characterizes the solvency of the enterprise, which is considered high if the value of current assets fully covers the borrowed capital, and, accordingly, the debt of the enterprise.
Liquidity is understood as the ability to quickly turn the values of the enterprise (economic assets) into cash. Liquidity measures include:

General liquidity ratio, which characterizes the ability of the enterprise to fulfill its short-term obligations at the expense of current assets.
Quick liquidity ratio shows the company's ability to extinguish all short-term liabilities at the expense of the most liquid part of working capital: cash. marketable securities and receivables.
The creditworthiness of an enterprise is understood as the ability of an enterprise to obtain a loan and its ability to repay them in a timely manner at the expense of its own funds and other financial resources.

The company's creditworthiness indicators include:

Accounts payable turnover ratio, which shows the number of turnovers required to pay invoices, bills of exchange issued to the enterprise, i.e. how quickly the company can pay off its obligations to creditors:
Payback period..
This indicator shows how many days it takes one turnover of accounts payable. The amount of accounts payable shows how much money the company must pay on the corresponding accounts to other enterprises and banks.

The amount of receivables characterizes the amount of funds that other business entities must pay to this enterprise. The absolute and relative value of receivables in the volume of sales of products is analyzed, the turnover and maturity of receivables are determined.

The financial condition of the enterprise depends on how quickly the funds invested in assets can be converted into cash. The enterprise asset turnover indicator () gives a generalized description of the use of total assets (property, intangible assets, cash, securities, etc.) involved in economic turnover: The main criteria for assessing the effectiveness of production activities are the profit and profitability of the enterprise. The profitability of an enterprise is the most common indicator of the profitability of its products and does not depend on the level of tax payments and other factors.

The profitability of the enterprise characterizes the amount of net income received by the enterprise per 1 ruble of sold products. This indicator takes into account both the price structure and the amount of tax payments and mandatory contributions. The return on equity characterizes the efficiency of the economic activity of the enterprise, a measure of net income per 1 ruble of equity. The higher this indicator, the more efficiently equity capital is used.

For joint-stock enterprises, the current legislation provides for the use of another indicator of financial stability - an assessment of the value of net assets, the value of which is determined by subtracting the amount of its liabilities (liabilities) from the amount of assets accepted for calculation. If the value of the net assets of a joint-stock company at the end of the second and subsequent years is less than its authorized capital, the enterprise is obliged to reduce the authorized capital to an amount not exceeding the value of net assets. In addition, joint-stock companies calculate stock returns:

The estimated share price shows the real value of the company's shares in case of its liquidity (resale).

Earnings per share shows the return on shares, i.e. return on capital equal to the value of that share.
The size of the annual dividend characterizes the net profit of the shareholder, i.e. the amount of money he will receive for each of his shares.

For a more detailed and detailed assessment of the financial condition of the enterprise, other indicators can be used. There is practically no such set of indicators that would fully satisfy all types of financial analysis. Quite often, researchers resort to compiling various combinations or combinations of indicators to determine the financial position and efficiency of the economic activity of an enterprise. This allows in the process of analysis to identify the influence of certain factors, to determine trends in the development of financial processes.

The concept of financial resources in our country was first introduced in 1928 when setting the objectives of the first five-year plan for the development of the national economy of the USSR (five-year plan from 1928 to 1932).

There is no single definition of this concept and this is due to the practical volume of this phrase. There is a wide variety of financial resources and their composition because of this, different areas of the economy give different definitions to this concept.

If we try to combine all these areas, we can come to the conclusion that financial resources are all the funds that an enterprise (organization, state) has to carry out its activities and maintain financial stability.

Properties of financial resources

In order to understand what financial resources are, it is necessary to establish the difference between the closely related concepts of “financial resources” and “enterprise capital”.

However, capital is a part of the financial resources of an enterprise, in addition to equity (cash, authorized capital, etc.) and borrowed capital (credits, loans, etc.), financial reserves include funds raised and the existing debt of counterparties, which is not managed to become part of the capital of the enterprise, but already constitutes a financial turnover.

