The composition and structure of the enterprise's working capital briefly. Working capital

Working capital- this is part of the means of production, the economic purpose of which is to ensure the continuity of the production process and economic activity enterprises. Working capital includes working capital assets And means of circulation.

Working capital assets- this is that part of the means of production that is completely consumed in each cycle, changes its natural material form, completely transfers its value to the finished product and is fully reimbursed after each production cycle. Their material content is objects of labor - raw materials, materials, spare parts, tools, fuel, etc.

Sum Money invested in current production assets and means of circulation are called working capital or working capital.

For accounting and planning, working capital is classified according to different criteria.

By the nature of participation in the production process products, working capital is divided into working capital and means of circulation (Fig. 1.6).

1. Industrial inventories are items of labor that have not yet entered the production process and are located at the enterprise in the form of warehouse stocks. These include: raw materials, basic and auxiliary materials, purchased semi-finished products, spare parts for the repair of fixed production assets, fuel, low-value and wearable items, inventory, tools worth up to 30 basic units and a service life of less than 12 months, as well as special tools and devices regardless of their cost, intended for the release of a limited batch of products or a separate order. The need for inventories is due to the fact that the production process occurs continuously, and the receipt of raw materials, materials, and components periodically.
2. Work in progress (WIP) (unfinished products) are objects of labor that have already entered the production process, but their processing has not been completed. In practice, WIP includes semi-finished products of own production, intended for further processing in other workshops of the same enterprise. Work in progress items are at various stages of processing, work stations, but are not yet ready for sale.
3. Deferred expenses (FPR) are costs associated with the development of new types of products (payment to designers for the design of a new product, tools and devices, to technologists for the development of technological processes for manufacturing a new product, tools, devices). They are produced in the planning period, accumulated, and are subject to repayment in the future, when new products are sold, with the exception of those costs that are financed from profit, budget funds or special funds.
4. Finished products (FP) in the warehouses of the enterprise are products manufactured at the enterprise and subject to shipment to consumers.
5. Products shipped (PO), in transit, but not paid for by the buyer, i.e. The company's bank account has not yet received money from the buyer.
6. Free funds in the company's current account, in the cash register, necessary for the purchase of materials, components, payment of travel allowances, etc.
7. Cash invested in shares, securities are shares purchased by an enterprise, securities of other enterprises, banks for short-term validity (up to 1 year).

The quantitative ratio or specific weight of individual elements of working capital in their total volume represents the structure of working capital. At enterprises of various industries it is different and depends on many factors: the characteristics of product manufacturing - labor-intensive, material-intensive; type of production; duration of the production cycle; period of development of new products; location of suppliers of material resources and consumers of products, conditions of supply and sales; quality of products; solvency of the enterprise and customers. Enterprises of large-scale or massive type of production that produce material for high-capacity products have the largest share of inventory in the structure of working capital. The low solvency of buyers increases the share of products shipped but not paid for. A stable financial position allows the company to purchase shares and securities of other enterprises and banks and increase cash in the structure of working capital.

By source of education Working capital is classified into own and equivalent, borrowed and attracted. The need for such a classification is due to the unequal need for working capital of an enterprise over time. The enterprise and the state plan credit resources for these purposes.

• Own working capital- these are funds allocated by the state to a state-owned enterprise when it is put into operation for permanent use or created by the founders when organizing their own enterprise. The amount of funds is calculated for a minimum necessary supplies material assets to start production. In the future, the enterprise uses its own profits (working capital fund) to increase the volume of working capital to expand production.
• Own working capital also includes equated to them facilities. They are formed from constant arrears of wages to employees, taxes and contributions to the budget and extra-budgetary funds due to the discrepancy between the timing of their payments and payment for shipped products, as well as temporarily free funds from profits. These funds are called sustainable liabilities.
• Borrowed funds- these are short-term bank loans and funds generated from the sale of short-term shares and securities issued by the enterprise. The need for borrowed funds arises when an enterprise makes simultaneous purchases of material assets, seasonal purchases of raw materials, when payment for shipped products falls behind and when the payment of wages to employees is due.
• Involved funds- these are funds owed to suppliers for material resources or means of advance payment by the customer for products. The amount of funds raised depends on the settlement procedure under the agreement.

Rational management of working capital consists of influencing the volume and structure of working capital, the sources of its formation in order to increase the efficiency of use.

Of the many areas for increasing efficiency, the organization of working capital plays a decisive role, which includes:

determination of the composition and structure of working capital;

establishing the need for working capital;

identification of sources of working capital formation;

management of working capital and their effective use.

Compound working capital shows what elements they consist of. The organization's working capital includes: raw materials, supplies, work in progress, finished products, goods for resale, accounts receivable, short-term financial investments, cash. Information on the total amount of working capital is contained in the balance sheet.

Structure working capital characterizes the share of each item in their total volume. In different sectors of the economy it is not the same and is influenced by a number of factors:

production - type of production (mass, serial, single, etc.), duration of the production cycle, nature of the products being manufactured, composition of production costs;

features of the logistics of production, frequency and regularity of deliveries, the proportion of components;

organization of payments;

accounting policy of the enterprise.