As a result of a large list of components of financial reserves, they differ in a wide range of properties, in comparison with other financial performance indicators. Among them are the main ones:

Close relationship between all components of financial reserves. No component is able to fulfill all the possibilities of reserves, thus, an enterprise (institution) cannot fulfill all possible development options only with its own capital, without attracting additional (borrowed) funds.
Interchangeability of all resource components. Enables an enterprise (institution) to carry out its plans, despite the lack of one or more types of financial opportunities. A temporary lack of net profit can replace a bank loan, and the absence of counterparty debt can replace budget allocations, etc.
Changing the shape of the components of financial reserves. All components of this type of enterprise resources are in constant circulation and tend to change their form and move from attracted to their own and vice versa. At the same time, within the framework of accounting, such a transition is not assigned, but within the framework of economic planning, the funds of the financial reserve are constantly changing form.
Exposure to economic influence. Financial reserves are highly susceptible to economic currency fluctuations such as inflation and devaluation. This suggests that this type of funds is presented, in most cases, in-kind cash or its equivalent, even if the company does not have cash, but there are loans and current receivables, which is the equivalent of natural (cash) cash .

Sources of financial resources

The main reason for the formation of different types of financial resources is a wide variety of sources of their formation. In order to give a full assessment of the variety of this economic concept, it is necessary to understand the methods of obtaining these resources.

Own. In this case, we are talking about all types of capital of the enterprise (authorized, reserve, etc.), retained earnings. In addition, always present accounts payable can be attributed to this source of financial resources.
Attracted. The attracted sources include dividends and interest on securities and shares, additional contributions of the founders to the authorized capital, for example, share contributions.
Borrowed. This source is the most diverse, since every year new sources are created to receive funds, with the subsequent return of the amount in installments.

Borrowed financial resources include:

credit;
loan;
budget allocations;
etc.

However, not always the listed sources will be able to generate the necessary finances. And the reason for this is the variety of enterprises. If you do not delve into the extensive structure of ownership in Russia, three main types of business entities can be distinguished:

commercial enterprise;
non-profit institution;
state.

Thus, for a commercial enterprise whose purpose is to make a profit, the main source of financial resources will be sales proceeds.

For a non-profit institution that does not pursue the goal of increasing profitability and profits, the main source will be budget allocations.

The state, in turn, draws most of its financial resources from tax revenues, which for other types of subjects of the economic process are not a source of reserves, but an object of spending accumulated reserves.

Types of financial resources

In addition to the variety of sources for the formation of financial resources, there are several more criteria that divide them into several types.

Depending on the terms of attraction, financial resources can be:

short-term (no more than 1 year);
long-term (more than 1 year);
perpetual.

The first two types are inherent in borrowed financial resources, such as credit, and the third type is typical for own, such as authorized capital.

There is also a variety of financial resources, according to the degree of availability:

non-market;
restricted resources;
resources without limits.

Non-market resources include the funds of non-profit institutions and the state. Resources with limited access have additional requirements for obtaining and using them. It is customary to call resources without restrictions all possible loans and bank loans, as well as interest on securities.

Stages of formation of financial resources

In order to generate the required amount of financial resources, economists are developing a whole program to strengthen the economic position of an enterprise (institution) in the market and allocate financial reserves.

Such programs have a similar structure, which can be described in terms of main points of content.

Formation of the required amount of financial resources

In order to carry out this stage of the program, it is necessary to conduct a detailed analysis of the activities of the enterprise, while calculating the necessary amount of financial resources that could provide all the goals of the enterprise. Such goals may be strengthening in the market, competition for consumers or expansion of the sales sector.

In addition, it is necessary to analyze the sources of formation of financial resources with an assessment of their attractiveness for the organization. In other words, it is necessary to compile a list of all possible sources of obtaining funds and select from them the source with the most attractive conditions for the enterprise.

As a result, at this stage, economists determine the conditional amount of the financial reserve and the source of its formation, own funds or borrowed funds.

Development of effective use of the received volume of financial resources

Having determined the volume of the financial reserve, it is necessary to develop goals for the effective use of accumulated funds. These goals should fully or partially, depending on the calculations, cover not only the economic needs of the enterprise, but also ensure its “social” development in the market. Also at this stage, the level of return of each goal is calculated after the injection of resources into it. Thus, enterprises can determine the amount of funds that will become renewable, through, for example, sales proceeds, and which will become irrevocable.

Increasing the profit of the enterprise

After analyzing and distributing financial flows, identified reserves, it is necessary to carry out activities aimed at increasing the net profit of the enterprise, it is the net profit, and not the balance sheet, that is an “indicator” indicator of the use of financial resources.

However, it is worth remembering that measures to increase net profit carry an increase in economic risks associated with the activities of the enterprise (institution). This is an integral direct dependence in the economy, so the next step will be the regulation of financial risks.

Development of measures to reduce financial risks

Financial risks are very difficult to regulate if the condition is met - an increase in net profit. However, if before using the identified financial resources, the economists of the enterprise carry out work on the forecast calculation of the results of economic activity, financial risks can be reduced to a minimum.

Thus, the main rule for the implementation of this stage of the program is a qualitative analysis and advance programming of the stages of the organization's activities.

Development of systems for controlling the cash flows of an enterprise

This stage is not only an independent item of the program, but also one of the levers for reducing financial risks. Since it is the high-quality synchronization of received and retired cash flows that allows you to manage financial dependence on your counterparties.

Many economists (V.F. Garbuzov, L.A. Drobozina) argue that a decrease in the balance of unused funds of an enterprise contributes to an increase in net profit, without increasing financial risks.

This approach creates a duality of funds in the overall flow of financial reserves. On the one hand, they (cash) continue to meet the needs of the enterprise, on the other hand, the enterprise cannot allocate their balances to any specific amount.

Consolidation of the obtained results and strengthening of the company's position in the market

This stage is the most favorable development in the formation and use of financial resources. If all the conditions were taken into account and accurate calculations were made, then we can conclude that the enterprise will achieve positive results from the implementation of the program to strengthen the economic position of the enterprise (institution) in the market.

It should be noted that the last stage, in terms of strengthening the company's position in the market, is the first stage of the next program, which involves the next analysis and calculation of the company's financial resources.

1. The concept, essence and functions of enterprise finance.

2. Sources of formation and direction of use of the financial resources of the enterprise.

4. Taxes and taxation of the enterprise.

The financial resources of an economic entity are the funds at its disposal. Financial resources are directed to the development of production, the maintenance and development of non-production facilities, consumption, and may also remain in reserve. The financial resources used for the development of the production and trade process represent capital in its monetary form.

Sources of financial resources are all cash income and receipts that an enterprise or other economic entity has in a certain period (or date) and which are directed to the implementation of cash expenses and deductions necessary for production and social development:

Repair fund;

Insurance reserves;

Other own financial resources.

The authorized capital is the sum of the contributions of the founders of an economic entity to ensure its vital activity. The amount of the authorized capital corresponds to the amount fixed in the constituent documents and is unchanged.

Borrowed financial resources include:

bank loan;

Credit from another financial institution;

budget credit;

Commercial loan;

Accounts payable, constantly in circulation;

Other borrowed resources.

Borrowed capital - capital that the company owns only for a certain time, after which the capital must be returned to its owner with payment for temporary ownership.

The composition of borrowed capital, in addition to loans taken from the bank, also includes capital raised by the issuance of securities (except for shares), and machines, equipment, and buildings leased by the enterprise.

Recently, in the foreign practice of financing capital investments, there has been a steady trend in the use of borrowed funds. If in the mid-1960s the share of own sources in financing capital investments was 90%, by the mid-1980s it had dropped to 60%, and in some countries even to 50%. An increase in debt entails a deterioration in economic results. It is also believed that if a company increases its turnover by more than 20%, then it necessarily needs long-term financing.

The attracted financial resources include:

Equity funds in current and investment activities;

Share and other contributions of members of the labor collective, legal entities and individuals;

Insurance compensation;

Funds received from the sale of securities;

Share and other contributions of legal entities and individuals;

Accounts payable permanently at the disposal of the enterprise;

Credit and loans;

funds from the sale of a pledge certificate, an insurance policy and other cash receipts (donations, charitable contributions, etc.).