Working capital of enterprises and organizations is classified according to the following criteria:

functional purpose - distinguish between funds advanced to circulating production funds and circulation funds; funds in circulation funds;

participation in production - current production assets are divided into funds in production inventories and funds in production; participation in circulation - circulation funds consist of finished products and cash;

features of planning and organization - planned (standardized) and not planned (non-standardized);

source of formation - own and borrowed;

degree of liquidity - first-class liquid, quickly and slowly realizable assets.

Depending on participation in production working production assets are divided into funds in inventory and funds in the production process (or in production). The overwhelming majority of working capital assets are inventories. They include material elements of production used as objects of labor and partly tools of labor that have not yet entered into the production process and are in the form of warehouse stocks.

The work items include:

raw materials and basic materials, from which the product is made. They form the material (material) basis of the product. Raw materials include products of agriculture and reaping industry, and materials include products of producing industries;

auxiliary materials-- fuel, containers and packaging materials, spare parts. They are used for maintenance, care of tools, facilitating the production process, to give the product certain consumer properties;

purchased semi-finished products and components. Semi-finished products are not finished products and, together with components, play the same role in the production process as basic materials.

The special group of revolving funds includes means of labor, having a short service life (up to 1 year), which, according to their economic purpose, are classified as non-current assets, since they participate in the production process many times and do not immediately lose their material form. These can be tools, inventory, spare parts for routine repairs, which number hundreds of items in organizations. They are included in working capital to simplify the accounting of their wear and tear and are written off as production costs as materials.

Along with production inventories, working production assets include means of production, including unfinished products and deferred expenses. Unfinished products or partially finished products, are objects and means of labor that have entered the production process, but have not undergone all processing operations provided for technological process. They are represented by work in progress and home-made semi-finished products.

The only immaterial element of circulating production assets is Future expenses. They include the costs of preparing and developing new products, new technology which are produced in given year, but relate to next year’s products.

circulation funds, those. working capital serving the circulation process is formed under the influence of the nature of the organization’s (enterprise’s) activities, the conditions for selling products, the level of organization of the finished product sales system, the forms of payment used and their condition and other factors.

Depending on participation in sales, circulation funds include finished products in the warehouse, shipped goods, cash and accounts receivable.

The main part is finished products. It is divided into finished products in the warehouse and shipped goods from organizations that use the cash method to account for revenue. The moment the finished product is transferred to the warehouse, the production process ends. And products, goods shipped to the consumer, are already in the sphere of circulation and reflect the sales process.

Another component of circulation funds is cash and accounts receivable.

Cash can be in financial instruments - in accounts in credit and banking institutions, in securities, issued letters of credit, in the cash office of an organization (enterprise), in postal orders and other settlements: shortages, losses, overexpenditures.

To accounts receivable include debt for goods and services for which payment is not due or is overdue, debt for settlements with the budget in case of overpayment of taxes and other obligatory payments, personnel, accountable persons, and bills received.

TO standardized Working capital includes all circulating production assets and part of the circulating assets, in the form of finished products in the warehouse.

TO non-standardized Working capital includes working capital that is invested in products shipped to customers, funds in settlements and cash. The last element of circulation funds is not subject to rationing, since it represents temporary balances of funds to be used for their intended purpose: payments not included in the budget, balances of consumption and accumulation funds, deductions for social needs.

The composition of working capital can be considered from the perspective of liquidity, highlighting from them first-class liquid, slow-selling funds or assets.

First-class liquidity funds that are immediately ready for settlements - money in cash or in bank accounts.

TO quickly realizable assets include short-term financial investments - deposits, securities, goods and property purchased for resale, real receivables, goods shipped but not paid for on time.

Slow to implement-- semi-finished products, work in progress, stale goods in warehouses, doubtful debts. In terms of the degree of financial risk, this group is the least attractive from the position of investing capital in the working capital of an organization (enterprise).

Indicators of efficiency in the use of working capital. The meaning and ways to accelerate the turnover of working capital

The duration of capital in circulation depends on the influence of external and internal factors.

TO external factors that do not depend on the activities of the enterprise should be included: the economic situation in the country and the associated business conditions, industry affiliation and the scale of the organization’s activities.

TO internal These include factors determined by the activities of the organization itself: pricing policy, asset structure, inventory valuation methodology, terms and conditions of settlements, logistics system, credit policy.

The economic efficiency of using working capital is characterized by their turnover.

Turnover negotiable assets is determined based on the time during which funds make a full turnover, starting from the acquisition of inventories, their location in the production process, to the release and sale of finished products and the receipt of money in the organization’s accounts.

Turnover is expressed using a system of coefficients:

• · turnover ratio K rev.;
• · load factor of current assets per 1 rub. products sold K 3;
• · duration of one revolution D l;
• · return on working capital R ok;
• · absolute release of working capital;

relative release of working capital.

Rate of turnover characterized direct turnover ratio (number of revolutions) for a certain period - a year, a quarter. This indicator reflects the number of turnovers made by the organization’s working capital, for example, per year, and characterizes the volume of products sold per 1 ruble invested in working capital. It is calculated as the quotient of dividing sales revenue (volume of products sold or marketed) by working capital, which is taken as the average amount of working capital for a certain period (usually a year):

Cob = BP/Juice

An increase in this coefficient means an increase in the number of revolutions and leads to the fact that:

production output or sales volume increases for each invested ruble of working capital;

the same volume of production requires less working capital.

Thus, the turnover ratio characterizes the level of production consumption of working capital. Increase in turnover ratio, i.e. An increase in the rate of turnover of working capital means that working capital is used rationally and effectively. A decrease in turnover indicates a deterioration in the financial condition of the organization.

Load factor (capital m bone) -- the inverse indicator of the turnover ratio is used for planning and shows the amount of working capital spent on each ruble of sold (commodity) products. This indicator is also called the capital intensity ratio of working capital. It is calculated as follows:

TO 3 = C OK /BP = 1/K about, Where

K 3 is the load factor.

Since the criterion for assessing the effectiveness of working capital management is the time factor, indicators are used that reflect the total turnover time, or the duration of one turnover, the turnover rate (days).

Duration one turnover(working capital turnover), days, is determined by dividing working capital C ok by one-day turnover, defined as the ratio of sales volume or sales revenue (BP) to the period in days (D):

Dl = Juice * D / BP

Duration inventory turnover(D TMZ), which shows the time required to transform inventories (raw materials) into finished products and their sale:

D TMZ = C TMZ * D/VR, Where

With TMZ - the average volume of inventory.

Duration of receivables turnover(D DZ) reflects the average time for receiving payment from customers:

D DZ = C DZ * D/VR, Where

C DZ - the average value of accounts receivable.

Duration of accounts payable turnover(D KZ) reflects the average payment period for payments to suppliers for raw materials:

D short circuit = C short circuit * D/VR, Where

C KZ - the average value of accounts payable.

Duration of cash turnover shows the time from the moment the enterprise pays for inventory until the receipt of revenue from the sale of products, or this is the period between payments for raw materials and labor and repayment of accounts receivable:

D DS = D TMZ + D DZ - D short circuit .

Each business entity sets itself the task of reducing the duration of cash turnover, which will allow it to increase profits and reduce the need for additional financial resources.

Thus, the duration of cash turnover can be reduced by:

• - reducing the duration of inventory turnover;
• - reducing the duration of receivables turnover;
• - increasing the period of circulation of accounts payable.

The listed indicators make it possible to conduct an in-depth analysis of the use of own working capital; they are called private turnover indicators.

Comparison of turnover and load ratios over time allows us to identify trends in changes in these indicators and determine how rationally and effectively the organization’s working capital is used.

The turnover of working capital can accelerate and slow down. When turnover slows down, additional funds must be involved. The effect of accelerating turnover is expressed in a reduction in the need for working capital due to improved use and savings, which affects the increase in production volumes and, as a consequence, financial results. Acceleration of turnover leads to the release of part of the working capital (material resources, cash), which are used either for production needs or for accumulation in a current account. Ultimately, the solvency and financial condition of the organization (enterprise) improves.

The release of working capital as a result of accelerating their turnover can be absolute and relative. Absolute release -- This is a direct reduction in the need for working capital to meet the planned production volume. Relative release working capital occurs in cases where, in the presence of working capital within the planned requirement, the production plan is exceeded. At the same time, the growth rate of production volume is faster than the growth rate of working capital balances.

A general indicator of the efficiency of using working capital is its indicator profitability(R ok), calculated as the ratio of profit from sales of products (P rp) to the average amount of working capital (C ok):

Rock = Prp *100 / Juice

Working capital management is important in solving the key problem of financial condition: achieving an optimal balance between increasing production profitability (maximizing profit on invested capital) and ensuring sustainable solvency, which serves as an external manifestation of the organization’s financial stability. It is also extremely important to ensure that the organization’s (enterprise’s) reserves and costs are provided with the sources of their formation and to maintain a rational relationship between its own working capital and borrowed resources aimed at replenishing working capital.

One of the main tasks of rational management of an enterprise's current assets is to reduce the turnover periods of inventories and receivables as much as possible and increase the average payment period for accounts payable in order to reduce current financial needs by generally accelerating the turnover of working capital.

The following methods of refinancing an enterprise’s receivables (accelerating its conversion into monetary assets) serve this purpose:

• Spontaneous financing- assigning discounts to customers for reducing payment terms (when paying for goods before the expiration of a certain period, the buyer receives a discount on the price, after this period - within the agreed payment period - he pays the full amount).
• Accounting for bills- sale of the company’s bills of exchange to the bank at a discount price (below par value); The amount of discount retained by the bank depends on the face value of the bills, their maturity date and the discount rate (if the issuer's solvency is questionable, the discount rate may include a risk premium).
• Factoring- assignment by the seller enterprise to the bank (or a specialized “factor firm”) of the right to receive funds under payment documents for delivered products, while the bank (factor firm) reimburses the seller enterprise the main part of the debt amount under such payment documents, charging a certain percentage commission depending on the risk factor, the solvency of the buyer of the product and the stipulated terms of its payment.