The balance sheet profit is the sum of profits from the sale of products, from other sales and income from non-sales operations minus expenses on them. The income tax rate in 1993 was 32%, since 1994 - from 35 (38) to 43%. At the same time, it should be borne in mind that income from equity participation in other business entities and income from securities are taxed at a rate of 15%. Therefore, these incomes must be separated from taxable income in a separate group. The reserve fund is created by business entities in case of termination of their activities to cover accounts payable.

The formation of a reserve fund is mandatory for a joint-stock company, cooperative, enterprise with foreign investment. Allocations to the reserve fund and other funds similar in purpose are made until the size of these funds established by the constituent documents is reached, but not more than 25% of the authorized capital, and for a joint-stock company - not less than 10%. At the same time, the amount of deductions to these funds should not exceed 50% of taxable profit.

The accumulation fund is a source of funds of an economic entity, accumulating profits and other sources for creating new property, acquiring fixed assets, working capital, etc. The accumulation fund shows the growth of the property status of the economic entity, the increase in its own funds. At the same time, operations to acquire and create new property of an economic entity do not affect the accumulation fund.

The consumption fund is a source of funds of an economic entity, reserved for the implementation of measures for social development (except for capital investments) and material incentives for the team.

Depreciation deductions are a stable source of financial resources, are formed as a result of the transfer of the value of fixed assets to the cost of the product and together constitute the depreciation fund.

Decree of the President of the Russian Federation dated May 8, 1996 No. 685 "On the main directions of tax reform in the Russian Federation and measures to strengthen tax and payment discipline" from January 1, 1998, a new depreciation procedure is in effect.

Property subject to depreciation for tax purposes includes property whose value exceeds 100 times the minimum wage established by the legislation of the Russian Federation, the useful life of which is more than one year. Land plots, subsoil and forest plots, as well as financial assets are not classified as property subject to depreciation.

All property subject to depreciation is grouped into four categories:

1) buildings, structures and their structural components;

2) passenger cars, light commercial vehicles, office equipment and furniture, computer equipment, information systems and data processing systems;

3) technological, energy, transport and other equipment and tangible assets not included in the first or second category;

4) intangible assets.

The annual depreciation rates are: for the first category - 5%, for the second category - 25%, for the third - 15% for all taxpayers, with the exception of small businesses and entrepreneurs, in respect of which the annual depreciation rates increase and amount, respectively, for the first category - 6%, for the second category - 30%, for the third category - 18%.

In relation to intangible assets, depreciation deductions are made in equal shares during the period of use of these assets. If the period of use of an intangible asset cannot be determined, the amortization period is set at ten years.

Calculation of depreciation deductions for property referred to the first category is made for each unit of property separately.

A stable source of financial resources of an economic entity is accounts payable, which is constantly at its disposal. This is primarily wage arrears, deductions to off-budget funds associated with the wage fund, a reserve of future payments, and more. The formation of wage arrears is caused by the fact that between the period of its accrual and the day of payment there is a certain number of days for work in which the business entity still has to pay employees. The reserve for future payments is formed by accumulating funds intended to pay for the upcoming vacations of employees. These funds do not belong to an economic entity or have a designated purpose. However, they are permanently kept by the economic entity, which disposes of them at its own discretion until the debt is repaid.

A share, or a share contribution, is the amount of a monetary contribution paid by a legal or natural person when entering into a joint venture.

The investment contribution is a tool for self-crediting the activities of an economic entity. An investment contribution is a monetary contribution of an employee to the development of a given economic entity, which accrues interest to the investor in the amount and within the time specified by the agreement or regulation on the investment contribution.

Among borrowed sources of financial resources, a loan, a loan and a credit are distinguished.

A loan is a transfer of a thing by one party (the lender) for free temporary use to another party (the borrower), which undertakes to return the same thing in the same condition in which it received it, taking into account normal wear and tear or in the condition stipulated by the contract (Article 689 Civil Code of the Russian Federation).