Ways to increase working capital turnover:

• o Reducing the production cycle time;
• o Increase in sales volume;
• o Streamlining and choosing the form of settlements with suppliers and consumers (including through payment calendars);
• o Preventing excess stocks of raw materials, materials, and other inventory items;
• o Reducing accounts receivable and determining an effective credit policy at the enterprise (through bills of exchange);
• o Reduction of accounts payable (payment calendar);
• o Strict accounting and standardization of all elements of the enterprise’s working capital.

Standardized and non-standardized working capital. Analytical method for determining the need for working capital

working capital capital enterprise

The efficiency of an organization largely depends on the correct determination of the need for working capital.

A rational supply of working capital leads to minimizing costs, improving financial results, and to the rhythm and coherence of the organization’s work.

An overestimation of the need for working capital leads to their excessive diversion into inventories, to the freezing and death of resources, and to a slowdown in turnover. In addition, this is expensive for the business entity, since additional storage and warehousing costs arise and property taxes increase.

An understatement can lead to interruptions in the production and sale of products, the organization’s failure to fulfill its obligations in a timely manner, and ultimately to loss of profit. In both cases, the consequence is irrational use of resources, leading to a loss of financial stability.

The specific amounts of working capital are determined by the current need and depend on the nature and complexity of production, the duration of the production cycle, the seasonality of production, the rate of production growth, changes in the conditions of logistics and sales of products, the procedure for settlements and the organization of cash management services, the financial capabilities of the organization, the frequency and timing of receipt of payments, etc.

The organization's current need for working capital is determined through their rationing - the most important element in managing the formation and use of current assets.

Rationing is the process of establishing the optimal amount of working capital necessary to carry out normal business activities of the organization. Rationing of working capital is the subject of internal financial planning. Through rationing, financial services determine the need for their own working capital in a minimum but sufficient volume, which ensures the fulfillment of planned tasks and the continuity of the reproduction process.

Rationing carried out by calculating norms for each element of working capital.

Norm- this is a relative indicator expressing the volume of inventories of material assets necessary to ensure normal operation, and is calculated in days of supply, rubles and percentages.

Norm in days By industrial reserves(raw materials, basic materials, purchased semi-finished products) is established for each type or group of materials and includes the time required for:

unloading, receiving, storing and laboratory analysis (preparatory stock);

the presence of raw materials and materials in the warehouse in the form of stock for the current production process (current stock) and insurance or guarantee stock (safety stock);

preparation for production associated with holding raw materials, drying, heating, settling and other similar operations (technological stock);

* location of materials in transit and document flow time (transport stock).

The main thing in industry is current warehouse stock, those. the time that inventory is in the warehouse of an organization (enterprise) between two subsequent deliveries. The volume of the current warehouse stock is directly related to the frequency and uniformity of deliveries (supply cycle) and the frequency of launching raw materials into production. The volume of this stock in industry is set at 50% of the average supply cycle, on average about 10 days.

Next in importance - safety stock, necessary in cases where failures occur in delivery conditions and terms, incomplete batches arrive, or the quality of supplied materials is compromised. The volume of safety stock is set within 1/2 of the warehouse stock (5 days). On average, the duration is the same transport stock, formed in the event of discrepancies in the timing of document flow and payment for them and the time the materials are in transit.

The general stock norm for raw materials, basic materials, purchased semi-finished products is made up of the listed types of stocks.

Norms are also calculated for other types of inventory - auxiliary materials (fuel, containers, packaging materials, spare parts), for low-value and wearable items. Their definition has its own specifics.

Inventory standards for finished products are calculated separately for finished products in the warehouse and shipped products for which settlement documents have not been submitted to the bank. Inventory standards are determined for each product group, taking into account time:

selection individual species and product brands;

packaging and labeling;

storage in a warehouse until shipment;

assembling products to the transport batch;

loading, transportation and delivery from the warehouse to the departure station;

preparing payment documents and submitting them to the bank.

The working capital standard is the minimum amount of working capital (cash) required by an enterprise or firm to create or maintain carry-over inventories to ensure efficient, uninterrupted operation of the enterprise.

There are several methods for calculating working capital standards: analytical, coefficient and direct counting method.

Using the analytical (experimental-statistical) method, a larger calculation of working capital is carried out in the amount of their average actual balances. This method is used in cases where significant changes in the operating conditions of the organization are not expected and when the funds invested in material values and reserves have a large share.

When calculating the planned need for working capital, the analytical method takes into account, firstly, the planned growth in revenue from product sales and, secondly, the acceleration of working capital turnover.

Based on the planned acceleration of working capital turnover (in this case, reducing the duration of one turnover in days), the working capital (load factor) is determined:

To salary=To salary base*(Tob/100)

Kz.pl.=0.406*(95.89/1000=0.389

Knowing the planned working capital utilization rate and the growth rate of product sales (sales revenue), calculate the amount of the organization’s working capital in the planning period:

Sok.pl = VRbase * Tvr/100 * Kz.pl.=24840*(104.35/100)*0.389=10080 thousand rubles.

Working capital includes circulating production assets and circulation funds. Respectively:

1. Working capital assets are employed in the production sector.
2. Circulating funds are engaged in the sphere of exchange.

The composition of working capital is determined solely by the peculiarities of their use in the enterprise, taking into account their distribution in various areas of production and sales of products.

At its core, the composition of an enterprise’s working capital reflects its placement depending on whether it is in a certain form: cash, production or commodity. Which is accordingly shown in the figure.

Structure of working capital

Unlike the composition of working capital, their structure is a more complex category, since it implies the presence of standardized and non-standardized current assets. Standardized current assets include tangible current assets, and non-standardized assets include financial current assets.

Accordingly, the structure of working capital, in addition to working production assets and circulation funds, takes into account both material and financial current assets. Structure of working capital shown in the figure.

According to this structure, circulating production assets, as well as funds in the sphere of circulation, are divided into component elements, taking into account the fact that they all have a very specific financial and material essence. Taking this into account, structure of working capital at a particular enterprise is formed taking into account the need.

Important:

Depending on the industry and field of activity, enterprises form a different structure of working capital, which is determined by the necessary relationship between individual elements and proportions necessary for a continuous production process.

For a specific enterprise, the structure of working capital is expressed as a percentage of individual elements - this makes it possible to assess the distribution of resources between individual elements of current assets. Information for such an assessment is taken from the second section of the balance sheet and can be presented graphically, for example, like this:

When assessing the structure of an enterprise's working capital, it is also important to calculate which part is formed from its own funds and which from borrowed funds.

Literature

1. Lyubushin N.P. The financial analysis. – M.: Knorus, 2016.
2. Lyubushin N.P. Economics of the organization. – M.: Knorus, 2016.
3. Mormul N.F. Enterprise economy. Theory and practice. – M.: Omega-L, 2015.
4. Financial management. Enterprise finance. / Ed. A.A. Volodina. – M.: Infra-M, 2015.
5. Sergeev I.V., Veretennikova I.I. Economics of an organization (enterprise). – M.: Yurayt, 2017.

The composition of working capital is understood as a set of elements that form circulating production assets and circulation funds, i.e. their placement into separate elements.

The relationship between the individual elements of working capital (in %) or their components is called the structure of working capital.

According to material characteristics, the composition of working capital includes: objects of labor (raw materials, supplies, fuel), finished products in the warehouses of the enterprise, goods for resale, cash and funds in settlements.

In the practice of planning, accounting and analysis, working capital (working capital) is grouped according to the following criteria:

* Depending on the functional role in the production process - circulating production assets (funds) and circulation funds.

* Depending on the practice of control, planning and management - standardized working capital and non-standardized working capital.

* Depending on the sources of working capital formation - own working capital and borrowed working capital.

* Depending on liquidity (the speed of conversion into cash) - absolutely liquid funds, quickly realizable working capital.

* Depending on the degree of risk of investing capital - working capital with minimal investment risk, working capital with low investment risk, working capital with average investment risk, working capital with high investment risk.

* Depending on the accounting standards and reflection in the balance sheet of the enterprise - working capital in inventories, cash, settlements and other assets.

* Depending on the material content - objects of labor (raw materials, materials, fuel, work in progress, etc.), finished products and goods, cash and funds in settlements.

The working capital of enterprises consists of three parts:

Productive reserves;

Work in progress and semi-finished products of own production;

Future expenses.

Industrial inventories are items of labor prepared for launch into the production process; They consist of raw materials, basic and auxiliary materials, fuel, fuel, purchased semi-finished products and components, containers and packaging materials, spare parts for routine repairs of fixed assets.

Work in progress and self-made semi-finished products are objects of labor 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 one workshop of the enterprise and are subject to further processing in other workshops of the same enterprise.

Deferred expenses are intangible elements of working capital (funds), including costs for the preparation and development of new products that are produced in a given period (quarter, year), but are attributed to products of a future period (for example, costs for the design and development of new types of technology products, for reinstallation of equipment, etc.).

Working production assets in their movement are also connected with circulation funds serving the sphere of circulation. They include finished products in warehouses, goods in transit, cash and funds in settlements with consumers of products, in particular, accounts receivable.

The division of working capital on a functional basis into working capital and circulation funds is necessary for separate accounting and analysis of the time spent by working capital in the process of production and circulation.

Table 18 shows the grouping of the enterprise's working capital depending on their functional role in the production process.

Not all authors agree with this classification of working capital. The main discussions are about classifying finished products in enterprise warehouses as working capital or circulation funds. Some authors believe that only shipped products should be classified as circulating funds, and products in the enterprise's warehouses should be classified as working capital.

The literature discusses not only the essence of working capital, but also their composition. In discussions, the main emphasis is on the inclusion of individual elements in the composition of working capital, in particular work in progress. There is an opinion that work in progress is an intermediate form between production assets and circulating assets, since it does not have the economic characteristics of circulating production assets and does not transfer its value to the finished product, as a result of which it can be distinguished as a separate economic category.