Loan - transfer by one party (the lender) to the ownership of the other party (the borrower) of money or other thing defined by generic characteristics, and the borrower undertakes to return to the lender the same amount of money (loan amount) or an equal amount of other things received by him of the same kind and quality ( article 807 of the Civil Code of the Russian Federation).

Credit - the provision by a bank or a credit institution (lender) of money (credit) to the borrower in the amount on the terms stipulated by the loan agreement, and the borrower undertakes to return the amount of money received and pay interest on it (Article 819 of the Civil Code of the Russian Federation). Thus, with a loan, the lender is a bank or financial institution, and the subject of the loan is only money.

Loans are: financial, commercial, investment tax.

Financial loan - a loan issued by a bank or a credit institution on the terms of urgency, repayment, payment. Depending on the term, they are divided into short-term and long-term: short-term - issued for a period of up to one year, long-term - for a period of more than one year.

A commercial loan is a deferral of payments from one economic entity to another. Commercial loans are provided to an economic entity by suppliers of products (works, services) in the form of a promissory note loan, a company loan or an open account, and by a buyer to a supplier in the form of an advance payment.

An investment tax credit is a tax deferral granted by state authorities or tax authorities. The Law of the RSFSR "On Investment Tax Credit" provides for the deferment of tax payments for two categories of enterprises: for small enterprises when purchasing and putting into operation certain types of equipment and for privatized enterprises (with certain restrictions) on a loan to buy out the enterprise's property.

The sources of financial resources also include receipts of funds from donations, charitable contributions (philanthropy), insurance premiums, from the sale of the debtor's mortgaged property, sponsorship contributions (aimed at financing an event).

The enterprise directs part of the financial resources to special-purpose funds: wage fund, production development fund, material incentive fund, and so on. Of particular importance now is the use of financial resources to fulfill payment obligations to the budget and banks. The pace of economic development, the improvement of the budget system, and the strengthening of the finances of enterprises largely depend on the nature of the use of financial resources. Another part of the financial resources is used by the enterprise to finance current expenses and investments.

Investments are risky (venture), direct, portfolio, annuity.

Venture capital is a term used to refer to a risky investment. Venture capital is an investment in the form of issuance of new shares, made in new areas of activity associated with high risk. Venture capital is invested in unrelated projects with the expectation of a quick return on investment. Capital investments are usually made by acquiring a part of the shares of the client enterprise or providing loans to it, including with the right to convert these loans into shares. Risky investment of capital is due to the need to finance small innovative firms in the areas of new technologies. Risk capital combines various forms of capital investment: loan, equity, entrepreneurial. He acts as an intermediary in the founding of start-up science-intensive firms, called ventures.

Direct investments - investments in the authorized capital of an economic entity with the aim of generating income and obtaining rights to participate in the management of this economic entity.

Portfolio investments are associated with the formation of a portfolio and represent the acquisition of securities and other assets. Portfolio - a set of various investment values brought together, serving as a tool for achieving a specific investment goal of the investor. The portfolio may include securities of the same type (stocks) or various investment values (stocks, bonds, savings and deposit certificates, pledge certificates, insurance policy, etc.).

The principles of formation of the investment portfolio are the safety and profitability of investments, their growth, liquidity of investments. Let us consider the concept of liquidity in more detail. The liquidity of any financial resource is understood as its ability to participate in the immediate acquisition of goods (works, services). The liquidity of investment assets is their ability to quickly and without loss in price turn into cash.

When considering the issue of creating a portfolio, the investor must determine for himself the parameters that he will be guided by:

1) choose the optimal type of portfolio. There are two types of portfolio: a) a portfolio focused on primarily receiving income from interest and dividends; b) a portfolio aimed at the primary increase in the market value of the investment values included in it;

2) evaluate the combination of risk and income of the portfolio that is acceptable to you and, accordingly, determine the share of the securities portfolio with different levels of growth and income.

General concept of financial resources

Cash income accumulated by their owners for subsequent spending, as well as funds attracted as loans, constitute financial resources, which are divided into own and borrowed (credit). For budgets of all levels, financial resources are mobilized revenues and attracted loans. For enterprises, this is equity capital, profits, loans received and securities placed on the market. For employees, a financial resource is income in the form of wages, as well as loans (for example, bank, consumer and pawnshop loans).