Table 7

Composition and structure of working capital according to their functionality

roles in the production process

At the same time, the current procedure according to which both industrial inventories and work in progress are components of working capital, and not independent categories, most fully reflects their economic essence. Regarding the maintenance of inventories and work in progress, it should be noted that it is also unlawful to reduce the maintenance of working capital only to industrial inventories, because the other above-mentioned elements of working capital also transfer their value to the cost of finished products during one production cycle. At the same time, some of these elements, for example, cash, do not have a material form, which means they cannot be in inventory.

Some economists include depreciation charges, low-value and wear-and-tear items in working capital.

It is obvious that in the conditions of the formation of market relations, when studying the problem of working capital, there is no need to contrast the value that entered into production with the value added in the process of circulation. Only taken together will they act as a single whole - working capital.

It is also appropriate to note that some economists do not clearly assess the role of money in the formation of working capital. Some reduce the entire content of working capital to them, while others completely deny this provision.

Proponents of the concept of an expanded interpretation of working capital propose to include non-productive assets in the composition of working capital, without substantiating this position with any arguments.

In practice, when determining the need for working capital, as a rule, the need for all types of working capital is calculated based on their expanded interpretation, that is, including in working capital not only inventories, but also work in progress, semi-finished products, deferred expenses and others elements.

According to the degree of controllability, working capital is divided into standardized and non-standardized. Standardized funds include, as a rule, all circulating production assets, as well as that part of the circulating assets that is in the form of remnants of unsold finished products in the warehouses of the enterprise.

Non-rationed funds include the remaining elements of circulation funds, i.e. products sent to consumers, but not yet paid for, and all types of funds and settlements. The absence of standards does not mean that the sizes of these elements of working capital can change arbitrarily and that there is no control over them. The practice of rationing working capital was widely developed in the conditions of a socialist planned economy; in foreign practice, models for managing elements of working capital are more widely used, the essence of which most often comes down to determining the optimal balance of a given type of working capital.

The division of working capital into own and borrowed indicates the sources of origin and forms of provision of working capital to the enterprise for permanent or temporary use.

Own working capital is formed at the expense of the enterprise's own capital (authorized capital, reserve capital, accumulated profit of the enterprise, etc.). To analyze the financial stability of an enterprise and determine the type of financial stability, the enterprise’s own working capital (own working capital) is calculated as the difference between own funds and non-current assets. For the normal provision of economic activity with working capital, the amount of own working capital is set within 1/3 of the amount of own capital. The enterprise's need for its own working capital is the object of planning and is reflected in its financial plan.

Borrowed working capital is formed by attracting bank and commercial loans, as well as loans. Some authors include the enterprise's accounts payable as borrowed sources of working capital formation. It seems that this will be legal only in terms of accounts payable to suppliers. Borrowed funds are provided to the company for temporary use. One part is paid (credits and borrowings), the other is free or with the payment of penalties for late payment (accounts payable). The enterprise's need for borrowed working capital is also an object of planning and is reflected in the business plan (financing strategy) and long-term financial plan.

IN different countries Different ratios are used between equity and debt capital. In Russia, a ratio of 50/50 is considered normal, in the USA – 60/40, in Japan – 30/70. It should be noted that borrowed sources abroad are considered cheaper than equity capital, which allows them to increase their share. However, with an increase in the share of borrowed sources, one should not forget about the consequence: an increase in the financial risk of the enterprise.

The sources of the formation of working capital are indistinguishable in the process of capital circulation. Thus, during production, information about the means by which the consumed raw materials and supplies were purchased is not used in any way.

However, the system for the formation of working capital affects the speed of turnover, slowing down or accelerating it. In addition, the nature of funding sources and principles various uses own and borrowed working capital are decisive factors influencing the efficiency of using working capital and total capital. The rational formation and use of working capital has an active influence on the progress of production, on the financial results and financial condition of the enterprise, allowing one to achieve success with the minimum amount of working capital required in the given conditions.

In accounting, there is a grouping of working capital according to the method of reflection in the balance sheet of the enterprise (Table 18).

Table 8

Composition and structure of working capital according to the balance sheet of the enterprise

The classification of current assets according to the degree of their liquidity and the degree of financial risk characterizes the quality of the enterprise's funds in circulation. The purpose of this classification is to identify those current assets whose sale seems unlikely. Effective management of an enterprise's working capital involves not only searching and attracting additional sources of financing, but also their rational placement in the assets of the enterprise, especially in current assets.

In table a grouping of working capital is given depending on their liquidity.

Table 9

Composition and structure of working capital by degree of liquidity

The division of working capital into quickly realized and slowly realized is not absolute and depends on the specific real situation that develops in each given reporting period of the enterprise. It may happen that the remaining finished products in the enterprise’s warehouse are sold faster (for cash) than the receivables are due. Some securities may lose their liquidity precisely at the time when they need to be sold. Therefore, for each individual period, an enterprise may have its own individual grouping of current assets according to the degree of liquidity.

The grouping given here is not the only one; for example, some authors include only cash in the first group of working capital, and short-term financial investments are classified as quickly realizable assets. Quite a large number of authors classify accounts receivable for a period of more than 12 months in the third group.

Table 10

Composition and structure of working capital by risk level

capital investments

Knowledge and analysis of the structure of working capital at an enterprise is very important, since it to a certain extent characterizes the quality of working capital management at a particular moment in the operation of the enterprise. An increase in the share of work in progress and finished goods in the warehouse indicates the diversion of working capital from circulation, a decrease in sales volume, and therefore profit.

All this indicates that working capital at an enterprise must be managed in order to optimize its structure and increase its turnover.

The structure of working capital at an enterprise is unstable and changes dynamically under the influence of many reasons. In different industries it has significant differences and expresses the specific features of the production process, technology, organization of production and conditions for selling products. Studying the structure is of great practical importance, since it becomes possible to determine essential elements working capital for the production process, determine ways of their best use, etc.

The amount of working capital employed in the sphere of circulation depends on the conditions for the sale of products, the product distribution system, the level of organization of marketing and sales of products.

Statistics on Russian Federation they say that the largest share of inventories of all types in the composition of working capital is observed in agriculture(more than 70%), industry is in second place (about 30%), the share of inventories in the working capital of trading enterprises is much lower (about 20%). It should be noted that in market conditions there is a tendency to reduce the share of inventories in the current assets of enterprises. The changes indicate an increase in the efficiency of market relations and the acceleration of product sales.

Table 22 shows the structure of working capital at a machine-building enterprise.

Table 11

Structure of working capital

at machine-building enterprises in Russia

The structure of working capital at enterprises in various industries is far from the same and depends on:

Duration of the production cycle: in enterprises with a long production cycle (shipbuilding, aircraft manufacturing), the share of work in progress is large; at enterprises with a short production cycle there is a large share of production inventories;

Level of concentration, specialization, and combination of production;

The speed of implementation of scientific and technological progress

Specifics of the enterprise's activities

Industry affiliation

In financial management, for management purposes, working capital, depending on the needs of the production process and the influence of random factors, is classified into constant and variable working capital. Constant working capital is that part of working capital, the need for which does not change or changes slightly throughout the entire production cycle, that is, it is the minimum current assets required to carry out production activities. Variable working capital represents additional current assets required by the company in the event of various unforeseen circumstances, that is, it is the company's safety stock. For example, a garment factory produces 10 blouses per week, each blouse requires 1.5 meters of fabric. If the price of 1 m of fabric is 100 rubles, then the constant working capital in this part is 1500 rubles.

Employees of the financial and economic services of the enterprise must constantly monitor the state of working capital, their structure and efficiency of use. To optimize the structure of working capital and sources of financing, special models of working capital management are used, studied in financial management. The main indicators characterizing the efficiency of the use of working capital are indicators of their turnover: the time of one turnover in days, the turnover ratio, showing how many revolutions the working capital will make during the period, the utilization rate of funds in circulation, showing how many rubles of working capital the enterprise spends to receive one ruble of revenue, and return on working capital.

VO = ObS/V * D, where VO is the turnover time in days, ObS is the average balance of working capital, V is sales revenue, D is the number of days of the analyzed period.

KO = V/ObS, where KO is the turnover ratio.

KZ = ObS/V, where KZ is the load factor of funds in circulation.

ROK = P/OBC * 100%, where ROK is the return on working capital, P is the profit of the enterprise.

Introduction

The basis of any economic system is production activity, i.e. production of products, performance of work and provision of services.

In a modern economy, production is organized in the form of an enterprise. Therefore, the enterprise is the main element of the economic system, and the level of equipment and technology used in the enterprise, the organization of production, and the financial condition of the enterprise directly determine the degree of development of the economy as a whole.

Company - This is an independent economic entity created in the manner prescribed by law to produce products and provide services in order to meet public needs and make a profit. Characteristics on modern stage development for enterprises are:

1) operational, economic and economic independence: the enterprise itself carries out various types of transactions and operations, makes profits or incurs losses, and through profits ensures a stable financial position and further development of production.

2) the enterprise purchases monetary resources on the market or from other enterprises under contracts for raw materials, materials, fuel, pays electricity bills, pays its employees wages, bears the costs of developing new products, all this represents one of the most important parameters of management, which is called “working capital of the enterprise.”

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.

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.

It is also important to be able to properly manage working capital, develop and implement measures that help reduce the material consumption of products and accelerate the turnover of working capital. As a result of the acceleration of turnover of working capital, they are released, which gives a number of positive effects.

An enterprise, in the case of effective management of its own and other people's working capital, can achieve a rational economic situation, balanced in terms of liquidity and profitability.

The purpose of this course work is to study ways to accelerate the turnover of working capital and their relationship with working capital.

The main tasks are:

1. Determination of the structure and composition of the enterprise’s working capital.

2. Determination of the structure and composition of the enterprise's working capital.

3.Identification of ways to accelerate turnover.

4. Comparison of cost estimates and costing

The subject of the study is the initial data:

1. Manufacturing costs (Table 1)

2. Consumption and sale of material resources (Table 2)

3. State of fixed assets (Table 3)

4. Financial indicators of the enterprise (Table 4)

In this work, calculations of cost estimates for production of products and calculation of product costs were made using source data (Appendix 1).