Own financial resources are at the complete disposal of their owner, and credit are attracted for a period and are subject to return along with interest payments for their use.

The sources of credit resources are temporarily free funds of enterprises, the population, and in some cases the state. The buying and selling of these resources is focused on the financial market. It consists of two parts: the loan capital market and the securities market. Its main function is to provide economic entities with additional funds at a certain percentage.

Principles of organization of finances of the enterprise. Cash flow in the enterprise

The predominant part of the financial resources of the general economic system of finance is formed at enterprises. Since up to 80% of the revenue base of the budget is formed from taxes, and payments from enterprises prevail in tax revenues, the finances of an enterprise form a nationwide financial system.

The following principles underlie the organization of enterprise finance:

independence in the field of financial and economic activity;
self-financing;
interest in the results of work;
responsibility for these results;
formation of financial reserves;
division of funds into own and borrowed;
priority fulfillment of obligations to the budget;
financial control over the activities of enterprises.

The cash flow cycle of an enterprise can be represented as follows:

Figure 1. The cash flow cycle of an enterprise

Cash flow in an enterprise is a continuous process. For each direction of use of funds, there must be an appropriate source. The assets of an enterprise are the net use of cash, while the liabilities and equity are net sources. For an operating enterprise, there is no starting and ending point for the movement of funds. The amount of cash fluctuates depending on the production schedule, sales volume, collection of receivables, capital investments and financing.

In the total cash flow of the enterprise, the following relations can be distinguished:

formation and use of targeted funds for on-farm purposes (authorized fund, production development fund, incentive funds, etc.);
arising from participation in other enterprises (making share contributions, participation in the distribution of profits from joint activities, etc.);
with employees of the enterprise;
with buyers of products;
with insurance companies;
with the banking system;
with the state;
with higher management structures.

Financial resources of the enterprise and their structure

Definition 1

Enterprise financial resources is its fixed and working capital.

Formation and replenishment of financial resources(fixed and working capital) is an important financial problem. The primary formation of these capitals occurs at the time of the establishment of the enterprise, when the authorized capital is formed.

Definition 2

Authorized (share) capital- the property of the enterprise, created at the expense of the contributions of the founders.

Definition 3

Financial resources- this is the money remaining at the disposal of the enterprise after the implementation of current costs to cover material costs and wages.

The main source of formation of financial resources is profit.

Sources of formation of financial resources of the enterprise: profit; proceeds from the sale of retired property; depreciation; growth of sustainable liabilities; loans; target receipts; share contributions. In addition, an enterprise can mobilize financial resources in various sectors of the financial market: sale of shares, bonds; dividends, interest; loans; income from other financial transactions; income from the payment of insurance premiums, etc. (Fig. 2).

Figure 2. Grouping the financial resources of the enterprise

Significant financial resources of the enterprise can be mobilized in the financial market.

Definition 4

The main direction of use of financial resources- investing in expanded reproduction.

The use of funds is carried out in the following areas:

Investing in capital investments to expand production;
Investing in securities;
Payments to the budget, banking system, contributions to off-budget funds;
Formation of monetary funds and reserves.

Enterprise finance management

The formation and use of financial resources is impossible without a financial management system for enterprises.

Definition 5

Financial management (financial management)- this is an activity aimed at achieving the strategic and tactical goals of the functioning of this enterprise.

Enterprise financial management includes:

organization and management of enterprise relations in the financial sector with other enterprises, banks, insurance companies, budgets of all levels, as well as financial relations within the enterprise;
formation of financial resources and their optimization;
placement of capital and management of the process of its functioning;
analysis and management of cash flows in the enterprise.

The main functions of a financial manager:

financial planning, budgeting of the enterprise, pricing policy, sales forecasting;
formation of the capital structure and calculation of its price;
capital management (work with securities; control and regulation of monetary transactions; investment analysis; management of fixed and working capital);
analysis of financial risks;
protection of property;
evaluation and consultation.