Section 1. Theory

Composition and structure of the enterprise's working capital

Working capital - This is a set of funds advanced to create circulating production assets and circulation funds, ensuring a continuous circulation of funds.

The amount of working capital employed in production is determined mainly by:

1) the duration of production cycles for manufacturing products;

2) the level of technology development;

3) perfection of technology and labor organization.

The amount of circulation funds 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, or their components, expressed as a percentage, is called the structure of working capital.

The structure of working capital at enterprises in various industries is not constant, changes dynamically under the influence of many reasons and depends on: features of the organization of the production process; conditions of supply and sales; locations of suppliers and consumers; production cost structures; specifics of the enterprise. In enterprises with a long production cycle (for example, in shipbuilding), the share of work in progress is large; mining enterprises have a large share of deferred expenses. At those enterprises in which the production process is fleeting, as a rule, there is a large share of production inventories; quality of finished products. If an enterprise produces low-quality products that are not in demand among buyers, then the share of finished products in warehouses increases sharply; level of concentration, specialization, cooperation and combination of production; accelerating scientific and technological progress. This factor affects the structure of working capital in various ways and practically on the ratio of all elements. If an enterprise introduces fuel-saving equipment and technology, waste-free production, then this immediately affects the reduction of the share of inventory in the structure of working capital.

Other factors also influence the structure of working capital. It is necessary to keep in mind that some factors are long-term in nature, while others are short-term. The composition and structure of working capital is shown in Fig. 1.

Fig.1. Composition and classification of working capital

According to their purpose in the production process (by element), working capital can be divided into the following groups:

A) Inventories

1. Transport stock - from the day the supplier's invoice is paid until the cargo arrives at the warehouse.

2. Warehouse stock is divided into preparatory and current.

2.1 Preparatory stock is created in cases where this type raw materials or materials need aging (time natural processes, for example, drying lumber, aging large castings, fermentation of tobacco, etc.).

2.2 The current stock is created to meet the need for materials and raw materials between two deliveries.

The size of the maximum current stock is determined by the formula:

where is the maximum current stock of the corresponding material;

Volume of average daily calendar consumption;

The size of the supply interval for this type of material.

3. Safety stock is created in cases where frequent changes in the supply interval occur, and depends on the specific operating conditions of the enterprise.

C) Funds in production costs.

4. Work in progress - products (works) that have not passed all stages provided for by the technological process, as well as products that are incomplete or have not passed testing and technical acceptance;

5. Semi-finished products of our own production (castings, forgings, stampings, etc.);

6. Deferred expenses are expenses incurred in the reporting period, but related to the following reporting periods.

C) Finished products are finished and manufactured products, passed the test and acceptance, fully equipped in accordance with contracts with customers and corresponding technical specifications and requirements.

7. Finished products in the enterprise warehouse;

8. Products shipped but not paid for;

D) Cash and settlements (means of payment)

9. Settlements with debtors (funds in settlements with debtors).

Debtors are legal entities and individuals who have a debt to a given enterprise (this debt is called receivables).

10. Income assets are short-term (for a period of no more than 1 year) investments of an enterprise in securities (marketable highly liquid securities), as well as loans provided to other business entities.

11. Cash is funds in current accounts and in the cash register of an enterprise.

The structure of working capital is characterized by the specific weight of individual elements in the totality and is usually expressed as a percentage.

By the nature of participation in production and trade turnover, circulating production assets and circulation funds are closely interconnected and constantly move from the sphere of circulation to the sphere of production and vice versa. Therefore, we will consider them as a single working capital. The circulation of working capital occurs according to the following scheme:

D - PZ... PR... GP - D1,

where D is funds advanced by the business entity;

PZ - production reserves;

GP - finished products;

D1 - funds received from the sale of products (cost of consumed means of production, surplus product, added value);

PR... - the circulation process is interrupted, but the circulation process continues in the sphere of production.

It is customary to distinguish three stages of the circulation:

1. Working capital is in cash form and is used to create inventories (PP) - cash stage.

2. Inventory is consumed during the production process (PR), forming work in progress and turning into finished goods (GP).

3. The process of selling finished products, as a result of which the necessary funds are obtained to replenish production inventories.

Then the circuit is repeated and thus the conditions are continuously created for the resumption of the production process.

The economic assessment of the condition and turnover of working capital is characterized by the following indicators:

1. Turnover ratio (Kob) - characterizes the number of revolutions that working capital makes over a certain period of time:

where Q is the volume of products sold; ОСо - average working capital balances. The average balance of working capital is calculated using the formula for calculating the average chronological value.

2. Turnover in days (duration of one revolution) (To):

where Tp is the duration of the period.

The acceleration of turnover is accompanied by additional involvement of funds into circulation. The slowdown in turnover is accompanied by the diversion of funds from economic circulation, their relatively longer necrosis in production inventories, work in progress, and finished products. Turnover indicators can be calculated both for the entire set of working capital and for individual elements.